A Beverly Hills, California, estate with a 12-bedroom Mediterranean-style mansion and a vineyard is listed for $195 million, and is the highest current asking price in the U.S..
The 35,000-square-foot (3,300-square-meter) main house sits on 25 acres with unobstructed views of Los Angeles and the surrounding canyons, according to a statement by Coldwell Banker Previews International.
The Palazzo di Amore is the most expensive residential property on the market
The Beverly Hills mansion, developed by Mohamed Hadid, is owned by real estate entrepreneur Jeffrey Greene. He is selling the property, after renovations that took almost eight years, to take advantage of demand for luxury properties in the U.S. from wealthy investors from overseas.
“The most likely buyer is going to come from abroad,” says the Coldwell Banker Previews broker. “All the high sales that have happened here lately have been by international buyers. They think it’s a good investment, plus the wonderful lifestyle here.”
For more information about this incredible property contact Mark Lomas or Kirsten Wolfe at Coldwell Banker Previews International.
Something new for Santa Barbara Real Estate! Live Statistics! Sales asking prices for the last 7 days, and the last 90 days. If you’d like to take the “Pulse” of today’s market here’s where you’ll find it.
Iif you’re not familar with Santa Barbara’s Zip Codes, here they are:
Carpinteria: 93013, Summerland: 93067, Montecito: 93108, SB Westside: 93101, SB Westside: 93109 , SB Eastside: 93103 (Riviera), SB Eastside: 93105, Hope Ranch: 93110, Goleta:93111. Goleta/county: 93117, and Santa Ynez: 93460
Veterans Day is an official holiday that honors people who have served in the US Armed Forces, also known as veterans. It is a federal holiday that is observed on November 11. It coincides with Armistice Day and Remembrance Day which are celebrated in other parts of the world, and marks the anniversary of the end of World War I. World War I formally ended at the 11th hour of the 11th day of the 11th month of 1918, when the Armistice with Germany went into effect.
You’ve probably seen the many commercials on television where actors (Fred Thompson & Henry Winkler) plug reverse mortgages. They talk generally about the benefits of this financial product, but fail to tell viewers exactly what a reverse mortgage is.
Reverse mortgages are a way to get money out of your home through a contract with a lender who provides cash or a line of credit in return for interest and initial fees. These products can be structured as short-term loans that let borrowers get money as a lump sum, draw it down gradually over time through the line of credit or receive a payment based on the borrower’s life expectancy. Reverse mortgages don’t have to be as great as the equity you have in your home; borrowers can get a smaller amount.
Consumers of these loans are typically older people who need cash to pay living expenses in retirement but have substantial equity in their homes. Advertisements for reverse mortgages have become more commonplace since the market meltdown of 2008–09 sliced into the retirement resources of millions of Americans.
Many people who take out these loans have not saved enough to meet all their expenses in retirement or have had unforeseen expenses or market losses that have depleted their savings. Yet they don’t want to sell their homes. Some see reverse mortgages as a way to solve their cash problems and also stay in their homes. Yet, compared with other types of loans that use homes as collateral, some reverse mortgages can be costly because of interest rates charged and various up-front fees.
Many of these loans don’t require repayment as long as occupants are still living in the home with the understanding that the lender will take possession of the house upon their death. There are three basic types:
Single-purpose reverse mortgages. Offered by state and local government agencies and nonprofit organizations, these tend to be the least expensive. Most low- and moderate-income homeowners can qualify.
Federally insured reverse mortgage. Also known as Home Equity Conversion Mortgages (HECM), these are backed by the U.S. Department of Housing and Urban Development.
Proprietary reverse mortgages are loans from private financial companies.