Real estate

Building restarts on largest US home, dubbed 'Versailles,'

Robert Frank — Thu, 13 Jun 2013 15:07:10 GMT

David and Jackie Siegel are rebuilding their American dream—23 bathrooms and 13 bedrooms at a time. After halting construction four years ago on their 90,000-square-foot dream home—called Versailles—just outside Orlando, Fla., the Siegels have started work again. Construction is expected to take about two years and involve hundreds of workers. The home is slated to have 13 bedrooms, 23 bathroom...

For sale: Decommissioned missile silo, 40 feet underground

Erika Riggs — Wed, 12 Jun 2013 16:48:04 GMT

87 Hale Hill Lane, Lewis, N.Y. For sale: $750,000It's the one home where curb appeal doesn't matter, quips listing agent Brian Dominic of Select Sotheby's International Realty.He's right: At first glance, the home in upstate New York isn't anything more than a steel door in the middle of the Adirondacks. But it's below the ground that matters.Forty feet underground is the actual residence, set in ...

Real estate: Bruce Willis lists in Beverly Hills for $22M

Erika Riggs — Thu, 06 Jun 2013 18:42:52 GMT

This week in celebrity real estate, it’s about the guys. Action star Bruce Willis listed his Beverly Hills home for a whopping $22 million, Sean “Diddy” Combs dropped the price on his apartment, and Redskins QB RGIII bought in Virginia.Bruce Willis lists home for $22 millionBruce Willis is hoping for a big payout. The veteran action-flick actor has listed another one of his real estate holdings, t...

Rising mortgage rates could dissuade new home buyers

Diana Olick — Wed, 05 Jun 2013 17:27:21 GMT

A sharp rise in mortgage rates over the last few weeks means it may be too late for some homeowners to benefit from a refinance.This just as thousands were gaining equity in their homes and finally becoming eligible.At the same time, the still-low rates are encouraging some renters to buy out of fear that they too will miss the boat on the best conditions for buying a home.Refinances dropped 12 pe...

Ellen Degeneres and Portia de Rossi buy in Montecito

Erika Riggs — Wed, 05 Jun 2013 17:27:20 GMT

A number of high-profile stars either listed or bought properties this week: Ellen Degeneres bought a home in Montecito, Katy Perry bought three parcels to create a compound in Hollywood Hills and Drew Barrymore listed her home in Montecito. Ellen and Portia drop $26.5 million in MontecitoComedian and daytime television host Ellen Degeneres goes through properties the way others go through designe...

Colorado home built on a boulder for sale: $5.5M

Catherine Sherman — Wed, 05 Jun 2013 17:27:19 GMT

165 Green Rock Drive, Boulder, Colo.For sale: $5.5 millionWhich came first, the boulder or the house? In Charles Haertling's Menkick House, it's hard to tell."He wanted to make sure the house was built around the rock as opposed to making the rock work for the house," said listing agent James Simpson of Fuller Sotheby's International Realty.The American architect was known for masterfully integrat...

Advice for homebuyers and sellers

Herb Weisbaum — Tue, 04 Jun 2013 14:32:05 GMT

It’s a seller’s market in many parts of the country right now. That’s a big change from the past six or seven years. With buyers competing for the same property, home prices are going up. It’s a good thing mortgage interest rates are at historic lows.“If you want to get the home of your dreams, you need to be really serious,” advises real estate expert Ilyce Glink, author of the book Buy, Close, M...

Rising mortgage rates could dissuade new home buyers

Diana Olick — Wed, 29 May 2013 22:23:39 GMT

Silicon Valley historic home includes a secret room

Erika Riggs — Wed, 29 May 2013 19:27:12 GMT

12335 Stonebrook Drive, Los Altos Hills, Calif. For sale: $27 millionIn an area of new money and newer billionaires, a historic home is a bit of a find. Los Altos' landmark Morgan Estate, also called Stonebrook, was built in 1914 and is listed on the National Register of Historic Places."This property is one of the greatest examples of Tudor architecture in the nation," said listing agent Arthur S...

Empire State Building gets OK to go public

Wed, 29 May 2013 17:58:45 GMT

Pssst. Hey you. Want to buy the Empire State Building?It's an old joke, but it's at least about to become partly true after investors gave the green light for a plan to include the iconic building in a publicly traded company. Holders of more than 80 percent of the units that own the landmark skyscraper approved the plan to fold it into a newly created real estate investment trust called Empire ...

Hamptons summer rentals? A snap at just $1 million

Robert Frank, CNBC Reporter & Editor — Tue, 28 May 2013 21:13:38 GMT

If you think your rent is high, consider summer rentals in the Hamptons.Brokers say there are now at least a half dozen homes and estates in the ritzy Long Island beach towns renting for around $1 million—just for the summer. That works out to $9,803 per day, or $408 an hour. And the $1 million lease doesn't include utility bills or other charges, which can run in the tens of thousands. Brokers ...

Rise in home prices sets seven-year record in March

Tue, 28 May 2013 13:52:26 GMT

U.S. single-family home prices rose in March, racking up their best annual gain in nearly seven years in a further sign that the strengthening housing recovery is providing a source of support for the economy, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.1 percent in March on a seasonally adjusted basis, topping economists' ...

Underwater homeowners find they've become accidental landlords

Diana Olick — Fri, 24 May 2013 15:12:42 GMT

Maria Wells said she never intended to be a landlord. She sells real estate; she doesn't invest in it. Now the Florida resident owns two properties. One was her son's, but he had to move to take a new job.The other was hers, but she got married and moved in with her husband. She can't sell either because she is underwater on both mortgages, so she rents them. Maria is one of a growing cadre of wha...

Housing is going to lead the recovery. Not so fast, some experts say

Jeff Cox — Thu, 23 May 2013 15:43:56 GMT

Housing is going to propel the economic recovery, or so many experts have said. Some of them are warning, however, that the enthusiasm should be curbed despite all the upbeat data recently.Robert Shiller, Karl Case and David Blitzer -- leading experts in the housing market -- believe several headwinds will keep a lid on housing gains, such as a low level of new home starts, an unexpectedly slow mi...

Popular Mechanics' 1955 'House of the Future'

Erika Riggs — Wed, 22 May 2013 17:05:36 GMT

A master panel in the bedroom controls all the indoor and outdoor lights, as well as turns on a coffeemaker in the kitchen. Built in Brentwood, Calif. to last several centuries, and withstand fire, earthquakes and temperature extremes, Popular Mechanics' 1955 "House of the Future" still contains features desired by homeowners today.Of course, some of the amenities have lost their novelty. A once-t...

Sales of previously owned homes hit highest in 3-1/2 years

Wed, 22 May 2013 15:01:30 GMT

U.S. home resales rose in April to the highest level in nearly 3-1/2 years as surging prices lured sellers back into market, which should support the housing sector and the overall economic recovery.The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009.The March sales pace was r...

Vacation home sales sizzle; rentals book up

Diana Olick — Mon, 20 May 2013 23:08:45 GMT

In the kitschy community of St. Michaels on the Maryland shore, businesses are gearing up for the official start of the season: Memorial Day weekend. Trucks carrying dozens of bicycles unload into waterside racks and shopkeepers move their brightly-colored wares out onto the sidewalks. For real estate rental agents, though, the heavy lifting is mostly done. The biggest houses are already booked."T...

US home builders feeling fairly upbeat

Katie Little — Wed, 15 May 2013 14:53:52 GMT

U.S. home-builder confidence in the market for single family homes rose in May amid rising home prices despite increasing building materials costs, an index showed on Wednesday.The National Association of Home Builders/Wells Fargo Housing Market index edged up three points to 44, from a downwardly revised 41 in April. Economists in a Reuters survey were expecting a reading of 43. Any number ov...

Mansions in Gatsby country going cheap (relatively)

Robert Frank — Tue, 14 May 2013 18:10:20 GMT

In Jay Gatsby's time, the mansions along Long Island's Gold Coast were famous for their excess and price tags. Now, they're more famous for their price cuts. Hit hard by the recession, the grand estates and megahomes lining the North Shore have seen price cuts of up to 50 percent. Inventory remains high and homes are sitting on the market for an average of six months or more, brokers say. Big...

Celebrity real estate: Jillian Michaels lists LA home

Zillow staff — Tue, 14 May 2013 18:10:20 GMT

This week in celebrity real estate, The Biggest Loser's Jillian Michaels listed her Los Angeles home, daughter of Ron Howard, Bryce Dallas Howard sold her house, and it was revealed that Reese Witherspoon bought the home next door to her spread in Brentwood.Jillian Michaels lists LA home in 2.45 millionFor sale: a home literally built on sweat and difficult workouts. Jillian Michaels, the raspy-vo...

Housing's spring bloom 'stuck' because of tight supply

Diana Olick — Fri, 10 May 2013 22:18:26 GMT

UPDATED 12:34 p.m. EDT -Like many things in the spring, housing supply is supposed to grow. That is because warmer weather and the convenience for families of moving during the summer make spring the busiest home-buying season historically. That is not the case this year. Home sales have been "stuck," according to Lawrence Yun, chief economist for the National Association of Realtors, because ther...

New home sales rise; housing recovery on track

Staff reports — Fri, 10 May 2013 22:18:25 GMT

Sales of new U.S. single-family homes rose in March, indicating the housing market recovery remains on track. The Commerce Department said on Tuesday sales increased 1.5 percent to a seasonally adjusted annual rate of 417,000 units. Last month's rise followed a 7.6 percent drop in February. Economists polled by Reuters had expected sales to rise to 420,000-unit rate last month. Compared with March...

Pending-home sales edged higher in March

Diana Olick — Fri, 10 May 2013 22:18:24 GMT

Tight supplies of for-sale listings kept a lid on contracts to buy existing homes last March, a new survey said Monday.The Pending Home Sales Index from the National Association of Realtors increased 1.5 percent month to month. It is 7 percent higher than March of 2012. These numbers represent signed contracts, not closings, and are therefore an indicator of future final sales."Contract activity...

Home prices rise by most in seven years

Fri, 10 May 2013 22:18:23 GMT

Single-family home prices rose more than expected in February, posting their best annual rise since May 2006 in a fresh sign the housing recovery remains on track, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.2 percent on a seasonally adjusted basis compared to January, topping forecasts for 0.9 percent. "Despite some recent...

LA home includes aviary, sushi bar and private fire department

Erika Riggs — Thu, 09 May 2013 18:30:44 GMT

Mauricio Umansky has held the listing for Michael Jackson's final home, sold Lisa Vanderpump's massive mansion as well as the Wehba Mansion for $34.5 million. So when he says that he's never seen a property quite like Marmont Manor, you know the home must be unusual."This is the coolest property I've been at, from a 'cool factor' in terms of features," said Umansky, co-founder and CEO of The Agenc...