Filed under: News,Lifestyle

It's no mystery why suspense author James Patterson is moving to another oceanfront mansion in Palm Beach, Fla. He recently sold his previous Palm Beach house for $10.3 million -- perhaps another sign that the real estate market is moving again as another celebrity sells his home.

Patterson, whose latest novel is "Swimsuit" and who also wrote "Along Came a Spider" along with 18 other consecutive No.1 New York Times bestsellers, bought the Everglades Island home at 686 Island Drive for $5.2 million in 1999. That makes its selling price almost double what he paid.

Was it worth all that scratch?
The 11,000-square-foot home has five bedrooms; seven-and-a-half bathrooms; a terrace surrounding a heated pool and spa and a built-in barbecue. The property also has 136 feet of frontage on the Intracoastal Waterway, which includes a dock with a boat lift.

Patterson isn't getting as much for property as he had hoped, however. It was listed for $14.95 million, and has a market value of $11.83 million. With closing costs, the total on the sale was $11 million. Still, not a bad take in the troubled Florida market.

His new home, according to the Palm Beach Post, is a 21,000-square-foot estate at 710 Ocean Blvd. in Palm Beach. He bought the oceanfront mansion on two acres last year for $17.4 million, a better deal than the old one per square foot. It is next to an estate once owned by John Lennon. Patterson's new neighbors include Ivana Trump, who owns a home two lots north.

Homes for sale are rare along the stretch of Ocean Boulevard where Patterson's new home is located. But only three homes back from the ocean, on Via Del Lago, one is selling for $12.7 million. It has seven bedrooms, eight full baths and two half ones in 9,271 square feet, making it slightly smaller than the famed author's house and without a direct ocean view. But the Mediterranean-style home with guest house is still beautiful.

When it comes to real estate, clearly Patterson has a clue: You don't need to be real estate sleuth to figure out that the Via Del Lago home is not as good a deal as Patterson's pad.

Find other great homes for sale in Palm Beach, Florida, at AOL Real Estate.

 

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Filed under: News,Economy

At least rapper Chamillionaire isn't changing his name to Cha-"thousand"-aire. The Houston native is getting out of a mortgage for a $2 million home there by not making payments on the mansion and letting it go into foreclosure. The trend of walking away from a mortgage in the down market is hitting even millionaire musicians.

His song "Houston Got a Problem" takes on new meaning.

His decision to go into foreclosure on the 7,583-square-foot mansion that he bought in 2006 was a business decision and not because of "financial negligence or anything like that," he told TMZ, despite carrying multiple mortgages for himself and others.
"This house was my most expensive mortgage," he told TMZ. But "when the market went down ... the house ended up being worth nothing ... I decided to just let it go and give it back to the bank. It wasn't a situation where they came and took it from me. I just didn't feel like it was a good business investment to keep paying that much mortgage for a house that I'm never at."

Foreclosed homes are a common sight across America, and some foreclosed homeowners live in their homes for free for a year before being evicted.

Chamillionaire, whose real name is Hakeem Seriki, said he's in good financial shape and still has his cars. However, the website Sickhop reports that the rapper owes the IRS $184,000 in 2007 taxes.

Seriki seems to have some business sense, at least in his ability to make money. He co-owns Houston-based auto dealer Fly Rydes, a tour bus company and his record label, Chamillitary Entertainment. In 2009, he and Quincy Jones III launched the Global Innovation Tournament at Stanford University's Memorial Auditorium, as part of the school's "Entrepreneurial Thought Leaders" seminar series.

Investing in a $2 million mansion might have looked like a wise investment four years ago, and Seriki can always find plenty of similar homes in Houston if he's looking for another one.

For example, the lakefront home at 2310 Bayou Mist Court, with 8,134 square feet, five bedrooms and five and a half bathrooms. It's selling for $1,985,000 and has a formal living room with fireplace; a formal dining room; a library; a large, open kitchen/breakfast/family room (with another fireplace); a bonus room (or theater room) downstairs; a large game room and computer alcove upstairs; and a covered pavilion (also with a fireplace).

See more homes in Houston, Texas, and elsewhere at AOL Real Estate.

 

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Filed under: Lifestyle

The housing market in California's Silicon Valley is beginning to rebound. And while it certainly isn't as hot and heavy as it was in the dot-com boom with multiple offers as high as the sky, local real estate agents say competition is starting again among homebuyers, especially on the lower end of the market.

HousingWatch has a hunch that house-hunting tips that apply to California's Silicon Valley, one of the most rollicking, high-stakes housing markets in the country, should work in other, slowly awakening real estate markets. With that in mind, we spoke with a few Silicon Valley real estate professionals to get some ideas of what is important to keep in mind when getting ready to buy your next home: #plain_module { width: 590px; height:222px; border: none; float:left; margin:0px; font-size:12px;} #plain_module img {border:none; width: 13px; height:14; border: 0px; margin:0px; } #plain_module .mini_main { margin: 0px; padding:0px; width:585px; height:220px; repeat scroll 0 0} #plain_module .mini_item_header {padding:10px 0px; margin: 0px 0px; font-size:16px; color: #555555; border-bottom:1px dotted #CCCCCC;} #plain_module .mini_item {padding:5px 0px; margin: 0px 0px;} #plain_module a { color: #49A3CA; text-decoration:none; } #plain_module a:hover { color: #F98419; text-decoration:underline;} span.gray {color:#949494;} .mini_main li{list-style-type: none;background-image: url(http://www.aolcdn.com/travel/bullet);background-repeat: no-repeat;background-position: 0 1px;padding-left: 10px;}
Do Your Homework

Nearly half of the homes sold in Santa Clara County, Calif., in May sold for more than their asking prices, according to a San Jose Mercury News story. Homes priced the lowest and in the best condition in a neighborhood are most likely to get multiple bids, according to Realtors. Bank-owned foreclosed homes are also getting many bids.

Scott Bruno, a Silicon Valley Realtor since 2005, told HousingWatch that he's seeing more competition in the lower end of the housing market, under $500,000. "The competition is fierce," said Bruno, adding there are almost 20 to 50 offers on bank-owned homes because they're priced so far below market value and comparable homes.

"You need to do your homework. You need to know the real value of it," he says of foreclosures.

In Campbell, Calif., where property values are driven by quality of schools, Realtor Dianne Chandler of Alain Pinel Realtors in Los Gatos says that she recently had 10 offers in two days for a home she listed for $425,000. The 1,400-square-foot home with three bedrooms and two bathrooms sold for $460,000. Chandler also said that she had six offers in two days for a Cupertino condo listed for $450,000 and sold it for $460,000. However, homes listed for $2 million and more aren't getting many multiple bids, she says.


Get Your Credit in Order

Much more documentation is required by lenders to get a loan now than three years ago. Tax records are verified with the IRS, and other checks are made, such as on employment and credit.

"The days of the stated income and all that have pretty much gone away, for good reason," Bruno says. Instead of taking 30 days to close a loan, 45 days is now common, he says.

Bruno said he warns his buyers not to use their credit cards in the 45 days or so before closing, because mortgage lenders can do last-minute credit checks and pull the loan on the day before closing. He said he's seen people buy a washer and dryer set ahead of moving in, only to have it kill their credit score and mess up their debt ratio and cause the home loan to fall through.


Pursue Short Sales With Caution

Buying a home from a seller who owes more to the bank than the home is worth takes more time, from six weeks to six months, because different banks have different policies on what they will accept, says Dale Warfel, a San Jose real estate agent who specializes in short sales.

Half of the market in Silicon Valley is short sales, whereas two years ago it was very rare to have one, adds Scott Bruno

Delays can come because sellers have a second mortgage and need a second approval, there are liens against the property for unpaid property taxes, and slow responses from banks.


Beware Low Appraisals

New rules on how housing appraisals are done have made it more difficult to get high ones, Bruno says. Instead of buyers' agents contacting the appraisers, lenders are in charge and the appraisals can come in lower than the buyer's offer. That can make it difficult to get the loan, and can require extra cash to make the deal, or re-negotiating with the seller.


High-Tech House-Hunting Tools Help

While it isn't unique to Silicon Valley, high-tech methods for finding a home are expected in the nation's Internet mecca. Chandler says her office provides virtual tours of every home it sells, and has its agents on call 24 hours a day, seven days a week via e-mail and cellphone for client access.
"We are more high-tech here because we have to be," she says. "Because that's our clientele -- high-tech clients."

On AOL Real Estate: How Much Can You Buy for Your Money

• Homes for $80,000

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Filed under: Lifestyle

The housing market is bouncing back in San Francisco, where sales of houses and condominiums jumped 50 percent in the first quarter from a year earlier. Improving technology stocks and a limited housing supply are credited with the increase.

And not just more homes were sold, but at higher prices, with the median price rising 5.4 percent to $685,000. The city and the metro area have ranked first or second among the most expensive U.S. housing markets for 19 of the past 20 years, as homebuyers flock there for its weather and high quality of life.

But how much home can the median price of $685,000 buy in San Francisco? For about $680,000 there are plenty of foreclosures to choose from, many near the border of Daly City. Most are near the edges of the city, but a few are near its center. Here are three San Francisco homes for sale in different parts of the city that are worth taking a look at, and are all in good neighborhoods:
Home #1

At 60 Rausch St. you get two bedrooms and two bathrooms in a 1365-square-foot condo for the exact median price in San Francisco: $685,000. Of the homes available at this price or lower, this looks to be in the best neighborhood. It's south of Market Street and you can walk to AT&T Park: It's about a 20-minute stroll to the stadium where baseball's Giants play.

Rausch Street is wide and tree-lined, with ample parking and easy access to all freeway entrances, public transit and vibrant nightlife. It's just blocks from renowned restaurants including Rocco's Cafe, Triptych and my favorite, LuLu. Shops such as Harvest Urban Market, Whole Foods and Costco are also nearby. The condo is within walking distance (although some of it is uphill) to many San Francisco attractions.

The two-story condo has an open first-floor kitchen and living room, and a stairway leading up to a room and a walkway that overlooks the first floor. It has radiant heating.

Comparable homes have sold for $704,000, making the price of this condo a bit of a deal.


Home #2

For $679,000, this condo at 1013 Cabrillo St. is a deal when compared to other homes in the area. It's in a great location -- across from Golden Gate Park, a green swath that stretches in a long rectangle from Ocean Beach.

The newly-converted condo is a classic 1915 Edwardian flat in a two-unit building. It has one bedroom and one bathroom. According to the real estate agent from Coldwell Banker, the flat has been restored with an eye toward maintaining abundant period details, including decorative fireplaces, built-in cabinets, glass-paned pocket doors, bay windows with seats, box-beam and coved ceilings, hardwood floors and wainscoting. Included are laundry facilities, a sunny garden, deeded storage and upgraded electrical and lighting.

The average sold price for a similar home in the neighborhood is $843,000.


Home #3

This four-bedroom, two-bath home of 1,800 square feet is at 861 University St., and at $679,500 is one of the biggest homes available near the median price. That's probably because it's so far outside of the center of the city. But it's still in a great neighborhood, across from John McLaren Park, and has views of the bay.

It has a living room, one full bathroom, family room with deck, and a kitchen on its main level. Its two side-by-side garages have storage, and there's a large garden with a pond. Comparable homes have sold for an average of $522,000.

See more great San Francisco homes for sale at AOL Real Estate.

 

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Filed under: Lifestyle

With the average home in the desirable Dallas, Texas, suburb of University Park selling for more than $1 million, finding a deal can be difficult.

This house at 4508 Stanhope St. in University Park is only $1 under $1 million -- listed at $999,999 -- but it's still a worthy home to buy with plenty of room in a great neighborhood.

I've written before about University Park, a city with 23,324 residents that has a small-town feel while being close to Dallas and its big-city attractions. The area is also home to Southern Methodist University.
The Stanhope Street home is about three blocks south of Germany Park, a popular Dallas landmark with a running track and tennis courts. The two-story, four-bedroom, four-bath home has 3,150 square feet and was built in 1945.

It has a remodeled kitchen that opens to a family room overlooking a large backyard. The kitchen has white cabinets with Viking, Sub Zero and Bosch appliances. A dining island sits in the center, with a bigger dining area at one end.

The baths are done in restorative finish. All of the bedrooms are upstairs and the master suite has a sitting area with a large bath and walk-in closets.

Comparable homes in the neighborhood have an average asking price of $933,799, meaning there are homes of similar size listed for less money, so if you're interested in this one be sure to offer less than the asking price. But for my money, this home on Stanhope Street is worthy of an offer. From the immaculate rooms to the beautiful kitchen, I can see why it's only $1 under $1 million.

See more great homes in the University Park area of Dallas, Texas, at AOL Real Estate.

 

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