Thursday, February 21, 2013

3 Common Short Sale MythsThere is a lot of misleading and incorrect information about Seattle real estate short sales.

Many people don't have a clear understanding of the purpose of short sales or how they actually work.

Essentially, a short sale is when one sells their home for less than the balance remaining on the mortgage attached to the property.

The proceeds from the sale are used to repay a pre-negotiated portion of the balance to settle the debt.

A short sale can be a solution for homeowners who really need to sell their home but owe more on the mortgage than the home is worth.

Understanding the short sale process can help make the most out of a real estate sale.

Here are some common myths and why they are false:

A short sale damages one's credit record as much as foreclosure

In many cases a short sale is less damaging to your credit record than a foreclosure. Some lenders may think that the short seller acted in a more responsible manner than simply walking away from the property.

Although the amount paid may have been less than the mortgage balance outstanding, the loan was settled with the lender. Opting for foreclosure is often seen as a lack of responsibility.

To qualify for a short sale one must be behind on payments

This might have been true in the past, but it’s not anymore.

You just need to be able to prove that you are in financial hardship, which could be due to death in the family, divorce, job loss, mortgage rate hike or even loss of property value.

After a short sale you can’t buy again for five to seven years

This may be true in some cases, but not all. In certain situations the waiting period can be reduced as low as two or three years before you are allowed to purchase another home.

It would be wise to speak with licensed real estate professional or home financing specialist to get the most current options in the marketplace.

Pass it on

These are just a few examples of commonly believed short sale myths. A clear understanding of the short sale and the benefits it  can provide is important for financially strapped homeowners.

Feel free to pass this important information on to someone that you feel would benefit from it.

 

 

Wednesday, February 20, 2013

SELLER: Michael Symon
LOCATION: New York City, NY (Soho)
PRICE: $3,500,000 (list)
SIZE: 1,509 square feet, 2 bedrooms, 2 bathrooms

YOUR MAMAS NOTES: We've known for a while now that meat-centric James Beard Award winning chef Michael Symon and his wife Liz bought a two bedroom and two bathroom New York City penthouse apartment last March (2012) for $3,050,000, quickly caught an acute case of the Celebrity Real Estate Fickle and flipped it back on the market less than a year later with a $3,500,000 million price tag.

Property records show Mister and Missus Symons purchased the petite penthouse from London restaurateur turned theater investor Laurence Isaacson who brazenly installed floor-to-ceiling mirrors on two walls of the living room, slathered one wall of the guest bedroom/sitting room with a very Ross Bleckner-esque random abstract pattern wall covering and obsessively used cobalt and navy blue as the only accent colors throughout the otherwise neutrally decorated.

Mister Isaacson—don'cha know—had the penthouse photographed in all its poppy, cobalt blue glory for the Wall Street Journal back in July 2011 when it was listed at $3,395,000. Your Mama suggests y'all steel yourselves with a nerve pill and/or a stiff cocktail of your choice before having a look see at that decoratively unwise fantasia of beige and blue. Listen, butter beans, Your Mama loves cobalt blue just as much as the next person but too much of a good thing is just too damn much of a good thing. Okay?

As far as we know—and we really know so very little about anything—Mister Symon does not currently own or operate an eatery in New York City.* He does, however, frequently appear on scads food and cooking related television programs, many of which are taped in New York: Melting Pot, Iron Chef, The Next Iron Chef, Cook Like an Iron Chef, Dinner: Impossible, Food Feuds and The Chew. It's a wonder the man has time to cook or run a damn restaurant. Anyhoo, getting back to the real estate discussion at hand...

Listing photos show Mister and Missus Symon didn't remove the mirrors in the living room (or the kitchen) but did otherwise de-Isaacson-ed the penthouse so they could add their own less strict decorative stamp and palette to the 1,509 square foot apartment that's accessed via a semi-private key lock elevator that unfortunately opens directly into the (open-concept) kitchen area.

To the right of the front door there's a 22-foot long main living space that makes for a generous living room but would most certainly be a bit crowded with the addition of a proper dining table. To its credit, the living area does have matte finish narrow strip wood floors, airy 12-foot ceilings and three over-sized west facing windows.

A snack counter peninsula divides the living/dining space from the compact but expensively equipped kitchen outfitted with butcher block and slab marble counter tops and back splashes, gray on putty-colored cabinetry with minimal hardware, high-grade stainless steel appliances and, curiously, more mirrored panels above the fridge and upper cabinets on the far wall. Where Mister Isaacson had a flat screen t.v. mounted to the wall, Mister Syman has added a new-fangled sort of pot rack from which hang a dizzying and dangerous looking collection of sauce pans and colanders.

The two bedrooms—small by suburban standards, adequate by urban standards—are situated side-by-side at the rear of the penthouse. The guest bedroom makes use of a hall bathroom that's covered floor and walls with mosaic tile and where there's a stacked washer and dryer. We're not sure how we feel about doing the laundry in the same room who—ahem—evacuate but it's definitely better to have private laundry at all than to not have it at all and we suppose in the bathroom seems a smidgen better maybe than having them shoved up under the counter in the kitchen as they often can be in New York City apartments.

The master bedroom next door, only slightly larger than the guest bedroom, has a small private balcony—too small to do anything by stand around and smoke, really—a walk-in closet plus a full wall of built-in storage in the bedroom area. The attached master bathroom has two sinks and a separate tub and shower set up. Decoratively speaking, we could definitely due without the extra shaggy shag rug—our house gurl Svetlana would have a violent conniption if we brought home a dirt and dog hair collector like that—but we do rather appreciate the padded bed frame and headboard that ensures Your Mama's boozy shins would stay bruise free on late night trips to use bathroom and candy cabinet.

The penthouse comes with a private, nearly 1,000 square foot roof terrace. For some reason it makes squeamish that you have to ride in the elevator to access the roof terrace but we do very much appreciate that the elevator opens into a private wet bar/butler's pantry. That means there's no need to navigate the elevator situation whenever you need to freshen up a drink or snatch a snack. The meandering roof terrace has several sitting/dining areas, some of which are decked and some of which have faux-grass underfoot.

The $3,680 per month common charges and taxes help cover the cost for the pet-friendly André Balazs-developed complex on the border between the SoHo and NoLiTa nabes that offers residents 24-hour doorman services, a fitness room, storage space and an on-site super/manager.

BUYER: Michael Symon
LOCATION: New York City, NY (Gramercy Park)
PRICE: $2,750,000
SIZE: 1,777 square feet, 2 bedrooms, 2 bathrooms

YOUR MAMAS NOTES: It seems that Mister Symon had picked out his next penthouse even before he listed his old one. Last November, according to the details on Street Easy, Mister Syman and his wife put another penthouse—this one several blocks north and east of Gramercy Park—into contract that property records show the finally closed on in early February (2013) for $2,750,000.

Listing details show the Symons' new penthouse pad is, at 1,777 square feet, only slightly larger than their previous penthouse and also includes a semi-private key-lock elevator entrance plus lots of direct access outdoor space, two bedrooms well separated for privacy, two bathrooms and—the piece de resistance, perhaps—a private deeded parking space in the on-site garage.

Mister and Missus Symon's new penthouse also has a larger, loft-like open-concept main living/dining/cooking space with high ceilings and medium toned mocha brown wood floors and direct access to both the north and south terraces. The south-facing living area has a (gas) fireplace flanked by built-in book shelves and surmounted by a flat-screen television. A wall of floor-to-ceiling wood-framed doors slide open access to a 220 square foot south facing terrace that does have lovely over-the-rooftop city views but—sadly—isn't entirely private due to the windows of the upstairs apartment. There will be no nude sunbathing here unless Mister and/or Missus Symon don't mind their upstairs neighbor having a direct and up-close view of their naughty bits.

The living area merges seamlessly into the open-concept dining/kitchen space that also, technically, does triple duty as the foyer since the elevator entry opens directly into the dining room. Like in the living room a full wall of floor-to-ceiling wood-framed glass windows peel open to a second, north facing terrace that is larger than the one off the living room but not any less exposed to the upstairs neighbor.

The spacious but hardly huge kitchen and service areas are sleek but efficient with dark ashy brown cabinetry, a chunky solid-surface counter top that waterfalls over one end of the super-sized center island and cantilevers over the other end to provide a snack counter. The appliances are high end and while there's no overhead cabinetry for tableware and food storage there's a sizable butler's pantry with large pantry closet and a wine refrigerator. Beyond the butler's pantry there's a spacious and very convenient storage area and laundry room.

Each of the bedrooms has a roomy walk-in closet and direct access to one of the two terraces—the master to the south end terrace and the guest bedroom to the north side terrace. The guest bedroom has easy access to the hall bathroom—tucked discreetly behind the kitchen for property pooper privacy—and the master has direct access to a larger—but also windowless—marble-walled bathroom with double sink floating vanity and a separate soaking tube and glassed-in stall shower with built-in seat for taking a post hair washing break.

Common charges and taxes for the building come to $2,139, according to listing details, and additional creature comforts include custom window treatments, custom closet system and wiring for a surround sound system. The boutique building isn't much to look at—it's just a big grayish brown brick building with a uniform facade of over-sized warehouse-style windows—and it doesn't have a doorman but it does offer residents a private basement level storage areas.

*Mister Symon did open an upscale Greek eatery Parea in 2006 near Madison Square Park but it quickly closed its doors the following year. Mister Syman does, however, own numerous restaurants in and around Cleveland, OH, a mid-sized Midwestern city perhaps better known for its pierogies and sausage sandwiches but also posseses—so our research shows—a strong and epicurean streak partly underpinned by a few of Mister Syman's healthy handful of local dining establishments that include Lola, Lolita, Roast and B Spot Burgers.

listing photos and floor plans (Soho and Gramercy Park): Corcoran
BUYER: LeAnn Rimes
LOCATION: Hidden Hills, CA
PRICE: $3,000,000
SIZE: 8,642 square feet, 6 bedrooms, 9 bathrooms

YOUR MAMAS NOTES: Last December recently rehabbed country music queen—and Twittering trouble maker—LeAnn Rimes tweeted about how happy she was to finally close on her new house in the guard-gated, celebrity-stocked and semi-rural suburban enclave of Hidden Hills, CA.

It took awhile for details to surface about which house exactly she and her second husband Eddie Cibrian—the philandering ex-husband of foul mouthed and sometimes volatile Brandi Glanville of The Real Housewives of Beverly Hills—settled on but according to several sources the couple successfully purchased a privately situated short sale property.*

Property records show the two acre estate was sold in late December for an even-steven $3,000,000 and listing details we dug up on the internets shows the sprawling, two-story sorta-Spanish style McMansion was built in 2005, measures in at 8,642 square feet and contains six bedroom suites and nine bathrooms.

An extra-wide driveway at the front curls up to a compact motor court and four car attached garage that extends finger-like off the front of the stone-, stucco- and wood-faced residence. Tree shaded lawns surround the house that opens up to backyard entertainment areas that include several covered porches, a dark bottom swimming pool with inset spa, a poolside dining pavilion with built-in barbecue station and, set well away from the house, a separate guest house nestled into a steep slope.

As it turns out, the new residence of Mister and Missus Cibrian-Rimes is just a few doors down and around the corner from the house the couple leased the last few years. That house, a considerably smaller—and in our humble and utterly meaningless opinion, architecturally pedestrian—5,100 square foot mini-mansion on one acre with five bedrooms, six bathrooms and a two-stall stable has popped up for sale on the open market with an asking price of $2,595,000.

*Records Your Mama peeped show the seller—a merchant services company executive and his philanthropically inclined and athletic wife—purchased the property in late December 2006 for $5,575,000, which means someone—the seller? the lender?—lost almost 2.6 million buck on this deal.

listing photos (new house): Crescent Realty
listing photos (old house): Ewing & Associates Sotheby's International Realty

Home Builder Confidence Strong

Many times real estate market experts point to the feelings of the nation's home builders as a bell-weather signalling the health of the housing sector.

This month's reading indicates that home builders are feeling pretty good.

The National Association of Home Builders / Wells Fargo Housing Market Index (HMI) for February changed by one point to 46 as compared to 47 for January's reading. 

Over the last four months, HMI readings have stayed within a three-point range between 45 and 47, indicating a plateau after rising from 25 to 45 in 2012.

Housing Market Index Near Highest Levels Since 2006

The good news is that February's reading remains near the HMI's highest level since April 2006, when the HMI reading reached 51.

Some builders may be taking a wait-and-see stance in their confidence as high national unemployment rates and rising costs for building materials impact home buying ability and home prices.

Regional factors influencing builder confidence include difficulties in finding building sites and labor required for building new homes.

3 Important Categories Affect The Home Builders Index

The HMI is a seasonally-adjusted index comprised of three survey categories of home builder confidence.

Readings above 50 indicate that more builders are finding conditions good than bad within each category and overall:

  • Builder confidence in current new single-family home sales fell by one point to 51 in February, but sustained a positive rating.
  • Builder confidence in new single-family home sales over the next six months achieved a reading of 50 in February, up from 49 in January.
  • Builder confidence in foot-traffic in new single-family homes fell by four points from 36 in January to 32 in February.

February results for four regional categories consist of 3-month moving averages for new home sales: the Northeast gained 3 points to 39, The West gained 4 points to 55, the Midwest fell 2 points to 48 and the South fell by 2 points to 47.

With demand for homes increasing, home prices and mortgage rates are likely to rise during spring and summer as warmer weather brings out more potential buyers.

Check with your real estate and mortgage professional for the most updated market details in your area. 

Tuesday, February 19, 2013

SELLER: Mickey Rooney
LOCATION: Westlake Village, CA
PRICE: $1,075,000
SIZE: 2,413 square feet, 4 bedrooms, 3 bathrooms

YOUR MAMAS NOTES: We don't know if it has anything at all to do with the scandalous allegations of elder abuse that he made in 2011 against his step-son but The Bizzy Boys at Celebrity Address Aerial whispered to Your Mama that nonagenarian actor Mickey Rooney popped his surprisingly modest lake front home in a 24-hour guard-gated community in the upscale suburban community of Westlake Village, CA on the market last December with a $1,075,000 asking price.*

Born in Brooklyn to vaudevillian parents and raised in Hollywood by a single mother, Mister Rooney has been in The Big Business of Show since before he could properly walk or talk. At 92, the still-working actor has appeared in—literally—hundreds of films, animated features, made for t.v. movies, television programs and stage productions including but hardly limited to the Mickey McGuire series (1927-1934), National Velvet (1944), Breakfast at Tiffany's (1961), Sugar Babies (1980) The Fox and the Hound (1981), Bill (1981), Night at the Museum (2006) and The Muppets (2011).

The man may only be just barely more than five feet tall but, in case some of you youngsters don't know your Hollywood history, he's a goddamn giant in Tinseltown. He's recipient of an Emmy (and four more nominations), two Golden Globes and four Oscar nominations plus a Juvenile Academy Award and an honorary Oscar for his nine-plus decades long Showbiz career. He received a Tony nomination for his lead role in the Broadway musical Sugar Babies and has no fewer than four stars on Hollywood Walk of Fame, one for radio, another for television, a third for films and a fourth for Live Theater.

Mister Rooney, either a real cocksman or a terrible husband, has been married eight times including, ever so briefly, to Ava Gardner in the 1940s. He's the father of nine biological children and at least one step-child. It's his step-son, Chris Aber, the biological son of his current and long time 8th wife Jan Chamberlin Rooney, that Mister Rooney accused of elder abuse. Court documents and press reports show that Mister Rooney claimed his step-son—who also worked as his long time personal assistant—committed elder abuse over a period of years that deprived him of food and medication, stripped him of his small fortune and left him unable to make basic decisions about his own life. Curiously, Eighth Missus Rooney—that would be Jan—denied the claims of elder abuse by her husband, a sticky situation that surely must have made conversation a bit tense at dinner time.

Anyhoo, property records show Mister and 8th Missus Rooney, married 30-plus years now, purchased the humble if not exactly inexpensive abode way back in June 1981 for an unknown amount of money.

Listing details show the nondescript two-story 1970s contemporary has four bedrooms and three bathrooms in 2,413 square feet of updated—if  uninspired—interior space. There's one bedroom downstairs and the second floor master suite has a long and narrow balcony that cantilevers over the deck below and looks directly out to the narrow finger of Westlake Lake that runs along the backside of the .12 acre postage stamp-sized parcel.

Mixy-matchy beige and brown tile floors run throughout the main living spaces that include an open plan living/dining room with vaulted ceiling and a mottled red brick fireplace shoved uncomfortably up into the corner next to a wide glass door that slides open to a small deck that overlooks the lake.

The eat-in kitchen, according to listing information, is "newer with lovely cabinets" and has a curved breakfast counter, hausfrau-grade white appliances, flecked counter tops that may or may not be granite or some sort of quartzite and a large lake view window hung with those horrid vertical blinds that always make Your Mama shudder and shiver with decorative mortification. We know that vertical blinds are ubiquitous but—from a decorative stand point, as far as Your Mama is concerned—they're really no better than tacking up a cheap sheet.

A deck runs the full width of the back of the house and steps down to a wee patch of grass that ends at the bulk headed water's edge. Listing information indicates there is a private dock where residents and their guests can tie up their watercraft.

Property records indicate this isn't the first house in Westlake Village owned by Mister and Eight Missus Rooney. In March 1994 they sold a much larger 6,192 square foot mock-Med McMansion with six bedrooms and 7 bathrooms on just over half an acre for $735,000.

Current listing information available online shows Mister Rooney's residence is currently in escrow. Your Mama has no idea what Mister Rooney's future real estate plans may be and, even though Your Mama may not care for his rather righty-tighty politics when it comes to social issues, we very sincerely hope he's headed to comfortable circumstances where he'll be well provided for and taken care of by people he can trust.

*Most listings indicate the asking price if $1,075,000 but at least one digital listing shows it at $1,070,000. 

listing photos: Prudential California Realty

Packing Tips For Moving HomesMoving everything in your house to your new |**CITY & CITY**| home can be an overwhelming task.

You never realize how much stuff you actually own until you try to fit it all into boxes and move it somewhere new.

When you are packing up your things to relocate, here are some helpful tips to make your moving experience much easier:

Start Packing In Advance

You don't have to wait until the day before you move to start packing everything in your house!

As soon as you find out that you are moving, you can start packing the items you don’t often use, such as your seasonal decorations, photo albums and family keepsakes.

If you pack a few items per week, you’ll have almost everything packed by the time you are ready to go except for the essentials you use every day.

Establish A System

Rather than randomly throwing every item you see into a box, think ahead and create a logical plan for your packing.

Before you start, develop a simple record-keeping system.

Give every box you pack a number and write a corresponding list detailing the items in that box.

This way, when you arrive you will know exactly where to find each item.

Stay Organized

You will want to keep all of the items from each area of the house together so they can be unpacked easily.

For example, keep all of the boxes of kitchen supplies together and then put them straight into the kitchen when you arrive at your new home.

You could even designate a color for each room in the house and put colored stickers on the boxes so that the movers or anyone helping you can easily determine in which room a box belongs.

Bonus Tip: Sometimes Less Is More

One final consideration that can make your move easier is to use your move as an opportunity to pare down your unused belongings.

Plus, you won't be left wondering why you decided to move things from one home to another once you start unpacking.

As with many things, the more organized you are when packing, the less stressful it will be when you arrive and at your new house. 

 

Monday, February 18, 2013

For those of the children who just can't bear silly discussions about the seemingly capricious real estate activities of a pregnant reality star with a Texas-sized backside and an annoyingly supercilious baby daddy Your Mama offers y'all something altogether more architecturally edifying and decoratively edumuhcational...

Last week Your Mama relayed the delicious—and entirely unconfirmed—Platinum Triangle real estate rumor that telecom tycoon Gary Winnick might be willing to part with his epic Bel Air estate, Casa Encantada, if some deep pocketed buyer comes along with $225 million.

Casa Encantada—sometimes referred to nowadays as the far more prosaic Bellagio House—was built in the late 1930s by a wealthy widow named Hilda Boldt who had the Hollywood Regency meet Georgian style mansion designed by premier architect James Dolena and decorated by the legendary T.H. Robsjohn-Gibbings who created hundreds of custom pieces of furniture for the nearly 30,000 square foot main house and its various outbuildings.

Your Mama was recently informed by a kind and academically inclined gent we'll call Willem Wantsyoutosee that in December 1939, not long after Casa Encantada was completed, The Widda Boldt had the mammoth mansion and its extensive grounds photographed for posterity by the legendary but too little lauded architecture and garden photographer Maynard L. Parker.*

Fortunately for all us architecture, real estate and day-core obsessed looky-loos, an exquisitely preserves cache of 73 of Mister Parker's pictures of Casa Encantada in all its James Dolena dignity and and T.H. Robsjohn-Gibbings glory are available to view online courtesy of the Huntington Library on The University of California's Calisphere site.

The photos show grandly proportioned public rooms wrapped in exquisite boiserie and furnished with streamlined upholstered pieces and dozens of eccentric—even campy—tables, consoles and a even white grand piano perched atop carved sphinxes, griffins and dragons. The photos also show soaring ceilings with heavy duty wedding cake moldings, fluted columns galore and plaster pilasters by the dozen, numerous marble and carved stone fireplace mantels, elaborate pediments over interior doorways and barrel vaulted corridors.

As we discussed last week and is well documented in both Jeff Hyland's pricey 2008 coffee table book The Legendary Estates of Beverly Hills and Michael Gross's dishy 2011 non-fiction exposé Unreal Estate, gambling debts and bad investments forced The Widda Boldt to sell Casa Encantada in 1950 for the bargain basement price of $225,000 to hotelier Conrad Hilton who bought and kept most if not every bit of the spectacular Robsjohn-Gibbings furnishings.

Mister Hilton lived at Casa Encatada until he died in 1979 at which point the property passed to billionaire David Murdock who paid $12.4 million for the property and who retained much of the mansion's architectural detailing but sold off most of the custom Robsjohn-Gibbings pieces to make way for his own collection of 18th century English furniture. It was Mister Murdock who sold the property to Mister Winnick in the early Aughts for around $94 million in cash and property. Mister Winnick proceeded with a massive renovation, restoration and expansion of the property that, we've been told but can't confirm, honors and respects if not exactly cleaves to the original designs of both James Dolena and T.H. Robsjohn-Gibbings.

*In addition to Casa Encantada, from the late 1930s through the 1960s Mister Parker snapped the Los Angeles homes of just about everybody who was anybody in Tinseltown including but far from limited to Claudette Colbert, Fred MacMurray, Ira Gershwin, Judy Garland, Mary Pickford, Fanny Brice, Edith Head, Ronald Reagan and Jane Wyman, Tyrone Power, Alan Ladd, Jennifer Jones, Gregory Peck, Eartha Kitt, Loretta Young, Jerry Lewis, Vincent Price and on and on and on...