Oh Dear…

Sacramento Luxury Real Estate

Yesterday, good friend and Sacramento real estate broker Gena Riede declined to take a $2 million listing in Whitney Oaks–located in Rocklin, just outside Sacramento. The home has magnificent views, is in a fine golf course neighborhood, and offers over 7000 square feet of potential living area.

This was a listing appointment that Gena had prepared for in detail. She had reserved space here for an article about the property, had made arrangements for us to leave information about the home with top luxury brokers in Northern Europe when there later this month, and had a professional photographer on stand-by.

Gena leaves little to chance.

The floor plan, unfortunately, turned out to be a bit illogical with unspecified rooms at the entry level and an enormous living room and foyer upstairs.  The master bedroom was surprisingly small with an adjoining bath that was surprisingly large with sink perched on black-lacquered 2×4’s. There were gaps in drywall around electrical outlets and cracks at drywall joints. The general impression was one of an unfinished home.

This, in short, is NOT a luxury home. It is a project-in-process that demands to either be either professionally finished–or sold to someone who can see it to completion. And given that other smaller and finished homes have sold in this fine Sacramento neighborhood for less than $1 million, it is an improbability that this unfinished property will sell at a luxury home price.

Gena Riede is Sacramento’s premier luxury real estate broker–and is willing to professionally represent true luxury homes in the Sacramento real estate market. She can be reached at 916-417-2699 or at gena@genasell.com

Advice to luxury home sellers: Make sure that your home and it finishes match luxury home standards in your community and neighborhood. Don’t expect the potential buyer of your home to finish it for you.

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Jeff and Racquel Turner are two favorite people of mine.

Not because Racquel has a heart as wide and deep as the Mississippi River --or because Jeff so unselfishly shares his technological expertise with so many. Rather, they both hold out a helping hand to people and causes that can use a lift.

A few years ago, Rocky realized that orphaned girls in Africa were missing precious days of school because they had no underwear. Something as simple as a pair of undies could hold a pad that could carry a girl through a day of her period and a day of school. That became one of the initial causes for Mothers Fighting for Others.

Dresses and other items of clothing might be purchased second-hand at open air markets. Second-hand underwear, though, are forbidden by the government--likely because of sexually-transmitted disease fears.

Rocky started a campaign for new underwear for African orphans and met with overwhelming response. It was a niche charity that touched the hearts of so many and Rocky took it upon herself to lug hundreds of pounds of underwear on subsequent trips to Africa.

These days, she is working hard to get these orphaned girls into boarding schools to help prepare them for productive lives.

Jeff and Rocky (in particular) have opened their hearts and voices to their causes--and the world is a finer place because of these two.

Turner is making us aware, once again, of the tragedy surrounding human slavery:

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by Roberta Murphy

When first entering this newer San Diego luxury home, we were amazed by its wall and ceiling finishes. Walking slowly from room to room, one can run fingers over the cool burnished walls and the gray stone door arches. The touch is smooth and cool. Even the ceilings and dome gave the impression that we had indeed been transported to a Venetian villa.

Had we not known the artisan responsible for this masterpiece, we would never have guessed an underlying truth: These walls were nothing more than standard drywall that had been transformed by a clever Polish home painter and artist who specializes in exquisite surface finishes.

Greg Sieminski explains that Europeans have been creating beautiful walls for centuries utilizing limestone plasters softly colored with natural elements. He studied these walls in Mediterranean countries, and wondered how the rich, aged patina could be duplicated in fine San Diego homes. It took several years, but Greg was able to perfect his replications of fine Venetian plaster to the delight and amazement of his clients.

So just how is Venetian plaster made? Greg explained that the 1300 year-old process starts with the selection of special limestone from Italian quarries and rivers. The limestone is then fired in a large and very hot kiln, which causes chemical changes within the limestone itself. The result? The super-heated stones turn to putty when placed in water. The painter goes on to describe how this putty is wet-seasoned for up to a year before being processed as a finishing plaster.

The end result, says Greg, is a finely milled limestone putty that is even finer than face powder. This cultivated material can be further embellished with finely-ground marble, which yields an ancient building material that can be burnished to a low sheen or rubbed to a high polish. Additionally, he will occasionally add granular material so that he can recreate stone finishes.

Venetian plaster, he explains, is not œfaux painting, as hobbyists commonly refer to this style of painting. œThe product is not paint. It is an old finishing technique that works well in contemporary homes. He adds that Venetian plaster can be used outdoors as well, with few limitations.

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by Roberta Murphy

At San Diego Previews, we deal with a number of people who are relocating to the San Diego area. They may be from from the East Coast, the desert, Bay area, Midwest or Europe, but all have pretty specific ideas about the lifestyle they anticipate in sunny Southern California.

Many of these seekers are seasoned and affluent home buyers–ones who can be pretty specific about the features they want in their next home. Their demands might very well include:

• A formal and separate entry with natural stone or wood flooring.
• An office off that lovely entry
• Formal dining room with outside patio for al fresco meals.
• In Southern California, a great room with fireplace off the spacious and well-equipped kitchen. Great for wine and cheese soirees, family fun and casual entertaining.
• At least one bedroom with full bath on ground level.
• Spacious master suite with balcony for sunset wine sipping–and spa bath with jetted tub. Huge closet also a plus!
• Outdoor kitchen for year-round entertaining is a must.
• Some want pools and some don’t, but most would like a private rear yard large enough to accommodate one.

We have recently listed a newer 5 bedroom, 4.5-bath home at 7289 Calle Conifera in Carlsbad, which offers all these features and more–including a butler’s pantry, large laundry room, 3 fireplaces, Brazilian cherry and polished travertine flooring, granite surfaces, 3-car garage, 4225 square feet, and numerous other custom upgrades. This La Costa Oaks listing is also in the highly desired San Dieguito school district, has reasonable taxes– and a price tag of just $1,150,000.

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by Scott Murphy

$57 Million as a sales price for a Hong Kong apartment?

What if I had $57 million to buy a luxury home in the U.S.?

I would seriously have to consider a currently-available 10,000 square foot home right on the beach in Del Mar, just north of La Jolla. The climate couldn’t be more perfect, the views are spectacular, while snow-covered mountains and desert golf are just a couple of hours away. But then again, I am a big fan of (and a Realtor in) San Diego!

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by Roberta Murphy

I love the genius behind Dyson engineering and products.

Instead of thinking outside the box, these air gurus study the box very closely and re-engineer it into device that works better than its predecessors.We love the Dyson vacuums and find them intuitively simple to use.  They are also nearly indestructible.  The Dyson wizards have also invented a hand dryer that really works–with air that travels in the neighborhood of 400 mph.

A tip of the top hat to Paul Taylor with the Financial TImes, who released this story whereby inventor James Dyson claims his bladeless fan–or the Dyson Air Multiplier,  works by forcing a jetstrem of air out of a narrow circular slit and then over an aerofoil-shaped blade, and is proving to be at least as efficient as its bladed counterpart, while reportedly being more comfortable and much safer.

The Dyson fan is controlled with a remote slider, which allows for more precise air flor. The cost ranges from a hefty $300 for the 10-inch model and $330 for the more powerful 12-inch air multiplier.

The fan, or air multliplier, is reportedly and currently available at select specialty stores in the US–and will hopefully soon be available on the Dyson site as well as Amazon.

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Yesterday, the Associated Press reported that millionaires are fleeing their luxury homes in New York to establish residency in less-taxing states. As a result, New York is receiving far less revenue than was expected from the wealthy since these wealth taxes were enacted last April.

Call it the law of unintended consequences.

To be fair, many of these losses come from scaled-back salaries and layoffs on Wall Street, but more than a few may be packing up and moving to more tax-friendly states such as Florida, Nevada and elsewhere–and are taking jobs with them. It is reported that billionaire Buffalo Sabres owner Tom Golisano who was paying $13000 a day in New York income taxes has moved to Florida. With him go 5000 jobs from Paychex, the Rochester, NY payroll processing company he owns. Rush Limbaugh has also given up his Manhattan home to escape excessive taxation.

Donald Trump tells Fox News that a number of his millionaire friends are also thinking of bailing from New York because of excessive taxation. Says AP:

“States also realized that having a higher tax rate than their neighbors would cost them talent, lose jobs and hinder economic growth, the foundation reported in May after Hawaii joined Maryland, New Jersey, California and New York to adopt a “millionaire’s tax.” New York, for example, has been careful not to raise its highest rates above New Jersey’s, according to the foundation.”

In California, millionaires and job producers are already being heavily courted by Nevada, a state that is seeking to grow its employment base and fortunes with its minimal taxation and business-friendly environment:

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The move from a luxury home can be a daunting one–especially when grand pianos, snooker tables and valuable art need to be both carefully packed, insured and moved into new abodes.

One of our readers, Kirstie Birkewitz, is not only a writer, but co-owner of a careful moving company in San Diego–and has some excellent tips for luxury home relocation

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by Roberta Murphy

Most of us grew up believing that education and earning power were irrevocably shackled to each other, and where one went, the other inevitably followed.

These days, we’re no so sure.

Below, a partial list of billionaires who dropped out of school and went on to become outrageous successes in the technology, entertainment and fashion fields.

1.  Sir Richard Branson dropped out of high school at the age of 16 and soon founded both Virgin Records and Virgin Atlantic Airways–as well as 300 other companies. He also bought a 79-acre Caribbean Island at the age of 24

2.  Kirk Kerkorian is a Las Vegas Legend with big stakes in Bellagio, Excaliber, Luxor, Mandalay Bay, MGM Grand, New York-New York, Circus Circus, The Mirage, and more. He dropped out of school in the 8th Grade.

3.  Bill Gates, founder of Microsoft, needs little introduction. He and wife Melinda are world-class philanthropists in addition to being the wealthiest couple in the world. Most of us know he was a Harvard dropout who couldn’t resist teaming up with:

4.  Paul Allen, co-founder of Microsoft who dropped out of Washington State University to join buddy Bill in their MS venture. He ended up with over 100 million shares of Microsoft and today owns 12 pro sports teams, lots of real estate, and big stakes in other tech and media companies including Dreamworks Studios.

5.  Steve Jobs dropped out of Reed College after just one semester and went on to found Apple Computer and become the largest shareholder in Disney Studios. A dropout earning $1 per year might have bolstered my parents admonishments, were it not that Mr. Jobs also owns 30 million shares of Apple plus perks.

6.  Larry Ellison, flashy founder of Oracle, dropped out of Illinois’ University of Urbana-Champaign (as well as the University of Chicago) and in 1977 invested $2000 to start Oracle Corporation, which is today the second  largest software company in the world. He also pilots his own jets.

7.   Michael Dell dropped out of the University of Texas at Austin after starting a little computer company he called PC’s Unlimited. Wildly successful, this dropout went on to develop Dell Computers into a name with worldwide recognition.

8.   David Geffen, a beacon in the entertainment industty, was another University of Texas at Austin dropout. He was also a cofounder of DreamWorks–and likely shares genius and coffee with Paul Allen (above).

9.  The Ralph Lauren name has become an icon in the fashion world. The City College of New York dropped out and founded the Polo Ralph Lauren brand. He reportedly got an early start, though, by selling neckties in high school where he declared his intentions to become a millionaire.

10. Sheldon Adelson is a casino legend/kingpin and Wall Street wizard, who is also a City College of New York dropout. He is CEO of the Las Vegas Sands Corp which also holds the Venetian Resort Hotel Casino and the Sands Expo and Convention Center. Adelson also help found the COMDEX computer trade show.

Any other notable billionaire dropouts we failed to mention?  Also, where are the women?

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by Roberta Murphy

The Bernie Madoff, who is headed for several lifetimes in prison–and which leads us to wonder:

Where are the cushiest prisons?

And wouldn’t you know, Forbes.com provides a timely list of the top-rated federal prisons. They looked for such amenities as email, proximity to major airports, weather and internal substance-abuse programs, a sentence-reducing ploy used by non-addicted white collar criminals. Other qualifiers for the luxury prison list include pleasant guards, air-conditioned off-site employment, vocational training and weekend family visits.

Madoff’s first choice (though not at the top of Forbes’ list), was the Federal Correctional Institution at Otisville, N.Y, which serves Kosher food and is closest to his family.

That was not to be the case, though.

Madoff was instead sentenced to Butner Federal Correctional Institution in Butner, North Carolina, which ranks 9th on Forbes’ list.

Top rated? The Alderson, West Virginia Federal Prison Camp where Martha Stewart served her sentence. Others include:

• Federal Prison Camp, Pensacola, Florida

• Federal Prison Camp, Yankton, South Dakota

• Federal Correctional Institution, Sheridan, Oregon

• Federal Correctional Institution, Memphis, Tennessee

• Federal Correctional Institution, Dublin, CA (women’s facility)

• Federal Correctional Institution, Ashland, Kentucky

• Federal Correctional Institution, Buttner, North Carolina

• Federal Correctional Institution, Otisville, New York

And for what it’s worth, there are a total of 115 federal prisons in the United States.

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