But you have to buy the beachfront estate in Malibu, Calif., by the end of June to get this sweet closing gift.

By Mai Ling at MSN Real Estate Apr 12, 2010 10:15AM

This $4.4 million beachfront home in Malibu, Calif., comes with a Ferrari F40 if the home is sold by June 30.(© Realtor.com)In case a stellar view of the Pacific Ocean from this 5,834-square-foot beachfront estate in Malibu, Calif., isn't reason enough to get you interested in the home, how about the Ferrari F40 that comes with it?

 

Move.come reports that a home for sale on the sunny California coast comes with much more than its Swarovski chandeliers and marble statues imported from Italy.

 

It also comes with the last Ferrari model introduced and commissioned by the Italian car master himself, Enzo Ferrari.

 

The recession is catching up to those in homes with loans of more than $5 million.

By Mai Ling at MSN Real Estate Apr 9, 2010 10:16AM

If your home is worth more than $5 million, the foreclosure troubles that have plagued the housing market for years are now creeping toward you.

 

Obviously, such homeowners make up a much smaller number of homes on the market, but foreclosures in that range are expected to jump sharply this year as the recession begins to take a bigger toll on the superwealthy, according to data that RealtyTrac collected for The Wall Street Journal.

While the rest of the economy was faltering, the article says, many of the rich and famous were able to avoid foreclosures because they often have more savings and better access to credit. However, because many of them work in financial services or other industries deeply affected by the recession, these resources have slowly dwindled away.

 

A federal judge recommends that homeowners living with the corrosive drywall gut their homes to the studs.

By Mai Ling at MSN Real Estate Apr 9, 2010 8:14AM

A federal judge is recommending that plaintiffs awarded $2.6 million rip out their Chinese drywall and remaining interior to the studs. (© J Pat Carter/AP)The suffering may soon be over for some homeowners living with Chinese drywall.

 

A judge on Thursday awarded $2.6 million to seven Virginia families for damage to their homes caused by the sulfur-emitting drywall that corrodes electrical wiring, metal and more.

 

But the New Orleans federal judge took the case one step further by not only recommending that the drywall be removed, but also that the homes be gutted down to the studs, according to the Sun Sentinel.

Earlier this month, we wrote about the federal government urging people living with Chinese drywall to replace the drywall as well as any corroded household items, such as electrical components and wiring, gas service piping, fire suppression sprinkler systems, smoke alarms and carbon-monoxide alarms.

 

U.S. District Judge Eldon Fallon added air-conditioning systems, insulation, carpeting and most appliances to the list.

 

The 'frat house bordello' look might have prevented some bidders taking the plunge.

By Mai Ling at MSN Real Estate Apr 8, 2010 11:32AM

There were no takers at a foreclosure auction for Nicolas Cage's home in Bel-Air, Calif. (© James Aylott/Online USA/Getty Images)Less than a year ago, actor Nicolas Cage was hoping to unload his Tudor mansion in Bel-Air, Calif., for the asking price of $35 million.

 

But on Wednesday, not even a fast-talking auctioneer could sell it at a starting bid of $10.4 million. The Los Angeles Times writes that there were no takers at the foreclosure auction for the home that once belonged to Tom Jones and Dean Martin.

Now it belongs to the foreclosing lender, which the Times adds is one of six that are holding a total of $18 million in loans on the property.

 

Energy-efficient renovations to your home are more likely to increase your return than the luxe remodels of yore.

By Mai Ling at MSN Real Estate Apr 8, 2010 10:07AM

Energy-efficient windows are among the more popular projects that are more likely to increase your home's value. (© Wilkosz & Way/Corbis)So much for granite countertops and bamboo flooring. If you really want to see more of a return on a remodel, now's the time to think of ways to cut your energy costs.

 

The Wall Street Journal writes that home sellers now are more likely to see a bigger profit from remodels that aren't necessarily as visible as the big-ticket trends that sold homes through the boom.

Among the most cost-effective improvements include the addition of energy-efficient windows, roofing and doors, the article says, not only because they increase savings, but also because they have the bonus of giving a good first impression of the home.

 

A real-estate agent is teaming up with a private jet company to offer tours of bank-owned luxury homes.

By Mai Ling at MSN Real Estate Apr 7, 2010 11:40AM

JetSuite's Phenom 100 jet will carry potential buyers to three Las Vegas foreclosures April 17. (Courtesy of JetSuite)Why not check out foreclosures from the lap of luxury?

 

After all, it's not just decrepit properties that have fallen into financial distress, especially in regions such as Las Vegas where home prices have fallen by more than half since the boom.

Plenty of luxury properties have fallen back into the hands of banks, and one real-estate agent hopes a clever marketing idea to fly potential clients to these properties via a private jet might help get them sold.

 

Ken Lowman of Luxury Homes of Las Vegas is teaming up with JetSuite Air to fly qualifying buyers from Los Angeles to Las Vegas for a complimentary tour of three luxury properties for sale there on April 12, with more tours planned for other locations.

 

The first family will have a new neighbor when they return to their Chicago home.

By Mai Ling at MSN Real Estate Apr 7, 2010 10:26AM

Looks like you missed your chance to be the Obamas' neighbor. The house has been sold for $1.4 million to an undisclosed buyer. (© 2009 Matt Garrison Group)In the beginning, the "Obama factor" certainly put the spotlight on the home for sale next to President Barack Obama's Chicago home.

 

But in the end, the price the sellers of 5040 S. Greenwood Ave. finally received sounds more like a compromise than the bidding war that many people were expecting.

When the Matt Garrison Group first put the 6,000-square-foot home on the market in September, it left the asking price off, hoping the "Obama factor" would boost the price that interested parties would be willing to spend.

 

But The Wall Street Journal says that although the home recently was listed at $1.85 million, it sold Tuesday for $1.4 million to an undisclosed buyer:

 

A new survey from Fannie Mae finds that two-thirds of Americans prefer to own rather than rent.

By Mai Ling at MSN Real Estate Apr 7, 2010 9:16AM

A new survey from Fannie Mae shows that 65% of Americans prefer to own a home. (© Thinkstock/Corbis)The housing crash was bad enough to strike fear into the financial decisions of Americans, but it wasn't bad enough to scare them out of the dream of homeownership.

 

According to a new survey by Fannie Mae, 65% of homeowners and renters still prefer owning a home, while eight in 10 say homeownership is important to the economy. Owning a home also is considered by 70% to be one of the safest investments, while 74% put their faith in bank accounts and only 17% felt the same way about buying stocks.

 

But the recession still made its mark, with 23% of renters polled saying they'll buy a home later than they once had planned, although 67% still hope to someday be a homeowner.

 

About Teresa Mears

Teresa Mears

Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.

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