New leader named to Houston office of national real estate group

A national real estate firm with a Houston presence named a new branch office leader. Dory Gordon is now the area vice president and manager of Carrington Real Estate Services LLC's Houston team, according to a release. Gordon is expected to help grow other Texas markets, among other duties. Gordon currently is the 2016 president of the Greater West Houston Chapter of the Women's Council of Realtors. "Dory's proven track record for growth and development and deep ties to the Texas market are just…

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See the Light: Glass Wine Cellars Are Having a Moment

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There are many ways to store wine, whether you’re stashing a wallet-friendly pinot to enjoy with pizza or a bottle of Bordeaux you’d like to age gracefully for the next few decades.

You can squirrel away your bottles in the closet, or maybe hoard them under the bed. You can choose to ensure they are safely and neatly ensconced in a dark, temperature- and humidity-controlled chamber, far from preying eyes. Or you might just want to do what more West Coasters are doing: Install a glass-enclosed wine cellar and show off your collection to the world.

Wine collecting, of course, can be as much a lifestyle statement and an art as a gastronomic delight. And the same can be said for the stunning glass-walled structures showing up in new homes in Southern California.

What they are not, according to experts, is the ultimate storage option for serious oenophiles.

“It’s purely aesthetic—that’s the main value to them,” says Jay Rosen of Washington Valley Cellars in Martinsville, NJ. His company builds between 30 and 40 custom cellars for residential clients each year.

Of the nearly 2.6 million homes currently for sale on realtor.com®, about 10,000 boast wine cellars, proof of their popularity. However, most private cellars lie in a home’s lower level or basement—to ensure proper storage temperature of between 55 and 65 degrees Fahrenheit—and are custom-crafted from wood and wrought iron.

However, some cellars are all about modern design, begging for luxury labels that can be seen through the cellar’s glass walls. These new-look cellars are not made for long-term storage.

“I recommend a glass cellar for wines that will be consumed within two years,” says Joey Kleinhans, managing director at the Sommelier Company of Austin, TX.

Currently there are 34 homes for sale across the country with glass wine cellars—and the list is growing fast. In an effort to suss out the validity of these high-design cellars, we spoke to a few wine experts about proper storage.

1495 Capri Dr., Pacific Palisades, CA

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Are glass wine cellars really a thing now?

While these cellars are not new to restaurants, “you are seeing them in more homes—especially as designers are realizing they can be a real showpiece,” says Brahm Callahan, master sommelier and beverage director for Boston’s Himmel Hospitality Group.

Kleinhans says they’re especially popular for “a fancy home with glass and/or steel architecture.”

But isn’t light the enemy of wine?

Yes. With all-glass construction, the cellar inevitably lets more light enter. But if you’re not aging wine and plan to drink your bottles within 10 years, this light will not damage the wine, says Rosen. However, it’ll speed up the aging process. Light’s “going to help to prematurely age the wine.”

But keep an eye on constantly evolving technology, according to Bob Rawson, co-owner of Urbano Cellars in Berkeley, CA.  He says it’s increasingly possible to control the impact of dreaded sunlight “with UV filters on the glass and LED lights.”

Where should you put a traditional wine cellar?

“The most common kind of cellar is located in the basement,” says Rosen. “Ninety-five percent have a glass door,” he says, and are made of mahogany with metal racking. And there’s a reason they’re usually underground: The humidity is often high enough for corks to avoid drying out, and the threat of sunlight isn’t an issue.

1535 Carla Rdg., Beverly Hills, CA

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Are these glass wine cellars just for looks?

Yeah, pretty much. Rosen says glass wine cellars cater most to showy personalities, perhaps the same people who want to live in a trophy home. He remains unimpressed.

“You know what? I don’t need to advertise that I have a lot of money’s worth (of wine),” says Rosen.

“They really are primarily a spotlight for conspicuous consumption,” says Joseph Spellman, master sommelier for Landmark Vineyards in Sonoma, CA. He notes that this type of design frames and highlights special bottles.

656 Regatta Way, Bradenton, FL

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Proper wine storage: The basics

Store your wine between 55 and 58 degrees, Spellman says, and keep the humidity between 60% to 70%, so corks don’t dry out.

Storage should also be vibration-free (that’s one of many reasons why keeping wine on top of the fridge is a no-no) and as dark as possible. “High temperature swings can result in wine tasting cooked,” says Rawson.

Does every wine stored properly get better with time? Not necessarily, says Trisha Antonsen, Drizly’s chief cocktail officer. Consider the vintage, wine varietal, production method, and storage conditions.

“Wine experts … are looking at four primary aspects of the wine’s composition: tannin structure, acidity, alcohol level, and residual sugars,” Antonsen says.

15024 Hesby St., Sherman Oaks, CA

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Why are new homebuilders gaga for glass cellars?

“Wine as a design element has surged over the past two decades,” says Spellman. “Homebuilders are following the fashions of certain showy restaurants that like to display their rare bottles and huge collections.”

Make no mistake: Builders of high-dollar homes know their audience.

“People don’t want to hide their wealth and taste,” says Kleinhans. “This is a display of their identity.”

1847 Coldwater Canyon Dr., Beverly Hills, CA

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4915 Nashwood Ln., Dallas, TX

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NBA Legend Chris Mullin Selling $3.85M Manhasset Mansion

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Chris Mullin, a retired Golden State Warriors guard and two-time Olympic gold medalist, is listing his mansion on Long Island for $3.85 million, roughly a year after buying the home for $3.5 million.

Mullin is entering his second season as head coach of the basketball program at his alma mater, St. John’s University. His Tudor-style home in Manhasset, NY, is a 20-minute drive from the school’s campus in Queens.

Manhasset has long been a popular enclave for New York’s bankers and stockbrokers, with homes commanding a median list price of $2 million. The NBA legend’s home was built in 1938 and has six bedrooms, five bathrooms, and three half-baths.

Exterior

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The home, which sits on a 1-acre lot, opens to a traditional foyer with staircase. The sitting room features the original fireplace and box-beam ceiling. Double doors open to a formal dining room with its original leaded bay windows.

The kitchen has been updated with exposed beams, custom white cabinetry, center island, dark wood countertops, stainless-steel appliances, and custom backsplash. One of the home’s most distinctive features is a conservatory, which includes a chandelier and space for another dining area under its many windows.

A second-story deck overlooks the outdoor patio and kitchen. The home includes a finished basement and two recreation rooms.

Kitchen

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Conservatory

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Patio

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Mullin, 53, played for the U.S. men’s basketball team in the 1984 and 1992 Olympics. In 1992, Mullin played alongside a host of other Hall of Famers on the “Dream Team,” which defeated its opponents by an average of 44 points per game. The sharpshooter is a two-time Naismith Memorial Basketball Hall of Fame inductee. He played in the NBA from 1985 to 2001, the bulk of his career in the San Francisco Bay Area with the Warriors.

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Former Fox News Host Greta Van Susteren Selling Her NYC Penthouse

Greta Van Susteren/Getty Images

Former Fox News host Greta Van Susteren, who bailed on the network in the wake of the acrimonious departure of network boss Roger Ailes, is selling her penthouse in Manhattan for $3.2 million.

The Broadway loft on 48th Street between Times Square and Rockefeller Center sits on the 24th floor and has unobstructed views of the Macy’s Thanksgiving Day Parade, the New Year’s Eve ball drop, and the general daily drama of Times Square, according to the listing.

The cozy 1,582-square-foot penthouse features two bedrooms, 2.5 baths, 9.5-foot ceilings, and hardwood floors. Soundproof windows and motorized blackout shades shield residents from the 24/7 lights and sounds emanating from Times Square.

Living room

Douglas Elliman

The unit boasts south and east exposures for daylong light, large entry foyer, living room with dining area, and open kitchen with island/breakfast bar.

Property records show the penthouse was purchased a decade ago for the very precise price of $2,571,081, which means it hasn’t appreciated all that much over the years. And Van Susteren isn’t alone in attempting to offload a luxe spot in the building—there are three other penthouses for sale for $3.7 million, $3.35 million, and $3.2 million. Bargain hunters should note that there’s also a sixth-floor unit in the building currently listed for $1.3 million.

The TV news host seems to be in a selling mood these days. In May, she unloaded her historic Annapolis, MD, home for a cool mil, which was almost $1 million less than her original asking price. Here’s hoping to better luck in the big city!

Bedroom

Douglas Elliman

Evening view

Douglas Elliman

The post Former Fox News Host Greta Van Susteren Selling Her NYC Penthouse appeared first on Real Estate News and Advice - realtor.com.

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Let the Flipping Begin: 10 Homes in Prime Spots for a Quick Score

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Flipping a house is the ultimate dream of any devoted HGTV watcher. You know the story by now: Have the wherewithal to buy a house on the cheap, bring said house up to date with design and decor tweaks, and then sell it for a profit. Sucess!

But what do real properties look like before the flip? Of course, it depends. We recently looked at the hottest markets for house flipping and found towns where savvy buyers might make a sweet return on their investment.

Spurred by the wide range of flip-crazy cities we uncovered, we were curious to see what a potential project really looked like in each city.

We pinpointed homes selling below the median price for each city (with one exception) and found 10 solid candidates for a fast flip. They aren’t stunning to look at—but, hey, that’s the idea: You have to see beyond the lack of curb appeal, the ’70s-era wood paneling, and the hideous carpet choices to find the right candidate.

That said, none of the homes we found is beyond repair. There are no boarded-up windows, fenced-off front yards, or partly standing buildings to see here. So if you have the budget and imagination, these are all prime targets for a worthy flip.

1. Deltona, FL

1223 Harcross Ln
Price: $85,900 ($176,100 less than city median)
The project: Start with the landscaping: Cut the trees way back, and put in fresh sod. Inside this three-bedroom home, you’ll want to put down new flooring (maybe wood laminate?), paint everything, and update the kitchen.

Deltona, FL

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2. Stockton, CA

7218 Trousdale Pl
Price: $245,000 ($110,000 less than city median)
The project: Landscaping is key here as well; the curb appeal could really use a boost. Inside, you’ll probably want to update the very ’70s stone fireplace, replace the green tile countertops in the kitchen, and freshen up the cabinetry. Maybe a wall or two could be removed to give the home a more open feel?

Stockton, CA

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3. Nashville, TN

1715 Nassau St
Price: $165,000 ($165,000 less than city median)
The project: The shingles out front are a bit drab. A fresh coat of exterior paint and new shingles will go a long way. Inside, the red carpet has to go and the kitchen needs a fair amount of attention.

Nashville, TN

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4. Tampa, FL

6321 Frost Dr
Price: $179,900 ($60,100 less than city median)
The project: Curb appeal isn’t a problem here. The house itself looks to be in good shape. It just needs updating and a serious declutter session. Call in Marie Kondo! We see an opportunity to get this back on the market quickly.

Tampa, FL

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5. New Orleans, LA

4932 Franklin Ave
Price: $264,900 ($12,900 more than city median)
The project: While this home is listed over the median price in NOLA, the homes under the median in the city offer little hope if you’re not a professional contractor. This handsome brick home is right in the middle of a remodel. The front rooms of the house sparkle, but the kitchen needs help and the carpet in the bedrooms must go. Bonus: There’s a unit out back waiting to be finished—it would be a sweet income opportunity.

New Orleans, LA

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6. Los Angeles, CA

6626 Haas Ave
Price: $399,000 ($276,000 less than city median)
The project: We’re used to the multimillion-dollar mansions of L.A., but this home on the south side of the city proves there’s plenty of affordable housing stock in SoCal. The classic Spanish-style house gives off strong grandma vibes right now, but an update and fresh paint could restore its vintage charm.

Los Angeles, CA

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7. Knoxville, TN

7317 Millertown Pike
Price: $79,900 ($143,100 less than city median)
The project: Built in 1899, this home has been remodeled within the past five years, according to the listing. Even if it’s less than 5 years old, the carpet needs to come out, pronto. A fresh coat of paint also needs to be applied to the interior.

Knoxville, TN

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8. Providence, RI

214 Admiral St
Price: $80,000 ($231,000 less than city median)
The project: On the brink of tiny house–dom, this 532-square-foot studio looks plenty cute from the exterior. The colorful glass windows are a nice touch as well. That said, the living space, bedroom, and kitchen could all use a refresh. Unleash this tiny home’s charm!

Providence, RI

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9. Phoenix, AZ

1333 E Monterosa St
Price: $199,500 ($100,500 less than city median)
The project: Update, update, update. The bones are there, but the flooring needs some love. We know tile floors are great for the desert, but this home needs a warmer surface. The blush-colored carpeting in the bedrooms is also ripe for removal.

Phoenix, AZ

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10. Denver, CO

1995 Wabash St
Price: $265,000 ($215,000 less than city median)
The project: Tile floors don’t make as much sense in Colorado, so the current floors should make way for new hardwood. The three-bedroom home’s tiny kitchen could also use an extreme makeover.

Denver, CO

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The post Let the Flipping Begin: 10 Homes in Prime Spots for a Quick Score appeared first on Real Estate News and Advice - realtor.com.

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What Happens to the House That Secures a Reverse Mortgage?

My answer to this question applies to the HECM program administered by HUD, with investors in the mortgages insured against loss by the Federal Housing Administration (FHA). On the many private reverse mortgage programs that have come and gone over the years, the answers would be very different. The private programs have had many fewer consumer protections.

Owner/Borrower Remains Alive and Kicking

Owner/Borrower Sells the House: In some cases, reverse mortgage borrowers change their minds about aging in place. They may decide to downsize, or move to a retirement community, or to a nursing home. In all such cases, they sell their existing home, which requires that they pay off the reverse mortgage balance. The net proceeds from the sale belong to them.

Owner/Borrower Retains the House But Repays the HECM: Occasionally, homeowners treat a reverse mortgage in the same way they treat a forward mortgage: they pay it off. There are no prepayment penalties on a HECM so the borrower who wins a lottery can eliminate her debt with no hassle. They can also pay down the balance but leave the HECM in place in case they need to access it in the future.

Borrower Dies With Significant Equity in the House

When a HECM borrower dies, all known heirs receive a condolence letter from the servicer that tells them what their options are. If there is significant equity in the house (meaning that property value is well in excess of the HECM loan balance), the relevant option is to pay off the balance.

Heirs Want the House: In this case, the heirs acquire title by repaying the HECM loan balance. If the heirs keep the servicer informed regarding their intentions and their status, and document their intention to acquire the property, they may have up to a year to repay the balance. They have an incentive to move quickly, since interest and insurance premiums accrue until the loan is entirely paid off.

Heirs Don't Want the House: This case is the same except that the heirs can obtain the funds needed to pay off the HECM by selling the house. The heirs will retain the difference between the HECM loan balance and the net sale proceeds.

Borrower Dies With a House That Is Underwater

If it is very clear that the reverse mortgage loan balance exceeds the value of the home, one option relevant to the heirs is to do nothing. This will trigger a foreclosure action by the servicer. In some cases, the heirs might be asked to complete a deed in lieu of foreclosure, but as far as the heirs are concerned, the result is the same. The borrower's estate is not in any way liable for the excess debt, which becomes a charge against the insurance reserve fund.

If the heirs want the house, they can get it without being stuck for the excess debt. HUD offers heirs the option of paying 95% of HUD appraised value, less closing costs and Realtor commission. For example, if the HECM debt is $200,000 but the HUD appraised value is only $100,000, HUD will accept $95,000 less documented costs.

Borrower Dies But Leaves an Eligible Non-Borrowing Spouse

HUD made some rule changes beginning in 2014, designed to protect non-borrowing spouses (NBSs) from being forcibly evicted on the death of the borrowing spouse. These rules have weakened the position of the borrower's heirs in cases where the borrower has an eligible NBS. An eligible NBS was less than 62 and married to the borrower when the reverse mortgage was taken out, remained married until the borrower died, and has lived in the home as her permanent residence.

The existence of an eligible NBS creates a deferral period of unknown length. So long as they pay the property taxes and insurance, the NBS can remain in the property until they die. Meanwhile, the HECM loan balance continues to increase. One potential heir I know, who has a parent looking to marry a much younger spouse before taking out a reverse mortgage, is talking up the benefits of a permanent liaison instead of marriage.

Thanks to Ryan LaRose of Celink, a HECM servicer.

You can use my Kosher Reverse Mortgage Calculator to shop for a reverse mortgage using my built in consumer protections for seniors

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What’s Life Like in a Real Haunted House? Read This With Lights On

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Residing in a turn-of-the-20th century plantation outside a quaint village seems like perfect slow-lane living, right? Just like stepping back to a simpler time, but with all the modern-day conveniences fully intact.

But what if the past wasn’t quite ready to let you enjoy the present? What if your perfect-in-every-way home was actually occupied by a restless spirit or two?

We set out to discover what everyday life is really like in a haunted house. And to answer the eternal question: When you discover your place is haunted, why on Earth would you choose to continue living there?

Just a trick of the light?

In 2006, Tony McMurtrie purchased the circa 1880 Pillars Estate with the hopes of restoring it as an event venue and private home.

During the restoration, family friend Cora Goyette moved in as caretaker because of McMurtrie’s frequent travel schedule. It wasn’t long after the renovation that the duo realized they weren’t alone.

McMurtrie “had gotten up late at night to get a glass of milk,” Goyette recalls. “When he passed by one of the bedrooms he saw a woman dressed in white, lying in the bed. It was late. He was tired. He assumed it was just a trick of the light.”

McMurtie was unavailable to comment on this story.

The Pillars … beware the Pillars!

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According to Goyette, when McMurtrie came back down the hall, the vision was still there. He then ran to his room, locked the door, and kept the dogs nearby for his safety. (Pro tip: That might be insufficient when it comes to ghostly guests.)

“Ghosts don’t care about locked doors,” Goyette says.

‘I’ve heard things now’

“There was no greater skeptic than myself,” Goyette explains. “I think that if you believe in ghosts, you’re going to see a ghost. When Tony first told me about it, I thought, ‘Oh come on, you must have had too much to drink last night.'”

But it wasn’t long before Goyette started experiencing things, too. One night during a dinner party, the ghost decided to make an appearance. While the 10 guests sat around the table talking, a butter knife suddenly lifted off a plate, flipped over, and landed back down, dangling off the plate.

“Everyone saw it. No one was touching the knife or anywhere near it at the time,” she recalls. “It couldn’t have been anything else.”

Goyette doesn’t believe the spirits in the home are purposefully harmful. It feels like a friendly entity, but that doesn’t make things easier.

“I’ve heard things now,” she says. “When I’m working in the office, footsteps come down the hall. Something walks by overhead.”

Swapping ghost stories

The home is rented out for events and occasionally used as a bed-and-breakfast, so the longtime residents initially kept mum on their spooky sightings. But it turns out that where ghosts are concerned, you might as well fess up—or they’ll introduce themselves anyway.

“The next person to see the ghost was the chef,” Goyette says. “He was standing at the bar, looked up into a mirror, and saw the reflection of a woman in a white dress holding a white parasol standing outside.”

But when he turned to see who it was, no one was there.

If you’ve seen “The Shining,” you know this is a fine place to hang with spirits of all types.

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Voices keeping you up at night?

Seeing things is scary enough, but that might not be your only problem—you could end up hearing a freaky soundtrack, too.

Since the start of the ghostly activity at the Pillars, many people reported hearing something they couldn’t quite explain.

More than once, Goyette—and others—have heard the grand piano playing in the parlor, even when no one was in the room.

“It just made the same note over and over,” Goyette says.

“Bong.”

“Bong.”

The piano that plays itself. Or does it?

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And it isn’t just residents who get the chills.

“Once we had a handyman come in to do some work in the basement,” Goyette recalls. “While he was down there he heard a childlike voice saying, ‘We’re over here. We’re over here.’ But when he went to look, no one was in the basement with him.”

Working from home is a scary prospect in this place.

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So why continue to stay when you’re, quite literally, haunted on a regular basis?

“There’s no question in my mind that there is a good spirit,” Goyette says. “It is absolutely gorgeous. And the location here is fabulous and absolutely heaven. Haunted normally implies scary, but I’m not scared to be here.”

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Watch: 4 Real-Life Haunted Houses You Can Buy—If You Dare

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