Wednesday, September 5, 2018

Retired Skater Michelle Kwan Lands Buyer for $4M Mansion in Rhode Island

Nicholas Hunt/Getty Images; realtor.com

Olympic medalist Michelle Kwan has landed a buyer for the historic mansion in Newport, RI, that she picked up in her surprise divorce last year from husband Clay Pell.

The couple were married in 2013, and together bought the 1900s-era house the following year for $1.5 million. They planned to renovate it from top to bottom, with the goal of eventually moving in together, according to news reports at the time. Pell is the son of a U.S. senator from Rhode Island, and unsuccessfully ran for state governor in 2014.

But the couple’s relationship soured, and in early 2017, Pell surprised Kwan by announcing on Twitter that he had filed for divorce. She ultimately won the house in the divorce, putting it on the market in September 2017 for $4.4 million. Nearly a year later, Kwan found a buyer, selling the house for $4 million.

ExteriorExterior

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The four-bedroom, six-bath, Palladian-style home sits on nearly 2 acres in a wealthy neighborhood near the Newport Country Club. At the time they bought it, the home was dripping in marble, gold leaf accents, and Italian-inspired cherubs, busts, and other statues both inside and outside.

Kwan and Pell stripped the house down to its essence, removing the over-the-top, ornate details.

The home’s foyer originally had carpeted stairs, twin decorative urns flanking the staircase, and a cherub at the landing. There was decorative woodwork, twin chandeliers, and what appeared to be glass doors with decorative ironwork. The pair ripped out virtually everything decorative in the foyer, save for the home’s original woodwork.

FoyerNew foyer

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Original foyerOriginal foyer

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They renovated the kitchen with a neutral color palette (it used to have emerald-green formica countertops), and put in industrial-style appliances.

KitchenKitchen

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It looks like some of the home’s original design choices remained—including a floor-to-ceiling black marble bathroom and a salmon-and-white marble bathroom elsewhere.

Black marble bathroomBlack marble bathroom

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Marble bathroomAnother marble bathroom

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Outside, there’s a pool, fire pit, pond, and multiple seating areas.

PoolPool

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PropertyAerial view

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Kwan, 38, remains one of the greatest figure skaters in modern American history, winning silver at the 1998 Olympics and bronze in 2002. She’s a five-time World champion and nine-time U.S. champion.

After retiring in 2006, Kwan became active in politics, serving as a public diplomacy ambassador for President George W. Bush, and later, in a similar role, for President Barack Obama. During the 2016 presidential election, Kwan supported Hillary Clinton, volunteering for the campaign from Clinton’s headquarters in Brooklyn.

The post Retired Skater Michelle Kwan Lands Buyer for $4M Mansion in Rhode Island appeared first on Real Estate News & Insights | realtor.com®.



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Why So Many Detroit Home Buyers Are Paying in Cash

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Most home buyers across the country finance their purchases with a mortgage. In Detroit, though, the vast majority pay cash, even as home prices in the city are rising.

Low housing prices, affluent buyers, challenges with appraisals and strong interest from investors hoping to make gains on a revived Detroit are making cash deals more common. An eye-popping 87% of all single-family home and condominium buyers in the first half of 2018 paid cash in the city, compared with 28% nationwide, according to Irvine, Calif.-based housing-research firm ATTOM Data Solutions.

“The City of Detroit has an absurdly low share of financed home purchases relative to the nation and even relative to the greater Detroit metro area,” says Daren Blomquist, ATTOM senior vice president. In the Detroit metropolitan statistical area, which includes outlying suburban areas, just under 40% of buyers paid cash during the first half of 2018.

Many city buyers are paying cash simply because home prices are so low in Detroit. The median price of a home in the city was just $32,428 in the first six months of 2018. That’s an increase of 20% over the year-earlier period, but still well below the national median of $234,000, according to ATTOM Data.

People looking to buy those renovated homes—often affluent young professionals or empty-nesters—may also face challenges in getting a mortgage because those properties are difficult to appraise. Lenders have trouble determining the value of a newly renovated home in a neighborhood otherwise filled with distressed properties because there are few comparable sales to benchmark against.

“You may be the first one with a resale in a particular neighborhood, so there may not be very much to compare to, making it difficult for appraisers to find tangible evidence of value,” says Jonathan Miller, an appraiser and president of Miller Samuel Inc. in New York. So those buyers often end up paying cash too.

Some companies with local roots are trying to change that dynamic. Detroit-based Quicken Loans is collaborating with Home Depot and the Detroit Land Bank Authority, a public authority working on returning Detroit’s vacant, abandoned and foreclosed property to productive use. Under the “Rehabbed and Ready” program, the Authority selects properties in its inventory for Home Depot to rehab, Quicken preapproves interested buyers for mortgage financing and the homes are sold. The ultimate goal is to stabilize the market and create comparable sales to help future buyers.

“Tax foreclosure is a force that has generated blight, increased speculation and driven property values down,” says Laura Grannemann, vice president of strategic investments at the Quicken Loans Community Fund. “But by creating strategically placed sales, it has a ripple effect across the community and allows other individuals to refinance their home and get some equity out or to sell that home and buy a new one.”

TIPS | House-hunting in Detroit Don’t give up on getting a mortgage

Mr. Swink, of Coldwell Banker, says that there are banks lending in Detroit, including local lenders such as Flagstar Bank, Chemical Bank and Independent Bank. These lenders are familiar with the city and the challenges facing borrowers.

Know your neighborhood

Conditions and pricing differ not just neighborhood-by-neighborhood in Detroit but sometimes block-by-block. Many areas are slated for redevelopment, which could raise property values and impact home prices. Consult with a local real estate professional.

Consider other cities for investment

Mr. Swink says he receives a lot of calls from people interesting in investing in Detroit real estate. His response? “This conversation we’re having would have been great three years ago,” he says. “You’re a little late to the party now.”

The post Why So Many Detroit Home Buyers Are Paying in Cash appeared first on Real Estate News & Insights | realtor.com®.



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Tuesday, September 4, 2018

MDLLA's Josh Altman Uses Pay Phone to Close a Deal While on Hawaii Vacation with Baby Daughter

Even a vacation can’t stop Josh Altman from closing a real estate deal.

The Million Dollar Listing Los Angeles star jetted off to Oahu, Hawaii, for a vacation with his wife, Heather, and their one-year-old daughter Alexis (Lexi). But when business called during a walk on the beach with Lexi, Altman realized his cell phone battery was running low, so he had to improvise. Luckily, there are still a few working pay phones scattered across the island’s beaches.

“Early morning walk on the beach with Lexi,” the Bravo star wrote on Instagram. “Cell running low on battery so I had negotiate a deal old school style and found the last pay phone.”

He posted a sweet photo of himself holding onto his little girl while making the crucial call outside a Four Seasons resort.

RELATED: Meet Kim Kardashian’s Most Trusted Realtor, Who Went From Working in a Mailroom to Selling Million-Dollar Homes

Early morning walk on the beach with Lexi. Cell running low on battery so I had negotiate a deal old school style and found the last pay phone. @fsoahu #fsoahu

A post shared by Josh Altman (@thejoshaltman) on Sep 4, 2018 at 7:23am PDT

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During their family trip, the Altmans are staying at the Four Seasons Oahu at Ko Olina, where they’ve been soaking up the sun on the beach and letting Lexi feed the fish in a pond on the property. “Room with a view good enough for Lexi,” Altman captioned a photo of their balcony view of the ocean on his Instagram story.

WATCH THIS: 5 Tips to Flipping a House with Josh Altman

And although their getaway is classified as a vacation, it seems it’s not all play. Altman is not only using pay phones to close million dollar real estate deals, but he’s also still posting newly listed properties on his Instagram.

Hitting the beach with my bestie 🏖@fsoahu #fourseasons #bestfriendsforlife #lookatthosecurls #aloha🌺

A post shared by Heather Bilyeu Altman (@theheatheraltman) on Sep 3, 2018 at 11:41pm PDT

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RELATED: Million Dollar Listing LA Is Back with a Vengeance — and Its First Female Realtor

Million Dollar Listing L.A. season 14 premiers November 10 on Bravo.



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Monday, September 3, 2018

The Best Work Perk: Jobs That Pay All (or Most) of Your Rent

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Around the country, it’s getting ever harder for the other 99% to pay for housing, as both apartments and home prices just keep going up and up … and up. Where will it end? Even well-paid techies are complaining that their hefty salaries aren’t high enough to make ends meet in some of America’s most expensive cities.

But, increasingly, some savvy individuals are finding alternatives. Folks with flexible lifestyles are tapping into careers, or at least gigs, that offer free or heavily subsidized housing.

For instance, instead of forking over the national median monthly rent of $950 for a one-bedroom apartment, some are staying in a swanky abode with adorable, furry friends for the price of, well, nothing. Similarly, instead of paying a median $1,491 a month for a mortgage, property taxes, insurance, and other homeownership-related costs, others are living in charmingly rustic accommodations in the great outdoors for a heavily discounted rate. (Rental data are as of May 1 from Apartment List, and monthly homeownership costs are from the U.S. Census Bureau.)

Check out these stories of folks who’ve lucked into jobs with free, or at least dirt-cheap, housing. Maybe you’ll be inspired to make a lifestyle change yourself—at least for a while. After all, those savings could well go toward a down payment on a home of your own.

Live like a nomad and play with cute animals: Become a pet sitter

Animal lovers in the know have long been aware of the need for at-home pet sitters, but a plethora of apps and websites make it easier than ever to match sitters with folks seeking live-in caregivers for their homes and fur babies while they’re out of town. Welcome to the pet-based gig economy!

And those who do it say the lifestyle has saved them quite a bit of dough over the years.

Pet sitters

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Thierry, 54, and Miyuki, 59, have been sitting full time for the past five years and part time before that. In 2007, the married couple (who don’t want their last name used) quit their jobs—he as a French instructor, she as an executive assistant—to travel the world. They chose destinations based on marathons Thierry wanted to run.

They spend six months a year in Japan, three months at a time, and are booked in Tokyo through the end of August. They have pet-sat and occasionally house-sat in the U.S., Malaysia, Thailand, Australia, New Zealand, Nepal, France, and Japan. Although they aren’t paid for their sitting gigs, and use their savings for living expenses, the work allows them to travel the world while reducing their lodging and transportation costs by 80% to 90%.

Initially, they found pet-sitting gigs through friends and word of mouth. Now, they find work through the website TrustedHousesitters.com, which connects pet owners and sitters all over the world.

One of the most luxurious sits they did was at a house in Copacabana, Australia, with a pool, gardener, and access to a car. The house was on the market, so Thierry and Miyuki were in constant touch with the real estate agent—organizing open houses, facilitating prospective buyers’ visits, making sure the pool and garden were in pristine condition, and looking after a 14-year-old cat that was not allowed in the house while it was on the market. They also had to make sure the furniture used for staging remained undamaged.

“We thrive on knowing we are making a huge difference to owners [who have] very old cats, blind dogs, or extremely sick animals, or who have several pets, who couldn’t afford overpriced boarding,” says Thierry.

Love the outdoors? Work and live in a national park

The wilderness is calling—and for those nature lovers who can’t wait until vacation time to go camping, the National Park Service might qualify as a dream employer.

Though housing isn’t free, the park service offers lower-cost rentals for some necessary employees. This perk is often reserved for law enforcement rangers, medics, and maintenance and water quality workers, who are required to live within parks that aren’t close to civilization. That’s because outside ambulance response times can easily top two or three hours in the larger reserves.  

If this is your office, you may be in line for cheap housing.

Sylvain GRANDADAM/Gamma-Rapho via Getty Images

Park housing also helps to ensure employees aren’t saddled with 200-mile roundtrip commutes. The accommodations can run from rustic bunkhouses to shared apartments and duplexes and even private houses, says John Craig, a district ranger at Everglades National Park in Florida.

The subsidized housing helped him to save up for a single-family home that he recently bought with his wife in Homestead, FL.

“The cost of housing is based on how remote you are and the square footage and how new it is and what condition it’s in,” Craig says. “It’s generally cheaper than whatever the local community pays, though the park service tries to have some kind of equity between local market rates and [cost of] park housing.”

Craig was required to live in park housing for his first eight years with the park service as a law enforcement ranger. For two years, he shared one of four flats in a quadplex at the Point Reyes National Seashore. Each flat had two bedrooms, and bathrooms, living rooms, and kitchens were shared.

“You’re living in a national park in one of the most beautiful places in America,” Craig says. “When I walk out my front door, I’m at work.”

Relive your college days—in a student dorm

Returning to college dorm life can be quite a different experience after your prime beer pong days are over. Those brave enough to embrace and actually organize student programs and events can score free housing plus utilities at many universities. In exchange, these staff members typically must be on call at all hours for any urgent resident problems.

Gaby Bermudez, 25, spent the past four months in a spacious and furnished one-bedroom apartment on the scenic campus of Dominican University of California as the residence life coordinator for 450 students. The small, private school is about 20 miles north of San Francisco in San Rafael, CA.

Her duties included making sure student resident advisers in dorms were putting together programs and overseeing everything from roommate fights to building work orders. On top of the free digs, which would have cost her well over $2,000 a month on the open rental market, she received a salary in the mid-$50,000s.

“Living on campus is one of the biggest perks of the job,” she says. “And living in Marin County and not paying rent saves me a lot.”

The post The Best Work Perk: Jobs That Pay All (or Most) of Your Rent appeared first on Real Estate News & Insights | realtor.com®.



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‘Fifty Shades’ Seattle Penthouse Lists for $11.5M

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A penthouse perched atop Escala, a sleek residential tower in downtown Seattle, where the lead character of “Fifty Shades of Grey” was said to live, has come onto the market for $11.5 million.

The 5,170-square-foot residence includes three bedrooms, three full bathrooms, one partial bath, a spacious living and dining area, a chef’s kitchen and a media room. Rest assured, there is no”red room” as featured in the books and films.

E.L. James, the book’s author, described billionaire Christian Grey’s home as having some of the same aspects of this penthouse—spectacular views, walls of floor-to-ceiling windows, a large wraparound terrace, glass and marble countertops, hardwood floors, massive walk-in closets, a soaking tub and a private elevator vestibule.

Although the movie adaptation of the book was not filmed inside Escala, the crew shot the view from the top of the building, and the building’s exterior was used in the film, too, according to Scott Wasner of Realogics Sotheby’s International Realty, who listed the penthouse two weeks ago.

The apartment’s biggest selling point lies in its desirable location and size, Mr. Wasner said.

Additionally, the condo tower offers a slew of luxurious amenities, including 24-hour concierge, a pool with spa, a gym with yoga studio, theater, catering kitchen and private dining.

The current owner used a trust to purchase the unit for $8 million in November 2016, property records show.

If the penthouse sells at its asking price, the return of investment will be almost 44%.

The post ‘Fifty Shades’ Seattle Penthouse Lists for $11.5M appeared first on Real Estate News & Insights | realtor.com®.



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Actor Kal Penn Puts Cozy Hollywood Hills Home on the Market for $1.5M

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Actor Kal Penn just put his stylish, pewter-colored contemporary home in the Hollywood Hills on the market, at a reasonable (for the star-studded area) price of $1.5 million.

Penn bought the three-bedroom, three bath-home in Upper Nichols Canyon for $1,165,000 in 2007, the year he was cast as Dr. Lawrence Kutner on “House.”

The home was originally built in 1950, but has gone through substantial updates in recent years. The floor plan has been opened up, so the living room opens up to the dining area, which then flows into the kitchen. The open area benefits from an abundance of light streaming in from the numerous floor-to-ceiling windows, glass doors, and skylights.

Kal Penn’s Hollywood Hills home

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Great room

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There are even a couple of skylights in the warm, modern kitchen, which has open shelving, stainless-steel appliances, a wine refrigerator, and an island on casters with both storage and dining space.

Kitchen

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The house is not large, at 1,643 square feet, but it’s versatile. For example, one of the bedrooms can be used as an office/den or perhaps a sitting area off the master.

Office/bedroom

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That master bedroom has a private courtyard spa just outside the door and treetop canyon views.

A large entertaining deck is surrounded by frosted glass railings, wraps around the house, and extends out over the garage.

Deck

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Deck wraps around to backyard

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The house is located in a small cul-de-sac on a 4,911-square-foot terraced lot, and privacy is assured thanks to steps leading up to a frosted glass door entrance. The door leads to a secluded courtyard, with more steps ascending to the blue-framed front door.

On the home’s bottom level is a wine cellar and more storage.

Courtyard entry

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In addition to starring in the “Harold and Kumar” franchise and in “House,” the 41-year-old from New Jersey also served in the Obama administration as an associate director in the White House Office of Public Engagement.

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Labor Day Lounging in Style! 9 Cool Homes With Private Docks

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Labor Day is the last gasp of summertime fun, a long weekend to grill and cavort outside, especially near the water. And what’s the best way to dial the waterfront luxury to 11?

A private dock. For those lucky enough to have one on their property, it’s a place where you can make like Otis Redding and enjoy the ebb and flow of the tide, or cast a fishing line—or simply sip an adult beverage as boats sail on by. Even if serenity isn’t your bag, docks can also be fabulous spots for epic parties with amazing views.

We’ve found nine splashy properties on the market right now—all come complete with private docks. So drop anchor as we take a deep dive into these homes with private docks out back.

7 Harbor Pt, Key Biscayne, FL 

Price: $18,500,000
Splashy setup: This modern and private waterfront seven-bedroom home comes with ultimate privacy and the ultimate luxury: a private beach and private dock. Enjoy.

Biscayne, FL

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83241 N Shore Dr, Indio, CA 

Price: $1,975,000
Splashy setup: Wait—your own dock in the desert? Yep. The property includes a private dock and boat lift. Along with providing “awesome sunrises and sunsets,” the 42-acre man-made lake includes two slalom water ski runs. 

Indio, CA

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67 Roulac Ln, Friday Harbor, WA

Price: $12,900,000
Splashy set-up: Here’s a view worth singing about. However, musical legend Steve Miller is having a devil of a time finding a buyer who wants to “fly like an eagle, to the sea.” His waterfront estate features an 11,000-square-foot home on 39 acres, with “the biggest and best private dock in the San Juans.”

Friday Harbor, WA

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48 Little Rd, Meredith, NH 

Price: $4,500,000
Splashy setup: Situated on a protected cove, the contemporary waterfront estate includes 260 feet of shoreline. The listing adds that its “unique location” allows for “world class boating and sailing on 72 square miles of water.”  Just off your own beach, you’ll find deep, clear water, and a two-boat docking system perfect for swimming, kayaking, and paddleboarding, plus a two-bay boathouse.

Meredith, NH

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222 S East Torch Lake Dr, Central Lake, MI 

Price: $4,750,000
Splashy setup: With 300 feet of lake frontage, this rustic property, owned by the ex-wife of the film director Michael Moore, offers numerous outdoor decks and dining areas for entertaining. There are natural paths and stone walkways to explore from private Torch Lake frontage and the beachside deck. If you get tired of the views from the deck, take your boat out and explore the entire Chain of Lakes. 

Central Lake, MI

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6015 S Porcupine Trl, Coeur d’Alene, ID

Price: $1,495,000
Splashy setup: A piece of paradise in North Idaho. The rare Twin Beaches Lake Coeur d’Alene waterfront getaway offers 200 feet of water frontage with a private beach and dock. There’s even a diving board mounted on the dock! Cruise up the lake on your boat, just a 10-minute ride downtown to movies, restaurants, and shopping.

Coeur d’Alene, ID

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Star Creek Dr, Morganton, GA

Price: $699,000
Splashy setup: Complete with your own private dock, this home is an ideal mountain retreat next to the water. The three-bedroom cabin comes furnished, and could be an investment property or a full-time residence. Close to the Aska adventure area, owners can take advantage of hiking, biking, and tubing.

Morganton, GA

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19 E Shore Dr, The Woodlands, TX

Price: $3,675,000
Splashy setup: Entertain in style in this custom waterfront home, which features a private dock with built-in seating. The beautiful backyard features a covered patio with an outdoor kitchen and fireplace.

The Woodlands, TX

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811 Flamingo Dr, Fort Lauderdale, FL

Price: $4,900,000
Splashy setup: Behold your rare and valuable 130-foot dock! It provides a huge lounging and dining space, as well as a place to park your boat. The home includes an impressive great room, fireplace, a master suite, and a courtyard for outdoor dining. 

Fort Lauderdale FL

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