by Roberta Murphy

Magic must be in the air.

Even our middle son Eric — who has never, ever cottoned to bagged lunches — packed one the other day and probably saved at least $5. This college student works part time, but last week discovered the agony of having to pay $1,800 or so for a new bumper and rear quarter panel that met a brick wall when he was backing out of a narrow Rancho Santa Fe driveway in the dark recently. This story has little to do with the great money saving tips I am about to pass along, except I’ll insert it first:

1. Pack a healthy lunch, fill a Thermos of coffee, and spare the environment another plastic bottle by carrying water in a reusable container. Eric now saves at least $5 per day out of his pocket. Take away a couple of dollars, max, for ingredients, and you are still dollars ahead

2. Paste a sticker that says, 800-FREE-411 (or 800-373-3411) onto both your cell and home telephone. Instead of paying your telephone service up to $3.50 for a telephone number, why not listen to a 10-second commercial and get the number for free? Makes sense to me.
Click to see the 8 other great money-saving  tips.

by Roberta Murphy

Spelling Mansion for Sale

In 2006, we reported that Candace Spelling, 63, and widow of the later Aaron Spelling, was shopping for a $150 million buyer for her Holmby Hills home:

….Candy Spelling, widow of the late Aaron Spelling, has quietly put their legendary 56,000 square foot, 123-room Holmby Hills mansion on the market for $150 million. Sources say the Westside Estate Agency (WEA) has the pocket listing and that the property is being discretely shopped among Realtors and their potential buyers.

It is now, at last, officially listed for sale.

Built in 1991, nobody has an exact count of rooms in the Spelling Manse these days–including the listing Realtors. Among the more luxurious, though,  are a bowling alley, wine cellar and tasting room, a humidity-controlled silver storage room, China room, gift-wrapping rooms, library, gym, media room and one of Spelling’s enduring entertaining favorites: The screening room, where the projection screen emerges from the floor at the same time windows are automatically shaded.

The Spellings also finished off the home’s substantial attic and had a barber and beauty salon installed.

The servants’ quarters alone feature a large kitchen, 7 bedrooms, 5 fireplaces and 4 wet bars.

Outdoors are 18th century gardens and citrus orchard, swimming pool and spa, reflection pool, waterfalls, and spacious pool house with a kitchen.  Additionally, there are 16 car ports and room for valets to park over 100 cars.

This luxurious mansion sits on 4.6 acres, is a neighbor to the Los Angelese Country Club –and is the largest home in Los Angeles County.

Where will the owner move once the home is sold? Candy Spelling has already purchased a $47 million 2-story penthouse that crowns a residential tower in downtown Los Angeles.

And yes, I would love to represent the buyer for this property!

by Roberta Murphy

Good News for Investors!

We now have the chance to read through the recent Stimulus/Spending Bill that was passed largely unread by our Congress. The earmarks and pork anger many, but there is good news on the real estate front:

Owners of second homes and other real estate investments will now be able to refinance their mortgage loans if they are guaranteed or held by either FannieMae or FreddieMac–and if the current value is no more than 5% over the mortgage amount.

Many real estate investors, though, have no idea whether their loans are guaranteed or owned by Fannie or Freddie. However, you may call Fannie directly at 1-800-7FANNIE or visit their site. If you complete the form on Freddie Mac’s site, they will advise you as to whether they are guaranteeing your loan or not.

To qualify for this real estate refi, there may be no late payments (30 days or more) for last year. FICO and credit scores, though, are not considered–nor will private mortgage insurance start anew.

This could be a great help for many investors and second home owners who thought only primary homes could benefit from the Fannie and Freddie refi’s. This may also be a potential Godsend for tenants who face eviction because of foreclosures. This may allow investment property owners to keep their properties–and their tenants in place

by Roberta Murphy

Mexico is struggling with a number of serious problems, including failed real estate developments along the Baja coastline–just south of the San Diego border. From the northern tip of Tijuana’s coastline down to Ensenada, Baja beach areas are spotted with the rusting remains of failed high rise condo projects.

And one of the biggest failures is the Trump Ocean Resort Baja just north of Punta Bandera, where unwitting U.S. investors thought they were buying into one of the safest investments possible: A beach condo development offered by none other than Donald Trump and his family.  Up to 600 buyers paid 10 to 30 percent down on condos ranging from $274,000 for a 485-square foot studio to nearly $3 million for a 2685 square foot penthouse.

Today,  infuriated real estate investors have lost millions of dollars–with scant chance of getting anything back.

Some people refinanced homes in 2006 to come up with the $100,000 to $1 million deposits–which were subsequently and legally spent by the developer. Today, all that remains is an aging billboard with a large photo of The Donald, a shuttered sales center and showroom, a parking lot and a number of excavation holes and standing construction equipment.

This year, parents are warning kids not to head to Baja for Spring Break.  Mexico’s drug violence has escalated and kidnappings are all-too-frequent.  These tourist fears coupled with the global economic meltdown make real estate speculation investment in Baja a risky proposition.

In 2009, our family will remain in Southern California for Spring Break.  And until Mexico gets drug violence under control, we join countless others in avoiding a border crossing.

Call it a protest–or just protective parenting instincts.

by Eve Sieminski

Hart Family Winery

I’ve been visiting the Temecula Valley for wine tastings over the years–usually as a substitute for the richer (and more distant) wine experiences to be found along California’s Central Coast and the Napa/Sonoma wine countries.

A couple of weeks ago, we had a visitor from Europe who wanted a California wine experience. Not having the time for a long drive North, we headed out to Temecula, just northeast of San Diego County. Once there, we visited a half dozen and were generally unimpressed–except for one:

HART WINERY

Not only was the Hart experience the least expensive in our outing ($5 for six tastings–or $10 to include the Reserves, all poured freehand), it was also the hands-down best find of they day. All of their wines were luscious, but the Hart 2004 Zinfandel Huis snatched my heart. It also has a whopping alcohol content of 16.6 percent!

What can I say–it was so rich and lush, I had to buy a bottle ($24).

But for me to really appreciate a wine, I need to sit down with a proper glass and a lovely meal. Good friends who also love good wine also help. So, a call was made to friends (Mike and Roberta Murphy) to enjoy this great new find with me.

As I sipped this Hart Zinfandel, the true complexities came through. This wine was so thick and wonderful I felt like I could almost chew it! Peppery and smoky, I have been longing for another bottle ever since.

Making fine wines since 1980, this boutique winery only produces around 5000 cases annually.

Take my advice and place Hart Winery as a must stop next time you are wine tasting in the Temecula Valley. It’s conveniently open 7 days a week from 9 to 4:30. If you are not that close, join their wine club or just order a bottle or two….you will not be disappointed.

Na Zdrowia!

Wine Tip: What is tannin?

Tannin is a tart chemical substance found in red wine that serves as a natural preservative. Tannins originate from the skin, seeds and the stems of grapes–and are dissolved into the wine as it is made. Tannins can even be found in wine barrels (that is, if the barrels have been used before). Tannins add that “mouth drying” finish to red wine which lends a distinct character to the wine. Tannins from a bad vintage or unripe grape can seem bitter on your tongue and roof of your mouth. Over time, though, tannins act as a preservative and mellow within the wine, helping it to grow into its complexity and become truly exceptional.