Monday, December 3, 2012

For the last several days Your Mama's inbox has been deluged with breathless queries from curious folks who want to know if unfathomably pampered 28-year old British heiress and globe-trotting socialite Tamara Ecclestone really bought Fleur de Lys, the internationally renown and ridiculously conspicuous 12 bedroom and 15 bathroom French chateau style pile in Los Angeles's hoity toity Holmby Hills 'hood owned by wildly wealthy haute couture clad divorcée Suzanne Saperstein and listed since 2006 with a pie in the sky $125,000,000 asking price.

She did not, at least not according to property records and as far as any of Your Mama's better connected canaries deep inside the Platinum Triangle real estate game know.

Tamara Ecclestone is the daughter of diminutive Formula One racing bigwig and multi-billionaire Bernie Ecclestone and the dark haired older sister of brassy blond jet setter Petra Ecclestone who—and the children sure recall—(in)famously dropped a toe curling $85,000,000 on Candy Spelling's grotesquely gargantuan 50-some room mega-mansion in Holmby Hills after she made an unsuccessful eighty million dollar bid to buy Miz Saperstein's Frenchified pile of super-luxe imported limestone.*

The flood of requests for clarification re: the possible sale of Fleur de Lys to Tamara Ecclestone stem from a loquacious report late last week in the British tabloid The Daily Mail that stated the high-heeled, well-heeled, and newly single Miss Ecclestone—she recently booted her man-friend after she discovered he made sordid amateur sex video with another woman—"plans to rent the lavish property before buying it." For be if for Your Mama to slice hairs but planning to rent and/or buy is not the same thing as actually renting and/or buying. We plan to fit into our size 30 waist APC jeans one day but that does not mean we actually will. right?

While it's quite possible, of course, that Tamara may have arranged to lease the grandiose 4.25-plus acre estate, which would most certainly make a magnificent backdrop for her shockingly shallow reality program Billion $$ Girl, but Your Mama finds it almost unfathomable that she would cough up tens upon tens of millions of dollars for her sister's real estate sloppy seconds. Stranger things have happened but this snarky and cynical real estate gossip is not holding our boozy breath.

Interestingly, The Daily Mail printed and posted loads of photographs of the screamingly opulent Fleur de Lys all done up in a style Marie Antoinette might swoon over but everyone in Los Angeles who knows anything at all about the highest of the high-end properties currently on the market well knows that while the liberally gilded and heavily ornamented architecture remains intact Miz Saperstein recently had much if not all of her ludicrously expensive and finely pedigreed Frenchy frou-frou furnishings replaced with much more clean lined, comfortable and contemporary day-core.

Back in London, Tamara owns an historic 16,000 square foot mansion in the ultra-exclusive and hyper-secure Kensington Palace Gardens that she bought last year for about $70,000,000. Renovations will cost another $20-30 million add another 4,000 square feet, according to reports, and include a two level basement with indoor pool, nightclub and bowling alley. The  multi-room master suite was designed, so the stories go, with separate cocktail and Champagne bars because, well, why not? Her new, across the street neighbors will be Prince William and the newly preggers Duchess Catherine but we can't imagine they'll be borrowing much sugar from each other.

*We can't confirm it, of course, but several sources have told Your Mama that Miz Saperstein turned down an $80 million offer by Petra just as several years ago—so the stories go—she also rebuffed at least one other offer of $100 million. If either of those gossip nuggets are true, she had to be kicking herself in her perfectly tailored real estate pants.

aerial photo: Pacific Coast News
I've got two updates today. First, the sale of HML #22 has fallen through. Our borrower is looking for a new buyer. I don't have any info as to why the deal didn't happen.

I also received the October update for the Houston apartment complex. Things have gone wee bit south since the last yearly conference call several weeks ago, although some offsetting factors have prevented that from being reflected in the bottom line. Occupancy decreased to 89%. Management says this is due to a combination of factors, including some crime issues that have affected not just our property, but other apartment complexes in the area as well. In addition, we have seen some increased competition from nearby properties in the form of increased rent concessions. There was also some management turnover in the front office and the interim property manager was not up to the task of running the property. Management has addressed these issues by bringing in a more experienced manager from another property to run ours. Perhaps a more seasoned manager would not have allowed the competitor's rent concessions to have had such an impact on our occupancy.

Management says they have also worked with the Houston police department to increase patrols at our property. I'm not sure how effective this will be. If crime is an issue at other properties as well, I imagine the police may be stretched a bit thin trying to increase patrols at all properties. We may end up seeing a return to the use of a private security company for patrols.

Expenses declined due to seasonal decreases in utility usage, as well as the previously mentioned staffing decreases. Overall, we saw a reduction of $10,000 in expenses for October, bring our net operating income to a positive $4,200, the second highest monthly total of the year. Given that this increase is based mostly on one-time events, I would not expect this type of performance to continue.

Or should I? We also received the 2012 real estate tax bill, which features the new property assessment value. As a result of the lower assessment, the amount our lender is collecting for the property tax escrow account is decreasing by about $8,300 per month, beginning in December. That is a huge savings that will go straight to the bottom line.


...from a seemingly well informed southern source—let's call her Stella Mockingbird—that newly single A-list actor and occasional musician Johnny Depp may have set down some multi-million dollar real estate roots in the swanky, semi-rural suburbs southwest of Nashville, TN.

It's hardly a secret amongst all us naughty-naughty celebrity real estate gossips that Mister Depp has been on the hunt for a house in NashVegas and, according to Miz Mockingbird, the three-time Oscar-nominated actor has (allegedly) settled on a massive mansion in a small gated enclave about 15 miles south of downtown Nashville and about equidistant between the historic towns of Franklin and Brentwood.

The almost absurdly opulent mansion in question sits on more than 47 sumptuously bucolic acres tucked into a tight curve of the snaking Harpeth River and was built in 2001 by Tennessee banker Gordon Inman who christened the palatial pile Bella Rosa. As far as we can tell, the double-gated estate first popped up on the open market earlier this year with a tongue-twanging $17,500,000 price tag but Miz Mockingbird snitched to Your Mama that word around the gated enclave is that Mister Depp snagged the place for significantly less.

Listing information we ferreted out of the interweb shows the massive, 19-room behemoth measures just over 19,000 square feet on three floors with four bedrooms, seven full and two half bathroom, nine fireplaces, one elevator, numerous wet bars, garaging for at least seven cars, and a pair floating spiral staircases the flank the center hall foyer.

Although we would expect Mister Depp to bring in a team of lady or nice-gay decorators to do the place up in a manner that suits his fancy, the existing day-core as seen in listing photographs show the gargantuan residence was worked over but good for the seller in decidedly swellegant fashion. There are dozens of chunky Doric columns, acres of faux-finished and richly paneled walls, miles of intricate and beefy moldings, expensive marble inlaid wood floors, a bazillion yards of swagged and heavily pasamenteried drapery and scads of glimmering crystal chandeliers, all of which are probably antique and most assuredly were fantastically expensive.

At almost 700 square feet with capacious double height ceilings and towering 20-ish foot tall windows the formal living room is notably baronial and the adjoining formal dining room easily seats ten or more at a chatoyant Louis the Something-style table.

The library strikes a masculine tone with fully paneled walls, built-in book cases and a heavy coffered ceiling that were all—no doubt—hand-rubbed by an expensively imported artisan. Furnishings include a couple of riveted wing back chairs upholstered in the most marvelous caramel colored worn leather, a carved wood desk the size of a shipping container and a small flat screen t.v. mounted about the carved wood fireplace between two identical gold-toned urns.

Less formal family quarters include a super-sized center island kitchen outfitted with a prodigious—and potentially lethal—pot rack laden with stacks of gleaming copper pots (above, bottom left), a separate breakfast room with rustic river rock fireplace (above, bottom right) and a tile-floored den/sun room with a second river rock fireplace (above, top right).

A spacious family/game room has a vaulted, wood-beamed ceiling, built-in cabinetry for the t.v. and a third river rock fireplace (below, top left). The family room connects through a wide and shallow arch to a billiards area (below, top right) with full-height wrap-around windows and French doors that provide a long view of the meadow that stretches out from the back of the house to the tree-lined edge of the Harpeth River.

Listing information also indicates there's a second, gigantic family room with campy leopard print carpeting and built-in entertainment unit and wet bar (above, lower left). There's more than two thousand square feet of finished basement space, according to listing information, with fitness room and massive media lounge equipped with state-of-the-art screening area with glowing ceiling treatment and and built-in bar with under-lit bar and temperature controlled wine cellar visible behind glass doors (above, lower right).

Although the size of a small department store, the house has just four bedrooms that include a main floor master suite (above) complete with columned entry vestibule, over-sized bedroom area with sitting area, and a fireplace over-mounted with a flat screen t.v. and flanked by French doors that open to a private terrace. There's copious closet space—natch—and dual bathrooms, one clearly done up for a him with lots of columns and a brown marble lined shower and the other all decked out for a her with a barrel vaulted ceiling painted like a cloudy sky, a make-up vanity and a plunge-pool sized soaking tub set into a columned and window-lined niche.

Numerous patios and terraces extend off the rear of the regal residence and include a grand space tucked into a double-height portico off the formal living room with expansive views over the 30-plus acre backyard.

A long colonnade runs along the swimming pool and sunbathing terraces and connect the main house to the garages and rear motor court and the open air pool pavilion with chevron pattern brick flooring, outdoor fireplace, full kitchen with industrial-grade range, and changing facilities that–we imagine but can not confirm—include at least one bathroom.

Although the immediate environs around the house are fully landscaped and include a sizable circular rose garden, much of the land is a flat expanse of prairie-like pastureland perfect for a herd of goats or—even better—a flock of llamas.

Now children, we ask that y'all keep in mind that as of today none of the property records databases that Your Mama consults show a transfer of ownership (yet) so this is all just some southern style celebrity real estate gossip for now. Howevuh, if the juicy scuttlebutt is true, and he really did acquire Bella Rosa, Mister Depp will be surrounded by a slew of Nashville notables. Just a few doors down, for instance, is the 9,200+ square foot home of ice skating legend Scott Hamilton and just outside the gates of the exclusive community is the 23-acre former spread of Roy Orbison, now owned by a fiber-optics tycoon who has it listed for $5,399,000. Just over the narrow Harpeth River are the the sprawling equestrian estates of sick rich businessman Orrin Ingram II and big-time booze distributor Robert Lipman as well as Sweetbriar, the 135-acre estate country music king Alan Jackson sold in mid-2010 for $28,000,000 to auto salvage magnate Willis Johnson.

Mister Depp, who needs another house like he needs a hole in his head, owns a healthy handful of high-priced properties around the globe that include but may not be limited to Little Hall's Pond Cay—a 45-acre private island in the Caribbean, a house in the upscale Paris suburb of Meudon and a country estate in Plan-de-la-Tour, about 10 or 12 miles from St. Tropez in the South of France.

In Los Angeles the somewhat mysterious and idiosyncratic superstar owns at a significant estate and at least four other homes on the same winding lane just above the Sunset Strip and over the summer (2012) he dropped $4.4 million on a five bedroom Mediterranean style villa in the Hollywood Hills for his ex-lady friend and baby momma Vanessa Paradis who is said to have also been granted the family estate in Plan-de-la-Tour.

There are unsubstantiated rumors Mister Depp also owns a canal front palazzo in Italy's water-logged Venice and a spread on the Isle of Wight, just off the southern coast of England but, for the record, Your Mama is highly skeptical of both of those real estate canards.

listing photos: Karen Morgan Realty

Trilogy apartments opened last week, and though the neighborhood's location is more contested than the Spratly Islands (either NoMa or Eckington, you pick), the first building is now open - and soon all 3 buildings and 603 apartments will be complete.   Designed by the Preston Partnership and developed by Mill Creek Residential Trust, the project broke ground in March of 2011.  Below are pictures of the completed portions of the building.









Washington D.C. real estate development news

Freddie Mac 30-year fixed rate mortgage ratesLow mortgage rates are pumping up home affordability.

Average 30-year fixed-rate mortgage rates made a new all-time low in November, continuing this year Refinance Boom and giving fuel to the budding housing market recovery.

At month-end, Freddie Mac's survey of 125 banks nationwide put the benchmark product's rate at 3.32% for borrowers willing to pay 0.8 discount points. This is just 0.01 percentage point above the record-low rate establishing prior to Thanksgiving.

The 15-year fixed mortgage is similarly low, posting 2.64 percent nationwide, on average. This, too, is only slightly higher the all-time low set the week prior.

Falling mortgage rates have helped to offset rising home prices in many U.S. cities. 

Steady job creation and rising consumer confidence has swelled the pool of home buyers nationwide, causing home inventories to shrink and home prices to rise. The improving economy has also led to rising rents and now, within many housing markets, it's less costly to buy and own a home than to rent a comparable one.

A $1,000 mortgage payment affords a $225,000 mortgage payment in Kent.

Last week, the economy was shown to be improving.

  • The Commerce Department showed that the Gross Domestic Product increased at a 2.7% annual rate in Q3 2012
  • The Labor Department showed first-time unemployment filings dropping by 23,000 claims
  • The Pending Home Sales Index jumped to its highest point since April 2010
  • The Existing Home Sales report showed home sales up 2.1%
  • The Case-Shiller Index showed home values making annual gains 

In addition, Federal Reserve Ben Bernanke said that the central bank will take action to speed economic growth, should the U.S. economy start to side-step. 

This week, there is little on the U.S. economic calendar, save for Friday's Non-Farm Payrolls report. Wall Street is expecting to see 80,000 net new jobs created in November, and a rise in the national Unemployment Rate to 8.0%.

If the report's actual results are stronger-than-expected, mortgage rates will likely climb from their all-time lows. If the report comes back weak, rates should stay unchanged.

Foreclosure crisis isn't over yet (Forbes)  Pundits are jumping on the bandwagon of an end to foreclosures, but there's a backlog of impending foreclosures in parts of the country where the inventory hasn't burnt off, and those are due to hit soon.

Equity and AvalonBay take big risks with Archstone purchase (National Real Estate Investor) While the two apartment building owners have gobbled up some top-ranked assets, they also assume a mountain of debt.

Pepco progresses in talks for soccer stadium in Southwest (Washington Post)  The stadium in the Buzzard Point section of Southwest DC would go onto land now owned by Akridge, but a Pepco substation stands in the way, though the utility provider is in talks with the District to allow construction.

Saturday, December 1, 2012

Q and A with Griz Dwight and James Lafley 
by Beth Herman

Delivering a fully redesigned, rejuvenated restaurant in three weeks' time, architect Griz Dwight of GrizForm Design and Superintendent and Senior Project Manager James Lafley of Potomac Construction Services raced to reopen the outmoded Firefly, 1310 New Hampshire Avenue NW, located inside the Hotel Madera. Frequented by tourists and locals who covet the venue's famed pumpkin hummus, and steamed blue bay mussels, expanding the now 62-seat dining space and adding 8 more bar and lounge seats was at the top of the menu. DCMud spoke with Dwight and Lafley about the project.

DCMud: Why the rush? Where's the fire (fly)?!

Lafley: Firefly is a working restaurant and staff was given three weeks off. There are many regular, local customers, and there were functions like weddings planned, so we had to accomplish a phenomenal feat given the extent of the work.


DCMud: Describe the existing space.

Lafley: The whole space - a back dining room; main dining room; bar; a reception room - was drab and dingy. There was a round, outdated, inadequate bar with worn wood on the back. A wall around the kitchen with a cobblestone-like finish looked like the 1950s, though it had been installed in the '60s. Carpeting was very old.


Dwight: The space already had a woodsy feel and we were limited by time and budget, so rather than come up with a completely new scheme, we wanted to take what was there and amp it up. We took the idea of dining alfresco in the woods as far as we could. There was a tree there before, so we attached a swing for cocktail seating.

DCMud: The kitchen appears to be something out of a storybook.

Dwight: It was made to appear like the outside of a house or cottage. We used recycled brick, windows and shutters. They open up so the chef can pass items through them for happy hour. It feels like the kind of space in which your grandma might be as she calls you in for dinner.

DCMud: What are some of the design challenges you faced?

Dwight: One of the major goals of the renovation was to address some of the problems the restaurant was having. There was a huge sound problem, so a lot of our design intention was focused there.

Lafley: The ceiling was sprayed with an acoustical paint for a quieter environment.

Dwight: Acousti-Coat is a NASA-invented paint with ceramic modules inside the paint to dull sound. We also clad an entire dining room wall with leather-wrapped sound panels. The leather has that warmth and outdoorsy feel and absorbs 100 percent of the sound that hits it. We also took tree flaps - giant slices of naturally fallen trees - and made a dividing screen between the bar and dining room. So the bar can have that happy hour where people get a little bit louder, but the sound isn't going right to the dining room.


DCMud: Can you speak to some of the unusual lighting?

Dwight: We were really limited by ceiling height, but wanted to enhance the idea of tree branches and fireflies. Accordingly we attached bent pipes around the ceiling to imitate branches. Each one ends in a dimmed Edison bulb, which evokes the tail end of a firefly. Between this feature and the (cottage) kitchen, it makes it a very warm space.

DCMud: What are some of the other design elements you incorporated?

Lafley: California wood slabs were installed behind the hostess stand and between the two dining rooms, suspended on rebar, to give you the feeling of being outdoors. The outdated carpeting was replaced with engineered wood flooring that matches Brazilian cherry. Stone Source Trend Q tiles, which are recycled and in this case have a greenish cast, tops the new bar and really dresses it up. Slate flanks the side of the bar and runs around the base of the kitchen "cottage," as well as the entrance foyer. We installed glass walls that open up to the outside. In warm weather, the restaurant can be exposed to the street and patio out front.

DCMud: Sounds as though you beat the clock without sacrificing anything - except maybe some sleep.

Washington D.C. design news