Archive for the 'rentals' Category

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

Sometimes it takes awhile for a home to be sold and a few of the celebrities on this week’s Celebrity Beat certainly know about this. Take Christina Aguilera and the late Leona Helmsley (Queen of Mean to some) whose homes have been listed on the market since 2008 and 2007, respectively. Aguilera has recently reduced the price of her home by $2 million bucks in hopes to garner a sale while Helmsley’s estate has reportedly sold the property, but for less than $55 million dollars (almost half of the $125 asking price). But then again, sometimes home sales are quick. Liam Neeson recently listed his co-op for $1.375 million and it was sold only five days later for $1.352. Here’s hoping other celebs on the Beat — Andrew Dice Clay and DeShawn Snow (Real Housewife) — don’t have to wait that long to sell their recently listed properties.

•    Liam Neeson Sells NYC Co-Op for $1.352 Million
Liam Nesson recently sold his Central Park West two-bedroom co-op that was only listed on the market for five days. Originally listed for $1.375, the co-op was sold for $1.352 to Alan Holtz, a corporate restructuring expert at Alix Partners. In addition to being right across the street from Central Park, the 2,300-square-foot corner apartment also includes two bathrooms, high-beamed ceilings and oversized windows that Nesson and his late wife Natasha Richardson lived in since 1994.  Wouldn’t it be nice if all home sales were this easy?

•    Christina Aguilera Drops Price of Home by $2 Million
Then again sometimes it takes time for a home to be sold. Take pop star Christina Aguilera who has been trying to sell her Hollywood Hills home since 2008. In an attempt to get it sold, she recently lowered her asking price to $5.995 million (a full $2 million dollar drop from the original asking price of $7.995). Purchased by Aguilera in 2003 for $5 million, the 1,200-square-foot home includes a master bedroom suite, four bedrooms, seven bathrooms, a professional screening room that seats 18, a personal gym, an outdoor pool, a spa fit for 12, a fireplace and gorgeous views of the beach and downtown Los Angeles. Currently, Aguilera resides in a Beverly Hills home that was once owned by Ozzy Osbourne.

•    Leona Helmsley’s Mansion Sold for Less Than $55 Million
According to the NY Post, Leona Helmsley’s 40-acre mansion is rumored to have been sold this week for $55 million or less. Located in Greenwich, Connecticut, the home referred to as “Dullenellen Hall” has been on the market for three years following Helmsley’s death in 2007. It is reported that an undisclosed buyer was able to lower the price from $125 million, which is most likely due to its extensive repairs and damages ranging from leaky faucets to bad plumbing. The home, built in 1918, also comes with 26 rooms, an outdoor and outdoor pool, a koi pool, a wine cellar, a theater, tennis courts and two guest cottages. Proceeds of the sale will go to a Helmsley’s charitable trust.

•    Andrew Dice Clay Lists LA Home for $1,399,000
Long Island’s raunchiest insult comedian, Andrew Dice Clay, has recently placed his Los Angeles home on the market for $1,399,000. This 2,720-square-foot abode includes three bedrooms, 2.5 bathrooms, a fireplace, huge windows, a garden room and an eat-in kitchen with modern appliances. The exterior of the house is painted in mint green and is located on a huge luscious landscape.  Clay also owns a home in Las Vegas.

•    DeShawn Snow (Former Real Housewife of Atlanta) Selling Home for $4,998,000
While we are not so sure who this real housewife is, one thing is for certain: DeShawn Snow certainly know how to live large.  Listed for $4.9 million, the 10,317-square-foot estate home, which was recently renovated in 2008, includes six bedrooms with a master bedroom, nine bedrooms, a gourmet kitchen, central air, seven fireplaces, a six-car garage, landscaped grounds and an outdoor pool with a fire pit. Located in Alpharetta, Georgia, the home also includes a “billiards room, card room, wine cellar, full bar, family room, dry sauna, exercise room and an on-site salon,” according to Zillow.com.

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

The biggest home sale this week on the Beat – in both price and size – was the massive mansion purchased by Tyler Perry aka the man behind the sassy Madea. The mansion, called Dean Gardens, was created in the early 90s by software developer Larry Dean and his wife, Lynda, who certainly had their wild imagination come to life in this overly done 58-acre mansion. From a carousel-themed nursery to art deco-inspired bedrooms, the Deans personal taste is not for everyone, and some may even say that the home is more famous for the time it has been on the market. Listed on the market since 1993 (following the couples split), Perry plans to remodel and tear several rooms in order to create an environmentally-friendly home made out of concrete. To shift from extreme homes to an aesthetically pleasing one,  Bradley Whitford and Jane Kaczmarek have placed their 6,769-square-foot Italian-inspired villa on the market. The couple, who also separated, is seeking $6.7 million for their six bath, six-bedroom home.  Courtney Love’s public real estate plight has been reported on Curbed NY, the New York Post, and even here on Relocation.com.  Searching for a home next to Anna Wintour proved unsuccessful (Love was rejected by the condo board) and we guess living in Soho’s posh Mercer Hotel had its days numbered as Love is now leasing Milla Jovovich’s townhouse (which has been on the market since 2008). We’re interested to see how that living arrangement plays out…From extreme homes to peaceful abodes, we have you covered on the Celebrity Beat.

•    Tyler Perry Buys Georgia Mansion for $7.6 Million
Entertainment maven (comedian/actor/director/producer/playwright), Tyler Perry recently purchased the massive Dean Gardens estate in the suburban outskirts of Georgia for $7.6 million. The 58-acre estate, located along the Chattahoochee River, has been on the market for 17 years (Michael Jackson was once an interested buyer), which was conceptualized by software developer Larry Dean and his wife, Lynda. The 32,000 square foot mansion was designed by the Dean’s 21-year-old that took four years to create a massive wonderland of themed-bedrooms and grandiose chandeliers. The Deans, though, never did enjoy their overactive mansion. Shortly after the construction of the home (in 1993) the couple separated and placed it on the market, which it has been on for 17 years. It was recently listed for $13,900,000 for the home and its furnishings (carousels, an entry way with massive-sized Italian paintings, custom murals and a room with Peacock décor were some features); however, Perry declined that offer and paid $7.6 million solely for the home. The home has been recognized (both praised and scoffed) for its unique décor options, formal gardens, outdoor band shell, 18-hole golf course, 12-car garage, 12 fireplaces, eight themed-bedrooms, nine bathrooms and on-site wedding chapel. We’re not sure what to make of some of these odd features and perhaps Perry wasn’t either as he plans to tear down the house and “… build one that is environmentally friendly and made of concrete,” according to Zillow.com. Zillow broke down even further, “this will include paying $25 million to build it, $18 million to pay for staff, taxes and utilities over the years and $1 million in annual maintenance.” Perry also owns homes in Los Angeles, an 11.4 acre home in Fairburn, Georgia and a mansion in Atlanta, Georgia. It sure pays to be a quadruple threat…

•    Jane Kaczmarek, Bradley Whitford Place San Marino Villa on Market for $6.7 Million
Jane Kaczmarek and Bradley Whitford filed for a divorce in 2009, and sadly selling their gorgeous San Marino Villa was also involved in their separation. Located in San Marino (near Pasadena, California), the 6,769-square-foot home is described as an “Italian Renaissance Revival estate.” Designed in 1924, the home is situated on more than an acre of land that includes an outdoor swimming pool, original formal gardens, a spa, six bedrooms and six bathrooms, a library, hardwood flooring and a private guesthouse. The home, which underwent a massive renovation in 1997, was originally purchased for $5.9 million in 2004.

•    Emeril Lagasse Sells Midtown Loft for $4.6 Million
Emeril Lagasse, famous for the catch phrases (“Bam” and “Lets Kick it Up a Notch), and of course for his Cajun cooking, recently sold his loft at the Beekman Regent NYC condo for $4.6 million. Located in Midtown Manhattan, the 4,000-square-foot apartment is a combination of two adjacent apartments that includes two kitchens – both of which have modern and stainless steel appliances, a formal dining room, a media room and two master suites. The apartment also features views of the skyline and the East River whose building’s interior includes 24-karat gold hardware and mahogany wood. According to the New York Post, Emeril won’t have to worry about his living situation that much longer since he reportedly just closed on a 6,900-square-foot Upper East Side townhouse. His new $11.5 million pad is recently renovated and includes two terraces, six fireplaces and a chef’s kitchen.

•    Courtney Love to Lease Milla Jovovich’s NYC Townhouse
Much has been reported about adventurous tales of grunge rocker Courtney Love and her search for an apartment in NYC. Seems this tale has a happy ending, at least temporarily, as it was reported that Love is leasing a townhouse from actress/model Milla Jovovich. Love has been living in the luxurious Mercer Hotel in Soho for the past year while searching for a home in the West Village. Love has been looking to live next to Anna Wintour whose board rejected her request. Seems like a perfect situation for both parties as Jovovich has been trying to sell her Greenwich Village townhouse since 2008. Listed for sale at $7.5 million, the four-floor home includes four bedrooms, a private garden, a dining room and a rooftop deck. Curbed NY reported that Jovovich was seeking $24,000/month for rent. However, there was no word if this is what Love will be paying.

•    Max Weinberg Asking $3.3 Million for Flipped Home
Max Weinberg, resident drummer on the “Late Night with Conan O’Brien” and former member of Bruce Springsteen’s E Street Band recently listed a Hollywood Hills home for sale. Purchased in February 2009 for $2,888,000, Weinberg and his wife, Rebecca, renovated the home and is now looking to make a profit by listing it for $3,399,000. The contemporary five bedrooms, three bathroom home – previously owned by the parents of Maggie and Jake Gyllenhaal – includes views of the city, a swimming pool among a lush garden and angled stairs and 2,916-square-feet of living space. An infamous house flipper, Weinberg has been purchasing homes in California and New York, renovating them and selling them since the early 2000s.

Which home sparks your interest?

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

The spectrum of ridiculousness and luxury real estate just took a turn to the extreme on this week’s edition of the Celebrity Beat. To start things off with a bang, it was reported that the most expensive home was sold in London by an undisclosed buyer – insert your speculations here – for $220 million. Located in a building called One Hyde Park, the new owner will have six bedrooms, bulletproof windows and a panic room — perhaps these are standard amenities when you purchase a home of this nature. On a smaller scale (but not by much), there were many other homes shuffled through sales and placed on the market. In NYC, Rachel Maddow purchased a two-bedroom West Village apartment for $1.25 million that was once owned by the lead singer of R.E.M. Nicole Kidman and her hubs Keith Urban  are also on the Beat for reportedly buying a three-bedroom home in West Chelsea. This newly designed home is being touted for its modern amenities, in particular, a sky garage that transports cars to its resident’s homes and back to the garage – seems to us that Jetson-like living isn’t that far away.

• The Most Expensive Home Recently Purchased in the UK for $220 Million

An undisclosed buyer recently purchased the most expensive homes in the world, according to Housing Watch.com. The new development called One Hyde Park was purchased for a whopping $220 million. Beginning construction in 2006 — the building with 86 properties – is still undergoing development with plans to complete the landscaping by December 2010. The unit purchased by the mystery buyer is reported to be a two-story, six-bedroom place with view of nearby Hyde Park. The London home also includes bulletproof windows and a panic room — for what we could imagine is needed the homes hefty price tag

• Nicole Kidman Buys New Penthouse for $10 Million

The starchitecture district, located in West Chelsea will soon have new residents. The New York Post and Curbed NY are reporting that Nicole Kidman and her husband Keith Urban have purchased at new penthouse at the posh 200 Eleventh Avenue for $10 million. Originally listed for $12.5 million, the super luxurious pad features amazing views of the Hudson, a private elevator opening to their foyer and access to  Sky Garage, an automatic car elevator that will take Kidman directly to her apartment (see picture). The penthouse – featuring 3,248 square feet – includes three bedrooms and a master suite with a walk-in closest, 3.5 bathrooms, a large study and a modern kitchen with stainless steel appliances. According to the building’s website, Kidman and Urban can also enjoy several on-site amenities such as a 24/7 attended lobby and a fitness center with a spa.

• Scarlett Johansson and Ryan Reynolds Purchase New Home in L.A.

Super couple Scarlett Johansson and Ryan Reynolds recently purchased a new 2,835-square-foot home in Los Angeles for $2.9 million. The home, located in the hills of Los Feliz, includes two bedrooms, three bathrooms, a guest room with hardwood flooring and high ceilings. The small home also includes a two-car garage, a state-of-the-art security system and an outdoor area with a swimming pool and small garden. It is also reported by the RealEstalker that Johansson and Reynolds are looking for another home in Louisiana with eco-friendly amenities.

•    Elvis Presley’s Honeymoon House for Rent

According to Zillow.com, the Palm Springs, California home where Priscella and Elvis Presley stayed during their honeymoon is currently listed for rent. According to the estate’s website, ElvisHoneymoon.com, you can also have a corporate seminar, tour, film or have your own wedding/honeymoon at the home. Once considered “the House of Tomorrow” for its art deco design concepts, the home has been preserved with furnishings from the 1960s that also includes two bedrooms, four bathrooms and 4,695 square feet of living space.

•    Rachel Maddow Buys Michael Stipe’s West Village Apartment
Rachel Maddow, host of “MSNBC,” recently purchased a West Village apartment that was once owned by R.E.M’s front man, Michael Stipe. Purchased for $1.25 million, the luxurious loft is quite the step up for Maddow who was formerly living in a 275-square-foot NYC apartment, according to Curbed NY. Her new digs – on Jane Street – include two bedrooms, gorgeous view of the Hudson and 1,325 square feet of living space.  A former paper warehouse, the building was turned into condos in 1976.

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

We had quite the mixed bag of homes for sales and home purchases this week. “Extra” host Mario Lopez recently purchased a 4,430 square-foot home in Glendale, California for the obvious reasons: outdoor pool, courtyard with a fountain and state-of-the art and modern amenities as well as for the not-so-obvious reasons: it will be the location of his new reality show where he and his baby mama will be filmed as they experience the trails of becoming new parents. While  some may tune-in to catch Lopez juggle his abdominal workouts while changing diapers, we are more interested in seeing how he will upgrade and personalize his Spanish-style home with home improvement projects and decor. Disney star-turned-actress, Hilary Duff also made this week’s Beat for purchasing an elegant Toluca Lake estate with her fiancé Mike Comrie for $3.85 million. We also reported on an interesting auction of the home of Joey Fatone. Fatone, who was in the band ‘NSync, is asking $6.5 million for the home that features a swimming pool and an outdoor sushi bar. These properties never cease to amuse and amaze us! Until next week…

•    Former ‘NSyncer, Joey Fatone Selling Orlando Home for $6.5 Million
Joey Fatone, of the popular 90s boy-band ‘NSync, will auction his home for $6.5 million citing wanting to be closer to his family as the reason for the sale. The gated estate, located in Orlando, is situated on 4.4 acres of lakefront property that includes 10 bathrooms, a 10-car garage and six bedrooms, including a 3,800 square-foot master suite with a butler’s pantry. The home also has 12,400-square-feet of living space that includes a movie theatre with stadium seating and an outdoor grotto area with a sushi bar,  swimming pool and spa. The minimum bid for the auction is $3.7 million, which will take place on September 11, 2010.

•    Mel Brooks Sells Ocean-Front Home for $5.3 Million
Comedian and director Mel Brooks recently sold his Watermill, New York home for $5.3 million. The 1,968-square-foot property was originally purchased for $2,995,000 by Brooks and his late wife, Anne Bancroft, which has been rented out for several summers. The home, situated by the ocean on. 74 acres, includes three bedrooms, two bathrooms, a fireplace and is right down the street from last week’s celebrity beat seller, Christie Brinkley.

•    Leeza Gibbons Buys New Home for $6,600,000
Entertainment reporter Leeza Gibbons recently purchased a home in Beverly Hills, California for $6,600,000. The Mediterranean-style home includes five bedrooms, 5.5 bathrooms and backyard complete with a heated swimming pool, spa and lush greenery. The 6,579-square-foot home also includes walnut wood flooring, a family room, a fitness room, a billiard room, an office, a three-car garage, a home theatre, four fireplaces and a state-of-the-art security system.

•    Mario Lopez Gets a New Home for $1,940,000
Mario Lopez of “Saved by the Bell” fame recently purchased a new home in Glendale, California. Sold to Lopez for a modest price tag of $1,940,000 (at least in celebrity real estate terms), the home will soon be seen by the rest of America when VH1 starts filming a new reality series about the trials and tribulations of Lopez’s life with a new baby. If you can’t wait to see the show, we can tell you the Spanish-style home includes four bedrooms, six bathrooms, three-car garage and a gorgeous courtyard with a fountain. The home, built in 1929, is fully renovated that also includes 4,430 square-feet of living space, a eat-in kitchen with modern appliances, an office, a formal dining area with hardwood flooring, arched doorways, fireplace and a swimming pool.

•    Teen Queen Hilary Duff Buys Home for $3.85 Million
Hilary Duff, former Disney star- and sometimes-designer/singer/actress recently purchased a colonial-style home for $3.85 million with her her fiancé Mike Comrie. Located in Toluca Lake, the elegant 5,260-square-foot two-story house includes five bedrooms, 6.5 bathrooms, an outdoor fireplace and a swimming pool and a modern kitchen with stainless steel appliances. Other amenities include a wet bar, French doors located throughout the home, a curved staircase, high ceilings and hardwood flooring. Duff and her fiancé Mike Comrie can also look forward to getting to know other Toluca Lake residents like Jenny Garth, Gwen Stefani and their next door neighbor, Britney Spears.

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

What an exciting week in the world of celebrity real estate. The home that Michael Jackson rented before he died was listed on the market for a whopping $28,995,000! With seven bedrooms, a game/media room, a theatre and a pool the new owner will never have to leave the property. Meg Ryan also made an appearance on the Beat for leasing her home for rent. Asking price? A mere $40,000 a month — or what we figure is better spent on two years worth of rent.  Christie Brinkley is also in the news for placing her beachfront home on the market. She is reportedly a huge fan of home improvement projects but cited lack of time to maintain the property as one of the reasons for the listing. We also reported on the foreclosure of Damon Dash’s (co-founder of Roc-A-Feller Records) NYC condos. Dash reportedly fell into the old spending-more-than-what-you-have bit and was unable to pay his $78,504 monthly mortgage payments.

•    Michael Jackson’s Home on the Market for $28,995,000
Yes, those numbers are correct and yes, this is the very home that Michael Jackson rented for $100,000 a month before he passed away in June of 2009 (owner is Hubert Guez, CEO of Ed Hardy).  This Holmby Hills estate (located in Los Angeles) is certainly fit for a King, or maybe just the King of Pop. The list of amenities goes on and on for “French Chateau” such as a wood-paneled den, a library, a modern eat-in kitchen, seven bedrooms, 13 bathrooms, seven garage spaces and 12 fireplaces all of which is situated on 1.26 acres of land. On top of all, the 17,171 square feet home (about $1,689 per square foot) also has a wine cellar, a media room, an art studio, a movie theatre, an indoor bar, a spa and a gym, lush gardens and greenery and an heated outdoor pool. Property listings describe this luxurious and gated abode as a “major achievement in design and proportion, incorporating classic design and impeccable craftsmanship and offering the perfect integration of charm and elegance in a world-class setting.” With that asking price and all that is included we wonder what King or Queen will be the reigning owner of this property.

•    Meg Ryan Renting Her Home for $40,000 a Month
Back in October, actress Meg Ryan listed this California home for $14.2 million only to be removed from the property listings a mere two months later. According to Zillow.com, Ryan has now listed her Spanish-style Bel Air home for rent at $40,000 a month. A bit steep for a lease but the world of celebrity real estate follows its own set of rules. And for whoever can afford this agreement will have quite the gorgeous beachfront estate to look after. The spacious home includes six bedrooms, seven bathrooms, four fireplaces and of course stunning views of the ocean. There is also hardwood flooring, open archways, wood-beamed ceilings and a modern kitchen with state-of-the-art appliances. There are no reports as to how long the rental agreement would last.

•    Hip Hop Mogul Damon Dash Losses Home to Foreclosure
Damon Dash, Co-Founder of Roc-A-Feller Records recently lost his TriBeCa condo to a foreclosure. Sold for $5.5 million, Dash reportedly stopped paying his $78,504 in mortgage payments on his two condos — one on Moore Street and the other on Laight Street. (We wonder why one would need two condos in the same neighborhood but perhaps that is a part of the whole celebrity real estate conundrum.)  Dash attempted to sell the Moore Street condo right after the real estate market crashed for $7.9 million and again for $5.75 million in 2009 with no interested buyers. Since he was unable to pay  his loan, Dash was sued twice and finally ordered to put his home through the auction process by the New York Supreme Court. A California-based finance firm, Platinum Capital, purchased the home. His second home (on Laight Street in NYC) went unsold and was taken over by Eastern Savings Bank.

•    Steve Carell Buys Home for $6 Million
Steve Carell of “The Office” recently purchased 1.27 acre estate for $6 million dollars. Located in Toluca Lake, California, the 5,126-sqaure-foot home includes six bedrooms, five bathrooms, a pool house and a tennis court. Toluca Lake is home to many celebrity neighbors that Carell can soon mingle with. According to the Real Estalker, Eric McCormack, Markie Post, Swoosie Kurtz, Andy Garcia, Demi Lovato, and Ashley Tisdale all live in Toluca Lake.”

•    Christie Brinkley Lists North Haven Home for Sale
Model/socialite and real estate investor Christie Brinkley recently listed her New Haven home on the market for $15.75 million. Built in the 19th century, the waterfront home not only has gorgeous views of the beach and the surrounding bay but is surrounded on 4.5 acres of land and 327 feet of beachfront. The 5,500-square-foot columned mansion has five-bedrooms, six bathrooms, four fireplaces and an outdoor pool. Brinkley cited busyness and an inability to maintain the property as the reason for the sale. She has an avid interest in home improvement projects stating “love fixing up old houses, but my life is so busy between with my children, launching several new businesses and my philanthropy, I just don’t have time.”

Part II: The Devasting Impact of the BP Oil Spill on the Real Estate Industry

By Serena Norr and Joann Pan

As we discussed in the first part of this series “The Devastating Impact of the BP Oil Spill on Real Estate,” the oil spill off of the Gulf Coast has not only affected our waters, marshes, animals and our health, but the “worst spill in history” has also greatly impacted the real estate industry.  Although we are happy to hear that engineers have been able to stop oil gushing from the well [LA Times Blog], there is the looming question pertaining to the state of real estate in Alabama and Mississippi. Early numbers are estimating that the oil spill will “drive down the Gulf’s property values by 10 percent for at least three years,” according to CoStar Group Inc [Bloomberg]. The International Property Estimate stated that “losses may total $4.3 billion along the 600-mile (966- kilometer) stretch from the Louisiana bayous to Clearwater, Florida.”

Since April 20th, new property developments in Alabama and Mississippi have been put “on hold” and commercial properties such as hotels that are suffering from a decline in tourism and the inability to provide certain supplies such as with restaurants that can no longer offer fresh and local shrimp, oysters, etc.  Some of these real estate issues are not immediate, but will impact these areas long after the spill has been cleaned.  Will people want to relocate to an area that was once covered in oil — whether directly or nearby? Will the water ever be clean enough for fishing? Will tourism pick up? As the pieces are starting to be picked up and clean-up efforts are prevalent in the Gulf, we will be keeping a watch eye, hopeful that we will be able to report on positive news from the Gulf.

Alabama’s Businesses Suffer Including Restaurants, Condo Owners, Shops Owners and Fishing Industries

For three months, after the media has continually projected the dismal prospect of coastal communities affected by the BP Oil Spill to the rest of the world, the states lining the Gulf of Mexico are seeing and feeling the onset of low numbers of tourists and homebuyers. When President Obama went to see the effects of the BP oil spill on the state in mid-June, Governor Bob Riley and the communities of Alabama were relieved to have president see the effects for himself. In a speech, the president addressed the jabs that the tourism and fishing industries have suffered. The lives of Alabama’s shop owners, restaurateurs, commercial and sport fishermen and those in real estate have not seen normal business for about three months [Montgomery Advertiser]. As oil continues to wash to shore, it’s not the effects on the beaches that worries community members, but the state’s precious marshes, estuaries and wetlands that will be lost. Tourism is also down, which is evident by the pictures of empty beaches that would normally be flooded with people. There are men bringing booms down to the waters—approximately 10,000 feet of booms a day to keep the oil at bay.

As soon as the oil started leaking—rather gushing relentlessly into the Gulf of Mexico—officials and professionals have been implemented quick clean-up of the space. As personnel continue to tread the waters of the Gulf, people are coming forward with disaster-related illnesses. In Louisiana, their Department of Health is aware of 71 cases and in Alabama, there are 15 reported illnesses—a mix of respiratory problems and skin irritations [CNN Health]. As soon as news like this hits to mainstream, areas where tourism and properties are hot start to see businesses fade.

The NY Times painted a dreary picture for us on July 5 by running a feature about an Alabaman seaside Inn that has seen the scary effects of the oil spill that include a lack of bumper-to-bumper traffic along Perdido Beach, minimal diners at coastal restaurants, missing swimmers in the water and a diminished population of seagulls riding up the coast. And in the place of those summer beach expectations are tar balls and lines of oil that have layered themselves in the daily repetitions of low tide and high tide that brings new sand and oil on shore. The building’s owner is Jerry Gilbreath, 61, who bought the structure in 1980 and turned it into a successful bed-and-breakfast. Now, Gilbreath, like other resort, hotel and property owners in Alabama are struggling to meet ends meet. To give you an idea the inn made $21,000 last June, but only made $6,000 this June, a month after the drum of oil starting leaking [the NY Times].

Mississippi’s Job Loss, Real Estate Outlook and Tourism Industry

Since the oil spill, 4,500 unemployed workers in Alabama, Louisiana, Florida and Mississippi have been hired to clean the beaches– raking and shoveling debris, taking out trash and using power loaders to wash away oil-covered rocks [CNN Money]. Although finding work is always a positive sign (especially since Mississippi has an 11.5 percent unemployment rate), the conditions in which these workers were hired is not something residents of these Gulf States were expecting.

The immediate impact of the spill is not the only matter at hand, but one that Mississippi will be dealing with years after the spill; especially when pertaining to real estate. Recently, several real estate agents and brokers have requested $20 billion dollars as compensation for the loss of sales due to the oil spill. Kenneth Feinberg, a Washington attorney who is working on organizing money for the victims, stated “The Realtors and real estate brokers are a major political force. I’m hearing from them constantly. I’m not sure whether they have a valid legal claim.” As of now, these claims fall into the category of  “tough eligibility decisions,” whose issue will be further explored through an independent committee held next month [SunHearald.com].

There is also the issue of the loss of jobs and tourism in Mississippi. A University of Mississippi study found that the oil spill could cost Jackson, Harrison and Hancock counties nearly $120 million in the tourism and service sectors; while the Mississippi Development Authority estimated that tourism was down statewide and about “seven percent in fiscal 2010 to $5.2 billion” [Insurance Journal]. Hit the hardest right now are non-casino hotels, which are down by $50 million and services related to tourism such as restaurants, beverages and food and area beaches (even though no oil has been washed onto Mississippi’s beaches). According to David Bulter, a professor who conducted the survey, these figures are related to the “negative images portrayed by the national news.” There has also been a decline in charter boats and recreational and commercial fishing.

Now that the leaking has been stopped by a temporary cap—until further measures can be made, that is—we wait and hope for positive news in the upcoming months.

Sources and Additional Reading:

• Bloomberg
• CNN Health
• CNN Money
• Insurance Journal
• The Los Angeles Times – Blog
• Montgomery Advertiser
• The New York Times
• SunHearald.com

All photos are from Deepwater Horizon’s flickr page- http://www.flickr.com/photos/deepwaterhorizonresponse/

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

At Relocation.com, we are big believers in renovating your home or apartment for obvious reasons (like say, repairing a faulty toilet or fixing broken tiles) or to enhance the look and feel of your house. For homeowners, these projects may increase the value of a home, which can be rather helpful when you are seeking to sell. However, when you spend $50 million (yes, I  said $50 million dollars) for a home renovation, we have clearly entered into the mysterious and costly world of celebrity real estate. This exact transaction recently took place in NYC when the designer, Tommy Hilfiger forked over $50 million buckaroos to redesign his duplex. Pictures of the gorgeous home were taken by Harper’s Bazaar so we can all admire the “European-inspired” home from afar and truly see what you can do to your home when money is no object. This week you can also read more about Cameron Diaz who purchased Candice Bergen’s Beverly Hills home for $9.4 million. The homes of the late Jim Morrison and the late Ed McMahon are listed for sale, as well as Sasha Baron Cohen’s home that is listed on the market for $2.9 million. Let us know which home sounds interesting to you. Until next week…

•   Tommy Hilfiger Renovates Home for $50 Million
Clothing designer Tommy Hilfiger recently renovated his two-floor NYC duplex for the hefty price tag of $50 million. This home improvement project has been in the works for two years to create “an old-world atmosphere complementing the old-world Plaza,” as Hilfiger stated to Harper’s Bazaar. The project involved a complete gut renovation of Hilfiger’s 6,000-square-foot duplex to create a glamorous/vintage European-vibe. And that it certainly is. The newly redesigned duplex now includes a gorgeous Maison Jansen dining room table, crystal chandeliers, a nautical-themed kid’s room complete with a ship bed and a French Renaissance-style turret featuring an Eloise mural by Hilary Knight. There is also a 20-piece collection by Andy Warhol, paintings by Jean Michel Basquiat and an American flag painting by Jasper Johns that Hilfiger is reportedly interested in buying. The home also features a private domed terrace, which overlooks Central Park that was redesigned with checkered flooring, a black sitting table and custom cut plants.

Check out more photos of Tommy Hilfiger’s Plaza home as featured in Harper’s Bazaar.

•    Jim Morrison’s Laurel Canyon Home for Sale
The Laurel Canyon home of the late Jim Morrison has recently been listed on the market for $1,199,000. Previously sold for $535,000 in 2001, the rustic 2,300-square-foot home is reportedly where Morrison did a lot of his song writing and hung out  in the 1960s. The quaint home includes three bedrooms, open beamed ceilings, distressed wood floors, iron fixtures and a outdoor deck with a fire pit, gym and shower, as reported on Housing Watch. The new owner may also discover some of Morrison’s writings behind the wall of an indoor shower where he reportedly kept some of his poetry and songs – Strange Days, indeed.

•    Cameron Diaz Buys Candice Bergen’s Beverly Hills Home
According to the Real Estalker, Cameron Diaz recently purchased Candice Bergen’s Beverly Hills home for $9, 447,500. Originally listed for $10,250,000, the 5,000-square foot home features four bedrooms, 4.5 bathrooms and a detached guest house that encompasses almost an acre of land includes another three bedrooms and two bathrooms. The sophisticated home also features hardwood and tiled flooring, high ceilings and an outdoor area with a pool, tennis court, gardens and a spa.

•   Sacha Baron Cohen Lists Los Angeles Home for $2.9 Million
Sacha Baron Cohen aka the man behind “Ali G” and “Borat” recently listed his 2,806-square-foot home on the market for $2.9 million. The single-story Los Angeles abode features three bedrooms, 2.5 bathrooms, a detached guest room and a two-car garage. Other amenities in the house include hardwood flooring, a fireplace, French doors leading to the dining room, a modern kitchen with stainless steel appliances and white cabinets and an outdoor deck with a pool and spa.

•    Ed McMahon’s Beverly Hills Home on the Market for $4.6 Million
The home of the late Ed McMahon is on the market $4.6 million. Originally listed in 2008 for the same price, the Mediterranean-style is located in a gated community in Beverly Hills that overlooks canyons and a sprawling yard. The California estate includes six bedrooms, 5.5 bathrooms, fireplace and a swimming pool. The seller (who was also a friend of McMahon’s) made significant home improvements on the 7,013-square-foot estate that faced foreclosure in 2008.

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

A few politicos made “the Celebrity Beat” this week. The “Lion of the Senate” aka the late Ted Kennedy’s Washington, DC home was recently placed on the market for $7,995,000. This massive Colonial-style estate includes five bedrooms, six bathrooms, a wine cellar and a personal gym designed by “the Terminator” or Governor Schwarzenegger, as he is referred to these days. On the right side of the political spectrum, Rush Limbaugh’s Upper East Side penthouse was sold for $11.5 million to an undisclosed buyer. Limbaugh has been stating he has wanted out of New York due to the city’s high property taxes — but if you have an $11 million dollar home, we are thinking you have sufficient funds to pay good-old Uncle Sam. To light things up a  bit, comedians Cheryl Hines and Adam Carrolla are both selling their California homes. Hines’ home is situated in Brentwood overlooking the mountains; while Carrolla’s home overlooks downtown Los Angeles that was also personally designed and renovated by Carrolla.

•    Ted Kennedy’s Home on the Market for $7,995,000
The Washington, DC home of the late Ted Kennedy (Kennedy passed in 2009 after a long bout with brain cancer) is on the market for $7.95 million. Purchased in 1998 for 2.7 million, the 8,900-square-foot home includes five bedrooms, six full-sized bathrooms and two half baths, a wine cellar, an indoor and outdoor pool, a secret hideaway from the library and an indoor gym designed by no other than the movie star-turned-gobernador Arnold Schwarzenegger! Described as a “Colonial-style home” whose decor features long white columns, French doors, high ceilings, an outdoor terrace, gardens and a massive dining room that is customized to fit 50 people. Listed by Vicki Kennedy (Kennedys’ widow), who is seeking a smaller home in Washington, DC. According to the Wall Street Journal, the home is “quietly being shopped around” with no current buyer.

•   Cheryl Hines Lists Brentwood Home for $4,249,000
Comedian and “Curb Your Enthusiasm” star Cheryl Hines recently listed her walled and gated Mandeville Canyon-area estate for $4,249,000.The 4,908-square-foot home sits on an acre of land that features stunning views of the nearby California mountains and new furnishings and renovations throughout the properties open-floor plan. If that isn’t enough, perhaps the homes six bedrooms, 5.5 bathrooms, a guest house and an outdoor pool with massive trees throughout the property may entice you to buy?

•    Joe Torre’s Home Listed for Auction at $1,175,000
Joe Torre, former coach of the New York Yankees and current coach of the Los Angeles Dodgers has recently placed is New Rochelle, New York to be sold via a public auction. Located 30 minutes from Manhattan, the 6,500-square-foot home is listed at $1,175,000 that is expected to exceed the asking price. Some notable features about the two-level property includes six bedrooms, five bathrooms, an indoor pool and a three-car garage all of which is situated on 1.01 acres of land. The first level features a family room, a fireplace, and a large kitchen; while the second level has a master suite, guest rooms and a laundry room. Owners of the property will also become stockholders of the estate property company. For more information on the auction, visit BidOnTheCity.com.

•    Rush Limbaugh Finds Buyer for NYC Penthouse
On another side of the political spectrum, conservative pundit Rush Limbaugh has found a buyer for his Upper East Side NYC penthouse. Originally listed for $13.95 million, the undisclosed buyer will pay $11.5 million for the condo, according to the Wall St. Journal. The full-floor penthouse overlooks Central Park and features 10 rooms, four terraces, a 30-foot-wide living room and a private elevator. The new buyer will also enjoy personal decorating touches of the conservative talk-show host such as ornate wall designs and a mural of clouds and birds in the master bedroom, along with various ceiling murals throughout the penthouse featuring palm trees and the beach. Limbaugh is relocating from New York due to the high property taxes, which he announced in February on his radio-show entitled “El Rushbo to New York: Drop Dead.”

•    Adam Carolla Lists Home for $1.3 Million
Comedian, Adam Carolla recently put his Beachwood Canyon home on the market. Carolla – who also owns two other properties in the Los Angeles-area – personally did all of the renovations on this three-bedroom as stated on the Luxist, “the home was totally rebuilt, piece by piece, like a restoration of an old car with modern equipment.” With a contractor background, Carolla spent at least $350,000 in home improvements on his 2,281-square-feet French-style home. The “ultimate bachelor pad,” that was “overbuilt,” as stated by Carolla, includes some interesting features such as an office, an indoor and outdoor bar, an updated kitchen with state-of-the-art appliances and a soundproof basement. The exterior of the house is also pretty impressive, which resembles a castle and overlooks downtown Los Angeles and views of the Hollywood sign.

Part I: The Devastating Impact of the BP Oil Spill on the Real Estate Industry

By Serena Norr and Joann Pan

The numbers are startling: 60,000 plus barrels of oil a day [The NY Times], thousands of fishermen without work [CNN] and an expected 30 percent decline in home values [Housing Watch]. By now, we have all heard about the devastating events that took place on April 20, 2010 – an oil rig exploded off of the Gulf of Mexico spreading crude oil and toxins [including the poisonous Corexit [The NY Times] along the shoreline. Deemed, the “worst oil spill in U.S. history” [National Geographic], the consequences of this unfortunate event have caused an environmental upheaval – affecting our water, marshes, animals and some believe, our health.

Being in the moving industry, we are also greatly concerned with how the spill is affecting the real estate industry – specifically commercial and residential properties, new developments and vacation homes. Some of the affects of the oil spill are already apparent: restaurant owners fear not having fresh fish will put them out of business [McClathchy], hotels are fighting to stay open [The NY Times] and once thriving tourist areas have become ghost towns [CBS News]. A survey conducted by Greater New Orleans, Inc, entitled “Potential Economic Impact of BP Oil Spill” indicated that “50 percent of businesses said they are expected to be hurt by the spill – citing direct interruption of their business due to the spill or false perceptions of the oil spill; while 53 percent of businesses stated they will need outside assistance to regain their losses.” Part of this assistance will come from an independent compensation fund established by the U.S. government — who will toll out $20 billion to compensate those who were greatly affected [CNN]. Although, this is a sizeable amount, there has been no indication as to whether this will cover personal property loss.

Not only an issue for the present, we wonder how the spill will affect the real estate industry in a few years. Will people be excited to build and vacation in the Gulf? Will commercial properties thrive again? Will BP award sufficient money to cover these devastating losses – ranging from fishing, tourism, ecological preservation to real estate? As we follow the headlines, we can only think of the worst in order to prepare best as we learn more about this awful spill in our two-part BP real estate series.

How the BP Oil Spill is Affecting the Coastal State of Florida

We are quickly approaching the two-month mark of the Transocean Ltd. Deepwater Horizon Oil Spill where (at press time), we learned that BP engineers have been able to stop oil gushing from the well [LA Times Blog]. Although, a welcome relief from the disparaging news we have heard since April; there is still a lot of work to be done.  More than 93.5 million to 184.3 million gallons of oil have escaped the bruised well into the Gulf of Mexico [LA Times Blog] making its way down to the coastlines of our southern-most states.

So far, the oil has made its way to the coastlines of our southern-most states –  estimated to be 130 miles long and 70 miles wide. Florida’s Governor Charlie Crist has already declared a state of emergency as the oil reaches the Panhandle. The oil slick covers 69 miles of Florida, 328 miles in Louisiana, 108 in Mississippi and 67 in Alabama, according to The Governor of Florida’s Website. Tar balls have been recovered on Pensacola Beach and the Perdido Key.

The BP Oil Spill will definitely bring long-term effects to Florida that at this time unforeseeable. The Palm Beach Post of Florida estimates that Florida will have a loss of 195,000 jobs and nearly $11 billion in revenue losses. These numbers were estimated by a University of Central Florida economist who believes the southern state will suffer from lack of jobs — especially Pensacola fishermen — and from decreased tourism to the nearby Orlando theme parks and the Palm Beach luxury hotels. [The Palm Beach Post] However, the local media outlet does expect reimbursements from BP itself for the canceled reservations over this current summer season, the loss of fishing, clean-up fees, and for other local effects from the nearby explosion of the rig.

The St. Joe Company (NYSE: JOE) is one of the biggest landowners in Florida and has also had one of the toughest times in the midst of the oil spill. With approximately 580,000 acres of land, mostly in Northwest Florida, St. Joe has made a great business based on tourism and owning eight luxury resorts near the Panhandle. According to
realestatechannel.com, St. Joe has refunded money for approximately 151 coastal homes and for a 60-room inn because of the oil. Many local companies are giving out refunds because of people afraid of the effects of the oil spill. St. Joe and other organizations are tackling the BP Oil Spill by asking for reimbursements of business lost and interrupted.

Another case of loss in the situation in Florida is that of Naples beachfront homeowner Cynthia Joannou, who is suing BP for causing environment issues for homeowners who own property along the coast and who will deal with long-term issues, according to m.naplesnews.com. Joannou claims that homebuyers are shying away from moving to Florida strictly because of the cumbersome oil spill. These losses will amount up to $4.3 billion along the entire 600-mile coast line from Louisiana’s bayous to Clearwater, Florida in property estimates, according to Bloomberg. A local realtor in the same article said that this environmental travesty is “the knockout punch the Great Recession didn’t deliver.”

Loss of Jobs, Homes and What is to Come in Louisiana

More than 65 miles of Louisiana’s shoreline—including its beaches and wetlands—are now covered in oil, according to Louisiana’s Governor Bobby Jindal, as stated on The Boston Globe. What once was a vibrant fishing community, thriving vacation spot and an area beginning whose real estate market was revitalizing is once again back in the national spotlight – only five years since Hurricane Katrina.

As a result of the BP Oil Spill, it is expected that Louisiana’s real estate market will drop from five percent to 15 percent in the next 12 months. Home builders – who are still rebuilding – from the devastating effects of Hurricane Katrina have delayed or stalled numerous projects along the Gulf. According to real estate agent Carolyn Angelette, 100 of her clients have canceled their vacation rentals in Grand Isle, Louisiana, as stated on the blog, The Coming Depression. Other reports in Bay County have indicated that housing developments have simply stopped. Tom Ledman, president of the Home Builder’s Association of Panama City-Bay County stated there are no signs as to when construction will start up again [News Herald].

Louisiana’s job market is also estimated to be affected by the oil spill. Based on the “Economic Impact of the Moratorium and Oil Spill” study, it is estimated that 22,000 people will loss their jobs as a result of the oil spill with an overall loss of $8 to $15 million dollars per month – indicated by the surveys worst case scenario model. Jobs such as the fishing industry are also believed to take the biggest hit – bringing $500 million dollars in revenue to Louisiana, followed by processors and then the tourism industry, according to the survey conducted by the Greater New Orleans, Inc. The survey states that encouraging eco tourism, a positive vibe and not selling your home are critical during this disparaging time.

The issue at hand within the property market has plummeted across the southern coast of the United States. Hotels and home owners are having trouble keeping up with mortgage payments. Many media outlets have reported a total exposure of $136.4 billion to commercial real-estate owners and developers in affected states Alabama, Florida, Louisiana and Mississippi.

Follow us in a few weeks, as we weigh-in on how the oil spill has affected the real estate market in Alabama and Mississippi.

Sources and Additional Reading:

• CBS News
• CNN
• Greater New Orleans, Inc.
• Gulf Live
• Housing Watch
• The Los Angeles Times- Blog
• National Geographic
• The New York Times
• The Palm Beach Post

All photos are from Deepwater Horizon’s flickr page- http://www.flickr.com/photos/deepwaterhorizonresponse/

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

This weeks “Celebrity Beat” is packed with exciting real estate reports from New York to California. Starting in New York, Bill and Hillary Clinton have reportedly been eying a home in Bedford Hills (a mere eight miles from their Chappaqua estate). The Bedford Hills home will be quiet the upgrade for Bill and Hillary with 20 acres of land, 7,000-square-foot of living space and more importantly will provide the couple with “privacy and security.” In California, Dr.Phil (of the “Dr. Phil” show and “Oprah”) recently listed his Mediterranean villa for sale at $16.5 million for a larger casa in the Hollywood Hills. It was also reported that Gwyneth Paltrow and Chris Martins’ home was “stripped down” and recreated by the New York City design team, Roman and Williams — resulting in a space filled with shimmery textures and pastels. Lady Gaga also made this weeks Beat for reportedly leasing a Bel-Air home for $25,000 a month — an amount many of us would pay for a years worth of rent.

•    Lady Gaga Renting Bel Air Home
The ever provocative pop star, Stefani Germanotta – better known as Lady Gaga – recently leased a Bel Air home for $25,000 a month. This rock star-style pad is situated on an acre of land that is both walled and gated and fully furnished, featuring a number of Marilyn Monroe pictures that don the walls. According to Zillow.com, the home is owned by real estate developer, “Lorne Leibel who purchased the home in 2004 for $3,150,031 that was later listed for $4,750,000 in 2009.” The 6,143-square-foot pad also features six bedrooms, eight bathrooms, marble flooring, fireplaces and an outdoor and raised pool next to a spacious deck. There is also an office, a library and a modern kitchen with a separate breakfast nook. There has been much speculation whether Gaga would be buying in New York, but it seems she is testing out a few places before she decides where she will relocate.

•    Dr. Phil Lists Beverly Hills Home for $16.5 Million
TV Psychologist, Dr. Phil McGraw and his wife, Robin, have recently listed their gated Beverly Hills, California home for $16.5 million. This massive Mediterranean-style villa – covering a little over 11,000 square feet – includes eight bedrooms, seven bathrooms, a screening room, a pool room, a music room, a library, staff quarters, a beauty salon, fitness center and guest quarters with two bedrooms. The landscaped pool and massive backyard aren’t too shabby either. According to the Real Estalker, property records indicate that Dr. Phil “purchased the property in 2002 for $7,500,000…in cash.” Reports indicate that the home is for sale because the couple purchased another California property that they have “been admiring for years,” according to the Chicago Tribune.

•    Gwyneth Paltrows’ $5.1 Million Dollar Home Redesigned
Hot designers, Roman and Williams, recently redesigned Gwyneth Paltrow’s and Chris Martin’s 4,400-square-foot TriBeCa penthouse. Purchased in 2007 for $5.1 million, the designing duo revamped the home by completing a “total strip down to stud and redesign” of the interior space to create a space filled with “light, moldings, glassy paint and fuzzy nap zones,” according to the designers blog. They also used shimmering silvers, whites and pastels throughout the space to create a romantic and elegant home for the actress, hubby musician and two kids. The space features three bedrooms, 3.5 bathrooms and a terrace and an impressive modern kitchen.

•    Bill and Hillary Clinton Looking to Buy in Bedford Hills, New York
Bill and Hillary Clinton are looking to move from their Chappaqua, New York home a mere eight miles north to Bedford Hills. According to the New York Post, the Clinton’s have been seeking more space, along with a home that has “privacy and security,” which has been lacking in their Chappaqua, New York abode. This prospective Bedford Hills home nicknamed “Clover Hill” is described as an English country cottage with five bedrooms, seven bathrooms, numerous fireplaces, wood-beamed ceilings, horse stables, a heated pool, massive gardens and two guest houses all of which are situated on a lake. The Clinton’s will reportedly pay $10.9 million for this space – that also features an impressive 20 acres of land and 7,000-square-foot of living space.