Celebrity Homes – Engagements That Should Not Be Emulated

The entertainment industry influences many opinions and beliefs of average individuals because of what they see in television shows and movies today. People get too attached to the extent that even the lives behind the spotlight of these famous personalities are followed by viewers. Although there are lots of ideas and morals that can be acquired from them, there are also fallacies that people should be aware of especially about the assets of many celebrities. The lessons and advices that they share can be unrealistic for most masses.

There are many misconceptions that people tend to follow because celebrities do or say them. Advices about celebrity homes are of the most common stimulating topics. Here are the usual engagements on celebrity homes that we should not emulate.

Spending too much. One of the Real Housewives of New Jersey casts has faced bankruptcy sometime in 2009. The celebrity was known to be one of the top luxury spenders in the business. Overspending was suspected by the auction listing to have caused the bankruptcy. It seems that this habit is not only true for celebrities but for many families too. The consequence is they end up paying for increasing debts. In the long run, even paying for monthly mortgages becomes a struggle. The moral here is to spend on things that are necessary. Weigh the consequences of having the luxuries that can satisfy your cravings and the necessities that can provide the sustenance of your daily existence. Would you be willing to sacrifice your own shelter?

Relying on the bank. Thinking that the bank will grant a loan modification or short sale for them, many real estate owners intentionally stop paying their mortgages. This strategy works for some banks but not for all. The truth is, delaying your monthly dues would only cause your payment to be even more difficult to handle in the succeeding months. You don’t want to end up losing your property with a mere hunger for loan mod, do you?

Disregarding your own finances. Many celebrities end up being broke because of missing out on dues that need to be settled. Unawareness is not an acceptable reason for most companies. Even if you have the capability to pay for the necessary fees, you could still be evicted from your own home. Check your incoming and outgoing accounts to make sure that everything is at the right track.

Buying and selling to earn instantly. Common among celebrity homes, owners buy new homes at a bargained price and sell them at a higher value. However, with the real deal in the market, it is difficult to sell these celebrity homes without having to cut prices. This is what happened to a famous singer who made a good deal at the start but unfortunately made it to the losing end. He listed his home at $22.5 million in 2007 yet it’s still available in the market at $18.5 million. He originally paid for more than $16 million for this house excluding the mortgage that cost him $100 thousand per month.

Evading Taxes. A sought-after Hollywood actor experienced losing three of his homes to foreclosure due to an issue of tax evasion and other allegations of fraud. This doesn’t necessarily mean that they cannot meet the expense of paying for the millions of dollars’ worth of taxes. Celebrities and a majority of taxpayers aren’t able to pay taxes because they fail to file their returns annually which eventually results to multiple problems on their finances. To avoid this, one must be a responsible citizen and pay his correct taxes.

Celebrity homes serve as examples for most of us because they have the most accessible information to the public. The discretion on what to emulate or not would always lie in the homeowners’ decisions. In the end, what matters is that they do not end up regretting the consequences of their actions just because of following what the existing trend recommends.

Manhattan Beach Real Estate Inventory And Median Price Trends

If you are planning to invest in Manhattan Beach real estate, you should research real estate trends and inventories in the area to understand the direction of the market. When you research housing trends, you should look further back than just a few months. Historical trends will give you a long-term perspective to make a more informed purchase based on current median prices and inventories available in the Manhattan area. The median price and inventories reported are based on active listings on the market. By understanding when the market peaked and how the market has performed since it peaked, you can understand what to expect when buying Manhattan Beach real estate.

Trends at the Height of the Market in 2007

In August of 2007, the median price of real estate in Manhattan Beach peaked at $2,190,000. One of the main reasons for the peak median price was because the inventory in Manhattan Beach reached as low as 100 properties. Historically, when home inventories in a region drop, the price of the properties in the area will increase in value. After the housing market bubble burst, this historical trend has not held true. Now in 2011, Manhattan Beach real estate median prices have dropped and so have property inventories. With low sales prices and low inventories, it has turned into a buyer’s market.

Current Inventory and Median Sales Price Trends

After the median price of home bottomed in March of 2011 at $1.558 million, the average price of Manhattan Beach real estate is now rebounding steadily at around 8 percent. The median price as of August 26 of 2011 has climbed back up to $1.726 million, inspiring more homeowners to put their homes on the market. In March of 2011, the average inventory of properties on the market was reported at a low 110. Just five months later, sellers are starting to see the growth in the media home price, which is encouraging them to place their home on the market as an active listing. The current home inventory in Manhattan has climber to 145 because of the steady 8 percent advance in median home price.

What Will Play Into Future Trends?

A number of different factors will influence future Manhattan Beach real estate trends. The most significant factors to consider are: interest rates, property inventory, unemployment, job opportunities, and community development in the area. If you are trying to predict the market’s next move, it is important to understand how unpredictable real estate can be. With the Fed trying to balance the economy and the Treasury Department trying to fight inflation, governmental decisions can influence the market up or down depending on the needs of the nation.

Manhattan Beach real estate sales have raised steadily for the last five months. As the median price increases, the inventory has gained ground, as sellers have grown more confident with the price advance trend. Review median price and inventory trends to influence your purchasing power and make a wise investment.

The Highlands – Louisville’s Eclectic Neighborhood

The Highlands is where Louisville, Kentucky lets its hair down! An eclectic collection of neighborhoods full of local shops, restaurants, and bars, the Highlands sits atop a ridge between the middle and south forks of Beargrass Creek along a three-mile stretch of Bardstown Road and Baxter Avenue. The area is also known as “Restaurant Row” because of the many exciting nightclubs and eateries. Nearly 33,000 people live in the Highlands and the neighborhoods within the area can range from working-class to some of the most expensive homes in the city of Louisville. Many Highlands neighborhoods boast of the highest percentage of college graduates and the highest average incomes in the city.

The Highlands is made up of eight distinct neighborhoods, and all are very sought-after and charming in their own way.

The Original Highlands is a historic neighborhood that has a population of around 1,600 residents. The architecture is a mixture of large, wood-framed and brick Victorian homes and working-class shotgun houses, many times sitting next right to each other. National Products is a factory located in the neighborhood that produces more disco balls than any other factory in the world, adding to the eclectic charm of the Original Highlands.

Phoenix Hill has a population of around 5,000 people and holds a segment of the Health Sciences Campus of the University of Louisville. This neighborhood is known for its many popular bars and nightclubs, including Phoenix Hill Tavern.

Irish Hill acquired its name because it sits atop a ridge above the Ohio River flood plain and was settled by Irish Catholics in the nineteenth century. There are several large historical homes in the area, along with shotgun houses. The Valentine Schneikert house and the Nicholas Finzer house, built around 1869 are still the largest homes in the neighborhood. Irish Hill has a wonderful playground in Breslin Park that opened in 2009 and a new sprayground that is set to open in 2011. This community has over 1,500 residents.

Known for its large homes and architecture, Cherokee Triangle is a very popular and established neighborhood in The Highlands. After the park opened in 1891, the area quickly became a popular dwelling place for the affluent. This area has enjoyed the greatest appreciation in property values in the city over the past decade. The annual Cherokee Triangle Art Fair features over 200 artists’ booths and is scheduled every year for two days in April. Over 4,500 residents live in Cherokee Triangle.

Tyler Park is another beautiful Highlands neighborhood, surrounded by a city park named after Mayor Henry S. Tyler. The Tyler Park Bridge, constructed 1904, is one of the defining features of the park and the neighborhood. The bridge has a large arch that allows pedestrians to walk from one part of the park to the other without crossing the busy road that bisects Tyler Park. Nearly 3,000 residents call Tyler Park home, and over 50% of those hold a college degree.

Deer Park is a largely residential neighborhood, one of the most densely populated areas in Louisville. There are two pedestrian courts in this community with long rows of homes only accessible by alleys and sidewalks running through the front yards. These types of streets are relatively unique to Louisville with 11 more found in Old Louisville, and very few existing outside the city. Shotgun homes and Victorians, usually more modest than homes on the east side of Bardstown Road, make up the majority of housing styles in Deer Park. Modest craftsman style homes, ranches, and large pre-World War II homes can also be found in various parts of this neighborhood. Nearly 4,500 people live in Deer Park.

Bonnycastle is a development strongly influenced by its neighboring Cherokee Park. A mix of Victorian homes and historical revival styles are found, as well as Craftsman bungalows scattered into the mix. The tallest building in Bonnycastle is the Commodore Apartment Building, which was developed in 1928 and is listed on the National Register of Historic Places. Edgewood Place is a pedestrian-only street, not accessible by car. Nearly 2,500 people call Bonnycastle home.

Highlands-Douglass (or simply “Douglass”) is a community of nearly 3,500 people. Homes in Douglass vary from Colonial, Tudor, English, and Dutch Revival to ranches and craftsman style homes. Rose Hill is an Italianate mansion constructed 1852 for Emory Low, a dry goods merchant, and was added to the National Register of Historic Places in 1980.

Belknap is a treasured neighborhood in the Highlands and was recognized by Louisville Magazine in 2010 as one of the best and most livable and lovable neighborhoods in Jefferson County. It is one of most walkable neighborhoods in Louisville as well, and offers great diversity and charm. Senate Minority Leader Mitch McConnell and his wife Elaine Chao once lived in Belknap, which ironically has one of the highest concentrations of registered Democrat voters in the county. There are numerous historic buildings and landmarks in this neighborhood, including the Belknap School, Jonathan Clark’s home, the Zimlich stagecoach stop, and the Lakeside Swim Club. Belknap’s population is around 4,700 residents.

The Highlands is one of Louisville’s most beloved and eclectic collections of neighborhoods, and is a great place to live for anyone who enjoys beautiful architecture, walkability, and charm. The residents are friendly and take pride in maintaining their neighborhood and homes. Take the time to explore the Highlands when you have the opportunity as you will love this unique taste of Louisville.

West University Homes

In 1917 West University Place was developed by former Tennessee Governor Ben Hopper and in 1925 it was incorporated into a city.

West University is located in the state of Texas. The city is surround by Houston, Southside Place and Bellaire. Because of its easy access to Downtown Houston and the Medical Center as well as the Museum District, many professionals have chosen the city as their home.

It is a profitable investment as the area is acclaimed for many features such as its academically recognized elementary school. As a home for children, the area has wonderful, mature parks that are beautifully landscaped, Little League and recreational facilities. The architectural style is eclectic and West University houses are in high demand. In fact, there are very few vacant home lots which remain in the city.

The city as well as its residents work together to keep the community a well established community and to preserve the beauty and the integrity of the neighborhoods.

West University Facts:

It is an upper scale city with many beautiful homes. The zip code for the city is 77005. The county is Harris county. West University Place has 1,348 single family properties. The median lot square foot of the properties is 7.500. The median appraised value of home is $910,000.

The zoning and deed restrictions are tough and protects the city from industrial and commercial development. This has protected the city and kept it a residential city with stability. The city currently has 20 acres of commercial property. The city currently requires that each lot within the city contains a specific amount of space, keeping the nature and surrounding landscape of the city in tact and beautiful. The Urban Forester also protects cherished trees in the city, so that it does not lose these cherished trees.

Although the median priced home is $910,000 homes can be found anywhere between $200,000 to $2 million dollars.

West University operates its own police department and fire department. The number of residents that live in the city is currently 13,000. The city of West University Place spans over 1.200 residential acres. Residents enjoy programs, facilities and services from the West University Place Parks and Recreation that encourages community participation and promotes a vibrant environment.

For children the city is an atmosphere that is geared to the child with many wonderful parks and recreation activities. Colonial Park includes a community pool which nearly every child in town can be found at. The pool is designed for children and features a rock wall, drop slide, lily pad crossing and play-structure.

It is a city neighborhood that is filled with many wonderful people. The City is considered to be a small town with a big heart. The city is idea for young families, professionals and retired couples and is truly the perfect place to raise a family with a community focus on safety and involvement. The streets are tree-lined and the homes well maintained and the park system is magnificent.

Agency and The Real Estate Agent – Duties, Obligations and Professionalism

In real estate the party that represents a buyer and or a seller in the purchase or sale of a property, is called an agent. In Mexico as in other countries of the world, the agent has a duty to treat his principal in an ethical and professional manner. The obligation to represent the interests of his principal makes it very difficult for the conscientious agent to represent BOTH buyer and seller since the buyer wants to buy the property for the lowest price possible and the seller is looking for the greatest amount of money he can get for his property.

With this in mind, how can the conscientious agent honestly represent both parties? Almost anyone will agree; there is a conflict of interest when anyone tries to fairly represent both sides of a transaction.

No matter how much we need or want the money that will come from a FULL commission, better to call in a colleague to represent one side or the other. That way both share in the commission, both principals are honestly and fairly served and the agent will have clients who will recommend his or her services to other friends and acquaintances

It ends up being win-win for everyone!

To reinforce the relationship with buyer or seller clients it is important to understand and discuss this with the client; outline the responsibilities of the buyer’s agent, the obligations of the seller’s agent and how to handle the important issues such as money where price is being negotiated. A confirmation of the relationship should be signed with the buyer or seller client.

Not only does this confirm the essentials of the fiduciary relationship, but also the clients, knowing that an agent is working EXCLUSIVELY for them, and not the other side, will be much more likely to remain loyal to his/her agent.

And what are the obligations and responsibilities? Simply put, the SELLER’S AGENT has the obligation to counsel his seller as to fair and reasonable selling price, as to the importance of disclosure of defects in the property, as well as to offer the property to the widest audience possible. The purpose of this, of course, is to obtain the highest price possible for the property.

The BUYER’S AGENT should assist the client in locating the best property possible which will meet buyer’s requirements. Once located, the property should be inspected as to suitability for the purpose intended and the most attractive price and terms possible negotiated for the acquisition of the property.

In all cases, the agent must treat all parties with honesty and fairness.

PROFESSIONALISM… everybody talks about it.

What really makes a PROFESSIONAL agent? What are the elements that contribute to professionalism in an agent’s relationships with his or her clients?

KNOWLEDGE and EXPERIENCE: The true professional has absolute knowledge of the subject he or she is discussing. How do we obtain absolute knowledge?

Education is a good beginning. We must be like a sieve; absorbing everything available on real estate, on law, on construction, on land use. It is always a good idea to have a greater knowledge and understanding than is required for any specific case.

Experience picked up in a transaction is valuable, not just for the current sale, but for the future; it must be stored in the memory bank for the next transaction; or maybe ten transactions down the line.

For the new agent who may lack practical experience, it is wise to never lie or guess the answer to a client’s question. It is perfectly all right to admit you don’t know and add that you will find out,…and then do it What you learn from the investigation is valuable information for the experience bank, for the next time the same or a similar subject comes up!.

PUNCTUALITY is a sign of professionalism and a super important quality of the successful real estate agent. Not only should the agent always be on time but he or she should always be prepared. Does the car need gasoline? Does a contract need to be picked up or filled out? Is there an answer promised? Compliance with promises and obligations helps create respect. Delays, waiting at a notary office, having to repeat a document – all these are necessary from time to time, but should be avoided if at all possible.

COMMITMENT Listen, really listen, to the needs and dreams of the client, be it a buyer or a seller. If the needs and requirements are reasonable, make a COMMITMENT to help the client achieve his or her objective. If the desires are not reasonable, explain and demonstrate why they are not realistic and assist in seeking more reasonable goals.

LOOK AHEAD at the CONSEQUENCES; Through experience, one learns what to reasonably expect. Review all aspects of the transaction as it is planned. Will it all fit together? Will it work? If not, why not? What are the problems to solve? Resolve them before they get out of hand. Be creative!

HONESTY: Don’t ever try to disguise or deceive. A smart buyer or seller will suspect a problem. It is far better to tell the truth about a situation. The buyer or seller who wants to will often come up with a far better solution than the agent, and then will talk everyone else into accepting it!

ETHICS: The really successful real estate agent is ethical. Those who cut corners do not last. The simplest way to be ethical is to ask oneself: How would I want to be treated under the same circumstances? This is another way to say, “Treat others as you would like to be treated”. Following this adage it is virtually impossible to stray. This same philosophy is expressed in the Code of Ethics of the Mexican Association of Real Estate Professionals (AMPI) and the National Association of Realtors ®(NAR).

THE ETIQUETTE OF COOPERATION: With the advent of buyer’s agents and seller’s agents, everyone will benefit economically by working together. Communication is essential and has never been easier. The Multiple Listing systems are wonderful tools, designed to help seller’s agents promote listed properties, and buyer’s agents locate ideal properties. Good humor and patience will go much further than anger or frustration. Each area has its own rules of cooperation and commission sharing. The following is a guideline:

1. Buyer and buyer’s agent select the company to hold funds and supervise the transfer. After all it is generally the buyer who pays the costs of the transfer.

2. Commissions are paid to the company where the agent works, never directly to the agent.

3. Sales commissions are usually agreed upon with the Seller as a percentage of the purchase price negotiated, plus the added value tax. These commision amounts should be placed in escrow for release upon signing of the deed by all parties. An invoice for services performed must always be presented to the party paying the commission, usually the seller.

4. Company representing the Buyer and company representing the Seller generally split the total commission generated from the sale, 50-50.

5. Referral fees – in which an agent sends a potential client to another agent, often from one area to another, will generally earn 20% to 25% of the Buyer’s or Seller’s portion of the commission.

In Mexico, the law of agency is contained in Articles 273 to 308 of the Commerce Code. A copy of these articles is available, in English and in Spanish, upon request.

To conclude, it is far easier to represent one side of a transaction instead of straddling the fence and trying to counsel both buyer and seller on the same property. Not only is it easier but also, in the long run, more profitable, as the agent is able to earn respect, referrals and provide professional services to a greater number of clients.

LINDA NEIL has been designated as an Accredited Buyer’s Representative (ABR) by the National Association of Realtors® (USA). She is also the founder of The Settlement Company®, which specializes in real estate transfers and escrows, specializing in the Virtual Closing®. Licensed as a California real estate broker, Ms. Neil has pursued her profession in Mexico for over thirty years. Her skills in negotiating contracts between parties from three distinct cultures have placed her services in demand as a consultant and for speaking engagements on Mexican law and customs in Mexico, the United States and Canada. She has been widely published on the subject of real property in Mexico. Memberships; FIABCI, AMPI and NAR. Linda is a two time member of the National Advisory Council of AMPI and has served as AMPI Coordinator for the state of Baja California Sur.