David Milch, the genius behind TV shows including “Deadwood” and “NYPD Blue,” is having financial blues—and is selling his Martha’s Vineyard compound for $6,999,000.
The stunning waterfront property has been on the market for almost a year, and had its price slashed by $1 million in January. The 70-year-old show runner has reportedly struggled with a gambling addiction that left him with $17 million in arrears to the IRS, despite making more than $100 million over his long and storied career, according to the Hollywood Reporter. With most of that money gone, he and his wife, Rita S. Milch, sold their Brentwood, CA, home for $4.8 million in 2014, according to the magazine, and are looking to unload the exclusive Tisbury estate as well. The island retreat dates back to 1880 and looks like the kind of place that’s passed down through the generations. The 22-acre parcel comes with a five-bedroom, seven-bath main house of “classic Vineyard character.” Perhaps its best feature? It’s set on 300 feet of private beach. The Cape Cod-style vacation home with a weathered, shingled exterior and bright blue shutters has been fully renovated inside. There’s also a four-bedroom guest house with “beachy decor” and an outside shower, plus a “romantic pond house.”
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From Hong Kong to Hamburg, micro-apartments are now offering a new twist on city-center living. Aimed at work-hard/play-hard millennials and techie types, these tiny homes offer everything the urban professional needs to live -- usually, all in less than 300 square feet.
Now, thanks to an ambitious plan by the city, micro-apartments have arrived in New York. The first examples can be found at Carmel Place -- a new-build micro-apartment development on East 27th Street in Kips Bay. Carmel Place houses 55 micro-apartments measuring 260 to 360 square feet. Although tiny, the pads come with 9-foot ceiling and bijoux Juliet balconies with rents starting from $2,540 (a handful of affordable units are far cheaper). Pricier units come furnished with stylish (yet space-conscious) items from Resource Furniture -- a design distributor specializing in pieces for smaller units. Here are seven additional design ideas to help even the most modest-sized home deliver a major dose of style. Made from gray bonded leather with a black-stained oak veneer, they come in a variety of cozy sizes. The piece offers a nice twist on the conventional nightstand, doubling as storage containers. Clad in saddle leather and accented by walnut veneer, this all-in-one cocktail center is a splurge that will last as your apartments grow. When open, the full bar is just 4½ feet wide. Oak Bench by MUJI ($129.50 and $159.50)This simple oak bench stands barely 1½ feet high and effortlessly accents any small room. Put two oak benches together and you’ve got a minimalist dining table. TA-09 by Gilat Blum ($75 + shipping)This handmade woven storage pouch is handcrafted from weatherproof Dralon fabric and adds a visual twist to any flat surface. Great for shoes, magazines, books or tiny toys. Bookniture by MUJI ($86 and $89)Leave it to MUJI to craft a slim stool out of sturdy cardboard. Available in tan and black, the piece opens for seating — and then closes like a book for simple storage. Anemos by Cappellini ($12,880)Designed by Antonio Facco, this new piece from furniture king Cappellini melds a table and seating into one organically styled, highly functional piece. Pushed together, Anemos is a useful salon table. But when pulled apart, it reveals four retractable chairs. Available in a range of materials, finishes and colors. URBANO Queen Loft Bed by Casa Collection ($7,000)Nothing says “small space” like this bunk bed-styled piece from “micro-apartment” specialist Casa Collection. Made from walnut plywood, this all-in-one unit features a bench, open storage space and desk area — along with an actual queen-size bed. There is also a larger king-size version. The never-boring world of real estate taught us some valuable lessons this week. For example, just because you’re a celebrity doesn’t mean you can’t lose your home to foreclosure; Tennessee residents could soon become the proud owners of pet skunks (although why remains a mystery); and you don’t have to pay a fortune to live in a good school district.
Lesson No. 1: Famous People Face Foreclosure TooEven celebrities, like actress Jaime Pressly (of “My Name is Earl” fame,) fall on hard times. The five-bedroom, five-bathroom, Los Angeles home that the movie and television star paid $2.25 million for in 2008 is slated to hit the auction block today, according to Real Deal Los Angeles. Bummer. Pressly sued her accountant last year, alleging he screwed up her finances through bad investments. Lesson No. 2: Seniors Really Do Like Florida It comes as no surprise that the sunny, Tampa-St. Petersburg, FL, was found to have the highest percentage of seniors, with 18.7% of the population older than 65, according toForbes. The publication examined 2014 Census data to arrive at its conclusions. But in an unexpected twist, Pittsburgh came in second with 18.3%. Seriously, Pittsburgh? Steel Town, it seems, is transforming into Senior Town. Older Americans were also fond of Tucson, AZ, at 17.7%; Miami, at 17%; and cold, snowy Buffalo, NY, at 16.7%. Seniors typically make up 13.3% of an area’s population. Lesson No. 3: You Don’t Have to Go Broke to Live in a Good School District You can buy a home in a top school district without breaking the bank, but you’ll probably have to move to small towns or suburbs in the Midwest, according to realtor.com®. The best bang for your buck is the Community High School District in Lake Villa, IL, which boasts four schools with higher-than-average college preparation rates. And the best part? The median home price in the small town located near the Wisconsin border is just $219,900. Lesson No. 4: Want a Pet Skunk? Move to Tennessee Forget the Pomeranian. Ditch the Persian. Dogs and cats are so 2015! Tennessee residents may soon be able to keep their very own Pepé Le Pews as pets. The state Senate passed a bill this week to make domestic skunks legal—provided the notoriously malodorous animals have their scent glands removed, according to WBIR.com. The bill still needs to be considered by the state’s House of Representatives. The black-and-white, smelly terrors are already legal in 17 states. Lesson No. 5: Duh, High Taxes Make People Want to Move Least surprising news of the week: Residents of states with the highest taxes are most likely to want to head for cheaper climates, according to a recent Gallup survey. Nearly half (46%) of those living in super-expensive Connecticut and New Jersey would like to jump ship, according to the survey. But people in less-expensive states—like 13% in Montana and 17% in Oregon—were less likely to want to relocate. But you probably knew that already, right? Picture this: You’re driving away in the U-Haul, the old place fading away in the rearview mirror. But you aren’t fighting away tears. You’re patting yourself on the back for getting through this hellish move like a boss.
Or did you? And that’s when the sinking feeling sets in. Did you remember everything? You’re not aloneThat creeping worry we feel when we finally leave a place for the last time might be for a very good reason. Turns out, leaving stuff behind isn’t that uncommon. “We have sold many homes, and the joke for Realtors® is that the homes always have something left,” says Jerry Koller, broker with International Home Realty in Irvine, CA. But what are we leaving behind? Soap? A trash can? An old welcome mat? Nope. It’s bigger—and stranger—than that. Koller says he’s seen the following items left behind in homes:
“In one very expensive home, there was a complete king bed set left behind, but the seller’s Realtor had claimed it on the day it closed,” Koller says. “The set was worth at least $5,000.” And the items aren’t always painfully impossible to move. Someone once left a car in the driveway. “The tenant called a month later to ask where his car was,” Koller recalls. Koller has stumbled on to heartbreaking scenes too—homes where people left behind pet frogs and even cats. What happens to your stuffIf you left something behind, it probably won’t be there for long. Typically, sellers have to be out by 6 p.m. on the day of closing, unless other arrangements were agreed upon at closing. According to Koller, anything you leave behind after the deadline, the buyer can keep. “Finders keepers” is more than just an annoying kid’s refrain—it’s a business policy. If the buyers don’t want what you left behind, either they or their Realtor will get rid of it. Useful or expensive items are usually donated to charities such as Goodwill or the Salvation Army, but smaller items might just get tossed to the curb. When pets are left behind, Koller calls in animal control to assist or takes them to the local shelter. This is just sad. Don’t leave pets behind, OK? You could get penalized for itIf you sold your house and left stuff behind, there’s a good chance you’ll get away with it without penalties. The buyers might get in touch with your Realtor to negotiate a time for you to come and remove the items. If you left a lot behind, or the buyers felt you weren’t cooperating, they might seek out legal counsel—but how far that can go largely depends on where you live and what your closing agreement stated. Renters don’t fare as well. “If they leave things behind, we can deduct the removal cost from the security deposit,” Koller says. Never leave anything behind againTo avoid forgetting things (and being a jerk!) start by making a room-by-room checklist of what needs to be cleared out—including closets, cabinets, attic, and basement spaces. Do yourself a favor and triple-check the most commonly forgotten spaces, such as built-in drawers, overhead storage spaces, and balconies. As you finish packing and moving a room, run through your list and mark it off. It sounds like more work on top of an already busy day, but it will prevent that sinking feeling as you drive away—and you’ll thank us when you find that stack of bills under the mattress. As a writer of 32 novels over her illustrious career, the late Jackie Collins obviously had an eye for detail. And she applied that same precision to the construction of her 21,784-square-foot Beverly Hills mansion.
Now on the market for $30 million, the eight-bedroom home includes five writing desks used by the author whose works included “Hollywood Wives,” which became a television mini-series in 1985. The home has a two-story gallery entrance with a dramatic staircase, a 100-foot art gallery connecting to a guest apartment, a gym, a screening room, and a chef’s kitchen with three islands. Its master suite includes a living room, an office, his-and-her baths, massive walk-in closets and balconies with views of the Hollywood Hills. Collins did most of her writing in two of the home’s studies, one off her bedroom and the other next to the gym, she told the Wall Street Journal in 2014. “My house in Beverly Hills was inspired by a David Hockney painting,” Collins told the WSJ. “In 1989, my husband, Oscar [Lerman], and I visited an art gallery in London, where we saw Mr. Hockney’s ‘A Bigger Splash.’ I couldn’t take my eyes off the pool and fell in love with the clean lines, suspended splash and overall tranquillity. Within days, I was sketching a design for a new home that wrapped around a pool based on the one in the painting.” The home was completed in 1992. Collins, the younger sister of actress Joan Collins, died from breast cancer in September 2015 at age 77. When it comes to his career, college coach and former NBA star Danny Manning is nothing but net. When it comes to real estate, the 49-year-old is having a hard time scoring.
The Wake Forest head coach has had his Lawrence, KS, home on the market for almost two years. The five-bedroom, seven-bath abode is now listed for $1.95 million. So what does the house of an ex-NBA player look like? Big, big, big. At 7,800 square feet, there’s plenty of room to stretch out. The spacious residence includes multiple entertaining areas, a gourmet kitchen, a sun room, and an office. You can live out your hoop dreams by shooting baskets where Manning did, in the indoor sports court. Outside, there’s also a pool and outdoor living space. “This is an impressive, custom-built home with unique amenities and fine finishes, in one of the most prestigious neighborhoods in northeast Kansas,” says listing agent John Esau. “It is priced considerably under what it would cost to build today, and we’re still looking for a qualified buyer who sees the incredible value and will enjoy the home as much as the Mannings.” If you’re a big fan, you could even choose to keep the furnishings he left behind, which are available at a negotiated price. (We’re not sure if those cool jerseys in the bedroom are part of the deal, but hey, you could always ask.) While Manning has left Kansas for his coaching job in North Carolina, he’ll always have roots in the plains. A living legend in Lawrence, the forward led the Jayhawks to the national championship in 1988. Danny Manning’s Kansas homerealtor.com For many of us, a weekend without preset plans is a true joy. Two full days without hardcore obligations are few and far between, so the idea of an agenda-free Saturday and Sunday can be a thrill. (We set the bar low for our thrills, thank you very much.)
If you’re in the enviable position of looking forward to a weekend with nothing on the books, perhaps you can make a tiny commitment to visiting an open house. No pressure, of course! Of course, it isn’t a huge obligation—a small chunk of time out of your relaxing reverie can pay dividends down the road. You may find a home that awakens some inner joy or speaks to an unknown desire for a new pad. Even if you don’t find the perfect place this weekend, you can spend the rest of the day decompressing. To spark your miniature weekend plan, we’ve rounded up cool, open homes we found on Instagram. Peruse the pictures and set out to find your new place…. Renters in some of the most exorbitantly priced U.S. cities are beginning to get a bit of much-needed relief.
Manhattan rents have spiked to such highs that more and more landlords are throwing in major perks—like, say, a free month—to keep tenants from fleeing to cheaper neighborhoods in the wilds of Brooklyn, Queens, or (God forbid) Staten Island. Meanwhile, a flurry of new construction in downtown Denver has pitted property owners against one another as they compete for choosier residents. About 16.4% of January’s Manhattan rental transactions included some sort of concession, aka freebie, to lure in tenants—up from just 8.5% a year earlier, according to the monthly Elliman report. That was due, in large part, to median monthly rents in the Big Apple hitting a paycheck-demolishing $3,350 last month. (It was a still-bruising $3,299 a month a year earlier.) “The market has just gotten extraordinarily expensive,” says Gary Malin, president of New York City real estate brokerage Citi Habitats. “Prices have gotten out of reach for a lot of tenants.” He’s seeing Big Apple property owners providing an ever-widening range of concessions—no-cost brokers’ fees, gym memberships, even $500 gift cards. All of them, of course, in lieu of actually lowering rents (shudder). Please, Mr. PostmanSend me news, tips, and promos from realtor.com® and Move. Sign UpLandlords will often offer more incentives in the cold, winter months when vacancy rates are higher, saysJordan Cooper, a real estate broker at Manhattan’s Cooper & Cooper Real Estate. The extras will then disappear in the spring through the fall, when new dwellers descend upon the city. One reason for the invasion of the freebies: The vacancy rate is actually rising in the City That Never Sleeps. It hit 2.82% last month, up from 2.43% the prior year, according to the Elliman Report. “With interest rates near all-time lows, people are taking a serious look at renting versus buying,” Cooper says—and it might make more financial sense to buy. Denver-area landlords are also turning to concessions to fill apartments—particularly downtown, where there’s been a spate of residential construction, says Nancy Burke, vice president of government and community affairs at the Colorado Apartment Association. About six months ago, she began to see property owners offering perks like a few weeks of free rent, as well as amenities like bicycle maintenance stations and, yes, rooftop dog runs. Roughly 6.1% of Denver landlords were offering discounts and concessions at the end of last year—down from 7.9% as of Sept. 30, according to anApartment Association of Metro Denver report. Meanwhile, rental vacancy rates were at 6.8% at the end of 2015, up from 5% in the prior quarter. But the report doesn’t include many of the brand-spanking-new apartments that are being listed for the first time, says Burke. She speculates the vacancy rate is actually much higher. Agents in other through-the-roof expensive areas, like Los Angeles and San Diego, aren’t seeing property owners offer extras, as there are no shortages of wannabe tenants. But landlords in San Francisco, where housing prices have reached mind-boggling heights, may soon have to woo residents, as more newly constructed apartment buildings come online. “Rents are still really high and apartments are still commanding top dollar,” says San Francisco Apartment Association spokesman Charley Goss. However, he recently saw a new building in an up-and-coming area offer a free month’s rent to prospective tenants. Rents for one-bedroom apartments in the roughly 150-unit building range from $3,200 to $3,300. “That was the first time we’ve seen that in years,” Goss says. Renters in some of the most exorbitantly priced U.S. cities are beginning to get a bit of much-needed relief.
Manhattan rents have spiked to such highs that more and more landlords are throwing in major perks—like, say, a free month—to keep tenants from fleeing to cheaper neighborhoods in the wilds of Brooklyn, Queens, or (God forbid) Staten Island. Meanwhile, a flurry of new construction in downtown Denver has pitted property owners against one another as they compete for choosier residents. About 16.4% of January’s Manhattan rental transactions included some sort of concession, aka freebie, to lure in tenants—up from just 8.5% a year earlier, according to the monthly Elliman report. That was due, in large part, to median monthly rents in the Big Apple hitting a paycheck-demolishing $3,350 last month. (It was a still-bruising $3,299 a month a year earlier.) “The market has just gotten extraordinarily expensive,” says Gary Malin, president of New York City real estate brokerage Citi Habitats. “Prices have gotten out of reach for a lot of tenants.” He’s seeing Big Apple property owners providing an ever-widening range of concessions—no-cost brokers’ fees, gym memberships, even $500 gift cards. All of them, of course, in lieu of actually lowering rents (shudder). Landlords will often offer more incentives in the cold, winter months when vacancy rates are higher, saysJordan Cooper, a real estate broker at Manhattan’s Cooper & Cooper Real Estate. The extras will then disappear in the spring through the fall, when new dwellers descend upon the city. One reason for the invasion of the freebies: The vacancy rate is actually rising in the City That Never Sleeps. It hit 2.82% last month, up from 2.43% the prior year, according to the Elliman Report. “With interest rates near all-time lows, people are taking a serious look at renting versus buying,” Cooper says—and it might make more financial sense to buy. Denver-area landlords are also turning to concessions to fill apartments—particularly downtown, where there’s been a spate of residential construction, says Nancy Burke, vice president of government and community affairs at the Colorado Apartment Association. About six months ago, she began to see property owners offering perks like a few weeks of free rent, as well as amenities like bicycle maintenance stations and, yes, rooftop dog runs. Roughly 6.1% of Denver landlords were offering discounts and concessions at the end of last year—down from 7.9% as of Sept. 30, according to anApartment Association of Metro Denver report. Meanwhile, rental vacancy rates were at 6.8% at the end of 2015, up from 5% in the prior quarter. But the report doesn’t include many of the brand-spanking-new apartments that are being listed for the first time, says Burke. She speculates the vacancy rate is actually much higher. Agents in other through-the-roof expensive areas, like Los Angeles and San Diego, aren’t seeing property owners offer extras, as there are no shortages of wannabe tenants. But landlords in San Francisco, where housing prices have reached mind-boggling heights, may soon have to woo residents, as more newly constructed apartment buildings come online. “Rents are still really high and apartments are still commanding top dollar,” says San Francisco Apartment Association spokesman Charley Goss. However, he recently saw a new building in an up-and-coming area offer a free month’s rent to prospective tenants. Rents for one-bedroom apartments in the roughly 150-unit building range from $3,200 to $3,300. “That was the first time we’ve seen that in years,” Goss says. Tax difficulties have turned Redskins safety DeAngelo Hall‘s former Cape Charles, VA, vacation home into a seaside resort. Adrift on a sea of troubles, that is.
After delinquent tax payments left Hall owing more than $24,000 on the four-bedroom home located near the Chesapeake Bay, the bank began the process of property seizure in 2011. It failed to sell for $1.5 million five years ago, but the bank is trying again, with a nearly $1 million price cut. Now listed for a mere $525,000, this foreclosed home is a serious bargain for a handy buyer. Hall has spent seven seasons with the Washington Redskins. After several injuries in 2014, he helped the team win the NFC East in 2015. His former four-bedroom property needs a ton of TLC, but there’s serious potential for a savvy (and hardy) owner. Cleaned up, its brick colonial exterior promises to wow your guests, with plenty of curb appeal. If their jaw doesn’t drop there, it surely will once they step into the enormous foyer, flanked by twin staircases. Just make sure you’re prepared to do some hard work, especially outside. But after you take a broom to the currently covered pool, you’ll have the perfect centerpiece for an entertainer’s dream backyard. |
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February 2016
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