While California realized some incredible appreciation in home values during the housing boom, we also were one of the hardest hit states when our economy fell apart. According to a recent UPI article, California now offers one of the country’s best turnaround real estate markets and can play an integral role in leading the nation to recovery.
Realtor.com puts together a quarterly list of the country’s top turnaround towns, and the most recent ranking included 6 California cities in the top 10 spots. A major difference that we are seeing in our region is an increase to the average transaction price, likely meaning that more owner occupied homes are being purchased. There are still a number of incredible deals to be had though, which continue to make this one of the best buyers market in real estate history.
Whether you want to get the most value out of your current luxury home or are in the market for a new one, contact the global high-end real estate experts of Hurwitz James Company at 888-681-5902.
A breathtaking view of the Big Sur California coasline taken from the Castello della Costa d’Oro estate, which is currently listed with Hurwitz James Company for $58,000,000.
Hurwitz James Company currently has multiple listings that are sure to excite even the most distinguished chefs, foodies and culinary enthusiasts. Imagine living in one of these luxurious homes with a professional grade kitchen that allows you to enjoy five-star dining experiences daily.
The custom chef’s kitchen of the Malibu French Country Estate listed at $14,500,000 boasts a wood burning oven.
The kitchen of the Shelter Island Estate listed at $78,000,000 was designed to accommodate a whole gourmet cooking staff.
Listed at $78,800,000, the infamous Bradbury Estate offers a chef’s kitchen with a walk-in butler’s pantry, a walk-in freezer and refrigerator and a pizza oven. The estate also has full service kitchens in the detached guest and the pool house as well as a balcony with a built-in outdoor grill.
Castello Della Costa d’Oro listed at $58,000,000 has a professional kitchen complete with Viking Professional stainless steel appliances, a wine cooler and 50 in. flat-screen television among other high-end features. Did we mention the residence also has a catering kitchen and a fully equipped outdoor kitchen?
Investors and homebuyers interested in learning more about one of these properties can schedule a showing by contacting Hurwitz James Company in Beverley Hills at 888-681-5902.
Freddie Mac’s Primary Market Mortgage Survey for the week of July 12, 2012 revealed that average fixed-rate mortgages hit record-lows once again.
The average 30-year fixed-rate mortgage was recorded at 3.56 percent, which was the 16th week in a row that it has been below 4.00 percent. The average 15-year fixed-rate mortgage was reported at 2.86 percent, which was the 7th week in a row that it has stayed below 3.00 percent.
According to the LA Times news report, borrowers can lock in rates that are even lower by shopping around and paying upfront discount points.
So what does this mean for luxury real estate? This means luxury homes for less! As we noted in a recent post on Top Tips for Buying Mega-Mansions, it’s more economical to purchase a multi-million dollar home with a mortgage, even if you have the cash up front.
Hurwitz James Company specializes in buying and selling multi-million dollar estates and trophy properties all across the globe; below are some of our current listings. Investors and homebuyers interested in purchasing luxury real estate can contact Hurwitz James Company at 888-681-5902.
Luxury Oceanfront Condo listed at $1,795,000
Malibu French Country Estate listed at $14,500,000
The Castello Della Costa d’Oro listed at $58,000,000
Luxury real estate is winning the race to recovery. Real estate expert Robert Frank from CNBC recently reported that the real estate market seems to have split in two. As wealthy investors and homebuyers are driving up prices and stability in the high-end market, the rest of the housing market is struggling at a slower speed.
According to Altos Research, Prices are up 10 percent and inventory is down 10 percent in markets where the median home price starts at $1 million. In the ultra high-end market where the median price is $10 million or more, prices are up 13 percent and inventory is down 11 percent.
As CEO of Altos Michael Simonsen told CNBC, ”It’s become a tale of two markets. At the high end, well-financed people have taken advantage of cheap money. And demand is up, inventory is down and prices are responding.”
There are many factors stimulating the growth of the top sector of the real estate market. First of all, the wealthy are opting to invest in fewer stocks due to the volatility of the European markets. Instead, they are taking advantage of historically low mortgage rates and investing in real estate assets. Foreign buyers from Asia, Russia and Latin America are also contributing to the decreased inventory of real estate in the most sought after U.S. neighborhoods.
To read more about this “tale of two markets,” visit Frank’s article from CNBC.com.
The Bradbury Estate listed at $78,800,000 with Hurwitz James Company.
Call 888-681-5902 for more information.
A recent Forbes article names auto lifts as the latest trend in luxury real estate amenities. While car elevators sound like a flashy addition, we still find the most jaw-dropping garages to be the ones that hold an impressive number of cars or feature exquisite finishes. Take a look at two of our current luxury estate listings that feature beautiful garages for car lovers.
This Malibu oceanfront estate currently listed at $36 million offers a climate controlled garage that can fit more than 15 cars.
The garage of the Cielo luxury estate in Rancho Santa Fe features two oversized doors and four California king-size garage parking spaces.
Our trophy property recently featured in Arroyo magazine, the Bradbury Estate, currently listed at $78.8 million, has a 10-car garage with stunning architecture to match the main residence.
The stunning car showroom of the Castello Della Costa d’Oro, currently listed at $50 million, doubles as an entertaining space with exquisite finishes to display cars with class.
A true car collector may not want to stop at cars. The Castello Della Costa d’Oro, in that case, would be the perfect property for you. The Golden Coast Castle in Cambria, California boasts a helicopter pad.
Interested buyers can schedule showings at any one of these estate listings by contacting the Hurwitz James Company office in Beverley Hills at 888-681-5902.
The enchanting Malibu French Country Estate, currently listed at $14.5 million with Hurwitz James Company, is much more than a prestigious vineyard. It’s an equestrian manor, a peaceful oasis, a gorgeous setting for an entertainer’s dream. With its luxurious outdoor amenities, lush foliage and awe-inspiring views of the Pacific and perfectly manicured vineyard, experiencing the Church Estate Vineyards is like experiencing the best that California has to offer.
The expansive green pastures, horseback riding trails and private barn together make for an equestrian palace. The clay tennis court is enclosed in stone walls and complete with spectator seating for an athletic arena that is fit for pros. Finally, multiple outdoor living areas, each with something special to offer, create gorgeous outdoor spaces for every mood and occasion from peaceful meditation to sophisticated soirees.
To see more of the magical Church Estate Vineyards, take the online video tour, or schedule a showing to see it in person by contacting Hurwitz James Company at 888-681-5902.
Hurwitz James Company currently has this exclusive listing on Malibu’s coastline at an amazing value. The Malibu French Country Estate is available at a reduced price of $14.5 million (previously listed at $19.5 million). This magnificent property has incredible potential to produce substantial income with its award winning wine grapes. In addition, the breathtaking panoramic vineyard and ocean views make for the perfect venue for private event bookings including A-list weddings.
While your Cabernet, Pinot and Chardonnay vines are producing fine California wine, you will be living in the lap of luxury in an 8,000-square-foot Normandy style chateau with stunning artisan details and finishes. From the custom designed chef’s kitchen and coffered ceilinged library to the 19th century pool table and 4,000-bottle wine cellar, every room of this residence embodies old-world charm and sophistication with the addition of the latest modern luxuries.
In our next post, we will reveal the ideal outdoor living and recreational opportunities that make life at this Luxury Malibu Estate more like a permanent vacation. To schedule a showing, contact Hurwitz James Company at 888-681-5902.
Welcome to the Golden Coast Castle. In Italian, it is the Castello della Costa d’Oro. Just as its beautiful name implies, this historical castle estate offers natural and man-made treasures beyond the imagination.
The location of this property is simply surreal. Situated just above Cambria’s art colony, the 80-acre estate stretches a half-mile down the coast and a mile inland, allowing for exhilarating views of both the Pacific Ocean and the Santa Lucia range. With its rich riparian land, the property is abounding with pinot noir and olive plantings as well as rare Monterey pine forests. Neighboring the famous La Cuesta Encantada or Hearst Castle, the estate is also minutes away from the 280 globally recognized and award-winning wineries of the thriving Paso Robles wine country.
The stunning natural landscape of this estate is matched by breathtaking Venetian architecture and interiors. The main residence of the grand Castello estate boasts recherché finishes including 31 classical and trompe l’oeil mural paintings. The master suite features a world-class spa and two-story vestiary. There is both a professional-grade kitchen and catering kitchen. Amenities include a presidential office suite, home theater and a secret passage that leads to a wine cellar – just to name a few. The residence also lends itself to hosting occasions from the large and grandeur to the intimately small with a magnificent entertainment hall and a soaring pavilion complete with penthouse.
You won’t want to miss our next post, where we will unveil the other luxurious and over-the-top amenities of the Golden Coast Castle. Interested buyers who would like to see the Castello della Costa d’Oro, currently listed at $58 million, can contact Hurwitz James Company at 888-681-5902 to schedule a showing.
Since announcing its IPO, Facebook has been dominating business headlines. But California real estate professionals will confirm that Facebook has also been dominating their own conversations as housing experts try to determine the effect that this historic trading event might have on the local California housing market. As one real estate agent told ABC News in a recent report, “There’s no way there’s not going to be an effect.”
The headquarters of Facebook is located in Menlo Park, meaning the neighboring Palo Alto area is expected to see the most action as a result of the company’s public debut. Already one of the area’s hottest neighborhoods, Palo Alto is home to younger money, a vibrant downtown and excellent schools.
According to AOL, real estate professionals are preparing for new Facebook millionaires to flood the Palo Alto real estate market with a buying fervor and – possibly – a taste for luxury, unlike their frontman Mark Zuckerburg who resides in a modest bungalow. They are calling it the “Facebook Effect.”
“‘Facebook effect’– the anticipated demand for high-end housing following the company’s May IPO. Since the beginning of the year, prices have climbed more than 10 percent in Palo Alto, Calif., where the company is headquartered.”
But inventory is still low, and experts are still unsure whether homeowners are waiting for the IPO to really take off. As a luxury real estate company based in Beverley Hills, Hurwitz James Company is also curious to see the results of the “Facebook Effect,” and we want to hear your opinion. Do you think homeowners are strategically waiting? Will Palo Alto become an infamous Facebook community?
Photo via FreeDigitalPhotos.net
We’ve been hearing it and now there is proof. The March 2012 report released by the National Association of Realtors (NAR) showed a 12.8 percent increase in pending home sales from a year ago. This positive report serves as solid evidence of a recovering housing market. The Pending Homes Sales Index for March was 101.4, which is a 4.1 percent increase from the index in February.
“An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.”
NAR chief economist Lawrence Yun concluded that these reports are an indicator that 2012 will a year of healthy healing, sustaining and growth for the housing market.
Investors and homebuyers looking to explore their luxury real estate options while interest rates and home prices are still at record lows can contact Hurwitz James Company in Beverley Hills at 888-681-5901.