5 bizarre buildings that will probably never sell | Armonk NY Homes

Appraisers assess the value of a house off of a multitude of variables like similar houses in the area and what special amenities the house features. But what do they do when the building is uniquely designed?
Inspired by an article in Gizmodo, this list shows that not every building is created equal.
The real question is whether or not the buildings will ever be able to resell.
After all, what is the fair value of a duck in the housing market?

1. Longaberger Company – Newark, Ohio (pictured above)

This seven-story building is home to the corporate headquarters of the Longaberger Basket Company.
The building is 160 times larger that the company’s medium-market basket. But at least it holds the title of the world’s largest basket.
2. The Shoe House – Hellam, Pennsylvania

Built in 1948, the building is a wood frame structure covered with wire lath and coated with cement stucco. The giant shoe was created as a giant advertisement originally used as a guesthouse, complete with five different levels and three bedrooms.




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http://www.housingwire.com/blogs/1-rewired/post/30292-bizarre-buildings-that-will-probably-never-sell

Egypt's Richest Man Buys NYC's Most Expensive Co-op Ever | Chappaqua Real Estate

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An Egyptian billionaire just smashed the record for the most expensive co-op ever sold in New York City. As expected, the penthouse of 960 Fifth Avenue, owned by the late billionaire Edgar Bronfman, Sr., sold for a whopping $70 million. The Daily News was the first to report the sale, which hit public records this afternoon. The buyer is Nassef Sawiris, the richest man in Egypt, who made his $7 billion in the construction business, and he wanted to make sure everyone knew he purchased the pad—he used his own name on the documents, not an anonymous LLC (also, 960 Fifth is one of the most tony and prestigious addresses, so they probably don't allow LLCs). The sprawling 16-room pad, with a killer wraparound terrace, is in need of some upgrades, but Sawiris probably has the money. The previous record for the most expensive co-op was set by David Geffen's $54 million buy at 785 Fifth Avenue in 2012. Sorry, buddy. Your time at the top is over.



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http://ny.curbed.com/archives/2014/06/06/egypts_richest_man_buys_nycs_most_expensive_coop_ever.php

Largest mortgage financier: The great home recovery reversal | Mt Kisco Real Estate

Housing has peaked and 2014 will show a slowdown from the amount of housing activity in 2013, Fannie Mae’s May 2014 National Housing Survey shows.
Respondents to the annual survey say that economic concerns and stagnant household income are dragging down housing. The results show that in the space of just one month, attitudes toward housing can shift dramatically.
The share of 1,000 respondents who still believe the economy is headed in the wrong direction remained at 57% last month, and those who said their household income is significantly higher than it was at the same time last year decreased four percentage points to 21%.
Housing activity in 2014 has been well below typical seasonal trends.
“Consumers’ lukewarm income expectations and reticence about the economy seem to be holding back housing demand,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “This year’s spring and summer home buying season has gotten off to a slow start, even as mortgage rates have trended lower over the past two months.”
He added that while recent housing activity suggests that the worst of the housing slump may be behind America, this caution among consumers means sales this year will likely be too weak to pull sales for all of 2014 ahead of last year.
The survey findings track with real world indicators that support the conclusions by Fannie Mae: The housing market has serious cracks in the foundation – existing home sales have stalled out, pending home sales have plunged, price increases have slowed, and construction is slowing.
It's a 180 degree turn from the last National Housing Survey, which was considerably more positive.




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http://www.housingwire.com/articles/30253-largest-mortgage-financier-the-great-home-recovery-reversal

Buy Kenny Rogers' Ostentatious Mega-Manse For $4.8M | Katonah NY Real Estate

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Country legend Kenny Rogers is packing up his cowboy boots and selling off this 11,964-square-foot Mediterranean estate in Sandy Springs, Ga. to the tune of $4.8M. While it's, uh, certainly not the most subtle house on the block—about five Sistine Chapel-esque murals, 10 fireplaces, and a billion chandeliers past subtle, actually—the six-bedroom estate does offer certain charms for the buyer who appreciates the same mix of totally unnecessary amenities and heavily-draped windows as Rogers. Inside, there's an elevator, a home theater with dramatic cloud-patterned ceilings, a solarium, and a Roman spa decorated with wrap-around murals, huge clamshells, and (yep) a statue of David. Outside, a swim-up bar, cabana, and a basketball court dot what may or may not be a lawn made out of astroturf. Take the tour...




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http://curbed.com/archives/2014/06/04/buy-kenny-rogers-for-48m.php

Fixed Mortgage Rates Largely Flat | Waccabuc NY Homes

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates largely flat compared to the previous week amid light economic reports.
News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending June 5, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.
  
• 15-year FRM this week averaged 3.23 percent with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.
  
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.4 point, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.74 percent.
  
• 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, down from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.58 percent.
  

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
QuotesAttributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Mortgage rates were little changed amid a week of light economic reports. Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May."

Dr. Dre Drops $40M on Tom and Gisele's L.A. 'Chateau' | Cross River Real Estate

Fresh off of selling Beats Electronics to Apple for $3B, rapper-turned-headphones-mogul Dr. Dre has closed a $40M deal on New England Patriots quarterback Tom Brady and supermodel Gisele Bündchen's 14,000-square-foot L.A. mansion. In a classic example of the magazine-coverage-to-open-market alley-oop, the power couple listed their custom-built five-bedroom McCastle for $50M a mere six months after it got a huge feature in Architectural Digest. Designed by megamanse master-builder Richard Landry, what AD described as their "French chateau via the Pacific Coast Highway" has a "double-height, wood-paneled library," a reclaimed-cobblestone motor court next to a "koi-stocked moat," a "rock-scaped pool with a waterfall and diving rock," and other such "normal" accommodations that let them "live in a place that feels like a real home, where you can put your feet up on the couch and just relax." Now that the LA Times has confirmed the long-rumored purchase, this Elysium-like pleasure palace is all Dre's to give demure interviews about.

Read on and tour the place. >>

If what the rabid celebrity journalists at TMZ reported last month still holds, the Good Doctor won't be putting up his feet on the same couches as Tom and Gisele. Though the initial $50M price tag included furniture, the $40M Dre talked them down to did not. Which is just as well, because team Brady-Bündchen has another Landry-designed mansion to think about furnishing. (Meanwhile, the Landry machine keeps on chugging, most notably with a 30,000-square-foot Xanadu for Marky Mark.) Explore the new chez Dr. Dre below...


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http://curbed.com/archives/2014/06/04/dr-dre-buys-tom-brady-and-gisele-bundchen-mansion-for-40-million.php
 

There's No End to the Insane Patterns in This Arizona Abode | Bedford Hills Real Estate

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According to the listing, this home is "beyond descriptive words," but here goes. Built in 1977, it would be a pretty standard piece of palatial Paradise Valley fare, if it weren't for a decorating job that at it's best, looks like the work of a Southwestern-influenced Marcel Wanders protege, and at its worst, looks like arbitrarily assembled mix of off-the-wall wall treatments. Maybe it's best summarized as the kind of home where the phrase "I kiss better than I cook" is spelled out in tile on the kitchen island. If it were a book, it would be called Extremely Loud and Incredibly Close to Visual Insanity. Currently offered for a slightly reduced $3.295M after selling in $2.45M in 2011, it takes up 8,020 square feet on a lot that measures less than an acre. Highlights include the coral-colored laundry room and the velvet thrones in the entryway. Meanwhile, one of the world's most floral-obsessed apartments has officially sold, so the equilibrium of over-patterned properties on the market remains undisturbed.



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http://curbed.com/archives/2014/06/02/theres-no-end-to-the-insane-patterns-in-this-arizona-abode.php