Showing posts with label Real Estate Investment. Show all posts
Showing posts with label Real Estate Investment. Show all posts

Thursday, February 11, 2010

Information About Real Estate - Loan to Own

Seller financing attracts potential buyers in a constrained market.

By Jeffrey A. Usow, JD, and Jade Earl Newburn, JD

Given the current credit-market constraints, seller financing may be a way to bridge the financing gap facing buyers and sellers in today’s commercial real estate market. Seller financing is a transaction in which the seller makes a secured loan to the buyer to finance a portion of a property’s purchase price. The two most common forms are traditional mortgage loans, which are secured by a lien on the underlying real estate asset, and mezzanine loans, which are secured by a pledge of the borrowing entity’s ownership interests.

Property owners should carefully examine their ability and preparedness to be lenders, their economic motivations for selling particular assets, and the potential seller-financing capital structures.
Lender Requirements

Sellers must satisfy a number of threshold requirements before becoming lenders. They first must review their organizational documents; joint venture, fund, and upper-tier debt agreements; and statutory and regulatory obligations. If they find they are not authorized to make loans, sellers must amend or modify organizational documents or meet any applicable statutory or regulatory obligations.

In addition, sellers must consider if they have the underwriting and monitoring capabilities necessary to effectively service individual loans or a lending portfolio. If not, they must either build internal systems or outsource to appropriate loan servicing agents. In the context of such activities, sellers also must know the laws, regulations, and other legal restrictions that apply to lenders. These include lender licensing requirements and potential lender liability that may arise from real estate loan originations or servicing.
Seller Motivations

Sellers authorized and otherwise prepared to be lenders also should consider their motivations for entering into seller-financing transactions. The key economic questions in any seller-financing transaction are how much cash the seller needs to receive at closing either to pay off existing property-level debt or generate liquidity, how much cash the buyer can pay at the closing, and the assets that the seller may choose to sell.

Assets that are encumbered by little if any property debt have the greatest potential to be sold in seller-financing transactions. However, seller financing is likely to be more challenging if the existing property-level debt is a significant percentage of the property’s current value. In theory, the seller could sell a portion of the seller-financed loan at closing or convince the senior lender to accept partial lien payment, allowing the buyer to assume the remaining debt and junior liens to attach at closing. However, these solutions will be challenging to implement in practice. Fortunately, the choice of capital structure may solve these problems.
Capital Structures

The difference between the amount of closing cash that the seller needs to receive and the buyer is able to pay forms the basis for two primary capital structures in seller-financing transactions. Sellers may be able to serve as either senior lenders or junior lenders to facilitate such transactions.

Accordingly, in one possible capital structure, the buyer pays a portion of the purchase price — for example 40 percent — with its own equity, and the seller lends the remaining 60 percent of the purchase price to the buyer as the first priority lender. This structure works best when the existing property-level debt is relatively small in comparison to the asset’s sale price. The seller has greater flexibility in determining the amount of cash it is willing to accept at the closing; however, the usefulness of this structure is dependent upon the extent to which a buyer is able and willing to contribute cash at the closing.

Alternatively, suppose a buyer can only contribute 20 percent of the purchase in cash and the seller needs more cash at closing. Then the buyer may be able to borrow a portion of the purchase price from a first position third-party lender and borrow another portion of the purchase price from the seller. The seller becomes a junior lender, either through a second priority lien on the underlying asset or by a pledge of the ownership interests in the title-holding entity in a mezzanine loan. In such a transaction, the third-party senior lender might loan 50 percent of the purchase price in first position, the seller might loan 30 percent of the purchase price as a junior lender, and the buyer might pay equity at closing of 20 percent. Accordingly, the seller would receive 70 percent of the purchase price at closing and the buyer would obtain an aggregate loan-to-value ratio of 80 percent.

With the cumulative leverage of both a senior loan and a junior loan, potential buyers also may be able to maintain a relatively high debt-to-equity ratio and have the potential to earn greater yields on their equity investment. Thus, they may be more likely to enter into commercial real estate transactions in the near term. Also, sellers may be able to charge higher interest rates than the senior lenders but would be in a first loss position relative to the senior lender.

Sellers looking to sell multiple assets should consider setting up a program with other lenders that are willing to lend in first position in relation to the seller’s junior loan. By doing so, sellers may be able to pre-negotiate the intercreditor agreement and subordination agreement and present prospective buyers with complete financing solutions during the purchase agreement negotiations.

Wednesday, January 27, 2010

Find Luxury Real Estate in Dubai

The UAE is attracting orbicular attention from business and actual estate investors. The metropolis property market is on steep growth curv and the city has most 75% of the worlds available cranes such is the intensity of construction. Properties move from moderate and affordable to the most extreme wealth homes, apartments and villas.



Dubai is environment the standard for the rest of the world to follow, its a city that has be seen to be truly understood and you can find almost anything in actual estate to meet your requirements, infact your dreams module more often than not exceeded by what this city has to offer.  There is such a intensity of construction and invesment in the area that as a vistor your not going to wager all of it, as an investor you module have volumes of opportunity. Even as a resident your nous is always being turned according to some of locals we have spoken with recently. Where module all of this construction end? They are antiquity more Islands and more broad rise condos so the answer is “how long is a example of string”. The long constituent content is to have an industry & revenue model other than meet oil, with 10’s of millions of visitors every year Dubai is well on track. The discourse is how big and how far can it go? We already have 7 star accomadation, indoor snow skiing and man made palm tree islands! What is next for Dubai?

There are a beatific sort of well respected actual estate agents that can give you current market data on the area, things like acquire costs, rental returns and growth statistics for investors and you can do all of this online. The one thing you can’t do over the internet is intend a true feel for the city and the sound it has created. Treat yourself to a pass in the UAE and you module not be sorry, you module come away with such more than meet a beatific time, you module come home from Dubai in awe. At this point you module want to intend involved.


Friday, January 1, 2010

Financing options for real estate buying

Buying a home is probably the biggest purchase (and maybe the biggest dream as well) a common man makes in his life. Having your own home is seen as a milestone in anybody's life. However it is not so easy for most of the middle class families and it may cost a good percentage of their lifetime savings. Same is the case with real estate investors, many times they see a piece of property that comes as an extremely good investment opportunity but few investors have that much cash in hand all the time. The bottom line is that you need some modes of finance, if you are going to buy some residential or commercial property. Following are some commonly used (and some not very common) options.

Mortgage loans:
When you are in need of buying a property and not having funds for that, you will go for the loans. In this case the lender will be an investor, who is giving out this loan as an investment (known as ownership investment). These investors need to have some security that they will get returns on investment or at least the amount they are investing. When you pledge your home as a security to your lender, it is called a mortgage. The lender now has a claim on the property, and in case you are not able to pay back in future, he has the option to sell the property in auction (foreclosures). Mortgage is the most common source of finance for most real estate buyers and investors. You can chose between fixed rate mortgage and adjustable rate mortgage, there's a third type as well that combines the advantages of both fixed and adjustable rate mortgages (called blended rate mortgage).

Government housing schemes:
Governments, in order to facilitate their citizens, offer housing schemes for middle or lower class people. Also there are some organizations or local government bodies offering housing finance. These loans are not valid for investment purposes, but if you are looking to purchase a home for your own use, you must look into these schemes. If you are eligible for such loans, the rates will be much lower than commercial loans. These schemes vary from state to state or country-to-country, in United Estates some well-known schemes are VA loans or FHA loans.

Family or your credit cards:
Borrowing from your family or friends is another good option. Unlike commercial lenders, they will be much more cooperative (depending on your relations). In most cases you don’t have to pledge your property or some other assets as a security. On a side note, for lenders lending to their friends or families, there's nothing wrong in making a written agreement. Credit cards are not a good long-term financing option, but it can be helpful when you need relatively small amount for down payment or monthly installments.

Thursday, December 31, 2009

Different types of real estate investments

Real estate investments are of various types; you can single out any of them according to your requirements. Generally, you should consider following points when choosing one of them.

• How much capital do you have?
• Are you interested in short-term investment or long-term investment?
• A careful review of advantages and disadvantages

Coming back to our topic i.e. different types of real estate investments, following are some basic types of investment.

Rental Properties:
This is the most basic and probably the most commonly used method, you purchase a property, find some renter and rent it out after agreeing upon a fix amount of monthly rent. All expenses like maintenance, tax, mortgage payments lies on you (the landlord), while you secure a regular cash flow coming from the monthly rent payments. Not only that, but you can also benefit from property prices going up in the meantime. You can rent all types of properties, be it the residential, commercial or vacation rentals.

Advantages:
As mentioned earlier, you will be getting a regular stream of income while keeping the possession of property rights, therefore you can benefit from the increase in property value as well.

Disadvantages:
In case you are not able to get some reasonable tenants straight away, you are stuck with your investment, which is supposed to be a large one. Also, the irksome chores of maintenance or dealing with troublesome occupants can prove to be a little too much for some landlords.

Property Flipping:
Property flipping is most common in real estate markets going through significant growth. In these markets (where property prices are soaring), you can purchase a property and put it up for sale straight away, because the prices are rapidly increasing, you should be able to make profit instantaneously. More experienced investors also go through some renovations in the property (known as fix and flip) to secure maximum profits.

Advantages:
This type of property trade (buying and quickly selling) is not recommended for rookies, as it involves quite a number of complications. However, lots of experienced and shrewd investors have managed to make quick money, by just flipping the properties in booming markets.

Disadvantages:
An unsuccessful attempt at property flipping (where you fail to flip the property to another buyer or the price goes down instead of rising) can prove to be disastrous. Stay away from this type unless you are sure of your foreseeing skills.

Indirect Investment (Investing through REIT):
If you are short of capital (not enough to purchase a property on your own); you must be looking for an alternate that’s easy on your pocket. Investing in “Real Estate Investment Trusts” or real estate investment groups is one such alternative. Real Estate Investment Trusts (REIT) or groups are corporations, they invest in real estate and you can purchase the shares (quite similar to mutual funds).

Advantages:
This is easily the most liquid form of real estate investment as these securities can be sold anytime like stocks. You don’t require substantial funds to invest and the profits are often higher than normal stocks.

Disadvantages:
Just like mutual fund, you need to have a basic understanding of the market before you invest into REIT. Another negative aspect is that normally the growth rate in share values or dividend is minimal.

Tuesday, December 29, 2009

Speculation in real estate and its negative aspects

Speculation (or speculative investment) is an investment made with expectations of considerable appreciation in the prices of some asset (e.g. real estate property, stocks, etc). Speculative investment is a norm in booming real estate markets, though we can't really differentiate between a speculative investment and a standard investment, as both of them looks quite similar on paper. It is actually the risk level and more importantly the investor's thought pattern, which helps us in differentiating between both of them. Speculations are more like a gamble in which investor's intuition plays a significant role.

Real Estate speculation can be a result of rumors, guesswork, or just the gut feeling of investors … when they sense some abnormal hikes in prices or demand in near future, they'll buy and try to take advantage of this anticipated appreciation in prices by reserving some homes, offices or land to turn a profit in future. The most recent example of this speculative investment was witnessed in Dubai real estate market, where the huge difference in demand and supply provoked speculative investments, which in turn raised the property prices quite abnormally.

Advantages and Disadvantages:

Speculations are not based on sound analysis; therefore the investment decision that is based on mere assumptions can turn out to be rather destructive, both for investors and also for the overall economy. However, speculation also contributes into the economy in a positive way. For example, speculators absorb the risk and supply the market with much needed capital; these investors gamble with their money and inject liquidity into the financial market, whereas the more watchful investors are holding their money. The biggest criticism made on speculative investment is that these investors add no value to the market or the product itself. These investments are merely buying and flipping, just for the sake of making quick profits, giving an abnormal boost to property prices that may cause a "real estate bubble", inevitably followed by a crash.

As a real estate investor, you will be tempted by many speculative investment opportunities. However, you need to play it safe when putting your money on some property, located at an undeveloped area or land. Speculative investment made in haste is dicey. Remember, if it goes wrong, you'll be loosing a considerable amount. Therefore, you need to back your guesswork by doing some research and at least basic analysis. Another thing to remember, speculative investments in real estate markets are best in the earliest stages of real estate boom, as the market is less likely to crash at this stage.

Monday, December 28, 2009

Real estate torrent
















Real estate is one of best business at this time in the market and most of real estate investors have got benefits to this business. The Americans real estate business is different from the way that it is conducted in the world.
One important difference from the United States is that each country has rules regarding where foreigners can buy. Torrent real estate is located in the metropolitan area of the city of the Spanish city Valencia.

Sunday, December 27, 2009

Real estate deal


Whereas in 2005 finding a buyer for your wholesale deal was easy, we are now faced with a much more challenging predicament. The more narrow real estate focus and the real estate marketing efforts can become to a target group, the greater success you will experience.
People love to feel special and they love to feel special because they are special. The investor of real state com or retailer of real estate Mumbai solves a lot of other people’s problems; that’s how you become successful. The more knowledge, ability, experience, contacts, and resources you have, the more solutions you can begin to offer people in solving their problems. In addition to this, you will be ahead of the pack if you can get people calling or coming to you with their specific problem first.
"Reality" sucks. We all know this. Normally I can effortlessly bend it to my will, but it's actually putting up a pretty good fight this time. You see, what I want it to do is put things back the way they were a couple years ago. A couple years ago, if I so much as sneezed I would have rehabbers (buyers) lined up around the block thinking that was a secret signal that "the deal was in," or something.

Saturday, December 26, 2009

Real Estate Tax Tips


The real estate costs a lot of money up front, in the form of settlement costs. These costs range from mortgage fees, to recording fees and home owner insurance fees. The most of these fees are real estate tax deductible and when you calculate your taxable income.
The most cases of mortgage payment include taxes and if the borrower has high LTV loan, it probably includes mandatory private mortgage insurance. The laws get complicated here though, so be sure to consult the borrower accountant on this issue.
The government sees the depreciation as a 27.5 year-long decay in the value of rental property. Tax law is extremely complicated, and even more so when it comes to real estate investment, so be sure to hire a good account to prepare your return.

Friday, December 25, 2009

Google Real Estate Search




The Google real estate markets are remarkably inefficient and a number of publicly-traded companies benefit handsomely from that. Google real estates commissions are higher than in most other countries.
The effective search for real estate listings combined with Google Base would allow home sellers to list properties directly with Google for no fee. The screenshot above suggests that Google has already integrated its real estates search with Google Maps.
Cendant provides real estate and travel services, including traditional real estate brokerage services, car rental, and time shares. Cendant has announced that its business units will separate into four companies. The Real Estate Services Division will become Realogy Corporation upon the completion of its anticipated spin-off from Cendant during the second quarter of 2006.

Wednesday, December 23, 2009

Buy Low & Sell Hight


You Can !!!!

Buy low and sell high in the industry is thriving. It's the middle class segment of society in a number of investors are seeing the item. Buy real estate investment in the field of international negotiations, the high market value, use the appropriate value of the strategy to increase online and offline resources, capital, etc. across countries and continents of the component industry to be able to connect to is the number of operating hours throughout the year include .

Cash on cash returns are typically in the field of accounting world, but if you first clear the title of the land or property ownership should be the default. Field of international real estate investment boom in the period of depressed markets and the large and small, niche markets are required to understand better. What is local time variation of the international real estate investment market will be more challenging and engaging. All the world, the core value of real estate investment strategy that is estimated to grow in the near future include investments in property. These possibilities will typically dominate the market with a variety of viewing pure speculation.

By default, all foreign investment in the current market value of the property purchase. Find ideas, investing in land or property to establish the feasibility, 'thank you' change of heart and increase the value of the property is sold and re-investment. International real estate investment strategies and objectives of the difference between what is personal. Interest rules and strategy for all investors abandon this critical value is declared. Term in the field of international real estate investment, capitalization rates, the rent should be aware of the building, which in different operating costs, debt service and the purchase price is required.

Industry's long-term and 'flip-invested in land holding, the base period or the property is recognized. During your two years ago, as soon as possible after you acquire the latter's property assets held for sale. International real estate investment market and sell in the range of arguments that are abundant almost simultaneously! Ability to make money by selling as soon as possible after the acquisition in the market for a more adventurous beginners can. Different strategies in the international arena bear fruit requires different periods of time.

Club members have the opportunity and the luck factor is added to the excitement. Time and again, created a professional real estate investment tips and advice on how to cancel their own ignorance - a sophisticated seller and the bank can be used for identification. Lines displayed a real estate transaction, but the ethics of survival of the fittest''and the need to challenge the legality of the transactions in the international real estate investment is the name of the game.

And last,internet technology, real estate investment AHS lovers connect and early establishment of a correlation can be used. AHS is the result of the market-sensitive and versatile place for the benefit of all transactions and are rich in the range. Analysis of the industry is very time-consuming, depending whether you want a full-time job, or in, you get a number of international trends in the real estate investment strategies should be studied.


Investing in vocational properties

Buying a vocational property (also known as Second Home) can be a handy investment, for it can serve two purposes. First, it saves you plenty of expenditures when you are visiting that place in holidays, second you can rent it out to visitors on temporary basis and enjoy good monthly income when you are not using it. What's more? You can turn it (or some part of it) into a restaurant or a shop if it is located at a place that gets plenty of visitors, during the course of a year. In short, owing or investing in a vocational property can be advantageous in many ways, but only if you choose the right location and pay attention to details. 

First, you need to make your mind on what will be the primary purpose of this property? Would you be using this place a lot, as a vocation spot? Will it serve mainly as a place away from home and the normal hectic life? Or, the sole purpose of this purchase is getting income? Ideally, if you are going to buy a vocation property, it should be intended (and able) to serve both purposes, so that you’ll be able to derive some value from this investment, in any case.

Location:

Whatever your intended future usage of vacation property is, the location is going to play an important role. Being a vocation property, it is supposed to be at a less crowded area, away from the normal hustle and bustle of urban cities. It can be a small hill station (especially if you are looking for a vocation property in South Asian countries like India & Pakistan), a cottage at some beach or a farmhouse in some peaceful vicinity. You should make a choice after considering both, your inclination and the investment viewpoint. Also, keep in mind the travel factor.

Price:

Prices depend mostly on the popularity of area and the number of visitors it get. The availability of the basic necessities like electricity, gas, clean drinking water or the facilities like internet access and security, also matter. If you can foresee some place getting more tourists in the future (for example a new road is under construction, which will make it more convenient to reach there), you can expect significant hikes in near future. Generally, the closer some vacation spot is to a big city, the higher its land and properties will be priced.

Types of Vacation Property ownerships:

You can own a vocation property in more than one ways, in accordance with your budget and usage. For example “timeshare”, where more than one party use the property for a prearranged, fixed period. You can use it personally or rent it out for the time period allotted to you. You can also go for fractional ownership, where you actually own a fraction of property (in contrast with timeshare, where you are entitled to “use” the property for only 1 – 2 weeks in a year).

Monday, December 14, 2009

Halle Berry Lists Beverly Hills Hideaway


SELLER: Halle Berry
LOCATION: Benedict Canyon Drive, Beverly Hills, CA
PRICE: $5,000,000
SIZE: 2 bedrooms, 2 bathrooms
DESCRIPTION: One-of-a-kind rustic & private Old-World Mediterranean graced by magnificent gardens, al fresco dining and seating area, fire pit and sumptuous stone spa in a verdant canon setting. The vibe is majestic but casual, with vaulted heavy wood-beamed ceilings, wide-planked wood floors, fireplaces, a dramatic staircase, banks of French doors/windows & a master suite tub carved out of stone. Gourmet cook's kitchen. State of the art Crestron system.

YOUR MAMAS NOTES: Former Miss USA contestant turned Academy Award winning actress Halle Berry has been on a bit of a real estate whirlwind the last few years. In October of 2008 the dee-lishus diva and her equally dee-lishus male model baby daddy Gabriel Aubry reportedly purchased a country getaway in St. Hippolyte, a teeny-tiny town in the Canadian boonies about an hour or so north of Montreal. A couple years earlier, in early 2006, the possibly preggers silver screen queen sold a Doheny Place property she shared with her professional bat swinging ex-huzband David Justice for $4,150,000.

Six months earlier, in July of 2005 she gave child actor turned race car driver Frankie Muniz $5,995,000 for his N. Doheny Drive domicile which she proceeded to gut and remodel. In October of 2004, the very well paid actress spent a reported $8,000,000 on a 5 bedroom and 4 pooper ocean front contemporary on Malibu Cove Colony Drive that records show she still owns.

But even before that, in October of 2001, shortly after she married that moe-ron Eric Benét who philandered his way to dee-vorce and virtual obscurity, property records reveal that Miss Berry bought a casa on lower Benedict Canyon Drive in the Bev Hills for $2,275,000. It's that house, my butter beans, Your Mama is gonna discuss this morning because thanks to Big Dave at Celebrity Address Aerial, it has come to our attention that Miss Berry has listed the secluded and serene property with an asking price of $5,000,000.

Listing information and property records show the pleasantly private property spans 1.33 hillside acres that climb up the canyon and includes a main house built in 1948 that measures 2,274 square feet. We happen to know–don't bother to ask why because Your Mama's lips are sealed–that it was not Miss Berry or her team of nice, gay decorators, ladee deeziners and smart architects who transformed this 2 bedroom and 2 pooper property into a rustic, elegant and ancient-looking Mediterranean with sand colored stone walls, wide plank wood floors, wood-beamed vaulted ceilings, antique wooden doors, and intricately scrolled wrought iron banisters. That was done some time before she snatched up the place. It's our understanding that Miss Berry now lives in the above mentioned estate she bought from Frankie Muniz so Your Mama is going to assume that the lovely ladee and her real estate people had this property staged because it's almost beyond our admittedly limited capacity to imagine that when Miss Berry vacated the premises that she left a lap blanket not so casually laid across a deep, upholstered chair on the terrace, stacks of books on the tables in the living room, jars of lotions and potions in the master bathroom or a bottle of wine sitting on the kitchen counter top.

A long, gated celebrity style stone driveway gently climbs the hillside and makes a hairpin turn before terminating in a large motor court and two-car garage. A pathway lined with lush landscaping leads to the antique wood front door and a gracefully curving and prom dress worthy staircase with wrought iron banisters. The modestly sized house contains a living room with a fireplace flanked by French doors that open to a terrace, heavy wood-beamed and wonderfully vaulted ceiling and a lot of comfortable looking beige upholstered furniture and knick-knacks that look like they might have come out of some remote and rusty Italian villa. It's all a bit fussy looking and reminiscent of what a decorator might think a modern day castle ought to look like, but it's also a well conceived with lots of beige and muted shades of red. See children, there really is a way to do all-beige or mostly beige day-core in a manner that does not scream suburban mcmansion in an over-priced and homogeneous gated community. Anyhoo, the slightly too narrow dining room, done up in a Gothic, Knights of the Round Table sort of thing, has towering stone walls, a row of windows that open to the property's gardens and a dee-voonly over sized chandelier.

The galley kitchen may be narrow and without proper windows for ventilation, but it's fitted with a granite counter tops, expensive commercial grade appliances and honey colored wood cabinetry that looks like it's been stripped and pickled. Besides that mac-daddy range, this isn't what Your Mama and the Dr. Cooter would ever choose to do with a kitchen, but at least it's not one of those cookie cutter numbers being oppressed with copious amounts of carved detailing, unnecessarily complicated corbels, and black granite or, jeezis help us all, one of those horrid tile murals of "Tuscany" installed on the wall behind the range. A cozy, nearby breakfast nook is lit by skylights.

There are more wood-beamed and vaulted ceilings in the master bedroom which has been did up all romantic-like with a fireplace, gold mirror, chandelier, and big bed, a real Utopian vision that's only missing rose petals and 100 candles. The amorous mood moves into the master pooper which mixes a monumental, free standing stone bathtub for two with a crystal chandelier and a view of into the tree tops.

The grounds and gardens of Miss Berry's Bev Hills hideaway climb up the hillside and are lavishly but comfortably done with stone pathways, potted plants, inviting terraces, an "L" shaped fire pit surrounded by a stone bench with comfy cushions and a half moon spa set up against the hillside and surrounded by verdant vegetation.

Although it's not clear to Your Mama when Miss Berry last occupied the residence–maybe this is where she shacked up while doing over her N. Doheny Drive digs?–some of the areas newest residents include Oscar nominated actress Amy Adams (Julie & Julia, Doubt, Sunshine Cleaning, Junebug) and her not nearly as accomplished but just as fetching fiancé, actor Darren Le Gallo, who recently scooped up a renovated ranch home on Benedict Canyon Drive for $1,825,000.

What's also unclear is if Miss Berry and her baby daddy have a New York City residence. The last Your Mama heard on that matter was way back in 2007 when our dearly departed friend Braden Keil wrote in his Gimme Shelter column in the New York Post that the comely couple checked out an $8,500,000 condo at at the Jean Nouvel designed 40 Mercer Residences in SoHo. It does not appear they picked up that condo but we would not be surprised to learn from Max Abelson at the NY Observer or one of the other New York City celebrity real estate watchers that Miss Berry bought something else.


Saturday, December 12, 2009

Michael Kilroy's Great Palm Springs Sell Off

Listen children, we know we are tardy for the party today but now that we are here, buckle your seat belts because Your Mama is really gonna give it to y'all today with a triple whammy of architecturally significant properties in Palm Springs, CA. Grab yerselves a snack, pour a tall glass of whatever fortifying liquid it is that gets you through the day and let's get on out to Palm Springs, the scenic and hot, hot, hot promised land of gays, greys and grey gays.

Some people collect stamps, art, or maybe kooky salt and pepper shakers. Others, like our concupiscent confrere Fiona Trambeau, collect notches on their bedposts. And still others, those with deep pockets and enviable credit lines, collect architecturally significant houses. One of those property collecting people is California-based bizness man Michael J. Kilroy who has amassed an undeniably impressive collection of iconic properties in Southern California. Please note that Your Mama does not have any idea how Mister Kilroy made his moo-lah, so don't bother asking. What we do know is that Mister Kilroy's father is an aeronautical engineer from Palos Verdes, CA whose name appears on a multitude of patents for toys manufactured by Mattel, which may or may not explain a few things about the younger Mister Kilroy's finances.

Anyhoo, property records show that Mister Kilroy, a forty something year old trophy property pack rat if there ever was one, owns a good number of prime properties including an ocean front doo-plex on The Strand in Hermosa Beach, CA designed by legendary architect Richard Neutra in 1938 as well as a magnificent Hollywood Regency style compound on N. Flores Street in West Hollywood, CA that was created and owned by Oscar winning actress Loretta Young who, it might please some of y'all to know, leased part of the property to hunky Hollywood homo Rock Hudson back in the day.

But it's not Mister Kilroy's West Hollywood or Hermosa Beach properties Your Mama wants to dish and discuss today, it's his Palm Springs properties. In addition to the former Jack Benny estate on W. Vista Chino that prop records show the architectural connoisseur scooped up in March of 2001 for $1,775,000, the prolific property collector owns a trio of notable residences on swank Southridge Drive, all three of which he recently hoisted on to the market for a quite substantial combined total of $20,250,000.

SELLER: Michael Kilroy
LOCATION: Southridge Drive, Palm Springs, CA
PRICE: $13,890,000
SIZE: 8,901 square feet, 5 bedrooms, 5.5 bathrooms
DESCRIPTION: Literally one of THE most architecturally significant homes in all the wold. Known as The Elrod House, this John Lautner-designed home was commissioned by designer Arthur Elrod in 1968 and has been featured in numerous books, magazines and museum exhibitions. It is the iconic home perched at the very tip of the Southridge enclave, easily viewable throughout Palm Springs. Organic shapes, monumental construction and world class design create and extraordinary experience of space that Lautner himself described as "timeless" architecture.

YOUR MAMAS NOTES: By far the most expensive of the three Southridge Drive domiciles that Mister Kilroy heaved on to the market a few days ago, listed with an eye-popping asking price of $13,890,000, is the monumental Elrod House designed in 1968 by superstar architect John Lautner for interior designer Arthur Elrod. Iffin any of the children do not know who John Lautner is, we suggest you get in your hoopdies and head on down to your local library or bookstore and start reading up on the iconoclast who not only pushed the boundaries of residential architecture way out of its comfort zone, but re-imagined the very notion of how private residences should look, function and feel.

Property records show that Mister Kilroy purchased the wonderfully weird and wacky and Elrod House on gated Southridge Drive from supermarket mogul Ron Burkle in November of 2003 for $5,500,000. As best as Your Mama can surmise from peep and a poke around the property records, when Mister Kilroy purchased the property from Mister Burkle it encompassed 5 lots totaling 22.25 acres. However, listing information indicates the 8,901 square foot architectural rara avis is being offered with just two lots that total 6.5 acres. We don't know why that discrepancy. Although The Elrod House was originally built with only 2 bedrooms, a large Lautner-designed extension containing a guest house and staff quarters was added in 1970 or 71 which increased the bedrooms to 5 and pushed the pooper count to 5.5.

The front door of the sleek, sexy and powerfully organic Elrod House, featured in the 1971 James Bond flick Diamonds Are Forever and–as y'all might imagine–used for a number of Playboy shoots of boobie baring babes, is approached along a curving path of bewitching, herringbone patterned black slate that continues right into the voluminous and intoxicating main space of the residence. The Elrod House is perhaps best known and most easily recognized by its epic, dome-like concrete roof, perforated by nine angled, triangular sections fitted with skylights that allow indirect light to seep into the soaring and circular two level living room area which has an astonishing 60-foot diameter. Two 25-foot wide glass curtains on the lower level of the living room slide open at the touch of a button obliterating any difference between indoors and outdoors and transforming the living room into the most decadent and dee-voon covered porch on which Your Mama has ever had the pleasure to focus our blurry eyeballs. Mister Kilroy has smartly and sparsely furnished the space with several sofas that follow the gentle curve of the architecture and lay low enough so as not to interfere with the glittery view of Palm Springs below and craggy Mount San Jacinto in the distance.

The long and narrow galley style kitchen is separated from the main living space by a long, curving wall and appears to have a number of yellow, flower-like Dale Chihuly glass sculptures affixed to the wall near the ceiling. Listen babies, Your Mama is definitely not a Chihuly hater. In fact, we often enjoy the obvious spectacle of his Medusa like glass chandeliers and sculptures. However, it gets Your Mama's blood up to think of one of those yellow glass flowers detaching itself from the wall while we're fixing the Dr. Cooter a bowl of ice cream and going all Edward Scissorhands on our face.

The massive master bedroom is defined and even dominated by by a monstrous boulder with custom fitted, seamless glass that follows the contours of the top of the boulder and allows the scorching light of the harsh desert sun to be gently filtered into the space. According to a recent article in Palm Springs Life–which has some a-may-zing photographs of the property, in addition to seating, sleeping and dressing areas, the master bedroom includes a bar and refrigerator hidden behind walls of meticulously matched exotic woods, numerous closets lined with cork and a bazillion pull out Lucite drawers, and a luxuriously appointed pooper with a gigantic sunken, T-shaped bathtub that sits in front of a wall of glass but is protected from view by a stand of bamboo and another big ol' boulder.

The free-form shaped, infinity edged swimming pool sits off the lower level of the living room space. When the gigantic glass curtain walls are opened up, the pool is outside and when the windows are closed, part of the pool is indoors. What Your Mama has always wondered about this type of indoor/outdoor pool situation is can someone just swim under the wall and into the house? That would scare the bejeezis right out of us to know that we could be sitting in the living room enjoying the soothing effects of a nerve pill mixed with a gin and tonic only to have a Speedo or wetsuit wearing intruder rise up out the indoor part of the swimming pool like the damn Loch Ness Monster and ruin our substance induced bliss.

The guest house and staff quarters are accessed via a spiral staircase from the pool deck that leads down to a concrete and glass lined space that looks to Your Mama like to most glammy bunker or bomb shelter we've ever seen. Although we would not recommend anyone follow suit, Mister Kilroy has used at least part of this section of the house to house his gym equipment. Surely there is a better location on the property for all these torture machines, like the garage. The lower level has a herringbone patterned floor similar to that in much of the house, a fireplace and yet another curving wall of floor to ceiling glass, Lo-ward children, just imagine the monthly budget for window cleaner in this house. Mister Kilroy must have a full time minimum wage gurl who does nuthin' but wipe the damn windows all day long.

While there certainly would seem no shortage of architecturally minded individuals who would happily pee their pants in public in order to own this house, it'll be interesting to see what prospective buyers might be willing to pay. Remember chickens, not only has the eternally young Suzanne Somers had to hack the asking price of her Palm Springs hideaway from $35,000,000 to a significantly lower $12,900,000, The Kaufmann House, another legendary and architecturally significant residence in Palm Springs, failed to bring in anywhere near as much as the $25,000,000 that was hoped for when it was put up for auction in the spring of 2008. Although a $19,000,000 contract was drawn up, the buyers backed out and the near mythic modern manse was later put on the open market for just $12,900,000. The pristine property is currently still for sale with an undisclosed asking price.

Your Mama's point is that there just don't seem to be that many buyers in the $10,000,000+ range who want to own high maintenance properties in Palm Springs regardless of their impressive provenances which means that real estate lightening is going to need to strike for Mister Kilroy to sell The Elrod House for more than ten million clams in an economy and property market that is, at best, still limping.

LOCATION: Southridge Drive, Palm Springs, CA
PRICE: $3,470,000
SIZE: 4,493 square feet, 4 bedrooms and 5 bathrooms
DESCRIPTION: Previously owned by the famous actor, Steve McQueen, this home is a mid-century time-capsule of Palm Springs' past. Located high on the ridge above Palm Springs in the prestigious Southridge community, it has the seclusion, glamour, history and mystic of the 60s and 70s Hollywood elite. A double door front entrance with brass lion head doorknobs soars two stories. Inside, the split-level terrazzo foyer is adorned with hand carved, braided wooden and metal railings. The living room is a steel I-beam and glass Modernist box projected into the magnificent city and mountain views and is surrounded by a cantilevered wrap-around balcony with sliding glass door entries to the pool & private yard....

YOUR MAMAS NOTES: Sometime in 2005, the property immediately next door to Mister Michael Kilroy's beloved Elrod House became available for purchase and records reveal that in October of 2005 he forked over $2,500,000 for the glassy mid-century modern house. It's unclear what, if anything, has been done to the property since it was purchased by Mister Kilroy, but Your Mama hopes that at least some improvements were made because it has hit the market with a substantially higher asking price of $3,470,000.

The property, perched atop a ridge overlooking Palm Springs on gated Southridge Drive, was once owned by Steve McQueen, the studly actor sometimes referred to as 'The King of Cool.' Mister McQueen, himself a devastatingly handsome specimen of masculinity, often played almost stereotypically manly parts in films like The Sand Pebbles, for which he was nominated for an Academy Award, as well as The Magnificent Seven, The Thomas Crown Affair–the original one, not that silly remake with squinty eyed Pierce Brosnan, Papillon, and The Towering Inferno.

Listing information shows the boxy house was built in 1964 by Palm Springs architect Hugh M. Kaptur for someone with the last name Griffing, whom we can't identify as anyone other than a guy with a thing for modern architecture. Property records show that when Mister Kilroy purchased the property, it encompassed two parcels totaling 1.98 acres and included a 4,493 square foot house with 4 bedrooms and 3 bathrooms. Listing information, however, shows a 4 bedroom and 5 pooper house that sits on a 1 acre parcel. We're absolutely certain there is a simple explanation for these discrepancies, Your Mama just does not know what it is.

Listing information states the property is a "time capsule" with all the "seclusion, glamour, history, and mystic" of Palm Springs' heydays when the sleepy desert communities of the Coachella Valley attracted visitors and property owners like Frank Sinatra, Dinah Shore, Christina Onassis and the lovingly flamboyant Liberace. And a damn time capsule it is children, with dark paneling and brown wall to wall shag carpeting in the family room, white laminate counters and an intricately patterned linoleum floor in the kitchen, and some freaky-ass carpeting in the master bathroom which is also, sadly, being punished with woven window treatments that Your Mama has quite happily not seen since sometime in the mid 1970s.

Listing information indicates the hillside house is entered through two-story tall double doors with brass lion doorknobs that open to a split level foyer with terrazzo floors and a spectacular towering wall of glass. We don't know about the children, but those front doors with those ka-razy lion doorknobs sound dee-voonly campy and very Palm Springs, a look that uber-decorator Kelly Wearstler might have "borrowed" for the Viceroy Hotel.

The fabulosity of the foyer is carried through the formal living room which is surrounded by a wide, cantilevered balcony and floor to ceiling glass on three sides. Like the rest of the day-core, the furniture in the living room isn't doing the space any favors, partick that putrid Holiday Inn-ish table and chairs. However, in the deft hands of a nice, gay decorator smart enough not to do up the house with as a silly, retro-vintage cliché of Palm Springs circa 1962, this living room could be the sort of space Your Mama would never want to leave except to eat and use the damn terlit.

Each of the bedrooms, according to listing information, has the luxury of its own private pooper, a situation that pleases both Your Mama and the Dr. Cooter immensely for obvious reason. Listing information also indicates there is a separate guest unit with a full bathroom, a situation we like even more than secondary bedrooms with private poopers. The master bedroom, which is, quite frankly, not done justice by the listing photographs nor the upsetting, hodge-podge and unsophisticated vintage day-core, stretches along the second floor with a long wall of floor to ceiling glass that looks down on the swimming pool below and out over the lights of Palm Springs.

The backyard, large enough to comfortably entertain a few friends and sunbathe in the buff but no so large as to require a full staff and landscapers be on the property day in and day out, has the customary swimming pool. At first we were a mite disappointed not to see a kidney shaped number, but upon second thought we realized that would be mid-century modern overkill or, as our good friend Virginia Slim so succinctly and cleverly says, flooding the car. Not that it matters because Your Mama and the Dr. Cooter ain't moving to Palm Springs a minute before we turn 70, but we really do think we'd expire from heat stroke iffin we didn't hire our volatile house gurl Svetlana a good looking assistant whose only job during the murderously hot summer months was to make ice cubes and dump them into the swimming pool to cool the water.

Obviously whomever buys this house will either need to go weak in the knees for faux-wood paneling from the 1970s or have enough money left over to strip the house of it's bad elements, modernize it and over-haul it with enough sensitivity and sensibility to leave the bones alone because, as fer as Your Mama is concerned, this place has all the makings of a wickedly sexy yet perfectly cozy winter getaway for someone with a few million to spare for desert digs.

LOCATION: Southridge Drive, Palm Springs, CA
PRICE: $2,890,000
SIZE: 4,400 square feet, 4 bedrooms, 5 bathrooms
DESCRIPTION: Truly a spectacular piece of contemporary architecture, located in the premiere Southridge community, and affording a magnificent 270 degree view overlooking all the Coachella Valley and the mountains around it. Commissioned by race car driver James Jeffords and designed by architect Michael P. Johnson, this architectural marvel is symbolically named The Boat House both for its shape and the way it creates the illusion that your are emerging from the hillside on a voyage across the valley floor below. From the infinity pool deck and inside the home, with its soaring 24 foot ceilings and high glass walls, the house appears to be projecting into the view....

YOUR MAMAS NOTES: According to property records, the third property that completes Michael Kilroy's real estate triple whammy along Palm Springs' gated Southridge Drive was purchased by the real estate maven and another gentleman with the last name Bishop in August of 2005 for $3,100,000. A couple of years later, in late 2006 or early 2007, it appears that Mister Kilroy bought out Mister Bishops stake in the property. At least that what it looks like to Your Mama. Or it's possible, given the records, that Mister Kilroy bought the house from Mister Bishop in January of 2007 for $2,300,000. Whatever the details and dates of the purchase, Mister Kilroy has listed the property with an asking price of $2,890,000.

The Boat House, as the aggressively geometric residence is commonly called, sits just inside the gates and directly across the street from Mister Kilroy's other two architecturally significant houses on Southridge Drive, the John Lautner designed tour de force known as The Elrod House and the linear mid-century moder formerly owned by actor Steven McQueen.

Listing information and property records show the triangular and difficult to develop parcel measures 1 acre. The 4,493 square foot modern masterpiece was commissioned by contemporary architecture buff and race car driver James Jeffords and designed by soo-blimely smart and accomplished architect Michael P. Johnson who, some of the children might like to know, has created a fair number of mouth watering architectural morsels including the Ellsworth Residence in Arizona and the Parr Residence on Shelter Island, NY.

Anyhoo, listing information indicates that The Boat House contains 4 bedrooms and 5 poopers including a lofty, mezzanine-style master suite on the second floor that has a hearth-less and mantel-less fireplace with a flat scree tee-vee mounted to it, a private patio, and a humongous hexagonal skylight, which glides open at the flick of a switch so that the owner need never leave their bed in order to search the sky for comets and falling stars. The master pooper is a serene–if unexpectedly ordinary–space with pink veined marble counter tops and a seamless corner window above a jetted bathtub that looks like it might be large enough to accommodate two good sized people. That is iffin yer into sitting in a giant vat of filthy water with another person, which of course Your Mama is not. Listing information and a 2008 article in Palm Springs Life indicate that the guest rooms are well separated for seclusion and each contains a private pooper. A first floor guest room also offers a sitting area and private terrace while the upstairs bedrooms have office and lounging areas which means house guests need never actually spend time in the rest of the house if they so choose.

The unusually shaped house is not a result of the architect trying to be clever or coy, but rather an solution to a problematic and queerly shaped lot. The odd lot defined the configuration and flow of the house, pushing and forcing the dramatic–or perhaps even melodramatic–24-foot high living room into a wedge shaped space to the front of the property where it can take advantage of its elevated perch high above Palm Springs. The living room, which has a glass fireplace, a sunken wet bar, a built-in modular sofa and tall walls of glass that are seamless at the corners, spills out onto the terrace where an infinity edged pool has been fitted into the tip of prow-like triangular space. Because of siting, the narrowing shape of the house and the continued narrowing of the terrace, an thrilling bit of eye trickery takes place that creates the dee-lishusly disorienting sense that the house is plowing, ship-like, across the the desert floor below. If listing photos are to be believed, the optical hocus-pocus is even more convincing and more theatrical at night as the glistening lights of the streets and houses below mimics moonlight on water.

Behind the living room and slightly elevated so as to share in the same ship-like view as the living room are the dining room and kitchen. The dining room, unusually shaped like the rest of the rooms in the house, has a terrifically tactile and organic stone floor, built in cabinetry and is open to the galley style kitchen which has rich, caramel colored cabinetry and a black porcelain sink that Your Mama finds to be sinister, uninviting and way to early 1990s for our delicate decorative sensibilities. Large sliding panels can be used to close off the kitchen from the dining room and rest of the house, which is nice because who wants the dirty dishes–or their glowering, temperamental house gurl Svetlana–staring them down while trying to enjoy a nice dinner. An adjacent family room offers a less dramatic and more cozy spot to wind down and watch the boob-toob.

Interestingly, each of Mister Kilroy's Palm Spring properties up on Southridge Drive–as well as those in West Hollywood and Hermosa Beach–are available for leased short term through Pure LA Villas. Although prices for Mister Kilroy's Palm Springs properties are not revealed, his Neutra designed doo-plex in Hermosa Beach is listed at $11,800-$14,900 per week and the the 6 bedroom and 8 pooper former Loretta Young house–which is really in West Hollywood and not Beverly Hills as it's listed–can be had for just $32,500...per week. Rent them while you can children because who knows if the new owner of Mister Kilroy's trio of posh properties in Palm Springs will be so generous–or, as one old Palm Springs queen told Your Mama, desperate–as to let virtual strangers bunk down in the houses.

Phew! That concludes our lengthy and exhausting spin through Mister Kilroy's real estate extravaganza. We suggest the children unbuckle their seat belts and get thee to the liquor cabinet.


Friday, December 11, 2009

Christina Ricci Lists in Los Feliz at a Loss

SELLER: Christina Ricci
LOCATION: Los Feliz, Los Angeles, CA
PRICE: $1,250,000
SIZE: 1,891 square feet, 2 bedrooms, 1.75 bathrooms
DESCRIPTION: Sophisticated traditional. Recent renovations further improved w/ custom finishes & detailing. Property features master suite w/ formidable dressing rm (office/nursery), chef's kitchen w/ top top-of-the-line appliances, ample den, newer skylights, gorgeous pool + spa, ample access to outdoor spaces, all on a generous 12,000 sqft parcel. Updated systems and many more amenities.

YOUR MAMAS NOTES: Although Christina Ricci and her former fiance Owen Benjamin have reportedly gone their separate ways, it would appear that all those real estate rumors from back in March of 2009 about the art house actress house hunting in the Silver Lake section of Los Angeles must have some truth to them because she recently listed her current home in the celeb-friendly Oaks neighborhood in Los Feliz for $1,250,000.

Itty-bitty Miss Ricci got her start in Tinseltown at a very young age, appearing in Mermaids with La Cher and later in the Addams Family film franchise. She went on to quirky and often dark roles in movies like The Ice Storm, Fear and Loathing in Las Vegas, and The Opposite of Sex. Her more recent professional activities include a few turns on the boob-toob (Saving Grace), an unfortunate role in the major flop Speed Racer and a role in New York, I Love You opposite Orlando Bloom.

Property records show that Miss Ricci purchased her residence on Red Oak Drive in December of 2005 for $1,505,000. Unfortunately for her this was just about the very apex of the now popped southern California real estate bubble. It only takes a few flicks of the well worn beads on Your Mama's beloved and bejeweled abacus to see that even if Miss Ricci and her real estate peeps manage to get a full price sale–which is certainly possible but unlikely in this era of bargain hunters and bottom feeders–she's looking at a stomach churning $255,000 loss. And that's on top of whatever fat fees and charges she'll be required to pay the real estate folks for their time and efforts.

Listing information shows the modest, Mellenthin-style ranch house measures 1,891 square feet and includes 2 bedrooms and 1.75 poopers. Presumably, only about 4 of the children know what a Mellenthin style house is so let Your Mama provide a wee bit of schooling on the matter. Starting in the 1930s, the Mellenthin Company built hundreds of homes in Los Angeles, mainly in the Sherman Oaks and Valley Village areas of the San Fernando Valley. Mellenthin homes are characterized by by a vague and idealized rusticity, small front porches, diamond paned windows and pine paneled kitchens. They are, some might argue, the architectural epitome of the real estate dreams of a typical 1950s suburban Los Angeles nuclear family: hard working daddy, stay at home mommy, a couple of kids, a Lassie and two boat-sized cars in the driveway. Some people love Mellenthins for their nostalgic charm and others write them off as uninspired tract houses with difficult to clean windows and cramped, country style kitchens.

Anyhoo, Miss Ricci's house may or may not be a Mellenthin House–and more than likely it is not–but it does bear some of the Mellenthin hallmarks including a low-rise hip roof, a teeny-tiny front porch and large diamond paned windows. The traditional exterior belies the in interior spaces which have been given a modern make-over with ashy, chocolate brown wood floors, boldly printed wallpaper in several of the rooms and more damn animal skin rugs than Your Mama cares to count. Miss Ricci's formal living room has a lovely wood burning fireplace and has been furnished in a casually eclectic hipster with some money manner with a sharp lined, deep sea foam green sofa, an upright piano for Saturday night sing-a-longs, an organically shaped glass coffee table, a dramatically long mid-century modern credenza and a glittery and glammy tubular chandelier.

Beyond the dining room, which orbits around a gorgeous and lavishly glossy Parsons style table sitting atop a deep cocoa colored animal skin rug, is a cozy, skylight lit den/family room. The children will note that the mantel and surround of the corner fireplace is pleasingly identical to the one in the living room. This kind of uniformity appeals to and soothes the constant chaos that infects Your Mama's mind. Furnished sparingly with little more than a beige sofa with a chaise kick out, a wee coffee table and a wall mounted flat screen television. Listen chickens, these wall mounted tee-vees that every Tom, Dick and Sally have nowadays can be a bit difficult to successfully incorporate into day-core unless the rooms entire focus is devoted to the damn tee-vee. However, here Your Mama thinks Miss Ricci–or her nice, gay decorator–has managed to minimized the tee-vee by making it appear to be part of a mis-matched collection and differently sized artworks. We're certain some of you neatniks will whine and complain about the cable box and all the exposed wire on the floor below the television. However, a far bigger concern for Your Mama is the lack of a rug. We happen to think something like this from Angela Adams might go beautifully in the Miss Ricci's den/family room, but our suggestion is really neither here not there since she's soon moving on to a new house.

A galley kitchen connects the dining room and the breakfast room where Miss Ricci has placed an Isamu Noguchi Cyclone table surrounded with four Eames Eiffel Tower wire base chairs. Gold and brown flecked granite counter tops sit on flat fronted white cabinets. The kitchen is outfitted with the sort of high grade, stainless steel appliances one can expect in a million dollar house, but those beige tile floors set on a 45-degree angle have got to go.

The modestly sized house has a surprisingly massive, three-room master bedroom with a sitting area, bedroom and one of the more decadent dressing rooms Your Mama has seen in a long time. The blood red dressing room, furnished with rose colored couch, a mammoth mirror propped up in one corner and another damn animal skin rug, is a shoe fetishist's wet dream. One entire wall has been fitted with custom, floor to ceiling shelves where Miss Ricci keeps and displays her extensive and enviable footwear collection. Given the graphic nature of the master bedroom's black and blood red wallpaper treatment, the master bathroom is surprisingly, uhm, let's be nice and say neutral. Twin pedestal sinks with small round mirrors flank the large window which allows for proper ventilation, and a sky-lit walk-in shower is constructed of frameless glass panels and sand colored stone tile.

A large covered terrace on the back of the house, accessible through the kitchen, the family room and Miss Ricci's dee-voon dressing room looks out on the swimming pool and spa which have been tiled in different colors. To be honest chickens, it would never have occurred to Your Mama to have the pool and spa reflect different colors but we rather love it. We also love the lights strung across the pool, a decorative outdoor lighting drama that we've always liked.

The bummer about this house, clearly, is that there are just two bedrooms which will undoubtedly turn off a lot of potential buyers. Even still, if Your Mama had to predict, we'd guess this house will get snatched up quick by a young, childless couple or a couple of queens who will pee their pants with glee when they see the dressing room. We shall see.

Not only is this not the first house Miss Ricci has owned in the star-studded Oaks neighborhood in Los Feliz–she owned a house up on Park Oak Drive which she sold in 2004–it's also not the first time she's taken a significant financial hit on a house in the Oaks. In June of 2006 the diminutive indie-film favorite sold the speck-tac-u-ler Lloyd Wright-designed Samuel-Novarro House on Verde Oak Drive for about $150,000 less than she paid for it just a year earlier in June of 2005. Here's hoping that Miss Ricci does better on her next real estate transaction.

The Oaks is also home to a number of other big name Hollywood types including musician Adam Levine and Brad Pitt and Angelina Jolie. It's also home to Flipping Out's Jeff Lewis who occupies a house he was hoping to flip for a major profit but failed to do so due to the collapsing real estate market.


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