Morning Briefing: Most expensive US home ever listed has $250 million price tag

by Steve Randall23 Jan 2017
Most expensive US home ever listed has $250 million price tag
A home in Los Angeles has set a new record for the most expensive residence ever listed in the United States.

The 38,000-square-foot home at 924 Bel-Air Road has an additional 17,000 square feet of entertainment decks and has a $250 million asking price. It was designed and curated by luxury developer Bruce Makowsky, dubbed the Spec King.

"This home was curated for the ultimate billionaire who wants the best of everything that exists in life," said Mr. Makowsky. "Until now, the ultra-luxury market was void of homes that even came close to matching the level of mega-yachts and private jets that billionaires spend millions of dollars on every year. There are hundreds of new billionaires created each year and they are increasingly setting their sights on this coveted enclave of California for everything the state has to offer."

The home includes two master suites, 10 oversized VIP guest suites, 21 luxury bathrooms, three gourmet kitchens, five bars, a massage studio/wellness spa, state-of-the-art fitness center, 85-foot glass tile infinity swimming pool, 40-seat 4K Dolby Atmos Theater, four-lane bowling alley/lounge, sprawling auto gallery with cars valued at more than $30 million, seven-person full time staff, over 100 curated art installations, an outdoor hydraulic pop-up theater, two fully-stocked champagne/wine cellars, massive assorted candy wall and the most advanced home tech system in the country.

The listing is with Branden Williams and Rayni Williams with Hilton & Hyland along with Ben Bacal with Rodeo Realty and the home can be seen at www.924belair.com
 
Purchase loans tick higher
There was a larger percentage of purchase loans originated in December compared to November, Ellie Mae says.

The proportion of all closed loans that were for purchases was 54 per cent, up from 53 per cent in November with refinance loans down 1 percentage point to 46 per cent.

December’s closing rate for all loans was 73.2 per cent, the highest rate of the year.

“As rates began to increase we saw purchases tick back up in December, signaling the start of a trend we expect to continue into 2017,” said Jonathan Corr, president and CEO of Ellie Mae. “We also saw closing rates rise to the highest percentage in 2016 as homebuyers locked in rates and lenders closed loans before the conclusion of the year.”

Average FICO scores decreased slightly in December to 726, down from 728 the month prior. 
 
Multifamily sector boosts housing starts
Housing starts were up 11.3 per cent to a seasonally-adjusted annual rate of 1.23 million units in December, the HUD and US Census Bureau reported.

While the rate of single-family homes slipped 4 per cent to 795,000 units, multifamily jumped 57 per cent to 431,000 units, following the trend of volatility for the sector, which was down on whole-year figures.

“This report represents firm growth for housing in 2016, as single-family starts rose 9 percent and multifamily production was down slightly,” said NAHB Chief Economist Robert Dietz. “We expect that 2017 will be another year of gradual, steady improvement in the housing market. Multifamily starts have been volatile in recent months, but should level off as supply meets demand. Meanwhile, single-family production continues to gain momentum but is limited by supply-side headwinds.”

Overall permit issuance edged 0.2 percent lower in December to 1.21 million units.

 

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