Vegas Home Sells with King of Pop History

Carolyn Mullany of Coldwell Banker Premier Realty recently sold a 16,461 square foot estate-style home in northwest Las Vegas that was rented by the King of Pop, Michael Jackson, in 2008.

The 16,461 square foot mansion has seven bedrooms (master is 2,000 square feet), 2 office suites, a theatre, an orchestra loft, an elevator, and a fitness room with a dance floor and dry sauna. The gated home sits on a one-acre lot complete with basketball and tennis courts.

Mullany says the previous owner turned the home over to the bank before foreclosure. Although she wouldn't specifically identify the buyer, she said that a California couple purchased the home for $3.1 million.

What celebrity home would you most want to buy and why?

What Homebuyers Really Want

Homebuyers are seeking more cost-effective features with lasting value, according to a recent survey conducted by Avid Ratings.

The survey shows that buyers are more interested in casual living than extravagant amenities like a home theatre, wine cellar, or pool. According to Paul Cardis, CEO of Avid Ratings, the most desireable home features for 2010 are:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

Several items that were considered desirable in the 2009 survey didn't make this year's list, including a butler's pantry, green flooring and a tankless water heater.

What features are most important to you when selecting a home?

Mortgage after Foreclosure or Bankruptcy?

By Guest Contributor Kari A. Battaglia, Broker Associate, Coldwell Banker Residential Real Estate, Venice office

Many homeowners are finding themselves underwater on their mortgage or unable to make their monthly payment and they wonder how long they will have to wait before they can reapply for a mortgage after a short sale, foreclosure or bankruptcy.

Before making any decisions that may affect you’re your financial future, take a look at some general credit timelines, directly from a Coldwell Banker Home Loans representative.

Chapter 13 Bankruptcy - 2 years from the discharge date or 4 years from the dismissal date

Bankruptcy (all except chapter 13) - 4 years from either the discharge or the dismissal date of the bankruptcy action

Multiple Bankruptcy Filings - 5 years from the most recent dismissal or discharge date is required for borrowers with more than one bankruptcy filing within the past 7 years

Pre-Foreclosure Sale (Short Sale) - 2 years from completion date Foreclosure – 5 years from the completion date

Purchases must be a primary residence with a minimum 20% down payment (in the State of Florida) and a minimum 680 representative credit score. Purchase of a second home or investment property is not permitted.

Limited cash-out refinances are permitted for all occupancy types (roll in closings costs with refinance to lower payment or rate)

Cash out refinances are not permitted for any occupancy type Deed-in-Lieu of Foreclosure - 4 years from the completion date (date deed-in-lieu executed)

Borrower may purchase a primary residence, second home or investment property with 20% down payment (in the State of Florida)

Limited cash-out and cash-out transactions secured by a primary residence, second home or investment property are permitted pursuant to the eligibility requirements in effect at the time

Helpful House Hunting Tips

You’ve decided that because of the tax credit, low mortgage rates and affordable real estate market it’s time to buy a house. There are many things to consider, and FrontDoor.com has compiled a few tips that all future homebuyers should consider before taking the plunge.

• Research the neighborhood. Location truly is the most important thing, so make sure you find a neighborhood that fits your description
• Invest in a professional inspection. Home inspectors can find most underlying problems that a potential buyer might miss which can save the buyer money down the road
• Don’t buy a house for its décor. Unless you are buying the house fully furnished, it will look totally different with your furnishings. Look past a home's interior decorations and make sure the space will accommodate your lifestyle and furnishings.
• Buy a home based on what you need, not what you want. The average person lives in the same home for about nine years, so although you may love the two-bedroom home with the gorgeous new kitchen now, it may not be suitable down the road when your family starts to grow.
• Look at several houses before buying. Potential buyers should walk through at least three homes before making a decision. If you buy a home without comparing it to others in the area you may miss out on a great house!

What other tips do you have for house hunters?

Over 70% of all U.S. Homes are Affordable

According to a recent report from the National Association of Homebuilders (NAHB) and Wells Fargo published on CNNMoney.com, the typical American family who makes $64,000 a year could afford to buy 70.8% of all homes sold in the U.S.in the last quarter of 2009. In the second quarter of 2008 only 55% of homes sold were considered affordable. The NAHB deems a home to be affordable if a potential buyer makes the metro area's median income and wouldn't have to devote more than 28% of their take-home pay to housing costs.

"Favorable mortgage rates and sliding house prices that have now started to stabilize nationally have both contributed to a record year for housing affordability in 2009," said NAHB chairman Bob Jones.

Indianapolis was ranked as the #1 affordable housing; more than 95% of all homes sold there were within the budget. New York was the least affordable market with less than 20% meeting the affordability criteria.

Do you think the majority of homes in your area are affordable? Where would your town rank on this survey?

Luxury Real Estate – Deal or No Deal?

By Guest Contributor Michael Mangold, Branch Manager, Coldwell Banker Residential Real Estate, Ft. Lauderdale SE/Las Olas Offices

The past several months have seen the luxury market start to get traction in the Fort Lauderdale east side market. Buyers are very discerning and will only choose the very best properties for the money, with an emphasis on ocean front and other waterfront properties. If a property is not priced correctly they often will choose not to even preview the home. The Ft. Lauderdale SE and Las Olas offices have closed a number of record breaking properties in the past six months, and each property has been in great condition and priced right for today’s market.

I just read an interesting story in Gold Coast magazine, where the editor was reminiscing about Mr. Gill, the developer of the Yankee Clipper and Yankee Trader hotels and many other properties. When Mr. Gill arrived in Florida in the late 40’s - early 50’s after World War II, he wanted to build and develop. The conventional wisdom at the time? He was told he was too late and that the interest in Florida had passed.

While many luxury buyers pay cash, those who choose to finance will find excellent interest rates as well as great prices. Luxury condominiums are still challenging and require absolute best pricing to move in today’s market. Although confidence is still lacking in much of the market, it seems that astute luxury buyers are not afraid to make a purchase if they perceive that the property is a value.

Sarasota and Atlanta in the Top 15 Places for Boomers to Retire

Over the years, AARP Magazine, has ranked top retirement destinations using a variety of criteria like "The Best Places to Live a Simple Life," and "Healthiest Hometowns." From these lists, CNBC.com has focused on a selection of towns and cities recognized as top places to retire, picking the best and most unique locations from AARP Magazine's overall reviews. The top15 retirement locations are

1. Loveland/Fort Collins, CO
2. Las Cruces, NM
3. Rehoboth Beach, DE
4. Portland, OR
5. Greenville, SC
6. Sarasota, FL
7. Ann Arbor, MI
8. Tucson, AZ
9. Montpelier, VT
10. Honolulu, HI
11. Santa Fe, NM
12. Atlanta, GA
13. Charleston, SC
14. Northampton, MA
15. San Diego, CA

According to CNBC.com, Sarasota is one of the most popular retirement destinations in Florida, the most popular state for retirees. The town was selected because it offers a range of cultural activities including an opera and symphony, a film society and art galleries, and residents have the opportunity to golf, boat, fish or simply relax in the temperate climate. In addition, Sarasota offers 35 miles of pristine beaches, one of which, Siesta Key Beach, was ranked #2 on Dr. Beach's list of America's Best Beaches in 2009.

Retirees looking for a more metropolitan lifestyle may want to consider Atlanta, #12 on the list. The Atlanta Regional Commission estimates that in 20 years, one in five residents will be 60 or older. In the past several years, $500 million has been pledged to build "diverse housing types and pedestrian-friendly walkways” says AARP Magazine. Atlanta also offers affordable home prices — the average price is $129,400, which is far below the national average. The city also serves as the hub for Delta Air Lines, making travel easy and convenient.

What city on the list would be your choice as the best place to retire? What cities do you think should have made the list but didn’t?

The Jupiter Lighthouse Celebrates a Birthday!

By Guest Contributor Judie Wilcox, Assistant Manager,
Coldwell Banker Jupiter/Hobe Sound office

A top our beautiful Jupiter Lighthouse the vista is clear and you can see for miles. Built in 1860, it's celebrating its 150th birthday this year . You can climb the 120 steps to the top to view 360 degrees of the most beautiful water ways and real estate. With miles of pristine, sandy beaches as well as the rocky Blowing Rocks Beach, Jupiter is your destination for water sports, fishing and a quiet town atmosphere. The Riverwalk of Jupiter is adjacent to the Loxahatchee River (Intracoastal Waterway) and is a work in progress that offers walkways, restaurants, water sports and eventually an entertainment area. Jupiter is home to pioneers and celebrities who cherish the charm of this seaside town. You will find great real estate values in the Northern Palm Beaches and especially, Jupiter. Call our office for top drawer service from any of our agents . . . let them tell you why Jupiter is the place!

A Home After the Holidays

Have you ever wondered what happens to the giant Rockefeller Center Christmas tree after the holiday season is over? This year the tree has a much more important job to do when it leaves the city — it's traveling back to its home state of Connecticut to frame a house being built by an affiliate of Habitat for Humanity International.

According to a recent article in the New York Times , the 76-foot high Norway spruce will be sliced into boards and hammered into place to form a 1,250 square foot house. Ms Iveth Bowie, the homeowner-to-be, is so excited that her home will be made from the Rockefeller Center tree she likens the experience to “winning the lottery or a million dollars.” Bowie, her three children and grandchild are expected to move into the home in March 2011.

The 70-year-old tree was on display in the Big Apple from December 2 to January 7. Before being milled it was approximately 40 feet across and weighed 10 tons. This is the third time a Rockefeller Center Christmas tree has been used for a Habitat for Humanity home.

What are some other charitable ways the tree could be used after the holidays?

Take a Jaunt to Jupiter

By Guest Contributor Judie Wilcox, Assistant Manager,
Coldwell Banker Jupiter/Hobe Sound office

Sunrises and sunsets radiate in all magical colors in our Jupiter skies. When you visit our azure blue inlet and peer out over the inland waterway you might have a clue of what drew settlers to Jupiter over 5,000 years ago. That’s right, we do have an incredible history as well as areas of undisturbed beauty. Jupiter is a town of great real estate diversity offering both urban and rural properties and, of course, plenty of waterfront condominiums and homes. Our Coldwell Banker Jupiter and Hobe Sound offices serve both Palm Beach and Martin Counties and have both established roots in the communities. Our agents care about their communities, many serve on local organizations such as the Chamber of Commerce, Boys and Girls Clubs, Maltz Theatre, Hospice and Woman’s Club. Activity in our local Jupiter Tequesta Hobe Sound by our agents is extraordinary — past presidents, committee chairmen, a Humanitarian of the Year and five Realtors of the Year. Our community interest and knowledge of local history prepares our agents to fully serve buyers and sellers. Stop by and have a cup a coffee with one of our agents and learn why Jupiter is #1 with us.

High-Speed Train Coming to Florida

It was announced on Wednesday that Florida will receive a down payment of $1.25 billion toward installing high-speed trains from Orlando to Tampa. According to a January 28 Orlando Sentinel article, the $2.56 billion project could start as early as this year and begin operations in 2015.

As proposed right now, the 160 mph train would start at Orlando International Airport and run along the BeachLine Expressway and Interstate 4, and will have stops at the Orange County Convention Center, Walt Disney World, Lakeland and Tampa. Disney has comitted to supporting the train and has offered up to 50 acres of free land for a train station.

Fares have not yet been determined but a 2002 state estimate said a one-way ticket on the train from Orlando International Airport to Tampa would be $29. People who used the train to commute would receive a reduced price.

If you currently commute on this corridor, would you be willing to give up your car to commute by train? Do you think the train will be used more by local residents or tourists?

Dallas/Fort Worth Markets Hot Again

Homes are selling above list price — but not as distressed properties — in three Dallas/Fort Worth zip codes, according to ZipRealty’s quarterly Home Hunter Report, Q4 2009.

While some of the nation’s “hottest” real estate markets in the country — those where homes are selling above list price — continue to be distressed areas dominated by heavily discounted prices, the Q4 2009 top 10 list revealed some notable exceptions. Homes in Fort Worth’s 76135 zip code sold for an average of 134.65% of asking price. Homes in Rowlett (75089), an upscale Dallas community, commanded on average 110.81% of asking price. Zip code 76001 in Arlington, Fort Worth’s largest suburb, also made the top 10 list. How is the distressed inventory level affecting average market price in your market?

Why scapegoat the appraisal

By Guest Contributor Carlos Lobato, Sales Associate, Coldwell Banker Miami Lakes office

Appraisals are killing real estate deals. This should come as a surprise to no one. As a matter of fact, the appraisal has come up short on my last four transactions. It's quite common for appraisals to come in at $25,000 or more below contact prices. Just this week I had a property appraise at $140,000 below the contract price! Needless to say, all parties are shocked. Yes, the listing agent, the seller, the buyer, and I expected that we would come up short and would have to renegotiate, however, this is more than 100% off from any of our wildest estimates.

For now, we're in limbo. The buyer still wants it, the seller still wants to sell it, yet the buyer can only buy it for the amount that their lender will lend. So you ask “What can we do - blast those appraisals?" I think our industry is barking up the wrong tree. The appraisals are merely a reflection of what properties are currently selling for, and the buyers by and large will pay the appraisal value. Unfortunately, we're just not adequately educating the home sellers. It's a bitter pill to swallow for a homeowner, but a reality nonetheless. Let’s start off on the right foot by having the homeowner order an appraisal before listing their property.