Filed under: Estates

Another large estate has hit the market. Point Farm is located on a promontory on Virginia’s Eastern Shore where two and a half miles of white-sand shoreline surround the estate’s 130 acres with panoramic views across the Chesapeake Bay. The farm was bought by Virginia Beach developer Dan Hoffler in 1989 for $2.5 million (hence the scrolled H on the home’s gate). It includes a 16,000 square foot mansion and two parcels with several buildings. The big brick home, built in 2003, sits on a parcel that was assessed in 2004 at $5.4 million while the second parcel of 14.9 acres with a restored farmhouse, a boathouse, pool and pool house, tennis courts and a large garage with living quarters was assessed at $1.76 million. This means that the two parcels in 2004 amounted to $7.16 million which makes the home’s price of $41.75 million quite staggering. According to this AP article, a new assessment is being undertaken.

The property includes a stable and indoor riding arena, a skeet-shooting range, three stocked saltwater ponds, a hunting lodge, a pier with a boathouse, a heated mineral-water swimming pool and a copper and slate-roofed poolhouse that has a kitchen and a terrace and a tiki bar. The estate also includes the original farmhouse which was built in 1730 and has been elarged and renovated. It has six waterview bedrooms, a kitchen and loggia, a waterside tennis court and brick terraces facing Remus Cove. The main home has a massive office that opens to a media room and an exercise room with a full bath. The home includes many porches and balconies and there is a widow’s walk on the roofline. The interior design style is cottage life on a grand scale with murals, chandeliers, marble and lots and lots of floral-printed furniture.

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Filed under: Estates

The declining real estate market has been particularly tough on the condo market with many people afraid to purchase a condo for fear that six months or a year later someone else will buy the same size condo in their building for a lot less money. At the Olive 8 hotel condo/hotel project in Seattle, the developer is seeking to allay that fear by offering prospective buyers the type of guarantee that we usually see electronics and furniture stores offer. The developer has stated that If someone buys an Olive 8 condo now and later someone else purchases a unit in the building with the same floor plan for less, the developer will reduce the first buyer’s price down to the lower amount at closing.

Olive 8 is currently under construction at Eighth Avenue and Olive Way and will have 230 luxury condos on 22 floors above a 17-story Hyatt hotel. The hotel is slated to open in December and condo owners will move in after that. The sales are a testimony to the dramatic shift the real estate market has taken. About a year ago the developer had sold 175 of the 230 units but since then they’ve sold less than 10 more. Remaining condos in the building begin at $750,000.

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Filed under: Estates

Tucked into the lower seaside area of New Jersey, Stone Harbor is a resort enclave that doesn’t get a lot of press but is home to many costly homes. The small town has a small year-round population but like other resort communities it booms in the summer with tourists and part-time residents flocking to the beaches. This home on Tuxedo Point has over 220′ of water frontage with wonderful views of the bay, wetlands and beautiful sunset. It has a large pool area and the boat dock area will accommodate 4 or 5 of your watercraft. it has four bedrooms total and a beautiful light-filled kitchen. It’s a little close to the other homes but at least you get the point with a nice wedge of waterfront and the second story open balcony gives you a perfect place to watch the sunset. It is listed at $10.5 million.

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Filed under: Estates

Another massive estate has hit the market. Point Farm is located on a promontory on Virginia’s Eastern Shore where two and a half miles of white-sand shoreline surround the estate’s 130 acres with panoramic views across the Chesapeake Bay. The farm was bought by Virginia Beach developer Dan Hoffler in 1989 for $2.5 million (hence the scrolled H on the home’s gate). It includes a 16,000 square foot mansion and two parcels with several buildings. The large brick home, built in 2003, sits on a parcel that was assessed in 2004 at $5.4 million while the second parcel of 14.9 acres with a restored farmhouse, a boathouse, pool and pool home, tennis courts and a huge garage with living quarters was assessed at $1.76 million. This means that the two parcels in 2004 amounted to $7.16 million which makes the home’s price of $41.75 million quite staggering. According to this AP article, a new assessment is being undertaken.

The property includes a stable and indoor riding arena, a skeet-shooting range, three stocked saltwater ponds, a hunting lodge, a pier with a boathouse, a heated mineral-water swimming pool and a copper and slate-roofed poolhouse that has a kitchen and a terrace and a tiki bar. The estate also includes the original farmhouse which was built in 1730 and has been elarged and renovated. It has six waterview bedrooms, a kitchen and loggia, a waterside tennis court and brick terraces facing Remus Cove. The main home has a large office that opens to a media room and an exercise room with a full bath. The home includes many porches and balconies and there’s a widow’s walk on the roofline. The interior design style is cottage life on a grand scale with murals, chandeliers, marble and lots and lots of floral-printed furniture.

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Filed under: Estates

The architect Travis Price has created some truly amazing structures (check out Wade Davis’s writing studio on the website, it’s stunning) but I’m not sure if today’s home is one of his greater creations. This 11,000-square-foot, six-bedroom home in the Forest Hills area of Washington D.C.has four stories and an open and angular floor plan. The home is dramatic but still appears to be comfortable and livable with massive shared rooms but also plenty of private spaces. The listing blurb invokes Frank Lloyd Wright but I’m not really seeing that here. It is listed at $5.495 million.

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Filed under: Estates

Tucked into the lower seaside area of New Jersey, Stone Harbor is a resort enclave that doesn’t get a lot of press but is home to many costly homes. The small town has a small year-round population but like other resort communities it booms in the summer with tourists and part-time residents flocking to the beaches. This home on Tuxedo Point has over 220′ of water frontage with wonderful views of the bay, wetlands and beautiful sunset. It has a big pool area and the boat dock area will accommodate 4 or 5 of your watercraft. it has four bedrooms total and a beautiful light-filled kitchen. It’s a little close to the other homes but at least you get the point with a nice wedge of waterfront and the second story open balcony gives you a perfect place to watch the sunset. It is listed at $10.5 million.

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Filed under: Estates, Celebrity Shopping, Sports

The latest celebrity victim of the foreclosure crisis is former NBA star Latrell Sprewell. Last summer, Sprewell’s yacht, the 70-foot “Milwaukee’s Best” was repossessed now his home is meeting the same fate. RBS Citizens NA, or Citizens Bank, has filed a foreclosure suit on Sprewell’s $405,000 home in River Hills, a suburb of Milwaukee. Sprewell bought the home in 1994 and owed $295,138 in outstanding payments plus interest. The documents state that Sprewell failed to make his mortgage payments of $2,593 per month since last September.

Sprewell, now 37, was once one of the NBA’s infamous bad boys, known for choking a coach during practice. He played 13 seasons total for three teams. Just a few years ago he turned down a three-year,$21 million contract extension from the Minnesota Timberwolves saying, “I’ve got my family to feed.” At that time he was making $14.6 million a year. The yacht, which Sprewell purchased for around $1.5 million was sold at auction for $856,000 to help pay off the $1.3 million he owes on the boat.

Sprewell is in some good company. Check out our gallery of other celebrity foreclosures below.

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Filed under: Estates

The architect Travis Price has created some truly amazing structures (check out Wade Davis’s writing studio on the website, it’s stunning) but I’m not sure if today’s home is one of his greater creations. This 11,000-square-foot, six-bedroom home in the Forest Hills area of Washington D.C.has four stories and an open and angular floor plan. The home is dramatic but still appears to be comfortable and livable with massive shared rooms but also plenty of private spaces. The listing blurb invokes Frank Lloyd Wright but I’m not really seeing that here. It is listed at $5.495 million.

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Filed under: Estates, Celebrity Shopping

For a tiny while, frequently bare-chested romantic comedy star Matthew McConaughey has been living the real estate-less life in California. McConaughey sold off his three-lot Hollywood Hills compound toward the end of 2006 and then was spending most of his time in a couple of Airstream trailers in Malibu. He also still owns a 1.600-acre ranch in Texas. But last fall, McConaughey, who recently announced that his model girlfriend Camilla Alves is pregnant with their child, bought a $10 million property in Malibu. The property is a little over an acre and includes a four-bedroom home that was built in 1949. When the sale was announced in November, Massive Time Listings mentioned that the 3,550-square-foot home has had some celebrity owners in the past such as Richard Page, the lead singer of the 1980s band Mr. Mister (which had the popular songs ‘Broken Wings’ and ‘Kyrie’) who sold the home in 1996 to its most current owner for $1,260,000. As TMZ shows in a video on their website construction has begun on the home, expanding the home which is located on a deep lot just a few houses away from the ocean.

Matthew McConaughey is far from the first celebrity to spend a lot of money on a home that needs a lot of work or might even be a tear down. Our gallery below includes a few more examples of recently multi-million dollar purchases purchased for the land more than the home.

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Filed under: Estates, Celebrity Shopping, Sports

The latest celebrity victim of the foreclosure crisis is former NBA star Latrell Sprewell. Last summer, Sprewell’s yacht, the 70-foot “Milwaukee’s Best” was repossessed now his home is meeting the same fate. RBS Citizens NA, or Citizens Bank, has filed a foreclosure suit on Sprewell’s $405,000 home in River Hills, a suburb of Milwaukee. Sprewell bought the home in 1994 and owed $295,138 in outstanding payments plus interest. The documents say that Sprewell failed to make his mortgage payments of $2,593 per month since last September.

Sprewell, now 37, was once one of the NBA’s infamous bad boys, known for choking a coach during practice. He played 13 seasons total for three teams. Just a few years ago he turned down a three-year,$21 million contract extension from the Minnesota Timberwolves saying, “I’ve got my family to feed.” At that time he was making $14.6 million a year. The yacht, which Sprewell bought for around $1.5 million was sold at auction for $856,000 to help pay off the $1.3 million he owes on the boat.

Sprewell is in some good company. Check out our gallery of other celebrity foreclosures below.

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