Pretty Boy’s New House

by | Nov 23, 2010 | Interesting Houses | 8 comments

From the NY Daily News:

Dream job, dream wife – and now Tom Brady is getting his dream house.

The three-time Super Bowl- winning quarterback and his supermodel wife, Gisele Bundchen, are building a sprawling California home – nearly 22,000 square feet in all, from wine cellar to weight room.

The 3.75-acre Brentwood lot, just down the street from the home of Gov. Arnold Schwarzenegger, was abuzz with construction workers whipping the eight-bedroom palace into shape.

Other amenities include a six-car garage, a covered bridge connecting two parts of the house, a nursery for 5-month-old son Benjamin and a lagoon-shaped pool – with spa.  There’s a cardio room and a weight room to keep both spouses in shape for their respective careers, and an elevator to make getting around the enormous two-story home a little easier.

The total cost of the Mediterranean-style mansion could run to about $20 million.

The New England All-Pro and his Brazilian-born wife can cover the tab. Brady is in the last season of a six-year, $60 million contract, and Gisele catwalked her way to a reported $25 million last year.

The couple paid more than $11 million for the lot. It’s unclear when the quarterback and the supermodel will move in.

Sammy

by | Nov 22, 2010 | Jim TV | 9 comments

The banks don’t adjust their pricing much for houses with upgrades – the agents and appraisers are moving quickly and don’t look too hard at how the comps really compare.

But do buyers look any closer?

Those who are paying close attention can pick off an occasional REO that is priced with the rest, but has new carpet/paint and another $20,000+ in upgrades – plus peek ocean view on a culdesac!

Shadow Inventory – National

by | Nov 22, 2010 | Market Conditions, Shadow Inventory | 10 comments

An excerpt and graph from Calculated Risk, click here for the full article:

This graph from CoreLogic shows the breakdown of “shadow inventory” by category.

For this report, they estimate the number of 90+ day delinquencies, foreclosures and REOs not currently listed for sale.  CoreLogic estimates the “shadow inventory” (by this method) at about 2.1 million units, and when combined with the visible 4.2 million, the total national inventory is about 200,000 higher than last October’s 6.1 million properties:

JtR: The plague has spread thanks to the servicers telling borrowers that they have to be delinquent to be considered for a loan mod – they are pushing people into default.  

Even borrowers with good intentions may come to enjoy not making payments, and the inevitable delays and frustrations cause them to give up altogether – once a borrower with any hardship goes six to twelve months without making payments, it has to be addicting.  I’m surprised the group (in red above) has been shrinking lately!

Need Razzle Dazzle

by | Nov 21, 2010 | Jim TV, North County Coastal | 15 comments

The higher the price, the tougher the scrutiny.

Today’s buyers are already looking for any reason not to buy – once you get into the upper echelons you need serious “wow” factor to make a good impression. Mentioned is this 8,500sf RSF house we saw two weeks ago, which is still unsold, down to $3,299,900.

Portabello Sold for $41.1 Million

by | Nov 21, 2010 | Interesting Houses | 3 comments

From the WSJ and Lansner:

An Orange County mansion listed for $75 million in 2006 has sold for $34.1 million, public records show. A source familiar with the matter says the buyer also gave the seller a property valued at around $7 million.

The house originally listed in 2006 for $75 million, then came off the market a year later. Earlier this year, it relisted for $49.6 million. The home was owned by Frank Pritt, the founder of Attachmate, a company that specializes in a range of business-to-business products.

Located in Corona Del Mar, the 22,000-square-foot beachfront estate is known as Portabello. It has eight bedrooms, 10 bathrooms and two saltwater pools surrounded by grotto cliffs. The subterranean level of the home has a streetscape with a diner, bowling alley, movie theater and a jewelry store.  

The palatial mansion, nestled on three lots overlooking a private cove in Cameo Shores, has been featured on the Oprah Winfrey Show and was on the cover of Unique Homes magazine.

The youtube tour: http://www.youtube.com/watch?v=15xGyPtW8e0

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