#Monday again! #Celeb Julia Roberts buys in #Malibu again -- ow.ly/YTxKa
Oscar-winning actress Julia Roberts has purchased a home in Malibu for $6.84 million in a deal completed off-market, property records show.
The ranch-style house on more than an acre sits directly across the street from her longtime residence in the Point Dume area.
Multiple Listing Service records show the home, built in 1953, has three bedrooms and two bathrooms in roughly 1,800 square feet of living space. There are nine rooms in all.
Large lawns, gardens, a trellis-topped sitting area and a two-car garage fill the grounds. A gated motor court marks the entrance to the home.
The 48-year-old actress won an Academy Award for her leading role in “Erin Brockovich” (2000) and was nominated for “August: Osage County” (2013), “Pretty Woman” (1990) and “Steel Magnolias” (1989). She’ll be in the upcoming films “Mother’s Day” and “Money Monster.”The property was briefly on the market two years ago for $7.85 million. Prior to the sale, it had been in the process of foreclosure, according to property records.
Thinking of buying your first home? You'll need to save for the down payment and closing costs. But there are a number of federal and state grants, tax credits or other options designed to make it easier for first-time buyers to afford their first home. In fact, even if you've owned a home in the past, you may qualify for these programs if you meet certain guidelines.
Tax Benefits for All Homebuyers
Buying a first home also makes you eligible for the tax benefits afforded to every homebuyer – whether it's their first home or not.
Home Mortgage Interest Deduction. “The IRS allows you to deduct for the interest you pay your lender,” says Greene-Lewis. Home mortgage interest is one of the biggest deductions for those who itemize, and can make a huge difference for filers. You should be advised of interest paid to your lender on a 1098 form sent out annually in January and/or early February.
Points or Loan Origination Fees Deduction. The fees you pay to obtain a home mortgage may be applied as a deduction, according to Greene-Lewis. “Points will also be reported on Form 1098 from your lender or your settlement statement at the end of the year.” The rules for how you deduct points are different for a first purchase or a refinancing, she explains.
Property Tax Deduction.Property tax deductions are available for state and local property taxes based on the value of your home. The amount that's deducted is the amount paid by the property owner, including any payments made through an escrow account at settlement or closing. “You may find property taxes paid on your 1098 form from your mortgage company if your property taxes are paid through your mortgage company,” says Greene-Lewis. “Otherwise, you should report the amount of property taxes you paid for the year indicated on your property tax bill.”
Residential Energy Credit. Homeowners who install solar panels, geothermal heat systems, and wind turbines – or energy-efficient windows or heating and air-conditioning systems – to their home may receive a tax credit worth up to 30% of the cost. Click here for details.
Last week there were loads of whispers and gossip glossy reports that Miley Cyrus had packed up her belongings in a U-Haul truck, high-tailed it from the San Fernando Valley to Malibu, and moved in with her former fiancé Liam Hemsworth, to whom she is engaged for the second time. And maybe she did. But, children, as it turns out the real story is a mite more complicated, at least real estate wise, because the proudly provocative, 23-year-old pop culture phenom — she just signed on to be an adviser on the next season of “The Voice” — actually shelled out 2.525 million of her own dollars to snatch up a 2.06 acre spread in an exclusive if little-known gated enclave tucked up into the mountains just above Malibu’s Paradise Point area.
The tabloid confusion might have come about because Miss Cyrus’ bucolically sited new spread is not only in the exact same, gated enclave where in June 2014 her beau-hunky “Hunger Games” starring husband-to-be dropped $6.814 million for a multi-acre mini-compound he bought from songwriter Matthew Wilder, it’s right next door. Presumably the newly reaffianced lovebirds will occupy one of the residences and use the other for, well, who knows what? A recording studio, perhaps? Maybe, but we digress…. The seller of the property, per property records, was German-born radio and television host and longtimeHaribo confectionary spokesperson Thomas Gottschalk, and online marketing materials show the residence offers four bedrooms and 3.5 bathrooms in an undisclosed amount of square footage.
Happy Monday! I wanted to start off the week with this LA Times article -- http://www.latimes.com/local/westside/la-fi-0131-home-20160131-story.html Don't you agree this is one of the most gorgeous and modern homes in Venice Beach! There is nothing better than buying a beach home -- make sure to contact us if you are thinking about buying or selling!
Home of the Day: A hip look in Pacific Palisades for about $6 million
Reclaimed wood siding, poured resin floors and walls of floor-to-ceiling glass set the stage for this chic-looking contemporary on a corner lot in Pacific Palisades. Designed for entertaining, the single-story house brings the party outside with a swimming pool, two spas and an outdoor kitchen. A raised viewing deck centering on views of Queen’s Necklace completes the setting.
House size: 5,047 square feet, four bedrooms, five bathrooms
Lot size: 0.37 acres
Features: Reclaimed wood siding, floor-to-ceiling walls of glass, resin floors, venetian plaster walls, open-plan living room, chef’s kitchen with reclaimed walnut island, master suite with steam shower, detached all-glass bonus room, swimming pool, two spas, outdoor kitchen
About the area: The median sale price for single-family homes in the 90272 ZIP Code in November was $2.47 million based on 14 sales, according to CoreLogic. That was a 2.7% decrease in median price compared to November 2014.
A bidding war might spur you to overspend, but paying an inflated price can make it tough to resell when prices stabilize or sink. (Read 2008-2009 real estate columns as a reminder.)
A decision to pay a premium isn't always an errant one, though, when you plan to live in the house long term. Rather than focus on overheated developments, look at comparable homes in neighboring areas with the same access to the schools and amenities that you value. Set a bid ceiling, and try to have a few other deals in the works so you're less inclined to overbid.
2. Sellers: Exercise your clout, but don't overplay it
If you set a price from 5% to 10% above the market, you're more apt to get an offer close to your home's real value than if you start much higher and force your listing to go stale. However, if your home has better qualities than area comps, you have a bit more latitude.
No need to pay closing costs or offer other incentives to the buyer, especially if it means keeping your in-demand home off the real estate market. For example, a sale contingent on the buyers selling their home is reasonable but only with a contractual escape for you, often called a "kick-out" clause. That gives you the right to continue marketing your home. If a less-encumbered bid comes in, you then offer the initial buyers a set time of 48 or 72 hours to withdraw their contingency.
3. Buyers: Be ready, be early, be flexible
Are the best houses still getting snapped up quickly? Then don't wait until you find a home to go loan shopping. Keep your preapproval letter, as opposed to a basic prequalification letter, in tow. Winnow your neighborhood choices before you shop.
Line up an action-ready inspector for an immediate property visit.
Have your agent ask what the sellers would value most in the sale. If you can accommodate a fast settlement or short-term, rent-back condition or fewer contingencies and conditions, that can make you stand out when that dream home is hanging in the balance.
4. Sellers: Know your agent's commission split
A heated market is causing sellers to question why they should pay the full 6% commission.
Hence, sellers' agents are accepting less, then offering less of a split to buyers' agents in a practice known as "sell to the commission."
When the co-op fee is low, buyers' agents tend to be less than enthusiastic in showing such houses, and yours will typically take longer to sell.
5. Buyers: Buying new?
Get what you pay for. Builders are cranking production to pre-recession levels. But some are cutting corners by hiring untrained help, not waiting for concrete to cure, painting walls without primers or quietly substituting cheaper materials such as a lower grade of countertop granite, or installing inadequate plumbing or HVAC units.
Consider hiring an independent inspector to oversee construction (at $400-plus). Builders may tell you not to worry because they'll hire one. Ahem!
And, be sure the builder is established and that you research online reviews, complaint pages and consumer ratings. Ask specific questions about the crew's experience and certifications.
Upgrades rarely pay for themselves, but there are 2 spaces that can make or break a home sale: the kitchen and master bath.
Because kitchens are the heart of the home, or the "new living room," make yours homey. Hide the coffee maker and toaster. Add simple decorative touches to the wall behind the sink.
Sure, new granite countertops and appliances are optimal, but new hardware for cabinets, new faucets, new lighting fixtures and fresh (neutral) wallpaper are inexpensive touches that carry weight. Thoroughly scour and depopulate the fridge and take magnets off it, please.
For bathrooms, always display a sparkling bathtub and commode. A new tub liner, or "shell," can make that marred tub look like new and save you from replacing it.
A new faucet, new lights, fresh caulking, a new towel rack or new mirror may be in order. Clean out the medicine cabinet. Of course, this doesn't mean you shouldn't declutter, depersonalize, paint and scrub the rest of your space, too.
7. Buyers: Beware hidden costs
When is a $250,000 house not a $250,000 house?
Answer: Always! Consider these and myriad other closing costs when buying:
Origination fee: On a $200,000 mortgage for a $250,000 home, assuming 3.5% interest and no points, you'd pay the lender about $1,800.
Home inspection: Even if the mortgage insurer doesn't require one, get one for peace of mind.
Property taxes: You'll usually pay a few months upfront.
Appraisal: The bank will need to determine how much the place is really worth.
Private mortgage insurance, or PMI: This depends on your down payment and credit rating.
Other pre-occupancy costs should include home insurance, title insurance and deed-recording fee, and possibly title insurance, survey costs, credit report fees, flood insurance and homeowners association dues/insurance.
On that $250,000 home, allow an extra $5,000 or more atop the sale price.
8. Sellers: Consider the replacement
You're getting multiple offers on your home, with several over asking price. Wow, that was fast! But can you find your next home in time to move once you sign?
If not, one option would be to request a lease-back from the buyer, allowing you to remain in your old home for the time you need to shop for the replacement. This will be contingent on when the new owners need to occupy, and the period is usually limited to 60 days.
The other option is to slow the selling process by asking for a longer period before closing.
Whatever you do, get your prospects and finances lined up (see tip No. 3!). Yes, a seller's market swings 2 ways!
9. Buyers: Seek out an up-and-coming neighborhood
Things to look for include proximity to a new or resurgent business center, the addition of a major employer, a light-rail station, a city cleanup initiative, young people moving there, crime watch and other neighborhood groups being formed, multiple renovations underway and other up-and-coming neighborhoods abutting it.
New retailers, restaurants and other commercial tenants are also a good sign. Research by RealtyTrac shows that homes in ZIP codes that have a Trader Joe's grocery store appreciated 40% on average since the homes were last purchased. Homes with a Whole Foods nearby appreciated 34% on average.
10. Sellers and buyers: Don't play the bubble game
Thousands of would-be sellers and buyers are agonizing over how they can time their next sale or purchase to coincide with the "pop" of this housing bubble, either by selling soon for optimal profit or swooping in with cash to pounce on post-pop pricing.
True, the bust of 2007-2008 was a loud and robust one, but don't look for anything catastrophic this time. The present froth is being fueled by narrow supply and widespread demand, not easy credit and "liars' loans."
Most real estate cycles don't explode like the last one; they just deflate slowly. Real estate continues to be a reliable long-term investment prone to usually modest peaks and valleys, done on a deal-by-deal basis and subject to local economies.
Good luck in the new year!
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