Howie Mandel Snags a Deal on His Malibu Home

AUTHOR:ERIKA RIGGS
ZILLOW BLOG

Source: IMDb

This time around, Howie Mandel chose to say “deal.”

The host of “Deal or No Deal” recently sold his Malibu home for $7.75 million.

According to real estate agent Mike Gardner of Malibu Real Estate, Mandel learned quite a bit about brokering deals from his time on the show.

“Howie knew what price he wanted, held out for it, and got it … even if it took over two years,” Gardner wrote in a blog post.

In fact, Mandel was so confident about his Point Dume-area home, he raised the price by $500,000 in January — after 15 months on the market.

Located at 6950 Dume Dr, Malibu, CA 90265, the home was designed by architect Douglas Burdge to resemble a Nantucket-style estate with large windows and an indoor-outdoor living flow, all with incredible views of Santa Monica Bay. Inside, the 5-bedroom, 5.5-bath home is host to a number of details including hand-scraped wood floors, open beams and custom molding. The grounds include a large pool, grassy expanse and separate 1-bedroom, 1.5-bath pool/guesthouse.

Mandel bought the home for $3 million in July 2006. His price increase, notes Gardner, timed perfectly with a flurry of real estate activity in the Point Dume area. There are currently 453 homes on the market in Malibu, and the area is seeing a generous uptick in home values, increasing 29.3 percent year-over-year.

Mandel’s listing was held by Matt Rapf of Pritchett-Rapf & Assoc.

Organizing Kitchens and Clearing the Clutter

Tidy file center

By the DIY experts of The Family Handyman Magazine

Organized files

Countertops are a landing pad for paper—mail, news clippings and other assorted notes. Get that mess off your counter with folders and a file holder. The one shown here (from an office supply store) mounts with screws or double-sided foam tape. If you don't have suitable vertical surface, get a file holder that sits on the countertop. It will take up less space (and look neater) than a stack of papers.

MAR: Miami Home Prices Hop 18.9% in October

October continued Miami’s strong housing streak, according to the Miami Association of Realtors.

Miami home prices increased for the 23rd straight month in October, rising 18.9 percent year-over-year to $220,000, according to the newest analysis by the Miami Association of Realtors (MAR).

Condo prices in the Magic City saw similar increases, rising 17.2 percent to $170,000. Natascha Tello, the 2013 chairman of the board for MAR, said such numbers show the strength of Miami’s housing market.

“The 23 consecutive months of appreciation of Miami home and condo prices is a remarkable sign of the vitality and strength of South Florida’s real estate market,” Tello said. “Rising home and condo values is a reflection of increased demand from international buyers from around the world, creating a great opportunity for sellers.”

Miami Real Estate – Key Trends

Other notable findings in MAR’s report included:

• Home sales were relatively flat from September to October, but they were actually down 6.5 percent from Oct. 2012.
• Condo sales were a bit stronger, declining just 1.2 percent from last year but rising 4.7 percent from September.
• On a very positive note, 60.5 percent of home sales in October were traditional sales, with REO and short sales accounting for 20.8 and 18.8 percent of sales, respectively; by comparison, just 49.8 percent of sales last October were traditional.
• Perhaps most encouraging of all, though, was Miami’s progress on the housing inventory front. The number of active listings in Miami was up 18.3 percent, rising from 12,597 in Oct. 2012 to 14,903 last month; single-family home listings were up 10.4 percent, while condo listings were up 23.5 percent.
• Overall, there is now a 5.3 month supply of single-family homes and 6.6 months of supply of condominiums in Miami-Dade, representing an increase of 17.8 percent and 24.5 percent, respectively, compared to year-ago levels.

 Cash is (Still) King in Miami

Unsurprisingly, cash remained king in Miami, with 48.9 percent of all home sales in October being all-cash deals. That’s up 3.2 percentage points from a year ago, and is especially noteworthy compared with national averages; according to the latest numbers from NAR, 31 percent of all existing-home sales were all-cash.

The situation was even more pronounced in the condo market, where 71.2 percent of all sales were all-cash.

Fernando I. Martinez, MAR’s residential president, said the preponderance of all-cash is a sign of Miami’s strong international market.

“Moreover, the significant growth in cash sales shows that Miami is the destination of choice for international buyers, who continue to play a major role in the local market,” he said.

- See more at: http://miamiagentmagazine.com/mar-miami-home-prices-hop-18-9-october/#sthash.VbJQQhtt.dpuf

Miami Jumps 10 Spots in List of "Cities That Shape the World"

By Kyle MunzenriederNew Times Blog

The Economist Intelligence Unit has released its rankings of the 120 most economically competitive cities in the world [PDF], and Miami, just one of 12 American cities to make the list, shot up 10 spots this year. Miami in fact now ranks 40th overall.

The list ranks cities based on their competitiveness, defined as their "ability to attract capital, businesses, talent and visitors." The rankings also take into account economic strength, physical capital, financial maturity, institutional character, human capital, global appeal, social and cultural character, and environment and natural hazards.

Miami ended up with a score of 56.5 out of 100, and found itself ranked 40th right between Abu Dhabi and Tel Aviv. That's an increase of 10 spots since the last list.

Though, several other American cities on the list ranked higher: New York (1), Chicago (9), Washington, D.C. (14), Los Angeles (17), San Francisco (18), Boston (19), Houston (27), Dallas (32), Atlanta (33), and Seattle (35). Only Philadelphia ranked lower at 48, but we suppose that's better than not making the list at all. Sorry, Tampa.

Ricky Martin Lists Manhattan Apartment for Sale

AUTHOR:ERIKA RIGGS
ZILLOW BLOG

Source: IMDb

Even if you once sang about “Livin’ La Vida Loca,” owning two Manhattan apartments may be just a bit too much loco.

Pop singer Ricky Martin — and more recently Broadway actor and children’s book author — has listed his condo at 40 Bond St. for $8.3 million, according to The Wall Street Journal. He bought the home for $5.7 million in 2007 under an LLC. The Journal notes that the same LLC is tied to Martin’s other New York apartment, which he bought for $5.9 million last year.

The Bond Street apartments are in a cast-iron building developed into a luxury condos. Martin’s home is a 3-bedroom, 3.5-bathroom unit with 2,637 square feet of living space. High ceilings further enhance the 11-foot-high windows in the living room. “Austrian smoked oak” floors extend from the living space into the kitchen and master suite. On-site amenities include a 24/7 doorman and gym.

Martin’s new place on the Upper East Side is a little bit bigger, measuring 3,147 square feet with 4 bedrooms and 4.5 baths. He shares the apartment with his partner, Carlos Gonzalez Abella, and their twin sons. 

Organizing Kitchens and Clearing the Clutter

Concealed message center

By the DIY experts of The Family Handyman Magazine

Dry erase message board

Don't let shopping lists, phone messages and to-do notes clutter up counter space. Mount a dry-erase board and a plastic bin on the inside of a cabinet door with double-sided foam mounting tape. The bin will protrude into the cabinet, so be sure to position it where it won't collide with shelves or the stuff inside. Get the board, bin and tape at a discount or office supply store.

Balloon Mortgage Explained

Those interested in alternative mortgage financing may be wondering what is a balloon mortgage. A balloon mortgage is a form of financing a house that is a cross between an adjustable rate mortgage (ARM) and a fixed rate mortgage. While a balloon mortgage can allow you to purchase a house or lower initial monthly payments, there are many risks associated with a balloon mortgage. Therefore, before selecting this or any other type of alternative mortgage financing, it is essential to get a clear understanding of what is a balloon mortgage and how they work.

What is a Balloon Mortgage

A balloon mortgage is a mortgage in which your interest rate is fixed for a set period of time. This set period of time is usually five to seven years long. During that period of time, your mortgage payments will be determined by an unchanging interest rate and you will know exactly how much you have to pay every month. In this sense, a balloon mortgage is very similar to a fixed rate mortgage.

However, a fixed rate mortgage usually lasts for fifteen to thirty years and if you make your mortgage payments each month and don't refinance, at the end of the term of your fixed rate mortgage loan, your mortgage balance will be paid in full and you will own your home free-and-clear.

In a balloon mortgage, on the other hand, at the end of the specified period, the remaining balance will come due on your mortgage. So, for example, if you took a $100,000 balloon mortgage and paid off approximately $15,000 in principle over 5 years, then at the end of that 5-year period, the remaining balance of $85,000 would become due.

Most people, of course, do not have this $85,000 balance at the end of 7 years to pay off their mortgage in full. The premise, at that point, is to refinance the loan or to take a new mortgage for the remaining balance. When you refinance, you can refinance into any type of loan that you want and that you can qualify for. Your interest rate for this new loan will be fixed based on prevailing market rates at the time. In this sense, a balloon is similar to an adjustable rate mortgage, because at the end of the seven year period, your interest rate will adjust or change.

Why Choose a Balloon Mortgage

People choose a balloon mortgage because it allows you to have lower monthly payments and a lower interest rate for the first five to seven years you own your home. This may seem attractive to borrowers who believe that their incomes will go up or that interest rates will go down. Others choose a balloon mortgage because they do not think they will stay in the house for the full five or seven years until their balloon becomes due, so they want to take advantage of the low interest fixed interest rates for the duration of the time they are in the house.

Many people believe these are simpler than a standard adjustable rate mortgage, since your loan may adjust only once when you take out a new loan to pay off your "balloon" payment. Furthermore, when the interest rate does adjust when you take your new loan, it is based on prevailing market rates and not on an index specified in an ARM contract.

Risks

The major risk associated with a balloon mortgage is that you will be unable to refinance into a loan that you can afford when your balloon payment comes do. If your property values fall, or if your credit or income goes down before your balloon comes due, you may not be able to qualify for a new mortgage to pay off the balance of the balloon. In that case, the bank may foreclose on your house if you are unable to pay what you owe.

Other risks include the possibility that interest rates will rise, and thus you will need to refinance into a more expensive mortgage when the balloon becomes due, or that property values will fall and you will be unable to sell your house when you planned to. Again, this may cause you to be unable to afford to make your house payments.

Because of these risks, it is essential to fully understand what is a balloon mortgage before choosing this method of financing.

Matt Damon Cuts Price on Miami Mansion

AUTHOR:ERIKA RIGGS
ZILLOW BLOG

Source: IMDb

The Miami area has consistently been home to a number of A-listers, ranging from Rosie O’Donnell and Billy Joel to Cher and Ricky Martin. However, those four have sold, and others — including Shakira, Celine Dion and Matt Damon, are now in the process of selling. Where they are going and why are they selling is anyone’s guess.

Damon just sweetened his listing for potential buyers by recently cutting the price of his Miami home by the odd sum of a million and one thousand dollars, bringing the price tag from $20 million down to $18.999 million.

The Oscar-winning screenwriter and actor bought two parcels in 2005, one for $10.3 million and another for $4.2 million, to create his custom compound, reported the Wall Street Journal. The home is situated within the La Gorce neighborhood on N Bay Road, where Alex Rodriguez, Jennifer Lopez and Calvin Klein also once owned homes.

Constructed in a Mediterranean style, the 12,705-square-foot home sits on a little over half an acre with 1,750 feet of waterfront access on Biscayne Bay. The property has a pool house with full kitchen and rooftop terrace, as well as a guest house. The two-story main house boasts 7 bedrooms, 10 baths, a home theater, gourmet kitchen, and master suite with private, ocean-facing terrace.

Damon currently lives in Pacific Palisades, where he bought a house less than a mile away from his actor-buddy Ben Affleck. He paid $15 million in late spring of 2012.

The listing is held by The Jills, Jill Hertzberg and Jill Eber of Coldwell Banker Previews International.

Organizing Kitchens and Clearing the Clutter

Expand the counter with a kitchen cart 

By the DIY experts of The Family Handyman Magazine

 Kitchen cart on wheels

A rolling kitchen cart is the next best thing to adding cabinets and countertop space. The top provides extra workspace when you're preparing that big Thanksgiving dinner. And the shelves below hold items that would otherwise consume countertop space. If you plan to use a cart for food preparation, choose one with a tough top like butcher block, stainless steel or plastic laminate. Some cart tops are glossy finished wood—beautiful, but not very durable. Carts come in a variety of wood finishes, so there's a good chance you can match your existing cabinets. Or you can go for an eclectic look with a shiny metal or painted cart.

Miami market property continues to see unprecedented sales in third quarter of 2013

Following record breaking sales activity for nearly three years, the Miami real estate market saw unprecedented growth in the third quarter of 2013 as demand for local real estate and limited supply continue to fuel double digit growth in prices.

The latest figures from the Miami Association of Realtors shows that there was a significant 21.2% and 8.7% increase in the sales of homes and condos, respectively, in the third quarter of 2013 compared with the same period in 2012.

The growth in home sales was driven by a 89.5% increase in home sales $250,000 to $299,999 and a 67.7% growth in sales $600,000 to $999,999 when compared to the same time in 2012.

Meanwhile, condo sales were driven by the 50.8% growth in condo sales $250,000 to $299,999 and a similar surge of 46.9% in condos $400,000 to $599,999 relative to the third quarter of last year.

‘The surge in sales of Miami homes and condos is driven by a robust demand for real estate from international buyers from worldwide markets and large numbers of US buyers from other states,’ said Natascha Tello chairman of the board of the Miami Association of Realtors.

‘The third quarter statistics reflect a significant strengthening of our local real estate market with more homes being sold faster than last year,’ she pointed out, adding that association’s initiatives to increase inventory and focus on assisting members to get more listings has made progress along with some additional distressed properties coming on the market.

Home and condo listings also grew by double digits in the third quarter. There were 5,937 new single family home listings, growth of 15.3% relative to the same period last year. Meanwhile, new condo listings were stronger with an increase of 20.5% from 6,872 in the third quarter of 2012 to 8,282 this year.

Median sales price for homes in Miami-Dade County was $230,000, an increase of 21.3% compared to last year and 12% relative to the previous quarter.  The median sales price for condos rose 26.6% to $183,600 in the third quarter compared to the second quarter of 2013. Third quarter price increases mark seven quarters of increases for both single family homes and condominiums.

In addition, compared to last year, the average sales prices for single family homes and condominiums increased 8.1% to $381,517 and 19.3% to $329,418, respectively.

‘Despite more new listings coming on the market, supply remains tight, particularly for properties in lower price points, for current level of demand for Miami properties. Robust sales will continue to drive price appreciation in the Miami market,’ said the association’s residential president Fernando Martinez.

Nationally, the median sales price of existing single family homes was $207,300 in the third quarter, up 12.5% from the third quarter of 2012. The national median sales price for condominiums was $205,400, a 15.1% increase over the previous year.

The statewide median sales price for single family existing homes in the third quarter was $175,000, up 18.6% from the same quarter a year ago. The median sales price for condominiums in Florida was up 23.8% compared to the same quarter last year at $130,000.

The data also shows that in the third quarter, 59.3% of closed sales were all cash compared to 63.3% a year ago. All cash sales were 45% of single family home closings and 71% of all condominium sales. Since nearly 90% of foreign buyers pay cash, this reflects Miami’s position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating many more cash transactions than the national average.

Homes were sold much faster during the third quarter of 2013 compared to the previous year. The median duration of a home listing during the last quarter was 37 days compared to 43 days during the same period last year, a significant decrease of 14%. Meanwhile, condo listing durations were comparable to 2012 figures at a median of 46 days compared to 43 last year.

Total third quarter active listings in Miami-Dade County totaled 14,273, representing an increase of 14.2%. At the current sales pace, this reflects 4.9 months of inventory for single family homes and 6.3 for condominiums. Months supply of inventory declined 12.5% for single family homes and increased 11% for condominiums compared to the third quarter of 2012.

Original article at Propertywire.com

Florida's 825 Miles of Beaches Are Coming to Google Map's Street View

By Kyle Munzenrieder 
New Times Blog

Courtesy of Visit Florida

Have you ever wanted to take a trip down one of Florida's beaches without leaving your computer? Well, that's kind of sad, but starting next year you'll be able to.

Visit Florida, the state's tourism and marketing arm, has teamed with Google to use their street mapping technology to capture all 825 miles of Florida's beaches. The trek is almost over and next year you'll be able to take that virtual beach stroll.

We've all seen those Google cars with those intricate 15 lens camera systems hoisted on the roofs, but you can't drive on many of Florida's beaches. So instead Google engineers trained a two-person Visit Florida team on how to capture the images by strapping the camera systems to their backs. Oh, and by the way, it's Florida's money, not Google's, that is paying for all of this. The total cost is $126,000.

The team so far has traveled about 50 miles a day since July and are still walking. The project is scheduled to be completed today when the final team walks down South Beach and reaches South Pointe Park.

Of course, we just feel sorry for the flabby guy visiting from Ohio who decided that this trip would be the trip he decided to experiment with a Speedo and whose image will now be immortalized on Google Maps.

Google has completed a similar project mapping the Grand Canyon, but this is the first major beach project coming to Google Maps.

Rihanna’s Pacific Palisades Home for Rent

AUTHOR:ERIKA RIGGS
ZILLOW BLOG

Source: IMDb

Dropping $65,000 per month for rent seems like quite a lot, but it’s actually a discount on this modern Pacific Palisades residence. According to the listing, the rent jumps up to $100,000 a month in January. Why the high price? Not only does the house measure 9,595 square feet, but it’s owned by Rihanna.

The singer bought the home just over a year ago for around $12 million, but since she moved in, she’s been plagued by break-ins. It started with an incident in February 2013, when a man broke into her neighbor’s home and slept in a bed he believed to be hers. In June,police arrested a man on the roof of her home, and in October, another man was arrested after an attempted break-in at her residence.

The home is described as having “unmatched privacy and serenity,” but Rihanna chose to move out recently, renting a condo in Manhattan instead. There she’ll be protected from intruders by a doorman-guarded entrance and elevator access.

Perhaps her former Pacific Palisades home would be better suited to a new tenant with a less-public profile. The “resort-like” estate is situated at the end of a long, private drive. Built new in 2012, the home has 7 bedrooms, 9 baths and extra-large living spaces with 14-foot ceilings. Several high-end features can be found throughout the home, including media and game rooms and “smart home” technology that controls temperature, fireplaces, security and sound. Outdoor features include a sun deck with fire pit and barbecue, as well as an infinity pool with spa.

RiRi doesn’t have the best luck with real estate. She sold her last home while suing the contractor and real estate agent for failure to disclose the numerous water issues in the house.