Getty Images / MLS via Realtor.comThe sprawling mansion where the reality TV show “Being Bobby Brown” was filmed is on the market in Alpharetta, GA, for $1.9 million.Singers Bobby Brown and Whitney Houston purchased the 7,734-square-foot home in 2003 for $1.39 million. In 2007, the celebrity couple sold the designer five-bedroom home to the Chevalier family for $1.19 million.“When we bought the house, we were looking for a home in the Country Club of the South,” says homeowner Danielle Chevalier. The gated country club community boasts 745 homes and a golf course, among other residential amenities.“At the time, Whitney Houston and Bobby Brown’s house was on the market—and we thought it had really good bones,” adds Chevalier.FoyerRealtor.comLiving areaRealtor.comDid the celebrity pedigree factor into the Chevaliers’ purchase of the gated estate?“I had never even seen the show,” Chevalier says. It aired for a single season on Bravo in 2005, and a review from the time called the show “the most disgusting and execrable series ever to ooze its way onto television.” It’s a distinction that’s certainly been topped in the decades since, but we don’t blame Chevalier for not tuning in.“We were definitely fans of hers. But for us, that didn’t have anything to do with our decision. It was more about the house being a beautiful home at the end of a cul-de-sac, and its location in the Country Club of the South,” Chevalier says. “They had good taste, so I can see why they chose this home.”___Watch: Where It’s At: Beck Lists His L.A. Home With Music Studio___Front entry doors open to a two-story foyer and a gorgeous staircase.“Whitney had great taste, but like every homeowner, we updated some things to make it our own,” says Chevalier. “We put in a swimming pool, changed out the railings, put in some fire pits outside, and installed hardwood floors upstairs.”Pool and fire pitRealtor.comKitchenRealtor.comThe most impressive room in the house is the enormous living room, which boasts a vaulted ceiling and large windows allowing natural light to flood the beautiful space. There’s also a spacious dining room designed for entertaining.On the lower terrace level, there’s a “mahogany bar, billiards/game area, bedroom/full bathroom, exercise, and an open media room with a 150-inch drop-down screen,” according to the listing.Other luxury amenities include updated lighting and an invisible-edge, saltwater pool with a separate spa.TerraceRealtor.comBedroomRealtor.comThe chef’s kitchen comes with high-end appliances, a wine/coffee bar, and an octagonal breakfast nook.The primary suite is on the main level and features dual closets, a coffee bar, and a beautiful bathroom with a soaking tub. Upstairs, three en suite bedrooms boast newer hardwood floors.“The home is a one in a million for sure,” says Chevalier. “I am not sure if Whitney Houston owning it would make a difference to the next buyer, but it certainly could for some. Hopefully, someone will love living here as much as I did. All of the neighbors said while [Brown and Houston] were living here, they were really nice. We were out of town when she sadly passed away. The phone was ringing off the hook asking us for interviews. We declined them all at the time out of respect for her.”The post Whitney Houston and Bobby Brown’s Former Mansion Now Available for $1.9M appeared first on Real Estate News & Insights | realtor.com®.

Getty Images / MLS via Realtor.comReese Witherspoon has not only phenomenal acting chops (ahem, she’s an Oscar winner), but also a savvy head for real estate.Witness her latest home sale, which made her a sweet profit of $3.5 million, according to Dirt.Yup—this Nashville, TN, abode recently traded hands in an off-market deal for $7.3 million, which is almost double the $3.7 million that Witherspoon paid in 2018.The palatial, Colonial-style estate is located in the upscale neighborhood of Belle Meade, has six bedrooms and eight baths, and extends over nearly 8,400 square feet.Not bad for the multitalented “Legally Blonde” star who’s also busy acting in hits (“The Morning Show”), helming a clothing line (Draper James), and running her own media and entertainment company.Reese’s piece of real estateBuilt in 1937, the picturesque pad is set back from a circular driveway and boasts a double set of porches supported by stately columns.Aerial viewRealtor.comThe mansion also was the subject of an episode of the Netflix show “Get Organized With The Home Edit.” By the way, Witherspoon’s company snapped up the home organizing business in 2022.Reese Witherspoon shows off her empty closet space.NetflixLovely, polished hardwood floors and a quiet, white palette offer a calming feel as you enter the lofty foyer.In addition to formal living and dining spaces, there’s also a stylish kitchen with a marble island and a home office.And the 1-acre space features mature trees surrounding the yard, a huge pool, outdoor dining on the patio, and a fire pit for cozy drinks and toasting marshmallows.While Witherspoon was born in New Orleans, she spent many of her formative years in Nashville, where she owns multiple properties.She is said to reside in an even larger, $18 million Nashville home. The massive, 14,000-square-foot residence sits on nearly 4 acres and has five bedrooms and 5.5 baths.Past propertiesThe actress’ real estate portfolio has included former homes in several California locations: a ranch in Ojai, a mansion in Brentwood, and others in Bel-Air, Pacific Palisades, and Malibu. And when she’s in need of a beach escape, there’s always her Bahamas pad!___Watch: Timothee Chalamet Buys Beverly Hills Home From Justin Verlander and Kate Upton for $11MRandy White contributed to this report.The post Sweet Home: Reese Witherspoon Nets a Tidy Sum on Her Gorgeous Nashville Mansion appeared first on Real Estate News & Insights | realtor.com®.

Getty ImagesSince home prices shot into the stratosphere, many first-time buyers have prayed for them to fall so that they could afford to become homeowners. Their wishes appear to have been granted—and yet, they’re caught in a paradox: Even as prices have begun to dip, the cost of purchasing a home has risen. A lot.The reason for the contradiction: soaring mortgage interest rates.Most folks are still laser-focused on a property’s price tag. In fact, this kind of list price obsession is deeply ingrained in the American psyche. But, of course, purchasing a home is very different from buying products from a brick-and-mortar store or shopping online. Unless home shoppers are buying with all cash, they will be taking out a long-term loan to fund their purchase. And there’s a hefty cost to borrow that money—which increases when mortgage rates go up.Nationally, the median mortgage payment is now about 77% higher* than a year ago. The bulk of that increase is due to the higher rates, which shot up from the low 3% range to hover around 7% for 30-year fixed-rate loans. And that has entirely upended the affordability equation.“Interest rates absolutely matter,” says Realtor.com® Senior Economist George Ratiu. “The mortgage rate can make or break someone’s ability to purchase a home almost regardless of price.”For those payments to return to where they were just one year ago, home prices would need to plummet by 45% (assuming rates stay where they are). Let that sink in for a moment. If mortgage rates increased to 8%, prices would have to fall by about 50% to get back to around last year’s payment.Mortgage rates make that much of a difference.“Prices would have to drop significantly for homebuyers to feel like they’re actually getting a bargain,” says Ratiu. “If we had stayed at a roughly 3% interest rate, falling prices could have given people a chance to snag a bargain or something that’s actually more affordable. But with rates … not likely to return to those 3% levels anytime soon, even a 10% decline in prices is not going to offer much of a bargain.”Home prices are not expected to plummetThe chances that home prices will fall by 45% are beyond slim. Prices have come down a little from their peaks over the spring and summer, but they are still up annually. Most real estate experts are predicting only about a 10% decline nationally, although the exact amount is expected to vary greatly throughout the country.“It’s quite rare for house prices to actually fall. It doesn’t happen very often,” says Padhraic Garvey. He is the regional head of research, Americas, at the multination financial services and banking company ING.During the Great Recession, home prices dropped only about 30% from their peak in the 2000s after the housing bubble burst. That was largely due to subprime, predatory loans going bust, a wave of foreclosures flooding the market with cheap residences, and more homes for sale than there were buyers.Today, those risky mortgage loans have largely been eliminated. Only the most qualified buyers—those who are least likely to go into foreclosure—receive loans. And instead of a housing glut, there is a dire shortage of properties for rent and sale with many more buyers and renters than there are available homes. That keeps a floor under prices, preventing them from falling too far.“Those folks who say, ‘What goes up, must come down,’ I appreciate them wanting to think about the economic theory behind prices,” says Lisa Sturtevant, chief economist of the Bright MLS, a multiple listing service covering the mid-Atlantic region. “But supply has to increase significantly if we’re expecting a big drop in prices, [and] we simply haven’t been building enough housing for years and years.”Low rates helped to fuel the historic run-up in home prices during the COVID-19 pandemic. Because buyers were spending less each month on mortgage interest, they had more money to put toward homes. That precipitated the real estate frenzy that resulted in frenetic bidding wars, investors buying just about everything in sight, and six-figure offers over the asking price.Now that rates have risen, bumping up how much today’s new homeowners must part with each month, buyers don’t have as much money to spend on the actual house. Their money is going to the lender instead. So prices have been forced to come down a little.“I expect to see prices falling from their peaks. But in most markets, prices are [still] going to be 10%, 20%, 30% higher than they were in 2019 before the pandemic,” says Sturtevant. ”___Watch: 6 Crucial Tips for Bringing Down Your Mortgage Rate___Monthly mortgage payments have soared in the past yearLast October, the median mortgage payment was $1,245.48 a month nationally. A year later, buyers were shelling out about $1,000 more a month—for the same property, not including taxes or insurance costs. However, home prices were up only 13.3% year over year in October. So that means most of that additional cash they were spending came from higher ratesOver the life of a 30-year loan, buyers would be paying $345,247.20 more than they would have if they’d closed a year earlier. This assumes they don’t refinance their loans if rates go down, of course.“That’s a lot of money,” says Sturtevant. “It’s a major impact on households budgets.”Mortgage rates could keep risingMortgage rates have a decent chance of continuing their upward climb—much to the dismay of homebuyers.The U.S. Federal Reserve has been hiking its own rates as a way to curb inflation. Mortgage rates, which are separate, typically follow in the Fed’s footsteps, rising when the Fed’s rates go up, and falling when the Fed cuts its rates.The Fed typically lowers rates only to give the economy a boost when it needs one, which is what happened during the pandemic.“The only way I see mortgage rates stopping their upward trajectory is if the economy dives into a severe recession,” says Ratiu.* This calculation looks at October 2022 and 2021 median home list prices from Realtor.com and weekly average mortgage interest rates for 30-year fixed-rate loans in the last week of October using Freddie Mac data. Taxes and insurance costs were not included.The post Home Prices Would Need To Fall This Much for Buyers To Get a Break appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.comIf you’ve ever wanted to host a rodeo, dine under a waterfall, or perfect your two-step on a dance floor from the comfort of your own property, this entertainer’s ranch on the market for $1.65 million in Queen Creek, AZ, is calling your name.Built in 2016, the dreamy 3,350-square-foot residence features all of the above—along with some very cool secret rooms. Outside, there’s a custom infinity pool with a waterfall, a hot tub, a volleyball court, a built-in barbecue area, and a fire pit.“The original owners owned a shotcrete company and used the outbuilding as office space and lived in the main house,” says listing agent Madison Spaid, of DPR Realty. “The current owners use the outbuilding to store RVs and dirt bikes and have hosted wedding events here as well. They have really enjoyed the property.”The current owners bought the property only two years ago for $815,000. They’re now hoping to more than double their money—if they can get close to their asking price.Equestrian areaRealtor.comHot tubRealtor.comPoolRealtor.comOutdoor dining areaRealtor.comSwing room and a tunnelRealtor.comKitchenRealtor.comEntertainment roomRealtor.comBedroomRealtor.comThe four-bedroom custom home features an industrial-chic kitchen with a soaring ceiling, distressed cabinets, and exposed ductwork. A dramatic floor-to-ceiling woodstove can be found in the living room, and the first-floor primary suite comes with a beamed ceiling and outside access. There is also a soundproof playroom for the kids.“The home is a very industrial farmhouse style. It will take a unique buyer who loves that style,” Spaid says. “The previous owners had four or five horses, but the current owners do not. You could certainly host a rodeo with all of the space available. There is a big deck and a dance floor.”And an entertainer’s dream house wouldn’t be complete if didn’t have a guesthouse. Overnight travelers can stay in the casita on the 3.5-acre property.“There is a full casita being used as a pool house that has a bedroom, bathroom, and living area,” Spaid adds. The lot also features a tack room with two stalls and a corral as well as lots of garage and storage space, along with RV hookups.Whether you have little ones or are just a big kid at heart, there are a number of fun features to explore. Including hidden rooms.“There’s this tunnel that leads to secret rooms,” Spaid notes. “You can go up a spiral staircase to a loft, then crawl through a door, and there is this little area with a vaulted ceiling that they had as a hangout area. The big tunnel you can crawl through (from the swing room), and I have had plenty of adults go through it to check it out. You can climb a rock wall that also leads to a secret room.”If a buyer manages to seal a deal before the upcoming holidays, they’ll be able to enjoy the home’s $15,000 in permanent holiday/security lighting.“It’s all of the amenities that truly sell the property,” Spaid notes. As for who’s looking at this property at the far southern edge of the Phoenix metro, the agent says interest has been intense.“We have had a lot of interest from families to retired couples,” she says. “Each of them is interested in bringing their horses. From the feedback we have been receiving, it would mostly be used as a primary residence.”The post $1.65M Entertainer’s Dream House With Secret Rooms Intrigues Adults and Kids Alike appeared first on Real Estate News & Insights | realtor.com®.

Getty Images / MLS via Realtor.comWe know all about homes, and one maxim that holds true is the value of a smart makeover. But the merits of a makeover aren’t limited to the realm of real estate. Just ask the National League champion Philadelphia Phillies.Mired in mediocrity nearly one-third of the way through the season, the Phils opted for a somewhat extreme makeover and fired manager Joe Girardi. It was akin to removing an unnecessary wall and flooding the dugout with gorgeous, natural light.Right after the managerial makeover, the Phils reeled off an eight-game winning streak, caught fire over the summer, and rode the good vibes all the way to a wild-card playoff berth.But even new skipper Rob Thomson couldn’t have predicted the team’s amazing post-season success. The Phils knocked off favored foes and made an amazing march all the way to the World Series. Now facing the biggest mismatch in the Fall Classic since 1906 (seriously!), the Phils are looking to knock off the widely despised Houston Astros.If Thomson winds up leading the team to a World Series win, he’ll likely never have to buy another drink in Philadelphia. But he probably will need to settle down and buy a home.We couldn’t figure out exactly where the Phillies new manager currently resides, but we were able to track down many of the homes of the Phillies. Let’s have a look at where the players rest their heads.Bryce Harper’s New Jersey digsLet’s start with the team’s superstar: the man with the power that helped propel the Phillies’ unlikely run to the World Series.Harper landed in Philadelphia in 2019 after starring in the nation’s capital for seven seasons. The dashing young outfielder wasted no time in finding a home in the area.Like other noted Philly stars, he opted for an address in the Garden State. In summer 2019, he paid $2.1 million for a brand-new, four-bedroom home in Haddonfield, NJ.Bryce Harper’s Haddonfield, NJ, homeRealtor.comThe lovely modern farmhouse on a private street was touted as offering “nearly every kind of special room, feature, and amenity imaginable.” That includes a “custom fitness center.”The town just east of Philly is no stranger to luxury homes: Of the nearly 50 homes currently on the market in Haddonfield, five are priced above $2.5 million.High Roller: Harper’s Vegas-area homeA Las Vegas native, Harper made a safe bet in 2016 with the purchase of a sleek mansion in Henderson, NV.Purchased three years before Harper signed a massive $330 million contract with the Phillies, his Nevada home is a home run.For one, he snagged a 23% discount on the home. It was listed in early 2015 for $3,495,000. A year later, the slugger sealed a deal for $2.7 million.Harper’s Henderson, NV, homeRealtor.comThe five-bedroom home on a half-acre lot is spacious and provides a distant view of the twinkling lights of the Las Vegas Strip. Luxe highlights of the modern home include a cascading water wall, a glass-enclosed wine wall for 360 bottles, and a floating staircase.With over 7,300 square feet of living space and a location that backs up to the Rio Secco Golf Club, it’s a dreamy offseason desert retreat.Kyle SchwarberOne of just two Phillies with World Series experience, the slugging Schwarber has impressed fans with his prodigious post-season home runs.An Ohio native, Schwarber owns a 5-acre parcel in Germantown, OH, a small town located about midway between Dayton and Cincinnati. Property records indicate there’s a three-bedroom home on the rural property, but the man with the big swing might have bigger plans for this property.His mailing address corresponds with another property in the Buckeye State: a relatively modest three-bedroom home in the suburbs north of Cincy that was purchased in December 2018 for $344,100. The ranch-style residence features two kitchens and five additional rooms on a fully finished lower level. It might have been a purchase for a family member—perhaps his parents.Kyle Schwarber’s Germantown, OH, homeRealtor.comIt doesn’t appear that Schwarber’s truly splurged yet and used the full heft of the $79 million contract he inked in March.Right now, the only other property we found tied to the outfielder is a basic three-bedroom condo in Tampa, FL, which he purchased in 2014 for just $138,000.The condo is located in a gated community close to the waters of Tampa Bay. If area comps are any indication, the condo is likely worth north of $300,000 these days.Schwarber’s Tampa, FL, CondoRealtor.comPhillies catcher J.T. RealmutoThe All-Star backstop keeps an offseason home in his native Oklahoma. Brand-new when Realmuto purchased it for $399,000 in July 2016, the home in Choctaw, OK, was marketed as a “rare find.”J.T. Realmuto’s Choctaw, OK, homeRealtor.comSitting on just over a half-acre in the suburbs east of Oklahoma City, the residence boasts a covered back patio, custom woodwork, and a bonus room upstairs.Like Harper, Realmuto also calls Haddonfield home during the season. We’re on the lookout for exactly how close he is to his buddy Bryce.New Phillie Nick CastellanosCastellanos signed a five-year, $100 million deal to play for the Phillies in March. However, his first season in the City of Brotherly Love wasn’t all romance. His offensive output slipped, and he was booed over the summer as he struggled to acclimate to Philly.But he’s likely redeemed himself with a crucial role in the team’s success this post-season. And because he’ll be in town for a while, he’s settled down in style.Castellanos bought the Haddonfield, NJ, mansion of former Philadelphia Sixers star Ben Simmons. The disgruntled NBA All-Star put his Jersey home up for sale in October 2021 for $5 million—while he was still on the Sixers roster. The drama surrounding Simmons’ decision to sell his home made it that week’s most popular home in the entire country.Castellanos picked up the home for $4.55 million in April 2022. Located at the end of a cul-de-sac, the 10,477-square-foot mansion features dual islands in the kitchen, a luxe home office with built-in cabinetry, and a huge primary suite with a private terrace.Nick Castellanos’ Haddonfield, NJ, homeRealtor.comIn the offseason, the Florida native makes his home in the Miami metro area in the suburban community of Southwest Ranches.In January 2019, the slugger and his wife purchased a seven-bedroom, 7,581-square-foot mansion for $2,275,000. Sitting on a 5-acre lot that stretches across two parcels, the mansion features an open floor plan, a huge primary suite, and a glorious outdoor pool.Castellanos’ Southwest Ranches mansion in the Miami metroRealtor.comNot finished in Florida, the couple purchased a four-bedroom home kitty-corner from their gated mansion. They closed on a deal on the home across the street for $1,875,000 in June 2021. While the house is smaller, at just 3,462 square feet, its 3-acre lot comes with a stable for horses.Castellanos’ second Southwest Ranches homeRealtor.comRhys Hoskins stays downtownThe first baseman broke into the big leagues with the Phils in 2017. He’s endured ups and downs over the past six seasons, but his emphatic bat spike after belting a home run against the Padres in this year’s playoffs cemented his place in the Philly sports pantheon.In the middle of his third season in Philadelphia, Hoskins put down roots right in the center of the city. He spent $1.65 million on a townhouse right off Broad Street. The three-bedroom, 4,200-square-foot dwelling boasts a roof deck and multiple outdoor spaces.Inside, the modern finishes are highlighted by a chef’s kitchen, wide-plank wood flooring, and a cozy fireplace.View from Rhys Hoskins’ deck in PhiladelphiaRealtor.comHoskins also has a three-bedroom home in his hometown of Sacramento, CA. The property appears to have been transferred to his name from his father in 2015. The unassuming ranch-style house on the north end of the state’s capital city serves as either Hoskins’ offseason crash pad or a long-term investment.Brotherly Love in Louisiana: Aaron NolaThe ace pitcher won the battle of the brothers in the NLCS, defeating San Diego and his brother Austin, the Padres catcher. Plenty of ink was spilled covering the Nola brothers’ unique tale and the tribulations of their parents, who couldn’t evince any favoritism for either of the two teams.The Nola parents had to travel from their home in Baton Rouge, LA, to both San Diego and Philadelphia to root for their sons.It wasn’t shocking to see Aaron keeps a place back home in Baton Rouge, even after eight seasons with the Phillies. Located on the city’s south side, it’s just a few short blocks from Louisiana State University, where Aaron starred as a college hurler. Beyond the location, information on his Louisiana residence is scant. From the street, it looks like a perfectly charming home.Aaron Nola’s Baton Rouge, LA, homeGoogleZack WheelerFellow ace Wheeler signed a five-year, $118 million contract with the Phillies after the 2019 season.Prior to his big payday, Wheeler splurged on a seven-bedroom home in Canton, GA, in January 2019. His offseason getaway spans a whopping 9,184 square feet and sits on the waters of Lake Allatoona about an hour north of Atlanta.Featuring a seven-car garage, the huge home landed on the market in October 2018 for $1.35 million. Wheeler scooped it up for $1.31 million just a few months later.Other highlights of the home include an elevator, a luxury spa, and a home theater with stadium seating. Out back, there’s a huge pool, patio, and waterfall.Zack Wheeler’s Canton, GA, homeRealtor.comExecutive genius Dave DombrowskiThe general manager who put the team together now calls Nashville, TN, home. Prior to taking his post with the Phillies in late 2020, he was spearheading an effort to bring an MLB team to Music City.Still tied to Tennessee while assembling the Phillies roster, the well-traveled baseball executive bought a five-bedroom home in Nashville in April 2021 for $2.36 million.Located in the city’s Forest Hills neighborhood, the brand-new residence was marketed as offering “high-quality finishes from top to bottom.” Designed with a large outdoor space for entertaining, the home on just over an acre of land also features a main-floor primary suite, a chef’s kitchen, and a guest suite.Dave Dombrowski’s Nashville, TN, homeRealtor.comAfter spending over five decades in baseball front offices, Dombrowski’s constructed multiple World Series-worthy rosters. He’s also been busy with real estate transactions.In 2015, he purchased a glorious six-bedroom residence in Brookline, MA, after being hired by the Boston Red Sox. That purchase foretold the sale of his six-bedroom home in Bloomfield Hills, MI, which he owned while serving as GM of the Detroit Tigers.Signing the checks: John MiddletonThe team owner made his billions when he sold the family tobacco business in 2007. He bought his first stake in the Phillies in 1994 and has amassed more equity in the franchise over the past three decades. Middleton assumed the role of principal owner in 2015.With his vast wealth, Middleton has also accumulated an impressive property portfolio. He owns a massive mansion in Bryn Mawr, PA, as well as a fabulous seven-bedroom oceanfront mansion along the Jersey Shore in Avalon, NJ.But his crowning property achievement just might be the oceanfront estate known as Turtle Bluff in Palm Beach, FL. Built from scratch to Middleton’s specifications, the British colonial-style mansion has won local acclaim for its landscape design.Randy White (stonecrestmediava@gmail.com) contributed to this report.The post MLB Cribs: Homes of the National League Champion Philadelphia Phillies appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.comWith Powerball’s jaw-dropping jackpot hitting an estimated $1.6 billion for Saturday’s drawing, it’s time to start thinking about what you would do if you’re that one lucky winner.While the odds of winning the largest Powerball jackpot in history are about 1 in 292 million, there’s still a (tiny) chance you could come away with it all—or at least a massive portion of it if there are multiple winning tickets. As of now, one winner is estimated to haul away an eye-popping cash value of $782.4 million, according to Powerball.With that amount of money in your pocket, you could have your pick of one, or several, ultraluxe homes across the country.Here’s a look at five top splurge-worthy homes to consider:1. 33550 Pacific Coast Hwy, Malibu, CAPrice: $225,000,000Why it’s here: Live among Hollywood’s elite in this sprawling spread owned by former Disney CEO Michael Eisner.Located on approximately 5 acres overlooking the Pacific Ocean, this spectacular 25,025-square-foot megamansion was designed by architect Robert A.M. Stern. The massive, nine-building compound features everything from a gym and beach cottage to an underground tunnel from the pool to a large home theater. There’s even a cliffside elevator to the beach. The 16 bedrooms and additional guesthouses can accommodate all of your closest friends and family to celebrate your winnings.If Eisner sells you this home, you’ll also be making California history: The transaction would be the largest sale ever in the state. (You’ll join the ranks of billionaire venture capitalist Marc Andreessen, who set the state record last year with his Malibu purchase for $177 million.)Malibu, CARealtor.com———2. Hunts Point, WAPrice: $85,000,000Why it’s here: If you purchase this colossal compound owned by telecom mogul Bruce McCaw for list price, it will go down as one of the priciest transactions in the Northwest.Overlooking Lake Washington, the five-bedroom estate once owned by saxophonist Kenny G sits on 4 pristine acres of privacy. Designed by celeb-favored architect Richard Landry, the main residence is constructed of sandstone and glass. It features a breathtaking, two-story entry, walls of windows, a wood-paneled library, and an ornate dining room.The compound comprises four buildings: the main residence, beach house, staff house, and pool cabana. There’s a total of 17,599 square feet of living space.There’s also a private dock large enough to accommodate boats, a seaplane, personal watercraft, and a yacht, but you’ll have to bring your own toys.Hunts Point, WARealtor.com———3. 217 W 57th St Unit Penthouse, New York, NYPrice: $250,000,000Why it’s here: Now’s your chance to enjoy big-city living in this massive, 17,545-square-foot penthouse at Central Park Tower.Not only will you score the top spot in midtown Manhattan’s Billionaires Row skyscraper, but you will also be set up in the world’s tallest residential tower. Featuring spectacular views of the city skyline from Central Park to the Hudson and East Rivers, the seven-bedroom condo occupies the top three floors of the building.Hope you like heights: The property features a terrace that’s believed to be the highest in the world. There’s an impressive 1,433 square feet of outdoor space to take in the unobstructed city views.Luxury features include 27-foot ceilings, a grand salon, observatory, library, and media room. There’s a ballroom for hosting private parties, a catering kitchen with a separate entry, and an elevator to whisk you to each floor.According to the Wall Street Journal, if you purchase this home, you would set a record with the country’s highest-ever home sale.Be sure to set aside some extra cash for the whopping $26,952 monthly condo fees.New York, NYRealtor.com———4. 633 N Hayden Rd, Aspen, COPrice: $23,995,000Why it’s here: If you prefer the Rocky Mountain High life, this six-bedroom lodge once owned by Colorado tech giant Tim Gill will surely delight. It’s 44 acres of alpine beauty overlooking Castle Creek Valley.Built in 1998 using logs from Yellowstone Park, the 11,877-square-foot home features reclaimed hickory flooring, a split-log bar with onyx backsplash, and an open-flame, river rock fireplace in the great room.The plush primary suite comes with “an oversized steam shower with bench, gas fireplace, dual vanities, separate bathrooms, two walk-in closets, and a large soaking tub,” according to the listing.The sprawling property features spectacular views of Mount Hayden, Aspen Highlands, Midnight Mine, Highland Bowl’s North Woods, and G-Zones.There’s also a detached elevated gym, spa with full bath, massage room, partly covered outdoor hot tub, four-car garage, and outdoor heated seating.Aspen, CORealtor.com———5. 18 Lagorce Cir, Miami Beach, FLPrice: $170,000,000Why it’s here: Currently the most expensive listing in Florida, this 12-bedroom beauty sits on a lot of 3 acres on La Gorce Island.The listing is being offered by the foundation of the late doctor M. Lee Pearce and includes four unique parcels.The guard-gated island where rapper Lil Wayne once lived is accessible by a bridge from Miami Beach. The property features 600 feet of water frontage overlooking Biscayne Bay. Three of the four parcels have homes, each one with a private dock. The fourth lot features a private park known as Domaine de la Paix et de l’Amour, which boasts a bay-facing, marble gazebo.Built in 1936, the luxury dwelling features coffered ceilings, lots of built-ins, numerous fireplaces, and a wood-paneled library.Miami, FLMLS via Realtor.com——————Randy White contributed to this story. The post 5 of the Most Ridiculously Extravagant Homes You Could Buy With the $1.6B Powerball Jackpot appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.comWith Powerball’s jaw-dropping jackpot hitting an estimated $1.9 billion for Monday’s drawing, it’s time to start thinking about what you would do if you’re that one lucky winner.While the odds of winning the largest Powerball jackpot in history are about 1 in 292 million, there’s still a (tiny) chance you could come away with it all—or at least a massive portion of it if there are multiple winning tickets. As of now, one winner is estimated to haul away an eye-popping cash value of $782.4 million, according to Powerball.With that amount of money in your pocket, you could have your pick of one, or several, ultraluxe homes across the country.Here’s a look at five top splurge-worthy homes to consider:1. 33550 Pacific Coast Hwy, Malibu, CAPrice: $225,000,000Why it’s here: Live among Hollywood’s elite in this sprawling spread owned by former Disney CEO Michael Eisner.Located on approximately 5 acres overlooking the Pacific Ocean, this spectacular 25,025-square-foot megamansion was designed by architect Robert A.M. Stern. The massive, nine-building compound features everything from a gym and beach cottage to an underground tunnel from the pool to a large home theater. There’s even a cliffside elevator to the beach. The 16 bedrooms and additional guesthouses can accommodate all of your closest friends and family to celebrate your winnings.If Eisner sells you this home, you’ll also be making California history: The transaction would be the largest sale ever in the state. (You’ll join the ranks of billionaire venture capitalist Marc Andreessen, who set the state record last year with his Malibu purchase for $177 million.)Malibu, CARealtor.com———2. Hunts Point, WAPrice: $85,000,000Why it’s here: If you purchase this colossal compound owned by telecom mogul Bruce McCaw for list price, it will go down as one of the priciest transactions in the Northwest.Overlooking Lake Washington, the five-bedroom estate once owned by saxophonist Kenny G sits on 4 pristine acres of privacy. Designed by celeb-favored architect Richard Landry, the main residence is constructed of sandstone and glass. It features a breathtaking, two-story entry, walls of windows, a wood-paneled library, and an ornate dining room.The compound comprises four buildings: the main residence, beach house, staff house, and pool cabana. There’s a total of 17,599 square feet of living space.There’s also a private dock large enough to accommodate boats, a seaplane, personal watercraft, and a yacht, but you’ll have to bring your own toys.Hunts Point, WARealtor.com———3. 217 W 57th St Unit Penthouse, New York, NYPrice: $250,000,000Why it’s here: Now’s your chance to enjoy big-city living in this massive, 17,545-square-foot penthouse at Central Park Tower.Not only will you score the top spot in midtown Manhattan’s Billionaires Row skyscraper, but you will also be set up in the world’s tallest residential tower. Featuring spectacular views of the city skyline from Central Park to the Hudson and East Rivers, the seven-bedroom condo occupies the top three floors of the building.Hope you like heights: The property features a terrace that’s believed to be the highest in the world. There’s an impressive 1,433 square feet of outdoor space to take in the unobstructed city views.Luxury features include 27-foot ceilings, a grand salon, observatory, library, and media room. There’s a ballroom for hosting private parties, a catering kitchen with a separate entry, and an elevator to whisk you to each floor.According to the Wall Street Journal, if you purchase this home, you would set a record with the country’s highest-ever home sale.Be sure to set aside some extra cash for the whopping $26,952 monthly condo fees.New York, NYRealtor.com———4. 633 N Hayden Rd, Aspen, COPrice: $23,995,000Why it’s here: If you prefer the Rocky Mountain High life, this six-bedroom lodge once owned by Colorado tech giant Tim Gill will surely delight. It’s 44 acres of alpine beauty overlooking Castle Creek Valley.Built in 1998 using logs from Yellowstone Park, the 11,877-square-foot home features reclaimed hickory flooring, a split-log bar with onyx backsplash, and an open-flame, river rock fireplace in the great room.The plush primary suite comes with “an oversized steam shower with bench, gas fireplace, dual vanities, separate bathrooms, two walk-in closets, and a large soaking tub,” according to the listing.The sprawling property features spectacular views of Mount Hayden, Aspen Highlands, Midnight Mine, Highland Bowl’s North Woods, and G-Zones.There’s also a detached elevated gym, spa with full bath, massage room, partly covered outdoor hot tub, four-car garage, and outdoor heated seating.Aspen, CORealtor.com———5. 18 Lagorce Cir, Miami Beach, FLPrice: $170,000,000Why it’s here: Currently the most expensive listing in Florida, this 12-bedroom beauty sits on a lot of 3 acres on La Gorce Island.The listing is being offered by the foundation of the late doctor M. Lee Pearce and includes four unique parcels.The guard-gated island where rapper Lil Wayne once lived is accessible by a bridge from Miami Beach. The property features 600 feet of water frontage overlooking Biscayne Bay. Three of the four parcels have homes, each one with a private dock. The fourth lot features a private park known as Domaine de la Paix et de l’Amour, which boasts a bay-facing, marble gazebo.Built in 1936, the luxury dwelling features coffered ceilings, lots of built-ins, numerous fireplaces, and a wood-paneled library.Miami, FLMLS via Realtor.com——————Randy White contributed to this story. The post 5 of the Most Ridiculously Extravagant Homes You Could Buy With the $1.9B Powerball Jackpot appeared first on Real Estate News & Insights | realtor.com®.

Getty ImagesMortgage rates are double where they were a year ago, making home buying a much more costly endeavor. Home sellers are trying to help them out.Buyers are not feeling the market, depressing mortgage demand. Rates are hovering at around 7%, which adds hundreds of dollars in additional monthly payments for prospective buyers’ budgets.Even though the number of for-sale homes is growing, they’re still expensive, creating affordability issues for buyers.Some builders and sellers are getting more creative, and offering ways for potential home buyers to lower their mortgage rate and monthly payments.“There are programs out there today, like something called a 2-1 buydown or a 3-2-1 buydown,” Michael Isaacs, the CEO of GO Mortgage, told MarketWatch on the sidelines of the Mortgage Bankers Association annual conference in Nashville, Tenn., last week.The 2-1 and 3-2-1 temporary rate buydowns are mortgage products that offer lower rates in the first few years of repayment, after which they permanently reset to the higher market rate.Mortgage-rate buydowns in particular are becoming popular, particularly since housing costs have risen significantly, she added.The 3-2-1 temporary rate buydown works like this: When a seller or builder pays some amount of money upfront to buy the rate down, that rate goes from 7%—where it is today—to 4% at the start of the payment period. Then, after a year, that rate goes up to 5%; the following year 6%; and then 7%.“So you can buy it down 3 points the first year, 2 points the next year, 1 point and then in the fourth year, it goes to its normal rate,” Isaacs elaborated.‘Because a lot of people think that rates will be lower two years from now, it’s a good way, psychologically and economically, to get into a house at a start rate that’s lower than where rates are today.’Or a seller can offer a 2-1 buydown, which has two periods of adjustment: It begins at 5%, then 6% after a year, then 7% or market rate.“Because a lot of people think that rates will be lower two years from now, it’s a good way, psychologically and economically, to get into a house at a start rate that’s lower than where rates are today,” Isaacs said.They are not new products, but they’re gaining popularity as rates are now more than double what they were a year ago.Generally, these rate buydowns are paid for by the home buyer, where they set aside part of their down payment, or the home seller or homebuilder can offer it as a negotiating tactic.Ali Wolf, chief economist at Zonda Research, a real-estate research company, told MarketWatch that her firm’s data is showing an uptick in builders offering these buydowns.“Home sellers are figuring out how to attract and retain buyers in today’s slower housing market,” Wolf said. “Homebuilders, in particular, are in a place to offer incentives to help buyers. Incentives come in many forms, including funds towards options and upgrades, discounted closing costs, and mortgage-rate buydowns.”‘Home sellers are figuring out how to attract and retain buyers in today’s slower housing market. Homebuilders, in particular, are in a place to offer incentives to help buyers.’Ali Wolf, chief economist at Zonda ResearchData from Zonda shows that over half of actively selling new-home communities are offering incentives as of October, Wolf said, and 80% of homebuilders are upping their incentive offerings.Isaacs said in some cases, real-estate agents who work with sellers introduce the idea of offering a rate buydown. Especially if the home is sitting on the market for longer than usual, the agent asks the seller whether they want to market the house through a lower interest rate.And these agents sometimes come to companies like his to ask for such products.A year ago, rate buydowns weren’t as common due to the low mortgage rate, and so his company didn’t see any requests come in.But “today, 3%, 4% of our loans have a 2-1 buydown, but it’s growing,” Isaacs said. “And if rates stay where they are right now, I think it’ll grow to where it’s probably much more common, 12% to 15%.”Aside from these rate buydowns that are done with builders and sellers, consumers have always had the ability to bring their rate down themselves through “points,” Wolf noted. In other words, pay the points on your mortgage, and bring down the rate.But since the market is slowly tipping in buyers’ favor, “the dynamics are changing,” Wolf said.“Builders are willing to pay the points to buy down the mortgage rates to help consumers with affordability,” she said. “Better affordability means more home sales, so builders are incentivized to help.”‘Everybody’s asking about an ARM’Another option more homebuyers are turning to is adjustable-rate mortgages, or ARMs. According to the Mortgage Bankers Association’s latest weekly report, ARMs consisted of nearly 12% of mortgage activity.“Everybody’s asking about an ARM,” Isaacs said.The 30-year mortgage with a loan balance of $647,200 or less averaged 7.06% as of Oct. 28, the MBA said.The average rate for the 5/1 ARM was 5.79%. A 5/1 ARM is a type of mortgage that has a fixed interest rate for the first five years, after which it becomes a variable rate mortgage, which is adjusted based on market conditions.“ARMs have a stigma from the financial crisis, because a lot of people lost their homes because they got into an ARM,” Isaacs said. “When the ARM adjusted, they couldn’t afford their mortgage payment.”An adjustable-rate mortgage has a fixed interest rate for the first five years, after which it becomes a variable rate mortgage, which is adjusted based on market conditions.But today’s ARM is a lot different, he stressed. “It’s a fairly safe product today, as long as you understand the risks that your payment could go up,” Isaacs said.And “if five years from now, rates are the same or higher than they are today, typically what somebody would do when your rate expires, they just go refinance into another ARM …something with the rate that you can afford, and then wait out the market again,” he added.ARMs can be risky, especially if the mortgage borrower sees their payment spike when the fixed, lower rate period ends, as MarketWatch reporter Leslie Albrecht wrote earlier this year.Some builders are choosing to offer an adjustable-rate buydown, Wolf added. (Rules now ask borrowers to prove that they can qualify for the higher payments once the mortgage rate adjusts.)And if you’re a homebuyer, the best way to get the lowest rate is to call 10 lenders, Isaacs advised. “Call 10 lenders. Go online. Look at every lender out there—call your local banks, local credit unions,” Isaacs said.But “if you’re on a fixed income, Social Security, you might not want to do an ARM,” he added.In late September, Freddie Mac’s chief economist Sam Khater, had the same piece of advice for homebuyers.He said the agency’s weekly survey of mortgage rates then showed a wide range of quotes for the 30-year fixed-rate mortgage. “The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders,” Khater stressed.The post ‘Incentives Come in Many Forms’: Here Are Ways To Lower Your Mortgage Rate, According to This Mortgage Company CEO appeared first on Real Estate News & Insights | realtor.com®.

Getty Images / MLS via Realtor.comImagine the pickup games! Los Angeles Lakers point guard Russell Westbrook recently scored a $33.5 million Brentwood trophy mansion directly across the street from teammate LeBron James, Dirt reported.Westbrook bought the luxe estate from heiress, model, designer, and socialite Petra Ecclestone, daughter of Bernie Ecclestone, the Formula One racing billionaire.But she is perhaps best known for previously purchasing the iconic Holmby Hills residence The Manor from Candy Spelling for $85 million in 2011.Ecclestone sold The Manor for a record-breaking $119.7 million in 2019. That same year, she downsized into this 8,600-square-foot piece of paradise.Ecclestone paid $22,700,000 for the six-bedroom, eight-bath property.Rendering of the front exterior of the home Russell Westbrook recently purchased.Realtor.comShe and her husband, property expert Sam Palmer, then did a number of upgrades to it, converting the 10-car garage to staff quarters, laundry and dry-cleaning facilities, and a couple of glass-walled offices, according to the New York Times.The time must have been right to move on, since the sellers potentially made quite a killing from their three-year investment.Modern farmhouseThe Ecclestone/Westbrook sale took place off market, so photos and details on the estate aren’t readily available. But Dirt reports that the three-story modern farmhouse-style mansion sits on a nearly half-acre lot, has walls of glass, and a pool and spa. It’s surrounded by mature trees and hedges, which provide a fair amount of privacy.Rendering of the back exterior of the home Russell Westbrook recently purchased.Realtor.comThis is not Westbrook’s first time dabbling in super-luxe real estate. In 2018, the NBA star purchased a brand-new home in Brentwood Park for $19,750,000.At 13,425-square feet, it was even bigger than the pad he just bought from Ecclestone.In September of this year, Westbrook listed that home at $29,995,000, and there is no record of it being sold yet. It takes an NBA superstar to be able to hold two mortgages for properties like that.Westbrook, 33, certainly qualifies. The 6’3,” Long Beach, CA, native is a nine-time NBA All-Star and earned the NBA MVP in 2017. Before joining the Lakers in 2021, he played for the Washington Wizards, Houston Rockets, and Oklahoma City Thunder.Randy White contributed to this report.The post Won’t You Be My Neighbor? L.A. Lakers Star Russell Westbrook Scores Posh Pad Across the Street From LeBron James appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.com / Realtor.comA spectacular, 27,280-square-foot megamansion in St. Louis, MO, owned by FURminator founder David Porter is this week’s most popular listing on Realtor.com®.Built in 2014, the opulent, French-inspired estate belonging to the creator of the popular pet shedding tool boasts a dramatic, two-story foyer, vaulted ceilings, exquisite millwork, and expansive windows. Some notable mentions include a wine cellar, a saloon, a theater, and a luxury car showroom.Other digs that drew your clicks include a midcentury modern marvel in Beverly Hills, an English Tudor revival in Indiana, and a Texas home with a pool, sandy beach, and tiki bar.For a full look at this week’s 10 most popular homes, keep scrolling.10. 353 Greene Rd, Woodstock, VTPrice: $18,000,000Why it’s here: Behold a ginormous farmhouse that sits on a jaw-dropping 183 rolling acres.Featuring 11,470 square feet of living space, “Star Hill Farm” shines brightly with its majestic pastoral and mountain views. Every bedroom in the spectacular, seven-bedroom estate has its own private bathroom. Other luxury amenities include a second-floor game room, a guest wing, and “four-story octagon with wine cellar,” as the listing states.The property also features an attached gambrel barn, two-bedroom guest house, swimming pool, professional-grade fitness center, and six-car, heated garage.Woodstock, VTRealtor.com9. 54 Lovers Dr, Bloomsburg, PAPrice: $1,400,000Why it’s here: This custom-built log cabin offers a lot of home on a lot of land.Built in 2005, the 5,712-square-foot lodge sits on a whopping 48 acres of privacy, but is conveniently located just five minutes from town. The six-bedroom home’s bright and open floor plan features a gorgeous, two-story great room with a floor-to-ceiling fireplace, and a stacked-stone center island in the kitchen.Plus, the plush property comes with a spectacular attached pool house and hot tub.Bloomsburg, PARealtor.com8. 63 Arnoldale Rd, West Hartford, CTPrice: $469,900Why it’s here: This reasonably priced, five-bedroom Tudor has been recently updated, and is within walking distance from the center of town.Built in 1935, the home still features some original touches like a wood-burning fireplace, preserved hardwood floors, exposed brick walls, and built-ins. The updated kitchen has a center island and stainless steel appliances. A primary suite and two bedrooms can be found on the second floor, with a third level offering two additional bedrooms that could also be used as a home office. There’s also an attached, two-car garage.The property has quickly caught the eye of one prospective buyer, as there’s already a contingent offer.West Hartford, CTRealtor.com7. 1005 Summit Dr, Beverly Hills, CAPrice: $6,995,000Why it’s here: This midcentury modern marvel is being listed for the first time since it was built in 1961.It’s not so often you come across a preserved flashback to a bygone time in Beverly Hills. But this groovy four-bedroom home has certainly wowed midcentury enthusiasts. From the Paul Ferrante finishes, and Dexter Frankel sculptures, to the Edward Fields carpets, and Viking appliances in the retro kitchen, every detail has been meticulously maintained in the time capsule, while adding some modern touches.Bonus: A pool with diving platform can found in the private backyard.Beverly Hills, CARealtor.com6. 300 Union Ave, Havre de Grace, MDPrice: $650,000Why it’s here: Calling all historic home lovers: This four-bedroom home survived the War of 1812 and features a renovated original smokehouse.Built in 1801 by Jean Baptist Aveilhe, the 3,284-square-foot, French-style estate features numerous historical details, including handmade brick, 400-year-old timber, and preserved white pine-plank flooring. The listing says, “A wrought iron ring on the exterior wall marks the spot where a cannonball flew into the top corner of the house.”The antique home needs a buyer to add some finishing touches and turn it into a gem.Havre de Grace, MDRealtor.com5. 153 Ayers Point Rd, Old Saybrook, CTPrice: $525,000Why it’s here: This soon-to-be-listed, six-bedroom contemporary was the personal home of the Ayer’s Point neighborhood builder.Built in 1985, the 3,151-square-foot home features a two-story solarium, a sunken living room, and even a widow’s watch. There aren’t any images of the interior yet, but the listing states the home does need some work, and is being offered as is.The one-acre lot also features a two-car attached garage, a three-car detached garage, and a pool.Old Saybrook, CTRealtor.com4. 634 Sherwood Dr, St. Louis, MOPrice: $750,000Why it’s here: This historic home located in the Sherwood Forest neighborhood features a gorgeous, Gothic-style arched front door.Built in 1925, the 3,964-square-foot abode offers a beautiful stone fireplace in the living room. A nearby, bright sunroom has French doors that lead out to the private backyard. The primary suite upstairs has a connected sunroom, while a third-floor bonus room could be transformed into a home office.The house does need some TLC to take it to the next level.St. Louis, MORealtor.com3. 5237 E Pleasant Run Pkwy S, Indianapolis, INPrice: $495,000Why it’s here: This well-maintained Tudor offers a beautiful look back at its history.Known as the Hibben House, the four-bedroom dwelling built in 1926 features leaded glass windows, a slate roof, and iron gate. Inside, the 4,362 square feet of living space boasts arched doorways, wood-paneled walls, an iron staircase, a built-in bookcase, cornices, and an original sculpture above the fireplace.A large entertainment room can be found on the lower level along with French doors that lead to a paved patio. The affordably priced property already has a pending offer.Indianapolis, INRealtor.com2. 6992 FM 21, Mount Vernon, TXPrice: $799,000Why it’s here: This Lone Star beauty features a surprise backyard oasis decked out with a pool, brick pizza oven, tiki bar, sandy beach, and palm trees.The four-bedroom home designed for entertaining was built in 1999 and sits on 11 acres of privacy. A two-story living room features a loft area upstairs that could be used as a home office.You can also take in views of the two ponds on the sprawling property from the large back deck.Mount Vernon, TXRealtor.com1. 1705 N Woodlawn Ave, St. Louis, MOPrice: $15,000,000Why it’s here: This five-bedroom megamansion is the home of David Power, founder of the the pet grooming tool known as the FURminator.The 27,280-square-foot, French-inspired estate boasts a sweeping stair rotunda, chef kitchens (yes, plural), a conservatory, wine cellar, saloon, game rooms, a health and fitness spa, a theater, an elevator, and an auto showroom.The 7.5-acre lot also features a pool complex with swim-up bar and slide, waterfalls, a sports court, a lake, two apartments, a pool house, guest housing, and auto courts.St. Louis, MORealtor.com——————The post Paws of Fame: $15M Missouri Mansion of Pet Grooming Guru Is the Week’s Most Popular Home appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.comA magnificent hilltop compound with four separate residences listed for $28 million has become the most expensive listing in Santa Fe, NM.Vida Encantada, which means “charmed life,” is the 3.7-acre property offering resort-style living in 18,000 square feet of space.Situated on a hill north of downtown Santa Fe, the 14-bedroom compound offers many excuses to never have to leave.“The design and construction of this home is as good as it gets anywhere,” says listing agent Tim Van Camp, of Sotheby’s International Realty Santa Fe–main downtown brokerage. “It’s five minutes from Santa Fe Plaza and has views of the city and three mountain ranges. It’s just spectacular.”Living roomRealtor.comOne of the kitchensRealtor.comGrand-scale entertainingThree kitchens and five kitchenettes are designed for grand-scale entertaining. And a 600-bottle wine cellar can house your impressive collection.“There are four different homes on the property,” Van Camp says. “The current owner designed it as a family compound to host family and friends.”Other standout luxe amenities include a safe in the main residence, a ski locker room, and a place to stash your furs.BedroomRealtor.comPrimary closetRealtor.comWhen it comes to relaxing, the options include spa facilities on site, along with a salon, a two-person massage room, a tricked-out gym, and a sauna.The outdoor living space is sensational as well, with an entertainment pavilion complete with a dining area. A retractable screen and projector offer an open-air cinema. There’s also a heated swimming pool and 10-person spa.The property comes with a three-car garage, and the acreage features lush landscaping, perennial and rose gardens, vegetable and herb gardens, fruit trees, berry vines and bushes, a 25-chicken coop, and a greenhouse, according to the listing.Outdoor patioRealtor.comPoolRealtor.comEach residence features a Crestron home automation system, an underground storage space, and an electronic server rack room.Who does Van Camp think will be the next lucky buyer?“I have been in the business for 30 years, so I never predict anything, but I think it will be someone who wants the ultimate family compound,” he says. “The design and level of finishes are better than anything I have ever seen.”The post ‘Spectacular’ $28M Hilltop Compound Is the Most Expensive Listing in Santa Fe appeared first on Real Estate News & Insights | realtor.com®.

Design by Realtor.com / Getty Images (2)For the past two years, homebuyers faced hoards of competition that was driving housing prices sky-high. Today, though, the pool of eligible buyers has ebbed, largely due to a whole new problem: Towering interest rates. Indeed, the average rate for a 30-year fixed mortgage hovered at 6.95% for the week ending Nov. 3, according to Freddie Mac. That’s a bit lower than last week when it broke the 7% threshold, but still more than double what it was a year earlier. Given that a typical homebuyer’s mortgage costs have risen more than 77% compared to a year ago, it’s understandable that the housing market is in shock. And the latest real estate statistics for the week ending Oct. 29 show that the fallout continues. In this latest installment of our column “How’s the Housing Market This Week?” we’ll look at what the most recent numbers mean for both homebuyers and sellers. Will mortgage rates keep rising?Odds are, America’s already staggering mortgage rates will keep rising in reaction to the Federal Reserve’s efforts to tame inflation. “Chair [Jerome] Powell made it clear that taming inflation is a top priority that will likely require a higher policy rate than was previously expected,” says Chief Economist at Realtor.com®  Danielle Hale. While mortgage rates aren’t directly tied to the Fed’s actions, they do tend to react in tandem. As Hale explains, “Mortgage rates are likely to follow these expectations higher.” High mortgage interest rates may feel all the more intimidating given home prices in October currently hover at $425,000. And for the week ending Oct. 29, home prices continued to increase by 12% compared to that same week last year, hitting the 44th week of double-digit growth.Why are home prices still rising annually? Because some buyers—looking to the Fed’s promise of continuing to jack up interest rates—are still making offers, likely trying to outrun the market.“Despite affordability challenges in today’s housing market, the homeownership rate continued to climb in the third quarter as households looked to lock in monthly payments,” explains Hale.Yet while there are home shoppers enjoying success in the market, Hale notes that when it comes to the path of homeownership “the hurdles are getting higher.”Those homebuying obstacles include not only historically high home prices and skyrocketing interest rates, but rising inflation that’s nearing a 40-year high, and an increasingly challenging economic landscape.Why more homes are sitting on the marketAs some homebuyers pull back and shelve their plans, the backlog of homes sitting on the market is growing. Data for the week ending Oct. 29 shows that the number of active listings on the market are up 40% compared to that same week a year ago, surpassing heights not seen since October 2020.Yet the number of new listings—of sellers who are just entering the market—are down by 13% compared to this same week a year earlier. “New listings data suggests that homeowners remain reluctant to sell,” says Hale. “This marks the seventeenth week of year-over-year declines in the number of new listings coming up for sale.”Why aren’t sellers eager to cash in on high home prices? Because many also have mortgages on their current home with a low interest rate. And they likely don’t want to buy a new home—and apply for a new mortgage at a higher monthly rate.“With most homeowners locked into mortgage rates well below currently prevailing rates, the number of new listings is likely to remain low,” says Hale.Intrepid buyers do have some breathing roomIn October, homes spent 51 days on market before being snapped up. And for the week ending Oct. 29, homes spent six extra days on the market as this same week last year. This marks the fourteenth straight week that properties spent more time on the market compared to 2021.“Buyers who haven’t called off the search as mortgage rates continue to climb will likely have more time to make decisions,” says Hale.Yet keep that rising interest in mind and don’t wait too long to buy a home, advises Hale.“[Buyers] may still want to move expeditiously if set on buying in the near term as November’s Fed meeting likely put additional upward pressure on mortgage rates,” says Hale.The post Mortgage Rates Just Dipped—But Will They Spike Again? Here’s What the Latest Stats Say appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.comA delightful domicile designed by architect Julia Morgan has quickly found a buyer. The home is pending sale after less than two months on the market, according to Realtor.com®.The home in Berkeley, CA, was listed for $2,495,000 in September. The buyer might not have been able to resist the home’s vintage style and “high-level craftsmanship,” notes listing agent Mark Hardwicke, of Better Homes and Gardens Real Estate Reliance Partners.The home is one of Morgan’s earliest residential designs. It was built in 1906 for Charles Atwood Kofoid, a University of California, Berkeley, zoology professor, and his wife, Carrie.The asking price is much higher than the city’s still whopping, median home list price of $1,200,000. But it’s difficult to put a price on such a historical pedigree.Hearst CastleMorgan was best known for her work on Hearst Castle in San Simeon, CA.“She built over 700 buildings,” Hardwicke says. In fact, another of her designs is next door—this one commissioned for Kofoid’s father.Morgan’s roots run deep in Northern California. She was born in San Francisco, grew up in Oakland, and graduated from Berkeley in 1894. She was the first woman to be admitted to École des Beaux-Arts in Paris to study architecture. She later became the first woman to be a licensed architect in the state of California.“She started her private practice in 1904 and had been working for John Galen Howard, who designed a lot of buildings on the UC-Berkeley campus,” Hardwicke says.Original detailsBuilt mostly of old-growth redwood, this 2,929-square-foot home features original architectural details, which include fireplace mantels and tile surrounds, fixtures, and built-ins.StaircaseMarcus Hanschen, Fanny Garcia and Ashley Ross, Hopscotch Interactive Living roomMarcus Hanschen, Fanny Garcia and Ashley Ross, Hopscotch Interactive KitchenMarcus Hanschen, Fanny Garcia and Ashley Ross, Hopscotch Interactive Dining roomMarcus Hanschen, Fanny Garcia and Ashley Ross, Hopscotch Interactive Former sleeping porchMarcus Hanschen, Fanny Garcia and Ashley Ross, Hopscotch Interactive One of the bathsMarcus Hanschen, Fanny Garcia and Ashley Ross, Hopscotch Interactive TerraceMarcus Hanschen, Fanny Garcia and Ashley Ross, Hopscotch Interactive Improvements by the seller, who has owned the home since 2008, include earthquake retrofitting, a new roof, updated systems, and high-end appliances.Originally, the upstairs had four bedrooms and one bath. A renovation turned the smallest bedroom—a former nursery—into a second bath.“He did [the renovation] in a way you probably cannot [even] tell,” says Hardwicke. “He was very sensitive to the provenance of materials in the house.”A unique feature is the former sleeping porch, which the seller “used as an office and Zoom room,” Hardwicke says. Like the first owners, the seller is a Berkeley professor.In the library, the ceiling is covered in Hawaiian cloth. An extra roll of the material is available for the buyer.The post $2.5M Berkeley Home Designed by Julia Morgan Quickly Finds a Buyer appeared first on Real Estate News & Insights | realtor.com®.

Getty Images / MLS via Realtor.comFor comedian and actress Carol Burnett, it’s time to say “so long” to some real estate.The star of “The Carol Burnett Show” has listed her luxury condo in L.A.‘s prestigious Wilshire Corridor for $4.2 million.The Wilshire Corridor, located between Brentwood and Beverly Hills and close to UCLA, top-rated medical facilities, and houses of worship, is one of L.A.’s chicest high-rise communities.It’s favored by those who prefer a luxe life with low maintenance and high security.Carol Burnett’s luxury condoRealtor.comPosh padBurnett’s elegant three-bedroom, three-bath condo certainly fits that bill. Completely remodeled in 2011, it has dazzling views of the city and of the Santa Monica Mountains from almost every room.Wilshire Corridor viewsRealtor.comThe 2,800-square-foot residence has been decked out with sophisticated features like stone walls, solid-wood interior doors, Tai Ping silk-blend carpeting, solid walnut flooring, and custom furniture.Kitchen and dining areaRealtor.comA secure, controlled-access elevator opens directly into her private foyer, where a stylish, steel door opens to a grand living room with surround sound and dramatic vistas of the mountains and city skyline.Private elevator foyerRealtor.comThe interior also features a comfortable primary suite with two custom walk-in closets and two spacious bathrooms, one with Hollywood lighting.Primary suiteRealtor.comPrimary bathRealtor.comAmenities in the art deco high-rise known as “The Wilshire” include 24/7concierge service, banquet and meeting rooms, a well-equipped fitness center, an outdoor pool, and wine storage lockers.___Watch: Own a Piece of Music History in Dolly Parton’s Former Home___ For these services and more, residents of this unit pay HOA fees of $4,142 per month.The WilshireRealtor.comThe Wilshire’s outdoor poolRealtor.comBurnett, 89, is most famous for her variety-sketch comedy show, “The Carol Burnett Show.” She was the first woman to host a show of that nature, and it entertained network TV viewers for 11 years, earning 25 Emmy awards.Burnett also starred in films, including “The Four Seasons,” “Annie,” and “Noises Off,” and TV series over the decades. She’s also a noted philanthropist.Graham Larson of Sotheby’s International Realty–Pacific Palisades Brokerage has the listing.The post Carol Burnett Would Like To Say ‘So Long’ to Her Elegant L.A. Condo appeared first on Real Estate News & Insights | realtor.com®.

Getty ImagesBuying a home over the past year has been a bit like competing in “The Hunger Games.” First-time buyers faced off against investors and fellow purchasers wielding all-cash offers well over the asking price for a dwindling number of properties to choose from.As home prices soared to previously unimaginable heights, fewer have been able to gain a toehold into homeownership, according to the National Association of Realtors® 2022 Profile of Home Buyers and Sellers. In fact, only about a quarter of all home sales (26%) were attributed to first-time buyers—the lowest percentage in the report’s 41-year history. It’s a big drop from the previous year, when this group represented about a third (34%) of all purchasers.The report is based on an NAR survey of 4,854 buyers who purchased primary homes between July 2021 and June 2022. Investment and vacation home purchases were excluded from this report. Income data is from 2021.“The drop in first-time buyers is now at a record low,” says Jessica Lautz, vice president of research at NAR. “It’s not necessarily a surprise because we know first-time homebuyers are facing not only an affordability crisis—but a lack of homes for sale as well as outside pressures like the rise in the cost of rents, which makes it difficult to save for a down payment.”The housing market wasn’t just challenging for first-timers. It was daunting even for seasoned buyers grappling with a record dearth of homes for sale, heated bidding wars, and the pressure to waive crucial contingencies just to have a seller consider an offer. Rising inflation, higher rents, and increasing mortgage interest rates also cut into buyer budgets.___Watch: As Mortgage Rates Surpass 7%, What’s in Store for Homebuyers?___As the COVID-19 pandemic dragged on and prices kept soaring, buyers became eager to relocate much farther out where they could get more house for less money. They moved about 50 miles away from their previous homes—compared with just 15 miles in the past few preceding years.Many were able to widen their searches because they were allowed to work remotely or commute to their offices for part of the week.“It finally gave people freedom to move to a place where they could have more square footage, where they could have a bigger yard,” says Lautz.In addition, many wanted to be closer to family and friends.“This is certainly a factor that has become more important to everyone during the pandemic,” says Lautz.The exodus to more rural areas shows in the NAR report: Interest in city living waned as just 10% of buyers closed in urban areas, down from 13% last year. Meanwhile, small towns jumped in popularity from 20% of sales in 2021 to 29% of sales in 2022. Rural communities went from 12% to 19%.The largest portion of sales (39%) were still in the suburbs. However, sales fell from 51% in the prior year due to a lack of homes for sale and surging prices.First-time homebuyers struggle to become homeownersThose first-time buyers who beat the odds to successfully close on their homes tended to be older than in years past, likely because they had more time to save money or move further up the career ladder into better-paying jobs. Their median age was 36—up from 33 last year.Even so, many struggled to come up with a down payment, which averaged about 6% of the home’s purchase price for this group. About 22% relied on monetary gifts or loans.Nearly all first-time buyers (97%) needed a mortgage to tap into homeownership. (First-time buyers are typically younger, more cash-strapped, and don’t yet have equity to use on a new home purchase like repeat buyers might.) And what they did buy tended to be smaller: Their homes clocked in at a median 1,550 square feet—compared with 1,800 square feet for all buyers.About 29% of buyers were single, 18% were unmarried couples, and 5% were other household combinations, which could be friends or roommates pooling their money to purchase property together.“We know that first-time homebuyers are having to save for a longer period of time and are struggling for a longer period of time to be able to purchase a home,” says Lautz.Who successfully purchased homes in the past year?No matter their circumstances, homebuying hasn’t been an easy feat for just about anyone.Buyers who made it happen over the past year tended to be older and in better financial shape than the general public. They also tended to be straight, white, and married.Those who went under contract in the past year were a median 53 years old—up from 45 last year. They had household incomes of $88,000—about 24% higher than the national median of $70,784, according to U.S. Census Bureau data.Buyer incomes weren’t as high as last year partly because many retirees and about-to-be retirees working part time were able to sell their homes for small fortunes and then use the profits to purchase properties elsewhere.“They have the housing wealth but not necessarily the income,” says Lautz. “You may be able to purchase with a lower income because you’re making that overt choice to move to that more affordable location.”More than half of all buyers, 58%, had earned a bachelor’s degree or an advanced degree; 16% had an associate’s degree; and 2% hadn’t finished high school.Nearly two-thirds of buyers, 61%, were married; 17% were single women; and 9% were single men.Not much progress appeared to have been made in helping more people of color become homeowners. Minorities continued to make up just a fraction of buyers as discriminatory housing policies from decades past and banking practices that penalize lower-income communities continued to hinder homeownership. Just 3% of all buyers were Black, 2% were Asian, and 8% were Hispanic. An overwhelming 88% were white.“It has to do with housing affordability,” Lautz says of the fewer Black and Asian buyers. “Black renters are paying a disproportionate amount of their income on rent, making it harder for them to save for a down payment. Asian homebuyers are more likely to purchase homes in the West region, which has the most affordability issues.”Just 2% of gays and lesbians and 2% of bisexuals, another group that has faced housing discrimination, closed on homes. About 78% used a mortgage. While that sounds high, it’s down from 87% in the previous year.Buyers generally searched the market for about 2.5 months before closing—about two weeks more than is typical.Home sellers were sitting pretty last yearSellers were in a great position last year. There was a dire shortage of properties available, everyone seemed to want one, and mortgage interest rates were hovering around record lows. (Mortgage rates have since surpassed 7% for 30-year fixed-rate loans.) That led prices to soar and allowed them to call the shots.Their top reason for putting their homes up for sale were wanting to be closer to family and friends (21%), moving for retirement (11%), or their neighborhood was becoming less desirable (11%).Most were also buyers. About 41% purchased larger homes,, while 32% bought homes with equivalent square footage.Home sellers were older and more likely to stay in their homes for longer. This might have been due to fears about contracting COVID-19.They were about 60 years old, compared with 56 in the previous year. They lived in their homes for about a decade before listing them, up from eight years in 2021. They were also overwhelmingly white, making up 95% of those listing their properties.“They’re receiving all of their asking price and selling [their properties] within two weeks,” says Lautz. “They generally were satisfied with their home-selling experience.”What kinds of homes buyers purchasedBuyers seemed to want the same things they did even before the pandemic: detached, single-family homes. The typical home purchased had three bedrooms and two bathrooms and spanned about 1,800 square feet. That was about 100 fewer square feet than last year, but that is likely due to fewer of those larger homes becoming available at a price range that buyers could afford.About 79% of sales were for detached, single-family homes, the personification of the American dream. About 8% of sales were for mobile homes, 4% were for cabins and cottages, 3% were for townhomes, and 2% were for duplexes, co-ops, and condos.Most bought generally more affordable existing homes, 88%, versus just 12% who purchased typically more expensive, newly constructed residences. The typical home was built in 1986.“We know that buyers are making compromises on the home because of affordability,” says Lautz.The post The Number of First-Time Homebuyers Hits Record Low, Survey Finds appeared first on Real Estate News & Insights | realtor.com®.

Getty ImagesWeary homebuyers panicked by rising mortgage interest rates might be relieved to hear that this cruel twist comes with one big upside: lower home prices.In October, median home list prices continued to drop from June’s record high of $449,000 to $425,000, according to a recent report from Realtor.com®.While list prices are still up by 13.3% compared with a year ago, nearly one-fifth of those sellers slashed their prices in October, more than double the number who made price cuts last year.These price reductions suggest that home sellers’ once lofty expectations of sky-high offers are at long last coming back down to earth. It might also mean that home sellers entering the market might list lower from the get-go. All of this should give fall and winter home shoppers a glimmer of hope that more affordable properties may be in the cards as we glide toward the holidays.“Seasonally, home prices tend to cool through the end of the calendar year,” says Danielle Hale, chief economist of Realtor.com. “And I expect this year to follow that normal seasonal pattern.”Why high home prices are fallingSo why would skyrocketing mortgage rates drive down home prices? Because many buyers simply can’t afford those heftier monthly payments. Some no longer qualify for loans. Others—also contending with high inflation and a harsh economic landscape—have simply given up their home search, at least for now.“We know that buyers in today’s housing markets are facing significantly higher costs—with the monthly mortgage payment for the median listing-price home up nearly $1,000 per month,” says Hale. “Many buyers cannot navigate the housing market in the face of these higher costs.”That means sellers are receiving fewer offers on their properties and are having to cut prices, in many cases, to attract shoppers.Homes are lingering on the market for longerAs demand wanes, the number of homes for sale is up—another signal that prices might continue to drop.Properties are staying on the market and growing decidedly stale. There was a dramatic rise in the number of homes for sale in October compared with last year, as listings rose about 33.5%—which amounts to about 189,000 more homes to choose from on any given day.Meanwhile, the number of new listings fell 15.9% year over year, and for good reason: Sellers are no longer eager to put their properties up for sale now that the peak of the market has passed.Intrepid buyers who do make an offer are taking their time this fall, perhaps waiting out sellers in hopes they’ll keep dropping their prices.The typical home spent 51 days on the market in September. That’s 20 more days than in May, when homes were snapped up in the shortest time on record since Realtor.com first began tracking this data in 2016.___Watch: Housing Snapshot: What’s Happening in Different Markets Across the Country___Where prices dropped and listings soaredDespite high interest rates, many people still need to purchase properties and are looking farther afield for deals.“Shoppers are often looking in markets where housing is more affordable as a work-around for higher housing costs,” says Hale.Homes for sale in the 50 largest metropolitan areas saw prices rise an average of 9.2% compared with last year. (Metros include the main city and the surrounding suburbs, towns, and smaller urban areas.) Some also saw a big increase in the overall number of listings.“The West and South are surging in particular because these markets were some of the tightest over the past few years,” says Hale. Therefore, every additional residence that hits the market matters.In particular, there was a significant jump in the number of homes for sale in Phoenix (173.9%), which also saw the number of homes with price reductions hit 46.3%. Prices in the metro were up just 0.8% year over year, to a median $485,000.Raleigh, NC, and Nashville, TN, followed similar trajectories. Inventory in the two metros increased by 167.4% and 145%, respectively. While prices continued to rise year over year, about 27.1% of listings in Raleigh and 28.2% of listings in Nashville experienced price cuts.However, well-priced homes with curb appeal in desirable neighborhoods are still selling quickly.“I have a client relocating out of the Raleigh area for work, and he sold his house in five days last month with three separate offers,” says mortgage lender Matthew Ricci, of Churchill Mortgage. “So while list prices have dipped with the increase in interest rates, it’s still very competitive and well-qualified buyers will still see competition on appropriately priced homes.”The post High Home Prices Are Finally Budging: What Buyers Need To Know Now appeared first on Real Estate News & Insights | realtor.com®.

Getty Images / MLS via Realtor.comReality TV star Kylie Jenner and rapper Travis Scott have made a decision on a joint real estate investment.The on-again-off-again couple have put the Beverly Hills, CA, mansion they bought together on the market for $21.9 million, according to Dirt.It’s unclear whether the couple actually cohabited there. But they split the cost when they purchased the property for $13.4 million in 2018.Kylie Jenner and Travis Scott listed this Beverly Hills, CA, estate.Realtor.comThe six-bedroom, nine-bathroom estate was Jenner’s fifth. The 9,680-square-foot floor plan has all the amenities a young, A-list couple could want, including a 2,300-square-foot primary suite with a balcony. The bedroom comes with dual walk-in closets, dual baths, a fireplace, and a “vanity” dressing room.Primary suiteRealtor.comDressing roomRealtor.comOther indoor luxuries include a home theater, gym, library, and wet bar.Home theaterRealtor.comThe home is located at the end of a cul-de-sac. It features luxury finishes, including imported stone, fine oak flooring, and designer-painted, papered, and upholstered walls. Massive windows and glass doors fill the interiors with natural light.___Watch: Own a Piece of Music History in Dolly Parton’s Former Home___Living roomRealtor.comBreakfast room and kitchenRealtor.comThe 1-acre lot is lush and leafy. There are gardens, a pool with spa, a built-in barbecue, and a seating area.PoolRealtor.comSwanky as it is, this property is considered to be one of Jenner’s “spare” homes. The media personality has bought and sold a number of elite properties, including her first purchase for $2.7 million when she was 17.In 2020, the makeup mogul picked up a $36.5 million compound in Holmby Hills. It includes a main house and two guesthouses.Kylie Jenner’s Holmby Hills mansionRealtor.comFor now, that appears to be the main residence of the “Keeping Up With the Kardashians” star. There are reports that the real estate collector is also building a mansion on a lot she purchased for $15 million in Hidden Hills.And she’s reportedly building a swank vacation pad in the exclusive Madison Club in the Palm Springs area.Scott, the father of her two children, will not be left homeless with the sale. The musician is said to own a $23 million hilltop mansion in L.A.’s Brentwood neighborhood.The post Kylie Jenner and Travis Scott Reportedly List Their Beverly Hills Mansion for $22M appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.comA recently renovated antique owned by the same family for 11 generations in Farmington, CT, is the oldest property to hit the market this week on Realtor.com®.Originally built in 1660, the 3,635-square-foot home was remodeled down to the studs. Three original fireplaces remain, but the interior now boasts a new look.Other historic homes on the market this week include a Colonial-era house in Rhode Island, a Quaker stone home in Virginia, and the former Pennsylvania home of U.S. President James Buchanan.Scroll down for a full look at this week’s 10 oldest homes.1. 107 Main St, Farmington, CTPrice: $899,900Year built: 1660The Wadsworth family home: This five-bedroom landmark offers a classic antique with a modern style.The bright and open floor plan features hardwood floors, exposed beams, and a sitting nook with beautiful bay windows. A family room offers floor-to-ceiling windows, while a formal dining room features crown molding. The primary suite upstairs has a barrel ceiling and a decorative fireplace.The beautiful wraparound porch would be a great spot to enjoy morning espresso.Farmington, CTRealtor.com———2. 71 Great Rd, North Smithfield, RIPrice: $515,000Year built: 1714Colonial-era home: This 2,646-square-foot home features wide-plank floors, original moldings, two staircases, and six fireplaces.The center-chimney Colonial is one of the oldest homes in Union Village. The four-bedroom classic has been updated over the years and now features an eat-in, farmhouse-style kitchen, two family rooms, and a dining room with a fireplace.A spacious, screened porch overlooks the stone patio, backyard fire pit, and play structure for the kids.North Smithfield, RIRealtor.com———3. 32 High St, Rockport, MAPrice: $899,000Year built: 1725Antique Cape: Located just blocks from downtown Rockport, this historic home has been thoughtfully updated over the years.The cozy three-bedroom house still features exposed-beam ceilings in the living and dining rooms, wide-plank flooring, and lots of built-ins. There are four fireplaces, including a wood-burning stove in the living room.The spacious kitchen and two bathrooms were all recently updated.Rockport, MARealtor.com———Watch: This ‘Beetlejuice’ House in Arizona Will Make You Scream—With Delight___4. 38 Ballard Rd, Thompson, CTPrice: $475,000Year built: 1728Center-chimney Colonial: This three-bedroom home features five fireplaces, a beehive oven, and an original front door.An updated kitchen offers a cathedral ceiling with exposed beams. Additional historic details include the wide-plank floors and the built-in storage. One bathroom even features an antique pump faucet.The 3,494-square-foot abode sits on nearly 2 acres with lots of stone walls, a two-car garage, and outbuilding storage. The property is being sold as is.Thompson, CTRealtor.com———5. 3074 Main St, Barnstable, MAPrice: $1,495,000Year built: 1739The Daniel Davis Home: This inviting, five-bedroom domicile has been thoughtfully preserved over the years. It still features three fireplaces, wide-plank floors, wainscoting, and many built-ins.The 3,748-square-foot house has an elegant dining room designed for entertaining with a cozy fireplace and exposed-beam ceiling. A nearby kitchen has a center island, butler’s and storage pantries, and French doors that open to the back deck.Five bedrooms can be found upstairs. The primary suite boasts a fireplace and an updated bathroom.Barnstable, MARealtor.com———6. 19010 Guinea Bridge Rd, Purcellville, VAPrice: $1,500,000Year built: 1745Guinea Bridge Farm: This Quaker stone home boasts four working fireplaces and rare, salvaged chestnut, tongue-and-groove flooring in the kitchen.The primary bedroom features wide-plank maple flooring while a nearby guest bedroom offers pine flooring. There are custom-built bookcases and built-in cabinets that provide lots of storage.You can take in views of the 14-acre lot from the front porch or spacious side patio. The property also features a stream that flows into a large pond, a four-stall barn, a machine shed, and a guest cottage.Purcellville, VARealtor.com———7. 215 E Orange St, Lancaster, PAPrice: $1,395,000Year built: 1749Former home of a U.S. president: This five-bedroom home is where both President James Buchanan and Revolutionary War diarist Christopher Marshall once called home.The 4,681-square-foot house offers three levels of updated, luxurious living space. There are six fireplaces, two staircases, preserved hardwood floors, and 9-foot ceilings throughout. The chef’s kitchen comes with marble and soapstone countertops, a butler’s pantry, and heated flooring.The property also includes a carriage house with a heated, four-car garage and an apartment above; heated walkways; and a fenced yard. It has caught the eye of one prospective buyer and is pending sale.Lancaster, PARealtor.com———8. 38859 Fry Farm Rd, Lovettsville, VAPrice: $725,000Year built: 1750Charming farmhouse: Located on 5 acres, this four-bedroom home still features the original exposed-log walls in the family room.Throughout the 3,000 square feet of living space, you will find lots of historic details, including wide-plank wood floors, deep window sills, and many built-ins. A wood-burning stove can be found in the living room while the updated kitchen boasts a breakfast nook with built-in seating.Beautiful views of a creek and rolling fields can be enjoyed from the multistory treehouse out back. The home is pending a sale.Lovettsville, VARealtor.com———9. 162 Main St, Yaphank, NYPrice: $780,000Year built: 1758Lakefront Cape: Located on Lower Lake, this 2,600-square-foot home boasts original hand-hewed beams and wide-plank floors.The unique floor plan features a primary bedroom on the main level. Upstairs, an office and another bedroom can be found. The kitchen with a butler’s pantry, built-in seating, and bar area is located on the lower level, along with a third bedroom.The 2-acre lot features a two-level stone patio and a detached garage and lofted barn. There’s also private lake access.Yaphank, NYRealtor.com———10. 4801 Newtown Rd, Saint Stephens Church, VAPrice: $1,300,000Year built:  1760Traveler’s Rest Farm: The listing says the original portion of the guesthouse was a “stopping point for George Washington between Mt. Vernon and Williamsburg.”Featuring 23 pastoral acres, the property comes with an equestrian facility with a barn, a stocked pond, and a main manor. The guest house currently operates as a short-term rental on Airbnb.The main manor features original pine floors, moldings, staircases, and mantels.Saint Stephens Church, VARealtor.comThe post Originally Built in 1660, a Remodeled Connecticut Home Is the Week’s Oldest Property appeared first on Real Estate News & Insights | realtor.com®.

Getty ImagesRising mortgage interest rates have hit the housing market like a sucker punch—and they’re poised to deliver another bruising blow.Mortgage rates could climb even higher after the U.S. Federal Reserve announced on Wednesday that it was increasing its short-term interest rates by three-quarters of a percentage point. The Fed has been steadily hiking rates this year in its quest to bring inflation down, even at the risk of plunging the economy into a recession. And while mortgage rates are separate from the Fed’s rates, they generally follow a similar trajectory.“People want to know when it’s going to end and how high rates are going to be when it does,” says Realtor.com® Chief Economist Danielle Hale. “Housing is an interest rate-sensitive sector. When interest rates are high, it’s much more challenging for buyers. And it looks like interest rates are going to stay high for the foreseeable future.”Record-low mortgage rates during the COVID-19 pandemic allowed home prices to reach new heights. The lower the rate, the lower the monthly housing payment buyers were making to their lenders. But the reverse is also true. Every time rates rise, even by just a fraction of a percentage point, it becomes more expensive for homebuyers to purchase the same property.Mortgage rates have made it more expensive to purchase a home with a loanAt the start of the year, mortgage rates were about 3.22% for 30-year fixed-rate loans, according to Freddie Mac. However, they averaged 7.08% in the week ending Oct. 27—and now they will likely climb even higher.Monthly mortgage payments swelled about 75%* in the past year. That’s resulted in many would-be buyers no longer being able to qualify for a mortgage. Those who still can are often financially stretched to their max, looking for much cheaper homes than what they could have afforded just a few months ago.“The run-up in mortgage rates comes on the heels of two years of strong home price appreciation,” says Greg McBride, chief financial analyst at Bankrate.com. “So it’s like a double whammy from an affordability perspective.”How the housing market has responded to high mortgage ratesHowever, the housing market is adjusting to the new reality. The number of home sales has basically dropped off a cliff. In September, sales of existing homes fell 23.8% year over year, according to the National Association of Realtors®. (Existing homes do not include new construction.) Sales of newly built homes dropped 17.6% over the same period.Most worrisome, though, is the number of applications for mortgages to purchase homes decreased 40.7% year over year in the week ending Oct. 28, according to the Mortgage Bankers Association.Sellers, realizing they’ve missed the peak of the market, have been reluctant to list their properties. Homes aren’t selling as quickly. To close the deal, many sellers have been forced to reduce their prices, contribute to closing costs, or make other concessions.Prices have also begun to come down in many markets, down from their peaks over the spring and summer. Buyers simply can’t afford the big price tags plus the higher rates.___Watch: As Mortgage Rates Surpass 7%, What’s in Store for Homebuyers?___Where mortgage rates will go nextHale believes it is possible that rates will hit 7.5% by the end of the year, but she doesn’t foresee them going as high as 8%. She expects the Fed will continue raising its rates, or keep them high if it pauses its increases, through next year. But she concedes that “it is really difficult to forecast mortgage rates, especially when the economic landscape is changing.”There is a little room for mortgage rates to dip—or at least steady.“They’ve already increased more than is typical, given where other financial rates are,” says Hale. “We might not see mortgage rates climbing with the same intensity that we have recently. But as long as the Fed keeps raising rates, there’s going to be the pressure for mortgage rates to also move higher.”Lenders hemorrhaging business may also want to keep rates reasonable to keep customers coming through their doors, she says.In some ways, the higher rates have been a boon to the buyers who can still afford a home. When rates were lower, those looking to purchase homes crammed into the market, making it extremely competitive.“I’m not sure it was a great environment for buyers when there were bidding wars and prospective buyers were losing out to cash buyers or having to bid way above asking price to have a chance,” says McBride. “The cooling of the housing market has given buyers who remain in the market more negotiating power and the opportunity to do their homework before making the biggest purchase of their lives.”* The analysis looks at median home list prices in September 2022 compared with September 2021 using the most recent Realtor.com data. It also factors in average weekly mortgage rates in the last full week of October in 2022 versus 2021 for 30-year fixed-rate loans from Freddie Mac. It assumes buyers put down 20%. Property taxes and insurance prices were not included.The post Homebuyers Are About To Suffer Another Devastating Blow: Interest Rates Climb Again appeared first on Real Estate News & Insights | realtor.com®.

MLS via Realtor.comA 3,000-square-foot dwelling built into the caves near Glenwood Springs, CO, is a rocky sight to behold.Cave of Chimes is a one-of-a-kind home nestled in the walls of the Glenwood Springs Canyon. It could be yours for the steep price of $2,450,000.The cave home is only a small portion of the property. (There’s also space above ground to build another home.) Getting to the underground dwelling is an adventure in itself.ViewIntegrated Mountain PropertiesGame roomIntegrated Mountain PropertiesWhat lies beneath“You drive up, and you don’t know anything’s there. Then you climb into the four-person elevator, flip a switch, and go down into the cave system,” explains Will Vannice, who is co-listing the cave dwelling with Mike Henry, both of Integrated Mountain Properties.“You see a metal shed, and you don’t even know there’s a residence down below, off the side of a cliff where the elevator goes down.”The only things on the surface are that metal toolshed and the elevator shaft.The cave home came about after the owner did a bit of soul searching at Mount Sinai in Egypt in the 1970s, Vannice says.“As he puts it, the Lord that was guiding him as a higher power told him he needed to make a home in a cave,” he adds. “So, the first thing he did when he got home was he started building this residence basically inside of this cave.”SurfaceIntegrated Mountain PropertiesKitchenIntegrated Mountain PropertiesAmazingly, the homeowner did most of the work himself, including blasting the elevator shaft, which goes down 120 feet to the residence.“There are four different rooms. There’s a living room, a kitchen with a master bedroom, kind of attached to the kitchen, and then you go outside on the deck to come into an entertainment room, which has a pool table in it,” Vannice says. There’s also a guest room with a king-sized bed and a bathroom.But that’s only a small part of the 25-acre property. Hope you like tunnels!“There’s a little door in the back of the residence that goes into the cavern system, which is said to be up to about 500 feet of tunnels, and they’ve only been about 250 feet into it,” he says.In fact, you can tap on flowing chimes to hear echoes through the cave, hence the name.CaveIntegrated Mountain PropertiesDeckIntegrated Mountain PropertiesCave caveatThe cave system, with stalagmite and stalactite formations, has been featured in the book “Caves of Colorado.” Vannice says the owner plans to have a team of spelunkers survey and research the cave.The residence has electricity, heating, and plumbing, Vannice says. Everything works in the house, but there’s a caveat.“I learned in this process that there are no codes per se below ground,” he says. “They never did get a building permit to build this, but then again, the county has known about it for 40 years and never said a thing about it.”BedroomIntegrated Mountain PropertiesThe listing notes that there’s a choice of building sites on the property, which come with Glenwood Canyon and Colorado River views. The buyer gets all that—and a cool cave house.“There are only a handful of cave residences out there,” Vannice says.The post What on Earth? Live Among the Stalagmites and Stalactites in a Colorado Cave appeared first on Real Estate News & Insights | realtor.com®.