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My name is Alfredo Gillespie, a realtor in Lexington. I am the proud owner of Gillespie Real Estate.
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A Perfect Match? We’re Serving Up 6 Homes for Tennis Lovers in South Florida
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As any serious tennis player knows, you need easy access to a court to practice nailing that ace serve. For the fabulously wealthy, it might mean meandering just a few feet from your back door. However, there are options for folks to work on their volley with just a short stroll to a private community court.
With the Miami Open (March 18–31) underway, South Florida’s reputation as a tennis lover’s paradise is in full view. Most Sunshine State mansions come equipped with a pool or outdoor kitchen, but fewer flaunt a tennis court. Some lucky condo owners also have access to a tennis court where they don’t have to fight with the public to hone their skills.
From exclusive Fisher Island to Palm Beach, here are six retreats with a distinct advantage for Florida home buyers:
7000 Fisher Island Dr, Miami Beach
Price: $22.5 million
Fisher Island finery: Of course, this 7,630-square-foot unit built in 2016 on Fisher Island is glamorous. And the numerous tennis courts residents of the Palazzo del Sol community have access to is a huge perk. In fact, tennis pro Caroline Wozniacki recently moved to this exclusive enclave.
This five-bedroom, 6.5-bath unit includes 2,500 square feet of terraces, a sleek Boffi kitchen, hand-painted wall coverings, and bronze hardware.
7000 Fisher Island Dr., Miami Beach, FL
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1340 S. Ocean Blvd, Manalapan
Price: $33.9 million
Two courts strong: This 25,000-square-foot, custom-built mansion—with eight bedrooms and 13 baths—defines resort living. Not only are there grass and hard-surface tennis courts but there’s also a viewing area so friends and family can watch you lob balls over the net.
Spectators can also take in a match from the comfort of a second, smaller house right next to the courts. Water activities include a heated infinity pool and two-story rock waterfall.
1340 S. Ocean Blvd., Manalapan, FL
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12227 Tillinghast Cir, Palm Beach
Price: $13.75 million
Pretty in Palm Beach: This six-bedroom estate boasts plenty of luxe amenities—including 489 feet of private lake frontage on a double lot—and chief among them is a private tennis court. Have your tennis buds crash overnight in the guesthouse, and host elaborate poolside parties thanks to the full outdoor kitchen, rock waterfall, and open-walled cabana.
Another perk? The nearly 12,000-square-foot mansion comes with an elevator.
12227 Tillinghast Cir., Palm Beach, FL
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5185 N. Bay Rd, Miami Beach
Price: $5,995,000
Beachy keen: At over 6,300 square feet, this place is extremely large for Miami Beach. The seven-bedroom property built in 1933 features Mediterranean charm (vaulted beam ceilings and plaster walls) and modern comforts (the sweet home bar!).
That it’s sitting on a nearly 38,000-square-foot lot means there was plenty of room to build a tennis court and a pool.
5185 N. Bay Rd., Miami Beach, FL
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3604 Matheson Ave, Coconut Grove
Price: $7,550,000
Brand-new with tennis access: Tucked into the Entrada Estates community, this new, glass-walled villa right on the canal feature its own private dock. The five-bedroom home boasts a four-car garage, media room, and showroom kitchen equipped with high-end appliances (including a wine cooler). Balconies, terraces, and covered patios all offer amazing views.
Naturally, whoever snaps up this property gets access to a private tennis court in the community.
3604 Matheson Ave., Coconut Grove, FL
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501 NE 31st St, Unit 3008, Miami
Price: $615,000
Cool condo: Here’s proof you don’t have to spend a million bucks to have a private tennis court. You can stay within a reasonable budget thanks to this gleaming two-bedroom condo—with a chef’s kitchen, two terraces, and all-white interior—at the Paraiso District.
Retired Spanish tennis player Arantxa Sanchez Vicario and French tennis player Gael Monfils both own homes in the district. Residents can play on any of six tennis courts and also enjoy the rooftop pool and paddle court.
501 NE 31st St, Miami, FL
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The post A Perfect Match? We’re Serving Up 6 Homes for Tennis Lovers in South Florida appeared first on Real Estate News & Insights | realtor.com®.
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Cities Lack Family Apartments. Developer of Adult Dorms Has an Answer.
Kevin Hagen for The Wall Street Journal
A co-living company whose dormlike accommodations have become popular with single 20-somethings has a new customer in mind: families.
Common, which rents out furnished rooms in shared, serviced apartments, is teaming with New York real-estate developer Tishman Speyer to launch this new product on Tuesday.
Under the new brand Kin, buildings will feature playrooms, family-size units and on-demand child care through an internal mobile app that also helps connect families looking to share nannies and babysitters.
Common and Tishman Speyer are testing out those offerings at an existing project, Jackson Park in Long Island City, with plans to announce new developments in other locales in the coming months.
The partners see this as an opportunity to help address a shortage of family-size apartments in many major U.S. cities, where developers have overwhelmingly built studios and one-bedrooms targeted to single 20-somethings.
The partners see the project as a way to help address a shortage of family-size apartments in many major U.S. cities. Large common playrooms are meant to compensate for the compactness of the apartments.
Kevin Hagen for The Wall Street Journal
“People are choosing to raise families in big cities more than ever,” said Rob Speyer, president and chief executive at Tishman Speyer. “It’s very difficult to find housing that’s tailored to that.”
Common pioneered the co-living concept, but since then it has become a crowded space with a handful of well-funded competitors. All are racing to see who can most quickly overcome hurdles, such as finding developers and banks willing to gamble on the unconventional layouts, and finding a way to shrink floor plans without alienating customers.
Brad Hargreaves, founder and chief executive at Common, said the idea for the product grew out of his own experience trying to find child care in the city when his son was born in 2015.
“When [my first son] was about to be born we started looking for child-care options, and we really struggled to find anything that was affordable and high-quality,” he said.
The Kin venture also provides a hedge for Common when its clientele are aging out of their 20s and potentially out of Common’s core product.
“People are choosing to raise families in big cities more than ever,” said Rob Speyer, president and chief executive at Tishman Speyer. “It’s very difficult to find housing that’s tailored to that.”
Kevin Hagen for The Wall Street Journal
Common was founded four years ago and offers apartments that have tiny bedrooms, shared kitchens and often shared bathrooms. But there are perks, such as regular housekeeping services, organized outings to comedy shows and museums, and subsidies for community events like game nights.
Some analysts have warned that co-living buildings serve a niche demographic and people are much less likely to live there when they become couples or have children.
“There is a large question from a venture-capital side about what these companies are going to look like in 10 years. When the largest cohort that is using co-living, what happens when these people grow up?” said Jeffrey Berman, a general partner at Camber Creek, a real-estate-focused venture-capital firm.
Unlike Common’s co-living product, Kin buildings won’t require families to share kitchens and bathrooms. But Mr. Hargreaves said units will be compact to help make them more affordable, with larger common spaces to compensate.
Developers traditionally build much fewer two- or three-bedroom apartments because they are more expensive and so tend to lease more slowly.
Many analysts also expected millennials to live in cities during their 20s and flee to the suburbs for space and a backyard as they got older. That is happening, but analysts say millennials are willing to rent longer and are more inclined than their parents to stay in the city for at least a few years after having their first child.
Developers have ramped up production of smaller apartments in recent years, according to CoStar Group. Nearly 60% of new units constructed in the 54 largest metros since 2014 have been studio or one-bedroom apartments, according to CoStar, up from about 45% from 2000 to 2013.
A kids bedroom with bunk beds in a model apartment in the Jackson Park development.
Kevin Hagen for The Wall Street Journal
At the same time, the share of apartments with two or more bedrooms has declined to just over 40% since 2014, from about 55% from 2000 to 2013.
Developers say they are building fewer larger units because they don’t see much demand for them, as families are having fewer children and having them later. In 2010 there were nearly a third more children than pets in apartment buildings, according to RealPage Inc. Today that trend has reversed and pets now outnumber children.
Toby Bozzuto, president and chief executive of the Bozzuto Group, a developer and apartment manager, said when he builds large two-bedroom or three-bedroom apartments they are much harder to lease than smaller ones. Moreover, even though the units are expensive, they fetch less per square foot than smaller apartments.
“We have real-life examples where they’re not leasing as well,” he said. In one building in Baltimore, he said, he has leased 95% of the building but has struggled to lease the few larger units.
Common and Tishman Speyer plan to announce new family developments, under the brand Kin, in other locales in the coming months.
Kevin Hagen for The Wall Street Journal
Mr. Hargreaves said he is confident that families aren’t leaving by choice but because of limited child-care and housing options.
“One of the biggest things [families] fear is being forced out of the city into the suburbs,” he said.
The post Cities Lack Family Apartments. Developer of Adult Dorms Has an Answer. appeared first on Real Estate News & Insights | realtor.com®.
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NewsWatch: The lawyers who took on Big Tobacco are aiming at Realtors and their 6% fee
A new class-action lawsuit takes aim at real estate agents and the tools they use to do business, and housing industry watchers say it could revolutionize the way Americans buy and sell the biggest asset they’ll ever own.
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Suzanne Somers Downsizes, Buys Smaller Home in Palm Springs for $2.35M
Michael Tran/FilmMagic
Come and knock on her (new) door. Actress Suzanne Somers and her husband, Alan Hamel, have moved to a new Palm Springs, CA, property, which they purchased in January for $2.35 million.
The couple also announced they plan to decamp from their larger, nearby home. That home’s been on and off the market for a few years, and recently reappeared with a $9.5 million price tag.
But before they move into their newly purchased pad, they plan to embark on a series of updates and renovations. Somers told the Desert Sun that the 1978-built home was on the market for the first time ever and will take about a year to renovate.
Despite the delay, the actress is thrilled with the purchase.
“[Interior designer] Steve Chase designed (it), so everything about it has style. I’m excited,” she told the publication. “We will maintain the integrity of the Steve Chase design while updating. It’s a project I look forward to. It will take many months, which is good to give me time to leave my beloved paradise.”
Suzanne Somers’ new, smaller home
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Dining space
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Kitchen
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Pool
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While much smaller than the Palm Springs compound she’s accustomed to, her recent purchase does make a big statement. Located in Southridge, a gated community, the property captures the desert aesthetic.
The 4,800-square-foot, four-bedroom home is also emblematic of the custom homes of the late ’70s, with floor-to-ceiling windows and an open floor plan. It also comes with a separate casita, pool, and spa.
The 72-year-old Somers starred in “Three’s Company” and has written self-help and diet books. In 2015, she participated in the 20th season of “Dancing With the Stars,” finishing in ninth place.
The post Suzanne Somers Downsizes, Buys Smaller Home in Palm Springs for $2.35M appeared first on Real Estate News & Insights | realtor.com®.
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Top 15 Home Features That Will Sell Your Home Fast—and for More Cash
iStock; realtor.com
It’s one of the (many) high-stakes gambles of homeownership: that awesome new feature or design improvement you’ve been wishin’ and hopin’ (and of course savin’ for) to add for your family might ultimately hurt, not help, your place’s resale value. After all, times and tastes change, and eventually most homeowners will become home sellers. So how do you know that today’s sleek, new quartz countertop won’t become tomorrow’s eye-scorching popcorn ceiling on the open market?
Relax, we’re here to help you suss it out. Realtor.com®’s data team searched to find the home features that can help folks sell their home the fastest—and for the best price. We narrowed our list to the items found in homes with the highest list prices that went under contract the fastest. It’s a high-value sweet spot.
There’s plenty on the line here. Homeowners spent more on upgrading their homes in 2017 than in any year since 2006, according to the most recent Joint Center for Housing Studies of Harvard University study—an average $12,361 in discretionary spending. Much of that went into upgrading kitchens and bathrooms, the top room remodels, according to home design website Houzz.
“Anytime a buyer can walk into a house and see it already has the features they want, that’s a huge bonus for the seller,” says Anna Maria Mannarino, who runs her eponymous interior design firm in Holmdel, NJ. “If buyers feel they need to add key features or designs, they’re going to calculate how much it will cost and then lower their bid.”
To figure out the top home features, we dug through more than a million single-family home listings on realtor.com in February. We calculated a median price and days on market for each abode with one or more of the 70 popular features we evaluated for this ranking. Features in homes that took longer than 84 days to sell, the national median, were cut from our list. We also eliminated amenities, such as high ceilings, that are difficult—and expensive—remodels.
So what are the most profitable home features for sellers hoping to close quickly? Here are the big 15:
Chef’s kitchen/gourmet kitchen
Theater room
Home gym
Three-car garage
Solar panels
Quartz counters
Exterior lighting
Tennis court
Home office
In-ground pool
Mudroom
Security system
Fireplace
Smart home features
Walk-in closet
OK, let’s take a closer look at trends that could help you make bank when it comes time to cash in and sell your home.
Kitchen makeovers bring in the dough Kitchen
Tony Frenzel
Once upon a time (say, when you were growing up), most kitchens were drab, unsexy spaces that folks didn’t spend much time in beyond preparing and consuming dinner. But as the open kitchen trend has exploded, they’ve become centerpieces of the home—way more visible, personalized, luxurious, and important to buyers. Homeowners have upgraded to chef’s and gourmet kitchens (No. 1 on our list), making them glamorous showpieces where they can entertain their friends.
These days, trendsetters are choosing dark and moody color palettes, like black and navy, over the more bland white, gray, and neutral shades. They’re opening the rooms to the outdoors by installing walls of windows or double doors that open to the yard. And open shelving (versus the classic kitchen cabinets) is gaining more traction.
“Even if you don’t consider yourself a big foodie or a master chef, higher-end kitchens have a huge appeal,” says Jamie Novak, a Los Angeles–based professional organizer and author of “Keep This Toss That.” She works with homeowners who are planning to stay put as well as those getting ready to list their properties. “When the appliances are pretty and functional, it’s a win-win.”
Homes with chef’s kitchens sell for a median $599,000—more than double the national median of $295,000. Chef’s kitchens generally feature an open layout big enough to accommodate plenty of cooks in the kitchen, a large island, a gas cook range built for larger, hotter flames, a Sub-Zero refrigerator and freezer, and multiple sinks and ovens. Popular brands include Viking ovens and ranges, Bosch appliances, and Kohler and Moen faucets and sinks.
The average kitchen overhaul cost $12,300, while major kitchen overhauls usually cost upward of $40,000, according to the Harvard University study.
“People look at a kitchen, and if they don’t like it—they’ll often pass on the house,” says Lori Wellman, owner of Lincoln Cabinet, a Lincoln, NE–based remodeler.
Quartz counters (No. 6) are also in high demand. The engineered variety (a fancy word for enhanced) doesn’t chip as easily as the natural kind, doesn’t require much upkeep, and is difficult to stain or damage. Plus there are hundreds of colors, patterns, and textures to choose from.
It was the material of choice for home renovators, rising from a 41% market share in 2017 to 48% in 2019, according to Houzz data.
“[Engineered] quartz is a very, very versatile material,” says Nino Sitchinava, the site’s principal economist. “You can control palettes and colors and textures really, really well.”
Specialty rooms: Why go out when you can stay in? Rooms
Tony Frenzel
Properties with dedicated specialty rooms, like theater rooms (No. 2) and home gyms (No. 3), showed up in only a small percentage of listings (1.5% and 1.1% respectively). And while they’re not as popular as they once were, say design experts, homes that come equipped with such rooms sell for about twice as much as the national median of $295,000. They’re fun to enjoy, too!
“At the high end there’s real cachet in having those specialized spaces,” says Jenni Lantz, manager of DesignLens, a design resource for developers, builders, architects, and interior designers. “Of course you need to have the space for them.”
Folks without big bank accounts can also create these spaces on a shoestring, DIY budget. Dark basements can become theater rooms, for example, with the addition of an oversize screen, wireless speakers, and a comfy couch. Popcorn makers are a bonus!
Unlike theater rooms and gyms, mudrooms (No. 11) have been gaining in popularity in recent years, say design experts. These small rooms are where coats and dirty shoes are kept are typically located toward the front of homes, and more homeowners are retrofitting them into their abodes. They’re becoming more stylish with rustic, wood benches to store those muddy boots under and fancy coat racks.
“Mudrooms are a fantastic transition from an outdoor space to your indoor living [space],” says organizer Novak.
They cost an average $12,000 to install, according to Fixr, a company that connects owners to home-related services.
Home offices (No. 9) have also become increasingly sought-after as more people work remotely or go freelance. The key is natural lighting, perhaps a window view for the desk, and doors that can shut out the clamor of the kids playing in other parts of the home.
Outdoor features are in Outdoor features
Tony Frenzel
The trend today may be all about indoor-outdoor living. But it wasn’t beautifully inlaid patios, outdoor kitchens complete with pizza ovens, or trickling fountains that came out on top for outdoor features. That honor went to three-car garages (No. 4).
“Americans love their garages,” says Rick Foster, a managing broker and license partner at Engel & Völkers Annapolis, in Maryland. He’s sold more than 10,000 homes during his career and has seen buyer preferences change with the times.
Buyers aren’t just looking for a place to park their cars. “Having extra storage space is a big benefit,” adds Foster.
Certainly prestige comes into play—for many, bigger is indeed better. But unlike some outdoor features, this one is difficult and costly to add after the fact. Buyers want one already in place.
Other popular outdoor features on our list include solar panels (No. 5), tennis courts (No. 8), and in-ground pools (No. 10).
Solar panels are hot (yes, really) thanks to demand from both climate-conscious buyers and those simply hoping to cut down on their electricity bills. Homes with these features sell the fastest of all of the amenities on our list, at a median 51 days. About 2% more homeowners undergoing remodels have been installing them each year from 2015 to 2017, according to Houzz data.
But be warned: They’re not cheap. Installing a 5-kilowatt system, the standard system of about 20 panels, costs around $25,000 to $35,000, according to https://ift.tt/1VRVXo9.
“Solar is a very regional preference,” says Sitchinava of Houzz. They’re particularly appealing in places that get a lot of sunshine but have high AC bills, such as California, Arizona, and Texas. “The long-term payoff is pretty phenomenal.”
Tennis courts are also appealing, but they can set homeowners back more than $50,000, according to Quality Court Industries, a tennis court construction firm that operates throughout the Southeast.
Even having a shared court open to residents of a community can boost property values. The same goes for in-ground pools, which can be private or shared as well.
Built-in pools are polarizing features in some parts of the country—attracting some buyers while repelling others due to maintenance or liability issues. The cardinal rule for this feature: Install it for your own enjoyment first, resale value second.
“They’re consistently popular,” particularly in warm-weather areas, says design expert Lantz. “People still like to lay out by the pool.”
Smart home features and other electronics can pay off Smart home features
Tony Frenzel
Smart home technology (No. 14) is a catchy umbrella term people use to describe everything from a few interconnected appliances or internet-controlled thermostats to fully wired homes. The expensive, built-in approach has waned a bit, but the more ad hoc approach is booming, thanks to smart devices that can be used as simple control centers, like Amazon Echo and Google Home.
“The convenience is unparalleled, and the technology is getting so easy to use,” says organizer Novak.
Security systems (no. 12), often smart ones integrated with mobile and other devices, are gaining traction as must-have features. Just 10% of homeowners undergoing remodels had a security system installed in 2015, according to Houzz data. By 2017, about 15% did.
Folks used to have to hire a security company to come in, assess the property, and then install a system that could run anywhere from $600 to more than $1,000. And that doesn’t include the monthly monitoring fees. Now, homeowners can pick up a simple, smart home security system from companies like Ring for around $150.
“People really like having an app on your phone and knowing if someone’s at your home and being able to speak to them,” says Craig Grant, CEO of the Real Estate Technology Institute, an online portal where folks can learn about real estate technology.
These classic indoor amenities have lasting appeal—and a new spin Indoor features
Tony Frenzel
Some things never go out of style. Fireplaces remain a highly sought-after amenity, although today’s sleek, electronic models don’t have much in common with the ashy traditional hearths. These newer fireplaces are often installed right into wall.
“No matter where your home might be, fireplaces are always welcome,” says Nancy Fire, the design and trend forecasting expert behind the HGTV HOME brand.
Other timeless features that boost home values are spacious, walk-in closets. Sometimes folks will even tear down an adjacent bedroom to build that massive closet with floor-to-ceiling shoe and accessory walls, a ladder to store and fetch rarely used items, and seating to make it easier for friends and family to share their outfit opinions, says remodeler Wellman.
Walk-in closets, while still popular, aren’t as in-demand as they used to be—and the decluttering movement (and its guru Marie Kondo) can partly be blamed.
“If you’re trying to pare down your clothing, then you don’t want a big walk-in closet to fill,” says Novak, whose clients prefer smaller, sliding-door closets. “It just becomes a big mess.”
Clare Trapasso and Rachel Stults contributed to this report.
The post Top 15 Home Features That Will Sell Your Home Fast—and for More Cash appeared first on Real Estate News & Insights | realtor.com®.
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3 Underground Vaults? Restored Detroit Home Offers Prohibition-Era History
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A home built in 1913 has been completely revamped to showcase its original owner’s secret life as a whiskey maker. The fascinating Detroit residence, which was designed and built for only $6,000, still retains many of its original elements, including three underground vaults. The home is now on the market for $1.5 million.
During Prohibition, original owner Edward Eisenburg ran a bootleg liquor business below ground.
“He was a businessman during the day, and he ran a distillery out of the basement at night,” says listing agent Michael P. Burch. “He had his whiskey, his money, and his furs in the home’s three walk-in vault safes.”
Rumor had it that a tunnel ran under the house so that the booze could make to its destination without detection. A buyer won’t acquire the fabled tunnel, but those vaults have been well-preserved.
And each of these vaults now offers a Prohibition-inspired perk: The whiskey vault was transformed into a home theater, the second vault is now a wine room, and the third vault is currently configured as a poker room.
Original pillars and mirror in entry
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Master suite
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Staircase and casement windows
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One of three walk-in vaults
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Home theater in former whiskey vault
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The 7,400-square-foot home has seven bedrooms, four bathrooms, and two half-baths. Original highlights include refinished hardwood floors, reglazed tubs, and a large mirror and pillars in the entry.
With help from the local historical society, the sunroom was rebuilt to avoid collapsing. The separate carriage house now comes with a two-bedroom, one-bath apartment with polished concrete floors and a three-car garage below.
New air conditioning and updated bathrooms complete the modern comforts of the home, which is available furnished. The walls currently showcase works by local artists as well as iconic Detroit scenes.
If you’d like to try before you buy, you can experience the Prohibition history for $9,500 a month. Or, rent the furnished carriage house for $2,500 a month.
Either way, your cash will make a difference. A portion of the rental income or the home’s purchase price will go toward supporting a local football camp for kids who otherwise couldn’t afford to go.
We can raise a glass to that!
The post 3 Underground Vaults? Restored Detroit Home Offers Prohibition-Era History appeared first on Real Estate News & Insights | realtor.com®.
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Boston fares worse than most metros for first-time homebuyers in new ranking
Hindered by a lack of affordability, Boston ranks toward the bottom of the pack when it comes to major metropolitan areas suited for first-time homebuyers. Boston was ranked No. 33 on the list by Bankrate, a consumer financial services company, which was based on FBI crime reporting data, the Gallup-Sharecare Wellbeing Index, U.S. Census Bureau and Realtor.com, among others. A study of best metros for first-time homebuyers puts Pittsburgh at No. 1. The next four on the list were Raleigh, North…
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For These Homeowners, More Is More
Francisco Estrada for The Wall Street Journal
Bob Sage has a dream—and a strategy for achieving it. He wants a $7 million to $10 million condo with unobstructed ocean views in Ward Village, a multiuse development under construction in Honolulu, Hawaii. To get there, he’s buying five units from the project’s developer.
Mr. Sage just closed on and moved into a $2 million, 1,334-square-foot, three-bedroom. He’s also in contract for four other units, which won’t be completed for another two years. Three of them are studio apartments, for which he paid roughly $500,000 apiece and which he will rent out. The fifth property is a $2.4 million, 1,600-square foot penthouse he will eventually move into.
“I have a lot of risk tolerance and faith,” said Mr. Sage, the 54-year-old owner of a commercial cleaning company.
This 20,000-square-foot-home was built by Craig Ramsey, a 72-year-old technology entrepreneur, on two lots he purchased and combined at Maravilla Los Cabos, a new development in Baja California, Mexico. He also purchased a penthouse condominium at the same development.
Francisco Estrada for The Wall Street Journal
Mr. Sage represents a little-known phenomenon in the real estate world–the bulk buyer. In luxury markets from Hawaii to Manhattan, these intrepid investors pool risk into one building or development, rather than spread it across diverse properties. Some bulk buyers are driven by business reasons and aim to either create rental income or build equity. Others simply want enough units so they can house their extended families, plus friends, if they want to come and visit.
The bulk buyers interviewed for this story said they do not rent out their property short term via sites like Airbnb or HomeAway. Instead, they lease properties long term if they are not using them, they said.
According to an analysis by PropertyShark, a real-estate data provider, 211 individuals in New York City own between three and 10 units in a single building; in Chicago, 342 owners do and in Los Angeles, 181 owners do. PropertyShark found that many bulk buyers register their properties in the name of a limited liability company. In New York City, twice as many LLCs as individuals own three to 10 units in a building.
Mr. Ramsey with his fiancée, Kelly Dove, on the patio of their Marvilla home.
Francisco Estrada for The Wall Street Journal
PropertyShark didn’t look at owners with more than 10 units in a building, nor did it analyze whether the same person who registered some properties in their own name also owned properties in the name of an LLC.
The bulk buying strategy requires absolute faith in the market potential of one area as well as in the property’s management team. Bulk buyers say they get to know their target properties so well, they know when to jump on for-sale units and sense when to sell.
Neil Johnson, managing director of Ohana Real Estate Investors, a developer of luxury resorts in California, Mexico and Park City, Utah, said most of the company’s portfolio has at least one family that owns three units. Mr. Johnson says he will sometimes offer a 15% to 20% discount off list pricing for the bulk buyer.
The Azzurra building in Marina del Rey, California.
Jennifer Roberts for The Wall Street Journal
“I like the idea of telling people, ‘we have people who have multiple buys in the building,’” Mr. Johnson said.
Those buyers, however, take on huge risks when they concentrate their investment dollars. Some wealth managers hate the idea.
Ross Gerber, president of Gerber Kawasaki Wealth Management in Santa Monica, Calif., says many of his clients are wealthy real-estate developers who invest large proportions of their portfolios in real estate. But even they wouldn’t risk buying multiple condos in one development—unless they owned the whole building, he said. Condos come with risks including maintenance and construction issues, close-quarters neighbors, and troublesome renters, Mr. Gerber said. If a fire, earthquake or economic downturn hits the development, the bulk buyer can be financially devastated, he said.
“I’m against owning five units in a building you don’t own. It’s not smart,” said Mr. Gerber.
But Steve Dudash, president of IHT, a Chicago wealth management firm, says he has used the strategy himself. Between 2009 and 2011, amid a sharp downturn in prices, Mr. Dudash bought several properties, including four condo units in one building. He rents them all out. He took on 15-year mortgages, so renters would pay off the mortgages and then he could assess whether to sell the units.
Vlada Makhlay sits outside the Azzurra building in Marina del Rey, California, where she has purchased four units, and her son has purchased one.
Jennifer Roberts for The Wall Street Journal
“It may sound dumb, but location is everything,” said Mr. Dudash. If the location and price of entry is right, bulk buying can represent a solid long-term plan, he said.
James Morgan, 41, an associate broker with Compass, and his husband Marlon Young, 62, a family business consultant, purchased five condominiums at 25 Central Park West in Manhattan. They bought one in 1996 and one a year later. In 2003, they paid $815,000 for a 944-square-foot unit, which they sold a year later. In 2004, they paid $1.15 for another condo; in 2012, they bought a 1,686-square-foot unit for $4.75 million.
Mr. Morgan says that they knew the building so well, they were able to tell when a good deal came on the market, knew how to renovate the units to appeal to high-end renters, and knew when to hold or sell. They currently rent out all the units–two of which they combined–and live in another unit they own at the Soori Highline in West Chelsea (for which Mr. Morgan is the director of sales).
Mr. Sage is also comfortable with concentrating his financial investment in one place.
“If I spread out the investment, I would have to do a lot more research.” However, having grown up in the area, Mr. Sage says he knows the neighborhood well. “I’ve had decades to think about it,” he said.
Mr. Sage and his wife, Gik, 44, plan to build up equity in their condo, sell it, move into the penthouse, and then continue buying bigger and nicer condos—building up equity in each, and then selling—until they can afford their dream home in Ward Village.
Vlada Makhlay, originally from Russia, also decided to keep her eggs in one basket. She learned about the Azzurra, a luxury high-rise building in the Marina del Rey neighborhood of Los Angeles, and met a real-estate agent, Ryan Sokolowski of Coastal Luxe Living/Compass, who helped her find a rental there in 2013.
“She loved the place, the view, the people, and was amazed by the building,” said her son, Timofey Makhlay, who helps her manage her real-estate investments.
Later that year, she bought a two-bedroom, three-bathroom unit in the Azzurra for $910,000. (She sold it in 2016.) Mr. Sokolowski also assisted her in purchasing two two-bedroom, three-bathroom units, one for $1.24 million and one for $995,000. She also bought a fourth unit, a three-bedroom, for $1.68 million, in which she lives.
In 2017, Mr. Makhlay came into some family money and decided to invest it in real estate. Guess where? Mr. Makhlay now owns a one-bedroom two-bathroom unit in the Azzurra, for which he paid $870,000 and which he rents out for $4,500 a month, he said.
Bob and Gik Sage in their condo in Ward Village, a 60-acre master plan developed by the Howard Hughes Corporation.
Olivier Koning for The Wall Street Journal
Craig Ramsey, of San Francisco, became a bulk buyer at Maravilla Los Cabos, an Ohana development that launched in 2014 in Baja California. Mr. Ramsey, a 72-year-old technology executive and entrepreneur, bought a 10,000-square-foot penthouse condo at Maravilla for $8 million. He also bought and combined two 1/2-acre lots—for $14 million—and built a $15 million home. The house has two “great rooms,” complete with living and dining areas and full kitchens, so that adults and children can each have their own wings of the house, Mr. Ramsey said. Soon to be married, Mr. Ramsey expects that his new wife, his daughter and son–and all the in-laws and grandchildren–will be frequent visitors.
Mr. Ramsey said he doesn’t worry about concentrating too much money in the development.
“At some point, my children and grandchildren may profit on it financially. But most important, we’ll profit together by enjoying it,” he said
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Jersey Shore homes that won't break the bank (Gallery)
Last week, the Philadelphia Business Journal ran our semiannual list of the most expensive homes on the Jersey Shore. All of the 30 homes in that collection were listed above $4.2 million. It's fair to say that most Philadelphia-area folks who are thinking about a second home at the Shore likely won't be considering the very top of the market. So we turned to our friends at Realtor.com to find properties in Atlantic and Cape May counties between $400,000 and $600,000. There are many properties…
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Realtors discuss 2019 housing market outlook, tips for buyers and sellers
The Dayton Business Journal recently spoke with several Dayton-area realtors about the outlook for 2019, along with tips for buying or selling a home.
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Adam Jones Selling Massive Maryland Estate He Bought from Cal Ripken Jr.
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Outfielder Adam Jones has spread his wings and flown away from the Baltimore Orioles. As a result, he’s placed his estate in Reisterstown, MD, on the market for $3.995 million.
The sprawling 24-acre property with a 21,890-square-foot main house was previously the property of Hall of Fame shortstop Cal Ripken Jr. Jones emerged as the winning bidder for the massive estate in an auction just last year.
Ripken had originally placed the compound on the market for $12.5 million in 2016. Striking out on a sale, the Hall of Famer placed the home in a no-reserve auction, where fellow big leaguer Jones picked it up for a reported $3.465 million.
And that wasn’t the only real estate move Jones made last year. Shortly after winning Ripken’s regal spread, the 33-year-old placed his suburban Maryland mansion in on the market for a hefty $2.7 million. That property is now off market, and Jones is still listed as the owner.
Now that the Ripken estate finds itself available again, perhaps some other Orioles may flock to take a look at the home. It’s built for a major-league ballplayer.
Adam Jones lists estate on over 24 acres.
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Living room and dining room
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Chef’s kitchen
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Master suite
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Lower-level family room
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Indoor sport court
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Pool and poolhouse
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Ripken purchased the land in 1984, built the home in 1987, and renovated it in the late 1990s. The layout features plenty of perks a big leaguer would appreciate.
The gated estate offers an attached sports complex with an indoor basketball court, gym, locker room, and batting cage, as well as a hydrotherapy and shower room.
The grounds include a large pond, a pool with spa and poolhouse, and two garages. Plus, fans of the national pastime will appreciate the regulation baseball diamond that completes the offering.
Indoors, the layout includes six bedrooms, 15 bathrooms, with gathering and entertainment rooms, a chef’s kitchen, and a main-level master suite with two dressing rooms and two master baths. Guests or family members can easily be invited to stay, given that there are five more bedroom suites, two with full kitchens and separate entries. Entertainment features on the lower level include a home theater, a bar, and a media room.
As great as this property sounds, it was destined to sit empty after Jones signed a one-year contract with the Arizona Diamondbacks. His desert migration has led to his attempt to do a quick flip of the home after owning it for less than a year.
Previously, the San Diego native played with the Orioles from 2008-2018. The five-time All Star has earned four Gold Gloves and a Silver Slugger Award.
Karen Hubble Bisbee holds the listing.
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‘House Party’ Podcast: Inside a ‘Mad Men’-Inspired Palm Springs Pad; Is Renting Sheets Bogus or Brilliant?
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“House Party” is realtor.com’s official podcast about the overlapping worlds of real estate and pop culture, hosted by Natalie Way, Erik Gunther, and Rachel Stults. Click the player above to hear our takes on this week’s hot topics.
This week we’re cracking the Champagne for our 20th episode of “House Party.” If money were no object, our ideal way to celebrate would include flying to Palm Springs, CA, and staying in the swanky, vintage-inspired midcentury modern pad we discussed on this week’s episode. Once offered as an Airbnb rental for $1,100 per night, it’s now on the market for $1.7 million and seeking a buyer who’s obsessed with color and “Mad Men”-era decor. Think Slim Aarons photographs IRL.
We also found ourselves truly stumped by the latest home decor offering from a partnership between fashion rental service Rent the Runway and home goods company West Elm. The two companies just announced they’ll be offering rentable bedding, pillows, and other textiles for the home. Would you rent sheets? How much would you pay? Is this service bogus or brilliant? We get into it all.
Plus, after noticing the same youthful amenity popping up on the properties of A-list celebs such as Bob Dylan and Bill Gates, we had to ask: Are trampolines the newest home must-have? Considering several hundred homes currently for sale feature in-ground trampolines, there’s a chance they could send your property value sky-high.
And, as always, we’ve got the week’s celebrity real estate winners and losers.
So what are you waiting for? Press that play button above! Subscribe on Apple Podcasts, Google Play Music, Spotify, or wherever you get your podcasts. And, by all means, throw us a five-star rating if you like what you hear. The more good ratings and reviews we have, the easier it’ll be for people to find us.
Have a strong feeling about renting bedding? Or do you have your own crazy home-related story you’re dying to share? We’re all ears, eagerly waiting to discuss all your burning real estate questions. Reach us at [email protected], or tweet us @housepartypod on Twitter.
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Stories we discussed on ‘House Party’ this week:
Should You Rent Your Home Decor? When It May Be Smarter to Rent Pillows, Blankets, and More
Amazing Palm Springs Time Capsule Awaits a Buyer Who Loves Vintage Vibes
Bill Gates Has a Home Feature That’ll Leave You Floored: Can You Guess What It Is?
Why Won’t Anyone Buy ‘American Chopper’ Star Paul Teutul’s Compound?
Actress Ellen Page Sells Midcentury Modern Home in L.A. for $2.1M
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Median home prices jumped 11.2 percent in Buffalo as sales chilled in February
There was no February warm-up for home sales in the Buffalo metropolitan area in February but limited inventory again sparked a rise in prices. The fall in the number of closed transactions was sharp — 33.4 percent — according to the Buffalo Niagara Association of Realtors. The trade group counted just 489 single-family home deals compared to 734 a year ago. With fewer properties on the market — 2,387 compared to 2,449 — sellers were again able to cash in. Median prices climbed to $146,750…
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A 45-Foot Rapunzel Tower in the Adirondacks Is This Week’s Most Popular Home
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When the opportunity to live like a real-life Rapunzel presents itself, you take a second, or perhaps even a third look. Because while the week’s most popular homes on realtor.com® include some of the most famous—and infamous—on the market, a 45-foot, lakefront tower in upstate New York managed to steal the top spot and the hearts of home buyers and admirers across the country.
According to listing agent Natalie Roth, the home went viral after it was featured by the popular Facebook group For the Love of Old Houses.
“It is a very unique property, with a 45-foot tower in the middle of the home,” Roth says. “It’s also on Chase Lake, a lovely nonmotorized Adirondack-like lake in the Tug Hill plateau of northern New York.”
Other stars on realtor.com include a suburban Philadelphia home with the BDSM dungeon, making an appearance for the fifth week in a row; Kristin Cavallari and Jay Cutler‘s mansion in Nashville, TN; and Michael Jackson‘s former Neverland estate, in the news because of the recent HBO documentary about sex-abuse allegations against the late singer. All of these homes are interesting and even newsworthy, but it was the little cottage in the Adirondacks that people wanted to see more than the others.
It’s nice to see this special little home tucked among tall trees capture the imagination of so many people. Or maybe it’s the promise of a prince and really good tresses. Either way, we’re obsessed, too.
So let down your hair and take a look at all of this week’s most popular properties.
10. 4507 Park Verona, Calabasas, CA
Price: $1,869,000
Why it’s here: Maybe it’s having the Kardashians in the neighborhood, or perhaps it’s the location with lake views, but this five-bedroom place definitely knows how to draw attention. Built in 1969 and totally upgraded, the three-story home sits on the end of a quiet cul-de-sac with the perfect combination of indoor and outdoor living. Walls of windows marry views with comfortable spaces like the designer-remodeled kitchen and the outdoor living room with fireplace and built-in grill.
Calabasas, CA
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9. 15 Olive St, Newburyport, MA
Price: $799,000
Why it’s here: Built in 1790, this home received an impeccable, award-winning makeover, which protected and enhanced its antique details while bringing the home up to date. Bright and sunny, the three-bedroom home includes such period touches as Georgian paneling, six fireplaces, nine-over-six windows, and plank floors. The kitchen was custom-built by a master craftsman and includes a large fireplace with beehive bake ovens and a beamed ceiling.
Newburyport, MA
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8. 21 Wormwood St, Unit 611, Boston, MA
Price: $2,375,000
Why it’s here: Warm, inviting, and brimming with character, this corner penthouse loft is reportedly owned by one of the athletic Gronkowski brothers. The kitchen was custom-built with milled antique fir cabinets and restaurant-grade appliances. In addition to views and a south-facing Juliet balcony off the living room, the property comes with a 340-square-foot private roof deck and two deeded parking spots.
Boston
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7. 13664 SW 161st Pl, Miami, FL
Price: $475,000
Why it’s here: Smart, stylish, and featuring upgraded everything, this cool abode was built in 2015. And it stands apart from other homes in the development—it’s the only single-story home. If the single level isn’t enough to entice buyers, it’s also outfitted with Nexia Home Intelligence and filled with builder upgrades like quartz counters, diagonally laid tile, custom vanities, and Zebra shades. Outdoors, there’s a Zen garden and pond to provide the perfect backdrop for a serene Sunshine State lifestyle.
Miami
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6. 1612 Norristown Rd, Maple Glen, PA 19002
Price: $750,000
Why it’s here: For the fifth week in a row, this lovely suburban home known as the “sex dungeon house” lands on our Top 10 list, both for obvious and for less salacious reasons. Sure, the home’s basement fully outfitted as a BDSM play area is a draw. But even if you come for the titillating bits of the tour, you have to notice what a sublime family home it truly is—just one with a naughty little secret.
Maple Glen, PA
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5. 39 Bancroft Pl, Nashville, TN
Price: $7,900,000
Why it’s here: Originally listed June, this home belongs to star couple Jay Cutler and Kristin Cavallari, who are currently starring in their own reality TV show centered on Cavallari’s home-lifestyle brand Uncommon James and the overhaul of a farmhouse outside Nashville. The interiors of this seven-bedroom mansion have been totally updated by Cavallari and her team and feature stylish fixtures and furnishings.
Nashville, TN
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4. 15 Flying Cloud Ln, Las Vegas, NV
Price: $8,999,000
Why it’s here: Clean lines and pristine spaces highlight this showstopper of a mansion. Finished last year, the five-bedroom home offers over 12,000 square feet and design elements that would rival any casino on the Strip. The layout includes two master suites, a wine room, elevator, media room, gym, office, and large swaths of windows to take in desert views.
Las Vegas, NV
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3. 5225 Figueroa Mountain Rd, Los Olivos, CA
Price: $31,000,000
Why it’s here: It’s one of the most famous residences in the world. Formerly known as Neverland, Michael Jackson‘s retreat came back into the spotlight courtesy of the recent HBO documentary “Leaving Neverland.” Now marketed as Sycamore Valley Ranch, the 2,700-acre property has had a dramatic price drop, from $100 million to its current $31 million.
Neverland Ranch in Los Olivos, CA
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2. 4960 Safari Pass, Eagan, MN
Price: $2,495,000
Why it’s here: The European-style mansion was built in 1985 and is known as Eagan’s Castle. Formal, sleek, and very grown-up, this castle includes finishes and amenities that put it in a regal class all by itself. Making it even more attractive, the gated estate is an easy commute away from the downtowns of both Twin Cities, the airport, and the new Minnesota Vikings facility.
Eagan, MN
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1. 6518 E. Shore Rd, Glenfield, NY
Price: $259,000
Why it’s here: If Rapunzel were a real girl, she would live here. This 45-foot tower overlooks Chase Lake, which is private, with no public access. Surrounded by Otter Creek State Forest in the Adirondacks, the property provides magical outdoor adventure year-round, from kayaking and hiking to ice fishing.
If the breathtaking structure isn’t enough to entice buyers, the home’s interior is whimsical and filled with charming crannies and spaces for whiling away lazy afternoons or reconnecting with friends and family. This secluded retreat, a world straight out of a fairy tale, covers nearly a full acre—and we’re totally obsessed.
Glenfield, NY
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Fashion Designer James Perse’s $40M Malibu Estate Is the Week’s Most Expensive New Listing
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A stylish Malibu, CA, estate belonging to fashion designer James Perse is this week’s most expensive new listing. The oceanfront property is asking $39,995,000—more than double what he paid for the place.
It’s no surprise that the retailer—whose upscale brand includes a cult-favorite T-shirt line, decor, and furniture—also has a taste for luxury real estate. In fact, Perse’s design philosophy stems from his “passion for minimalist architecture influenced by warm west-coast indoor outdoor living and the casual clothing that’s inspired by it,” according to the designer’s website.
Perse purchased the Point Dume property for $16 million in 2010, according to Yolanda’s Little Black Book. Rebranded as part of the James Perse Residential Projects, the property has “endless ocean views” and is “one of the most coveted properties on Point Dume.”
Open kitchen
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Outdoor lounge area and lawn
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Covered patio with ocean view
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Private access to the beach
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The 4,209-square-foot home has five beds, four bathrooms, and two half-baths. The property boasts an open living space, private stairs to the beach, ocean views, and an expansive lawn. A separate guesthouse completes the estate.
The back of the home opens to the grounds. The living room, kitchen, and dining area all place a focus on the views, with walls of glass and high ceilings.
Outside, the private and gated property comes with a large grassy lawn and lounge space that leads down to Point Dume Beach.
Built in 2004 for “X-Files” creator Chris Carter, the single-story home has since been renovated to fit the fashion mogul’s minimalist’s tastes, according to the Real Deal. The sleek furnishings and decor are his designs. The interior also showcases a collection of antiques curated by Perse.
The furnishings are available for separate purchase, according to listing agent Lily Harfouche.
Perse, who had most recently leased out the minimalist gem, owns another Malibu property that he reportedly picked up in 2016. The Hamptons-style estate with a pool and tennis courts set the clothier back $12.5 million. Perse and wife Brandi Briskman Perse also reportedly own an equestrian property in Thousand Oaks, CA, which they snapped up in 2013 for $10.85 million from fellow real estate maven Ellen DeGeneres.
The post Fashion Designer James Perse’s $40M Malibu Estate Is the Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.
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Mel Gibson’s Marvelous Malibu Estate Back on the Market for $14.5M
Axelle/Bauer-Griffin/FilmMagic
Mel Gibson‘s rustic European estate in Malibu, CA, is back on the market, this time with lighter, brighter decor and a lighter, brighter price of $14.5 million.
Gibson bought the posh property in 2008 for $11.5 million from David Duchovny and Téa Leoni, who were married at the time. Gibson meticulously maintained the property and added lush, natural landscaping before putting it on the market for $17.5 million in 2017. He relisted it in 2018 for $16.5 million.
It’s easy to see how the man behind “Braveheart” would feel right at home on this 5.5-acre estate. The main residence has stone archways, high wood-beamed ceilings, and sturdy wood floors where a highlander could fit right in.
Mel Gibson’s Malibu, CA, estate
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Stone arches
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Great room
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“It has the warmth of an old-world estate, but it also has a light and airy, beachy vibe,” says listing agent Sandro Dazzan of The Agency. “A lot of people are leaning toward that now. They want warmth, charm, and character, but they still want a relaxed ocean feel.”
Entryway
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The property is in the heart of Malibu, just minutes from the Country Mart, Dazzan explains. But it is completely isolated to the point where you can’t see any of your neighbors from the main house.
Ocean views
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And while it’s set back from the coastline, it offers access to the nearby La Costa Beach Club, with oceanside facilities and multiple tennis courts.
The estate includes 6,578 square feet of living space, distributed among a five-bedroom, five-bath main house, a pool house that is being used as a gym, and a detached guesthouse situated above a three-car garage.
Main residence and detached guesthouse above the garage
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Highlights include the family room, with its wood ceiling and fireplace, and the “spectacular” master suite, which has its own wing, according to Dazzan.
The master suite also features dual walk-in closets and a private balcony with ocean views.
Family room
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Master bedroom
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The parklike grounds include landscaped paths, grassy lawns, and two pools (a kidney-shaped one for splashing around, and a regulation lap pool right outside the gym). There are also fountains and dining and lounge areas.
Kidney-shaped pool
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Regulation lap pool
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“It’s a great price for the amount of acreage, the square footage, and the location,” says Dazzan. “It’s one of the best values under $20 million in Malibu, for sure.”
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Before College Cheating Bust, Scammer Rick Singer Tried to Sell His SoCal Mansion
Scott Eisen/Getty Images; realtor.com
In a rush to sell your house quick? List it for 20% below the estimated value.
That appears to be the way William “Rick” Singer tried to rid himself of his luxurious Newport Beach, CA, home a few weeks before he was formally charged with orchestrating the biggest college admissions scandal in U.S. history.
On Feb. 20, Singer listed his 5,167-square-foot home for $2.6 million. On March 12, he was arrested and charged with racketeering conspiracy, money laundering conspiracy, and obstruction of justice in a nationwide college admissions scam.
So was Singer successful in ridding himself of his valuable residential asset before the proverbial stuff hit the fan?
It doesn’t appear a deal was closed before his arrest. Though listed as for sale at the time of his arrest, the home is now off the market. According to the New York Times, “Prosecutors are seeking the forfeiture of many of Mr. Singer’s own assets and those of his businesses and the foundation under federal racketeering laws.”
It could be that the Feds stepped in to stop a potential sale before it happened. This would explain why the home’s listing was canceled in such a rapid fashion. Singer had been cooperating with federal investigators since September 2018, and he pleaded guilty to four charges in federal court in Boston on Tuesday.
William “Rick” Singer’s Newport Beach, CA, home
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Realtor.com®’s current estimate on the home’s value is $3,239,200, so savvy buyers were likely intrigued by the low listing price.
Even if he had sold it for $2.6 million, Singer would have made a profit. He purchased the place in 2012 for $1.55 million.
Living room
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The original 1940s house on the 5,875-square-foot lot was demolished in the early 2000s, and a custom five-bedroom, 5.5-bath home was built in its place.
Listing photos reveal posh interiors and luxe features, including stone flooring, soaring ceilings, French doors, and crown moldings and baseboards.
Family room
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It also has a gorgeous kitchen, with Viking appliances, a massive center island, custom cabinetry, cozy breakfast nook, and butler’s pantry.
Kitchen
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The spacious master suite comes with multiple decks overlooking the garden, dual walk-in closets, and a luxe bathroom.
Out back, there is no pool; however, there is a secluded patio, dining space, kitchen, and fire pit—all surrounded by mature landscaping “reminiscent of estates in Napa Valley,” according to the listing.
Patio
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Napa Valley–inspired landscaping
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The home is “located on one of the most sought after blocks in the desirable enclave of Newport Heights,” the listing states.
Area neighbors say they were stunned by the scandal happening in their midst. They told KFWB radio that Singer was a good and helpful neighbor, and that they were surprised to see a “For Sale” sign go up one day, then disappear only weeks later.
If the home does bounce back on the market in the future, we’re guessing the seller will be the U.S. government.
Office
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