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 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/'Walking Away' Loses Couple $116,000 in Cashhttp://realestate.aol.com/blog/2011/04/29/walking-away-loses-couple-116-000-in-cash/http://realestate.aol.com/blog/2011/04/29/walking-away-loses-couple-116-000-in-cash/http://realestate.aol.com/blog/2011/04/29/walking-away-loses-couple-116-000-in-cash/#commentsFiled under: ,,

Walking away from your underwater home, even temporarily, can have serious consequences. Just ask Willard and Holly Brown, who lost $116,000 by walking away from their house in Clarkston, Wash.

The Browns, who owned a home with a filed homestead exemption -- which protects a home from creditors in certain circumstances -- fell into some financial troubles with their company WW Cedar, based in Idaho.

Unable to pay back a $200,000 small business loan from Wells Fargo secured by their home, they figured they were underwater between that debt and their mortgage with Alaska USA Mortgage Company, so they walked away. Although they claimed they left temporarily, the court ruled otherwise based on a contested series of events.



A homestead exemption is great for getting a deduction on your property taxes, but it also can protect you from creditors to some extent, and help determine the location of your primary residency (e.g. Rahm Emanuel) or win you a home outright through a glitch.

But the key is, you have to apply for the exemption stating the home is your primary home and you can't waive your rights to the exemption if you expect the law to work for you.

In May or June 2008, the Browns terminated their utility services, including requesting a
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"permanent shut off" of the water at the Clarkston house, according to the court records. They then began renting a place in Florida. With a one-year lease signed, they obtained Florida driver's licenses and changed their vehicle registrations with the department of motor vehicles. By September 2008, they had also stopped paying their mortgage with Alaska USA.

A trustee for the mortgage company performed a nonjudicial foreclosure on the property in January 2009. At auction, the home sold for $116,377.85 more than was owed on the mortgage, which means the excess goes to the Browns. At least it would under a homestead exemption.

But the Browns have the exemption, right? Well, that's where it gets sticky. They say they were on an extended holiday in Florida and Wells Fargo, said no, they abandoned the home and seized $116,377 to help repay the business loan.

The court of appeals upheld the lower courts opinion, when, according to state law, an owner is presumed to have abandoned a homestead when the owner vacates the property for six months or longer. However, if owners know they will be away for a while, they may execute and file a declaration of nonabandonment with the county recording officer in the county where the property is situated. The Browns failed to do this.

Check the homestead exemption laws in your state before you walk away or forget to file an exemption. In Washington state, the Browns would've have been protected up to $125,000 if they had simply filed a declaration of nonabandonment.






Sheree R. Curry, a three-time award-winning journalist who has covered real estate for six years, is seeking other writing opportunities as her AOL Real Estate contract is coming to a close under the Huffington Post Media Group merger with AOL. Sheree's been writing for AOL Real Estate since 2009 from a Minneapolis suburb. During her 20-year career, her personal finance and business articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. Find her at CurryMedia.com.


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]]>clarkston real estateforeclosureshomestead exemptionunderwater mortgageswalking away from mortgageswashington real estateSheree R. Curry2011-04-29T17:00:00 00:00Donald Trump Jr.'s Advice to Condo Buyershttp://realestate.aol.com/blog/2011/04/29/donald-trump-jr-s-advice-to-condo-buyers/http://realestate.aol.com/blog/2011/04/29/donald-trump-jr-s-advice-to-condo-buyers/http://realestate.aol.com/blog/2011/04/29/donald-trump-jr-s-advice-to-condo-buyers/#commentsFiled under: ,

While his dad is busy making headlines of a presidential proportion, Don Trump Jr. continues real estate business as usual in the Trump dynasty. The 33-year-old Trump, pictured at left, is often seen as a set of eyes and ears for his father on "The Apprentice." He took a few moments to tell AOL Real Estate his thoughts on the condo housing market.

Perhaps it's no surprise that Trump Jr. is bullish on New York, where the Trump Organization has a vast amount of real estate holdings. Condominium sales volume rose 30 percent in 2010, following a two-year decline, with the median sale price up 2.4 percent, to $1,075,000, according to Miller Samuel data. A $33.2 million sale at a Trump property set the year's record price per square foot, at $5,988.

In the high-end Manhattan market, condo buyers are increasingly demanding amenity-rich properties, Trump says. That's one reason Trump SoHo, for example, added high-end dining with a New York outpost of acclaimed South Beach eatery Quattro Gastronomia Italiana. The building also has a spa with Turkish hammams; a seasonal indoor-outdoor bar along the pool; a cocktail bar, and a library. Those are amenities one might expect in a hotel more than a condo building.

In fact, says Trump, condo-hotel hybrids like Trump SoHo are a big market driver. "Tourism in New York is exceedingly strong," he says, "and this bodes well for real-estate projects."

In a condo hotel, international buyers, frequent travelers and tourists looking for extended stays can enjoy a home base in the city without the hassles of traditional condo ownership. Condo boards typically prohibit apartment owners from renting for extended periods. That can be a problem--particularly in a down economy, when units languish on the market. (We wrote about what can happen to condo unit owners who can't sell in "Condo Sales Drop: What to Know Before You Buy.") A condo-hotel, which lets owners rent their units like hotel rooms when they're not in residence, avoids that problem.

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Trump sees the uptick in New York condo activity as a good sign for the rest of the region. "New York City typically leads the market. It is the first to decline and the first to recover, with the surrounding markets in tow."

Watch the video below for more Trump family wisdom.



More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.


Sheree R. Curry, a three-time award-winning journalist who has covered real estate for six years, is seeking other writing opportunities as her AOL Real Estate contract is coming to a close at the end of April under the Huffington Post Media Group merger. Sheree's been writing for AOL Real Estate since 2009 from a Minneapolis suburb. During her 20-year career, her personal finance and business articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. Find Sheree at CurryMedia.com.

 

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]]>condocondo marketcondominiumdonald trumpnew yorkTrump OrganizationSheree R. Curry2011-04-29T16:00:00 00:00Whoopi Goldberg Drops Price of Vermont Ranch 34%http://realestate.aol.com/blog/2011/04/27/whoopi-goldberg-drops-price-of-her-vermont-ranch-34/http://realestate.aol.com/blog/2011/04/27/whoopi-goldberg-drops-price-of-her-vermont-ranch-34/http://realestate.aol.com/blog/2011/04/27/whoopi-goldberg-drops-price-of-her-vermont-ranch-34/#commentsFiled under: ,

Whoopi Goldberg Vermont homeWhoopi Goldberg has reduced the price of her partially fenced 745-acre ranch in Vermont. She gave "The View" viewers an exclusive tour of the property back in February 2009, just before she first put it on the market. The home went up for sale on June 19, 2009, for $3.5 million and is now listed for $2.3 million with Arlene Palmiter of Palmiter Realty Group.

The property, which has barns and a stable, is in the town of Marlboro, known for Marlboro College and the Marlboro Music Festival. (See our 20+ photo gallery of Whoopi Goldberg's ranch.)

"It is a very rural town with a lot of dirt roads," Valerie at Palmiter Realty told AOL Real Estate. "There is a post office, a church and a hall."
Most of the townsfolk are college employees and students; the area is not a big vacation spot, she said. As for the winter: "It is a little bit farther than some people want to travel for skiing."

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Well, we don't see this Oscar-winning Best Supporting Actress as much of a skier, anyway. In a BBC interview, seen in the video below, she calls herself "weird" and "odd" and says that's why she lives in the mountains. The home, however, seems to reflect her casual but eclectic style.

The 4-bedroom, 4-bath home is 6,100 square feet. According to the listing details, when the Robinson-Winchester Farm was renovated and remodeled in 2004, "no expense was spared" for this 1790 colonial home.

There is also a two-bedroom guesthouse and 15 miles of groomed woodland trails covering 67 acres of pasture, and there is a pond and a stream.

The listing adds that this is a "unique property owned by a high profile celebrity. Once in a lifetime opportunity!"

Goldberg also owns a 9,486 square-foot mansion in New Jersey that she purchased in 2009, reported the Real Estalker. That Llewellyn Park home has 8 bedrooms, 6 full and 2 half bathrooms, a carriage house and a servant's house.









Sheree R. Curry, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

 

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]]>celebritycelebrity homescelebrity homes for salethe viewvermont real estatewhoopi goldbergwhoopi goldberg homewhoopi goldberg vermont homeSheree R. Curry2011-04-27T15:06:00 00:00Single Dad Faces Eviction Due to Refinancing Snafuhttp://realestate.aol.com/blog/2011/04/26/single-dad-faces-eviction-due-to-refinancing-snafu/http://realestate.aol.com/blog/2011/04/26/single-dad-faces-eviction-due-to-refinancing-snafu/http://realestate.aol.com/blog/2011/04/26/single-dad-faces-eviction-due-to-refinancing-snafu/#commentsFiled under: ,,,

What happens when you refinance your mortgage, but the mortgage broker doesn't pay off the first loan? Just ask Keon Williams of Milwaukee.

Williams came home one day to find the locks on his home changed. Now he and his attorney are fighting to keep Harris Bank -- which acquired the one-story bungalow at a sheriff's sale in January -- from seizing his home. According to Williams's attorney, the mortgage broker he refinanced through failed to pay off the first mortgage note held by Amcore Bank, which was acquired by Harris Bank in April 2010.

"He found it necessary to go to court this morning to protect the home from the lender," attorney Geoffrey Gnadt told AOL Real Estate on Tuesday while taking a very brief break from writing the injunction motion against Harris.

Williams, who dropped from a whopping 12.5 percent interest rate to 6.625 percent when he refinanced through the now-defunct Central States Mortgage Co. about three years ago, never thought his savings would turn into his nightmare on North 44th Street.

"These last four, five months -- it's been very hard for me to even sleep at night," Williams said. "To know that you may be kicked out of your own house that you've been paying on is just ridiculous," he told the Milwaukee Journal Sentinel.

Williams, a 38-year-old single father of three teenagers, originally bought the home for $98,500 as an investment. He took out a $128,000 mortgage with no money down to add a larger master
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bedroom and a second bathroom, for a total of four bedrooms. Eventually, he moved in with his children and has made monthly payments on his new note, sold to Flagstar Bank, ever since the refinance. He just had no idea that the Amcore mortgage was still due, making total amounts owed $265,000 between the two mortgages.

It is alleged that Central States' affiliate, Interim Funding LLC, used the $130,444 in refinance funds to pay off other lenders, a lawyer for Interim told the paper. Interim Funding typically provided funds to borrowers who would either sell the properties in a year or so, or clean up their credit enough to get a conventional loan through Central States.

So in 2010 when he learned that his house was being foreclosed upon, he called up the only lender he knew he had: Flagstar Bank, who told him he was current and it must be some mistake. So Williams ignored foreclosure notices from Amcore, figuring it had just screwed up. But after learning Harris Bank bought the home for $66,200 at the January sheriff's auction, he stopped making payments to Flagstar and got himself a lawyer. (See timeline.)

The sheriff's sale was stayed by a Milwaukee County judge until May 15 to give Williams time to determine how to save the home. He has a hearing with Amcore on May 12. So Williams was quite shocked when he discovered Harris Bank had changed a lock on one door and left a different door ajar.

"I did everything I was supposed to do, but I'm being evicted," the ex-Marine told the paper.

At least in a Tuesday morning hearing, Harris Bank acknowledged it made a mistake when it changed the locks. As a result, it agreed to cover the cost for installation of a new lock, Williams's attorney fees and other related costs, according to court documents. Still, Williams has only about three weeks to figure out how to save his home.





Sheree R. Curry, who remembers the Harris Bank commercials from her childhood, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

For more insight on mortgages and refinancing see these AOL Real Estate guides:

 

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]]>evictionforeclosureHarris Bankmilwaukee real estaterefinance mortgagerefinancingwisconsin real estateSheree R. Curry2011-04-26T16:12:00 00:00Bank Offers $56M to Repay Military Familieshttp://realestate.aol.com/blog/2011/04/25/bank-offers-56m-to-repay-military-families/http://realestate.aol.com/blog/2011/04/25/bank-offers-56m-to-repay-military-families/http://realestate.aol.com/blog/2011/04/25/bank-offers-56m-to-repay-military-families/#commentsFiled under: ,,

JPMorgan Chase says it is willing to pay a whopping $56 million to settle the class-action lawsuit brought by 6,000 members of the military who accused it of overcharging them on their mortgages and violating the Servicemembers Civil Relief Act. A judge still has to approve the offer.

The case was initially brought by Capt. Jonathon Rowles, who says he was overcharged about $900 per month by Chase, which had him to verify his active duty status every 90 days and to reapply for SCRA status at least once per quarter between December 2007 and March 2010, according to the lawsuit.

The SCRA, signed into law by President George Bush in 2003 to replace a similar 1942 law, helps servicemen and servicewomen with certain financial obligations at home, such as rent or mortgage
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payments, when they are activated for military duty. For example, there is a 6 percent cap on interest rates, they cannot be evicted or have their lease terminated, and they can receive mortgage relief from their lender.

JPMorgan Chase has now offered to cut the interest rates for those military homeowners who did not see a correct cut initially, and it will give back homes to those who were wrongfully foreclosed upon, as well as forgive their mortgage debt. The lender also will pay $27 million in cash to the 6,000 military personnel who were overcharged on their mortgages while they were on active duty. That comes to about $4,500 per family.

JPMorgan already handed out about $6 million to those overcharged with higher interest rates. Of course, if a military member's home was already under 6 percent and wasn't due to increase on an ARM, they didn't get caught in some of this mess, unless they missed a payment and were being pursued for being delinquent.

JPMorgan officials said three months ago that one of the bank's units had made errors in the handling of mortgages covered by the Servicemembers Civil Relief Act. The lender will also contribute $15 million to a fund to go toward additional damages.


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]]>Chase BatesJPMJPMorgan Chasemilitarymortgagesservicemembers civil relief actSheree R. Curry2011-04-25T15:53:00 00:00Carmelo Anthony Rents Four NY Apartments While He House Huntshttp://realestate.aol.com/blog/2011/04/22/ny-knicks-carmelo-anthony-rents-four-apartments-while-he-shops/http://realestate.aol.com/blog/2011/04/22/ny-knicks-carmelo-anthony-rents-four-apartments-while-he-shops/http://realestate.aol.com/blog/2011/04/22/ny-knicks-carmelo-anthony-rents-four-apartments-while-he-shops/#commentsNBA star Carmelo Anthony, who was traded in February from the Denver Nuggets to the New York Knicks, will soon be moving himself and his extended family and some assistants into several Manhattan rentals so he can take his time looking for the right home to purchase, his real estate agent told AOL Real Estate.

"It was kind of a whirlwind when he came to New York. He didn't want to rush into the actual purchase at that time," says agent Prince Dockery, whose Prince Group is a new addition to the Prudential Douglas Elliman team. "He is going to buy at some point."

Although Dockery wouldn't reveal the exact location of the rentals, the New York Daily News reports that Anthony has taken four--count 'em--apartments in two buildings, the Aldyn and its sister building, the Ashley, both on the Upper West Side.

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The Aldyn, designed by Costas Kondylis and Partners LLP, contains 286 apartments, with rental units on the lower floors and condos on the upper, many with unobstructed views of the Hudson River.

If 'Melo gets restless, he can swing by the building's fitness center, 75-foot swimming pool, 38-foot rock climbing wall, squash courts, bowling alley, golf simulator or, of course, its full-size basketball court.

Dockery says it took a few weeks of showing the Anthony clan around the metro area before they settled on the quartet of places. "We were trying to do this in between him playing games and traveling. Usually when an individual comes in town it takes about two days, but in this case it was a little bit more difficult doing it in season."

The 26-year-old gold- and bronze-medal Olympics winner has a four-year-old son, Kiyan, with wife LaLa Vasquez, who turned the couples' wedding plans into a Vh1 reality show called LaLa's Full Court Wedding.

They'll start moving in next month as they gather possessions from two of their other homes, in Denver and Los Angeles. In the meantime, Anthony will debut his new "home colors" shoe, the Jordan Melo M7 Advance (pictured below), at tonight's game in Madison Square Garden.






See interior photos of the Aldyn, and the basketball court Carmelo Anthony might enjoy.






Sheree R. Curry, who used to work in Manhattan and live in New Jersey, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

 

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]]>aldynashleyCarmelo Anthonycelebrity real estateDenver NuggetsLaLaLala VasquezmanhattanNBANew York KnicksSheree R. Curry2011-04-22T15:45:00 00:00Bank Auctions Home After Owner Told It Was Safehttp://realestate.aol.com/blog/2011/04/22/bank-auctions-home-after-owner-told-it-was-safe/http://realestate.aol.com/blog/2011/04/22/bank-auctions-home-after-owner-told-it-was-safe/http://realestate.aol.com/blog/2011/04/22/bank-auctions-home-after-owner-told-it-was-safe/#commentsFiled under: ,,

bank of americaBank of America promised a Colorado man that the sale of his foreclosed home was on hold while they worked out the details, but as he stood on the phone with the North Carolina-based lender the home was auctioned off.

Ray Vigil of Arvada, Colo., had gone through a period where he couldn't pay the mortgage, but for the last 16 straight months he had been making payments, reported KMGH-TV News in Denver. The bank told him, "As long as the modification was under review, that foreclosure sale will not go through."
In March a bank spokesman sent confirmation to the Channel 7 news station that the sale was on hold. Bank of America even agreed "to possibly modify his mortgage."

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But if you don't have a new contract in writing with signatures on the dotted line, you may not want to take a bank's word for it.

"As recently as this morning, they still requested documentation," Vigil said.

According to Bank of America, it did request a postponement of the foreclosure sale. However, the mortgage investor declined the request due to the amount of delinquency on the account and other financial information that appear to make completion of a loan modification unlikely within the investor's guidelines.

"Any decision to rescind the sale rests with the investor," the bank said in a statement.

"I probably better start packing," said Vigil.

For more on this story and to see video, go to theDenverChannel.com.


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]]>bank of americacolorado real estatedenver real estateforeclosureshome auctionsSheree R. Curry2011-04-22T09:58:00 00:00'Law & Order: SVU' Star Selling NYC Apartmenthttp://realestate.aol.com/blog/2011/04/21/law-and-order-svu-star-has-buyer-under-contract/http://realestate.aol.com/blog/2011/04/21/law-and-order-svu-star-has-buyer-under-contract/http://realestate.aol.com/blog/2011/04/21/law-and-order-svu-star-has-buyer-under-contract/#commentsFiled under: ,,

chris meloniChristopher Meloni of Law & Order: SVU has a buyer under contract on his 1-bedroom, 1-bath New York City apartment that the actor had been using as personal office space since he purchased it last April for $910,000.

"Chris needed a larger work space," listing agent Dan Deutsch of Homestate Properties told AOL Real Estate. Meloni first put the 736-square-footer on the market last fall and then re-listed it for $875,000 in January. It is expected to close in May.

The listing details when he bought the downtown Manhattan unit said the home was worth $1.1 million in 2008, reported Curbed. The previous owners had purchased it for $926,000.

"He loves the views and it is very creative for him. He just felt it was too small," says Deutsch.

Located in an art deco building with full-service concierge and doorman, the unit (pictured) has great views and features a designer kitchen with high-end stainless steel appliances and custom oak custom cabinetry and floors. There's a dining alcove, deluxe built-ins throughout, plenty of closets, and in-wall iPod ports wired to the kitchen and bathroom ceiling speakers. (See more photos in our gallery.)

Although he loves the view of the financial district from the unit, he will still get his fix of great views from many stories up in his 3,000-square-foot apartment above Hell's Kitchen that was decorated by his wife Sherman, reported Architectural Digest. "What makes me happy about this apartment, however, is that, while the views keep you very much in touch with New York, you're also above it all. I never imagined living 60 stories above the city could be so soothing."

When they are not hanging in the city, they are relaxing with their kids in a 5,000-square-foot cottage in the Connecticut suburbs, reported InStyle.

That suburban house, decorated with warm tones and traditional furniture, has its own unique view: One of the lake and forest. "We wanted something with a country feel. But this is not a farmhouse, so we didn't want rural decor," he says.

With a zip line that stretches across the back lawn and playhouses, and a lake where he goes waterskiing, Meloni told the glossy: "Serenity, beauty and freedom. It only took me 42 years to find all of these things."



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Sheree R. Curry, who has owned three homes, including one across the river in New Jersey, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>celebrity real estatechristopher meloniLaw and Ordermanhattan real estatesvuSheree R. Curry2011-04-21T17:26:00 00:00'Project Runway' Winner Hawks Miami Beach Condoshttp://realestate.aol.com/blog/2011/04/21/project-runway-winner-hawks-miami-beach-property/http://realestate.aol.com/blog/2011/04/21/project-runway-winner-hawks-miami-beach-property/http://realestate.aol.com/blog/2011/04/21/project-runway-winner-hawks-miami-beach-property/#commentsRecognize this Project Runway designer? If you do, maybe you want to live where she lives. Every now and then, a new condominium complex needs a marketing boost around the time it first opens its doors. What better way to draw attention than by saying a celebrity (or semi-celebrity) moved in? Sometimes these moves are planned and calculated.

In our February piece "Pamela Anderson Sues Ex for Not Giving Her Condo," we discuss a deal gone awry between the former Baywatch star and her former beau, real estate tycoon Laurence Hallier, who used the blond bombshell to promote his Las Vegas project. In our Sports Stars: From Homebuyers to Renters? we see NBA star Tony Parker, complete with sales brochure in hand, hawking the Du Parc Kempinski Private Residences in Lake Geneva, Switzerland.

Now, in our inbox pops a press release stating that New York-based fashion designer Irina Shabayeva, the 2009 season six winner of Lifetime's Project Runway, recently "toured the new Miami Beach property, Boulan South Beach, ... she left Miami with a beautiful one-bedroom abode at Boulan South Beach."

Shabayeva's name, although unique, doesn't ring a bell to this writer, especially when compared to the fame behind Anderson and Parker.

Boulan South Beach was created by New York-based developer Bert E. Brodsky, a name we are very familiar with in the real estate world and as the founder of Sandata Technologies. He's also
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the guy behind the demolition of the Great Gatsby mansion on Long Island, which he tore down to make room for about five $10 million homes, as AOL Real Estate reported this week. See him in this CBS video justifying the teardown of the dilapidated Land's End home F. Scott Fitzgerald immortalized in its heyday. Brodsky is also a mystified Bernie Madoff victim.

"As developers of the Boulan South Beach residences, we bring a special kind of intimate luxury living to the area," says Brodsky of the six-story development that launched last month. "South Florida, especially South Beach, is rapidly emerging to be one of the world's favorite international destinations. Working very closely with the Miami Beach historical and preservation agencies we were able to maintain the area's art deco integrity and blend contemporary amenities to create the perfect combination of both worlds - intimacy with all the excitement that South Beach has to offer," he adds.

The 52-unit property has only 1- and 2-bedroom units, ranging from 668 square feet to just more than 2,000 square feet, including penthouse condominiums with rooftop access. There's also a rental program that lets management rent out units when the owner's aren't using it.

"I bought at Boulan South Beach because of its amazing location and incredible value," says the 28-year-old Shabayeva, who in February premiered a limited-edition collection at Macy's. "It's going to be my getaway retreat when I need to lose myself."

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See more photos of Boulan South Beach project in Miami.







Vanity Fair Madoff Interviews - Bert Brodsky from Stephen Wilkes on Vimeo.


Sheree R. Curry is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher --



More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>bernie madoffboulan south beachcondominiumsflorida real estategreat gatsbyIrina Shabayevamacysproject runwaysouth beach real estateSheree R. Curry2011-04-21T13:20:00 00:00Fewer Phoenix Foreclosures, But They Still Pack a Wallophttp://realestate.aol.com/blog/2011/04/21/fewer-phoenix-foreclosures-but-they-still-pack-a-wallop/http://realestate.aol.com/blog/2011/04/21/fewer-phoenix-foreclosures-but-they-still-pack-a-wallop/http://realestate.aol.com/blog/2011/04/21/fewer-phoenix-foreclosures-but-they-still-pack-a-wallop/#commentsAlthough foreclosure activity in Phoenix is down slightly from 43 percent to 38 percent of the total market month-over-month, it is still a tough market for potential sellers.

Dawn Yazzie-Howard just went under contract with her 3-bedroom, 2-bath home in Mesa, Ariz., after eight months on the market. The news is bittersweet. She had to part with it as a short sale because she and her husband Nevell owe more on it than it is worth.

At one point the 1,899-square-footer was on the market for $164,900. It was listed for $130,900 when an offer came in. Yazzie-Howard bought the home for $272,000 in August 2006.

But it gets worse.

She has been waiting for bank approval for three-and-a-half months. Although Bank of America, the first lien holder, gave approval for a figure, Aurora Loan Services, the second lien holder, hasn't made up its mind. The hope is that the buyer will not walk away before it does. After all, there are a lot of great properties available in the area and the home values are only declining.

The median price for the traditional market in March was $125,000, which is a slight decline from
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the $127,500 in February, but significantly down from last year's $142,500. Median foreclosure prices fell from last year's $158,175 to $135,600 in March 2011, according to a new report.

"While lower prices can greatly improve affordability, they can adversely impact many owners and potential sellers whom are watching their limited equity erode, as prices decline to and even below existing debt level," says Jay Butler, an associate professor at the W. P. Carey School of Business at Arizona State University who authors the monthly report on the area's foreclosure market.

"A decision to do a short sale was really heartbreaking to be honest," says Yazzie-Howard. "We talked about selling the house for a year. We had looked at home loan modification, but that was a dead end for us. We do want to stay in our house, within the school district," says this mom of three, who also had hopes of one day building their dream home on an empty lot the family also owns. But all of their dreams were shattered when they learned they were upside-down on their mortgage.

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"We didn't know how upside-down we were until we bit the bullet to put it on the market. As the months went by, it was awful. It was painful. Every month we had to constantly make the decision to drop the price lower and lower. It will probably take us 20-plus years to make up the value."

Now that they are under contract and close to closing, it is even more stressful, she says. "We are disenfranchised with the banks and how uncooperative they are. The red tape is a big hurdle. All we can do is have faith and hope and pray that it works."

Yazzie-Howard's Realtor, Kris Anderson of Your Premier Team at Re/Max Excalibur, says, "I would say 92 percent of our market are people who are looking to buy under $100,000. The majority of them are foreign national buyers coming in from Canada and South Africa."

Anderson, who has been on the go showing properties all morning before breaking just after lunch to speak with me via phone, says three of her buyers are willing to go as high as $150,000. They know they can get deals in the area, so why pay more.

"A lot of sellers are looking to hold and turn it into a rental. A lot of distressed people here need a place to go to rent."

Although home buyers and sellers are aware that housing prices are heavily influenced by foreclosure-related activity, Butler points out that it's not just that initial foreclosure price affecting the market. "Another influence is that, for the last year, approximately 40 percent of the traditional sales were foreclosed homes that were sold again with a median price markdown of 14 percent from the foreclosed price."

That's not so good news for investors who are looking to buy low by snagging a foreclosure at an auction and then unload a few months later for higher price. Instead, it seems based on the statistics, that many of them end up taking a loss when they turn over the sale. That's because some buyers just can't qualify for a loan, says Butler.

"Even though mortgage interest rates and prices are attractively low, tighter underwriting standards and a struggling economy and job market could continue to be obstacles for the return of homeowner-occupants," he says. "The dominant group will probably be investors scrambling to take advantage of the buying opportunities that might be slowly disappearing in many areas."

Overall, activity is picking up in the market, since March is the usual beginning of the home-resale season that lasts until August. While only about 8,600 homes changed hands in February, the number of total transactions went up over 11,000 in March. More than 4,100 of those were foreclosures. In March of last year, the market saw almost 4,400 foreclosures.

For Yazzie-Howard it will soon be farewell to her master suite with a balcony and walk-in shower, and the kitchen with granite tile counters and island bar that open to a great room where her children spent many a fun-filled evening. For the buyers, they may be glad to know that the gated community offers a tot lot, sand volleyball, park with BBQ and community pools.




Sheree R. Curry, who has owned three homes, but luckily never had an upside-down mortgage nor faced foreclosure, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>arizona state universityforeclosed homesForeclosuresloan ratesmortgage interest ratesphoenix real estateSheree R. Curry2011-04-21T10:26:00 00:00R.I. Foreclosure Eviction Violates Tenants' Rightshttp://realestate.aol.com/blog/2011/04/20/r-i-foreclosure-eviction-violates-tenants-rights/http://realestate.aol.com/blog/2011/04/20/r-i-foreclosure-eviction-violates-tenants-rights/http://realestate.aol.com/blog/2011/04/20/r-i-foreclosure-eviction-violates-tenants-rights/#commentsWhen is a foreclosure eviction not an eviction? Easy answer: When the person you're trying to evict doesn't live there. Angela Martinez of Providence, R.I., was helping her 20-year-old autistic son get ready to leave the home one April morning when there was a knock at the door. Movers barged in with packing boxes and began tossing her possessions into cardboard containers.

Although a constable held an eviction notice in his hand with the right to move out the owner, Martinez is not the owner; neither is her 21-year-old daughter, Stephanie Rodriguez, who lives there with her newborn daughter, Audrey; the baby's father; and her 16-year-old son, Franklin. The Martinez family rents the place for $900 per month from an absentee landlord who lives in New York. That landlord, Pedro Pena, was the one named on the eviction notice.

"It was illegal and they had no standing to do it," the family's lawyer, George Babcock, told AOL Real Estate about the eviction attempt. "It was immoral."

When there's an eviction, each person, or at least each adult, has to be named on the notice. The law in Rhode Island is that occupants must be given at least 10 days notice through a lawsuit, not fewer than 10 minutes on your doorstep.

"When they were knocking I was with Audrey's dad," Stephanie Martinez said during a phone interview. "He was feeding the baby, and I was trying to get some sleep. My mom ran into the room to come get me." When the groggy new mom learned what was going on she immediately called her attorney.

"They [the people for the bank] went out and tried to exterminate this family. That's what I call it," says Babcock, whose moniker for his office is "a Christian law firm" practicing what he calls "foreclosure stoppage."

He adds, "In a case like this, occupants have to receive at least 10 days' notice at the very least; and even after
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that 10 days, if they don't leave, they have to have a lawsuit filed against them and they have 20 days to respond. I can turn 30 days in to 60 days and 90 days. This is what I do for a living."

So that fateful morning after he received Stephanie's call, Babcock phoned the mayor's office, who put him in touch with police Capt. David Lapatin, who also has a law degree.

Lapatin, arrived at 31 Lenox Ave. and told the police officers overseeing the eviction, and the moving crew, who looked as if they really didn't want to be there, to stop what they were doing, reported the Providence Journal.

"You see someone with an autistic child, the daughter with a little baby, you do whatever you can do to help them," Lapatin told the paper. With Babcock's colleague, attorney Corey Allard now at their doorstep too, the family, was then given 60-days notice; an eviction in this case is inevitable.

The Martinez family has been renting the first-floor of the three-story multifamily home for six years. Tenants in the top two floors have already moved out. The bank paid them to leave, says Stephanie. She doesn't know how much they were paid, but she says the bank never offered her own family cash for keys. Perhaps because the landlord is a relative. Instead, she says a woman named Melissa would constantly call their home and ask, "When are you leaving? Have you found a place to go to yet?"

The last time Stephanie says she received a call from the woman was about three weeks before the attempted eviction. "I told her I didn't want to talk to her about it. 'I am not going to answer you. You can call the lawyer.' The lady got pissed off and hung up." The next contact she had was with the movers at the door.

"My mom has so many things that the movers said it was going to be a two-day job. The first thing they packed was the living room, all the frames, china, silverware. They got to pack 11 boxes before they were stopped."

Those boxes still sit in the Martinezes' living room while they make frantic calls in search of a new place to live. "We are looking for a family house or a duplex. We need at least three bedrooms, but would prefer four bedrooms in either Cranston or North Providence."

The family first learned the house was in foreclosure several months ago when a real estate agent for the bank knocked at their door. The 48-year-old mother of three had no idea.

Babcock has been representing the owner of the home because it is not clear who owns the mortgage, but in the end, a Superior court justice dismissed Pena's appeal.

"Anyone in this situation, it's like the Wild West," says Babcock. "Everyone should familiarize themselves with tenant law in their state if there is a possibility their landlord can be foreclosed on. I've probably had 500 emails from people across the country. I steer them to the bar association in their state."

Allard, who describes the scene at the Martinez home that day as "very tense," suggests:

1) Do not ignore certified mail or court documents from debt collectors, law offices, or constables.

2) Do not trust the representations of debt collectors, mortgage companies, or their agents. Often times, these persons or entities act inside the gray areas of the law in order to achieve their self-interest.

3) The earlier you seek legal guidance, the better the resolution to your issue.

For Stephanie, who hopes to return to school this year and work toward a degree in social work, says the ordeal has been "just too much chaos and I hope it doesn't happen to anyone else."

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Sheree R. Curry, who has owned three homes, but has never been a landlord, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.
For more on mortgages and related topics see these AOL Real Estate guides:

 

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]]>evictionForeclosuresillegal evictionprovidence real estaterhode island real estateSheree R. Curry2011-04-20T10:19:00 00:00More Than 100 Tenants Evicted Due to Moldhttp://realestate.aol.com/blog/2011/04/19/more-than-100-tenants-evicted-due-to-mold/http://realestate.aol.com/blog/2011/04/19/more-than-100-tenants-evicted-due-to-mold/http://realestate.aol.com/blog/2011/04/19/more-than-100-tenants-evicted-due-to-mold/#commentsFiled under: ,

Nearly 100 tenants of an apartment complex in Lexington, Ky., are being evicted by a new owner who says many of the units are unsafe because of mold and plumbing problems.

The Sonnet Cove Apartments, which had fallen into foreclosure unbeknown to many residents, were purchased March 29 by Lakeshore Apartments Associates, LLC, which had plans to upgrade the rental units, however, in a statement its management said, "Unfortunately, due to the scope of the work, repairs cannot be performed while the units are occupied."

Back in July 2005 a resident with the user name kymom302003 notes how far back the problem dates. On ApartmentRatings.com she wrote: "We have lived in these apartments since 2004 and I will tell you this: It stinks here, literally. I have asthma and the mold here is absolutely horrid. Maintenance sucks!!! I hate this place I really do I don't even want to come home after work." Needless to say, her recommended rating to potential renters was, "No."

On complaintsboard.com, a poster going by the name AK wrote in 2008, "This is absolutely the worst place to live in Lexington!!! We are also stuck in a thirteen-month lease in this trashy hell. There is 5 inches of black mold that is growing inside of my air vents. Every time that the heat turns on me and my child are being intoxicated with the spores that are blowing thru our air."

AK also mentioned, "There is about 10 billion German cockroaches running thru this building that I live in. They refused to spray until I tried to get out of my lease."

The new management says the current tenants have to be out by the end of the month and it is working with other complexes to help the tenants get a discount, but for their current place, management says, "In an effort to offset some of the inconvenience to the tenants, their final month's rent has been waived." And, of course, if they ever want to come back, at presumably a higher rent for a remodeled unit, "Both the new owner and its new management are excited about the opportunity to offer Lexington an attractive, refurbished apartment community for rental in the near future," it said in a statement made available to WKYT News. (See WKYT video below.)

Similarly, renters in Fresno, Calif., facing foreclosure noticed "black stuff" growing in their units. They thought it might be toxic black mold, but test results in one apartment show it is a black fungus known as aspergillus, which is potentially toxic. A painter at the complex told a local ABC reporter that he's under orders to just paint over the black fungus. (See ABC video below).

Know the difference between mold and mildew, as we previously reported in "Mold + Mildew." Mold tends to grow in dark, damp areas, such as in rooms with both high water usage and humidity, such as kitchens, bathrooms, laundry rooms, and basements (try using an exhaust fan to help limit moisture build-up.) To learn more, read our article, "Mold: Where It Can Hide In Your House."

What can you do if you notice mold or a black fungus growing in your residence?

Inform your landlord.

If you're a tenant you can report the mold to your management company, but note not all mold problems will be the landlord's fault. The liability depends on the reason for the mold's growth. If the mold results from the landlord's failure to maintain the property, such as by not preparing a leaky roof or pipes, then the landlord is legally liable. However, if the cause of the mold is due to actions like creating high humidity, or failing to clean the unit properly, then the tenant is liable. For more, read our article, "Dealing with Mold in a Rental Apartment."

Stop leaks and clean.

Before you attempt to fix the mold problem, you need to determine the source of the problem so that you can fix it and not have the issue returned. For example, stop any water leaks by repairing leaky roofs and plumbing fixtures. And clean up regularly.

Cover yourself.

Protect yourself by using goggles, gloves, and breathing protection so that you don't inhale any of the spores.

Protect your possessions.

Cover heat registers or air ducts or ventilation systems. Cover all your furnishings in the vicinity. Open a window before you start clean up.

Bag all moldy materials, you use for cleaning, or any clothing items that may have mold -- although some items you can just wash. Trash what you don't need to keep.

Scrub hard surfaces.

Using a mild detergent solution mixed with warm water, wash away what you can. Then use a solution of ¼ cup bleach to one quart of water and wash again. Repeat two more times. Lastly, you can apply a borate-based detergent solution and do not rinse.

Hire a professional.

If the growth covers a significant area (such as beyond a corner in your shower) bring in an expert. For where to turn for professional mold help, read our earlier piece on "How to Keep Toxic Mold Out of Your House."







Sheree R. Curry, who has owned three homes and never had a mold problem, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.


Want to know how to deal with other rental issues? Here are some AOL Real Estate guides that can help:

 

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]]>black moldfresnokentucky real estatelandlord issueslexington real estatemold abatementrenting an apartmenttenant rightstoxic moldSheree R. Curry2011-04-19T12:29:00 00:00Ron Paul Selling House His Way -- Independentlyhttp://realestate.aol.com/blog/2011/04/19/ron-paul-selling-house-his-way-independently/http://realestate.aol.com/blog/2011/04/19/ron-paul-selling-house-his-way-independently/http://realestate.aol.com/blog/2011/04/19/ron-paul-selling-house-his-way-independently/#commentsFiled under: ,,

Texas congressman Ron Paul, a potential presidential candidate, is preparing for a move to a new house. He used Facebook to announce Thursday that his 5,500-square-foot Lake Jackson, Tex., house is up for sale for $325,000.

He has owned the 4-bedroom, 5-bath home for 42 years. With a Zestimate of $217,000, the home has an office with built-in book shelves, there is a formal dining room, a family room, living room and a craft room. See photos of the house. With a two-car garage and swimming pool, the home is about a 50-minute drive to Houston.

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Property records indicate that the home is 4,934 square feet, a tad bit smaller than Paul claims. The Republican's home is not on the Multiple Listing Service. There is, however, a
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designated website where he announces "Generations of Liberty loving kids have grown up here, and you can continue the tradition."

Tee Maher, who likes Paul's Facebook fan page, suggests the home should be auctioned off instead.

Another fan, Bartholemew Gonzalez, an economics major in the 2011 graduating class at George Mason University, says, "We all know you could get more for that house (based on popularity alone). You have to include yourself in the valuation of the home."

Whereas Eric Rice thinks a nonprofit should buy the house and "turn it into his presidential museum."

But Terry Harris of Stockport, Ohio, who thinks the for sale ad is out of place on Paul's political Facebook page, also thinks Paul should "pay a real estate agent. You can afford [it.]"

Whether or not he will actually sell the home, with or without an agent, one thing is for sure: Paul has gained a few more fans to his Facebook page since making the announcement. When the Houston Chronicle wrote its story on April 14, Paul had 323,351 fans. As of this writing he has 325,633 fans. If everyone chipped in just a dollar, they could own the home as a co-op.


Ron Paul, who ran for U.S. president in 2008 and may do so in 2012, is using Facebook to hawk his house. See more photos of the home. (Photo credit: BuyRonPaulsHouse.com)



 

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]]>houston real estatelake jackson real estatepresidential candidatesrepublicansron paultexas real estateSheree R. Curry2011-04-19T09:05:00 00:00Bruce Willis' NYC Bachelor Pad Sells Fasthttp://realestate.aol.com/blog/2011/04/18/bruce-willis-nyc-bachelor-pad-sells-fast/http://realestate.aol.com/blog/2011/04/18/bruce-willis-nyc-bachelor-pad-sells-fast/http://realestate.aol.com/blog/2011/04/18/bruce-willis-nyc-bachelor-pad-sells-fast/#commentsIt didn't take long for Bruce Willis' 3-bedroom, 3-bath New York City condo at Trump Place to go under contract. Given this top-floor unit of a 20-story building was listed in March for $3.995 million when the Die Hard star had paid $4.26 million for it in 2007, perhaps it seemed like a steal to the prospective buyer. (See photos.)

"It was on the market for five days and then went under contract," co-broker David Salvatore of Town Residential told AOL Real Estate in a phone interview on Friday. "It was faster than we thought possible." He says they showed it to one client who made an offer and the offer was accepted. "It couldn't have been more perfect."

As Salvatore told AOL Real Estate earlier this month, the price was a very strategic move for the star who purchased it before he married his wife Emma Heming. "We wanted it listed under $4 million, because this is a property Bruce does not want to be showing on the market. He wants to sell it quietly in a reasonable amount of time."
The unit's unique Brazilian-cherry covered floor plan, shared by only three other units at 220 Riverside Blvd, has 11-foot-ceilings and three corner exposures with views of the Hudson River and the George Washington Bridge. There are a total of 17 oversize windows throughout the 2,318 square feet, according to the listing details.

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The eat-in kitchen is finished with cherry cabinets and granite counter tops, and has stainless steel appliances. The en suite master bath with a marble topped counters on the double-bowl bathroom sink, has a separate shower and a jacuzzi tub.

Town Residential did not represent the buyer, but Salvatore says, "Everything is signed and we are waiting for the closing date."

In the meantime, the German-born, New Jersey-raised ex-husband of actress Demi Moore is also trying to sell his closed Idaho nightclub for $5.995 million, reported the Real Estalker. He bought the bar, called Mint, with Moore in the mid-1990s. Apparently when he was fed up with moonlighting in the resort town of Hailey, the bar shut its doors "unexpectedly" in 2008, reported the Idaho Mountain Express. Perhaps Willis had a Sixth Sense.







Sheree R. Curry, who has owned three homes and used to work in NYC, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.


More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>bruce williscelebrity real estatedemi mooreDie Hardmanhattan real estatemoonlightingnew york city real estateSheree R. Curry2011-04-18T09:00:00 00:00Jodie Foster Lists Beverly Hills Home for $10Mhttp://realestate.aol.com/blog/2011/04/15/jodie-foster-lists-beverly-hills-home-for-10m/http://realestate.aol.com/blog/2011/04/15/jodie-foster-lists-beverly-hills-home-for-10m/http://realestate.aol.com/blog/2011/04/15/jodie-foster-lists-beverly-hills-home-for-10m/#commentsJodie Foster just listed for $9.975 million her gorgeous, but quaint Beverly Hills, Calif., home. Don't listen to those bloggers here and there who are calling this 7-bedroom, 8-bath home a teardown or a fixer-upper just because the listing description says, "Build your dream estate on this lush park like setting." See the interior photos in our gallery and decide for yourself.

From the brick-paved entry way through to the custom built-ins in almost every room and out the three-story arched wall of windows, this 1949-built ivy-covered home has obviously been remodeled and should not be torn down. However, the floral cloth covering on the ceiling of the laundry room is the one obvious flaw and probably should be stripped.

The Academy Award-winner paid $8.1 million in 2005 for the Cape Cod-style ranch that she bought from famed plastic surgeon Norman Leaf (and his wife Judith) who wrote True Tales of Plastic Surgery From Beverly Hills.
We don't know whether it was this Little Girl Who Lives Down the Lane star or the doctor who gave the home its facelift, but the Real Estalker reported that one of Your Mama's informants snitched that Foster was engaged in a remodel years ago.

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The brick-paved patio has an outdoor kitchen overlooking the pool, while the main kitchen is L-shaped. An open family room, or great room, with pitched ceiling has an intricately carved fireplace with built-in shelving, while the large living room has a stone fireplace. The library/media room, with wet bar, is wood-paneled from floor-to-ceiling in a very upscale, elegant fashion. There is a mirrored exercise room, a glass-enclosed shower in a marble-floored bath, and windows, windows, windows everywhere, including skylights. The home is listed by Hilton & Hyland.

At 5,484 square feet and the generous size of each room in the home, it's hard to believe that there are 7 bedrooms in this place, so presumably there is a 2-bedroom guest house somewhere on the 1-acre lot.

The 48-year-old Foster has owned this home ever since July 2005 when her youngest son was a preschooler and her oldest was a first-grader. The boys, Kit and Charles, are now ages 9 and 12, respectively, and their touch is seen on the blue and red drawer knobs of a built-in dresser in one of the bedrooms.

Although the Yale honors graduate never really knew her own dad, a wealthy real estate broker, because her parents divorced before she was born, her sons were being raised with two parents in the home until Foster split in 2008 from her 14-year relationship with Cydney Bernard, who was mostly a stay-at-home mom to the children Foster gave birth to.

"When I had my kids, I was burnt out on the film business again and wondering if this new identity as a parent was going to be fulfilling enough," she told Parade magazine in 2008. "I was forced to ask these really hard questions about myself: Is being a mother everything? Are you supposed to lose yourself in the process of being a mother? Now, of course, I am starting to see and understand how valuable it is for me to have an adult life apart from them."

Foster began acting at the age of three and one of her first gigs was as a diaper-clad toddler in a Coppertone commercial. Her breakout role was as a preteen prostitute in the 1976 film Taxi Driver opposite Robert DeNiro. In 1989 she won an Academy Award for Best Actress in her role as rape survivor in The Accused. In 1991, she starred in The Silence of the Lambs as FBI agent Clarice Starling, hunting for a serial killer played by Anthony Hopkins.

"I'm drawn to films about people who live these lonely, heroic journeys," she told Parade. She also stars in an directs the upcoming The Beaver, co-starring Mel Gibson about a man with a prescription hand-puppet.

Since it was widely reported at the time of her split from her long-time relationship that it was Foster who moved out and Bernard kept the house, it would seem that it is Bernard who has chosen to move on to a new abode now. The photos show that the house sits furniture-less.

Foster owns another five-bedroom Beverly Hills home above Sunset Strip that she purchased in 1995 from former model Cheryl Tiegs, reported the Real Estalker.

"People ask me if I missed anything by not having a normal childhood. The truth is, if I'd been an ambassador's daughter or grown up on a farm in Missouri, I wouldn't have had a normal childhood either. I had the only childhood I knew."


This living space of Jodie Foster's home shows it's not a teardown. See more photos.




Jodie Foster on Ellen.



You're watching Jodie Foster Stands Behind Mel Gibson. See the Web's top videos on AOL Video




Sheree R. Curry, who has owned three homes in which she has enjoyed many Jodie Foster films, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>beverly hills real estatecalifornia real estatecelebrity real estateJodie Fosterthe beaverSheree R. Curry2011-04-15T15:42:00 00:00Real Estate Agent Loses License for Not Presenting Offerhttp://realestate.aol.com/blog/2011/04/15/real-estate-agent-loses-license-for-not-presenting-offer/http://realestate.aol.com/blog/2011/04/15/real-estate-agent-loses-license-for-not-presenting-offer/http://realestate.aol.com/blog/2011/04/15/real-estate-agent-loses-license-for-not-presenting-offer/#commentsFiled under: ,

Ever wonder why if that property is such a great buy how come your real estate agent didn't just snatch it up? Well, sometimes agents do buy properties for various reasons, and they are looking for a deal just like everyone else. But when it comes to undercutting their own clients there can be repercussions. Just ask seller Carol Price of Denver and buyer Dominick Marchica (pictured) of Tampa Bay, Fla.

Price contracted with Realtor Mark Dyson to sell her dance clothing store before it went into foreclosure. Although there was at least one offer on the place for $268,000, Dyson never presented it to Price. Instead the place fell into foreclosure and Dyson purchased it himself on the auction block, and then flipped it for $265,000 to the man who had made the original offer.

"I should have presented the offer, that was my mistake," Dyson told 9Wants to Know, an NBC affiliate in Colorado.
When contacted by AOL Real Estate at his commercial real estate company CORE Holdings, Dyson said he did not want to comment. But on his website, he boasts that his firm is "well respected," that he "maintains the highest standards" and that "leasing strategies employed by Mark Dyson for commercial real estate have allowed clients to secure locations before competitors."

Still, he made a "mistake," and for that "mistake," Dyson, who claimed membership in the National Association of Realtors, is paying with his real estate license. Since Colorado law says a real estate agent representing a seller must present "all offers to and from the seller," the Colorado Division of Real Estate voted last week to revoke the Jefferson County agent's license. It also fined him $22,500.

"Justice was served," said Price. "I'm glad he got more than a slap on the wrist."

But down in Florida, things aren't too different. You would think someone might not want to
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screw over a man who sells guns for a living, but that's what Marchica feels a real estate agent did to him.

When Marchica put in a $52,000 offer on a foreclosed retail site around the corner from his home in Spring Hill, Fla., the listing agent for the bank, Cary Williams, told him the offer was too low.

"He was adamant that ... the bank would not come up short," Marchica told the Tampa Tribune. "We got a letter back ... it said the bank would not negotiate any further and they came back at a $62,000 offer."

Marchica, who was looking to expand his retail gun business from flea markets to a storefront, couldn't meet that counteroffer. But two months later the space sold for $40,000. But not to Marchica. It sold to the listing agent, Williams.

"What makes me annoyed is that this Realtor stone-walled me, refused to take my offer to the bank, played me, and then he bought it for himself."

But Williams told the paper it didn't play out that way. Instead, he said, "The bank turned down [Marchica's] offer in January. In March, things had changed, and they really needed to sell the property."

The Tribune reviewed the bank's counteroffer that was sent to Marchica. It contained a fax cover sheet with a note from Williams stating, "Please read over the changes the bank made and please call with any questions. This will be the only counter offer. Thanks."

Richard Adams, president of Heritage Bank, who held the mortgage note on the property, said he didn't authorize Williams to tell Marchica the bank wouldn't negotiate. "No bank wants to lose money on a foreclosed property," Adams said. "Especially not in this economy."

Although the bank took a $12,000 loss, it gets to write it off. For Marchica, he's still looking to buy a property. And according to the Tampa Bay Tribune, Williams says he's willing to sell it to him.

If you find yourself in a similar circumstance, there are some things you should consider.
Walt Molony, a spokesperson for the National Association of Realtors, says first figure out if you're dealing with a Realtor or any generic real estate agent or broker. Realtors are licensed members of the organization who "go above and beyond state licensing requirements by committing to a strict Code of Ethics." About 60 percent of all U.S. agents are Realtors.

"If there is an ethical issue regarding a Realtor member, consumers should first identify specific violations of the Realtor Code of Ethics and Standards of Practice," he says. You should then contact your local association of Realtors and tell them you would like to file a written complaint regarding a violation of the Code of Ethics.

You can also seek to file a complaint with a state-run board. The Colorado Division of Real Estate, a state-run commission, receives about 1,000 written complaints per year against brokers, salespersons, subdivision developers and appraisers, it says on its website. Approximately 15 percent of those result in some form of disciplinary action.


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Sheree R. Curry, who has owned three homes and has rejected agents she felt were a tad shady, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

More on AOL Real Estate:
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Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>buying a homedenver real estateflorida real estateforeclosuresreal estate agentReal estate agentstampa bay real estateSheree R. Curry2011-04-15T10:14:00 00:00Title Company Closes Doors in 47 Stateshttp://realestate.aol.com/blog/2011/04/14/title-company-closes-doors-in-47-states/http://realestate.aol.com/blog/2011/04/14/title-company-closes-doors-in-47-states/http://realestate.aol.com/blog/2011/04/14/title-company-closes-doors-in-47-states/#commentsFiled under:

What do you do when you're all set to close on a house and your selected title company goes belly up? That's what many homebuyers and real estate agents across the country are grappling with right now. Or at least there's a scramble to move their paperwork on to another company after one of the nation's largest title companies shuttered its doors on Friday.

"We are considered officially closed," said a woman answering the Titleserv National's main telephone line.

Based in Woodbury, NY, Titleserv operated across the country in 47 states as well as in select international markets, according to its website. Founded in 1986, it not only provided title insurance, but also appraisal and settlement services nationwide.

"Certainly this comes as a shock to the New York Title Insurance industry since TitleServ has long been a major force in the local and national title insurance business," Rafael Castellanos of Expert Title Insurance Agency told AOL Real Estate.
Expert Title, a medium-size independent New York-based title insurance agent, worked through the weekend to accommodate the Real Estate Bar of New York during this time of flux, he says.

Titleserv closed without explanation. A brief statement this week from president James Conway III
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confirmed the Friday closing, and simply read: "Titleserv and its professionals are working with Titleserv's lenders, title companies and creditors to provide for the flow of information in an effort to minimize disruption."

"One has to wonder the cause of such a large player shutting down," says Castellanos. "Was it the depressed real estate market and tremors of the second dip in real estate prices or perhaps the difficult competitive market among the national title providers? It does however appear to be a warning that real estate is not as strong as it was several years ago."

"Titleserv was founded on a fundamental premise -- to be the national provider of choice by offering the most reliable and comprehensive title, settlement and appraisal services in the residential and commercial marketplace," according to a statement on its website.

As large clients of Titleserv appear to be scrambling to find other providers who can fill the void which TitleServ has created, Castellanos thinks its a great opportunity for the smaller players to advocate for themselves. "Perhaps, lenders and other large clients should take historical note that small and medium sized title agents have an immense value of delivering personal one on one superior service that the large giants simply cannot fulfill.

But what's the impact on homebuyers and sellers? Expect delays, says Castellanos: "For folks who had a purchase application with TitleServ, the request for title insurance will have to be placed with another title company; thus resulting in a delay. If you are the seller of a property, the buyer places the request for title insurance thus you will be delayed as well. The end result will be like the domino effect."



Sheree R. Curry, who has owned three homes and once used Chicago Title, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.


More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>closing costsclosing on a homehomebuyerstitle companytitleservSheree R. Curry2011-04-14T11:20:00 00:00Ashlee Simpson and Pete Wentz Seek Split from Beverly Hills Homehttp://realestate.aol.com/blog/2011/04/14/ashlee-simpson-and-pete-wentz-seek-split-from-beverly-hills-home/http://realestate.aol.com/blog/2011/04/14/ashlee-simpson-and-pete-wentz-seek-split-from-beverly-hills-home/http://realestate.aol.com/blog/2011/04/14/ashlee-simpson-and-pete-wentz-seek-split-from-beverly-hills-home/#commentsPlatinum-selling pop artist Ashlee Simpson and husband Pete Wentz, a bassist for punk-pop band Fall Out Boy, are heading toward splitsville and did as many divorcing couples do: They put their home on the market - and, of course, immediately began hashing out details for custody of their son.

But since Simpson-Wentz, sister to Jessica Simpson, purchased the three-story Mediterranean in 2007 before the 26-year-old had reason to hyphenate her surname, there may be less of a battle over who gets the home sale proceeds. Their Beverly Hills mansion is listed for $3.695 million or it can be rented for $20,000 per month, according to the listing details.

Although this past co-star of 90210 and 7th Heaven married a short while after the purchase, she paid $4.5 million for the mansion, Shelterpop reported last year.
The walled and gated courtyard has a Zen vibe, complete with Buddha statues and a Buddha face mounted to the exterior wall. The living room has a cathedral-beamed ceiling, a fireplace, wide walnut wood planks floors and French doors that lead to the deck. (See photos in our gallery.)

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The upstairs master bedroom has dual baths and walk-in closets, a fireplace and private terrace. To boot, it's a distance away from the the other bedrooms, which are on the lower level. Not sure if that means their two-year-old son, Bronx, sleeps farther than a holler away, but the toddler does get his daddy time. Father and son were seen playing on a jungle gym and in a sandbox at nearby park. (Simpson, on the other hand, was seen playing with Wentz' perhaps former bff, Craig Owens.)

The home also has a media room, an art studio, a dance studio, a swimming pool, spa and a two-story guest house.

It is listed by Jory Burton of Sotheby's International, who had the listing the first time the home came on the market early in 2010 for $400,000. It was delisted by May.


See interior photos of the house that Ashlee Simpson and Pete Wentz are selling.







Sheree R. Curry, who has owned three homes and sold one after a divorce, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.


More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

 

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]]>Ashlee SimpsonBeverly Hills, Californiacelebrity break upscelebrity homescelebrity real estateCraig OwensFall Out BoyFrench DoorsJessica SimpsonPete WentzSheree R. Curry2011-04-14T10:45:00 00:00Foreclosure Foul-Up Wins Man a Free Homehttp://realestate.aol.com/blog/2011/04/14/foreclosure-foul-up-wins-man-a-free-home/http://realestate.aol.com/blog/2011/04/14/foreclosure-foul-up-wins-man-a-free-home/http://realestate.aol.com/blog/2011/04/14/foreclosure-foul-up-wins-man-a-free-home/#commentsAmid all the foreclosure horror stories, every now and then we hear about a good outcome, whether it's by winning a lawsuit through a homestead loophole, because the lender didn't properly serve the owners, or because it doesn't really own the mortgage. Or in the case of one underwater Florida homeowner once facing foreclosure, the bank is simply walking away. The house is his, free and clear.

That's what happened to Perry Laspina and an investment property he owns in Jacksonville, Fla. He was facing foreclosure after the 9.5 percent adjustable rate mortgage spiked, sending his payments from $605 to $1,058 on the $72,000 mortgage, reported the Florida Times-Union.

Despite Laspina receiving an extremely high mortgage rate for the time period, he told the paper, it didn't matter. "I figured I'm going to flip this house within six months, maybe three months," he said about his 2006 purchase during the height of the housing boom. After tearing up carpet, refinishing hardwood floors and painting walls, he hoped he'd fetch about $120,000 for the 1,120-square-foot home he purchased for $80,000.
Although the former used car dealer had made several payments on the home he purchased with $8,000 down, the $72,000 principal had only been paid down about $1,000 before he stopped
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making payments. The economy turned, housing prices slid, and he couldn't unload what he had hoped would be an easy flip.

The bubble burst. Laspina was unable to sell it or rent it out, reported the paper, so he chose to stop making payments on the 2-bedroom, 1-bath home, which last appraised for $46,000, according to the Duval County appraiser's office.

The mortgage was through EquiFirst, the nation's 12th-largest subprime lender at the time. In 2009 its corporate parent, Barclays plc, shut the doors of the Charlotte, NC-based mortgage origination business that operated in 47 states, reported the Charlotte Business Journal. America's Servicing Co., a subsidiary of Wells Fargo, was servicing the loan at the time of the default.

The attorney handling the foreclosure on behalf of the lender was foreclosure king David Stern, who went down with his law firm, as we previously reported in "Foreclosure King Falls from Grace." (Stern is in his own legal battle now, suing the lenders who once hired him, as we later reported.)

Through all the mess and the upside down mortgage, it seems Wells Fargo just wanted one less headache. A bank spokesperson apparently told the Florida Times-Union that the loan was written off and the house given to the owner "because of the significant decreased value of the property."




Sheree R. Curry, who has owned three homes and once had a Wells Fargo mortgage, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

For more on mortgages and related topics see these AOL Real Estate guides:

 

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]]>david sternflipping a houseflorida real estateforeclosure crisisforeclosure millshomestead loopholejacksonville real estateSheree R. Curry2011-04-14T10:12:00 00:00Tatum O'Neal Lists NY Condo for $1.5Mhttp://realestate.aol.com/blog/2011/04/13/tatum-oneal-lists-ny-condo-for-1-5m/http://realestate.aol.com/blog/2011/04/13/tatum-oneal-lists-ny-condo-for-1-5m/http://realestate.aol.com/blog/2011/04/13/tatum-oneal-lists-ny-condo-for-1-5m/#commentsFiled under:

Tatum O'NealA former child star, Tatum O'Neal of The Bad News Bears and daughter of Ryan O'Neal, has put her 2-bedroom, 2-bath New York condo on the market for $1.495 million. (See photos.)That's only about $69,000 more than what she paid for it in 2006, according to the Real Estalker.

The 47-year-old O'Neal, who was a young Best Supporting Actress Academy Award winner in 1974 for her role in Paper Moon opposite her daddy, was once arrested nearby her mezzanine level pad for allegedly purchasing crack cocaine. She pleaded guilty to disorderly conduct in connection with the arrest.
Her building, at 175 East Broadway, has a 24-hour doorman, a video intercom system and a rooftop terrace. Her living room has a built-in bookcase and an original plaster dome ceiling. The place has a view of Seward Park.

In 2007 she sold a two-story, 2,633-square-foot house on 5.3 acres to Parker Posey for $650,000. Located in Ghent, New York, that 1840-built home had two fireplaces and a pool.

A former Dancing with the Stars contestant, O'Neal will soon be starring in a reality show with her father on Oprah's OWN network. The father-daughter team had been estranged after her 2004 tell-all autobiography "Paper Life," but the two apparently reconnected after the death of her dad's long-time partner Farrah Fawcett, mother to her youngest half-brother Redmond. O'Neal has three children of her own from her marriage with tennis great John McEnroe.

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See more photos of Tatum O'Neal's condo. (Photo: Corcoran)



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]]>bad news bearscelebritycelebrity real estatetatum onealSheree R. Curry2011-04-13T11:30:00 00:00