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EPA Case is Owner Rights Opportunity

The EPA wetlands case before the U.S. Supreme Court this week involves a narrow due process issue but for NAR the case provides an opportunity for real estate interests to press their property-rights effort on behalf of property owners. 

In the wetlands case, EPA stopped a couple from building their home in an already developed subdivision out of a concern that the property contains a wetlands. The couple wants to have that question reviewed—that is, is there or isn’t there a wetlands on the property? But EPA says that question can’t even be looked at until the couple first restores the land to the way it was before try started to build and then monitor the property for three years.

For the couple, that directive amounts to a violation of their due process rights. NAR agrees.

But NAR also sees an opportunity in the case, because from its point of view, EPA’s action is an example of the kind of regulatory overreach that’s been a problem with the agency since the Clean Water Act was enacted in 1972. That law very clearly says EPA and the U.S. Corps of Engineers have Clean Water Act jurisdiction over navigable waters. But for years, the agencies have been using guidance documents to expand that definition to include other types of water. In the case before the Supreme Court this week, the property doesn’t even contain water except for periodically throughout the year. For NAR, should EPA even be regulating this piece of property?

GOP Candidates Look to Trade These Homes for White House

After months of hitting the campaign trail, Republican candidates hoping to win their party’s nomination for the 2012 presidential election have been spending most of their time in planes, trains and automobiles. Home, sweet, home has been a dizzying series of hotel rooms.

But out there somewhere, each of these politicians actually does have a domestic domicile where there are no corn dogs to eat, no stranger’s babies to hold and no stray swarms of supporters to glad-hand.

As the GOP primary season cranks into high gear, we’re taking a look at the homes these candidates want to trade in for the big white one at 1600 Pennsylvania Ave. in Washington. D.C.

Newt Gingrich

The former House speaker was born in Pennsylvania, grew up in Georgia and served as a U.S. Congressman from the Peach State, but he now calls McLean, VA home. After his resignation as speaker in 1998, Gingrich’s aspirations to transform the nation, as outlined in his 1994 “Contract With America,” were short-circuited. Now, however, the 68-year-old author is taking no prisoners as he tries to leap-frog over Mitt Romney and Rick Santorum for a shot at the GOP nomination.

Gingrich purchased his home (above) in McLean in 2000 for $995,000. The 5-bedroom, 5-bath home has 5,206 square feet of living space. The Colonial-style home was built in 1987. Only 10 miles from the White House, McLean is a critical suburban outpost for the Beltway political crowd.

Jon Huntsman

The two-term governor of Utah has spent time in Washington D.C. in diplomatic positions during George W. Bush’s presidency and as an ambassador to China under President Barack Obama. Huntsman currently calls the nation’s capital his home, residing in a Federal-style home since 2010.

The 5-bedroom, 4.5-bath brick house is in the heart of the politician-stacked Kalorama neighborhood. Built in 1911, the 5,119-square-foot home housed the seventh season cast of “Top Chef” prior to Huntsman and his family moving in.

Ron Paul

During his 20-year service in Congress, former Rep. Ron Paul established himself as one of the country’s leading libertarians. The prophet of self-rule and minimal government is making his third bid for the presidency.

At 76, Paul has been successful in rallying younger voters seeking a leader who promises to alter the political structure of the country. And true to the profile of a man who advocates for people doing things for themselves — in politics or elsewhere — it’s not surprising to find that Paul is trying to sell his house via the Internet without a real estate agent or broker.

The Lake Jackson home is priced at $325,000 and has 4 bedrooms, 5 bathrooms and 5,500 square feet of living space.

Rick Perry

Gov. Rick Perry is the longest-serving top leader of Texas ever, but now he wants to break out of the Lone Star State, just like his former boss, George W. Bush, under whom Perry served as lieutenant governor.

Perry currently calls the Texas Governor’s Mansion home, but during the mansion restoration in 2007, Perry and his wife rented a $9,900-a-month home in Austin that “raised some eyebrows,” according to the Associated Press. The secluded estate sits on 3.25 acres and includes high-end amenities like Sub-Zero appliances and gourmet kitchen with marble and granite countertops, outdoor kitchen and pecan hardwood floors.

Mitt Romney

The former Massachusetts governor is hoping that his 2008 failure to secure the GOP nomination will turn into a presidential election win in 2012. He’s running as a non-politician, calling himself a businessman who can turn the wheels of the U.S. economy. As the wealthiest of the candidates with an estimated net worth between $190 million and $250 million, it’s clear Romney knows how to spur his own economic recovery.

Out of the slew of GOP candidates, Romney also owns the most real estate, although he has downsized in the last few years. He currently owns a townhouse in Boston, as well as a beachfront home in La Jolla, which he bought in 2008 for $12 million. Romney applied for a permit to expand his beachfront La Jolla home in 2011 and will reportedly begin construction when his presidential campaign is finished.

Rick Santorum

Former two-term Pennsylvania Sen. Rick Santorum lost his seat to Democrat Bob Casey in 2006, but he proved that his governmental connections were good for business in his years as a Philadelphia Inquirer writer, Fox News commentator and conservative think-tank leader.

In 2007, after much controversy about whether he and his large family actually resided in Pennsylvania during his Senate terms, Santorum bought a yellow Colonial-style home in Great Falls, VA for $2 million in 2007. The 4-bedroom, 5-bath home sits on five acres and includes a cobbled drive and heated pool.

30-Year Fixed Mortgage Rate Drops to New Record Low

Engagement Rings Could Spark Real Estate Swaps for Celebrity Couples

What Is A Good Real Estate Investment

A “good real estate investment” can mean different things to different people. For this article, the definition of a good real estate investment is:

A real estate ownership interest, whether a personal residence or rental property, that increases one’s net wealth by a fair rate of return on their invested cash equity; for the corresponding amount of risk they are taking by owning a relatively high risk asset.

What that means is that if you are going to put your invested cash equity into real estate, your net worth should improve by a greater amount than if you invested in a similarly risky asset. And “invested cash equity” isn’t the property price; it is how much cash you took from your bank account to acquire the property minus down payment, plus closing costs, plus rehabilitation costs.

Realize a lot of things can go wrong with real estate ownership, so you had better get a fairly high return on your invested cash equity for it to be a “good deal”. So you ask, how would one figure that out?

For investment properties

Your returns are part cash flows and part appreciation in value. For example, if your property rental income minus expenses produced $250 per month positive ($3,000 per year); and your invested cash equity was $50,000, that’s a cash on cash return of 6.00% ($3,000/$50,000). And that is a pretty darn good deal in real estate.

To add to that, let’s say you project net appreciation in value contributing an extra 1.0% or 2.0% return per year (after subtracting your projected estimated costs of capital repairs and improvements). Summing the cash flows and net appreciation could equal about a 8% to 10%+ projected return per year on a long term basis; and if you achieve those numbers….. that is a good real estate investment!

Some investment properties don’t cut it! Most fancy condos or beach houses, where the net rental income is very low compared to the purchase price, usually have projected negative cash on cash returns. So if you buy a fancy property with negative (4.0%) cash on cash returns, even if it appreciates 2.0% per year, you are typically at a 0.0%, or worse, return on your equity cash investment. And that isn’t a deal most experienced investors would take.

This past blog — “Investing in Real Estate – What is a “Good Deal?” has more information on the specific mechanics of projecting your returns.

For personal residences

You will also be putting down a large amount of cash equity and the calculations are really a little more complicated and difficult because you need to look at how much you are paying in housing expense versus how much that amount would be if you were just renting someone else’s property. So the overall question again is, “Is your wealth going to improve by owning the property?”

Some general guidance herein. As a general rule, if you are not planning to own it for at least five years you will most likely not be adding to your wealth. Any appreciation in value will not compensate for the 8.0% to 10.0% transaction costs on the buying and selling of your property. And even worse, the monthly ownership expense is usually higher than if you just rented a similar property. Therefore, if you don’t plan to own the property a long time, and the longer the better, you will probably do better renting and leaving the hassles and costs of ownership to a landlord.

So a good real estate investment is really one that will increase your net worth over time. The longer you own it, the better the chances for that appreciation in value and wealth building.

As proof positive on this, find someone who has owned real estate for 20, 30, 40 years and ask them what is a good real estate investment? It is generally easy to find them, they are retired, living comfortably, and usually happy to tell you about the properties they bought decades ago!

Leonard Baron, MBA, CPA, is a San Diego State University Lecturer, a Zillow Blogger, the author of several books including “Real Estate Ownership, Investment and Due Diligence 101 – A Smarter Way to Buy Real Estate”, and loves kicking the tires of a good piece of dirt! See more at ProfessorBaron.com.

2012 Housing Predictions: Is the Worst Over?

About 1.9 million homes entered the foreclosure process in 2011, the lowest level since 2007 when the recession began, according to a report Thursday by the foreclosure listing firm RealtyTrac.

That the decline does not necessarily indicate that the housing market is getting better, as many foreclosures have been delayed due to confusion over documentation and legal issues involved in the process.

Watch the video in the link below…

2012 Housing Predictions

Trulia’s 2011 List of Stars Stuck In a Housing Struggle

Russian Billionaire’s Daughter Gets $88 Million Penthouse as NY Crash Pad

 

It turns out that a buyer for one of the most expensive apartment homes in Manhattan wasn’t that hard to find, after all.

And befitting the sale of an $88 million penthouse on top of the 15 Central Park West is the report that it’s going to a 22-year-old daughter of a Russian scientist who made his billions whipping up fertilizer.

Merry Christmas, Ekaterina Rybolovleva.

According to Forbes, a statement was released about the contract pending for the apartment that belongs to the disgraced former Citigroup exec Sandy Weill, who promised in November to donate proceeds of his apartment’s sale to charity:

A company associated with Ekaterina Rybolovleva, daughter of a well-known businessman Dmitriy Rybolovlev, has signed a contract to purchase an apartment at 15 Central Park West, New York. The apartment is a condominium currently owned by the Sanford Weill Family.

Ms. Rybolovleva is currently studying at a US university. She plans to stay in the apartment when visiting New York. Ms. Rybolovleva was born in Russia, is a resident of Monaco and has resided in Monaco and Switzerland for the past 15 years.”

Daddy Rybolovlev is no stranger to sky-high real estate deals. In fact, the full-price deal he has apparently made for his daughter is second fiddle to his purchase of Donald Trump’s $95 million Palm Beach, FL mansion.

But whereas La Donald let his Florida palace go to Rybolovlev for a record-setting price reduction of $25 million, the Russian fertilizer king has apparently paid full freight for the 15 CPW condo.

The Weill condo, which set a record for most expensive NY property when it sold for $43.7 million in 2007, is one of six units for sale in the lauded, new building overlooking Central Park on the stately Upper West Side.

For the record, while $88 million is a ton of dough for even a gleaming New York penthouse, it is not the most expensive New York apartment for sale. The French Gothic-style townhouse at 4 E. 80th Street off Fifth Avenue takes the cake. The former palace of Frank Woolworth is listed for $90 million.

However, the $88 million sale is the most cash a foreign-national father has paid for his lovely little heiress. British Formula One billionaire Bernie Ecclestone bought Spelling Manor for his daughter, Petra, for $85 million in July 2011.

From Ashton to Ellen: 2011′s Celebrity Real Estate Roundup

By many accounts, 2011 was a rough year for real estate – unless you happened to be a celebrity. For the rich and famous stars of screens large and small, 2011 was just another year of mega-house hunting, renting, selling and swapping.

Like those beloved holiday calendars that highlight the year’s eye candy, we’ve strung together a series of bright-light celebrity real estate deals from the past year’s high-stakes, high-profile ventures.

January: Charlize Theron

Sometimes, even celebrities have to dip their toes in before taking the plunge. That’s the route Academy Award-winning actress Charlize Theron took when she opted to be a landlord before listing her property. After her split with Stuart Townsend in 2010, the couple listed their Malibu home as a $50,000-a-month rental. A year later, Theron dove in and listed the property for $7.5 million. Not bad, considering that in 2003 she and Townsend paid $3,495,000. The beachfront home, pictured, is described as the “oldest home on La Costa Beach.” It sold in May for $6,562,500.

February: Ashton Kutcher

In February 2011, Ashton Kutcher was a happily married man and no longer needed his customized bachelor pad (pictured above). So, he listed the home on the Beverly Glen real estate market for $2.6 million and it sold in June for $2.35 million. Now, freshly split from his wife Demi Moore, Kutcher is searching for a new piece of real estate. Granted, the new star of “Two and a Half Men” can afford a bigger spread for himself these days, but perhaps he has regrets about selling the bachelor pad he and his dad built.

March: Christina Aguilera

When listing one house isn’t enough, some celebs try for a daily double. Take Christina Aguilera, for instance. Aguilera is a high-income earner who can eschew standard real estate advice.

In March, Aguilera listed her Beverly Hills home for $13 million while her Hollywood Hills home continued to linger on the market. While the Hollywood Hills mansion has since sold, Aguilera’s Beverly Hills pad — previously owned by the Osbournes — hasn’t wooed a buyer yet.

April: Jennifer Aniston

The real queen of real estate listed her extravagant L.A. estate “Ohana” in March for $42 million and she immediately made the move to New York, picking up not one, but two apartments a month later in a prewar West Village building (pictured above). Although she’s only owned the home for a few short months, rumors are flying that she’s looking for a new place — this time with beau Justin Theroux.

May: Charlie Sheen

In early 2011, Charlie Sheen was blowing up Twitter and news channels after his walk on the wild side. As if the former “Two and a Half Men” star’s interesting comments weren’t enough drama, leading to being fired from the show, Sheen also got busy hitting the real estate market by listing his Sherman Oaks home, above, for $7.2 million. In March, he picked up a home in the gated community of Mullholland Estates, a few blocks away, for $6,999,999. He wasn’t selling because he’s hard up on money: Sheen racked up about $40 million in the previous season of “Two and a Half Men.”

June: Katharine Hepburn

Although this house isn’t located in Hollywood or New York, the caliber of this Connecticut home — and its previous, Hollywood legend owner — sets it apart. Katharine Hepburn’s family estate (pictured above), hit the Fenwick real estate market for $18 million in June. Along with its private beach and dock, as well as 8,300-square-foot home, Hepburn’s property comes with storied history, including the tale of Hepburn vowing to rebuild the home after it suffered damage in the 1938 Great New England Hurricane.

July: Elizabeth Taylor

Regal beauty Elizabeth Taylor passed away in March and her hideaway estate hit the market as a pocket listing in May for $8.6 million. It didn’t take long for the luxurious ranch to sell. By July, the estate was picked up not by another A-Lister, but by an anonymous buyer rumored to be in the manufacturing biz. Although previous reports claimed the final sale price was undisclosed, property records now show the sale price to have been $8 million.

August: Matthew Perry

Matthew Perry’s real estate transactions are being featured for the month of August, but the former “Friends” star could the king of October, too. In August, Perry picked up a new home on the Sunset Strip and listed his West Hollywood apartment (pictured above). Then, in early October, he listed his beachfront home on the Malibu real estate market. Later that month, Perry finally wrapped up his real estate moves by listing his main L.A. residence. Whew!

September: Ryan Reynolds

Before dating Blake Lively, and before his short marriage to Scarlett Johansson, Ryan Reynolds lived in a relatively modest home in Hollywood Hills that he purchased for $1,175,000. After marrying Johansson in 2009, Reynolds tried to sell the home on the Hollywood Hills real estate market, but had little luck. In September, however, he re-listed the 2-bedroom, 2.5-bath home with a lowered price of $1.599 million. Currently, the home is off the market.

October: Donald Trump

Donald Trump may be a real estate mogul, but that doesn’t mean he’s immune to real estate trials. In October, Trump’s custom home in Rancho Palos Verdes sold for a significant price cut. The 11,000-square-foot home was first listed for $12 million and a buyer snagged it for $7.15 million. Trump originally purchased the house in the small California community as a party of a real estate development plan in the mid-90s. However, The Donald’s style was a bit aggressive for Rancho Palos Verdes and by selling his home there, he appears to be formally cutting ties to the city.

November: Bruce Willis

In the heyday of the 1990s, Bruce Willis and then-wife Demi Moore were the “king and queen” of Sun Valley, Idaho. The pair owned a nightclub and two bars as well as a few properties where they entertained other A-Listers who came to visit the luxury ski area. That era is well over. Willis is now selling his custom mansion on the Sun Valley real estate market for $15 million, Willis’ home has 8,400-square-feet of living space, a pool with spa and water swings, as well as a separate guesthouse and gym.

December: Ellen DeGeneres

In the world of celebrity real estate, the prize properties often go to other celebrities. Who else is going to need the high-end security systems or have the money to drop on a home with a custom closet? The most recent celeb-to-celeb real estate transaction went down in early December when fickle real estate holder Ellen DeGeneres bought Brad Pitt’s mid-century modern home in Malibu. DeGeneres and wife Portia De Rossi are currently listing their enormous, custom home for $49 million, making their purchase of Pitt’s home an apparent attempt at downsizing

U.S. Homes Expected to Lose Nearly $700 Billion in Value in 2011

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