This Malibu Beach Home Comes with Ferrari F40
Imagine buying your dream beach home and getting your dream car as a closing bonus! Well, if you have $4.4 million to drop on this 5,834-square foot beachfront estate, the seller will throw in his red Ferrari F40 free of cost. But there is one stipulation; you have to buy the home before the end of June.
You don’t have to be a Ferrari fan to know that getting the F40 as a free closing gift is a steal. But just in case you don’t know about the car, the Ferrari F40 was the last car introduced and commissioned by Enzo Ferrari himself.
The Ferrari F40 was given its name to celebrate Ferrari’s 40th anniversary and, at the time of its production, it was first street-legal car capable of exceeding 200 mph. It was also Ferrari’s most powerful and most expensive car. It came with a price tag of over $400,000.
The very unique closing gift has brought a lot of attention to the home since it was listed in February for just under $4.4 million
5 bedroom, 5 bath Malibu, CA home listed for $4,399,333
The beachfront home is a bargain as well. It sits across the street from a $50 million beach estate and has spectacular, expansive ocean views on half an acre and is less than a minute’s walk from the beach. The home also features a beautiful pool, room to park 13 cars, and comes furnished with Swarovski chandeliers and marble statues.
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KAREN MCLYMONT is a Licensed Realtor with premier real estate company Ramsey Shilling & Associates, who quickly rose to a Top Producer. Karen services the Hollywood Hills and San Fernando Valley from Burbank to Pasadena and works with one of the premier real estate companies serving Southern Californiana, Ramsey-Shilling Associates.
Ramsey-Shilling Associates is firmly established as a premier real estate company serving Southern California. We consistently average a greater volume of transactions than most other local real estate brokers. For over fifty years the name has been synonymous with excellence in performance. This is due to the confidence of local sellers, our financial expertise and perseverance and the concentrated marketing efforts we utilize to attract qualified buyers and sellers.
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Madoff's Penthouse Goes Into Contract
Bernard Madoff’s Manhattan penthouse has gone into contract for an undisclosed price. It was originally listed for $9.9 million in September and later was cut to $8.9 million. (See photos.)
The buyer, whose identity could not be learned, would get a 4,000 square foot duplex cooperative apartment on the 11th and 12th floors of 133 E. 64th Street. The three bedrooms are on the lower floor, and the living room, kitchen and a wraparound terrace are above.
The apartment is one of three Madoff properties the government seized and is selling to help reimburse victims of Mr. Madoff’s $65 billion Ponzi scheme. Anne Corey and Serena Boardman of Sotheby’s International Realty have the listing. The Madoff beach home in Montauk, N.Y., sold in the fall for $9.41 million, nearly 6% above its asking price. The buyer was real-estate mogul Steven Roth of Vornado Realty Trust.
The couple’s nearly 8,800-square-foot Palm Beach, Fla., home remains on the market with an asking price of $7.25 million, down from $8.5 million in September. Jim McCann and Burt Minkoff of Corcoran Group have have that listing.
Courtesy of The WSJ
Randolph Duke sells Hollywood Hills home for $5.3 million
Fashion designer Randolph Duke has sold his award-winning Hollywood Hills house for $5.3 million, the Multiple Listing Service shows.
The modern home, designed by XTen Architecture, won the American Institute of Architects Los Angeles chapter award for residential design in 2007. Set on a promontory, the gated 4,800-square-foot house has 10-foot-high glass panels that open to 6,500 square feet of outdoor terraces, decks and gardens.
There is a silver-leaf tiled swimming pool, a reflecting pond and downtown-to-ocean views from the three-bedroom, 3 1/2 -bathroom trilevel. A chandelier hangs from a tree in the outdoor dining area, which is built into the hillside.
Duke, who started as a swimsuit designer, gained recognition in the '90s for revitalizing Halston. He then launched his own evening couture collection, which gained favor with celebrities at red carpet events. Duke next brought his designs to the mass audience, selling the Look line on the Home Shopping Network. He has appeared on "Oprah," "Good Morning America" and "E!"
The property came on the market a year ago at $8.25 million. Duke purchased the lot for $2.25 million, according to public records.
Courtesy of The LATimes
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Ready to refinance your mortgage?
Today’s low interest rates may have you wondering whether you should refinance an existing mortgage. The answer may not be completely obvious. On the one hand, you may be able to save a bundle on your monthly mortgage payment, but on the other hand, will be refinancing be worth the upfront costs – and will you qualify?
Here are some issues you should consider when determining if you’re ready to refinance your mortgage:
Interest rates
A lower interest rate on your mortgage can be an attractive inducement to refinance. But two other factors should be weighed against that lower rate: If you refinance into a new loan that has a longer term than what’s left on your current loan, you’ll have to make those lower payments for a longer period of time and that could add up to more interest paid over the lifetime of your new loan. For example, if you took out a 30-year mortgage and made the payments for, say, 10 years and then you took out a new 30-year loan, you’d have extended the payments for another 10 years until the new loan is paid off. This consideration is one reason why some homeowners refinance with a new 15-year loan instead of a new 30-year loan.
That said, if you want to lower your monthly payment due to a change in your income or other financial setback, refinancing to extend the term of your loan can be a good way to achieve that goal.
Closing costs
Refinancing isn’t free. The costs of a new loan typically include loan origination fees, points, an appraisal fee, settlement services charges and a new lender’s title insurance policy. You may be able to finance these costs into your new loan or obtain a discount in exchange for a higher interest rate, but either way, you should consider the total outlay to refinance. If you plan to own your home for more than a few years, your monthly savings will help you recoup the costs. If you’re planning to move within a short period of time, the upfront costs may outweigh the benefit of the monthly savings you obtain by refinancing..
Equity
Home prices have declined in most areas and appraisers generally have become more conservative about home valuations. That means some homeowners may not have enough equity to refinance. On the plus side, the federal government’s Making Home Affordable program now allows qualified homeowners to refinance even if they owe more on their mortgage than their home is worth. The loan-to-value (LTV) ratio on a Home Affordable Refinance loan can be as high as 125 percent. More information about this program can be found at www.makinghomeaffordable.gov.
If you decide to refinance, it’s always a good idea to shop around for a loan product and an appropriate combination of interest rate, terms and costs to fit your needs. Also, be ready with your documentation. Most lenders today require a paycheck stub, bank statement, credit report and other information before they’ll approve your new loan.
Courtesy of LendingTree.com
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Five steps to refinance
How to navigate the refinance process from figuring out your goals to closing your mortgage loan.
Refinancing your mortgage could let you lower your monthly payment, reduce your interest expense or get a loan with a fixed interest rate and payment. If you’ve been waiting to take advantage of those opportunities because you feel uncertain about the process to refinance, here are five simple steps that can help you navigate the refinance process:
1. Figure out your goals.
Do you want to refinance to lower your monthly mortgage payment, save money on interest costs, switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or achieve a combination of those goals? Focusing on your reasons for refinancing will help you choose a loan that will enable you to accomplish your objectives.
2. Get ready to shop.
You probably already know how much your monthly mortgage payment is. But do you also know your current interest rate and the terms of your loan, if your rate is adjustable? That information can help you choose which loan you want. .
It's also a good idea to check your credit score and try to estimate the current value of your home. Equity is a major factor in whether you’ll be able to refinance.
3. Shop for a loan.
It's important to shop around and compare costs and terms when you want to refinance your loan. Costs and terms can vary from lender to lender, so it’s important to compare multiple options. You may also want to obtain loan offers from local lenders, banks or credit unions. Be sure to ask when the interest rate will be locked on each loan that you want to consider.
4. Compare loan offers.
When you compare loan options, it’s important to consider the terms and costs as well as the interest rate. Costs typically include a loan origination fee, an appraisal fee, closing costs and a new lender's title policy.
5. Choose your loan.
Once you choose a lender and a loan, it typically takes several weeks to close your loan. During that time, you may need to complete a formal loan application, if you haven’t already done so, allow an appraiser into your home and obtain a cashier's check to pay your closing costs.
Courtesy of Lending Tree
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Do you want to refinance to lower your monthly mortgage payment, save money on interest costs, switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or achieve a combination of those goals? Focusing on your reasons for refinancing will help you choose a loan that will enable you to accomplish your objectives.
You probably already know how much your monthly mortgage payment is. But do you also know your current interest rate and the terms of your loan, if your rate is adjustable? That information can help you choose which loan you want. .
It's important to shop around and compare costs and terms when you want to refinance your loan. Costs and terms can vary from lender to lender, so it’s important to compare multiple options. You may also want to obtain loan offers from local lenders, banks or credit unions. Be sure to ask when the interest rate will be locked on each loan that you want to consider.
When you compare loan options, it’s important to consider the terms and costs as well as the interest rate. Costs typically include a loan origination fee, an appraisal fee, closing costs and a new lender's title policy.
5. Choose your loan.
Once you choose a lender and a loan, it typically takes several weeks to close your loan. During that time, you may need to complete a formal loan application, if you haven’t already done so, allow an appraiser into your home and obtain a cashier's check to pay your closing costs.
Courtesy of Lending Tree
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