Daily Archives: October 10, 2014

Ex-Clipper unloads mansion for just over a third of what he paid | Waccabuc Real Estate

Former Los Angeles Clippers guard-forward Quentin Richardson has sold his 10,900-square-foot mansion in Palos Heights, Ill., for $800,000.

The Chicago native and DePaul University star paid $2.2 million for the property in April 2006.

The contemporary residence, built in 2002, features a two-story floor plan with an indoor pool and spa, a chef’s kitchen, an office, five bedrooms and six fireplaces.

Among amenities is a finished basement level containing a home theater, game room, weight room and wet bar with custom lighting. The first-floor master suite has a walk-in closet and a separate sitting room set behind sliding glass doors.

Through a screened porch, the home opens onto half-acre grounds containing a paver patio, expansive lawns and a gazebo.

The 34-year-old was made the 18th overall pick by the Clippers in 2000 and played four seasons in Los Angeles before departing as a free agent in 2004. In August, he joined the Pistons’ front office as a director of player development.

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http://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-quentin-richardson-house-20141009-story.html

5 mortgage myths dispelled | Katonah Real Estate

If the idea of buying a house both scares and excites you, that’s how it should be. If you’re only intimidated or only enthusiastic, you’re probably going into the mortgage-buying process ill-informed.

After all, in the years before the Great Recession, homebuyers weren’t intimidated at all. For quite a few years, many people purchased homes that were out of their price range and often on shaky credit, but since lenders didn’t seem concerned, homeowners weren’t either.

Now, the tide has turned, and prospective homeowners are understandably more leery about making what will likely be the largest purchase of their lives. But maybe they’re too leery. According to a survey of 2,017 adults released last month by Wells Fargo & Co., the country’s largest mortgage lender, many borrowers who can afford a home may be frightened off, believing that buying a house is something they simply can’t do.

If you’re on either end of the spectrum — squeamish about homebuying or ecstatic with no worries whatsoever — here are some misconceptions about mortgages that may bring you to the middle.

Your credit has to be perfect or near-perfect. Two-thirds of the Wells Fargo survey respondents believed you have to have a very good credit score to buy a house. While there’s no doubt that a high credit score will help you get a better loan, it isn’t a deal-breaker if your score is middling. If you have some credit blemishes and financial scrape-ups but for the most part pay your bills and make steady income, you probably don’t have much to worry about, experts say.

“While credit is scrutinized, some loan types will allow credit scores as low as 620,” says Gaye Rowland, senior vice president of SharePlus Bank, headquartered in Plano, Texas. “Other compensating factors such as larger down payments or low debt-to-income ratios can offset some negative credit information. Every situation is analyzed individually.”

You must have a down payment worth 20 percent of the purchase price. This, too, is a myth. More than 40 percent of Wells Fargo respondents believed the only way to buy a house was to give a lender at least 20 percent of the purchase price of a house.

Again, it helps to have a 20 percent down payment, particularly if you want to avoid paying monthly private mortgage insurance. But many banks and mortgage companies — especially now that the recession is several years in the rearview mirror — offer loans that don’t require a down payment anywhere close to 20 percent.

“We offer many programs that either have 100 percent financing or a 3.5 percent down payment,” says Alyssa Schwabe, a spokeswoman for GSF Mortgage, headquartered in Brookfield, Wisconsin.

 

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http://finance.yahoo.com/news/5-mortgage-myths-dispelled-132946834.html#

 

US mortgage rates down for third straight week | Bedford Hills Real Estate

Average U.S. mortgage rates fell for the third straight week, making it more affordable to borrow to buy a home.

Mortgage company Freddie Mac said Thursday that the nationwide average for a 30-year loan fell to 4.12 percent from 4.19 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, also declined to 3.3 percent from 3.36 percent.

The 30-year rate is down from 4.53 percent at the start of the year.

Rates have fallen even though the Federal Reserve appears set at the end of this month to end its monthly bond purchases, which are intended to keep long-term borrowing rates low. Yet Fed officials have indicated that they will continue to hold shorter-term rates at near-zero levels until there are signs of rising inflation.

Fed actions often influence the yield on the 10-year Treasury note, which affects mortgage rates. The 10-year note was trading at 2.32 percent at midday Thursday, down sharply from 2.41 percent a week earlier.

Mortgage rates are falling as the housing market has cooled off. Average price growth has slowed, rising just 6.4 percent in August compared with a year ago, according to real estate data provider CoreLogic. That’s down from annual average gains of as much as 12 percent toward the end of last year.

 

 

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http://finance.yahoo.com/news/us-mortgage-rates-down-third-142907778.html

Bedford Post Inn becomes Campagna | Bedford Real Estate

 

Award-winning chef Michael White will soon be opening Campagna, an elegant new restaurant in the former Farmhouse at Bedford Post Inn.

Local restaurant aficionados have been anxiously awaiting the reopening since early this year, whenactor Richard Gere, a Pound Ridge resident, gave up control of the restaurant.

As a partner in the Altamarea Group, White owns and supervises more than a dozen international restaurants, including New York’s Marea, recipient of two Michelin stars, and Ai Fiori, which currently holds one Michelin star.

Born and raised in Wisconsin, White went from a hometown job at Domenico’s Pizza to learning the artistry of a Chef di Cucina at the San Domenico Restaurant in northern Italy. After a number of years abroad, he returned to America and began building his remarkable career.

 

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http://chappaqua.dailyvoice.com/lifestyle/renowned-chef-michael-white-takes-over-bedford-post-actor-richard-gere