Whilly Bermudez for REALTORS DEN - Trends and Tips for Potential Home Buyers

More homes, more buyers expected

2015-09-12T10:41:00.001-04:00

More homes, more buyers expected for fall real estate market

By Sarah Shemkus

Meggin and TJ Kelly are ready to move. With two young children, dreams of a third, and a home-based Web development business, the couple just needs more room.

They have a four-bedroom Colonial in Ashburnham under agreement and have put their North Andover three-bedroom on the market. Now, they are waiting, hoping a pickup in real estate activity this fall brings a buyer their way.

“I don’t know what to expect,” TJ Kelly said.

If real estate industry specialists are correct, the Kelly family could be in luck. Agents and analysts predict a sustained seller’s market, as eager buyers flock to take advantage of more homes getting put up for sale and interest rates that remain near historic lows.

House hunters, meanwhile, can expect to face some stiff competition for any well-priced property. “Any time something comes up with a pretty reasonable price, it’s usually grabbed pretty quickly,” said Ryan Schruender, a real estate agent in North Andover.

After a disappointing 2014, when sales declined slightly from the previous years, real estate agents are optimistic about the fall market, largely because of strong sales in the spring and early summer. In July, the latest month for which data is available, single-family home sales in the state rose at their fastest pace in a decade, jumping more than 24 percent from a year earlier, according to the Warren Group, a Boston real estate tracking firm.

ales rose in every county but Nantucket, soaring about 40 percent in Essex, Hampden, and Worcester counties. Sales prices have edged up, too. The state median price for a single-family home rose 1.4 percent in July, to $359,900 from $355,000 in 2014. June’s median price of $365,000 was the highest in the state since 2007.

“The overall picture is very strong,” said Cassidy Murphy, editorial director for the Warren Group. “It remains to be seen whether the momentum will keep up for the rest of the year. I tend to think it will.”

The rebound in sales has come as more sellers put homes on the market — new listings rose 7 percent in July, according to the Massachusetts Association of Realtors — but inventories remain tight as demand in many communities exceeds supply. Buyers still face fierce competition and higher prices, particularly in markets close to Boston

For example, in Stoneham, convenient to Route 93 and just 10 miles north of the city, sales through the first seven months of the year were up 10 percent over the same period in 2014, while the median price jumped 15.4 percent to $450,000, according to the Warren Group.

“Close proximity to Boston just continues to be a real motivating factor for young families,” said Donna Frano, an agent with Jack Conway Real Estate in Pembroke.

For some buyers, the answer to bidding wars and high prices is to increase the distance from Boston. The Kellys for example, first looked for a new home in North Andover, about 25 miles from Boston right up Route 93, but found the houses they liked cost nearly double the price of a comparable property in Ashburnham, 55 miles from Boston

Their new home has 2,000 square feet of living space and more than two acres of land, a combination that would cost well over $600,000 in North Andover, TJ Kelly said. In Ashburnham, the asking price was below $370,000.

“I grew up here and I am sad to be leaving,” he said. “We can’t afford a house in North Andover that will be the size we need for our family.”

But there is some good news for buyers. Real estate agents expect prices to moderate as more people put homes up for sale and the burst of buyers who came out after the brutal winter diminishes. A house today is more likely to get three offers close to the asking price rather than the 10 offers $10,000 above asking a few months ago, said Deborah Heffernan, owner of Avenue 3 Real Estate in Cambridge.

“There was a lot of urgency and desperation,” Heffernan said. “I don’t think the sentiment is quite the same.”

Mortgage rates also remain very low. The average rate on a 30-year fixed rate mortgage is 3.9 percent, down slightly from the rate of 4.1 percent at this time last year, according to Freddie Mac, the government mortgage finance agency.

Homebuyers should prepare for the possibility of longer closing periods as new federal rules governing mortgage disclosures go into effect Oct. 3. The rules, aimed at curbing abuses that contributed to the foreclosure crisis, introduce “Know Before You Owe” forms intended to simplify and clarify the often confusing tangle of home-buying paperwork.

Important figures — total loan, interest rate, projected payments — are laid out in bold boxes that are easy to find and read. But making it simpler for buyers could require more work and time as lenders must pull together this information from various parties involved in the loan, including lawyers and title companies.

In the past, these parties worked somewhat independently, providing buyers with the different documents on different schedules. Industry officials say it initially could take as long as 60 days to close as lenders get used to the process.

Sarah Shemkus can be reached at seshemkus@globe.com.

The Real Estate Mini-Bubble Will Be Economy's Next Problem

2013-08-02T18:06:00.001-04:00

The Real Estate Mini-Bubble Will Be Economy's Next Problem

Sy Harding, Contributor

The housing and automobile industries are the main driving forces of the economy – in both directions. That makes sense since consumer spending accounts for 70% of the economy, and homes and cars are the biggest ticket items consumers spend money on. More importantly, unlike most purchases, it’s not just spending the money they made last week, but through loans and mortgages it’s spending in advance money they will earn for the next five to thirty years.

That housing and autos therefore continue to be the economy’s main driving forces was dramatically demonstrated when both home and auto sales were so instrumental in driving the economy and markets higher after the 2000-2002 meltdown. And then when the resulting real estate bubble burst in 2006, housing and autos led the way down into the sub-prime mortgage catastrophe and then the meltdown into the 2008-2009 Great Recession.

Their powerful influence continued when in 2008 and early 2009 $trillions were spent, mostly on the bailout of banks and the rest of the financial sector, but the economy didn’t begin recuperating to any noticeable degree until the housing industry and automakers began their substantial recovery.

And they have indeed experienced a substantial recovery.

While the auto industry in Europe continues in recession (auto sales down 8.2% last year to the lowest level in 18 years), by 2012 U.S. automakers had jumped from reverse gear all the way into 4th gear, posting their highest annual sales since 2007, with the pace of sales continuing so far this year (although automakers missed the forecasts for their sales growth in July).

Meanwhile, for close to two years the real estate sector has been blasting through the most optimistic forecasts for its recovery.

At the end of May new housing starts were up a huge 28.1% year-to-date. Existing home sales had increased 15.2% over the previous 12 months. Home prices have shot up 12.2% nationally over the last 12 months, the biggest year-over-year jump since March, 2006 (near the peak of the housing bubble). Prices were up more than 20% in some of the trouble spots of the last housing bubble like Florida, California, and Las Vegas. It’s been hot. The National Association of Realtors reported two weeks ago that 47% of all homes sold in June were on the market for less than a month. As in the big bubble of 5005-2006, multiple bids and selling prices higher than asking prices have been fairly common.

However, there have been some troubling signs in the recovery, easily ignored because the basic numbers of sales and prices have been so impressive.

For instance, it’s no secret that the recovery has been mostly driven by institutional investors building inventories of rental properties. For them it’s all about profit. So far they’ve been able to take advantage of low interest rates and depressed home prices. But as prices rise and that opportunity fades away there are already indications they are dialing back on adding more homes to their inventory. Speculators looking for quick profits by buying at the distressed prices and flipping for a quick profit have also been significant factors in the sales numbers. RealtyTrac reports that single family home flips, where a home is purchased and sold again within six months, were up 19% in the first half of this year, and up 74% from the first half of 2011. But RealtyTrac expects that interest to also fade as bargain prices disappear, and is already seeing ‘buying to flip’ tapering off in many markets.

A sustainable housing recovery has always needed real home buyers who intend to live in the homes, and particularly a healthy percentage of first-time home buyers. We haven’t been seeing that, and we’re not liable to any time soon with the higher home prices and higher mortgage rates raising monthly mortgage payments significantly.

Meanwhile, even much of the reported increases in new home construction have been for multi-family housing for renters. As of June 30, single-unit housing starts were 67.6% below their January, 2006 pre-recession level.

And now we’re seeing the first indications of the mini-bubble potentially beginning to deflate.

New housing starts plunged 9.9% in June, to their lowest level in 10 months. Permits for future starts fell 7.5%. Existing home sales declined 1.2% versus the consensus forecast for a 1.5% increase. Pending Home Sales fell 0.4% in June. Construction Spending unexpectedly fell 0.6% in June, well below the consensus forecast for an increase of 0.5% (and the largest monthly decline in five months). And these reports are mostly from housing activity in the period prior to the spike in mortgage rates of the last six weeks.

The real estate sector led the way down into the financial meltdown and 2007-2009 bear market. It turned back up in early 2009 precisely at the bear market low even though housing sales and prices were still tumbling.

With the housing recovery potentially stumbling again investors would do well to keep an eye on the SPDR Home-Builder etf, symbol XHB, and home builder stocks like Toll Brothers (TOL), DR Horton (DHI), Pulte Corp (PHM), and Lennar Corp (LEN).

The Home Builder etf XHB was down more than 12% in May and June, but has been recovering some but lagging well behind the overall stock market’s spike to new highs.

Sy is president of StreetSmartReport.com and editor of the free market blogStreet Smart Post. Follow him on twitter @streetsmartpost. He was the Timer Digest #1 Gold Timer for 2012 (Gold Timer of the Year), as well as the #2 Long-Term Stock Market Timer.

Rosie O'Donnell Lists 2 New York City Apartments

2013-07-30T21:22:00.000-04:00

Rosie O'Donnell listed two New York City properties. Her two-bedroom, 2.5-bath full-service condominium is listed for $2.25 million. The 22nd-floor unit features floor-to-ceiling windows with views of midtown Manhattan. She bought the property for $1.97 million in 2007, The New York Times says. The headquarters for her public school program, Rosie's Theater Kids, is a few blocks away.

Rosie O'Donnell's second Big Apple property is a four-bedroom Greenwich Village duplex that she purchased for $8 million last year. The 130 West 12th Street penthouse is now on the market for $10.95 million.

5 things to know about rising rates

2013-07-24T10:12:00.001-04:00

5 things to know about rising rates

By Anne C. Lee

After years of decline to rock-bottom levels, interest rates are on the rise. The average rate for a 30-year mortgage was recently 4.35%, more than a point above the 2012 low of 3.3%.

Whether you're buying, selling or refinancing a home, here's how to navigate the new environment.

1. No more record rates, but still cheap loans

If the economy continues to improve as anticipated, rates will keep inching up. Freddie Mac expects the 30-year to reach 4.7% by the end of 2014. IHS Global Insight forecasts that rates won't hit 6% until 2017.

2. The refi window is starting to close

The rate bump is already cooling off refis, but most homeowners with the equity and stellar credit to refinance have already done so.

If you didn't have enough equity to qualify, check again -- rising prices pushed 850,000 homes into the black in the first quarter, according to CoreLogic. Plus, the recovery may lead lenders to loosen up.

The average credit score for an approved mortgage has been 761, says the National Association of Realtors, up from the normal 720.

3. Higher rates won't scuttle the housing recovery

At worst, this turnaround will only dampen the pace of growth, says IHS U.S. economist Patrick Newport. A healthier economy is what's boosting prices. Rates would have to rise sharply to make a mark. "Going up three percentage points would be a major wet blanket," says Bob Walters, chief economist of Quicken Loans.

With prices rising, sellers can be patient. For buyers, mortgages are still historically cheap.

4. Once you're ready to buy, lock in

To avoid any short-term spikes, Washington, D.C., mortgage banker Frank Donnelly recommends locking in as soon as you can (typically when you sign a contract).

Most lenders won't charge for a 45-or 60-day rate lock. Pay for a 90- or 120-day lock only if deals close slowly where you live (ask your lender); the typical cost is a quarter of a point per 30 days. With a float-down option, you'll pay less when rates fall at least a quarter point. Skip that add-on unless it's free.

5. Fixed loans usually beat adjustables

You may be eyeing adjustables, which are up less than fixed loans. An ARM is the better call only if you plan to own your home for a short time.

"When you need five or six years, you might save with an adjustable," says Keith Gumbinger of the research firm HSH.com.

A monthly payment on a $250,000 mortgage is $1,194 with a 30-year loan at 4%, or $999 on a five-year ARM at 2.6%. But it's crucial to get a loan that matches your time frame.

Vince Vaughn's Townhouse for Rent

2013-07-18T21:29:00.001-04:00

This week in celebrity real estate, Vince Vaughn listed his Chicago townhouse for rent, Scarlett Johansson sold her L.A. condo and Octavia Spencer bought in the Toluca Lake neighborhood of the San Fernando Valley.

Vince Vaughn’s Chicago townhouse for rent
In Vince Vaughn's next big role, he'll play landlord at a property in Chicago. Or, at least, that's his hope. The comedic actor has listed his townhouse for rent for $9,500 a month.

This isn't the first time Vaughn has rented out the home. He first put it up for lease in 2010 at $7,000 a month. In 2011, the townhouse was back on the rental market for $8,000, and this time around, Vaughn is hoping a new renter will pony up that extra $1,500 a month.

The Chicago native bought the townhome in 2005 for $4.1 million, upgrading to a 7,800-square-foot duplex penthouse in the Palmolive Building just a year later. Rather than sell the townhome, he's kept it as an investment property, which seems to have done well for the actor.

Located in a "prestigious" City Club development, the upgraded townhouse has 3 bedrooms and 4 baths on a 4,063-square-foot floor plan. The home includes a 3-car garage, a custom-designed home theater with plush leather recliners and a rooftop deck with views of the city.

Zillow

Actress Scarlett Johansson has sold her 1-bedroom, 2-bath unit in the Hollywood Versailles Tower for $470,000.

Scarlett Johansson sells Hollywood Boulevard condo
We imagine stars living in sprawling Hollywood estates, but sometimes a modest condo is more believable for an actress hopping between movie sets.

While formerly owning a stunning mid-century modern home with ex-husband Ryan Reynolds, Scarlett Johansson has also owned a 1-bedroom, 2-bath unit in the Hollywood Versailles Tower since 2003. Listing the place for $425,000 in May, she's now handing over the keys for $470,000, theLos Angeles Times reports.

Measuring 1,148 square feet, Johansson's former condo is average in size for a 1-bedroom, but hardwood floors, granite countertops and other high-end finishes add an air of luxury. The home is also filled with touches of Hollywood glam, from gold sinks in the master bath to a dressing-room vanity surrounded by stage lights.

Located at 7135 Hollywood Boulevard, Apt. 506, Los Angeles, Calif. 90046 in a full-service high-rise, the condo's shared amenities include a 24-hour doorman and valet, a pool, gym and recreation room.

Zillow

Academy Award winning actress Octavia Spencer just bought a 1,714-square-foot home in the Toluca Lake community.

Octavia Spencer buys in Toluca Lake
Closing on a Toluca Lake house and making a red-carpet appearance for her latest film "Fruitvale Station," Octavia Spencer's keeping busy.

The Academy Award-winning actress just bought a 1,714-square-foot home for $841,500, according to property records. In the world of Los Angeles real estate, anything less than $1 million is typically not used as a celebrity's primary residence. Time will tell whether Spencer moves in permanently.

While modest in size, the 1927 Spanish-style home is filled with character — from dark hardwood floors and plantation shutters to vintage tiles and original fixtures. The property is also in a great location: a block and a half from Toluca Lake boutiques and restaurants on Riverside Drive.

Spencer received several prestigious accolades including an Academy Award and Golden Globe for Best Supporting Actress for her role as Minny Jackson in the 2011 film adaptation of "The Help."

Is Commercial Real Estate Recovering Too Quickly?

2011-08-22T11:07:00.000-04:00

Is Commercial Real Estate Recovering Too Quickly?
Carole VanSickle

After avoiding a full-fledged catastrophe when the rest of the economy and residential housing went bust, the commercial real estate sector has, for the most part, made a pretty astounding and rapid recovery. Too astounding, fear analysts, who warn that “commercial real estate [may have] taken to the comeback trail…too quickly and could end up crashing again”[1]. This is one of the fastest, if not the fastest, recovery in commercial real estate history, says LaSalle global strategist Jacques Gordon. He believes that given the severity of the economic recession as a whole, “it should have taken more time than usual, not less, for the real estate market to rebound.” He cites high unemployment and quickly appreciating office properties as an example of the unrealistic recovery, saying that there is no reason for these two trends to exist simultaneously. Another analyst, managing director for Northwestern Investment Management Company Gregory Walz, calls the market “too frothy, too quickly.”

However, not everyone agrees that the swift improvement is a problem. In fact, accounting firm Deloitte recently released a report indicating that the markets are being “fuelled by the availability of capital, low prices, loan restructurings and alternative financing methods” and that these factors would pull the commercial market through today’s perilous waters[2]. Deloitte believes that the commercial markets are stabilizing, in part because “it was commercial real estate that felt the first impact of the downturn.” Deloitte analysts did emphasize that risks associated with refinancing remain high and that this issue will play a major role in the ultimate stability of a commercial recovery.

Do you think that the commercial market is making a comeback too fast?

Looking For A Hot Celebrity Home? The Market Is Ripe

2011-08-10T13:11:00.000-04:00

Looking For A Hot Celebrity Home? The Market Is Ripe
John E. Miller

Celebrity properties are exceptional investment opportunities as they not only tend to be luxurious, but they also have the fame and memories associated with the celebrity that inhabited the home—an association in and of itself that increases the value of the home from that point forward.

There are some incredible celebrity homes that are currently on the market and could be amazing investment opportunities given the current buyers’ market. What hot celebrities homes are currently in play for the ambitious investor – and how do they stack up to similar properties? Read on.

Anna Nicole Smith

The late pop culture icon’s estate includes a 4,700-sq. ft., five bedroom, six bath home in Studio City, California. The home, the scene of “The Anna Nicole Smith Show”, is selling for $1.75 million. This seems like a pretty good deal because two smaller homes in the same neighborhood are selling for over $2 million each.

Elizabeth Taylor

Screen legend Elizabeth Taylor may have passed on earlier this year, but her name lives on – and so does her home. Her secluded Bel -Air home, complete with its own “secret garden” and 7,000 sq. ft. of living space, covers 1.25 acres and is listed for $8.6 million. With an average square foot of living space in Bel-Air costing approximately $539, potential buyers are paying roughly $4.9 million in markup for the celebrity connections of the four-room country home.

Harrison Ford

Film star Harrison Ford enjoys his seclusion in his primary Wyoming residence, and recently decided to relieve himself of his 5,564-sq. ft. penthouse in New York City’s Chelsea neighborhood for a cool $16 million. Those purchasing the property will buy into a neighborhood that is walking distance from Manhattan’s Garment District and Theatre District.

Billy Joel

Billy Joel’s Hamptons estate is on the market, and while anyone who buys it may not be an “Uptown Girl”, they’ll still be in the thick of the New York limelight. The home originally debuted at $22.5 million and has since been reduced to $16.8 million. The price is well above the average sales price in the Hamptons of $1.9 million, but the home itself – a pretty charming, rustic beachfront abode – is probably worth far more. Considering Joel paid roughly the same as the current listing price in 2007 and has renovated the home extensively since then, this is a pretty good deal.

Slash

Saul Hudson – better known as master guitarist and rock icon Slash – is also in the real estate mix, listing his hulking, 11,000 sq. ft. Mulholland Estates home for $9.5 million. The house features seven bedrooms and eight bathrooms, but may not fetch the full $9.5 million Slash wants because of the alleged bad reputation the neighborhood has been earning lately. Charlie Sheen and Paris Hilton both reported criminal acts on their property lately, so Slash may be looking to say goodbye to the jungle.

Sean “Diddy” Combs

Music mogul Sean Combs – a.k.a. Puff Daddy, P-Diddy, etc. etc. – is placing his swank New Jersey home for sale for the asking price of $13.5 million. He originally paid $6 million seven years ago for the estate, and is banking on his reputation as a way to get a sizable return on his investment. The 26-room mansion – complete with its own home theatre and tennis court - is large and impressive, but in this climate, it is doubtful he’ll get the full asking price.

Kenny Rogers

Country legend Kenny Rogers may no longer living in his former 973-acre spread in Georgia – he sold it in 2003 – but his name will have to exert some serious attraction to potential investors in order for $20 million asking price to be met. That is because the gargantuan, yet charming, Beaver Dam Farms estate is many times the median home price in Athens, Georgia, which has been steadily falling since 2007. Of course, an investor who buys this property – still complete with many original furnishings from when Rogers called it home – would probably operate it as a privately-owned resort.

Pamela Reed

Lastly, Hollywood couple Pamela Reed and Sandy Smolan are rumored to be looking to sell their 5,400 sq. ft. Windsor Square home – a property that has been on and off the market repeatedly in 2011. It is unclear whether or not the home is actually for sale at the moment, but some allege it can be bought for the relatively-low asking price of $2,995,000. The listing is as low-key as its is current owners, who have a long yet unassuming list of Hollywood credits to their names as an actress and director, respectively. Chances are, with the home’s past history, the two will ultimately decide to place the home for sale and up for grabs.

These celebrity homes are only a sampling of the properties available on the open market today that have some connection with celebrities, or are located in upscale neighborhoods frequented by the rich and famous. Celebrity connections are powerful – why else would P Diddy’s home in New Jersey double in price? – and prime deals are to be had. Investors can find even better deals with foreclosures – celebrity-related or not – by using listing services like ForeclosureDeals.com.

Keeping a sharp eye on the market is always a good way to snag a valuable property – especially if a star has called it home.

Offshore investors snapping up Fla. real estate

2011-08-08T10:42:00.000-04:00

Offshore investors snapping up Fla. real estate

MIAMI -- Offshore investors are flocking to Florida's distressed real estate prices as major companies with ties to Hong Kong, Spain, Argentina and Malaysia are snapping up properties sensing the local market has bottomed.

International companies can park their investment and position themselves for the next development cycle, said Tere Blanca, president and chief executive officer of Miami-based Blanca Commercial Real Estate.

"Acquiring prime properties at discount prices in the height of the market was not achievable. Whomever has deep liquidity and can be nimble and act when opportunities arise can acquire properties at what we consider to be solid pricing," he said, according to the Daily Business Review (http://bit.ly/r12HEj).

Stephan Gietl of Austria and his partner Fernando Levy-Hara, of Argentina, have purchased 307 South Florida condo units for $40 million, since 2009. The duo has sold most of the units, mainly to international investors. Levy-Hara says the units yield between 5 and 6 percent profit per year after maintenance fees and property taxes.

"With the potential appreciation, if you're buying at half the price of the bubble, you have the potential to go up 60 to 70 percent in the next five years," he said.

As Americans worry about the economy and debt ceiling, international investors still perceive the U.S. as "the most reliable country in the world," said Andrew Hellinger, chief executive of Coral Gables-based Hellinger & Penabad.

"We are a country where you can place your money for investment and know it's safe."

South Florida's most notable recent deals have ties to investors with connections to major international companies.

Swire Properties, part of Hong Kong-based real estate and airline owner Swire Pacific, bought 2.15 acres in Miami at $14 million, along with the $13.1 million acquisition of Eastern Bank's headquarters.

In May, Malaysia-based Genting Group paid $236 million for the Miami Herald's headquarters. Genting, which also owns 50 percent of Norwegian Cruise Lines, plans to build nearly 7 million square feet of hotel, convention and restaurant space. Genting executives cited Florida's growing population, budding Miami tourism and a likely nonstop flight from Asia to Miami International Airport as motivating the deal.

Agave Holdings, with ties to the owner of Jose Cuervo tequila, paid First Bank Puerto Rico $30.55 million for a project in Coral Gables.

Espacio USA, the American arm of Spanish real estate company Inmobiliaria Espacio, is about to close on its second office building. The company paid $31.52 million for another office building last year, with renovations running more than $1 million.

Brazilians have led the Miami condo market resurgence, accounting for 9 percent of unit purchases among international buyers of Miami single-family homes and condos, according to the Miami Association of Realtors.

"The feeling in Brazil is certain aspects of their real estate and economy make U.S. real property a relative bargain," said Richard Goldstein, of Bilzin Sumberg. "In other countries like Venezuela, the currency is not as much of a factor. Political instability is a factor; they want a safe haven for their money."

Celebrities are taking Advantage of the low home prices & low interest rates

2011-08-05T11:07:00.000-04:00

Celebrities are taking Advantage of the low home prices & low interest rates
By John E. Miller

Many celebrities are known for purchasing multiple properties across the country from multi-acre estates to condominiums. At any given time it can even become difficult to keep up with the number of properties that each celebrity owns. Surely with the current real estate market the celebrity property investment has declined? Absolutely not!

Instead, celebrities are taking full advantage of the low home prices and incredibly low interest rates to purchase exceptional properties that either upgrade or add to their existing homes. Even young stars such as Hannah Montana’s Miley Cyrus have been bitten by the real estate bug.

Miley Cyrus, daughter of country singer Billy Ray Cyrus, has achieved great fame of her own from Hannah Montana to her release of her first album, Breakout. With this increased popularity, Ms. Cyrus has definitely made a fortune and is investing a substantial chunk of her income in real estate.

At a mere 17 years old, Miley jumped into real estate when she put down nearly $3.5 million on a home in Toluca Lake, California. Although this property was located close to her family, this was a huge purchase for someone so young. However, this was only the beginning of Miley’s real estate purchases.

Last month, Miley made an incredibly smart real estate investment on a Studio City, California home when she spent $3.9 million for the 5,173 square-feet home that rests on approximately 1.15 acres. Taking advantage of the buyers’ market and demonstrating Miley’s patience, the home was originally placed on the market for $4.58 million, but later decreased to approximately $4.4 million. Her purchase price of $3.9 million is clearly a great deal for this fascinating home with breathtaking views.

Her new five-bedroom home is incredibly spacious and definitely has more privacy than her Toulca Lake abode. Features include a beautiful pool, fantastic gym, and – naturally - city views that are to die for. However, daddy Billy Ray can rest assured that his princess is safe with the heightened security Miley will have at this new mansion.

Clearly Ms. Miley Cyrus, like other successful celebrities, is utilizing the current real estate market to obtain great properties well below the listed value. Miley is not the first and definitely will not be the last celebrity to invest in real estate while the market is hot.

MTV's Jersey Shore: Inside The Italy House

2011-08-04T13:36:00.001-04:00

MTV's Jersey Shore: Inside The Italy HouseBy Courtney Cachet

Ah, yes. It's that time of year again, folks! The Jersey Shore gang is at it again. This season, we get to see how they inevitably tortured the residents of Florence with their seemingly never-ending drama. I am more intrigued by where they are living, though! MTV was kind enough to supply me with a bunch of photographs so I could give you a sneak peek inside the house before Thursday night's season 4 premiere!

I've made my own comments and I would love to hear yours. Rate the rooms along with me!

Ciao!

XO
Courtney

Will Smith and Jada Pinkett Smith's Malibu Home

2011-08-03T11:24:00.000-04:00

Will Smith and Jada Pinkett Smith's Malibu Home

Power couple Will Smith and Jada Pinkett Smith are taking you on a tour of their amazing Malibu house which is all and more you've ever imagined. Check out the pics inside the amazing celebrity Malibu home!

Celebrity houses have always been over the top, but one celebrity couple is definitely bringing a new meaning to the words 'dream house'. Will Smith and Jada Pinkett Smith open their doors to Architectural Digest to present their lavishing Malibu home. The perfect retreat for the family is all and more you've ever imagined, being a perfect example of the Hollywood lifestyle that maintains a great sense of good taste.

Will Smith and Jada Pinkett Smith's Malibu home lays out on 25000 square feet and maintains a very peaceful, Moroccan/Persian/Spanish/Southwest America type of style which incorporates nature and artistic details that make a difference. Architectural Digest shows off an amazing mansion that is very 'spiritual' and that is a perfect match for Jada and Will.

The happy couple shares the wonderful home with their three children Willow, 10, Jaden, 13, and 18 year old Trey, Will Smith's son from a previous marriage. Designed by architect Stephen Samuelson, the house needed to have a very down to earth, natural feel so Will and Jada had everything done by hand. They told the magazine that:

“For Will and me this home was always a spiritual endeavor. We’re very earthy, organic people. We wanted to create a family retreat, something made by hand and as natural as possible, something that ties back to the land. Everything needed to be done by hand. We wanted to feel the love and labor that went into every piece of this place.”

One of the most breath taking parts of the home are the opulent living room which boasts an incredible mountain view, a clear, no-wall view that just joins you with nature. Will's favorite spot and definitely another 'plus' for their home is the lake gazebo, which is all about meditating and being in contact with nature's best: water, grass, trees, plants and flowers.

Will Smith and Jada Pinkett Smith have other homes across the globe, in the US as well as Europe, such as Miami Beach, Stockholm and Philadelphia. Check out this power-couple's crib in the September 2011 issue of Architectural Digest.

Photos courtesy of Architectural Digest

Realtors Sell Houses but They Also Follow Legislation

2011-08-02T09:00:00.000-04:00

Agent: Realtors Sell Houses but They Also Follow Legislation, Voice Concerns
The National Association of Realtors follows public policy and has questions about the Dodd-Frank Act, which calls for at least a 20 percent down payment on purchasing a home.
By Joan Probala

Realtors do more than list and sell homes. Advocating for issues that help homeownership is an integral part of the local, state and national priorities of the National Association of Realtors.

The value placed on reporting on the housing market underscores the importance of housing to the economic recovery and stability of the country. The National Association of Realtors (NAR) is working hard to evaluate and recommend regulatory items that will ensure that home ownership is attainable for hard-working families.

“A strong housing market recovery is essential to the nation’s economic strength,” NAR PresidentRon Phipps, broker-president of Phipps Realty in Warwick, R.I., said in a letter to the secretaries of the Treasury and Housing and Urban Development and director of the National Economic Council.

“The housing market is in a fragile recovery, and our goal is to ensure that regulatory or legislative changes help lead the way out of today’s economic struggles and not jeopardize the recovery.”

Phipps said more regulation and legislation that tighten access to credit and affordable safe mortgages are not the solution to righting the housing market and economy.

“We want to make sure that any legislative and regulatory changes don’t jeopardize a housing and economic recovery, so that anyone who is able and willing to assume the responsibilities of owning a home has the opportunity to pursue that dream,” Phipps said.

In an attempt to correct the problems that developed in the financial market, legislators have considered methods that would in actuality cause more problems. NAR is working hard to ensure that legislators understand the results of their actions.

The Dodd-Frank Act requires a 20 percent or larger down payment which could negatively impact over a third of homebuyers, according to some studies. The Heritage Foundation, in a May 31 letter to regulators, called the 20 percent down payment requirement “utterly at odds with the realities of today’s housing market,” where only 16 percent of first time buyers in 2010 would have met the standards for a lower-cost qualified mortgage.

Over stringent underwriting standards are preventing credit-worthy buyers from obtaining a loan or a reasonable interest rate. Phil Mazzaferro of Absolute Mortgage had a client recently who failed to qualify under the new guidelines. "My client had a bank account that reached over seven figures. They wanted to secure a $300,000 loan on a home that was assessed at $1.3 million. Because their bank account was accumulated investment income and not reported as income on tax returns, they did not qualify for a loan," he said.

There also are added requirements for FHA approval of condominium projects. Restrictions have forced many owners into foreclosure simply because condominium projects were no longer FHA approved. Steve Tedrow, branch manager with Windermere Mortgage, has had the opportunity to help many clients acquire FHA funding by actually working with homeowner associations to submit the required paperwork to verify qualification according to the new guidelines.

“Many of the projects have been hit hard by foreclosures. To make matters even worse for sellers, the new federal guidelines prohibit loans on condominium complexes that have a greater than 15 percent foreclosure rate. This is just forcing more owners into foreclosure,” Tedrow said.

Washington Realtors count many successes in their efforts to increase homeownership.

The new Mortgage Foreclosure Fairness Act went into effect on July 22. It is legislation that forces major lenders to meet with residential borrowers that are facing default. Specifics are written that highlight time limits, conditions and cost of working with a mortgage counselor in an attempt to forestall a foreclosure. A borrower now has the opportunity to demand to meet with the lender in person to facilitate mediation.

Transfer fees can no longer be put on title by the developer. Transfer fees are little known costs that are charged to the buyer every time that home is sold. They guarantee income in perpetuity to the developer.

Fireplaces have long been considered a positive addition to any home. In the last legislative session, legislators considered a bill to force sellers to completely decommission fireplaces before a home could be sold, adding expense for a seller already hit hard by falling home prices. Although tabled in this session, this has the possibility of coming up for discussion in the future.

Realtors are working hard on these issues and many others that protect homebuyers and sellers in their quest for the “American Dream.”
Joan Probala is the managing broker for Issaquah Windermere (Windermere Real Estate/East Inc.). She has 30 years of experience in real estate, construction and sales.

The Biggest A-List Celebrity Homes For Sale Now

2011-08-01T11:32:00.000-04:00

The Biggest A-List Celebrity Homes For Sale Now

From Harrison Ford to Sean “Diddy” Combs to the late Elizabeth Taylor, there are true mega-star homes on the market right now, and these incredible properties reflect the success of their owners.

Interestingly, when it comes to the most famous celebrities, real estate may be one of the few non-inflated things you can buy. You can buy a mid-1970s Rolex Submariner 55XX series for under $5000, but the same watch, except that it was worn by actor Steve McQueen, went for over a quarter of a million dollars. Likewise, JFK’s cigar humidor fetched more than half a million dollars at auction, and it takes up about a square foot of real estate. So in a world obsessed with celebrity, where provenance can increase values hundreds or thousands of times, celebrity homes, which get only slightly inflated by their history, might seem like a bargain in comparison. Of course, when you go to sell, you’ll find the same lack of celebrity appreciation disappointing, but in the meantime, at least you can throw great parties in a mansion where one of the most famous people on the planet once threw parties.

Click for full photo gallery: A-list Celebrity Homes

Celebrity homes are on the market all the time, with plenty to choose from, and compared to the recent rash of high eight and even nine-digit billionaire homes, they can be surprisingly affordable, even for the true A-Listers. Of course, some are plenty expensive.

Here is a look at some of the homes of the ultra-famous currently on the market, courtesy of TopTenRealEstateDeals.com, which lists celebrity and other famous and unique homes (think Amityville Horror house, Godfather 2 Tahoe estate, etc.) weekly.

Bing Crosby Estate: One of the best-selling recording artists in human history, Bing sold more than half a billion, with a B, records. He did lots of movies, adding a Best Actor Oscar, the very first Grammy Award for “Global Achievement,” and has not one, not two, but three stars on Hollywood’s walk of fame. Most famously, his rendition of the holiday favorite White Christmas is the best-selling single of all time. His circa 1936 7200-square foot Southern Colonial mansion sits on a 2-acre compound in LA’s Touluca Lake, and seems like a steal at $4,795,000. It has six bedrooms, a star-worthy MBR suite with steamroom and marble whirlpool bath, a billiard room, commercial kitchen, plenty of other bells and whistles, and a separate two-bedroom, two bath guest house.

Harrison Ford NYC Pied a Terre: The leading man of our era, no one is as bankable as Ford, whose box office earnings are headed towards $10 billion worldwide. He headlined not one but two of the greatest film franchises of all time, the original Star Wars trilogy and the four Raiders of the Lost Ark films, in addition to countless other hits, including Blade Runner, Presumed Innocent, American Graffiti and The Fugitive. Ford famously lives in the billionaire haven of Jackson, WY, but has this 11-room, 5,664 square foot NYC penthouse in Chelsea, with concrete floors boasting radiant heat throughout, secured elevator, gourmet kitchen, and private roof deck. $16,000,000.

Elizabeth Taylor Estate: The standout beauty of her era, Taylor became as famous for her string of failed high profile marriages as for her amazing track record in film, and later, became a noted philanthropist and charity superstar. She won the Best Actress Oscar and co-starred with onetime husband Richard Burton is 11 films, including the title role in Cleopatra and Who’s Afraid of Virginia Woolf? Much more than an actress, she epitomized stardom and Hollywood glamour, and has been called the greatest movie star of all time. Her longtime Bel Air residence is on the market for the first time since she bought in 1981. The 1.3 acre lot overlooks LA, and has its own guard house fronting the driveway. The home is 7,000-square feet and has numerous suites and an open floorplan, along with a lovely pool of iridescent mosaic tile, with adjoining sauna and shower facilities. Grounds have extensive formal flowerbeds, a bamboo jungle, rose gardens and walking paths, plus a koi pond and greenhouse for cultivating orchids. $8,600,000.

Sean “Diddy” Combs Estate: No matter how many times he changes his name, the music impresario can’t seem to stop hitting commercial home runs as a music producer, singer, actor and clothing designer. While his own career includes lots of hits and awards, he has been most successful as a producer and is one of the most powerful people in the music biz, as well as having lots of success with his Sean John clothing line. He recently listed his New Jersey estate for $13,500,000. It includes the 26,000 square foot 17-room main house plus guest house, pool, tennis court, and putting green on three acres in posh Alpine.

Billy Joel Waterfront Estate: The third best-selling solo artist in US history, the Piano Man did for Long Island what Bruce Springsteen did for New Jersey, immortalizing his hometown while cranking out hit sing after hit song and famously marrying and divorcing Supermodel Christie Brinkley. The 23-time Grammy nominee amassed six wins, and famously wrote all his own songs, securing 33 Top-40 hits and selling 150 million records through three decades. His four bedroom “beach house” is more like a mansion in Long Island’s Sagaponack, and has double provenance – it was previously owned by actor Roy Scheider of Jaws fame. It spills onto a sandy beach and has 145 feet of oceanfront, which can be viewed from twin terraces on the upper floor. Recently renovated by an interior designer, the house in turn-key ready with gourmet kitchen and twin MBR suites. The price has been reduced at least twice, from a high of $22,500,000 to the current $16,750,000.

Kenny Rogers’ World: This is the big winner in the group. The man who People’ Magazine readers voted their Favorite Singer of All Time, with dozens of mega hits across multiple musical genres and dozens of awards from everyone who gives award, including the AMA, CMA, and Grammys, He is best known for The Gambler, a hit so big they made a series of movies out of it, and also Coward of the County, Islands in the Stream, Lucille, and Don’t Fall in Love With A Dreamer. But Rogers’ career pales in comparison with his truly awesome estate, which he designed himself, Beaver Dam Farms. Rogers sold the estate in 2003 and it is now operated as a private island-style boutique resort focused on single group takeovers, and is more a Four Season or Ritz Carlton type resort than a private home Located outside Athens, Georgia, 90 minutes from Atlanta, it spans 1200-acres and has a world class equestrian facility, gardens, hiking trails, a 30-acre lake – with a separate lake house – like going on vacation for the weekend without leaving your property. There is also a lakeside entertainment pavilion, swimming pools at every turn, a movie theater, full spa facility, two gyms, a 13,000 square foot main mansion, several guest houses, and best of all, a full-size high quality 18-hole private golf course – with clubhouse. Especially with the golf course, it seems like a bit of a steal at $20,000,000.

John Madden’s Classic NYC Apartment: A superstar as an NFL player, coach, and TV commentator, Madden is now better known – and better paid – for his uber best-selling Madden NFL video game series (since 1988) than for his Superbowl ring. His exceptionally spacious two bedroom Manhattan apartment has added celebrity cache from being located in the classic Dakota, also John Lennon’s residence and the building he was hot in front of. Overlooking Central Park, The Dakota was also the film location for Rosemary’s Baby. The building has its own interior courtyard with private entrance, full-time doorman, and even a throwback elevator operator. The classic apartment has high ceilings, elaborate original molding, fireplaces, and tons of built in bookshelves and cabinets. $4,395,000.

Katherine Hepburn’s Paradise: In her six-decade career, the First Lady of Film amassed more Best Actress Oscars (four wins and 12 nominations) than anyone else, ever. True Hollywood royalty, Hepburn was arguably the greatest actress of all time, and was named such by the American Film Institute. She headlined a string of mega-hits, from True Grit-sequel Rooster Cogburn to the African Queen to On Golden Pond, co-starring with every important leading man of her lifetime, John Wayne, Humphrey Bogart, Spencer Tracy, Sir Laurence Olivier, Henry Fonda, and so on. This home in Old Saybrook, CT, on the shores of Long Island Sound, has been in the Hepburn family since 1913. It was rebuilt in 1939 after a hurricane destroyed it, and the star lived there until her death at 96 in 2003. The 8,400-square foot six bedroom home has a private dock and beach, as well as a pond, is very private, features large grand spaces, huge porches, sweeping views and a wonderful gourmet kitchen. It occupies 3 lots spanning 3.5 acres with nearly 700 feet of waterfront and runs a whopping $28,000,000.

Homes of the pet-obsessed

2011-07-29T11:55:00.000-04:00

Homes of the pet-obsessed

Pet-lovers these days aren't just tweaking their homes to accommodate their animals; some aren't happy until their entire home is a pet playground.

The good news is that being a barking mad bloke or a crazy cat lady is getting a lot more stylish.

Architects, interior designers and furniture makers are increasingly moving into the lucrative market of the pet-crazed.

If you'd like to build a dog-house with airconditioning, heating and hot-and-cold running water, American websites are a goldmine for pet-pampering tips.

Photos of the Walker's cats in their pussycat paradise. Photos from The Cats' House book by Bob Walker.

There are also some brilliant examples from Japan.

They may be zany, but these websites also offer some stylish solutions to common pet problems; and with a bit of ingenuity, they won't cost the earth.

Pet furniture, for example, no longer needs to be an afterthought or an eyesore, while pet-friendly features can be attractive and tastefully integrated into your home.

Taking things a little further, why not try some bespoke furniture - and don't forget to add pet requirements into the architect's design brief for your next reno or build.

Cats

Scratching posts and "cat house" hidey holes have moved from kitsch eyesores to the status of real furniture.

Visitors to your home won't immediately see the disturbing lengths you have gone to for your cats.

Indoor-cat owners will love the idea of furniture to hide litter trays.

Clever disguises include side tables, baskets and even large faux potted plants.

Discreet kitty litter boxes can even sit in the living room

If you can't find a purpose-built litter tray disguise or an attractive cat climber, try the time-honoured "Ikea hack".

The Ikea Hackers website is filled with brilliant ways to coax all manner of creature comforts out of Ikea products.

Modifications include ideas for wall-mounted perches and furniture for climbing, scratching and (of course) peeing.

Ikea hacker, Cave Lion's "Billy" Cat climbing shelf hack in action.

American designer Akemi Tanaka has created a stylish way of allowing your cat to display itself among your other artworks.

Tanaka's "Curve" is a wall-mounted, softly-padded display pedestal where your fab feline can pose in comfort, blending seamlessly with other wall-mounted artwork.

At $US200 ($185) for the Curve, you would hope so.

The Cats' House seen here under construction. The Walker's cats carefully supervised all building works. Photo from The Cats' House book by Bob Walker.

For those that want to take it further - a lot further - a book by Bob Walker details how he transformed his home into pussycat paradise.

Walker has built steps and ramps that wind up and around rooms.

There are holes in many walls for his fur family to duck between rooms; they even have access to the roof space above his ceilings.

The motto on Walker's website is: "Where 'good enough' is not enough for our feline family!" His home boasts "140 feet of elevated highway" that crisscross overhead.

And with his his dazzling colour scheme in that mix, The Cat's House must be seen to be believed.

At the most extreme end of cat-friendly accommodation are homes designed from scratch, with ramps, steps, perches, playrooms, secret spaces and ceiling-high catwalks all seamlessly woven into the design.

Two Japanese designers have delivered surprisingly inoffensive, even elegant results.

Architects Fauna +DeSIGN were commissioned to create a paradise for 16 cats and a home for their owners and five dogs.

Designer Asahi Kasei had fewer "clients" but also created kitty heaven on earth.

Both homes provide endless vantage points for the cats to survey their territory.

There are obstacles to negotiate, allowing the cats to exhibit great feats of agility, perches on which to display themselves and places for discreet supervision of their human companions.

Dogs

Dog-lovers, your faithful friends haven't been forgotten. As dogs tend to be larger and somewhat less agile than cats, they don't get quite the same run of the house.

Much of the focus is on outdoor dog houses, but there are plenty of clever options for indoor dogs too.

Most interior modifications are limited to ground level; items such as benches, cupboards and the lower levels of bookcases have become new dog-friendly spaces in today's homes.

These aren't necessarily just indulgences either. There are some cunning ideas, such as low shelves to tuck food bowls away from foot traffic, or even using bottom drawers to hide bowls when not in use.

Dogs love being part of the action, but their knack of being underfoot can be annoying and even dangerous.

To counter this, beds are getting the same treatment as those for cats, becoming incorporated into more stylish items of furniture, such as side tables for small dogs or coffee tables for larger ones.

Builders and architects are unleashing themselves on homes all over the US.

Kitchens get bed areas under bench tops, laundries have purpose-built dog baths and showers and lounge rooms are being fitted with discreet dog flaps tucked into bookshelves set against exterior walls.

For a bit of doggy DIY, Barkitecture is a must. This book will supply endless ideas on ways to pamper your pooch.

There are lots of photos and "a witty, tongue-in-jowl commentary", according to the author, Fred Albert.

Elsewhere, a clever inventor has created what they call the Pet Peek.

It's a domed porthole that punches views through fences, connecting dogs to the world outside the backyard.

No more frustrated barking at indeterminate noises emanating from the unknown.

Dogs can now have a proper, focused bark at things they can actually see.

Beyond The Crate takes pooch pampering to a whole new level, with their watchword being "If your home just isn't good enough... build them their own".

Two seriously spoiled dish-lickers have a "Celebrity Hacienda Dog House" which set their owner back $US30,000.

Without the exact specs of this pooch pad, Beyond The Crate's website notes that the "extensive list of available amenities includes running water, lighting, air conditioning and heating".

As for celebrity extravagance, the $30,000 Rachel Hunter dropped on her dogs' "Hacienda" pales into insignificance after you see - yes, you guessed it - Paris Hilton's mind-boggling excesses.

Her little darlings have a 28-square-metre, $325,000 mansion modelled on her own Beverly Hills home.

Their two-story digs not only cost more than a lot of people's homes, Hilton designed it with the assistance of her interior decorator.

This monument to extreme wealth and the lack of even the slightest grip on reality is fitted out with chandeliers, airconditioning, a staircase, balcony, beds, a wardrobe full of outfits and what looks like a bizarre miniature nightclub area set up for pole dancing.

Fish

The renowned American architect and designer of Canberra, Walter Burley Griffin, was a man before his time in many ways, especially if one considers his design of the Fishwick House in Sydney's Castlecrag.

This 1929 house had two fishponds with glass bottoms, suspended from the ceiling of the dining room.

But the design must have turned out to be impractical - who would have guessed – and they were replaced by skylights in the 1930s.

For a less radical but only slightly less impressive fishy feature, try the sleek Hanging Space Aquarium from America.

This design goes way beyond any standard tank and could probably put most other modern designs to shame.

These slim-line tanks hang from the ceiling giving a full walk-around view of their scaly inhabitants.

According to one distributor, Opulent Items, the fluorescent light placed on top of the frame makes the whole set-up glow, "thereby embellishing the ambience" of your home.

The aquarium's filtration system is neatly concealed within the stainless steel tube frame or located many metres away in a more convenient location.

It's certainly expensive - the large model is $US8500 - but for stylish fish-lovers it's an attractive option. Singer Jay-Z's former New York City residence - a $US31 million penthouse - featured some.

There is no limit to the creativity of tank design, from the elegant wall mounted types to a rather unsettling bathroom vanity style.

The Aquarium Sink is just $US4,500 and the site says they can have one shipped over here in no time. You will need a plumber to install it and the lighting and pump need electricity too.

We wonder if the fish become distressed when water gurgles down the plughole at the centre of their domain.

For people who share their homes with other types of pets, from the standard to the startling, you have not been forgotten.

Those ingenious Ikea hackers have been beavering away to accommodate all kinds of creatures in a style worthy of their place in your heart.

For the less DIY minded, consult your local pet store, the internet, a builder or an architect.

Remember, they aren't just pets, they're people too.

Longaberger estate on market for $15M

2011-07-28T14:30:00.000-04:00

Longaberger estate on market for $15M

NASHPORT, Ohio (WANE) - The Longaberger Companyannounced Tuesday that its CEO has placed her 200-acre country estate Eschman Meadows on the market for $15 million.

According to Howard Hanna Real Estate Services, Tami Longaberger, CEO of The Longaberger Company, has placed Eschman Meadows on the market with Howard Hanna Real Estate Services.

Howard Hanna said it is the 4th largest real estate company in America and the #1 real estate company in Ohio and Pennsylvania. The family-owned Howard Hanna Real Estate Services has 134 offices across the four state area of Pennsylvania, Ohio, New York and West Virginia with approximately 4,000 real estate sales associates.

“The Longaberger Company is one of America’s great family companies and we are proud Tami Longaberger chose our family company to market her fabulous estate, Eschman Meadows,” said Howard W. “Hoby” Hanna, IV, president of Howard Hanna. This is a wonderful opportunity for the individual buyer or corporate enterprise buyer to own one of the Great American Estates in the tradition of the Biltmore Estate or the famous mansions of Newport, Rhode Island.”

Located in the countryside of Central Ohio, Eschman Meadows is within two hours from Columbus, Pittsburgh, Indianapolis, Lexington, Cincinnati, Detroit, Charleston, WV and Cleveland.

“It is an absolutely amazing place. As I viewed the estate, I envisioned Monet’s Giverny with ivy covered exterior, reminiscent of a vintage home, and yet it is only 10 years young,” said Hanna.

Built over the course of four years, 1998-2001, Hanna said the 57,000 square foot custom designed brick home is set very privately on 200 acres of rolling countryside. The home features Georgian architecture and is designed to be ideal for family and company entertaining. Ms. Longaberger gathered the very best skilled craftsmen, architects and experts throughout Ohio and internationally to create her vision of an amazing country estate.

Among those experts is Acock Associates Architects - George Acock and Phil White are well-known for embracing their client’s deeply personal set of challenge.

Interior design work is by Bierly-Drake Design – Christopher Drake and the firm’s design work have received numerous national and local awards and are often featured in the high-end home and garden venue publications.

The landscaping architect was Bassett Associates – James Bassett has established a widespread reputation for award winning excellence and used all plantings native to Ohio.

Built with the old world trades of real Venetian plaster and great paneled woods (European yew, wormy chestnut, pickled oak and cherry), door and windows are mahogany, the magnificent home consists of three wings: the main residence, the guest wing and the ballroom wing which graciously accepts 300 guests in elegant style. The three wings are connected via an orangery and a family room with each wing secured for privacy from the estate’s main living area.

In total, there are seven bedrooms, ten full-baths, three half-baths, seven indoor and two outdoor fireplaces, one on the terrace with a breathtaking view of the surroundings and one by the pool’s conversation area.

Eschman Meadows has three ponds, a waterfall and glistening stream that create a serene experience.

The main residence features a marble entry with domed ceiling and arched doorways that lead to a secondary two-story foyer with handcrafted stained glass ceiling.

Every room has 8’ French doors and ceilings are 17’ throughout the first floor, 15’ on the second floor creating the feeling of space and grandeur.

There are two offices, one used as a den; a formal solarium living room surrounded in glass doors leading to a private, covered terrace with fireplace; a formal dining room large enough to accommodate a table for 18, of French Country design with a bayed window that frames the table and surrounds it with nature and a view of the back grounds; a chef-designed gourmet kitchen featuring a breakfast room with French doors to the family terrace, two islands with built-in refrigerator drawers, a double refrigerator and freezer, a gas stove, double ovens, warmer drawers, a wine cooler, two dishwashers, two trash compactors, granite counters, a double sink with bay window allowing for amazing views of the backyard oasis, stunning custom cabinetry handmade from imported European Yew wood, an oversized panty, elevator access, doors to the terrace and a back stairway to the upper level; and a generous sized family gathering room.

There are four bedrooms on the second floor of the family residence each with a private bath and walk-in closet. Three of the four bedrooms surround a circular hallway, where an exquisitely designed wrought iron railing provides magnificent views of the marble foyer below and the 1,400 square-foot custom stained glass garden design of artwork by Franklin Art Glass in the ceiling above.private balcony, two private luxury baths – one with a deep jetted tub, one with a massive shower. Adjoining both baths is an oversized, perfectly designed closet with built-ins and dressing room.

The master suite is a true retreat featuring a hand carved stone fireplace with sitting area, a

Accessible via two separate stairways, the entire lower level is an entertainment area featuring a wine cellar reminiscent of a German rathskeller, fireplace, billiards room, theater room, all purpose room and outdoor access to a wrought iron staircase leading to the family patio and pool area.

The guest residence wing has a separate entrance so as to not disturb the main residence. In the foyer area there is an office for work or meeting clients, a third laundry room, workout room with mirrored wall and ballet bar. A circular stairway leads to a private second floor area designed for at-home spa services from massages and manicures to hair styling. There is also a private bath with massive shower area and sauna. Three separate guest suites, each decorated with a unique theme, create an unparalleled experience for the guests that are fortunate to visit. The suites all have sitting areas, kitchens and private baths.

Everything in the ballroom wing, as grand as any country club, is tastefully of massive proportion. The garden room will accommodate hundreds for dinner, a wood-burning fireplace and the Franklin Art Glass stained glass ceiling soars overhead and reflects light in the multi-colored glass. Surrounding the ballroom are great outdoor terraces. The full catering kitchen including walk-in freezers, multiple bathrooms for large groups, staff locker rooms, a dumb waiter and massive storage with a lift floor system designed for easy access to this area makes entertaining easy and elegant for the master chef and staff.

The property also has a diesel run generator house, a six-car garage and radiant heat with all heated floors including the outdoor terraces. Tremendous formal gardens, fountains and a control flow waterfall transform the back outdoor area into an oasis.

Each floor of the home is poured concrete for ultimate soundproofing and a computerized system controls all mechanicals and communication.

Featuring a six-stall horse barn, three pastures and three stocked ponds, Eschman Meadows is a wildlife sanctuary. The grand entrance frames a pastoral landscape of natural prairies and wetlands, transected by a stately driveway that builds your anticipation for the grand home at its terminus.

And as to not disturb this natural look, the property’s helicopter pad and additional parking lot are both covered in sod.

Ms. Longaberger owns much of the land surrounding the 200-acres of Eschman Meadows and has first right of refusal if neighbors ever wish to sell, possibly giving access to an additional 100 to 150 acres.

The Longaberger Company and their famous seven-story home office, a replica of the company’s ‘Medium Market Basket’, are the dream of company founder and Tami’s late father, Dave Longaberger. The company is located in Newark, Ohio, approximately thirteen miles from the Longaberger Estate. Their well-known golf course, the Longaberger Golf Club, is just six miles from the residence and named one of the ‘Top 100 Best Golf Courses in America’ by Golf Digest in 2011.

The Longaberger estate, Eschman Meadows, is offered for sale for $15,000,000 by Howard W. “Hoby” Hanna, IV of Howard Hanna Real Estate Services.

Designing a Dream Home for a Celebrity Kid

2011-07-27T12:57:00.000-04:00

Designing a Dream Home for a Celebrity Kid

Several A-list celebrities -- Gwyneth Paltrow, Sandra Bullock, Jessica Alba and, of course, Brad Pitt and Angelina Jolie — either have adopted young children or have one on the way.

With these lifestyle changes in mind, what do celebrities want in a home? While they may have wanted a swim-up bar and sauna 10 years ago, many celebs now are looking for family-friendly homes with swing sets, playhouses, and giant kids rooms.

Unless you've been to the Jolie-Pitt compound in France, no one can say for certain, but here are some ideas for dream spaces for Suri, Apple and other celebrity kids.

Designer Bedrooms
First and foremost, parents are concerned where their kids lay their head at night. Not only does the room need to be safe and comfortable, but if you're a celebrity, it needs to be stylish as well.

Most little boys like boats so we can picture someone with a bunch of boys — we're looking at you Mrs. Beckham— to opt for bedroom with an ever-so-proper nautical theme, like the home pictured below on the Mercer Island real estatemarket. All you need is a boat bed, some paddles and buoys and you have a room that any sailor would be proud of.

9020 SE 47th St, Mercer Island WA(above)

For Sale: $1,299,000

We can't forget about the little princess in the family which is why this home listed on theOldsmar real estate market in Florida is a must.

One of the six bedrooms has been outfitted for a little princess, complete with a castle tower built into the room. And of course, pinks and purples rule the color scheme.

1734 E Lake Woodlands, Oldsmar FL (above)

For Sale: $1,395,000

Playroom

A celebrity kid can't be expected to play in their room all day, which is why the next requirement for a celebrity kid's home is a giant playroom perfect for Matchbox cars, dress-up and hide-n-seek.

Who says you can't have kids in the city? Still within the Chicago city limits in the upscale Roscoe Village neighborhood, this townhouse has a basement area perfect for kids to romp, as well as enough space to hang all of their art work. Median Roscoe Village home values are presently $350,000.

1833 W Roscoe St, Chicago IL (above)

For Sale: $1,200,000

Backyard

A celebrity kid's backyard just wouldn't be complete without a proper fort.

For the more adventurous kind, the best fort would be a treehouse — especially like the one seen in the backyard of this Scarsdale home for sale. The wooden structure sleeps 12 and is outfitted with comfy bean bags, a sleeping loft and paper lanterns for light.

9 Sundale Pl, Scarsdale, NY (above)

For Sale: $3,450,000

We can't forget the playhouse though—especially one with Craftsman details like shutters and Gingerbread trim in the backyard of a home for sale in Mamaroneck, NY.

14 Carriage House Ln, Mamaroneck NY (above)

For Sale: $1,695,888

Pool

The last element for the perfect celebrity kid's home is a pool —but not just any pool. The pool not only needs to be big enough for some major Marco Polo action, but it most likely will need at least a slide.

But if we're like any doting celeb parent, we'll need to do a little better on the slide and get one that wraps around the side of a rock wall, as is seen in this North Carolina home for sale, not to mention a pool basketball hoop and fountain to round things out.

7800 Clover Vale Dr, Waxhaw NC (above)

For Sale: $1,999,000

Walt Disney's Mansion For Sale

2011-07-26T13:26:00.001-04:00

Walt Disney's Whimsical Los Feliz House for Sale

By Ann Brenoff

Could this be your happiest place on Earth? It was the house that the man himself builtfor himself in 1932 for $50,000. It's now on the market for $3.65 million.

The 12-room mansion has a feature rare for its era: A projection and screening room. But what else would you expect from the man who brought the world Mickey and the gang? The studios would send over daily takes for Walt Disney to review. It was an early work-at-home office!

The four-bedroom gated home is in the trendy Los Feliz neighborhood of Los Angeles. The Mediterranean-style entry has a circular rotunda and painted ceilings. Who knew that Walt had a thing for old world styling? There is a double-story living room with vaulted beamed ceilings and wrought-iron spandrels. The home, which sits on an acre, has the original leaded stained glass.

Disney lived in this home for about 18 years, although he had several other Los Angeles homes, including his better-known one on North Carolwood Drive. Even in real estate, it's sometimes about building a better mousetrap.

Vacation like a celebrity in a real star's home for a week

2011-07-25T12:46:00.000-04:00

Vacation like a celebrity and actually sleep in the same bed that they do by taking your next vacation in the homes owned by these stars, as some of the biggest names have offered their vacation homes up for rent.

If you think living like a celebrity in a sprawling seaside or country home with a view only afforded to the very rich, sounds grand but impossible, think again. You can actuallyvacation in a home owned by some of the biggest stars and enjoy all the amenities that the celebrities enjoy in their vacation digs. Some of these celebrity rentals even come complete with a full staff to wait on you.

How about living like a rock star in Keith Richards vacation home or a movie star at the seaside vacation home of Bruce Willis? What about relaxing in the beautiful airy home of Christie Brinkley or enjoying the never ending ocean view at the home of fashion designer Donna Karan, which are locations that scream elite and luxury? These celebrity homes are all for rent at Parrot Cay, Turks & Caicos.

The four celebrity vacation homes are available for the public to rent, when their owners are not taking up occupancy on a vacation of course. All of these homes offer a 360 degree ocean view, private infinity pools and Balinese furniture to die for. This doesn’t come cheap, it costs $24,000 a night, but for a group of friends all chipping in, this could be and extravagant, but affordable vacation for a long weekend.

Frank Sinatra designed his own home in Palm Springs and everything about it says “old blue eyes” was here, including the recording studio that he had built and used to record many of his great hits. It is now available for vacationers to rent. This desert oasis has four bedrooms and seven baths in this very modern home that was way ahead of its time when it was built in the middle of the last century. Everything from a gourmet kitchen to the modern amenities is offered at this vacation spot.

If the country and open space is more your idea of a vacation, Clint Eastwood’s Mission Ranch in Carmel, California is the place you want to go. Eastwood purchased the land years back to save it from developers and he has turned it into a ranch resort. This spot offers cabins and even reverted barns for their guests to stay in. The different accommodations offered range from cottages to lofts and barns to cabins.

Clint’s Mission Ranch awards you with a taste of the old west, but offers most every modern amenity available today. The Restaurant at Mission Ranch is second to none when it comes to its American flare cuisine, with a piano bar and jazz brunch offered to the patrons.

Eric Clapton’s vacation home in Stanfast Point, Antigua is available to rent, which is nestled on 45 acres on the ocean. This rental property comes with four buildings that will sleep 14 people in luxuries only available to rock icons until now. With this property, you get a full staff including a chef to prepare all your dinners.

Clapton’s place is reasonable when taken in the scope of other celebrity homes, as it costs $50,000 for the week. This split between 14 people is a vacation possibility for many hard working baby boomers and their friends.

If an entire private island is your idea of a vacation spot, you could live like Sir Richard Branson on Necker Island, British Virgin Islands. This globe trotting billionaire rents his Island home when he is away, it is a great place to plan a wedding. At $56,000 a night, it is a get away like no other.

Justin Timberlake Experiences Real Estate Loss

2011-07-22T12:58:00.000-04:00

Justin Timberlake Experiences Real Estate Loss
By John E. Miller

Even celebrities don’t always make it big in real estate. Just ask Justin Timberlake.

Justin Timberlake has drastically expanded his singing and acting career since parting from the 1990’s and early 2000’s boy band *NSYNC. Timberlake, like many other boy band sensations from the 90’s, decided to hit the solo career route and released his first single in 2002.

Since then, Timberlake has experience incredible career success. Along with his flourishing musical career, Timberlake has more than dabbled in Hollywood. First appearing in Edison Force, Timberlake has moved his acting career forward at lightning speed, having a major role in several films including the 2010 The Social Network and this year’s Friends With Benefits.

However, Timberlake’s life outside of his career has include several loses ranging from relationships to the most recent—real estate.

Timberlake’s first album Justified included numerous songs that were inspired by the ending of his chemistry-driven relationship with pop star Britney Spears. Upon the relationship ending, Timberlake expressed his hurt and loss in song.

Now, Timberlake is experiencing another loss—this time involving the recent sale of his apartment in New York. In October, 2010, he listed the TriBeCa property for $5.25 million, which would represent a nice gain since he purchased the home in 2008 for $4.77 million. However, the final sale had Timberlake taking a loss of $700,000 for his approximately 3,000 square-foot pad that only sold for $4.7 million.

This represents a 10% drop from his original asking price, which can’t be pleasing to Timberlake – especially since he recently signed a contract for $6.6 million for a penthouse in SoHo.

Hopefully Timberlake will prove to be more successful in his future real estate initiatives, success that may rub off from his hot singing and acting career that continues to grow.

What Slump? Blackstone Raises $3 Billion for Real Estate Fund

2011-07-21T13:00:00.000-04:00

What Slump? Blackstone Raises $3 Billion for Real Estate FundBy Craig Karmin

Blackstone Group has raised about $3 billion for a new real-estate fund, another sign that the private-equity industry’s dominant players are attracting new capital while many of the smaller funds struggle to attract new money.

Blackstone, which reports second-quarter earnings Thursday morning, expects a first closing for its seventh real-estate fund in the third quarter, according to people familiar with the matter. Overall, the firm has indicated, it is targeting about $10 billion for the fund.

The private-equity titan has brought in that amount even though it only began its money-raising for the fund in the early spring. But it is not the only big firm on the real-estate fund-raising trail.

Carlyle Group, the Washington, D.C.-based private-equity firm, has raised about $2 billion so far for what will be its sixth U.S. real-estate fund. Lone Star Funds in Dallas, meanwhile, raised $5.5 billion for a second real-estate fund that closed in May, exceeding its initial target of $4 billion to $5 billion, say people familiar with the matter.

While the market downturn hasn’t prevented several of the most sizeable and established real-estate funds from raising fresh capital, consultants say that newer funds are facing challenges in persuading pension-fund investors to take a chance with less-proven managers with fewer resources.

Blackstone is expected to raise the most of its peer group and often deploys that money in particularly large, sometimes complex transactions.

This year, for instance, Blackstone paid $9.4 billion in a deal for the U.S. malls of Centro Properties Group, an Australian real-estate investor. Blackstone also purchased Chicago developer Sam Zell’s Equity Office Properties Trust in 2007 for $39 billion, then sold about 60% of the portfolio to other investors.

This post first appeared on the WSJ’s Deal Journal blog, which has more about Blackstone and private equity.

How a High Roller Really Lives

2011-07-21T08:35:00.000-04:00

House of the Day: Vegas Penthouse a High-Stakes Winner

By Ann Brenoff

If you spin the roulette wheel in real estate today, Las Vegas might wind up being an investor's lucky number. Take this 6,779-square foot, two-story penthouse in the prestigious high-rise at 1 Hughes Center Drive that's on the market now at $10 million. In 2009, it had a price tag of $15 million. That's a lot of poker chips.

Finished with rich woods and exotic stone work, the four-bedroom unit has a home theater, gourmet kitchen with dumbwaiter and lavish master suite that includes a large office. There are floor-to-ceiling windows that overlook the neon lights of Vegas below.

Shapiro & Sher Group of Prudential Americana, Las Vegas, have the listing.

When Celebrity Real Estate Goes Wrong

2011-07-20T11:32:00.000-04:00

When Celebrity Real Estate Goes Wrong: Why Star Residences Fail To Sell
John E. Miller

The real estate market hasn’t been kind to most people in the country (with the obvious exception of investors and homebuyers). Celebrities and the rich and famous, though, seemed to have largely dodged the bullet because their properties usually sell, sometimes even for a profit.

The celebrity effect has long been an acknowledged factor in real estate. In most markets, even during the typical down cycles, real estate associated with celebrities usually benefits from being associated with genuine star power. Buyers notice these hot properties before other homes because news gets out and tends to raise the profile of these star-crossed homes. Plus, the homes themselves are often luxurious, with state-of-the-art amenities and dynamite locations.

Of course, these days, in this market, even celebrities aren’t immune to real estate problems.

Remember Home Alone? It turns out the stately colonial home that was featured in that movie – located in an upscale village just to the north of Chicago – has been on the market for quite a while and recently saw its listing price cut by 10%, to $2.175 million.

Another celebrity home – this one owned by America Ferrera, the star of the hit TV series “Ugly Betty” – is also on the market but hasn’t gotten any takers. The Beachwood Canyon home is listed for $1.395 million, less than the $1.415 million it cost in 2008, and hasn’t had any bites. The price is almost $250,000 less than the original asking price in 2010.

There’s also the case of celebrities who are facing foreclosure on their homes and are trying to avoid that unseemly fate through short sales and other deals. Just over the past year, celebrities like Mel Gibson, Timbaland, Sergei Federov, JaMarcus Russell, Allen Iverson, Wayne Newton, and R. Kelly have faced foreclosure or have had their properties foreclosed by the bank.

What gives?

Well, in terms of celebrity homes that are on the market and can’t find buyers, a lack of privacy may be the culprit. The Home Alone property and the house owned by Ferrera both do not afford the level of privacy that affluent homebuyers want. If you have millions to plunk down on a hot property, you probably want your privacy intact – not violated by star-gazers or tourists. If you are in a top location, like secluded portions of Los Angeles that are star friendly, you probably don’t mind – which is why homes in those specific areas still sell well.

In terms of the other cases – situations like the list of celebrities above in which homes just don’t sell at all and face foreclosure – the reason is probably because the home was overpriced to begin with. Even celebrities can be victims of paying too much for a property. In fact, because they have so much discretionary income, they are more likely to overpay – which results in higher-than-desired asking prices that scare buyers away.

What can buyers and investors learn or gain from this situation? For starters, the market is full of prime real estate – real estate that can be purchased for significant bargains and resold at a later date, when the market recovers, for a nice profit. If you can find celebrity real estate, so much the better, but even if you can’t, “normal” real estate is still a prime opportunity.

Another lesson to be learned is that buying in the right timeframe is crucial to the success of any real estate venture. These celebrities obviously made the wrong call, but that doesn’t mean you have to repeat their mistake. Waiting too long will have you buying on the upswing of a recovery, in which the balance of the market begins to tilt toward sellers. With low interest rates and an abundance of available property, you can find an attractive bargain in virtually every market.

And might pick up a celebrity home or two while you’re at it.

Top 10 Celebrity Homes On Long Island

2011-07-19T11:35:00.000-04:00

Top 10 Celebrity Homes On Long Island

We are back with our latest Top Ten Tuesday list. This week we bring you Top Ten Celebrity Homes On Long Island!

Long Island is one of the hot-spots for some of the world’s most wealthy celebrities to vacation and live. Our night-life, beaches, and beautiful homes rival the best and are attractive to the wealthiest men and women in the country. Many of whom, choose to purchase both year-round and summer homes here.

Ever wonder where Michael J. Fox likes to spend his time on the island? Who bought their house from a famous Long Island native? And how much Jerry Seinfeld bought his glorious mansion with enough garage room for his extensive Porsche collection? Here are the top ten celebrity homes on the Island that have paid a hefty dollar for their magnificent and spacious properties. The prices of the estates range from astronomical prices to just under three million.

Steven Spielberg’s Home
1. Steven Spielberg’s summer home, Quelle Farm, sits on Georgica Pond in East Hampton. The net worth of his vacation getaway is $3.1 billion. With one of the most expensive areas in the Hamptons, Spielberg definitely enjoys summering on the shore of Long Island. (Forbes) (Photo-marquetteturner.files.wordpress)

Jerry Seinfeld's Home
2. Jerry Seinfeld, comedian and actor, bought his Hampton’s mansion from Long Island native, Billy Joel in 2000. He paid $32 million for the home, which includes 12 acres of waterfront land and a 22 car garage. It was named the “best partying house in the Hamptons” by OKMagazine. (abcnews.go.com) (Photo-firstochomes.com)

Howard Stern's Home
3. Howard Stern bought a 4 acre lot in Southampton for $20 million, and custom-built his mansion. It is over 16,000 square feet, with eight bedrooms and twelve bathrooms. It features a bowling alley, wine cellar and a tasting room. His master bedroom measure 1,500 square feet, with a balcony.

Billy Joel's Home
4. Our famous Long Islander, Billy Joel, has had many homes on the Island. His Sagaponack home was recently on the market. The home was newly renovated, in 2009, by Nate Berkus. Originally priced at $22.5 million, the asking price was lowered to $18.5 million.

Michael J. Fox's Home
5. Michael J. Fox and his wife, Tracy Pollan, purchased a 7,000 square foot home in 2007 in Quogue, a village inside of Southampton. The mansion has seven fireplaces, a wine cellar, a guest cottage, pool, spa, and a wrap-around porch. This home cost the couple $6.3 million, but its beauty looks like it was well worth the price.

Katie Couric's Home
6. Katie Couric has owned a beautiful weekend home in East Hampton since 2006. The home is 7,000 square feet, with seven bedrooms, six bathrooms, a pool, and is close to the town of East Hampton and beach. She purchased the cozy home for $6.3 million.

Gwyneth Paltrow's Home
7. “Chic” is an understatement to Gwyneth Paltrow’s and Chris Martin’s home in Amagansett. They purchased the house for $5.4 million in 2006, has five bedrooms, and was featured in House & Garden Magazine for Paltrow’s unique style with color and designs.

Sarah Jessica Parker's Home
8. Sarah Jessica Parker and Matthew Broderick’s low-key Bridgehampton home is casual. It holds high and low end décor and furniture, but is relaxing and functional for the couple and their children. Their home was photographed for Elle Décor for the cool, beachy style of the house. The house was recently sold for $4.5 million

Alicia Keys' Home
9. Singer Alicia Keys’ just recently put her Syosset home on the market. The seven bedroom house on Long Island's North Shore was on the market fo $3.85 million

Alec Baldwin's Home
10. Long Island native and star of NBC's hit show "30 Rock"Alec Baldwin, owns a home in Amagansett on the South Shore of Long Island.

Many real estate agents are small businesses, facing costs and uncertainties

2011-07-18T12:54:00.000-04:00

Many real estate agents are small businesses, facing costs and uncertainties
By Alan J. Heavens

Eight out of 10 real estate agents are independent contractors, not salaried or commissioned employees.

Which means that a real estate agent can be "fairly described" as a small businessperson, said Walt Molony, spokesman for the National Association of Realtors. Or, in the view of the IRS, a 1099 employee.

And although there was considerable consolidation in real estate a decade or more ago, with many mom-and-pop offices merged into larger ones, there are still plenty of small brokerages in operation, too.

"This business is 24/7," said broker Christopher J. Artur, owner of Artur Real Estate in Mayfair. "No one else but you is there to open the door, wait for clients, determine staffing, buy and pay for supplies, and find, purchase, learn about and use the latest technology."

Add to that the costs of errors-and-omissions insurance and its higher premiums if you manage properties, as well; commercial insurance for your office; fees for the Multiple Listing Service and local and national Realtors organizations, and a whole host of expenses "before you even talk about trying to sell a house," Artur said.

Fixed costs consume most of the money a small broker takes in, he said. "I sell low-price housing" in Mayfair and surrounding neighborhoods, so Artur depends heavily on volume.

According to the Bureau of Labor Statistics, real estate brokers and agents do the same type of work. But brokers are licensed to manage their own businesses; agents must work with brokers.

An agent typically provides services to a broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent's sale of a property.

The bureau further says that the broker or agent who obtains a listing usually shares the commission with the broker or agent who sells the property, and with the firms that employ each of them. It recommends that an agent just starting out "should have enough money to live for about six months, or until commissions increase."

"Each month, we start at zero. No salary or any type of compensation other than the sales generated by our individual effort," said Diane Williams, of Weichert Real Estate in Blue Bell. "One has to be strongly motivated and a self-starter - willing to work long hours, especially in this challenging market.

"Each month is different," Williams added. "One must be disciplined financially to plan your spending around an irregular income."

Expenses are hefty from the very start.

Not only do agents pay for their licenses, which are required before they can sell real estate, but many states - Pennsylvania and New Jersey included - require continuing education as a condition of license renewal periodically, and the costs of those courses are borne by the agent alone.

Agents and brokers pay for their own medical coverage, unless a salaried spouse in a different field has a family plan. If a brokerage has clerical staff, it has to provide medical coverage for those who work 30 hours a week or more.

"Major medical costs can break a small brokerage, especially when sales are down and premiums rise," Artur said.

For agents who use a broker's office part time, there may be desk fees, copier fees, and shared costs of electricity, he said.

Though today's technology means less time in the office, cellphones, keeping a website fresh, and equipment cost money. Traditional advertising expenses and signs can cut deeply into commissions.

And agents need reliable cars to get to appointments and transport buyers to listings.

"We can work for months on a transaction, and if it falls apart, there is no compensation for all the time and effort expended," Williams said.

"You must be upbeat and optimistic," she said. "You've got to be able to pick yourself up and start all over again."

Whilly Bermudez for REALTORS DEN - Trends and Tips for Potential Home Buyers

More homes, more buyers expected

More homes, more buyers expected for fall real estate market

The Real Estate Mini-Bubble Will Be Economy's Next Problem

The Real Estate Mini-Bubble Will Be Economy's Next Problem

Rosie O'Donnell Lists 2 New York City Apartments

5 things to know about rising rates

5 things to know about rising rates

After years of decline to rock-bottom levels, interest rates are on the rise. The average rate for a 30-year mortgage was recently 4.35%, more than a point above the 2012 low of 3.3%.

Vince Vaughn's Townhouse for Rent

Is Commercial Real Estate Recovering Too Quickly?

Looking For A Hot Celebrity Home? The Market Is Ripe

Top 10 post-apocalyptic abandoned skyscrapers

Offshore investors snapping up Fla. real estate

Celebrities are taking Advantage of the low home prices & low interest rates

MTV's Jersey Shore: Inside The Italy House

Will Smith and Jada Pinkett Smith's Malibu Home

Realtors Sell Houses but They Also Follow Legislation

The Biggest A-List Celebrity Homes For Sale Now

Homes of the pet-obsessed

Longaberger estate on market for $15M

Designing a Dream Home for a Celebrity Kid

Walt Disney's Mansion For Sale

Walt Disney's Whimsical Los Feliz House for Sale

Vacation like a celebrity in a real star's home for a week

Justin Timberlake Experiences Real Estate Loss

What Slump? Blackstone Raises $3 Billion for Real Estate Fund

How a High Roller Really Lives

House of the Day: Vegas Penthouse a High-Stakes Winner

When Celebrity Real Estate Goes Wrong

Top 10 Celebrity Homes On Long Island

Many real estate agents are small businesses, facing costs and uncertainties