Ryan Seacrest Buys Ellen Degeneres and Portia de Rossi’s Beverly Hills Home

Ryan Seacrest, host of American Idol and executive producer of Keeping Up with the Kardashians has just bought the Beverly Hills A-list estate of Ellen Degeneres and Portia de Rossi. The house, which was worth $37 million, was first listed for $49 million in 2011. Since then, the couple had decided to live in private, $12 million Malibu pad that was once owned by no less than Brad Pitt himself.

Seacrest, who is not a stranger to Hollywood celebrities, is one of the best-paid talent in the entertainment industry today. He currently signed a deal this year with NBC Universal as managing editor and contributor for Today Show and its other news and entertainment programs. He also owns the Ryan Seacrest Productions, a television production powerhouse that featured mostly reality TV shows.

In early 2012, he set up Ryan Seacrest Media, and went into a joint venture with HDNet, AEG, and Creative Artists Agency to launch AXS TV. The channel is said to show viewers an exclusive, behind-the-scenes access to music festivals, concerts, award shows, parties, and interviews with entertainers. Bain Capital LLC and Thomas H. Lee Partners committed $300 million in capital to help his network “buy and develop companies, content, and other properties.”

According to Forbes, Seacrest earned around $59 million from 2011 and 2012, and has an estimated net worth of $125 million.

The entire 15,000 square foot property has two additional guest cottages plus an extra three bedroom house. Degeneres and de Rossi also bought the two properties near the house to create a koi pond and a tree-lined landscape. They also added a bit of relaxed feel to the house by combining classy antiques together with fun and eclectic decorative pieces. The house also has an impressive gym reportedly “the size of a large health club.”

Ironically, Degeneres said that she fell in love with the home during a visit to an American Idol viewing party and bought it from Will and Grace co-creator Max Mutchnick. The house was once featured on Architectural Digest, which gave a sneak peek on the couple’s once luxurious home. It also showed how Degeneres and de Rossi transformed the house to its more modern, less formal design.

Mortgage Applications Surge 9.2%

If you are thinking about financing or refinancing your home, you aren’t alone. Due to economic change in Europe, US mortgage rates have hit a record low. Home owners and home buyers alike are jumping at the opportunity to get the best rate possible. In fact mortgage applications have increased to just under 10%.

In the week of May 11, application activity for mortgages rose 9.2%. The Mortgage Bankers Association reports that more and more American’s are looking to finance or refinance now in order to take advantage of this record low. Refinance applications dominated the total number of applications received, making up a whopping 75% of total applications. This alone is a rise from 13% in the refinance sector from just last week.

Interestingly enough the Home Affordable Refinance Program, or HARP, had nothing to do with this increase in activity, according to the vice president of research and economics for Mortgage Bankers Assoc., Michael Fratantoni. Fratantoni reported, “The increase in refinance activity last week was concentrated in the conventional sector, which was up around 14% for the week, while government refinance applications were up only 4%.”

Let’s get down to the numbers, shall we. The 30-year FRM backed by the FHA declined to 3.75%, and the 15-year FRM fell to 3.26%. A conforming loan balance of $417,500, or less, on a 30-year Fixed reached its lowest rate in the history of the survey: 3.96%. So, if you weren’t thinking of refinancing, are you considering it now?

A lot people are coming to the conclusion that they can’t afford not to do all they can to make the most of this low rate, and that number of people is on the rise. Whether you are a home owner or a home buyer, you have to admit now is an exciting time. Mortgage rates are at an all time low and real estate prices are falling, would it be right for you to take advantage of this?

Hi-Res Photos May Be Next Seller’s Tool to Wow Buyers

 (Click on the photo above to see an example of how detailed hi-res photos can be.)

The real estate market is constantly changing. Selling a home is now tougher than ever, especially with this economic downturn. However, a good real estate agent will always make use of the smartest tips to make a trade. First appearances matter the most, and it’s important to give people something beautiful to awake their interest.  More and more sellers are demanding high resolution photos, known as “hi-res.”

Photo portfolio of the home

When it comes to real estate, the portfolio of every house available in the market is represented by the photos. If the pictures are not appealing to the buyer, he won’t even consider making an investment. We all agree that exterior appearance matters the most. Some people don’t care that a home is immaculate on the inside, if it doesn’t look just as good on the outside.

Hi-res pictures offer more detail

Taking photos of a house is something pretty common. A lot of realtors do that. But how many of them pay attention to the picture itself? High resolution images can make or break a house deal. It’s important to pay close attention to lighting and it’s even more important to make sure you get a house’s strongest points in an image. Often times, professional photographers can even convert an imperfect photo into a masterpiece.

Real estate agents should be innovative

Trivial photos with houses on sale are everywhere online. Most companies think that average images will convince someone to buy their home, when it is no longer true. How can someone buy a house if the overall aspect is not appealing? For a seller to seal the deal, it is critical to think of something new. That’s why hi-res photos can be so helpful. Getting the right picture of a house at sunset for example, can really make up someone’s mind.

Take professional photos or hire someone who can

If you don’t have a camera that takes hi-res photos, you can always turn to an semi-pro photographer with some practice. Details matter a lot and for a buyer who wants a cozy home for his family. Beautiful photos will make him want that house, or at least want them to make an appointment to see it.

A hi-res photo could be the edge that gets your home sold

In the real estate market, business is business. Great photos taken with a high-res camera can boost the overall value of a house. You’ll be surprised how many people look for a home with a little extra something. Getting the buyer intrigued through the photos is yet another smart technique to sell. Realtors have recently learned that a good photo can raise the value of a house. Although the method might seem a bit superficial, it has proven extremely useful. Every real estate agent would do everything in his power to pursue someone to invest. And because the competition is fierce in the real estate market, it’s critical to always be prepared with new ideas.

There’s nothing more compelling than a high-resolution picture. The blend of colors, the clarity and the overall aspect should be enough to make a house seeker take another look and just become interested. You know what they say, a picture is worth a thousand words. A perfectly stages hi-res photo may make the difference between getting your home sold or not.

Luxury Tech for Your Home

A lot of capital has been invested into the interior design services within the Silicon Valley community within the last ten years. Apartment buildings and penthouses within the San Francisco area have received a bulk of this increase due investments made towards individuals and companies that have moved to this area.

Younger homeowners equal higher demand in home technologies

The residents of the San Francisco area are becoming a lot younger and have higher demands for technology within homes. Nearly ⅕ of the total budget for new homes is allocated to luxury technologies to improve automation, audio, and video components. This number has grown by close to 19% in the last 20 years since many the the requested technologies are devised from industries that were still in their the planning stages or weren’t even invented yet. Most of the home budget in the past was spent on custom built furniture.

More homeowners are turning to automation and the demand of controlling all devices in a household from iPads and similar devices has continued to expand. The operation of the home technologies rely on custom built software to control home elements like security cameras, lighting, temperature and other home needs.

Luxury Technology Lifts Limitations

Luxury technologies for the home have shattered many of our previous limits and can now essentially control just about anything in the home from the custom application. If you’re in the market for these luxury applications, there are interior design firms that specialize in this area alone. Some of the average high tech renovations have costed anywhere from 5 million to 20 million dollars excluding initial costs to acquire the home and land.

These luxury interior design organizations will handle the entire process from finding engineers, technologies, devices, and furniture to make any of your luxury home renovations come true. There are truly limitations to what you can do to tech up your dream home. If you feel the need to design an interior of your home in which you wanted to use technology to control the layout and purpose of each room, luxury interior design firms are ideal.

Most Common Renovations

Personal gym areas for various training activities and bathrooms with some high tech gadgets are some of the most common luxury renovations. When seeking these luxury interior design services, many homeowners have a lot of input and expectations for their home. If you have not taken the time to fully plan out your luxury home renovation that will not be a problem. Competent luxury technology providers and home renovation specialists will help you every step of the way to create an original and elegant property you’ll love for years to come.

Some of the most extreme luxury technologies have been interesting additions to kitchens and family dining areas. One of the most impressive technologies seen in a luxurious kitchen is an elegant wine preservation unit that will save your favorite wine selections for an extended period of time even if the bottle has already been opened.

These are just a few of the luxury technologies that have been used to create unique and glamorous residences. As technology continues to advance, so does the way society chooses to live. Before deciding to invest in these elegant home improvements, spend some time to outline your specific needs and your budget.

Lending Standards Slowing Housing Recovery

Uncertainty Reigns in Housing Forecast

After several years of dreadful conditions, the housing market is finally showing signs of a recovery.  Several factors are handicapping the rate at which it is happening.  One critical component is the reluctance among many lenders to make new loans.  Stung by accusations that they let standards slip, many banks and other financial institutions have set strict guidelines for borrowing that are crimping the rate at which recovery can take place.

A reluctance to make new loans is understandable given the fact that so many mortgages ended up in default.  Other factors are at work within lending institutions themselves.  Many have severely cut staff making it impossible to process as many loans as they once did.  They lack the people needed to check applications to see if a borrower is credit worthy enough to risk giving them money.

High levels of unemployment also make it uncertain how long it will take the economy to fully recover.  Few jobs are available.  Many people are looking for work.  This acts to depress wages.  No one can say how long this condition will persist.

Regulatory Climate a Factor As Well

The housing market is regulated by local, state and federal governments in numerous ways.  Local governments decide on zoning rules.  State governments make rules on air quality and traffic that impact housing.  The federal government oversees regulation of the loaning industry that finances mortgages.

The nation is closely divided when it comes to politics.  This makes it hard to predict which party’s candidates will win in the next election cycle.  That in turn makes it hard to tell what sort of regulations will be in effect in the future.  The two major parties have vastly different views on how to regulate the housing market.

Fannie Mae and Freddie Mac have long been critical institutions when it comes to making home mortgages.  Both are quasi governmental agencies heavily influenced by federal oversight.  The two parties differ when it comes to how they should be run.

Clear Guidelines Needed For Full Recovery

Experts agree that legislators need to decide on several major issues in order for lenders to be confident about making new loans.  The current conversation about tax reform has often included talk about whether to restrict or eliminate deductions for mortgage interest.  Changes here would have a huge impact on housing.  Some have suggested that such deductions be limited to just one home.  Others want to restrict deductions to certain amounts.

Another element in question is the percentage a borrower must put down in order to obtain a loan.  If the number is 20 percent rather than 10, loans may become unavailable to large numbers of people who wish to purchase a house.  This would depress housing prices.  That in turn would lead to fewer housing starts.  Such conditions could lead to higher levels of unemployment.  All these factors tie into one another.  On the other hand, 10 percent down payments could lead to risky lending.  Such practices triggered the credit crisis, and lenders are not willing to take risks associated with poor lending practices of the past.

Barry Manilow List Malibu Home for Sale

It may not be the Copa Cabana, but singer Barry Manilow has relisted his Malibu home for sale at $6.950 Million in order to sell his beachfront pad.  The home has seen several price adjustments since originally being listed for $10.9 Million back in 2009.  Manilow has reportedly had several health issues and has cancelled several recent performances in New York this year.  He has recently appeared at Radio City Music Hall in April and had no problems at that time.  No word if the price drop on his Malibu relates to any urgent health issues, but the current listing price represent the 4^th or 5^th price reduction.

Manilow’s beachfront home in Malibu has a main house with 4 bedrooms, and extensive walls of glass overlooking the Pacific Ocean.  The property also contains a guest house and private courtyard.  The home is well known in the area for its privacy with its high fences and uber-rich location on Malibu Road.

Jumbo Mortgage Home Buyers Having a Harder Time Getting Loans

Many mortgage brokers are reporting that there is virtually no financing above $1 Million for Jumbo mortgages, a huge shift from 2006.  According to HousingWire, in 2006 Jumbo loans accounted for 50% of the mortgage market, now they represent a paltry 5% of the market.  Part of the change, according to mortgage experts are the new changes in mortgage underwriting issued by the finalization of the Dodd-Frank Bill.  Other mortgage expert point out the fact that since rates have been at nearly 0% interest, there is not enough of a profit spread to make it worth the risk for lender.

Lenders are still feeling the sting of the mortgage meltdown when a large percent of defaulting borrowers held Jumbo-type loan products.  The higher default numbers with already risky Jumbo loan has further stigmatized the market.  Since 2007, the federal mortgage market has been over 90% funded by housing giants Fannie Mae, Freddie Mac and FHA.  In 2012, new lending standards placed on FHA loans have further restricted the market.  Prior to 2011, loan underwriting limits were set at $729,000 for an FHA loan.  Congress has since restricted the lending limit to be no more than 125% of the median home price.

Finalization of the new lender standards set aside in Dodd-Frank are expected to be finalized in June 2012, making it easier for lenders.  Once the standards have been set this year, lenders are expected to be more likely to fund Jumbo loans.  The highest qualified borrowers offering the highest credit scores and down payment of cash are most likely to be the first segment of borrowers to be issued Jumbo loans.

While banks continue to sort their way through the housing crisis, they had expected a wave of “strategic defaults” that has never materialized.  Many real estate pundits had proclaimed that strategic defaults would become common among borrowers who were stuck in properties that had decreased in value.  Most mortgage expert are predicting that once a clear set of lending and underwriting standards has been established, we will see a gradual return of Jumbo mortgages to the U.S. markets.

House Where Babe Ruth Lived For Sale

The Sultan of Swat, baseball legend Babe Ruth lived in quiet suburban Sudbury, Massachusetts after he played for the Boston Red Sox and was infamously traded to the New York Yankees.  Infamous trade was supposedly the curse that kept the Boston Red Sox from winning a World Series, until they broke the curse in 2004 with a World Series win.  The Big Bambino was known for his lavish style, heavy drinking and partying as well as his home runs.  The home is for sale for $1.65 Million and boast of over 5,100 sq. ft. with lots of room for memorabilia.  There’s even a room on the second floor that the current owner set up to house memorabilia from The Babe.

The home is known as ‘Home Plate Farm’ and is a 5 bedroom 3.5 bath Colonial that looks like an ideal New England country home.  The home was originally built in the 1800s, but has seen extensive renovations including a gourmet kitchen, updated baths, and other additions.  The home is a unique piece of architectural and baseball history, and has been transformed to have all the modern features a buyer might look for today.  The property also has a barn that can be used for multiple purposes, and is located by nearby Willis Pond.

Fixed Rate Mortgage Markets Hit All-Time Record Lows

Mortgage markets in United States are well developed and have a wide range of mortgage products. Today, mortgage services in United States are being provided by a number of entities including mortgage lenders as well as banks and credit unions. Mortgages that are most commonly used in United States include: Fixed-rate mortgages, ARMs and Jumbo mortgages.

A fixed rate mortgage is a form of mortgage in which the rate of interest remains constant throughout the entire life of the loan. On the other hand, variable rate mortgage is a form of mortgage in which the rate of interest is not constant and instead changes throughout the life of the loan depending on the economic conditions. According to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS), currently average fixed mortgage rates are at new all-time record lows which in turn is sufficient to keep the homebuyer affordability quite high even in difficult market conditions.

The 30-year fixed rate mortgage averaged 3.84 percent, down from its earlier all-time record low of 3.87 as registered on February 9, 2012 whereas the 15-year fixed rate mortgage averaged 3.07 percent, falling below its earlier all-time record low of 3.11 percent as registered on April 12, 2012. The 1-year ARM (Adjustable Rate Mortgage) is also found to be averaged a new all-time record low in PMMS at 2.70 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, in an interview with ‘World Property Channel’ states that economic slowdown and higher inflation figures allowed yields on Treasury bonds to ease somewhat which in turn has resulted in the breakdown of most mortgage rates to new all-time record lows in this year. Such lucrative mortgage rates can probably trigger a boost to the housing market in coming days.

Monthly Average Commitment Rate and Points on 30-Year Fixed-Rate Mortgages Since 2010

Is this the Home of the Future?