Once his term in the White House ends in January, Donald Trump and wife Melania may be looking to secure a new home base in Palm Beach, FL, according to Page Six.
Apparently the Trumps have been shopping for a megamansion in the area, and poking around at private schools for their teen son, Barron.
Wait a minute! They already have a crash pad in Palm Beach: the private quarters within Mar-a-Lago, a club Trump purchased in 1985. Why don’t they just move in there? Well, per an agreement Trump made with the the town of Palm Beach, Mar-a-Lago, as a social club, does not allow anyone to live there permanently—even its owners.
So while the couple may stay at Mar-a-Lago for a bit, they’ll need to search for permanent digs elsewhere, and they’ll have plenty of family in the area.
Ivanka Trump and Jared Kushner have already ventured south to purchase a 2-acre plot on Indian Creek Island, which is known as Billionaires Bunker. Plus, Palm Beach and its environs are popular with many bold-faced names, including star QB Tom Brady and his wife, supermodel Gisele Bündchen, and the billionaire Carl Icahn.
But which home in Palm Beach will the Trumps pick? Here are five homes for sale we’ll bet they’ll consider since they tick all the P boxes: posh, palatial, and presidential.
The swankiest spot available right now is also the most expensive, at nine figures. But it’s worth every penny to look out over the ocean and then pad down to your own pristine white-sand beach every morning with your coffee.
At more than 28,000 square feet, this massive two-story Mediterranean estate features seven bedrooms, nine full baths, and six half-baths, as well as miles of marble in multiple rooms. There’s also a guest cottage, stunning pool, exercise room, elevator, plus a security system and gatehouse for the Secret Service to set up shop.
If the Trumps are willing to trade the ocean for lesser waters, they can head right across the street to this listing. For half the price, the famous couple can make do with six bedrooms and seven baths spread over nearly 16,000 square feet of living space.
At just 4 years old, this contemporary abode sits on about 2 acres and comes completely furnished. There’s also a private dock, deeded beach access, and gorgeous lanai overlooking the pool.
This mansion is a bit smaller than the others, but it sports two docks on either side of the house and direct access to the Intracoastal Waterway. The president and his family will enjoy six bedrooms and nine baths, take in the views from the balcony, and paddle around in the heated saltwater pool.
But the best part just might be the bonus loot that comes with the asking price. The right bidder for this property, which is called Lago-a-Lago (Lake to Lake), will also be the owner of $2,000,000 worth of furniture and art.
Perhaps a classic Palm Beach home is more to the Trumps’ taste? This Mediterranean-style manse with a barrel tile roof oozes old-world charm, though it was built in 2007.
Mature palms surround the lovely pool and spa, while soaring ceilings highlight huge windows opening to lush lawns. The property sits on just over a half-acre and features six bedrooms, seven baths, a wine room, and deeded ocean access.
Lastly, a home with real history. Built nearly 100 years ago, this gated estate with seven bedrooms and seven baths has been completely restored with every modern amenity, including a sound system, wine storage, and chef’s kitchen. Other luxe details include a huge home gym, billiard room, sun-drenched public rooms, and a palatial master suite.
The numbers: Contract signings for home sales fell for the third consecutive month in November — another indication of the challenges prospective home buyers are facing.
The index of pending home sales dropped 2.6% in November after declines in both October and September, the National Association of Realtors said Wednesday. The index measures real-estate transactions in which a contract is signed, but the sale had not yet closed.
Compared to last year, though, pending sales were still up more than 16%, showing the market’s continued resilience in spite of a severe shortage of homes for sale and fast-rising prices.
What happened: Pending sales fell across all major regions, unlike the month prior.
The largest decrease occurred in the West, where contract signings fell by 4.7%. The Northeast was next, followed by the Midwest and the South.
The big picture: The pending home sales index is the latest report to illustrate the difficulties home buyers are encountering in the housing market these days.
“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates,” Lawrence Yun, the chief economist at the National Association of Realtors, said in the report.
As has been the case for much of this year, there has been a serious shortage of homes for sale as sellers have remained reluctant to put their properties on the market. But demand is still up — both because of record-low mortgage rates and shifting preferences toward the suburbs.
The combination of low supply and high demand has pushed prices higher, which could be making home buying unaffordable for a growing swath of Americans.
What they’re saying: “After a tumultuous year that involved a huge drop in sales, followed by a quick rebound to new highs, November’s pending home sales suggest that the housing market is easing, taking a step back from the brisk fall when both spring make-up buying and fundamental interest drove sales higher,” said Danielle Hale, the chief economist at Realtor.com.
Market reaction: The Dow Jones Industrial Average and S&P 500 both rose in Wednesday trades.
“Game of Thrones” star Emilia Clarke has been playing the real estate game—and she didn’t come away unscathed.
Clarke, 34, just sold her eye-catching pad in Venice, CA, for $4.4 million, realtor.com® can confirm. Juliette Hohnen from Douglas Elliman and Ruby Fay of Pinnacle Estate Properties held the listing. Katie Pardee with Halton Pardee + Partners represented the buyer.
The “Mother of Dragons” decided to fly away from the sleek architectural she purchased in 2016 for $4.64 million. In August 2020, she listed the property for just under $5 million. After dropping the pricethe following month to $4.7 million, she slashed the asking price again in November to $4.5 million, eventually agreeing to the $4.4 million, which left her with a slight loss.
The actress may not have been able to spend much time in the home over the four years she owned it, possibly due to her hectic filming schedule, both for the HBO series and for movies such as “Solo: A Star Wars Story.”
She put the home up for rent in 2018, at $25,000 a month, and she had listed it for lease in 2017 as well.
Built in 2009, the striking residence designed by the architecture studio Abramson Teiger features two bedrooms, three bathrooms, and 2,817 square feet.
The living room has 15-foot ceilings, built-in bookshelves that surround the fireplace, and floor-to-ceiling windows. Massive glass doors completely open out to an outdoor patio, seamlessly melding the indoor and outdoor living areas.
In the open kitchen, soapstone counters in the kitchen pair with custom wood cabinetry that runs the length of the first floor. On the main level, a den and office also open out to the courtyard.
The floating staircase leads to both the en suite bedrooms, including the master retreat with an extensive walk-in closet and spalike master bathroom.
The property is gated and designed with privacy in mind, and its outdoor space comes with 80-year-old olive trees and a courtyard with a 30-foot pool and covered veranda.
The secluded sanctuary nevertheless has a prime location, around the corner from the shops and restaurants of bustling Abbot Kinney and close to the beach.
Acclaimed for her role as Daenerys Targaryen in HBO’s “Game of Thrones,” which ran from 2011 through 2019, Clarke, who is from London, also appeared in the romantic comedy “Last Christmas.”
She’s set to star as the poet Elizabeth Barrett in the upcoming movie “Let Me Count the Ways,” as well as to voice the part of Malicia in the animated film “The Amazing Maurice.”
Clarke made her West End theater debut in London last March in the role of Nina in Anton Chekhov‘s play “The Seagull,” when the production was shut down due to the pandemic.
Across the nation, home prices have shot up to unheard-of heights even during the pandemic—because there are still people hunting for homes (preferably with their own yard and space for an office and home-schooling), but not enough inventory available.
Yet there are pockets of the country where the real estate market is still struggling. Oddly enough, these are places where folks can become homeowners for under $100,000— and spend less each month on homeownership than they do on rent. There is just one big problem: Even buyers who can qualify for a mortgage, often can’t get one.
That’s because it’s typically not profitable for lenders to do small-dollar mortgages, as loans at $100,000 or less are called. And the onset of the COVID-19 pandemic may have made things worse, as lenders are even more focused on larger, more lucrative mortgages. The upshot is that would-be buyers in many communities of color, which tend to be lower-income, are unable to achieve homeownership and set on a path of building wealth.
Instead, investors who don’t live in these communities swoop in and scoop up properties in all-cash deals. The homes are then turned into rentals, with predominantly Black and Hispanic tenants who may pay hundreds of dollars more each month than they would on a mortgage. And the neighborhood suffers as locals aren’t as invested in upkeep and advocating for more resources.
“Black and Hispanic people in particular have been left out of this wealth-building opportunity,” says Sheryl Pardo, a spokeswoman for the Urban Institute, a Washington, DC–based think tank. “It’s important [to offer more small-dollar mortgages] in this era where we’re recognizing the severity of the racial wealth gap and finally trying to do something about it.”
There are plenty of more affordable homes out there. In November, there were more than 50,100 listings nationwide for single-family homes priced at $100,000 or less on realtor.com®. And they aren’t all foreclosures and teardowns.
The listings are often in smaller or midsize cities, particularly ones where the local economy has suffered. (For example, there were nearly 800 single-family homes in the city of Detroit listed for below $100,000 on realtor.com as of Dec. 22.) But these homes are also easy to find in the suburbs as well as in rural areas, where land and real estate are typically cheaper.
Despite the prevalence of these homes, just 8.9% of all mortgages made for owner-occupied homes were less than $100,000 in 2019, according to federal data collected through the Home Mortgage Disclosure Act. The rest are mostly cash sales.
Last year, nearly 475,000 homes priced below $80,000 were sold, according to U.S. Census Bureau data. Of those sales, about 43%, or around 200,000, were financed with a mortgage.
“The lack of lending activity and access to credit for communities of color is a barrier of building wealth and is an example of inequity in the system,” says Gabe del Rio, CEO of the Homeownership Council of America. The national council provides technical assistance for smaller lenders such as credit unions and nonprofit organizations. “People who live in these areas and want to purchase in these ares should be able to [do so].”
The pandemic made it harder to receive a small-dollar mortgage
The pandemic, and the ensuing economic pain and high unemployment that it caused, has made it even harder for lower-income borrowers to receive small-dollar loans.
Business is booming at most lenders thanks to record-low mortgage interest rates and the rush of buyers entering the market. With a backlog of both buyers and existing homeowners seeking to refinance their mortgages, lenders can be pickier over the business they accept. That means borrowers seeking less profitable loans are more likely to lose out.
“It may be more difficult than ever for borrowers to get a [more modest] loan,” says Nadia Evangelou, a senior economist and director of forecasting at the National Association of Realtors®. “There’s such a high demand for high-dollar loans.”
The number of purchase loans was up 26.3% annually in the week ending Dec. 18, according to the Mortgage Bankers Association’s weekly survey of lenders. Refinances of existing mortgages, which allow homeowners to lock in a lower rate, were up 124.3% year over year.
But the average purchase loan was for $376,800 in the week ending Dec. 18—nearly four times higher than a small-dollar loan. That means those looking for a less expensive, humbler loan are competing for lenders’ attention with wealthier borrowers with stronger credit scores seeking much larger, pricier mortgages.
At the same time, lenders have become choosier over whom they approve as the nation grapples with a shaky economy and high unemployment. They don’t want to lend money to borrowers who ultimately can’t repay it and go into foreclosure. So they’re tightening the purse strings. That’s hurting those seeking lower amounts of money.
Why it costs more money to lend less money
Making small-dollar loans became more expensive for lenders after the housing crash in the late aughts, says Steve O’Connor. He’s the senior vice president for affordable housing initiatives at the Mortgage Bankers Association, a national trade group. New regulations were implemented to prevent another financial crisis—and they cost the lender more.
“The cost to originate [these loans] keeps going up,” he says.
Some more traditional mortgage firms will make the smaller loans, such as Essex Mortgage, an Orange, CA–based firm that lends in 30 states. Essex President Roland Weedon figures these clients will eventually trade up to larger, more expensive homes and come back to them for the mortgages. The real estate agents of these customers may also be grateful to recommend their services to clients purchasing more expensive properties.
But at Essex, loan officers are typically paid by earning 1% of the value of the mortgages they make. That means they’re making just $700 for a $70,000 loan and $7,000 for a $700,000 one—for the same amount of work.
However, they may not get that full $700. Fees are supposed to make up only a certain percentage of a loan. If they exceed that threshold, a loan officer’s commission may be cut. So when adding in other fixed costs, such as appraisal, processing, and underwriting fees, lenders may lose money on making the loans, particularly those below $50,000, says Weedon.
“There are hard costs involved in processing a loan,” he says.
A small-dollar lending program runs into obstacles
However, even with the best intentions, the challenges are steep.
The Urban Institute, along with the Homeownership Council of America and lender Fahe, launched the MicroMortgage Marketplace. It began offering small-dollar loans over the summer. The pilot program has $2 million in funding to make mortgages in three counties in the Louisville, KY, metropolitan area.
“This is giving access to affordable credit,” says Homeownership Council of America’s del Rio. “It’s a game changer.”
If the pilot is successful, the group hopes to eventually expand. However, the program has yet to make a loan.
Berea, KY–based Fahe, which lends in 15 states, received just four applications for its 30-year fixed-rate mortgages. Three borrowers were denied due to weak credit or high debt, and one applicant found another loan.
That’s despite the loans not requiring a down payment or mortgage insurance. Borrowers can also use alternative credit scores, which look at things like paying rent and utility bills on time, to qualify.
One of the main challenges is that loans in the program came with high mortgage rates around 4.5% for the 30-year fixed-rate loans—at a time when rates have fallen to record lows. Fahe has since brought rates down to 3.99%. However, that’s still significantly higher than the average rate of 2.67% in the week ending Dec. 17, according to Freddie Mac.
Those high rates may be dissuading some buyers from applying. Others may not know about the program, which has been marketed mainly through word of mouth and outreach to local nonprofit groups and real estate agents. Fahe plans to do more formal marketing in the new year.
“There is a lot of affordable housing out there,” says the Urban Institute’s Pardo. “But if you don’t have the financing and you can’t get the mortgage and you don’t have the cash on hand, [you can’t] get on the road to homeownership.”
It first came on the market in early October 2020 for $4.35 million, but the sellers trimmed the price to $4,295,000 later in the month. Two months after that, the home wound up selling for over asking price, at $4.37 million. The property was one of the most expensive listings in the college town.
The residence stood out in other ways, which inspired a buyer to move in with a higher offer.
The sparkling renovation by the sellers updated the 53-year-old home for the needs of the 21st century. The sellers picked up the home in 2015 for $2.45 million. It was designed in 1967 by Gerald McCue, then chairman of the University of California Berkeley’s Architecture School, who went on to become dean of Harvard’s Graduate School of Design.
McCue built the residence for himself and his family. Over a half-century later, the home underwent another update to reflect the needs of a new family.
While retaining the spirit of the original design, the interiors were done anew. The loftlike living space measures 3,844 square feet and offers four bedrooms and 3.5 bathrooms.
The open layout features walls of glass and a living and dining space that extends to a deck outdoors. The eat-in kitchen features clerestory windows, modern appliances, white counters, and contrasting blue cabinets.
Highlights include 13-foot ceilings and giant windows in every room, which offer San Francisco Bay views as well as an enviable indoor-outdoor flow.
Although the home features an open plan, it also offers a useful separation of space, with two offices and additional living areas that allow for a family or media room, an exercise room, and guest or children’s bedrooms.
Outdoors, the grounds in the Berkeley hills, on a flat lot in a woodland setting, feature “serene yet practical landscaping,” a garden, and living and dining space.
The “rare find” is also near North Berkeley gourmet shops and restaurants, and not far from the UC Berkeley campus.
Ann Arriola Plant and Lynn Signorelli of Red Oak Realty represented the seller. Elizabeth Behrens with the Grubb Co. represented the buyer.
The numbers: The cost of buying a home surged again in October, a closely followed index showed, and prices rose at the fastest rate in six years in a clear sign the housing market is still booming despite a raging pandemic.
A broader measure by Case-Shiller that covers the entire country, meanwhile, showed a similarly large 8.4% increase in home prices over the past year. That’s also up sharply from 7% in the prior month.
Prices have risen at the fastest clip since 2014 owing to record-low mortgage rates and an influx of people leaving cities to escape the coronavirus and find more space. A short supply of homes for sale has also been a contributing factor.
On a monthly basis, the Case-Shiller 20-city index rose 1.3% in October.
What happened: Prices rose in at least 19 of the 20 large cities tracked by Case-Shiller. Detroit was excluded once again because not enough information could be collected. A state lockdown to try to slow the spread of the virus has led to delays in record keeping.
The biggest yearly increases in home prices took place in Phoenix (12.7%), Seattle (11.7%) and San Diego (11.6%).
The smallest increases occurred in New York (6%) and Chicago (6.3%) and Las Vegas (6.4%) — cities that have been hit hard from the virus or whose local economies have suffered the most.
Big picture: Home sales aren’t expected to slow much, if at all, even amid a record coronavirus outbreak. Super-low rates and the growing prospects of the economy gradually returning to normal are likely to keep demand high.
That’s good news for sellers but bad news for prospective home buyers, who are unlikely to get much of a price break in 2021.
What they are saying? “The data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones Indices.
Market reaction: The Dow Jones Industrial Average and S&P 500 rose in Tuesday trades. Stocks have climbed to a record high on optimism that coronavirus vaccines will soon lead to a stronger economic rebound.
The power forward Tristan Thompson is bouncing from his Bratenahl, OH, home. The waterfront contemporary, built in 2008 on the shores of Lake Erie, is now available for $3.25 million.
After spending nine seasons with the Cleveland Cavaliers, Thompson inked a deal with the Boston Celtics in November 2020. Now, he’s ready to leave his Ohio home in his rearview mirror.
Purchased in 2015 for $1.9 million, the home is located in an exclusive gated community. With only 25 homes available on the market, Thompson’s residence is easily the most expensive home currently available in Bratenahl, which has a median home price of $425,000. Linda Musarra with Chestnut Hill Realty holds the listing.
Open living plan of home in Bratenahl, OH
realtor.com
Dining room
realtor.com
Sleek kitchen
realtor.com
Cabinetry
realtor.com
Bedroom and balcony
realtor.com
Bathroom
realtor.com
The “impeccable” home spans 6,424 square feet and offers “every luxury and upgrade imaginable,” the listing description gushes.
Inside, walls of glass overlook water views in every room. An open living and dining area adjoin a modern kitchen equipped with top-of-the-line appliances. The space also features a formal dining room and plenty of storage, with cabinetry and a wine fridge.
With five bedrooms, five full bathrooms, plus two half-bathrooms, the spacious accommodations include an “owner’s wing” outfitted with a luxe bathroom, a walk-in closet, a sitting area, and a balcony.
The second floor also features two more bathrooms, and an in-law suite with a kitchen and private entrance. On the third floor, you’ll find a guest suite and an office that overlooks the water.
A walkout lower level includes indoor entertainment galore, with billiards, poker, a home theater, full bar, wine cellar, exercise room, and full bathroom.
The half-acre grounds include a patio as well as a three-car garage.
Encino estate
The Ohio abode is just the latest of Thompson’s real estate moves.
The father of Khloé Kardashian’s daughter, True, also reportedly placed his Encino, CA, home on the market, only a year after buying it. The residence is close to Kardashian’s Calabasas home, which she recently sold in an off-market deal for $15.5 million.
The couple, who have had an on-again, off-again relationship, have reportedly been quarantining—and touring potential new residences—together.
The NBA star listed the Encino home in July 2020 for$8.5 million, a hefty jump from his purchase price of $6.5 million the previous year. He apparently added some of his own touches to the upscale, marble-filled interiors.
The opulent seven-bedroom, 7.5-bathroom modern farmhouse features almost 10,000 feet of living space. The spread features high ceilings, oak floors, and formal living and dining rooms.
The high-end kitchen includes Sub-Zero and Wolf appliances, two stone counters, and a breakfast nook, and adjoins a family room with a fireplace. The lavish master suite includes two bathrooms and two closets.
Outdoors, the half-acre lot features an outdoor kitchen, bar, pool and spa, and a fire pit with built-in seating, as well as a guesthouse. The spread is still on the market, with the $8.5 million price tag. Tomer Fridman with Compass holds the listing.
Encino estate
realtor.com
The 29-year-old Canadian was drafted by the Cavaliers in 2011. In 2016, he was a member of the team led by LeBron James that finally brought a championship win to Cleveland.
