AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/House of the Day: Hawaiian Villa With Waterfallhttp://realestate.aol.com/blog/2012/05/24/house-of-the-day-hawaiian-villa-with-waterfall/http://realestate.aol.com/blog/2012/05/24/house-of-the-day-hawaiian-villa-with-waterfall/http://realestate.aol.com/blog/2012/05/24/house-of-the-day-hawaiian-villa-with-waterfall/#commentsFiled under:



This spectacular, $10 million villa in Kihei, Hawaii boasts over 10,000 square feet -- which includes 7,487 square feet of interior space and 3,757 square feet of lanai.

Outside is a sunken cabana with swim-up bar, full outdoor kitchen and vanishing edge lagoon pool with hot tub-ideal for entertaining amid Maui's lush vegetation and cool breezes. A majestic 35-foot waterfall anchors the property.

The stately formal entrance opens to a magnificent courtyard that connects each wing of the house. Inside is a visual feast of luxurious furnishings and appointments, including hand-carved stone columns and fine wood cabinetry. A spacious gourmet kitchen features leathered-marble countertops and professional-grade appliances. Other amenities include lavish bathrooms with marble fixtures, a home theater with stadium seating, and stunning tropical views of ocean and island throughout.

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Palauea Beach is a short walk away, along with the numerous hotels, shops, and restaurants of the Makena/Wailea resorts.

Coldwell Banker Pacific Properties has the listing.

Click on the images below to see more homes for sale in Kihei, Hawaii.



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]]>Hawaiihome of the dayHouse of the DayKiheiKihei homes for saleKihei real estateMaui luxury real estatePalauea BeachEamon Murphy2012-05-24T06:00:00+00:00Terrell Owens Faces 3rd Foreclosure This Yearhttp://realestate.aol.com/blog/2012/05/23/terrell-owens-faces-foreclosure-for-the-third-time-this-year/http://realestate.aol.com/blog/2012/05/23/terrell-owens-faces-foreclosure-for-the-third-time-this-year/http://realestate.aol.com/blog/2012/05/23/terrell-owens-faces-foreclosure-for-the-third-time-this-year/#commentsFiled under: ,



Marking another chapter in the saga of Terrel Owens' real estate woes, the former NFL star reportedly faces foreclosure on a condo that he owns in the Trump International Resort of Sunny Isles Beach, Fla.

Deutsche Bank is attempting to foreclose on the unit, GossipExtra reports. The wide receiver, who raked in over $80 million during his controversial National Football League career, took out a $1.4 million loan in 2006 to buy the unit, then priced at $1.75 million. But he stopped making his mortgage payments in the fall of 2011, GossipExtra says. See our gallery of another Trump International Resort unit to get a sense of just how swanky Owens' unit is:

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Owens, who was released from the Dallas Cowboys following his repeated clashes with teammates, is no stranger to mortgage trouble. In the past two years the mercurial athlete has had to swallow four disappointing real estate hand-offs. Two of the football star's Dallas properties succumbed to foreclosure early this year. While one of the units sold at a sheriff's sale, Owens managed to offload another just before its auction date, The Dallas Morning News reports.

Prior to those transactions, Owens sold another Dallas condo in a short sale for close to a $1 million loss, and in 2010, he reportedly cut loose a Moorestown, N.J., property for less than half of the $3.9 million he paid for it.

As of February, his Atlanta home is still sitting on the market, GQ reported.

Owens' Florida unit has seen its value nosedive since the housing boom, plummeting from a purchase price of $1.75 million to $960,000 in assessed value, according to a recent appraisal of the property, GossipExtra reports. The home's severe decline in value is typical of real estate in Florida, a state which perhaps has suffered more in lost property value than any other in recent years.

Florida now appears to be leading a market resurgence, as can be seen in the gallery below.

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Or see other football star homes for sale
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See also:
Senator's Mortgage Trouble Highlights Positive Housing Trend
Mortgage Settlement Windfall May Be Diverted in Some States

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]]>owens florida foreclosureowens foreclosureSunny Isles Beach foreclosureSunny Isles Beach real estateterrell owens foreclosureTeke Wiggin2012-05-23T16:45:00+00:00'Bachelorette' House Looking for Love at a New Pricehttp://realestate.aol.com/blog/2012/05/23/bachelorette-house-looking-for-love-at-a-new-price/http://realestate.aol.com/blog/2012/05/23/bachelorette-house-looking-for-love-at-a-new-price/http://realestate.aol.com/blog/2012/05/23/bachelorette-house-looking-for-love-at-a-new-price/#commentsFiled under: ,

Bachelorette house charlotte
The North Carolina estate that provides the setting for season eight of "The Bachelorette" -- currently airing on ABC -- is on the market for $5.89 million, significantly higher than its pre-broadcast price.

According to Zillow.com, the six-bedroom, 8½-bath house in Charlotte "is a European-style mansion with stucco and stone exteriors," boasting 12,000 square feet of living space. Its deluxe features include "a two-inch think marble floor that runs from the home's entrance down its main hallway."

But the home's love affair with marble goes even deeper than that. "There are beautiful houses all over," said listing agent Nick Peters of Peters and Associates, "but this one has an official grand ballroom with a 20-foot-high fireplace made of solid marble. The room also has gold-glazed mahogany trim, silk window treatments and gorgeous lighting."

Outside, the 5-acre property features a sweeping lawn ("big enough to land a helicopter," Zillow reports), a slate courtyard, and a saltwater pool with mosaic-tiled waterfall.

Built in 2006, the home was listed for $3.9 million before "The Bachelorette" came to town (for only its second season outside of Los Angeles; the third season filmed in New York). It went on the market in 2006 priced at $7.89 million, before several discounts.

The sellers are obviously hoping that the house's new, high profile will help. Nick Peters certainly thinks so: "You can't really showcase a house with photos," he explained. "I'll bring in a professional photographer, but the way that it shows on TV ... it's breathtaking. You can't get that from a photo shoot."

See what you can get from a photo shoot by checking out the gallery below.

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And here's a link to the listing.

Click on the images below to see more homes for sale in Charlotte, N.C.



See also:
Live in a Kardashian 'Home,' Near Clooney
Seattle's Escala: 'Fifty Shades of Grey' Love Nest
Golf Course Estate Leaves Trump in the Rough

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Find out how to calculate mortgage payments.
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Emily Maynard Comments on Weird Stunts from Guys on 'Bachelor...

 

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]]>Bachelorette season 8Charlotte homes for saleCharlotte luxury real estatecharlotte real estateEmily MaynardNick Peters of Peters and Associatesthe bacheloretteEamon Murphy2012-05-23T16:08:00+00:00Justin Bieber Paid $6.6 Million for Calabasas Mansionhttp://realestate.aol.com/blog/2012/05/23/justin-bieber-paid-6-6-million-for-calabasas-mansion/http://realestate.aol.com/blog/2012/05/23/justin-bieber-paid-6-6-million-for-calabasas-mansion/http://realestate.aol.com/blog/2012/05/23/justin-bieber-paid-6-6-million-for-calabasas-mansion/#commentsFiled under: ,

justin bieber calabasas home

By Julie Zeveloff

After months of rumors and speculation, it's official: Justin Bieber paid $6.5 million for the mansion he recently bought in Calabasas, outside the city of Los Angeles, according to the Los Angeles Times.

The 10,000-square-foot house sits on 1.3 acres and has seven bedrooms, a pool and a wine cellar -- just what every 18-year-old needs.

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Read more on Business Insider:
Buy This Fifth Avenue Townhouse of Broken Dreams for $72 Million
An Italian Tycoon Just Bought Miami's New Most Expensive Home for $25 Million
It's Actually A Dumb Idea to Buy the Best House on the Block

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]]>CalabasasCalabasas homes for saleCalabasas real estatecalifornia real estateCelebrity Homescelebrity housesCelebrity Real EstateJustin BieberJustin Biebers Homelos angelesBusiness Insider2012-05-23T15:02:00+00:00House of the Day: NYC's 'Townhouse in the Sky'http://realestate.aol.com/blog/2012/05/23/house-of-the-day-nycs-townhouse-in-the-sky/http://realestate.aol.com/blog/2012/05/23/house-of-the-day-nycs-townhouse-in-the-sky/http://realestate.aol.com/blog/2012/05/23/house-of-the-day-nycs-townhouse-in-the-sky/#commentsFiled under:

townhouse in the sky

Insane luxury -- at a pretty insane price. This $28 million penthouse is probably better described as a "townhouse in the sky." On top of a five-story building in New York's Tribeca neighborhood, this apartment, if you can call it that, has its own whopping five additional stories. This ultra sleek and modern pad features three terraces, a private roof garden, a rooftop gym and huge windows. And, not surprisingly, it has ridiculous views of the city and Hudson River.

Additionally, the indoor space is almost 11,000 square feet and the home boasts 19 rooms, including seven bedrooms, four full and three half bathrooms. One of those bedrooms is part of the master-suite-of-all-master-suites: It has its own floor with a fireplace, enormous bathroom, sky-lit walk-in closet, a separate Jacuzzi room, and one of the three terraces.

Stainless steel/glass staircases and a private elevator provide easy transport between floors. The ultra-high-end kitchen has a breakfast room and a fireplace. Never run out of wine again with a 1,000-bottle wine cellar. The interior also features a home theater, a library, a sun room, and super-spacious double-height rooms throughout.

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And, not to belabor the point, but this pad is located in the heart of Tribeca, which, according to New York magazine, could be considered the best place to live in the city. Why it's been on the market forever, we have no idea!

Stephen McRae of Sotheby's has the listing.

Click on the images below to see more homes for sale in New York, N.Y.



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Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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Aol Real Estate's Inside Look: Slide Home

 

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]]>contemporary homes for salehome of the dayHouse of the Daytownhouse in the skyTribeca apartments for saleTribeca homes for saleTribeca real estateHarris Effron2012-05-23T06:00:00+00:00Housing Prices and Existing-Home Sales Rise in Aprilhttp://realestate.aol.com/blog/2012/05/22/home-prices-and-existing-home-sales-rise-in-april/http://realestate.aol.com/blog/2012/05/22/home-prices-and-existing-home-sales-rise-in-april/http://realestate.aol.com/blog/2012/05/22/home-prices-and-existing-home-sales-rise-in-april/#commentsFiled under:

In another positive sign for the housing market, existing-home sales and home prices posted increases in April, the National Association of Realtors says.

Existing home sales rose 3.4 percent month-over-month to a seasonally adjusted annual rate of 4.62 million in April, which is 10 percent above last year's April estimate, the NAR says. And for the second month in a row, the national median existing-home price -- which was $177,400 in April -- posted an annual increase of 10.1 percent in April.

NAR chief economist Lawrence Yun said in a statement that a contracting supply of bank-owned homes, homes in a state of foreclosure, homes at risk of foreclosure and shrinking foreclosure sales were helping to spur a recovery. The analytics firm CoreLogic recently released data showing that the foreclosure supply had fallen from 1.5 million to 1.4 million in March 2012.

Due to government scrutiny and the mounting costs of foreclosures, lenders are gravitating toward foreclosure alternatives such as short sales, helping homeowners avoid foreclosure or lifting them out of it. And against the backdrop of rising employment, record-low mortgage interest rates and rock-bottom prices are coaxing buyers into the market. The rate for a 30-year fixed-rate mortgage sat at 3.79 percent last week.

"This is the first time we've had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than 1 percent," Yun said of median existing-home prices, which exclude foreclosure prices and new home prices. "For the year, we're looking for a modest overall price gain of 1.0 to 2.0 percent, with stronger improvement in 2013."

The bullish report comes on the heels of other positive data releases for the housing market: homebuilder confidence jumped to a five-year high in May, and housing starts were 23.7 percent above the April 2011 estimate.

Despite green shoots sprouting in the real estate market, experts say banks' unwillingness to loosen their grip on credit continues to prohibit many homebuyers from capitalizing on once-in-a-lifetime buying conditions.

See also:
Senator's Mortgage Trouble Highlights Positive Housing Trend
States Tighten Foreclosure Regulations
Mortgage Points: When It's Smart to Pay More Upfront

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]]>existing home sales uphome priceshome prices uphome saleshome sales upnar home pricesnar home salesNational Association of Realtorspositive marketTeke Wiggin2012-05-22T13:40:00+00:00Senator's Mortgage Trouble Highlights Positive Housing Trendhttp://realestate.aol.com/blog/2012/05/22/senators-mortgage-trouble-highlights-positive-housing-trend/http://realestate.aol.com/blog/2012/05/22/senators-mortgage-trouble-highlights-positive-housing-trend/http://realestate.aol.com/blog/2012/05/22/senators-mortgage-trouble-highlights-positive-housing-trend/#commentsFiled under:

While presumptive Republican presidential nominee Mitt Romney may be in the process of quadrupling the size of the La Jolla mansion (one of six homes in his real estate portfolio) that he purchased for $12 million in 2008, not all of our politicians appear insulated from the impact of the housing meltdown.

Utah Sen. Mike Lee recently sold his Alpine, Utah, home in a short sale, offloading the luxury residence for a price less than the amount of his mortgage, The Salt Lake Tribune recently reported. The transaction likely caused his lender, JPMorgan Chase, to swallow a loss, and, presumably, hammered his credit score.

The Republican lawmaker sold his his home for $720,000, close to $400,000 less than the $1.1 million that he paid for it in January 2008.

"It certainly is something that is painful to go through and I know a lot of people are going through it, and I feel for those who have had to go through it," Lee told The Salt Lake Tribune.

That may be true, but there's another way to look at the resolution of his mortgage woes, too.

While Lee's case is a grim reminder of the housing meltdown's devastating impact on lenders and borrowers, it also calls attention to a positive trend in the housing market, highlighting the increasing popularity of a loss-mitigation tactic that lenders are turning to as an alternative to foreclosure.

Short Sales Gain Favor

Data shows that short sales, which are better for lenders and borrowers than foreclosures, have spiked recently, rising 33 percent year-over-year in January, the online foreclosure marketplace RealtyTrac reported this month. In Sen. Lee's state of Utah, they rose 70 percent, RealtyTrac vice president Daren Blomquist says.

The industry shift from short sales to foreclosures is moving at such a fast pace, "it's likely that sometime this year we'll actually see short sales outnumbering" sales of bank-owned properties, Blomquist says.

Experts say the increase is a symptom of negotiations between banks and the government over illegal foreclosures, which caused banks to put many foreclosures on hold, but that it also reflects banks' recognition that short sales are more effective at reining in losses when compared to foreclosures, which present a tangle of legal risks as well as lingering costs after repossession.

A short sale "allows a lender to avoid all that potential litigation that might come with a foreclosure, and in addition you see more and more city ordinances that fine lenders for not keeping up their foreclosure property properly," Blomquist says.

Industry Shift Poised to Accelerate

In addition, some relief programs, after much tweaking by the government, have finally reached a point where they are beginning to prompt lenders to approve more short sales, Blomquist says. The Home Affordable Foreclosure Alternatives program offers lenders thousands of dollars to approve a short sale, and up to $3,000 to homeowners who agree to one.

Among the requirements needed to qualify for HAFA, a homeowner must have a documented financial hardship, have a mortgage less than $729,750 and have obtained the mortgage on or before Jan. 1, 2009. Visit makinghomeaffordable.com to learn more about the program.

The rise in short sales only seems poised to accelerate: Twin mortgage guarantors Fannie Mae and Freddie Mac announced timelines in April that require servicers of their mortgages to respond to short sale inquiries from homeowners within a month or otherwise face penalties. And Bank of America recently said that it now intends to approve or reject short sales within 20 days, and offer up to $30,000 in relocation costs to homeowners who agree to them.

Both timelines, if adopted, would streamline a process that has been known to drag on for many months, often only to end in rejection.

Good News for Borrowers and the Housing Market

The market trend is good news for beleaguered homeowners: While a homeowner's credit score takes a significant hit, a short sale causes less damage to it than a foreclosure.

"In many ways this is the lesser of two evils," Blomquist says. "For homeowners, they are still losing the home. However, they're able to walk away, often with some type of monetary reward for agreeing to a short sale, and they also are just allowed to get a fresh start."

A movement toward short sales away from foreclosures also spells less stress for the housing market in general, Blomquist says. Homes that sell in short sales, unlike foreclosed homes, remain occupied, generally protecting them from dragging down nearby property values due to blight. What's more, they only sell for 21 percent less than non-distressed homes, on average, Blomquist says. For bank-owned homes, the discount is 34 percent.

Like many Americans who have suffered hardship from the housing crisis, Sen. Lee is reportedly now renting.

"It's not fun. It's not something any of us would have chosen," he told the The Salt Lake Tribune about going through a short sale. "But you do what you have to do when income doesn't match your outlays."

No doubt, going through the ordeal of a short sale is a challenging experience with lasting negative effects, as Lee observed. But like a growing number of other homeowners, Lee was able to steer clear of foreclosure. And for Lee and other homeowners -- and the housing market in general -- that points toward an improvement.

Also see:
States Tighten Foreclosure Regulations
Housing Crisis Over for Many Homebuilders
6 Cities Where Rents Are Skyrocketing

Follow Teke Wiggin on Twitter (@tkwiggin), follow @AOLRealEstate, or connect with AOL Real Estate on Facebook.


All About Home Short Sales

 

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]]>HAFAHome Affordable Foreclosure Alternativeslee short salemike lee short saleRealtyTrac Daren Blomquistsenator lee short saleshort salesutah senator short saleTeke Wiggin2012-05-22T11:45:00+00:00'Casa Facebook' Recalls Scrappy, Freewheeling Visionarieshttp://realestate.aol.com/blog/2012/05/22/casa-facebook-recalls-scrappy-freewheeling-visionaries/http://realestate.aol.com/blog/2012/05/22/casa-facebook-recalls-scrappy-freewheeling-visionaries/http://realestate.aol.com/blog/2012/05/22/casa-facebook-recalls-scrappy-freewheeling-visionaries/#commentsFiled under:

Casa Facebook

By L.A. Chung

It is on a day like Friday, with Facebook's share sales heading towards $16 billion that Los Altos landlord Judy Fusco might have been wishing that she asked for Mark Zuckerberg's $5,500 a-month rent in stock, instead.

But in September 2004, she was just trying to recoup the $1 million she had sunk into building a five-bedroom house near the Los Altos Golf & Country Club that had been beset by delays and permit complications. The Thai-born Fusco had hopefully brought Buddhist monks from Buddhanosorn Temple in Fremont to bless the home a few weeks earlier.

"What is 'Thefacebook?'" she asked, when she looked at the name on the $10,000 check her prospective tenant handed her for the security deposit.

Casa Facebook There was a time, indeed, when that question was perfectly understandable.

Her new tenant, a 20-year-old kid in shorts and flip-flops, "suddenly stood up very straight" and transformed into a different person, she said.

"He looked right at me with those baby-blue eyes," she said, and he spoke for 10 minutes. "He said they were going to build a network that would change the world." The kid had something, she thought.

For the next six months, she writes in her book, "Casa Facebook," she watched, as the trio she dubbed the "Three Musketeers," slept late and worked all night. During that time Facebook scaled from 200,000 members to 2.5 million.

They coined the "Casa Facebook" name, she said. The pale blue home at the end of a narrow street in unincorporated Los Altos was the nerve center, party house and headquarters of the social network that did, indeed help change the world, she thinks, looking at Egypt.

Read the full story on Los Altos Patch.

See also:
'Facebook Effect': Palo Alto Home Prices Up, Inventory Down
For Sale: New York's First Million-Dollar Parking Spot

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]]>casa facebookfacebookFacebook effect real estatejudy fuscoLos Altos Facebook homeLos Altos real estateMark Zuckerberg rental homesilicon valley real estatePatch2012-05-22T11:00:00+00:00House of the Day: Romantic Castle in the Heart of Texashttp://realestate.aol.com/blog/2012/05/22/house-of-the-day-a-real-life-texan-castle/http://realestate.aol.com/blog/2012/05/22/house-of-the-day-a-real-life-texan-castle/http://realestate.aol.com/blog/2012/05/22/house-of-the-day-a-real-life-texan-castle/#commentsFiled under:



Like a castle out of a fairy tale, this ethereal "Richardsonian Romanesque" home sits on one of the largest lots in Dallas County's Highland Park. Made mostly of granite, with exquisite porcelain interior detailing, and with lush views over a scenic greenbelt, the $6.95 million residence known as Coram Deo (Latin for "before God"), boasts seven bedrooms and 9½ baths.

The sprawling, three-story mansion in suburban Dallas includes all the design features and amenities of a modern domicile, as well as plenty of natural light. The interiors are opulently appointed, with marble fixtures and ornate woodwork. Outside, the property features a sweeping patio and a two-level pool with a magnificent, cascading waterfall.

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Ellen Terry has the listing.

Click on the images below to see more homes for sale in Highland Park, Texas.

See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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Top 5 French Castle Gardens

 

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]]>Coram DeoHighland Park homes for saleHighland Park luxury homesHighland Park real estatehome of the dayhomes for sale in suburban DallasHouse of the DayRichardsonian RomanesqueEamon Murphy2012-05-22T06:00:00+00:00For Sale: New York's First Million-Dollar Parking Spothttp://realestate.aol.com/blog/2012/05/21/new-yorks-first-million-dollar-parking-spot-for-sale/http://realestate.aol.com/blog/2012/05/21/new-yorks-first-million-dollar-parking-spot-for-sale/http://realestate.aol.com/blog/2012/05/21/new-yorks-first-million-dollar-parking-spot-for-sale/#commentsFiled under:



For merely six times the average price of a home in the U.S., you can be the proud owner of New York City's most expensive parking space. A cool million gets you your very own private parking spot located in a luxury condominium building in Manhattan's East Village. The space is a whopping 12 feet wide, 23 feet long, and 15 feet high. To get more for bang for the buck, the space can be "duplexed," meaning that the buyer can install an elevator lift so that two cars can fit in it, one on top of the other.

According to Dolly Lenz, vice chairwoman of real estate firm Prudential Douglas Elliman, the parking space is "for someone who wants complete privacy. You can drive in and not be seen again. It's for the type of person who finds that attractive. It could be a celebrity or a business person who is camera shy."

But not just any multimillionaire can own the space; you have to also be the owner of one of the eight luxury condos in the building. The 8,000-square-foot duplex penthouse, with private 3,000-square-foot terrace and a shower that pumps water infused with vitamin C and aloe, is expected to be listed for $38.8 million.

And the best part: The spot practically pays for itself! According to a calculation by the New York Post, the sale price comes out to about 24 years of not having to pay a daily $115 ticket for illegal parking.

New York City's second-most-expensive parking spot is part of the "Sky Garage," a 19-story building with $6 million to $7 million condos that come complete with an attached parking space. Residents can use the building's auto elevator, which allows them to park their cars on their own floors. Read more about the "Sky Garage" on AOL Real Estate.

New York City isn't the only city with over-the-top lavish parking. In Miami's South Beach, a building complex designed by Swiss architecture firm Herzog & de Meuron, which designed Beijing's "bird's nest" National Stadium, features $2 million condos next to a high class parking garage. Read more about the designer complex on AOL Real Estate.

See also:
Nantucket's $59 Million Mansion: New England's Priciest Home
Most Expensive NYC Apartment Sale Closes at $88 Million

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]]>Dolly Lenz Prudential Douglas EllimanEast Village parkingGreenwich villagemost expensive parking spaceNew York Citynew york city parkingParking spaceParking spotHarris Effron2012-05-21T16:55:00+00:00House of the Day: A Perfect California Craftsmanhttp://realestate.aol.com/blog/2012/05/21/house-of-the-day-a-perfect-california-craftsman/http://realestate.aol.com/blog/2012/05/21/house-of-the-day-a-perfect-california-craftsman/http://realestate.aol.com/blog/2012/05/21/house-of-the-day-a-perfect-california-craftsman/#commentsFiled under:



A classic, Santa Monica tree-flanked home with quick access to the beach -- what more could you want? This flawless, Craftsman-style home is California beach living at its very finest. For $7.4 million, you can enjoy a 4,300 square feet interior designed with a wide-open floor plan that allows natural light to fill nearly every corner. From the spacious living room, two sets of French doors invite you to the expansive porch outside. The home is hedged and gated for privacy, so you can enjoy its large yard and pool in peace.

The large kitchen is equipped with modern appliances, including a stovetop with eight burners, and has plenty of counter space with a breakfast bar.

Upstairs, you'll find a master suite with a private balcony and bathroom. And each of the other three bedrooms has its own bathroom too! Downstairs also features a library den, a powder room, and an office/gym space with a private bath.

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And there's nothing like leaving your quiet abode and only having to travel a few blocks to the trendy shops and restaurants on Montana Avenue.

Aileen Comora and Paul Lester of The Agency have the listing.

Click on the images below to see more homes for sale in Santa Monica, Calif.



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Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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Third Street Promenade in Santa Monica, CA

 

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]]>Aileen Comora The AgencyAmerican CraftsmanCraftsman homeshome of the dayHouse of the DayPaul Lestersanta monica homes for salesanta monica real estateSanta Monica, CaliforniaHarris Effron2012-05-21T06:00:00+00:00Pair Living in $1.2 Million House Plead Guilty in Welfare Fraudhttp://realestate.aol.com/blog/2012/05/18/pair-living-in-1-2-million-house-faces-10-years-for-collecting/http://realestate.aol.com/blog/2012/05/18/pair-living-in-1-2-million-house-faces-10-years-for-collecting/http://realestate.aol.com/blog/2012/05/18/pair-living-in-1-2-million-house-faces-10-years-for-collecting/#commentsFiled under:

One couple that had been collecting welfare while living in a luxurious waterfront home would appear to have just learned an important lesson: Don't mess with Uncle Sam.

The two Seattle residents drew widespread media attention last year after reports emerged that they had been collecting housing vouchers, food stamps and monthly cash stipends while living in a $1.2 million house.

Now they may pay a hefty price for lining their pockets with taxpayers' money: David Silverstein and Lyudmila Shimonova face up to 10 years in prison and must pay at least $500,000 in fines, after pleading guilty Thursday to theft of government funds, Seattle news outlets are reporting.

In November of last year, federal agents raided the waterfront Lake Washington home where the two were living, to put a stop to their scheme. KING-TV in Seattle reported that the woman had been receiving a staggering amount of aid for someone living in a luxury home: more than $1,200 a month in housing vouchers, food stamps and cash from federal and state governments for a disability.

The pair had managed to qualify for the money by lying on applications at least seven times over the years, The Seattle Times reports. They reportedly accepted more than $135,000-worth of housing aid, in addition to other assistance.

One reason that the pair was able to avoid detection is that the welfare programs that they exploited do not review the financial implications of a person's address, which Shimonova accurately recorded on her applications.


Couple Living in Million-Dollar House Was Receiving Welfare?



See also:
After 37 Years, 'Neighbors From Hell' May Finally Face Eviction
Neighbor Nabs 'Contractors' Breaking Into Vacant House
Former NYPD Officer Accused in $4.7 Million Real Estate Scam

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]]>collected welfare million houseDavid SilversteinLyudmila Shimonovawaterfront home welfare fraudwelfarewelfare housewelfare million dollar houseTeke Wiggin2012-05-18T16:00:00+00:00States Tighten Foreclosure Regulationshttp://realestate.aol.com/blog/2012/05/18/states-tighten-foreclosure-regulations/http://realestate.aol.com/blog/2012/05/18/states-tighten-foreclosure-regulations/http://realestate.aol.com/blog/2012/05/18/states-tighten-foreclosure-regulations/#commentsFiled under:

The Hawaii Legislature and Massachusetts House of Representatives passed bills that put tougher restrictions on foreclosures. In Hawaii, the new bill updates the state's foreclosure law, which was called the strongest in the country when it passed last year. The update makes the regulations even stricter, and provides additional protections for Hawaii homeowners.

The law that passed last year was written in part to deal with the huge increase in Hawaii foreclosures. It required the lenders to meet face-to-face with homeowners before foreclosing on a property. Now, in addition to the meeting, an attorney must be present to verify the accuracy of all case documents. "Once again, we won one for the homeowners, and I couldn't be more pleased," said State Rep. Robert Herkes, who serves as the chairman of the House Committee on Consumer Protection and Commerce. "The bill we passed last year had its critics, but our primary focus was always on helping and protecting the homeowner."

Hawaii attorneys say that this new bill might go too far, and even stop foreclosure cases altogether.

In a similar move, the Massachusetts House of Representatives passed a bill designed to block unnecessary foreclosures. It would require banks to analyze a loan before foreclosing, and promotes loan modifications in lieu of foreclosures when possible. The bill now goes to the state Senate.

See also:
Mortgage Settlement Windfall May Be Diverted in Some States
After 37 Years, 'Neighbors From Hell' May Finally Face Eviction
Neighbor Nabs 'Contractors' Breaking Into Vacant House

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]]>Consumer protectionForeclosureForeclosure restrictionsHawaiiHawaii foreclosure lawMassachusettsHarris Effron2012-05-18T15:45:00+00:00Former NYPD Officer Accused in $4.7 Million Real Estate Scamhttp://realestate.aol.com/blog/2012/05/18/former-nypd-officer-accused-in-4-7-million-real-estate-scam/http://realestate.aol.com/blog/2012/05/18/former-nypd-officer-accused-in-4-7-million-real-estate-scam/http://realestate.aol.com/blog/2012/05/18/former-nypd-officer-accused-in-4-7-million-real-estate-scam/#commentsFiled under:

A former police sergeant and a New York attorney are being charged with stealing $4.7 million from investors using an elaborate real estate scam. James Monahan, who worked for the New York Police Department from 1994 to 2005, and Edward Adams of Obermayer & Adams in Manhattan, claimed to be building a condominium development in the Dominican Republic with more than 1,200 units.

The pair received investment from BridgePoint Ventures, a Miami firm. According to court papers, Monahan touted his prior NYPD credentials to try to gain the trust of investors interested in the popular tourist destination (pictured above is Bavaro Beach in Punta Cana). Monahan also forged documents assuring the investors that their funds were safe.

Eventually, the BridgePoint investors became suspicious and sent workers to the supposed construction site. They found that "no progress had been made ... and there were animals grazing on the property," according to court papers. BridgePoint has not yet been able to retrieve its funds.

Monahan and Adams have been released on $100,000 and $50,000 bonds, respectively.

See also:
After 37 Years, 'Neighbors From Hell' May Finally Face Eviction
Neighbor Nabs 'Contractors' Breaking Into Vacant House

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]]>Dominican RepublicEdward Adams of Obermayer AdamsFraudJames MonahanMiamiNew York CityNYPDObermayer and AdamsReal Estate scamsscamHarris Effron2012-05-18T12:35:00+00:00Mortgage Rates Reach Record Lows for 3rd Straight Weekhttp://realestate.aol.com/blog/2012/05/18/surprise-surprise-mortgage-rates-hit-another-record-low/http://realestate.aol.com/blog/2012/05/18/surprise-surprise-mortgage-rates-hit-another-record-low/http://realestate.aol.com/blog/2012/05/18/surprise-surprise-mortgage-rates-hit-another-record-low/#commentsFiled under:

WASHINGTON -- Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The steady decline has made homebuying and refinancing more affordable than ever for those who can qualify.

Mortgage buyer Freddie Mac says the rate on the 30-year loan dipped to 3.79 percent. That's down from 3.83 percent last week and the lowest since long-term mortgages began in the 1950s.

The 15-year mortgage, a popular option for refinancing, declined to 3.04 percent. That's down from last week's previous record of 3.05 percent.

Rates on the 30-year loan have been below 4 percent since early December. But so far, those cheap rates haven't been enough to ignite home sales.

While sales of previously occupied homes picked up in January and February, they fell again in March and remain well below healthy levels.

Boost in Confidence

Low mortgage rates have helped boost builder confidence, which rose in May to a five-year high. And home construction has improved in the past six months, a reflection of that increase in confidence.

Builders broke ground in April at a seasonally adjusted annual pace of 717,000 homes, the government reported Wednesday. That nearly matches January's pace, the best since October 2008.

Construction rose for both single-family homes and apartments. And builders requested more permits to build single-family homes, a sign that they expect more demand in the coming months.

Still, many would-be buyers can't qualify for loans or afford higher down payments required by banks. Home prices in many cities continue to fall. That has made those who can afford to buy uneasy about entering the market. And for those who are willing to brave the troubled market, many have already taken advantage of lower rates -- mortgage rates have been below 5 percent for more than a year now.

The Treasury-Note Connection

Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note. Slower U.S. job growth and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasurys, which are considered safe investments. As demand for Treasurys increases, the yield falls.

To calculate the average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.

The average rage does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year loans was 0.7 last week, unchanged from the previous week. The fee on 15-year loans also was 0.7, the same as the previous week.

The average one-year adjustable rate was 2.78 percent last week, up from 2.73 percent the previous week. The fee on one-year adjustable rate mortgages was unchanged at 0.5.

Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

See also:
Mortgage Points: When It's Smart to Pay More
Buying a Home Won't Get Much Cheaper
6 Cities Where Rents Are Skyrocketing

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Personal Finance Terms 101: Fixed-Rate Mortgage

 

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]]>mortgage rate recordmortgage ratesmortgage rates droppingmortgage rates lowThe Associated Press2012-05-18T10:00:00+00:00Open Houses of the Week: May 19-20http://realestate.aol.com/blog/2012/05/18/open-houses-of-the-week-may-19-20/http://realestate.aol.com/blog/2012/05/18/open-houses-of-the-week-may-19-20/http://realestate.aol.com/blog/2012/05/18/open-houses-of-the-week-may-19-20/#commentsFiled under:

There's nothing quite like the lure of an open house sign. Granted, you might not be in the neighborhood (or tax bracket) for many of these outstanding properties, but there's still plenty to admire -- even from the comfort of your swivel chair.

From coast to coast, and everything in-between, we lay down the welcome mat at some of the most enticing open houses in the nation.

Ross, Calif.


Open house: Sun., May 20
Price: $3.698 million
Property details: This 3,960-square-foot residence is located on one of Ross's finest streets and boasts four bedrooms and four baths. Sitting on over 2 acres, it offers powerful views of Mt. Tam and the San Francisco Bay, as well as a sweeping yard with a pool and wooden deck.

See inside this property.

See more Ross homes for sale.


Tucson, Ariz.


Open house: Sun., May 20
Price: $895,000
Property details: Situated high against monumental Pusch Ridge, this 6,094-square-foot hilltop estate offers four beds and four baths. Located in a gated community, the home features glass-etched double-entry doors which open into a grand foyer, a gourmet kitchen with granite fixtures, and a great room with copper fireplace and 24-foot ceilings. There are also two master suites and a library loft. Outside is a Pebble-Tec pool surrounded by accented boulders, as well as a putting green and a 3½-car garage.

See inside this property.

See more Tucson homes for sale.

Potomac, Md.


Open house: Sun., May 20
Price: $1.745 million
Property details: This California contemporary home was designed to integrate the natural beauty of its surroundings with its interior, which includes five bedrooms and 5½ baths. The house sits on a private, professionally landscaped lot of more than 2 acres and boasts a three-tiered deck, multiple patios, and an in-ground swimming pool with a waterfall. Other features include a recreation room, game room, exercise room, and bar with custom cabinetry.

See inside this property.

See more Potomac homes for sale.

Greenwood Village, Colo.


Open house: Sun., May 20
Price: $2.2 million
Property details: This 5,495-square-foot country estate features walls of windows and a sophisticated, angular architectural style. With four bedrooms and five baths, the home has a versatile floorplan that can accommodate intimate evenings as well as large-scale gatherings. Nearby is a neighborhood equestrian park.

See inside this property.

See more Greenwood Village homes for sale.

Pinecrest, Fla.


Open house: Sun., May 20
Price: $1.695 million
Property details: This stunning modern home was designed by architect David Wolfberg as his personal residence and is located in Devonwood, a deluxe community of 77 residences with private police protection. A series of terraces offers spectacular views of lush tropic scenery. With 6,101 square feet -- and five bedrooms and five baths -- the house features plenty of flexible space. Outside, amid the verdant vegetation, is a beautiful pool.

See inside this property.

See more Pinecrest homes for sale.

Toluca Lake, Calif.


Open house: Sun., May 20
Price: $3.4 million
Property details: This lush Spanish Revival home is located on Lakeside Golf Course and offers four beds and five baths. With 5,132 square feet, there's more than enough room for fabulous features like a gourmet kitchen (with Viking Pro appliances, granite counters and large, walnut center-island) and spacious master suite (with dual walk-in closets, breathtaking views, and a copper bathtub). Amenities include fireplaces, fountains and a wine closet, and there are high ceilings, mahogany windows and doors, and distressed wood floors throughout. Its private yard includes a loggia, barbecue, and a pool with a spa.

See inside this property.

See more Toluca Lake homes for sale.

Hansville, Wash.


Open house: Sun., May 20
Price: $598,500
Property details: This 2,430-square-foot waterfront home is situated on the banks of the placid Hood Canal, and at the foot of Mt. Ranier and the Olympic Mountains. It includes three bedrooms and three baths. The main living areas and upper master suite offer sweeping marine views, while a wide, covered deck for dining features a firepit, gardens and surrounding hardscape. A freestanding garage includes a loft with workspace.

See inside this property.

See more Hansville homes for sale.

See also...
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]]>Greenwood Village homes for saleHansville homes for saleopen houses of the weekpinecrest homes for salePotomac homes for saleRoss Calif homes for saleToluca Lake homes for saleTucson homes for saleAOL Real Estate Editors2012-05-18T06:00:00+00:00After 37 Years, 'Neighbors From Hell' May Finally Face Evictionhttp://realestate.aol.com/blog/2012/05/17/after-37-years-neighbors-from-hell-may-finally-face-eviction/http://realestate.aol.com/blog/2012/05/17/after-37-years-neighbors-from-hell-may-finally-face-eviction/http://realestate.aol.com/blog/2012/05/17/after-37-years-neighbors-from-hell-may-finally-face-eviction/#commentsFiled under:

We've seen plenty of cases of homeowners displaying brazen disregard for their neighbors.

There was a resident who tried to sabotage the sale of a home next door by trumpeting all the reasons why he'd be an awful neighbor, for example, as well as a man in Australia who erected an outdoor sculpture of a hand with an upraised middle finger to remind his neighbors of his feelings toward them.

But a group of people sharing a house (pictured above) in Berkeley, Calif., who have exasperated and intimidated their neighbors with nuisance and even criminal behavior for nearly 40 years, may rank as the worst neighbors ever. But maybe not for much longer.

"For 37 years, we've lived next to the neighbors from hell," Beebo Turman told the Contra Costa Times. "We want to live next door to a civilized family. Please do something about this."

Fifteen people with criminal histories list the home as their residence and have produced over 40 "criminally related reports" in the last 18 months, continuing a trend of illicit and disorderly behavior that has endured for decades, the Contra Costa Times says. What's perhaps most alarming, six of the residents reportedly have ties to the notorious Nuestra Familia prison gang.

The newspaper reports that since 2009 authorities have visited the home five times in response to reports of fighting, three times to reports of fireworks, and seven times to reports of screaming and yelling. The house has also been the source of three gun- and drug-related arrests since 2009.

The property's owners, Roberto and Ramona Alcala, have been told to tear down several unpermitted additions to the home or bring them up to building code.

Several of their neighbors finally mustered the courage to testify against them recently. That's spurred the Berkeley City Council to take measures that could evict the group from the home and close the house for a year. On May 29, the council is set to formalize a resolution that declares the house a nuisance and lists 11 conditions that must be met for the owners to avoid having to vacate the property.


See also:
Neighbor Nabs 'Contractors' Breaking Into Vacant House


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]]>bad neighborsBerkeley City Councilberkeley neighborsBerkeley neighbors from hellcriminal neighborsneighborsneighbors from hellNuestra FamiliaRoberto and Ramona AlcalaTeke Wiggin2012-05-17T14:00:00+00:00Seacrest Buys DeGeneres' Home at $12 Million Discount (VIDEO)http://realestate.aol.com/blog/2012/05/17/ryan-seacrest-buys-ellen-degeneress-home-for-37m-video/http://realestate.aol.com/blog/2012/05/17/ryan-seacrest-buys-ellen-degeneress-home-for-37m-video/http://realestate.aol.com/blog/2012/05/17/ryan-seacrest-buys-ellen-degeneress-home-for-37m-video/#commentsFiled under: ,




Ryan Seacrest, host of American Idol, has officially purchased talk show host Ellen DeGeneres's Beverly Hills estate for $37 million. DeGeneres originally asked $49 million for the 3-acre property, which has a 9,200-square-foot main house, three guest houses, an outdoor pool, covered lounging and dining areas, and koi ponds.

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]]>American IdolBeverly HillsBeverly Hills, CaliforniaCelebrity homesCelebrity Real EstateEllenEllen DeGeneresEllen DeGeneres HomeRyan SeacrestAOL Real Estate Editors2012-05-17T12:01:00+00:00Housing Crisis Over for Many Homebuildershttp://realestate.aol.com/blog/2012/05/17/fresh-market-signals-paint-rosier-picture-for-builders/http://realestate.aol.com/blog/2012/05/17/fresh-market-signals-paint-rosier-picture-for-builders/http://realestate.aol.com/blog/2012/05/17/fresh-market-signals-paint-rosier-picture-for-builders/#commentsFiled under:

Rick Judson, owner of Evergreen Development Group, recalls the bottom of the housing crisis when home construction had plunged by more than 80 percent in some states, and many builders had either lost their jobs or were barely hanging onto them.

Well, good news, he says: For many builders, those days are over.

"The life support has been taken off now, and you're allowed to live again," Judson says.

In the past 60 days his company has sold two or three plots a month; previously it needed an entire quarter to sell that many, he says.

Judson, who is first vice chairman of the National Home Builders Association, is one of many builders across the country who is noticing increased business as more Americans finally dip a toe into the real estate market. While North Carolina builders have fared better than in many states, his industry, in general, is now on the upswing, he says.

Indeed, the housing market has just recently shown signs that suggest that many of his once-glum colleagues have reason to be hopeful. Coming after a survey that shows builder confidence surged this month, this week brought news that housing starts rose 2.6 percent month-over-month in April to a seasonally-adjusted annual rate of 717,000, continuing a relatively consistent rise over the past year.

And while builder permits, which predict future housing starts, declined 7 percent to a seasonally-adjusted annual rate of 715,000, they still rose 23.7 percent above the April 2011 estimate.

"New construction is a vote of confidence by builders that demand is strengthening," says Jed Kolko, chief economist of listing service Trulia. "Asking prices have stabilized since last September, and construction starts followed, leaping up in November and keeping those gains."

The National Association of Home Builders' Housing Market Index would appear to reflect that confidence, having surged month-over-month from 25 to 29 points in May.

"That's been a real shot in the arm," Judson says of the four-point rise, "And it becomes self-perpetuating when the consumer ... feels it's a good time to buy. They'll go out and buy, and that is now happening again."

NAHB economist David Crowe said the rate of housing production is still half of what his organization would expect in a fully healthy market but that in April "it was very solid for this point of the recovery."

The jump in confidence and rise in housing starts suggest that the housing market could be traveling on an encouraging trajectory, but Kolko notes that housing starts still remain far below pre-housing-bust levels, and cautions against a Pollyannaish outlook.

Judson agrees that his industry is still struggling against tight credit conditions and what he says is a distorted appraisal process that unfairly compares borrower-owned homes to foreclosed homes.

But he adds that a "trickle-up effect" has started, with increased buyer demand beginning to spark more building activity.

"Builders to whom I sell lots," he says, "would not be buying lots if they didn't have customers interested in those lots."

See also:
Mortgage Points: When It's Smart to Pay More
Buying a Home Won't Get Much Cheaper
6 Cities Where Rents Are Skyrocketing

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Personal Finance Terms 101: Fixed-Rate Mortgage

 

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]]>building markethome buildinghome building markethome building risinghousing outlookNAHBNAHB economist David CroweNational Home Builders AssociationRick Judson Evergreen Development GroupTeke Wiggin2012-05-17T11:30:00+00:00House of the Day: Pixar Founder's 'Incredible' Homehttp://realestate.aol.com/blog/2012/05/17/house-of-the-day-pixar-founders-incredible-home/http://realestate.aol.com/blog/2012/05/17/house-of-the-day-pixar-founders-incredible-home/http://realestate.aol.com/blog/2012/05/17/house-of-the-day-pixar-founders-incredible-home/#commentsFiled under: ,



Edwin Catmull, president of Walt Disney Animation Studios and of Pixar Animation Studios, is selling his Georgian Colonial estate near San Francisco. This "Incredible" 8,864-square-foot home in the community of Kentfield, Calif., sits on 2/3-acre, fully fenced lot and was completely rebuilt in 2000 by architect Steve Wisenbaker.

The home makes full use of the entire lot, boasting a large lounging platform, a meditation gazebo, a level lawn area, a dog run and a cabana room. You could probably "Find Nemo" in the 1,000-square-foot pool with an attached 40-foot waterslide. The more artistically inclined might enjoy the unique landscape art: "Tiling in Hyperbolic Plane" by famous mathematician Helaman Ferguson.

The art lovers also have something to ponder inside the house: A custom rendering in the master shower by Robert Stout and Stephanie Jurs. The master bathroom also features a free-standing antique ceramic tub, and two private water closets with auto-flush Japanese toilets.

Leaving the bathroom, you'll find the master bedroom, which has built-in shelving, electric shades, a hidden TV built into the foot of the bed that rises at the push of a button, and a large private balcony. There are also two large walk-in closets big enough for the creatures at "Monsters, Inc." to hang out. The three additional "Up"-stairs bedrooms have en-suite baths, all equipped with radiant heating.

There is plenty of room for "Cars," too. An underground two-car garage helps maximize the lot space, and guests can easily find room in the above-ground, seven-car auto court. Some other luxuries include a fully equipped gym with views of Mt. Tamalpais, a library with built-in bookshelves and an audio-visual system, and a pool room with half-bath.

The "Ratatouille" approved open kitchen has state of the art appliances, zinc slab countertops, an island with a vegetable sink and drawer refrigerators, a large walk-in pantry, and features a rare Charvet Caumartin Range Stove. Don't be surprised if you find a "Wall-E" trash compactor in there somewhere.

This house is clearly a Pixar-lover's dream, and can be yours for $10.9 million.

Beth Brody of Alain Pinel Realtors has the listing.

Click on the images below to see more homes for sale in Kentfield, Calif.




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Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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The History of Pixar Animation Studios

 

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]]>architect Steve WisenbakerCalif.Edwin CatmullKentfieldKentfield homes for saleKentfield real estatemathematician Helaman Ferguson.Pixar founderRobert Stout and Stephanie JursHarris Effron2012-05-17T06:00:00+00:00