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Brad Pitt, Angelina Jolie Want Easier Living in the Big Easy
Brad and Angelina are breaking up with their current French Quarter mansion, but that doesn’t mean their love affair with New Orleans is ending.
The paparazzi are never far from the mega-watt couple, and their prime location home on Governor Nicholls St. was even on the fan tour circuit. When it was Brad waving from the balcony, fans were ecstatic. But when the couple let Jonah Hill stay for a month, Hill says the fans were a bit much. “I’d get out of the car, and you could hear a collective audible sigh of annoyance when it wasn’t Brad Pitt,” Hill told Jon Stewart on The Daily Show.
It stands to reason the couple is looking for something a little more private in the area. The house is on the market for $6.5 million and Pitt and Jolie are still looking for their next abode nearby.
Five bedrooms and five bathrooms, a gourmet chef’s kitchen, full laundry room and a separate two-story guest house are some of the amenities. Standout features include the Old World charm of a spiral staircase, custom marble fireplaces and mantles, Venetian plastered walls and a gorgeous balcony.
Fully renovated by Pitt himself, the home is resplendent with modern conveniences, including an elevator.
Pitt’s former homes have also been updated by the actor, including a Malibu property that he sold to Ellen DeGeneres. That home is set back from the Pacific Coast Highway behind private gates and comes with access to a sandy beach cove.
By Laura Vecsey
The Anatomy of a Sale
Unfortunately for Patrick Dempsey, life’s changes mean he must part with the Frank Gehry-designed estate. The estate he bought six years ago is on the market for $14.5 million, while Dempsey has already moved to his new Venice Beach mini-compound.
The three-acre property in Malibu is the stuff made for Architectural Digest, which did indeed feature the corrugated metal home shaped as a rhomboid – a home and garden design Dempsey told the magazine he loved.
With ocean views and raised gardens, the 3-bedroom, 3.5-bath home features floors made of repurposed scaffolding, a concrete sink in the kitchen and a sculpture studio. There is a nice pool surrounded by recycled wood decking, a fire pit and pizza oven.
‘New Girl’ Lists Old Home
With a baby on the way and a new $4.6 million house in Manhattan beach with hubby Jacob Pechenik, actress Zooey Deschanel has listed her half-acre, country-style estate in the Hollywood Hills that she bought from actor Mark Ruffalo.
The list price is $2.195 million for the 2,957-square-foot ranch that contains 3 bedrooms, 3.5 baths and a large breakfast area that looks out over lush grounds and gardens.
Deschanel may have already found a buyer for the eclectic property. The home has a sale pending.
By Laura Vecsey
An Estate Worthy of ‘Zorro’ and a ‘Working Girl’ Hits the Market
A casualty of the split between Melanie Griffith and Antonio Banderas is their lovely Los Angeles-area home, which has been listed for sale for $16.1 million.
The former Hollywood power couple bought the house for $4.2 million in 1999 and the following year added an adjacent lot for $1.3 million, according to public records.
The centerpiece of the property is a 15,000-square-foot Italian revival home built by the same architect who designed the Hoover Dam: Gordon B. Kaufmann. The home has 13 bedrooms, 11 bathrooms and a two-story banquet hall, four fireplaces, a library and an elevator. The grounds are equally as sumptuous. The couple combined two lots to create an acre-and-a-half sanctuary complete with lawns, organic gardens and a pool.
Jersey Girl Gets a Deal
Queen Latifah’s first real estate trophy finally sold for $2.1 million. The 9.5-acre spread in Colts Neck was purchased by the New Jersey native in 2001 and it has fetched a little less than she paid. It may not matter too much to the Queen, who said she enjoyed years of friends and family fun in the home, which includes a nice backyard swimming pool.
The entertainer is still trying to sell a 2,026-square-foot bungalow in Los Angeles that hit the market last fall. The price for that little home is $1.799 million, down by $140,000 from its initial listing price.
By Laura Vecsey
Cruising For a Sale
Tom Cruise is on the move. The actor has listed his 2.75-acre villa in the Hollywood Hills for just under $13 million.
The main house has a very natural-style interior replete with wide-plank oak floors and Venetian plaster walls and a farm-style kitchen. There are three en-suite bedrooms. Meanwhile, a separate guest house has 4 bedrooms, 4 bathrooms and a kitchen. The hilltop property also sports a lagoon-style heated pool with waterfall and spa.
This is not the only property Cruise has tried to sell recently. Late last year Cruise listed his off-the-grid estate in Telluride that he designed. He decided to part ways with the $59 million cedar home since he was no longer using it.
Pretty Woman Lists Hawaiian Estate
Julia Roberts is saying “aloha” to her beachfront estate in Hanalei, HI. According to reports, the property features more than 200 feet of beachfront and is being shopped for $29.85 million.
Roberts purchased the property in 2011 for $13.4 million. The “The Faye Estate” spans 2 acres and is named for the sugar plantation manager who bought it in 1915. The 3,792-square-foot home was built in 1946 and has 7 bedrooms and 4 bathrooms.
J-Lo’s Exes Selling Million-Dollar Mansions
What else do Diddy and Marc Anthony have in common – besides Jennifer Lopez? The NYC-born hip-hop mogul and the Latin crooner are both still looking for buyers for their metro New York-area compounds.
Anthony, who was married to Jenny from the Block and is the father of her twins, has just cut the price on his Long Island compound by $2.5 million to its current price of $9.495 million.
The 10-bedroom, 8-bathroom estate is located in the rolling hills of Brookville on the north shore of Long Island, about 30 minutes from Manhattan. But don’t worry about how to keep yourself entertained in the spread. The property includes a library, recording studio and professional home theater and eight fireplaces.
Anthony remarried last year to Venezuelan model Shannon De Lima and appears even more eager to divest of his U.S. real estate. Anthony also listed his 6-bedroom home in Encino, CA for sale late last year for $2.75 million.
Meanwhile, another one of J-Lo’s ex’s is also getting antsy for a sale. Diddy – who has long professed that J-Lo was one of his greatest loves in life – has put his NJ estate back on the market for $8.5 million.
Sean “Diddy” Combs’ estate includes three acres, swimming pool with waterfalls and a tennis court and putting green. Inside, there’s a theater, an indoor racquetball court and a professionally-equipped gym.
Last summer the entrepreneur reportedly paid $39 million for a mansion in the Holmby Hills section of Los Angeles. He is also still trying to sell a NYC condo, listed for $7.5 million.
By Laura Vecsey
Carmelo Anthony Buys New Home
Everyone calls New York Knicks forward Carmelo Anthony “Melo.” So it’s little wonder that the NBA star was more than mellow about finding a permanent home in the Big Apple.
Four years after being traded to the Knicks, and after a brief flirtation about moving onto a new team, Anthony and his wife, La La Vasquez, have finally bought their own place.
The $11 million crib is a complete floor at 508 W. 24th Street in West Chelsea, one of the hottest neighborhoods in the city these days thanks to the popularity of the High Line park and all the galleries, restaurants and shops.
Melo’s double unit is in a 10-story boutique building and is modernly designed with oversized windows, walnut and Calacatta gold marble chef’s kitchen and wood-burning fireplaces. Building amenities include private storage, a bike room, a shared courtyard with a gas grill and a gym – the perfect place for the ailing Knicks’ star to rehab his knee.
No Blurred Lines on This L.A. House Sale
For a man with some big hits in the past year, singer-songwriter Robin Thicke has been down on his luck lately. He got publicly shamed and divorced from his longtime love, actress Paula Patton, then was ordered to pay $7.4 million in damages for ripping off Marvin Gaye’s hit song “Got To Give It Up.”
But, finally, something good is happening for the 38-year-old entertainer. According to the Los Angeles Times, Thicke collected $4.9 million for the sale of his Hollywood Hills house, which was about $2 million over the $2.985 million list price.
The 3,158-square-foot home with super-high ceilings and other architectural details was first bought by Thicke’s father, Alan, in 1990 for $910,000. Located in the Bird Streets area, the Spanish-tiled home is a 1965 classic.
Jonah Hill Jumping From Howard Street in NYC
Jonah Hill is trying harder this time to shed his Soho pad. The “Wolf of Wall Street” actor has listed his classic New York loft apartment for $3.5 million, down from the price Hill originally sought for the 2,000-square-foot unit in the summer of 2014.
The apartment is currently configured as a huge one bedroom. It’s so big, in fact, that Hill has a piano located across from the king-size bed. The apartment has its original, century-old hardwood floors, plus exposed brick walls and marble bathrooms. It’s been renovated with a gourmet kitchen, central air conditioning and a washer-dryer.
By Laura Vecsey
Hawaiian Estate’s Rumored Purchase by the Obamas, Bristol Palin Selling in Alaska
Interesting news out of the 50th state of the union is sure to make some presidential waves -- if it turns out that speculation about ties to Barack Obama are true.
Television news station KOHN in Oahu reports that 3-acre oceanfront estate on Waimanaolo Beach made famous by the hit show “Magnum P.I.” has been purchased by an LLC whose mailing address is that of Obama fundraiser and Chicago lawyer Seth Madorsky. The property was sold on March 16 in a bit of mystery, but digging around has created a paper trail to Obama connections.
The Hawaiian home sold for $8.7 million which was above the asking price, but the mortgage note is about 1 million dollars more, which means the transaction could include cash for renovation to the historic property. The 1933 estate at 41-505 Kalanianaole Highway is called “Pahonu” and has belonged to a former local politician named Eve Glover Anderson for decades. It was the setting for Robin’s Nest, the oceanfront Hawaiian paradise featured in “Magnum P.I.”
According to KOHN, the deed and the mortgage are signed by Judy Grimanis, an executive assistant at a Chicago-based private capital firm run by Obama’s longtime friend and frequent Hawaii golf and travel partner Marty Nesbitt.
With only two years left in the White House, the Obama’s will need a place to land once his second term ends in January 2017. Whether it’s back on the island where Obama went to high school and lived with his maternal grandparents … the real estate gossip mill is churning. At least the President will be closer to his beloved shaved ice, should this deal be for real.
… Meanwhile, in the 49th state, the daughter of former vice presidential candidate Sarah Palin is engaged to be married and may be skipping out of Wasilla. Bristol Palin has listed her $549,000 lakefront home for sale.
Palin bought the half-acre property in 2011 and completely renovated the 3-bedroom, 3.5-bathroom home that features views of Lake Lucille and, true to Alaska outdoor form, fly-in access for seaplanes. Palin is engaged to a Medal of Honor recipient Dakota Meyer, a Kentucky native.
By Laura Vecsey
Keeping Up With All the Kardashian/Jenner Moves
The Kardashian Klan nest is getting emptier and emptier. Not only has Bruce Jenner moved out and onto a new chapter in life, daughter Kylie Jenner is showing it’s her turn, too.
So what if she’s only 17?
The little sister of Khloe, Kim, Kourtney and Kendall is under contract to buy a $2.7 million home in Calabasas, CA. Unlike Kendall, who moved into her own $1.4 million condo in Westwood, Kylie will be just a stone’s throw away from Kourtney and Khloe. Meanwhile, mom Kris Jenner and sister Kim live in nearby Hidden Hills.
Kylie’s new 5-bedroom, 6-bathroom digs are in The Oaks development and the house is a spectacular 4,800 square feet, not including a 3-car garage.
Getting By With a Little Drop in the List Price
British blues crooner Joe Cocker lost his battle to cancer in December, several months after he listed his beloved Colorado ranch for $7.85 million. The 243-acre spread called Mad Dog Ranch is in the tiny town of Crawford and sports a very comfortable 7-bedroom home that Cocker had adorned with the work of local craftsman. Word is now that the price has been lowered to $7 million, and that includes the home’s greenhouse and gardens where Cocker grew his own veggies and tomatoes.
‘Mom’ Selling Her ‘West Wing’
Allison Janney has listed her 1,925-square-foot house in Studio City for sale for $1.495 million. The sweet 3-bedroom, 3-bathroom ranch sits on a half-acre lot with plenty of trees, decks and patio space to take full advantage of the solar-heated pool, mountain views and surrounding scenery. The interior is updated with a chef’s kitchen and a master suite with a vaulted wood-beam ceiling. Records show Janney bought the place for $799,000 in 2001.
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.62 percent, up 6 basis points from this time last week.
The 30-year fixed mortgage rate rose early in the week, then hovered around 3.65 percent before returning to the current rate on Tuesday.
“Rates increased last week on strong economic data from both the U.S. and Europe,” said Erin Lantz, vice president of mortgages at Zillow. “This week we expect some volatility as markets hold their breath for Friday’s monthly jobs report.”
Additionally, the 15-year fixed mortgage rate this morning was 2.87 percent, and for 5/1 ARMs, the rate was 2.75 percent.
By Laura Vecsey
L.A.’s Most Expensive Teardown?
Rap mogul Dr. Dre turned some heads when he snatched up the $40 million Brentwood mega mansion built by Super Bowl MVP Tom Brady and his model wife Gisele Bundchen. But the story of Dre’s move just got more bouncy than a '64 Lincoln on amped-up hydraulic lifts.
Turns out that Dre has now sold his digs to Skyview Capital private equity firm founder Alex Soltani for $32 million, just so Soltani can raze the 10,000-square-foot house and rebuild on the site. The Los Angeles Times reports that Soltani aims to erect a $100 million “trophy home” on the lot that has views of the Sunset Strip and Los Angeles.
Rosie Sticking Close to Home
With news of her separation from wife Michelle Rounds, plus her decision to leave “The View,’’ Rosie O’Donnell is working hard to simplify her life. The comedian/actor/activist/talk-show host has listed the Florida getaway she bought in 2013 in Casey Key near Sarasota.
O’Donnell is asking $5.75 million for the Gulf-front home, which has 4 bedrooms, 5.5 baths and 100 feet of beachfront with a private dock and a nice outdoor pool. It’s situated on 0.78 acres of an 8-mile-long barrier island called Casey Key, south of Sarasota.
A heart attack survivor, O’Donnell said that she has made a decision to dial back the stress in her life. She has five kids, including four teenagers, and felt that working on “The View” was not good for her family or health. That means more time at her New Jersey home, where her kids attend school.
Orlando Bloom Shaking It Off
Less than six months after buying a loft in Tribeca’s old Sugarloaf Warehouse where Taylor Swift bought a $19 million penthouse, Orlando Bloom has decided he’s seen enough. Bloom has listed his 3-bedroom, 2.5-bath loft for $5.495 million. While it’s just speculation, could the reason he’s leaving behind this light-filled loft be the constant gaggle of Swift-seeking Paparazzi gathered near the entry?
By Sally Deneen
Getting ready to sell your home? Be certain to play up in your listing that it's a "beautiful" home with "granite" counters and "stainless" steel appliances. Using such words in your description could boost the sales price by thousands of dollars, research suggests.
Conversely, using other words such as "nice" could cost you money, according to an analysis of U.S. home sales found in the book, "Zillow Talk: The New Rules of Real Estate."
For example, the listing for one Pittsburgh Victorian house listed this month played up its "modern upgrades," from the matching decorative custom plaster ceilings to "the granite and stainless beautiful kitchen." Good thinking, Zillow's research suggests.
Noting that a home is "upgraded" or "updated" can boost a home's final sales price, according to Zillow's analysis, so how you write a home description is important. The word "granite" alone boosted the sales prices of homes by as much as 4 percent more than expected, Zillow's research found.
The word "stainless" also upped sales prices, especially among lower-cost homes – which sold for 5 percent more on average than expected. The term "remodel" increased sales prices by 1.7 to 2.9 percent more than expected. Small wonder that many local listings use such terms.
Zillow analyzed 24,000 homes sales to determine 15 helpful terms to include in a listing. The real estate marketplace found that listings for lower-priced U.S. homes sold at prices 2.3 percent higher than expected when they used the word "beautiful."
Don't use certain words such as "nice," advises Zillow, which also found nine words that could cost you money. It's ambiguous.
"The buyer is left to interpret what 'nice' means," Zillow states, which may explain why low- and mid-priced home listings with the word “nice” sold for about 1 percent less than expected.
By Laura Vecsey
Score Another One for Matthew Perry
Former Friends star-turned-real-estate-flipper Matthew Perry has done it again, but at a discount. Perry recently sold his beach house for $10.65 million – a little off the original list price of $13.5 million. Perry bought the 4-bedroom. 6-bathroom, modern wonder known as “Pier House” in 2005 for $6.55 million. With views of the Malibu pier and an open concept that sees the kitchen and living area open onto an ocean-view deck and lap pool, the 5,500-square-foot California beauty is a pretty sweet way to take in the Malibu scene. Perry has bought and sold his share of cool L.A. homes, from the Sunset Strip to the Hollywood Hills.
Hollywood 90210 Star Lists in Another ZIP Code
Shannen Doherty maybe have gone “Off the Map” in her new Great American Country network show, but back in California she’s listed her Malibu home for $2.495 million. With ocean views and a lagoon-style swimming pool, the low-key rambler contains 4 bedrooms, 3 bathrooms and a chillaxing kitchen-living room set up that maximizes a fireplace and views of the Pacific Ocean.
Can Tobey Scale a Sale?
Tobey Maguire is looking to cast off his lovely plantation-style home in Brentwood for $10.25 million – about $2 million more than he paid talk show host Ricki Lake for the 6-bedroom, 5-bath spread. Designed by California architect John Byers in the 1940s, the 6,320-square-foot home includes an upstairs guest suite that overlooks the nearly one-acre property and has a private entrance.
By Laura Vecsey
Jennifer Lopez Selling California Home
Just days after appearing on the cover of “People” magazine with her 6-year-old twins in a story that showed off her sprawling Los Angeles area home, the ubiquitous pop icon J-Lo has announced she’s changing locations -- by about 2,500 miles.
The singer, dancer and actress has listed her 17,129-square-foot estate in the exclusive Hidden Hills neighborhood for $17 million.
Lopez bought the 9-bedroom, 12-bathroom home in 2010 when she was married to Latin crooner Marc Anthony. But since her divorce from Anthony, and a busted relationship with her backup dancer Casper Smart, J-Lo told “People” she had taken some time to overcome her fear of being alone.
Now it looks like in addition to those internal changes, the New York native is trading L.A. for her hometown. She bought a beautiful $22.5 million penthouse apartment in Manhattan last year and already owns a mansion in the Hamptons.
The newly-listed property in L.A. is set on 3 acres and includes a main house with 8 bedrooms as well as a second home that is strictly for entertaining: bar and lounge, 20-seat theater, recording studio, gym/dance studio and a bedroom suite complete with kitchen.
Dying Hard For the Upper West Side
Bruce Willis’ love for Central Park West knows no bounds. After just selling a $13 million apartment in the El Dorado, the “Die Hard” star and father of five has gone onto bigger and better things: A $16.9 million duplex just doors from the Museum of Natural History and Central Park.
Willis and his wife, Emma Heming, needed more space after the birth of their second child. The new digs deliver: 6,000 square feet, 6 bedrooms and 4.5 bathrooms over two sumptuous floors with window views of the park.
And, if things get a little too tight in their Manhattan condo, Willis & family can head north to Westchester County where they have also bought a sprawling estate with a sumptuous pool on 23 acres overlooking the Croton Reservoir.
Steve Martin Wants To Get Small
It’s set in concrete now: Comedian and writer and banjo player Steve Martin wants to discard his Santa Barbara modern – for a cool $11 million.
After 20 years of living on the almost 6-acre compound, the art aficionado has listed for sale the all-concrete gem that is as much sculptural as it is a house. The 7,377-square-foot home was designed by Roland E. Coate, Jr. to maximize views of the Pacific Ocean and the hills near Montecito. The main house has 4 bedrooms, 5.5 baths, plus a detached 2-bedroom, 1-bath guest house and a 3-car garage.
The maverick Martin started off doing stand up and making a big splash on “Saturday Night Live” had moved onto other creatively successful ventures beyond movies and TV. He’s written books and pieces for The New Yorker as well as “The Underpants,” a play. He recently recorded a CD with Edie Brickell called “Love Has Come for You.”
By Laura Vecsey
Channing Tatum’s Oscar-Worthy Move
Jumping streets: That’s literally what Channing Tatum and Jenna Dewan Tatum are doing as they neighborhood hop from Laurel Canyon, where they still own a 1920s abode, to a brand new, family-friendly home in Beverly Hills.
The “Foxcatcher” actor and star of “21 Jump Street” and his lovely wife paid $6 million for a spot in L.A.’s 90210 ZIP code. The 4,853-square-foot Cape Cod has 6 bedrooms, 6 baths and sits on behind gates on a tree-lined acre and has a beautiful pool, spa and outdoor fireplace. Sure looks like a lovely place to raise their daughter, Everly.
Marc Anthony Goes Coast-to-Coast
With his recent marriage to Venezuelan model Shannon De Lima, singer and Puerto Rican native Marc Anthony is looking to divest himself of mansions on both coast of the United States. Anthony has just listed a 6-bedroom, 9-bathroom Spanish-style mansion in Encino, CA for $2.75 million.
Meanwhile, back in New York, Anthony is seeking $12 million for his Long Island compound in the exclusive Brookville area of the North Shore. The estate includes a main house with 10 bedrooms, 8 bathrooms, 8 fireplaces and a mahogany-paneled library. He bought the place in 2000 and shared it with his ex, Jennifer Lopez.
Lt. Dan Giving Final Salute to Calabasas
Gary Sinise has listed his mansion in Calabasas, Calif., for $3.895 million. The 4-bedroom, 5-bath home features walnut floors, an outdoor living room with fireplace and a pool, waterfall and koi pond. Sinise has moved on to a new home – he paid $5.25 million last April for a 9,400-square-foot villa on 28 acres, according to Variety.
The “Forrest Gump” and “CSI: NY” actor is working on new projects, including the non-profit Operation International Children that he has co-founded with “Unbroken” author Laura Hillenbrand.
Rumor Has It …
Married life is prompting “Gossip Girl” star Leighton Meester to cast off the last vestiges of her bachelorette days. She has listed her 2,800-square-foot home on Ventura Blvd. in Los Angeles.
Meester is asking $2.35 million for the 4-bedroom, 4.5-bathroom ranch-style home which she has owned since 2011. A year ago, she wed actor Adam Brody.
By Laura Vecsey
Dearly Departed Queen of Snark’s Palace Back on NYC Market
Joan Rivers’ opulent penthouse off Fifth Avenue in the Upper East Side of Manhattan is back on the market, five months after the comedian unexpectedly died at age 81. The new list price is $28 million, down from the $29.5 million Rivers sought for the 5,100-square-foot triplex in 2012. Rivers had originally listed the grand residence for $25 million back in 2009, when she considered a full-time move to Los Angeles to live near her daughter Melissa and her grandson -- a scenario that failed to materialize despite some pretty hilarious hijinks that the mother-daughter duo chronicled on their reality TV show, Joan & Melissa. The apartment is unique, in part for its grand scale (23-foot ceilings, magnificent ballroom, music room and separate guest quarters) and for the Marie Antoinette decor that’s straight out of Versailles.
Start Spreading the News
Frank Sinatra’s former home finally has a buyer after lots of time on the Manhattan real estate market and a $2.7 million price drop. The last list price was just a hair under $5M for the “glittering grotto in the sky.” The 3,200-square-foot penthouse is in The Edgewater, a white-glove building overlooking the East River in Lenox Hill. It was here that the Chairman of the Board partied with the likes of Mia Farrow, President Kennedy and Sammy Davis, Jr. back in the day.
Kobe Shoots Down List Price
Turns out that Kobe Bryant’s injured rotator cuff isn’t the only thing that has taken a recent cut. The Lakers’ star has also slashed the price of his Newport Coast home in Los Angeles to $6.995 million, down more than $1.5 million from the original list price back in August 2013.
Bryant had surgery on his shoulder on January 28, which will put him out of action for 9 months. That gives Bryant time to try and hustle along the sale of the 8,471-square-foot Mediterranean mansion he and his wife, Vanessa, bought back in 1997 for $1.7 million, then had remodeled to include an 850-square-foot gym, hair salon and an in-home theater with its own lobby and wet bar. The yard features an extra-deep, custom-built pool and spa, fire pit and outdoor kitchen in a yard with ocean and city views.
By Paul Tooher
Homeowners in Pittsburgh thinking about putting their property up for sale might want to think twice. Renting out their existing home might be more profitable both in the short term and in the long run.
That’s the conclusion of a new study conducted by Zillow, which looked at the impact the great recession has had on the housing market.
According to Zillow, there are three reasons why becoming a landlord rather than selling a property may make sense today.
The first is that despite the sharp recovery in housing prices recently, many homeowners still find themselves “underwater” – when the value of their home is less than their existing mortgage.
But while housing prices have slowly climbed, demand for rental properties has soared in recent years. Over the past five years, the share of prime working-age adults (25-54) who rent their home has risen rapidly from a two-decade low of 28 percent in 2005 to 36 percent in 2013.
Among young adults age 25 to 35, only about one-third rented in 1980 compared with about half in 2013. And many analysts say millennials are increasingly likely to defer buying a home in favor of renting.
Home values are expected to continue rising in the future, making it likely that the property you own today will be more valuable in the future.
Pittsburgh home values have gone up 16.8 percent over the past year and Zillow predicts they will rise 3.9 percent within the next year. Zillow also states that 11.2 percent of Pittsburgh homeowners are underwater on their mortgage.
According to Zillow’s calculations, a homeowner who elects to rent rather than sell their property can expect to make a monthly profit of $110. And the news gets even better over time.
Rising real estate prices will add another $983 in monthly profit, meaning the net monthly profit from both rent and equity will total $1,093 a month.
Homeowners in San Jose, Calif., who defer selling their homes in favor of become a landlord are likely to see the largest long-term payoff, where rental income when combined with rising equity accounts for a monthly profit of $8,927.
Other communities with the biggest long-term payoffs include San Francisco, Los Angeles, San Diego, Riverside, Calif., New York City, Boston, Seattle, Sacramento, Calif., and Honolulu.
By Paul Tooher
Romance may not be the first thing that comes to mind when thinking about the Steel City.
But, according to a new report by Zillow, Pittsburgh is one of the 10 best cities in the nation to find love.
To create its ranking, Zillow looked at cities with populations greater than 250,000. It then looked at which cities had the highest percentage of singles, as well as which had the greatest percentage of singles who moved into town during the past year.
Zillow also looked at the median disposable income among single residents (median income minus median rent) and the number of restaurants, movie theaters and other date venues per capita.
Based on those criteria, Pittsburgh ranks sixth, with 67 percent of the population single. The number of single adults grew by 7.6 percent over the past year.
Zillow found that singles have an annual disposable income of $16,159 while the city boasts 30 date spots per 10,000 residents.
One factor attracting singles to the Steel City may be its relatively low rents. According to Zillow, the median rent price in Pittsburgh is $1,100 as of the end of January.
Zillow rated Washington, D.C., as the best city in America to find love, followed by Atlanta, Boston, St. Louis and Denver.
After Pittsburgh, Minneapolis, Nashville, St. Louis and Raleigh rounded out the top 10.
Of course, old married couples can find love in Pittsburgh, too. According to Sperling’s Best Places, Pittsburgh has the second-lowest percentage of divorced and separated boomer adults among the nation’s 50 largest cities.
The Steel City also ranks first in floral sales and second in candy sales among Sperling’s top cities for boomer romance.
And online retailer Amazon ranks Pittsburgh among the top 20 romantic cities in the nation, based on the sale of romance novels, music and romantic comedies.
By Laura Vecsey
Miley Cyrus’ Childhood Home Hits Market
The childhood home of the girl formerly known as Hannah Montana has hit the Toluca Lake real estate market in Los Angeles for $5.995 million.
Miley Cyrus spent her teen years with her parents, including “Achy Breaky Heart” papa Billy Ray, in the 8,700-square-foot mansion that features kicky amenities like with skateboard ramps, a theater room, an alcove for displaying guitars and outdoor entertainment areas with fireplaces. The Tuscan-style home has 6 bedrooms and 7 bathrooms all tucked behind a gate and tree-lined drive.
While Miley and her own millions moved into her own place when she was 18, Billy Ray and Tish Cyrus followed suit and moved out, too.
Olivia Wilde, Jason Sudeikis Selling Home
Olivia Wilde and former “Saturday Night Live” star Jason Sudeikis were loving life in their fabulous New York City condo until … it got too small for the expanded family. With their son Otis just turning 8 months old, the couple has already moved onto a bigger abode, prompting them to place their Meatpacking District apartment up for sale for $3.995 million. They paid $3.225 million for the 2-bedroom, 2.5-bathroom, 1,670-square-foot unit in 2012.
Bob Hope Estate Back on Market
Also in Toluca Lake, Bob Hope’s massive estate has returned to the market. This time, the 5-acre spread is listed for $24.99 million, down from the original list price of $27.5 million. Bob Hope and his wife Dolores lived and entertained in this home for decades. The property is walled and gated with a main residence that sprawls 15,000 square feet. There’s also a 2-bedroom guest house, staff quarters and offices. The grounds are equally impressive, including a beautiful pool and golfing greens.
Bruno Mars Finds New Home
Bruno Mars’ new hit single “Uptown Funk” shows off the Hawaii native’s James Brown-like chops, but apparently, the younger, newer version of “The Hardest Working Man in Show Business” has had time to do something else besides sing, dance and entertain: House shopping.
According to Variety, Mars is the new owner of a $6.5-million gated estate in Studio City, Calif. Taye Digs and Ididna Menzel recently let go of their family home in that area. Mars' new spread is much larger than the home Mars continues to own in star-studded Laurel Canyon.
By Laura Vecsey
Lena Moving On Up
Lena Dunham is getting what she wants, and not just being the voice of her generation, or a voice of a generation. This time, the writer and producer of the series “Girls” and author of a new book “Not That Kind of Girl” has gotten a very big girl apartment in Brooklyn Heights.
The new condo cost a cool $4.89 million and sprawls 3,200 square feet, including 4 bedrooms, 3.5 bathrooms. The luxury brownstone building comes with indoor parking and a roof deck to take in some pretty alternative views of Brooklyn.
Dunham’s new digs aren’t far from her old one-bedroom abode that she bought in 2012 for $500,000.
Banking On It
Tyra Banks is aiming for a new look. The supermodel and host/producer of “America’s Next Top Model” has listed her Manhattan apartment for $3.795 million. The Soho abode sits in a 1924 Beaux Arts building and has 2 bedrooms, 2.5 baths and measures just a hair over 2,000 square feet. Banks paid $2.1 million for the apartment in 2005.
Rumsfeld Is Out
Former Secretary of Defense Donald Rumsfeld is packing up his Federal-style home in Washington, D.C. Rumsfeld and his wife got $3.9 million for the 7-bedroom, 6.5-bathroom home, which was only about $550,000 more than they paid back in 2001, when Rumsfeld was brought into the Cabinet by former President George W. Bush. The Rumsfelds reportedly split their time between New Mexico and the Eastern Shore of Maryland.
Fogarty Testing L.A. Housing Market
Creedence Clearwater Revival rocker John Fogerty is looking to sell a rental home he’s long owned in Beverly Crest. The 1,920-square-foot rancher is on the market for $1.549 million. Fogerty paid $1.385 million for the house in 2008, and in recent years has listed it for rent at $5,900 a month and up.
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.58 percent, up from 3.57 percent at this same time last week.
The 30-year fixed mortgage rate hovered around 3.63 percent, falling to 3.46 percent on Thursday before returning to the current rate.
“Despite substantial volatility, rates remained essentially flat last week, holding near 20-month lows,” said Erin Lantz, vice president of mortgages at Zillow. “With minimal incoming data this holiday-shortened week, we expect little rate movement as the markets look to the President’s State of the Union address and the European Central Bank’s Thursday policy meeting.”
Additionally, the 15-year fixed mortgage rate this morning was 2.92 percent, and for 5/1 ARMs, the rate was 2.83 percent.
By Laura Vecsey
Country Stars Relist Tennessee Estate
Faith Hill and Tim McGraw have sold a portion of their mammoth 753-acre estate outside Nashville, leaving them with 623 acres on two separate parcels. The entire property had been listed for $20 million, but the slightly smaller estate — which includes a renovated log home that dates back to 1800 and an Antebellum-style home built in 1856 — will now be re-listed for $18.5 million.
'Horrible Bosses 2' Actor Sells Home
Jason Bateman has found a buyer for his Beverly Glen home, which had been listed for $2.25 million. According to sources, the 3-bedroom mid-century home fetched slightly more for the “Arrested Development” star, who bought the home with his wife, Amanda Anka, in 2002 for $885,000.
'Keeping Up with the Kardashians' Star Buys Flipper Home
Scott Disick, AKA Mr. Kourtney Kardashian even though the couple is not married, has bought his own Beverly Hills, 90210 pad. The father of three plans to flip the $3.699 million property, which spans 4,095 square feet and features a saltwater pool in the yard.
By Laura Vecsey
Surprise! Ellen Lists More L.A. Real Estate
She’s at it again! Ellen DeGeneres has listed a pair of high-rise condos in Los Angeles for $15.99 million. The talk show queen bought them a year ago, soon after selling the famous Brody House for $55 million.
Now it looks like the condos are just another stop along DeGeneres’ home buying and selling swath through Tinseltown.
The condos occupy an entire floor of a Westwood condo building. The smaller unit ($7.495 million) is 3,813 square feet with 2 bedrooms and 3 bathrooms. The larger condo ($8.495 million) has 4,158 square feet including 2 bedrooms and 3 bathrooms.
Jay Z & Bey Outbid in L.A.
Who can outdo music’s super couple?
That would be a Swedish billionaire who plunked down $70 million in cash for the sizzling modern mansion that so enticed the pair.
Beyoncé and Jay Z were not the winners in the bidding war for a 22,300-square-foot Beverly Hills mansion. The pair was bested Markus “Notch” Persson, a co-founder of a company that developed the sandbox gaming franchise “Minecraft,” which he sold to Microsoft for $2.5 billion.
Persson’s new 8-bedroom, 15-bathroom home overlooks Malibu and downtown Los Angeles in the ultra high-end Trousdale Estates neighborhood. The home has an automated 54-foot curved glass door in the living room that opens onto an infinity pool with iPad-controlled fountains. And, that’s just a start of the list of amenities, which includes $5,600 Toto Neorest toilets in every bathroom.
Kompund for Kimye?
Despite rumors that Kanye West is so sick of the Kardashian Klan that he’s begging Kim to move to New York or Paris, the couple continues to expand their footprint in Hidden Hills, CA.
According to a report, Kim and Kanye will move into their $20 million Bel Air area home, where they have just purchased an additional adjacent lot for $2.925 million. There’s a modest ranch house on the 1.49-acre lot now, but it would appear that the extra land would provide more buffer for the paparazzi-hounded family. All together, the two properties will give Kimye about 4.5 acres for their L.A. estate.
Dennis Miller’s Home For Sale Is No House of Cards
Dennis Miller and his wife, Carolyn Espley-Miller, have listed their whitewashed California beach home for $22.5 million.
The 6,063-square-foot home sits on a half acre along Padaro Lane in Santa Barbara County and contains 5 bedrooms, 5.5 bathrooms and 63 feet of beachfront.
By Laura Vecsey
Venice Beachy Cool Pad for Patrick Dempsey
“Grey’s Anatomy” star and sometimes race-car driver Patrick Dempsey plunked down $1.925 million for a mid-century modern “micro-compound” in Venice Beach, CA. The 1952 home measures 2,288 square feet over three stories, complete with 3 bedrooms and 3 baths. The exterior is made up of industrial materials, including large expanses of glass, polycarbonate and corrugated-metal panels. Dempsey has a thing for interesting architecture: He also owns a $7-million Frank Gehry spread in Malibu.
De Niro Signs On For Generous Real Estate Gift
Native New Yorker Robert De Niro has paid $2.85 million for a penthouse loft in the West Village for his daughter, Drena De Niro. The 2-bedroom, 2.5-bath penthouse features high-beamed ceilings, hardwood and slate floors and panoramic views of the city and the Hudson River. It’s the same neighborhood De Niro used to call home, before he went uptown and bought $20.9 million triplex near Central Park.
Nick Nolte Sells, Somewhat
The “48 Hrs.” and “Gracepoint” star collected $3.9 million for a two-acre spread he finally sold after a year on the market. It appears that a 4-bedroom and a 2-bedroom guest house exchanged hands while Nolte is keeping the remaining 3 acres and 3 guest homes. The original list price for the entire spread was $8.25 million.
By Laura Vecsey
Bruce & Rosie Snag Buyers in NYC
First, Rosie O’Donnell scored a $9 million sale on her 3,200-square-foot Greenwich Village apartment. Then it was Bruce Willis’ turn to gobble up a contract on his $12.995 million apartment on the Upper West Side.
All in all, a good December for two of NYC’s more colorful (former) residents.
Both O’Donnell and Willis had owned their respective apartments for about two years, but, for different reasons, decided to part ways with their city abodes, both of which had undergone renovations by their celebrity owners.
O’Donnell bought her pad in 2012 for $8 million after returning from Chicago, where her daytime talk show failed. However, after another big family move to New Jersey to access a school for her son Blake, Rosie decided to set up house in NYC and in Nyack, where she owned a compound of homes.
Willis, meanwhile, bought the 3-bedroom, 3.5-bathroom unit in the El Dorado on the Upper West Side from U2 bassist Adam Clayton in 2013 for $8.9 million. But after a massive remodel, Willis and his wife, Emma Heming, found the apartment too small, so they listed and found a buyer within a week.
No word yet on where Willis will look for another NYC apartment. He and Heming have a 23-acre estate in Bedford, N.Y., about an hour north of Manhattan.
Rent Andy Garcia’s Own ‘Little Havana’ In Key Biscayne
Normalized relations by the United States with Cuba announced this week by President Barack Obama will bring an end to the Cold War-era hostilities between the two countries. For Cuban native Andy Garcia, who fled the island as a child after Fidel Castro took over, Miami has long been his second home.
Now the low-key actor who played Vincent Corleone in “The Godfather Part III” is renting out a 9,084-square-foot estate in Key Biscayne, Fla. The 4-bedroom. 5.5-bathroom property is described as having the “charming and delightful aura of a vintage Cuban estate.” There’s also a pool, dock and a master suite with a lagoon view.
Moby Scales Down in L.A.
Moby has pumped out all kinds of sample-infused electronic music over the years, but he does have other passions, including animal rights activism and … real estate. Now the descendant of Herman Melville has made another housing switch, trading a sprawling 3.31-acre Hollywood Hills compound with a castle known as the Wolf’s Lair for a smaller Tudor nearby.
According to reports, Moby sold the famous 1927-era Lair this fall for $12.4 million — possibly to graffiti artist Banksy. Moby paid almost $4 million for the property in 2010, and then spent about $2 million renovating it.
He’s now ensconced in a more modest $2.9 million home that has 4 bedrooms, 6 bathrooms and opens onto some pretty nice outdoor space, including a pool with a wraparound deck.
Earlier this year, Moby reportedly sold a Manhattan apartment for just over $2 million. In 2012, he was reported to have sold a New York penthouse for almost $6 million. He has also owned a pretty interesting modern home in the upstate New York town of Carmel.
Remodeled "Ozzie and Harriet" Home Sold
The famous “Ozzie and Harriet” home recently sold for over its asking price, this time without many of the details so prominently displayed on television for years. The final price was $5.25 million.
The iconic home for more than a decade of America’s first television family was remodeled extensively for the modern household and listed for $4.995 million. The house has also shown up on “Entourage,” serving as Ari Gold’s home.
Ozzie’s wood-paneled pub still had his precious toy train and previous owners claimed it liked to run on its own. Adding to the rumor that the house was haunted, previous owners have also stated the drawer next to the sink mysteriously opened in the middle of the night, presumably for Ozzie’s midnight bowl of ice cream.
By Laura Vecsey
Ringo Starr Lists in Colorado
Fresh off selling their English estate in Surrey, Ringo Starr and his wife, Barbara Bach, are looking to scale back their U.S. real estate holdings as well by listing their Colorado ranch north of Aspen.
The 15.8-acre estate located on the banks of the Roaring Fork River is listed for $3.85 million. Nicknamed the “Shoot N’ Star Ranch,” Ringo and Barbara have owned the 3-bedroom, 3-bathroom house since 1991.
According to The Sunday Times, Starr and Bach plan to divide their time between London and Los Angeles. They reportedly own a flat off King’s Road in London, and a Beverly Hills home near Jennifer Aniston’s former house.
They Have Let It Go
Idina Menzel and estranged husband Taye Diggs have sold their Studio City home for $2.555 million. The Hollywood couple called it quits on the 10-year marriage last winter amidst the heady success of the animated movie “Frozen,” in which Menzel sings the lead part that sparked endless sing-alongs in living rooms of little girls across the country.
The 6-bedroom, 5-bathroom home sprawls 5,000 square feet and had been listed for $2.995 million.
Rooney's Former Home For Sale
One of the last homes where legendary actor Mickey Rooney lived before he passed away at age 93 is back on the market for $2.495 million following a massive remodel.
The 3,200-square-foot home in Westlake Village just north of Malibu sold in April 2013 for just over $1 million, but since then, the 1976-era home has seen almost every square inch upgraded, including a state-of-the-art kitchen. The only telltale sign that Rooney lived there: A commemorative plaque and fountain on the property.
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.77 percent, down from 3.82 percent at this same time last week.
The 30-year fixed mortgage rate fell steadily last week before settling at the current rate.
“Rates eased last week on Europe’s weak economic data and the unexpected rate cut from China’s central bank,” said Erin Lantz, vice president of mortgages at Zillow. “Looking ahead, with several important U.S. data reports scheduled for release, we expect modest volatility in this holiday-shortened week.”
Additionally, the 15-year fixed mortgage rate this morning was 2.96 percent, and for 5/1 ARMs, the rate was 2.78 percent.
Lauren Bacall’s Iconic New York Apartment Just Listed
Classic Hollywood icon Lauren Bacall’s equally-iconic, long-time residence in New York is for sale following the actress’ August death at age 89.
Bacall purchased the elegant apartment in New York’s famed Dakota building after the death of her first husband, Humphrey Bogart, in 1957. She quickly wearied of the Hollywood scene and wished to move back to New York City. Bacall reportedly called her business manager and told him to cash in all of her stock. She had her eye on the Dakota and purchased the stunning apartment for a mere $48,000, an acquisition that served the actress well the rest of her life.
The uniqueness of this apartment can hardly be overstated, even for the Dakota. A private mahogany vestibule opens into the apartment, where five rooms have a combined 100 feet of Central Park views. An original fireplace is a stunning centerpiece, as are all of the original 19th-century details, including 13-foot ceilings, original pocket doors throughout the house, hard wood flooring, butler’s pantry, built-ins and a Juliet balcony that overlooks the Park, to mention a few. Having lived here since the 1960s, Bacall hardly made any changes and the original floor plan is still intact.
Other famous Dakota residents include John Lennon and Yoko Ono, Judy Garland, Roberta Flack, Connie Chung and John Madden. There are even reports of supernatural inhabitants of the building where John Lennon was killed just outside the gate. Yoko Ono still lives at the Dakota but has had trouble selling her other New York penthouse.
Pattinson No Longer Living in “Twilight”
With a new girlfriend in tow, English actor Robert Pattinson is the new owner of a two-bedroom home in the Hollywood Hills.
According to Variety, the house was purchased under a trust for $2.176 million and fits Pattinson’s preferred style: Spanish Colonial. The low-slung hacienda sports vintage terra-cotta tile, wood flooring, curved archways and custom built-ins.
With this move, Pattinson further distances himself from the snag he hit in his Los Feliz home, the one he shared with Kristen Stewart until she so notoriously cheated on him. Pattinson sold that home to “Big Bang Theory” star Jim Parsons.
No Messing Around
Debra Messing is starring as New York Police Department homicide detective in “The Mysteries of Laura” on NBC, but in real life, she needed some new digs. With her two-and-a-half-year relationship with actor Will Chase kaput, Messing has moved on. Literally.
The actress paid $5.45 million for an elegant eighth-floor co-op on the Upper East Side. The prewar building boasts old-school style with its 10-foot ceilings and has a master suite plus three additional bedrooms.
Messing, best known for her starring role in “Will & Grace,” has been a busy real estate buyer and seller. She recently sold her L.A.-area home for $11.4 million.
By Laura Vecsey
Zellweger Selling Hamptons Home
Frist she listed her historic Connecticut property for sale. Now the Academy Award-winning actress has listed her East Hampton home for $4.45 million. Located just a few blocks from the ocean, the newly-renovated retreat has 3 bedrooms, a den, 2-car garage and loft.
It’s No Joke: Jon Stewart Sets Record Sale
Comedy Central star Jon Stewart of “The Daily Show” may have been laughing all the way to the bank after he snagged $17.5 million for his lower Manhattan penthouse. The New York Times reported that it was the highest-priced sale in the city for the week.
Stewart bought the 5,800-square-foot duplex at 161 Hudson Street in 2005 for $5.8 million, but saw a whopping $3,000-per-square-foot deal close on the massive 9A/9B unit. The penthouse is inside a 1911 building that had been converted to 24 loft units in 2003. The Tribeca building has also been home to the likes of actor Jeremy Piven and former NY Mets catcher Mike Piazza.
Cumming Sells Small Abode Way Off Broadway
Alan Cumming’s penthouse studio at 7 Lexington Ave across from the Gramercy Park Hotel has sold for $762,500. “The Good Wife” and “Cabaret” star quietly owns two other properties in Manhattan, so the renovated alcove studio was ready for its final curtain. Cumming bought the property in 2011 for $580,000, but has since found a new home in the East Village.
By Laura Vecsey
Taylor Swift Shaking It Off In High Style
While native New Yorkers may have their feathers in a flap over Taylor Swift’s Big Apple invasion, you have to hand it to the savvy songstress. When she buys real estate, whether in Nashville, Beverly Hills or Rhode Island, she’s goes big and calls it home.
Swift recently purchased a Tribeca penthouse from “Lord of the Rings” movie maestro Peter Jackson. Rolling Stone made a stop at the apartment recently, now that Swift is promoting her new album, “1989,” and has been a fixture on all sorts of magazine covers and the occasional New York Knicks’ games.
Swift’s NYC digs cost her $19.95 million and leaves her no shortage of room to hang with buddies like Ed Sheeran. There are 7 bedrooms, 5.5 bathrooms and a cool warehouse-loft feel with exposed brick and overhead beams. And given Swift’s fastidious call for security, she is said to have purchased a smaller, 3-bedroom unit across the hall for her staff.
Tom Cruise, Jeff Gordon Selling Big Colorado Estates
The Tom half of TomKat is looking to unload his Telluride estate. The price is $59 million for the cedar and stone estate that the Hollywood star designed and built back in 1994.
With no wife these days, his two older children grown and daughter Suri with Katie Holmes most of the time, Cruise has little need or time for the Colorado spread.
The estate includes 298 acres of national forest land and the nearly 10,000-square-foot main residence has 4 bedrooms and 6 full bathrooms. There’s also a 1,600-square-foot guesthouse with 3 bedrooms and 3 full baths.
Meanwhile, another pretty-faced thrill-seeking star is looking to unload his Colorado ranch. NASCAR king Jeff Gordon has dropped the price of his 1,930-acre ranch in Missouri Heights, north of Aspen.
Gordon originally listed for $12.5 million in May 2013 and knocked down to $10.95 million last October. The eternally verdant land is now priced at $10.5 million. In addition to killer alpine views, one major draw of Gordon’s ranch is its ample water rights and no conservation restrictions.
By Laura Vecsey
Celebrities Picking Up Bedford, NY Properties
Now here’s a threesome: Catherine Zeta-Jones, Michael Douglas and Bruce Willis.
Well, not completely together, but in the same tony area of Bedford, New York.
After reconciling, Zeta-Jones and Douglas have sold one Bedford area home and bought another for $11.25 million – perhaps a way for the Oscar winners to make a fresh start in a bigger, better Colonial in Westchester County, about an hour north of New York City.
How hot is Bedford? Hot enough to attract yet another Hollywood star.
Willis has purchased a hilltop property overlooking the bucolic Croton Reservoir for $12 million. The estate has 5 bedrooms, 6 baths, a pool and heated cabana. He also purchased adjoining properties that include an additional 8 acres and 2 guest cottages.
The spread gives Willis an option for when he and his family need a break from the sumptuous Central Park West apartment he bought from U2 bassist Adam Clayton.
Willis has long been a fan of country living. In fact, he owned tons of property in Hailey, ID dating back to when he was married to Demi Moore. But his new place still gives Willis room to roam: 22.32 acres on one of the highest points in Bedford.
As for Zeta-Jones and Douglas: Their new digs come in the form of a 19th-century estate that spans 15,458 square feet and includes 8 bedrooms, 13.5 baths, equestrian facilities, gardens, greenhouse, tennis court and pool.
Other famous residents of Bedford include Bill and Hillary Clinton and Ryan Renyolds and Blake Lively.
By Laura Vecsey
LeBron’s Miami Vice House For Sale
He’s definitely hot now that he’s back home in Cleveland, so what good would a luxury home in Miami do anymore for LeBron James?
Not a lot, which is why the NBA great’s waterfront home has hit the market for $17 million. That’s well over the $9 million LeBron paid back in 2010, but hey, maybe the aura of those four NBA Finals appearances gives the place added value. The home has also been finished to the hilt and staged for maximum exposure.
The concrete concoction is being hailed as the “most opulent estate in Miami” and sprawls over 12,000 square feet. There’s a huge kitchen, wine cellar, movie theater and private sun deck on the roof accessible from the master bedroom. And, this being Miami, there’s a concrete dock with ample room for not one but two 60-foot yachts.
Graceland West Hits The Real Estate Jungle
The Palm Springs residence of Elvis Presley that was dubbed “Graceland West” is heading for auction. Any offer the owner receives in the next 10 days will become the starting bid, said listing agent Jeff Egan of Keller Williams Realty.
The house, currently priced by the lender at $2.59 million, measures 5,040 square feet with 5 bedrooms, 7 bathrooms, a wet bar, sauna and steam room. Many of the fixtures, decor and appliances are original.
Presley bought the home in 1970 because Palm Springs had always been a quiet place for him to escape, especially during the late summer and early fall. By ’73, after the divorce from wife Priscilla, Presley began partying with his large entourage at the property, making use of a large hot tub and 2,000-square-foot wing.
After Presley’s death in 1977, the home was sold to crooner Frankie Valli. Despite attempts to capitalize on Elvis’s legacy, the home, which has had several owners since his passing, fell into foreclosure two years ago.
Reportedly, She Went Gaga In Malibu
She may be a native New York City girl who kicked it up in Brooklyn, but this time, Lady Gaga has looked west, where she reportedly bought her first California home for $22.5 million.
And in true Mama Monster spirit, Gaga went big: The $24.95 million home sits on six acres across from Malibu’s prime Zuma Beach.
When Gaga isn’t living for the applause on the beach, she can turn to her new 800-bottle wine cellar, a home theater and the bonus: A 1960s era bowling alley.
Ted Turner Lists His S.C. Coastal Island
For the man who’s the second largest private landowner in all of North America with over 2 million acres to his name, what’s the big deal about listing for sale a coastal Carolina vacation spot of a “mere” 4,680 acres?
Well, even for Ted Turner, the CNN founder-turned-philanthropist, environmentalist and land baron, the listing of his pristine St. Philips Island comes with a few pangs.
For the past 35 years, Turner and his family and friends created a lot of nice memories on the white sand beaches, marshland and hills of this pristine oasis. But with less opportunity to get to the place – accessible only by boat near Beaufort and Hilton Head – the island is for sale for $23.777 million.
In addition to beaches, ponds, marshes and more than 1,000 acres of uplands, the property includes a 5-bedroom main house that Turner had built after he bought the place in 1979, plus a caretaker’s house. The island has its own water and power supply, complete with generator.
Despite a conservancy easement from The Nature Conservancy that restricts use of the land, there is a provision that allows for 10 additional dwellings.
By Sally Slack
Thinking about remodeling your home? Make your move carefully and think with a potential buyer in mind. Some upgrades might be exactly what you want but might be a complete turnoff to a buyer when it comes time to sell.
“Some people say updating a bathroom or kitchen can instantly add a certain amount of value to a home,” says Chris Vinci, broker at da Vinci Realty. “The truth is that it only adds value if it enhances the beauty and function of the home.”
Traditional remodels are being upended, adds Vinci. Instead, high-return on investment (ROI) projects such as an entry door replacement with a steel door top the list on Remodeling Magazine's annual Cost vs. Value report.
Second on the list is the addition of a wood deck. Garage door replacement, attic bedrooms, minor kitchen remodels, wood window replacement and vinyl siding are all appealing to prospective home buyers.
“Details will catch a buyer’s eye,” says Vinci.
A new item on the high-ROI project list is a back-up power generator. It shouldn’t be unexpected, however, as workers rely more heavily on home offices. There’s nothing worse than being expected at meetings and being unable to connect.
Vinci offers another piece of advice to would-be remodelers. Before making a decision on style, review the range of home design styles.
“The style of updates should be based on whether you’re remodeling for your enjoyment or because you’re selling your home now,” he says. “If it’s the latter, make your choices as neutral as possible. There is nothing worse than a buyer saying, ‘I’m not paying a premium for your updates when I want to change them.’”
Let the competition in your neighborhood guide you a bit as well. If you ever plan to sell, you’ll want the home to attract the most potential buyers. Look at homes on the market as well as recently sold homes before making major updates.
Combine that with the high-ROI projects you can manage and price your home accordingly to make it stand out. Remodeling can be fun. If you can do remodel with a buyer’s eye toward your own home, you’ll come out ahead – with updates both you and a future buyer both love.
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.81 percent, down from 3.96 percent at this same time last week.
The 30-year fixed mortgage rate dropped Wednesday, then hovered around 3.88 percent for most of the week before falling to the current rate.
“Rates dropped to the lowest level since June 2013 on news that the Federal Reserve has more reservations about the health of the U.S. and global economy than expected, which in turn, may delay rate hikes,” said Erin Lantz, vice president of mortgages at Zillow. “With little economic news planned to overshadow the Fed’s latest comments, this week we expect rates to fairly remain stable, hovering just shy of 4 percent.”
Additionally, the 15-year fixed mortgage rate this morning was 2.96 percent, and for 5/1 ARMs, the rate was 2.70 percent.
By Laura Vecsey
Broadway Bound, Gyllenhaal Lists in L.A.
With a new gig in New York, it looks like Jake Gyllenhaal won’t need his mid-century modern in Los Angeles. The 3-bedroom, 3-bathroom Hollywood Hills home has hit the market for $3.5 million.
The home’s great room offers views of the city — “sensational panoramic views,” according to the listing — and the outdoor space includes a patio, private yard and pool. It’s nestled on almost two acres.
While Gyllenhaal has several movie winners under his belt, his next project is a Broadway production, Constellations, in which he’ll co-star with Ruth Wilson.
Kelly Ripa Is No Longer Pent Up
Talk show host Kelly Ripa and her husband, Mark Consuelos, have parted with their swanky New York penthouse for $20 million.
The 5-bedroom SoHo apartment had been listed for as much as $24.5 million, but the couple settled on a pretty decent deal for the 6,792-square-foot residence that was all about high ceilings, a huge gourmet kitchen, two dining rooms and a big master suite.
In addition to a media room and 3,000-square-foot deck, the home included an indoor gym for the eternally fit and perky Ripa.
Michelle Williams' Brooklyn Home for Sale
She was an early adopter of the Boerum Hill neighborhood in Brooklyn back in 2005. And it was there on Smith Street that actress Michelle Williams stayed after the tragic death of her then-boyfriend Heath Ledger in 2008.
Now the “My Week with Marilyn” star is ready to sell the corner home, which is listed for $7.5 million. The 4-story home is 22 feet wide and has a 3-car garage and a rooftop garden with a waterfall. It contains 6 bedrooms, 4.5 bathrooms and a 1,000-square-foot parlor.
Who needs Brooklyn when you’ve got the Upper East Side and a swell home called Gracie Mansion?
Not the new mayor of New York City.
Mayor Bill de Blasio has listed his Brooklyn home for rent, now that he and his family have moved into the famed mayoral residence along the East River. The mayor’s 4-bedroom, 1-bath home was the kind of working man’s abode that fit de Blasio’s populist image during last year’s mayoral campaign. But now it’s for rent for $4,975 a month, according to StreetEasy.
By S.E. Slack
There are many predictions about whether the housing market will still be on the rise in the coming years. Time will bear out the truth of those predictions. A new question to ask is, “Who will be buying the homes that are available in 2018?”
The economy still not bouncing high enough for many people to consider a home purchase. Real estate firm Zillow states that low mortgage rates are keeping homes within reach of some consumers across most of the country for now, but affordability is fast becoming an issue within a number of markets.
“As of the first quarter of 2014 – the most recent data available at the time the third-quarter survey was fielded – the national homeownership rate was 64.8 percent,” says Meredith Miller, research analyst at Zillow.
Miller spoke with a number of housing experts, many of whom believe that homeownership levels will definitely drop below current levels by at least a percent or two. If so, the nation is hovering dangerously close to its lowest homeownership point on record, which was recorded in 1965 – 62.9 percent.
The affordability issue is significant to the problem. The typical age of first-time homebuyers is expected to rise in coming years as millennials enter their prime home-buying years. In 2013, the typical first-time homebuyer was 31. As the age of first-time homebuyers rises into the mid-30s, experts expect the homeownership rate to drop.
At the same time, more than 100 housing experts and economists expect home prices to end 2014 up 4.6 percent year-over-year, on average, and almost 20 percent cumulatively through 2018.
A byproduct of lower homeownership rates, of course, is higher rental rates. In currently affordable rental markets, such as Salt Lake City – one of the nation’s industrial banking centers – rentals are $959 per month. Pittsburgh rates are not too much higher at $1,195. Comparatively, the median rent price in Chicago is $1,700 each month.