Bob Hope’s UFO Home Sells for $13 Million
Excerpt: At long last, Bob Hope’s UFO house has sold for $13 million, after first being listed in early 2013 with a price tag of $50 million. Having gone through a couple of price cuts over the last three years, the most recent cut lowered the ask to $25 million. But with no comps available, how does one actually price a concrete space ship? Seems that when $25 million was thrown at the wall, $13 million stuck.
My comment: Tough appraisal including measuring and the listing history ;>
Excerpt:
My comment: Wow!! I had no ideas these cities had high winds, especially those not in hurricane areas.
My comment: There are a lot of historic homes in my small city with restrictions on what you can do. For example, new windows must look the same as the original windows. I recently read an article about a small town wanting to have a lot of its old homes declared historic. I don’t think they really understood what it means. Does it affect value, negative or positive?
My comment: no one really knows what will happen after Friday’s Trump inauguration, but there is lots of speculation… I registered for the webinar. If you register, but don’t listen to it live, you will get a link for the recording. Don’t wait to register as it may fill up.
Meet the New Boss….CU.
Practical advice from a lender reviewer
By Jared Mickel, SRA, RG
In the January paid Appraisal Today
The other way appraisers needlessly generate comparable warnings occurs when they misrepresent the subject.
CU is actually very trusting. It believes what you tell it about the subject and so the sales it presents will be selected and ranked to match your representation of the subject.
When you call the subject a C3 it expects that it *is* actually C3, and that you will compare the home to other properties that have been identified as C3 by the other appraisers in your market.
out and use them as faithfully as possible.
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More info on AI issue at matrix blog: http://www.millersamuel.com/blog
WASHINGTON, D.C. (January 18, 2017) – WASHINGTON, D.C. (January 18, 2017) – Mortgage applications increased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2017. The previous week’s results included an adjustment for the New Year’s holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 29 percent compared with the previous week. The Refinance Index increased 7 percent from the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 25 percent compared with the previous week and was 1 percent lower than the same week one year ago.
The refinance share of mortgage activity increased to 53.0 percent of total applications from 51.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.7 percent of total applications.
The FHA share of total applications increased to 13.1 percent from 11.7 percent the week prior. The VA share of total applications decreased to 12.1 percent from 12.8 percent the week prior. The USDA share of total applications remained unchanged at 0.9 percent from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,000 or less) decreased to its lowest level since December 2016, 4.27 percent, from 4.32 percent, with points decreasing to 0.39 from 0.41 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,000) decreased to 4.22 percent from 4.27 percent, with points increasing to 0.36 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.10 percent from 4.08 percent, with points decreasing to 0.28 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.51 percent from 3.56 percent, with points decreasing to 0.34 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.44 percent from 3.32 percent, with points decreasing to 0.21 from 0.46 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visitwww.mba.org/WeeklyApps, contact mbaresearch@mba.org.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
If I had that kind of money, I would have picked up Bob Hope’s house three years ago! Whoever bought it got it for a steal!