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Friday, July 30, 2010

Home Prices Show Stability After Modest Gain

NEW YORK (CNNMoney.com) -- Home prices rose slightly in May compared with a month earlier, appearing to have stablized at the lower levels that followed the end of the residential real estate bubble, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets released Tuesday.

Prices were up 1.3% from April, and 4.6% from 12 months earlier.

The price rise might have reflected one of the last gasps of the government's incentive program, which paid tax refunds of as much as $8,000 to homebuyers if they signed a sales contract before May 1.

"It does look like the market was boosted by the tax credit," said Robert Dye, senior economist for PNC Financial Services. "It seems to have pulled some of the demand forward."

Although the increase was welcome news for the beleaguered housing market, S&P spokesman David Blitzer downplayed the gain.

"While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," he said. "Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level. The last seven months have basically been flat."

Home prices peaked back in July 2006 and fell for 33 straight months before bottoming out in April 2009. The peak-to-trough decline came to more than 32%.

The index went on a short upswing for five months, regaining 5.3% of its loss before turning tail again, declining 2.2% before a modest rebound in April.

Winners and one loser
Only one of the 20 metro areas, Las Vegas, reported a price decline for May, with a 0.5% loss. Minneapolis had the largest spike: prices jumped 2.8% and were up 11.6% over the prior 12 months.

San Francisco had the largest year-over-year gain, 18.3% higher than May 2009. San Diego, at 12.4%, and Los Angeles, at 9.7%, have also posted healthy year-over-year gains.

In a way, the index may understate its positive results. It counts all sales, including distressed properties. Those have become a major component of the market, with short sales and bank repossessions accounting for close to a third of all sales.

Repossessions sell, on average, for 27% less than conventional sales, according to a recent report from MIT economist Parag Pathak and two Harvard researchers, John Campbell and Stefano Giglio.

"It's not surprising that there is a discount due to foreclosure," said Pathak in a release. "But it is surprising that it's so large."

The repossession discount comes from a couple of factors. Borrowers who lose their homes to foreclosure may not have had the funds or the incentive to maintain their homes well. The homes often come onto the market in poor condition, lowering their values.

In addition, lenders often want to sell the homes very quickly to avoid all the expenses of home ownership - taxes, utilities, insurance and maintenance - so they're willing to sell at far below comparable homes.

Maureen Maitland, vice president for index services at S&P, said foreclosure and short sale data is included in the index because they represent such a big part of the market. "In some metro areas they're 50% to 60% of sales," she said.

They're expected to remain so for a long time. The run rate for bank repossessions so far this year indicates more than a million homes will be lost to foreclosure and put back on the market by the banks.

That will extend the overhang on inventory, which along with the end of the tax credit will probably keep prices down for at least the summer months, according to Maitland.

It may be autumn, if then, before improvement in the economy puts housing markets back on a firm footing, according to Dye.

"Housing has firmed up since the dark days of 2008 and 2009, but it's still wobbly," he said.

Posted on: Beverly Hills Real Estate-Beverly Hills Homes For Sale

Chris Tucker offloads mansion to battle $11.5m tax bill

Rush Hour actor Chris Tucker offloads mansion to battle $11.5m tax bill

By Daily Mail Reporter
Last updated at 9:26 PM on 29th July 2010

Financial woes: Chris Tucker, pictured here in France in May, is facing a huge tax bill

Financial woes: Chris Tucker, pictured here in May, is facing a huge tax bill

Rush Hour star Chris Tucker is the latest Hollywood celebrity to run into trouble with the taxman.

According to documents filed on Tuesday by the Internal Revenue Service, the star owes $11,571,909.26 in federal taxes for the years 2001, 2002, and 2004 – 2006.

Tucker is now trying to sell the Florida mansion he bought for $6million in 2007 at a $4million loss, seemingly to combat his financial woes.

The 8861sqft faux-Tuscan home is listed at the knockdown price of $2million.

Located in Monteverde, an upmarket suburb of Orlando, the property sits on an acre of land and includes five bedrooms, five bathrooms, a wine cellar, a library and pirate ship-themed home cinema.

Tucker also owns properties in California, including a 6,399sqft mansion in Tarzana’s exclusive gated Mulholland Park community.

This isn’t Tucker’s first run-in with the tax authorities.

In 2009, he had a $3,594,409 million claim filed against him by California state tax authorities for state taxes owed between the same dates.

Tucker was once one of the highest paid comedians in Hollywood, reportedly earning $20million for his role in the 2001 sequel to Rush Hour, Rush Hour 2, and $25million in 2007 for Rush Hour 3.

For sale: The actor's Florida home is on the market for $2,000,000

For sale: The actor's Florida home is on the market for $2,000,000

Ahoy there: The property features a ship-themed screening room

Ahoy there: The property features a ship-themed screening room

Tucker is by no means the only A-lister to face problems with the IRS.

In December 2009, Nicolas Cage received a bill for $6,712,821.99 in unpaid taxes for 2008, which in addition to debts accrued in 2002, 2003, 2004 and 2007 took his total tax bill to $13,330,372.83.

In 2008, actor Wesley Snipes was convicted for three years on three misdemeanor counts of willful failure to file income tax returns. 

Luxurious surrounds: One of the home's five lavish bedrooms

Luxurious surrounds: One of the home's five lavish bedrooms

Water views: The property sits on an acre of land

Water views: The property sits on an acre of land


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Posted on: Beverly Hills Real Estate-Beverly Hills Homes For Sale

Are you a Chihuly fan? Los Angeles Luxury Homes-Condominiums-Beverly Hills Homes-Realtor-Real Estate-http://www.ChristopheChoo.com

If you are, come and purchase a spectacular new condo at The Carlyle here on the Wilshire Corridor and you can see this magnificent chandelier in your lobby every day! Los Angeles Luxury Homes-Condominiums-Beverly Hills Homes-Realtor-Real Estate-http://www.ChristopheChoo.com Sent from my Verizon Wireless BlackBerry

Posted on: Beverly Hills Real Estate-Beverly Hills Homes For Sale

Carlos Slim worlds riches man purchases $44 million New York Mansion. Los Angeles Luxury Homes-Beverly Hills Realtor-Homes-Real Estate-Http://www.ChristopheChoo.com

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Ever since Carlos Slim Helu became the first non-American to take the number one position in Forbes list of world’s richest men, he has never missed to make it to the headlines. Living up to his new found status, the Mexican tycoon recently made a purchase that ensured him a mention in the headlines. The news making purchase was a new house that the billionaire purchased in New York. According to public records, the tycoon has shelled out a cool $44 million to buy the Duke-Semans mansion, a beaux-arts townhouse directly across from the Met. This enormous is the most paid for any New York home in nearly two years.

  Located in the corner of Fifth Avenue and 82nd Street, on New York's vaunted "Museum Mile”, the mansion had an asking price of $50 million and is sure to make a perfect abode for any wealthy tycoon. The mansion was sold to the tycoon by its previous owner Tamir Sapir, who made a cool 10% profit from this sale.

What is more, it is reported that the broker Del Nunzio, was sidelined in this sale as Helu and Sapir agreed to the deal privately. Spreading across a cool 19,500 square feet, the house with magnificent exteriors is just as lovely on the inside (although it needs some work on the inside). Comprised of a five-story main residence, a penthouse duplex on top, 12 bedrooms, 14 bathrooms, and 11 wood-burning fireplaces, this house truly befits its new owner.

[via  Forbes]

Carlos Slim worlds riches man purchases $44 million New York Mansion. Los Angeles Luxury Homes-Beverly Hills Realtor-Homes-Real Estate-Http://www.ChristopheChoo.com

Posted on: Beverly Hills Real Estate-Beverly Hills Homes For Sale

Thursday, July 29, 2010

At the Fendi Casa designed lobby at the fabulous new Carlyle on Wilshire. One of L.A. chicest new condo residences. Just SOLD another unit in here. Los Angeles Luxury Homes-Condominiums-Beverly Hills Realtor-Real Estate-http://www.ChristopheChoo.com

At the Fendi Casa designed lobby at the fabulous new Carlysle on Wilshire. One of L.A. chicest new condo residences. Just SOLD another unit in here. If you are looking for a luxury home or condominium call me (310)777-6342. Los Angeles Luxury Homes-Condominiums-Beverly Hills Realtor-Real Estate-http://www.ChristopheChoo.com
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SOLD twice in 11 months! 424 Robert Lane, Beverly Hills, CA 90210 - presented by CHRISTOPHE CHOO Real Estate Group Beverly Hills. Beverly Hills Homes-Realtor-Beverly Hills Real Estate-http://www.ChristopheChoo.com

SOLD twice in 11 months! I first SOLD this home in the summer of 2009 to clients from Europe and I just re-sold it again this time representing BOTH the buyer and seller. If you are looking for results in selling your home or want and expert to help you find your next luxury home or property, please contact my office at (310)777-6342
424 Robert Lane, Beverly Hills, CA 90210 - presented by CHRISTOPHE CHOO Real Estate Group Beverly Hills. Beverly Hills Homes-Realtor-Beverly Hills Real Estate-http://www.ChristopheChoo.com

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Tuesday, July 27, 2010

California Tops Regions Where Homes Sell Most Over List Price, According to ZipRealty’s Home Hunter Report | Los Angeles Luxury Real Estate-Beverly Hills Homes-Realtor-Real Estate - Http://www.ChristopheChoo.com

RISMEDIA, July 27, 2010—Despite slowdowns in home sales across the country, California is still the nation’s hottest spot for home buying activity, with homes fetching multiple offers and selling above list price, according to the Q2 2010 Home Hunter report released by ZipRealty.

The report revealed that California was home to 91 out of the country’s 100 “hottest” zip codes, defined as those where homes were selling on average for most above list price, in Q2 2010. The report compared home sale prices to original list prices based on MLS data within 5,400 cities across 33 markets the national brokerage serves. The report also revealed that seven out of ten zip codes nationwide where homes were selling most below asking price for the same time period were located in Florida.

Additional highlights from the ZipRealty Q2 2010 Home Hunter Report include:

-Berkeley, California’s 94703 is the country’s “hottest” zip code, with homes selling on average for almost 8% above the asking price, or an additional $45,000 over list, on average.

-Winchester, Connecticut’s 06098 was the nation’s “coldest” zip code in Q2, with homes selling there on average nearly 30% under list price—an average savings of more than $200,000.

-Zip codes in California, and specifically the Bay Area, remain the “hottest” for buyer demand, including zip codes in Berkeley, Oakland and San Jose.

-The country’s “coldest markets” have warmed slightly since Q2 of 2009—with homes in the country’s 10 coldest zip codes selling for an average of 18% below asking price in Q2 of this year, as compared to an average of 22% below asking price in Q2 2009.

-High-end housing markets nationwide continue to offer relative bargains for buyers. For example, in Miami’s Palm Beach (33480), buyers paid an average of around $1.1 million for a home in Q2, an average of $232,492 below list price. In Cape Cod’s Osterville (02655), homes sold on average for 16% below asking price, or an average of $180,437 under asking.

-According to the total number of home searches on www.ZipRealty.com, Phoenix and its surrounding neighborhoods continue to be the most popular searched areas in the country.

“The hot housing market in the second quarter in California may have resulted from increased demand from the government tax incentives without a lot of homes for sale, so many home sellers received multiple bids and sold their homes over the asking prices,” said Leslie Tyler, vice president for ZipRealty. “Florida is showing some encouraging signs of improvement, as they work off the large numbers of distressed properties. Homes in Miami are even selling close to asking price, a significant change from what we’ve been seeing over the past year.”

For more information, visit www.ziprealty.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

California Tops Regions Where Homes Sell Most Over List Price, According to ZipRealty’s Home Hunter Report | Los Angeles Luxury Real Estate-Beverly Hills Homes-Realtor-Real Estate - Http://www.ChristopheChoo.com

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Saturday, July 24, 2010

The beautiful California coast.

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Bob Mackie's Former Beverly Hills Home on the Market - Beverly Hills Homes-Realtor-Real Estate - http://www.ChristopheChoo.com

Contemporary home blends designer interiors, solitude and stellar city views

The former Beverly Hills abode of fashion icon Bob Mackie is up for sale.


 

 

 

 

 

 

 

 

 

 

Located in the desirable "Crest" streets of Beverly Hills, recently renovated designer interiors include: a dramatic living room with fireplace and 12’ ceiling; showroom-quality kitchen with top-of-the-line appliances that opens into a family room; formal dining room; and separate office.

The master suite features a sitting room, dual closets and master bath with spa tub. There are four other bedrooms including a staff room with separate entry. Floor-to-ceiling windows throughout the house provide plenty of natural light and prime views of the city.

Other features include wood floors, integrated audio visual system and a security system. The property is on a street-to-street lot that offers a tranquil and private setting. It also has a large patio and fire pit for entertaining. Joe Babajian of Rodeo Realty is the listing agent. Asking price: $2,695,000. See more at: http://www.9314lloydcrestdr.com/ 

 

Rodeo Realty, Inc. was founded in 1986 by president and broker, Syd Leibovitch. Today it is one of the largest single-owner residential real estate companies in California. It has 12 branch offices throughout the greater Los Angeles area, and more than 1,000 agents. Affiliate companies include: Encore Escrow, L.A. Mortgage, Inc., and Progressive Title.

Bob Mackie's Former Beverly Hills Home on the Market - Beverly Hills Homes-Realtor-Real Estate - http://www.ChristopheChoo.com

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Friday, July 23, 2010