Archive for the 'Luxury Info' Category
California Luxury Home Foreclosures?
Yes, there are plenty of luxury home foreclosures in California–and you can now search them whenever you wish.
When in San Francisco last month for the Inman Connect conference, I was at last able to meet the foreclosure wizards at Foreclosure Radar–and make a decision to go with them.
We have long been searching for a comprehensive foreclosure search tool to offer the readers of our San Diego real estate blog. I had been to the Foreclosure Radar site, was impressed with its features, but wondered how they could be integrated for our readers searching for foreclosure information.
The problem was solved in San Francisco. We can now offer the most comprehensive pre-foreclosure, auction sale, foreclosure and REO search available–at least for the state of California. Now you can see available foreclosures in Beverly Hills, Brentwood, Palo Alto, Rancho Santa Fe, La Jolla, Coronado, Bel Air, Newport Beach, Carmel, Atherton, Ross, Belvedere (perhaps)…..
Finally, you can search for uber luxury homes, estates and mansions in foreclosure. Nothing is held back:-)
Enjoy your search!
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read comments (1)7 Bargaining Secrets for Luxury Home Buyers
If this is the worst real estate market (for sellers) in recent history, then surely it creates some of the best buying opportunities of a lifetime as well.
We are seeing smart money aggressively buying in our San Diego real estate market, and hear reports of the same elsewhere. The properties are being bought as fix-and-flippers or are being held as longer term rentals.
We receive inquiries about these homes almost daily; but more recently, we are being consulted about strategies for buying luxury homes at bargain prices. These buyers may not have to sell their existing home to buy another, or are open to exchange possibilities.
Below are 7 strategies we use to help our luxury home buyers (and others) get some of the best luxury bargains on the market.
- Study Market Time: Luxury homes in general may take longer to sell because of pricing, custom features and a more limited pool of buyers. But that doesn’t mean sellers are any less motivated to move on with their lives. At one time, we thought little of $million-plus homes sitting on the market for 90 days or more. These days, we seek buying opportunities if a home has been on the market over 60 days and are seeing some heavy price discounting if days on market goes over 90 days.
- Check Tax Records and other Sources: Is there more debt on the home than what it is worth? Has a Notice of Default been filed that would indicate a looming foreclosure? If so and if this is a home of interest for our buyer, we submit an offer contingent on the successful negotiation of a short sale (where the lender sells the property for less than what is owed). In this case, either we or professional negotiators deal with the lender(s) to reach the best possible price for our buyer.
- Did Owners Pay Cash or Have They Owned Their Home for Longer than 10 Years? These sellers may be in a position to sell at a discount or may be motivated to do so due to life transitions or other investment opportunities. They may also be open to owner-financing for all or part of the home mortgage.
- Are You Open to Remodeling? Homes sold in as-is condition are more likely than others to sell at a substantial discount. Owners, especially when the home has been on the market for some time, are often overwhelmed with the thought of remodeling and updating–and fearful that their decor choices will not suit potential buyers. Especially in the uber luxury home market, older or outdated homes are sometimes sold at land value.
- Foreclosoure Sales: The f-word (foreclosure) is occurring even in the luxury home market. Highly leveraged homes purchased in the last few years are more frequently ending up on the courthouse steps. Foreclosure purchases, which require cash and carry no disclosures or guarantees, offer both great potential for profit–and dire dangers for the uninformed. Bidding should be non-emotional and it is best to have a professional bidding for you–but only after thorough-as-possible research has been done regarding the home’s condition, its history and resale potential. Cracked slabs, structural defects and boundary line encroachments are unwelcome surprises.
- Home Exchanges: This is a rather novel strategy for those trying to sell their luxury home in a bloody market. Life transitions encourage luxury homeowners to make moves. Empty-nesters may wish to relocate from their large estate to something equally posh but far less demanding in upkeep. Others may have expanding families that crave acreage, pools, tennis courts or equestrian facilities. In the Southern California market, Owner-Broker Bob Dyson and Villa Sotheby’s International Realty have set up a property exchange platform that allows homeowners to directly exchange properties and ownership. It is a tactic that helps to support neighborhood values and removes many of the pressures involved in having a home on the market for an extended period of time.
- If the property you want is listed, have your agent check the other real estate agent’s listing history. If that agent tends to have listings on the market for a long time, you may wish to lower your offer. On the other hand, if the agent prices properties aggressively and has short “days on market,” you may consider coming in near to or at list price. You will likely find the listing is already priced at or below market to attract multiple offers.
A combination of patience, perseverance and the ability to move quickly will serve all astute buyers of real estate these days, but the greatest potential of all may lie in the luxury real estate market where replacement value could far exceed the purchase price.
The Luxury of Gnarly Head Zinfandel
by Eve Sieminski
I am convinced California wines are a no-brainer.
Recently, another wine blogger recommended we try a fantastic $8 French wine. This was in response to an earlier article where I recommended TBD Zinfandel, available at Trader Joe’s.
My thoughts about this recommended French red?
Pee pee water! I wouldn’t cook with it, let alone serve it to guests. In fact, the experience only reaffirms my belief in California wines.
A recent discovery of mine is Gnarly Head Zinfandel. This is an old-vine California Zinfandel lives up to the dark and lush description on the bottle–is absolutely fantastic! It delivers all the punch
you want from a Zinfandel, without the punch of a price over $20.
This luscious Zin can be found for as little as $7.99. After giving it a try, I rushed back to Major Market and bought several more bottles for our wine cellar. Gnarly Head Zinfandel is also available at other market for around $10 to $12 per bottle–and is well worth the price.
Truthfully, I was a little put off when I first saw the name. Gnarly doesn’t exactly describe my favorite wines,
but this old vine Zin has become one of my hands down and glass-up favorites–at least for the price.
Remember, my search focuses on outstanding wines under $20 per bottle–and Gnarly Head comes in well under that mark.
An important note about Zinfandels: Make sure your Zin is an Old Vine–and remember that any Zin under 14%
alcohol is not worth the price. Most outstanding Zins start at 14% and go up from there.
You may also wish to read:
The Luxury of Frugality
Luxury real estate gossip the last few months has fluttered around topics like the sale of Donald Trump’s Palm Beach mansion at $100 million (when it had been listed for $125 million), the pending foreclosure of Ed McMahon’s Beverly Hills home, and the F-word in luxury real estate (foreclosures).
These days, recession is the hot topic as brokerage accounts have been bloodied, home equities have declined, and credit cards are filling up with gasoline charges. It’s no wonder that it’s now fashionable to talk about frugality. And these discussions are leading to real changes in lifestyle.
Some very random observations and sensible advice:
1. Hybrids are the cool cars. Gasoline guzzling Beamers and Mercedes are being traded in for fuel-sipping and leather-seated hybrids. In some areas, there are wait lists of months for the Toyota Prius.
2. Have adjustable rate mortgages on your home or other properties? You may want to consider financing that will carry you through the financial storms ahead. Values are slipping in many luxury real estate markets–and appraisals may become problematic in the year ahead. Just my opinion, of course.
3. Are fewer Americans traveling to Europe? We’ve known several who have canceled European holidays and are traveling locally–or to Asia instead. Nobody wants to spend decimated dollars in a in a Euro-pumped economy. US dollar exchange rates against the Chinese Yuan are far more attractive.
4. A bright note in the economy are the number of Europeans, Canadians and others who are coming to the United States to shop not only Neiman Marcus and Chanel, but to spend those Euros and Loonies on prime US real estate. Homes in San DIego, Palm Beach, Scottsdale and Las Vegas are phenomenal bargains when purchased with these foreign currencies.
5. A number of affluent baby boomers are scaling back. They are aiming to trade their large suburban homes for something smaller, something single level, and something that is in walking distance to beaches, golf, restaurants, and mass transit. Trains, in particular, have captured the fancy of many,
6. This is only buzz, but I am hearing that many are dropping and/or selling country club memberships–and that there are reportedly thousands for sale in golf heavens like the Palm Springs area. Any other information out there?
7. More people appear to be dining at home. In the La Costa area where we live, both Tommy V’s and Sushi on the Rock have shuttered their doors. These were bustling restaurants just a year ago. It is likely a scenario that repeats itself throughout the country. And is it just my imagination, or do the local farmer’s markets seem to be busier this year? Perhaps people are rediscovering the utility of their own lovely kitchens.
Somehow, I think there will be future articles and lots of discussion on frugality in our lifestyles.
After all, consider the real estate and stock market bargains that might be bought with the money saved….
Yahoo! to Google: Real Time Stock Quotes
Google has become a noun, a verb and a trusted friend in my life.
It of course answers endless questions and sends curious clients my way, but also handles my email, documents, maps, spreadsheets, instant chat, and more. And when I want to check traffic conditions, I can do it with another Google real time mapping application on the Blackberry.
Just when I have to count both fingers and toes to list all the very cool Google applications, they surprise us with another:
Now, we can all get real time stock quotes and financial news about our favorite stocks. No more delayed quotes from Yahoo or other financial sites. If Google had any shortcoming, it has been in the financial arena. For stock quotes and financial news, son and sometimes-trader Scott has always championed Yahoo Financial News for quick quotes and relevant company news.
No more. When life moves quickly (and it does), consider the importance of twenty minutes–and all the things that can happen in that short time frame.
Yahoo! to Google (and a thousand balloons) for transporting real time stock quotes from the traders to the people. This is major financial news–and one I’ll also be able to put on my Blackberry.
