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Just because you retire doesn’t mean you have to stop working. And when work is an option rather than a requirement, it’s possible to select a low-stress job that multiplies fulfillment without adding anxiety — but still provides a bit of much-appreciated income. There are, in fact, a variety of such low-stress, high-reward jobs well-suited to the needs of retirees.
A financial advisor can help you devise a plan that will give you the flexibility to make choices in retirement.
Working in Retirement
People may continue working after retirement for a variety of reasons, including the benefits of generating additional income, the satisfaction of making a contribution and the stimulation of staying engaged. If nothing else, work can get them out of the house and fill the hours formerly devoted to their careers.
Many jobs are, however, likely to be more trouble than they are worth to a typical retiree. If what you are after is fulfillment without stress, it doesn’t make much sense to apply for a position as, say, a law enforcement officer working undercover for a drug-smuggling ring. Fortunately, there are many jobs that offer lots of benefits without lots of stress.
Low-Stress Jobs for Retirees
The work you do in retirement can be an extension of your former career or head off in a diametrically opposed direction. Either way, here are 12 possibilities:
Tutoring
Decades of life experience can admirably equip retirees to work as part-time tutors to students at various levels of education. English as a Second Language, for example, is a subject area many retirees can assist students with, while maintaining flexible hours and keeping supervision and red tape to a minimum.
Pet Care
For people who like getting outside and spending time with animals, walking dogs is a way to get paid for enjoying themselves. Sitting, grooming and transporting dogs as well as cats and other pets can offer similar appeal.
Massage Therapist
Many massage therapists see clients at their own homes or in annexes on the property, meaning there’s no commute and little hassle or overhead. If you enjoy helping others through the healing properties of touch, this could be a retirement gig for you.
Personal Trainer
A dedicated runner, swimmer, biker or gym rat, can get paid for sharing their knowledge and passion for fitness with others who are chasing their own fitness goals. Tasks include selecting exercises, structuring workouts and developing training plans.
Consultant
If you had a lengthy career in nearly any knowledge-based field, you may be able to monetize that experience in retirement while also being able pick and choose your clients, working flexible hours and even earning a handsome income, all as a self-employed consultant to businesses.
Life Coach
If helping individuals as opposed to businesses is more your style, you can set yourself up as a life coach helping people reach fulfillment by attaining goals in their professional and personal lives.
Travel Agent
Many who love to travel find earning fees and commissions as travel agents to be a good job in retirement. The work involves recommending destinations, organizing itineraries and booking tickets for transportation, lodging, meals and events.
Library Worker
Bibliophiles can surround themselves with books and get paid for the privilege by working at the library. Many positions are part-time and tend, almost by definition, to be low in noise, hustle and bustle.
Tour Guide
Museums, historical sites, nature centers, monuments and other attractions commonly employ guides to provide visitors with information and assistance as they tour the facility. The positions are well-suited to retirees who want to make some extra money and interact with a variety of people in a relaxed environment.
Personal Shopper
Retirees can shop until they drop without having to spend a dime of their own money – and even earn a few bucks – by working as personal shoppers. This job involves serving people who need help choosing clothing and accessories that fit their personal styles.
Landscape Artist
Cultivating b eautiful landscapes is a passion for many retirees. A peaceful day tilling the soil can also be a source of income with a job as a gardener or landscaper.
Event Coordinator
If you possess robust organization skills and are detail-oriented, there is always a demand for people who can plan and coordinate weddings, parties, conferences and other events.
Bottom Line
Although there probably are as many reasons for continuing to work after retiring as there are working retirees, it’s a safe bet that few if any are showing up for work in search of added stress. Fortunately, there are plenty of jobs open to retirees that pair high levels of fulfillment with low levels of stress.
Retirement Planning Tips
Generating sufficient income in retirement can be a challenge without the help of an experienced and qualified financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Whether you are retired and working mostly for non-financial means or still in the workforce and focused on earning income, SmartAsset’s paycheck calculator will tell you how much your employer will withhold from your check for federal, state and local taxes.
Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
The Wall Street Journal recently ranked Springfield, Illinois #19 on its Housing Market Index. The town of just under 150,000 has also been rated as one of the most affordable places to buy a home in the U.S., as well as one of the best cities to live in. Springfield’s top agents are our focus this week. So, here’s a roundup of four of the best in the region.
Kyle Killebrew is a Zillow Premier Agent with 386 five-star reviews from clients who use that platform. In business for about two decades, Killebrew and his team have had an impressive sales record of more than 400 transactions in the past 12 months. On Facebook, Killebrew has almost 4,000 fans and an Instagram marketing effort. As for the agent’s website, it’s a 70% rating SEO-wise.
Killebrew has also created a Youtube channel with only seven subscribers. The last video seems to have been made about six years ago, so it’s probable that the agent gave up on this marketing channel. One hundred twenty-two nearly perfect Google reviews tell us the people who use this agent’s services are almost always satisfied. Killebrew only has 191 LinkedIn connections, so this channel probably does not provide many leads either. The team has zero media mentions, according to Google News.
With such an impressive sales record, I feel Killebrew could bounce up and be one of America’s top agents with more time and resources spent on ads, marketing, and branding.
Website, Facebook, Contact # 1-217-321-8210
Right behind Killebrew, Jim Fulgenzi leverages three decades of experience and a team of Zillow rating stars. They have had almost 200 sales in the past year. The Re/Max agent has just over 2k Facebook fans, and the page is well-maintained. On Instagram, Killebrew’s effort is a bit half-hearted, as his YouTube channel has precisely the same number of subscribers as his competitor, Kyle Killebrew. Only Fulgenzi seems to have given up on the video marketing route about nine years ago.
Fulgenzi has not one but two websites, neither of which is very good SEO-wise. The newest site is nice aesthetically and useful, so I linked to this one. This star Springfield agent outdoes even Killebrew with almost 300 near-perfect Google reviews. This Re/Max professional blasts past most area agents using LinkedIn with 500+ connections. Another feather in Fulgenzi’s cap is that he is mentioned several times in local media, a marketing funnel aspect many agents overlook.
Website, Facebook, Contact # 1-217-341-5393
Another top agent in Springfield, Debra Sarsany, made over 100 sales in the past year. According to Zillow, Sarsany has nine people on her team, with 5.0 Zillow user reviews. Debra is the most experienced agent in this roundup, with almost four decades in real estate. But she also has 500+ LinkedIn connections and posts frequently on the platform.
About 3k people follow Sarsany on Facebook even though her team posts less frequently than other agencies. She also maintains an excellent blog and is a good writer, another skill/method often overlooked by agencies in the US. Unfortunately, the blog sits on a lonely website that only some people visit. The SEO ranking is 60%, but other metrics show that only some people see. This means the blog could be more readable. With some cross-posting and using groups on Facebook, this could be remedied. Sarsany also gets some light media coverage in the Springfield area.
Website, Facebook, Contact # 1-217-313-0580
Melissa Dowson Vorreyer rounds out this week’s list of top agents. Her 246 perfect Zillow reviews put her in our view space, and the fact she’s sold 121 properties this past year tells us she’s one of Springfrield’s most successful real estate pros. In addition, she has nearly 3k Facebook followers and two killer Instagram channels that differentiate this agent from most of her competitors.
Vorreyer has a good website SEO-wise, but the Re/Max cookie-cutter sites are not extraordinary by anyone’s estimation. However, this Springfield agent makes up for it with over 1k LinkedIn followers and almost 100 endorsements. Unlike her contemporaries in the area, Vorreyer also operates a fairly robust Twitter account. Finally, I find it interesting that Vorreyer seems to be advertising with a YouTube user called “Gamer.” Other agents broadcast via this channel too, and I wonder if anyone is getting leads from it.
Website, Facebook, Contact # 1-217-652-0875
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Courted]
An AI-powered Brokerage Talent Solutions, Courted is bringing connected professional networking and workflow to help make data-driven marketing, hiring, and referral decisions. Their predictive analytics help customers maintain high retention rates by proactively identifying agents that are up and coming or likely to leave. For recruitment, Courted offers Sales Volume Forecast models to find profitable agents overlooked by the competition and AI-powered attrition scores to show which agents are most likely to join a users team/brokerage. Courted primarily serves agents and team leaders to help them acquire knowledge, insights, and opportunities across the market.
What we like: Providing agents with a network of opportunities to enable success and connection based on merit rather than advertising budget.
Chris Voss, best-selling author of Never Split the Difference, spent decades honing his negotiation skills in the FBI. Before retiring, he served as the Bureau’s lead negotiator for international kidnappings. On today’s podcast, he gives practical advice on how to gain the edge in any negotiation. Chris also shares tips specifically for real estate agents from The Full Fee Agent, a new book he co-authored with recent guest Steve Shull. Listen and learn how to master the art of professional persuasion one conversation at a time.
Listen to today’s show and learn:
About Chris Voss and Never Split the Difference [5:28]
Why everyone loses when you meet in the middle [9:24]
Collaborating instead of being cutthroat [11:48]
An example of collaboration with contractors [14:38]
How to avoid friction when negotiating deals [20:12]
The human need for collaboration [24:38]
Why “yes momentum” sales strategies don’t work [25:30]
The “How am I supposed to do that?” strategy [28:39]
The Full Fee Agent by Chris Voss and Steve Shull [31:31]
Get coached by Chris Voss and Steve Shull [36:00]
Negotiating splits with real estate teams [38:45]
Growing by letting people go [42:40]
Holding people accountable to good habits [43:51]
Upcoming conferences with Chris Voss and Steve Shull [44:25]
Advice on becoming an expert negotiator [45:50]
Where to find and follow Chris Voss [47:55]
Chris Voss
Chris used his many years of experience in international crises and high-stakes negotiations to develop a unique program that applies globally proven techniques to the business world.
Prior to 2008, Chris was the lead international kidnapping negotiator for the Federal Bureau of Investigation (FBI), as well as the FBI’s hostage negotiation representative for the National Security Council’s Hostage Working Group. During his career, he also represented the U.S. government as an expert in kidnapping at two international conferences sponsored by the G8.
Before becoming the FBI’s lead international kidnapping negotiator, Christopher served as the lead Crisis Negotiator for the New York City division of the FBI. Chris was a member of the New York City Joint Terrorist Task Force for 14 years. He was the case agent on TERRSTOP (Omar Abdel-Rahman/”The Blind Sheikh” case) and the TWA Flight 800 catastrophe. He also negotiated the surrender of the first hostage taker to give up in the Chase Manhattan Bank robbery.
During Chris’s 24-year tenure with the Bureau, he was trained in the art of negotiation by not only the FBI, but also Scotland Yard and Harvard Law School. He is also a recipient of the Attorney General’s Award for Excellence in Law Enforcement and the FBI Agents Association Award for Distinguished and Exemplary Service.
Chris has taught business negotiation in MBA programs as an adjunct professor at the University of Southern California Marshall School of Business, and at Georgetown University McDonough School of Business. He also taught business negotiation at Harvard University and guest lectured at the Kellogg School of Management at Northwestern University, the IMD Business School in Lausanne, Switzerland, and the Goethe Business School in Frankfurt, Germany.
Since 2009, Chris has also worked with Insite Security as their Managing Director of the Kidnapping Resolution Practice.
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Cue up your favorite girlboss anthem, because the high-powered female brokers at the Oppenheim Group are back!
And along with them come more million-dollar deals, some fresh new faces, and all the drama you’d expect from the Netflix series best described as ‘Real Housewives meets Million Dollar Listing.‘
Spicing things up this season are two new additions to the Selling Sunset cast, joining familiar faces like Chrishell Stause, Mary Fitzgerald, Emma Hernan, Heather Rae El Moussa, Amanza Smith, and Chelsea Lazkani.
O Group veteran Nicole Young steps into the limelight (after she’d only made brief appearances in past seasons, including a memorable one in Season 2 when she officiated Mary and Romain’s wedding), alongside model-turned-real estate agent Bre Tiesi.
For those of you keeping up with celebrity news, Bre might already be a familiar face, as the ambitious real estate agent was holding headlines last year after having a baby with Nick Cannon.
We also get to meet Jason Oppenheim’s new girlfriend, Marie-Lou Nurk, and Chrishell Stause’s partner (later turned wife), G Flip. But despite the show’s new additions, what we’re most excited to see more jaw-dropping mansions and multi-million-dollar homes — and there’s no shortage of those in the new season.
So we took it upon ourselves to track down all the spectacular houses in Selling Sunset Season 6, and give you a breakdown of their impressive features, endless lists of amenities, and upscale features.
The spectacular houses in ‘Selling Sunset’, Season 6
Selling Sunset doesn’t disappoint when it comes to real estate eye candy. From sprawling penthouses to massive mansions, Season 6 brought us plenty of million-dollar homes to daydream about — and even had us revisit some past favorites, like Chrishell Stause’s beautiful home in Hollywood Hills.
And since luxury real estate is our obsession, we couldn’t help ourselves and tracked down all the Selling Sunset houses that graced our screens in Season 6 of the hit Netflix show.
With the exception of Chelsea’s Santa Monica listing, which we couldn’t find as there weren’t many details available (or maybe Chelsea didn’t land the listing?), and Nicole’s West Hollywood listing, here’s a quick update on all of the houses featured this season, along with property photos and videos that allow you to take a closer look at these phenomenal estates.
Bonus: before we go into the houses that made their way on-screen, we’d like to take a second to applaud the Netflix production crew’s choice when picking the shooting location for promotional images.
The posters for Selling Sunset‘s sixth season were shot at the iconic Sheats-Goldstein Residence, an architectural marvel and Hollywood landmark designed by lauded architect John Lautner.
Saint Ives Place, West Hollywood – Harry Styles’ former house
An impressive property with celebrity pedigree, this West Hollywood manse was the perfect location to kick off Season 6 of Selling Sunset.
Previously owned by As It Was hitmaker Harry Styles (who bought and sold quite a few Los Angeles-area mansions over the years, including one that later became Lizzo’s house), Emma’s listing has a phenomenal location and all the luxury amenities you’d expect from a former celebrity pad.
With 4 bedrooms, 6 baths, and 4,401 square feet of living space, the Netflix-features Saint Ives Pl. is ideally located behind private gates right above the Sunset Strip — which means it offers beautiful panoramic views that extend from Downtown L.A. to the ocean.
At the time Selling Sunset filmed its Season 6 episodes, the property was listed for $7,995,000. Not to spoil anything for Netflix fans (as Harry Styles’ former house may make a comeback in the next season), but the property is still on the market, with a slightly reduced price.
We’ve also learned that the property is available as a rental asking a whopping $1,500 PER DAY.
Lloydcrest Drive in Beverly Hills, Emma’s $18,995,000 listing
We’re suckers for striking modern mansions, and the Lloycrest Dr house on Selling Sunset is right up our alley.
The 5-bed, 9-bath house, which comes with a coveted address (it’s set in the prestigious Crest Streets in Beverly Hills), was listed for just under $19 million.
Hardworking Emma had already secured a buyer for the modern Beverly Hills spread, but the sale fell through as the buyers were not happy with how much they’d have to pay for fire insurance, which ran high even for a property this size (the show mentions that the cheapest fire insurance for the house would be 200,000/year – yowza!)
(Spoilers ahead) Fast-forward to now, Lloydcrest Drive is still on the market, though at a significantly lower price point. The property — which offers 10,359 of living space, a massive 2,000 sq. ft. primary suite with a private glam room and hair salon, a gourmet kitchen, and a 20-person home theater with a bar, among others — is currently listed for $12,995,000.
Jason Oppenheim’s two $7.5M penthouses on Hollywood Boulevard
After his Season 5 breakup with Chrishell, O Group co-founder Jason Oppenheim threw himself into work — specifically, converting four condo units on Hollywood Blvd. into two spectacular penthouses with massive rooftop decks and the finest luxury finishes.
As mentioned on the show, Jason sunk nearly $10 million of his own personal money into the project, and he’s looking to cash out by listing each of them for a whopping $7.5 million.
(Spoiler) The two penthouses are still on the market following Selling Sunset‘s Season 6 premiere, though the smaller of the two — both units have 3 beds and 4 baths, but one is slightly larger at 3,820 square feet versus 3,580 sq. ft. — has seen its price drop by $500,000. It’s now listed for $6,995,000 (and as a rental for $49,900/mo), while the larger unit retains the original $7,495,000 asking price and a $49,900/mo rent price.
Micah’s Hillside Ave house
Micah, the developer behind the impressive Lloydcrest Drive property we mentioned earlier, was also selling his original home — and had enlisted Emma to be his agent for this one too.
Set on the same prime Hollywood Hills street as the unforgettable $40 million Hillside house from Season 1 and 2, the 5-bedroom, 5-bath home comes with 4,840 square feet of luxurious living space, an open floor plan with floor-to-ceiling sliding glass doors, and a King Kong statue(?) guarding the pool area.
Remember when Emma said how flattered she was that Micah was entrusting her with the sale of this home? Well, turns out he was right to do so (Warning, spoilers ahead): The Hillside Ave house from season 6 of Selling Sunset sold for more than the asking price.
Listed for $5,495,000 in August 2022, the 5-bedroom spread sold for $5,726,000 a few months later, in November 2022 per public records. Way to go, Emma!
N Stanley Ave, the black house on Billionaire’s Row
For this one, we didn’t have to do much research, as we extensively covered this beauty when it came to market last year.
Definitely one of the most impressive houses featured on Season 6 of Selling Sunset, the newly-built N Stanley property that Heather and Bre visit together is nestled in the hills above Sunset Strip, in the coveted ‘Billionaire’s Row’.
Priced at a cool $24.995 million, the plush property offers all the bells and whistles you’d expect from an ultra-luxurious L.A. listing. And a few extras that probably wouldn’t have crossed your mind.
Offering panoramic views of DTLA, the Pacific Ocean, and the canyon, the spec house offers 6 beds, 9 baths, and nearly 10,365 square feet of living space. It also has a custom home theater, fitness center, wine cellar, second living room, and all the finest custom finishes.
The sophisticated smart home also features museum-quality crystals sourced from around the world and placed with extraordinary care throughout the home to energetically enhance the luxury residence. Take a closer look at this stunning Hollywood Hills mansion.
Now, while on the show we see Bre and Heather touring the property (and later, Bre showing the house to her client, Adam), the black N Stanley house from Selling Sunset‘s season 6 was never listed with the Oppenheim Group.
The listing agents for the property are Camellia Yeroomian of The Agency (the other luxury brokerage that has its own Netflix series, Buying Beverly Hills) and Monty Abramov of The Beverly Hills Estates. Which means it isn’t a spoiler if we reveal that the fabulous mansion is still on the market, boasting a slightly altered listing price of $22 million.
300 The Strand, Chelsea’s $22M listing in Manhattan Beach
Set on a corner lot facing one of California’s best beaches, 300 The Strand is a rare oceanfront listing with all the bells and whistles its high price point commands.
With 4 bedrooms, 9 baths, and 4,440 square feet of modern coastal living space — plus a Strand-front patio, and a sports court with basketball hoop and a private, heated entertainment terrace with in-ground spa, fire pit and BBQ — Chelsea’s 300 The Strand listing is definitely one of the most impressive properties featured in Season 6 of Selling Sunset.
Related: Manhattan Beach’s priciest listing is a $36M modern mansion with luxury resort vibes
A few months after the season filmed, the oceanfront home in Manhattan Beach is still on the market, looking for either a buyer (it’s still listed on the O Group’s website for $21,999,000, though it’s worth noting that other industry websites no longer have it listed for sale) or a renter (it also appears as a $55,000/mo rental on popular real estate websites like Zillow or Realtor.com).
The Woodvale Road property in Encino
Heading over to Encino, new O Group agent Bre Tiesi is hoping to land a phenomenal listing set on Woodvale Road.
The newly built, 8-bedroom, 14-bath property is the pinnacle of luxury, offering over 21,000 square feet of meticulously crafted and designer done living space.
With stand-out features like a chef’s prep kitchen, home theater, professional gym, full spa, hair salon, elevator, temperature-controlled wine storage, 14-car garage that doubles as an event space, outdoor basketball court, and fabulous detached two-story guesthouse, the Woodvale Road property was priced at $25 million, and Bre was eyeing the ultra-generous $750,000 commission she would make from the sale.
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(Spoiler ahead) However, a little bit of research shows that Bre did not in fact land the Encino listing. Public records for the property show that it did find a buyer though — even if the O Group was likely not involved in the transaction.
The Encino mansion ended up selling in February 2023 for a cool $17,500,000, a price point that made it one of the biggest transactions in the family-friendly Encino neighborhood.
The Benedict Canyon house Mary was eyeing for one of her clients
For one of her clients — a couple from the UK who works in events and needs plenty of space and a large backyard — Mary was touring a stunning Beverly Hills property aptly dubbed Jardin de los Suenos (the House of Magical Gardens).
The newly designed Benedict Canyon house on Selling Sunset comes with 6 bedrooms, 7 full baths and one half-bath, and a generous 7,000 square feet of living space.
With extra tall ceilings (14-foot ones for the common spaces, and a 23-foot ceiling in the formal entry foyer) paired with equally tall windows and sliding glass doors, the property perfectly embodies the indoor-outdoor Cali living.
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2231 Benedict Canyon Dr Beverly Hills from Barcelo Photography Inc. on Vimeo.
Also featuring a total of 5 fireplaces, a 200-bottle temperature-controlled all-glass wine storage room, and a media/screening room, plus a one-bedroom guest house, it’s no surprise that the property didn’t linger on the market for too long.
(Spoiler alert) Listed for $8,999,995 in late July of last year, the property was sold a couple of months later for almost full ask: $8,956,000. Unfortunately, it doesn’t seem like Mary’s clients were the lucky buyers. Public records show that a different brokerage was attached to the sale.
The Oak View Drive house in Encino that Chrishell visits
On Episode 5, S06 of Selling Sunset, we join Chrishell for a property visit that brings us back to Encino to tour a 7-bedroom, 9-bathroom house on Oak View Drive.
Boasting the “best views in Encino”, the 7,003-square-foot home had been completely re-imagined by the developers, who invested about $1 million in property upgrades before listing it themselves.
Featuring beautiful cedar and oak detailing, a perfectly-appointed kitchen, a 1,000-square-foot primary bedroom with a large bathroom, and an infinity pool (plus a quirky neon sign that says “I Licked It So It’s Mine”) the Oak View Drive house also got Amanza and Heather’s seal of approval.
What happened to it since that episode was filmed? (Potential spoilers ahead) While Chrishell mentions that she does have a client that’s looking for something in this price range (especially if the developers/listing agents are willing to adjust the price, if needed), it seems that the property may have not been a good fit after all.
Listed for $7,895,000 million at the time of filming, the Encino house is still on the market — but has recently been re-listed at a revised price of $6.5 million. Take a closer look (swipe for more pics):
The sleek $33M Londonderry Place mansion Bre tours with her client
Bre means business! Her drive to sell eight-figure properties leads to her showing a striking $33 million mansion to one of her clients, Telli Swift, the fiancée of championship boxer Deontay Wilder.
One of the most bonkers mansions we’ve seen this season, the Londonderry house blends black and gold finishes throughout its 14,000 square feet of living space.
With 6 bedrooms, 8 baths, and soaring 30-foot ceilings, this sleek Selling Sunset mansion has an endless list of amenities, including a spa wellness retreat with a cryo chamber, hot yoga and salon, and a two-level glass-bottomed pool.
The striking property was also featured on Architectural Digest a few years back, with its unique amenities and aesthetic appeal attracting over 4.5 million views on YouTube.
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(Spoilers) At the time of writing, shortly after Season 6 of Selling Sunset aired, the Londonderry house is no longer on the market, per public records. However, since no sale was recorded in the meantime, it could very well be that the property is still up for grabs but held as a pocket listing by one of L.A.’s top luxury brokerages.
Poo Bear’s house at Zorada Court
Once again courting her many famous friends, we see Bre touring music producer Poo Bear’s house in Los Angeles, a 5-bedroom, 5.5-bath modern retreat overlooking Nichols Canyon.
Poo Bear and his wife, Ashley, are looking to list the property as they’re moving to Miami and Bre is hoping to get the listing, which could potentially earn her a $297,000 commission.
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Beyond the property’s many attributes, Poo Bear’s house is also where music history has been made. The music producer/songwriter has collaborated with some of the biggest names in the music industry, including Justin Bieber, Chris Brown, Usher, Skrillex, and J Balvin, with many of their famous songs being written in this house.
In fact, the white piano (that comes with the house) is where Justin Bieber’s Yummy was created, Poo Bear shares.
Related: Where does Justin Bieber live? His many houses — both past and present
As for what happened to the property after its Selling Sunset appearance (warning, spoilers ahead): after first being listed in November 2022 for $8,900,000, Zorada Ct’s price was dropped to $7,995,000 in early February 2023, only to sell less than two months later for $6,850,000. No O Group agent was involved in the transaction, neither on behalf of the seller nor of the buyer.
Chelsea’s listing at 15th Street in Manhattan Beach
Taking us back to dreamy Manhattan Beach, Chelsea walks us through her 3-bed, 4-bath listing with easy beach access.
While the first offer Chelsea got for the property was fairly low ($3.6 million), she knew she priced the house right and wasn’t going to budge until she got the offer up for her client.
And she stayed true to her words, selling the 3-story for $3,900,000 — just $50k shy of the initial asking price of $3,950,000. Way to go, Chelsea!
The Beverly Boulevard condo Heather tours for Heather and Terry Dubrow
Leading the home search for Real Housewives of Orange County star Heather Dubrow and her husband, plastic surgeon and Botched co-host, Terry Dubrow, Heather tours a $17,500,000 condo at 8899 Beverly Boulevard, hoping she will land her biggest sale to date.
Accompanied by Brett, Heather walks us through the 4-bed, 4.5-bath condo with jaw-dropping views and resort-level amenities.
However, we learn later on that Terry and Heather Dubrow didn’t purchase the place, but they did ‘settle’ on an equally expensive penthouse set in the coveted Century building known as the Cavalli Penthouse (due to its many upscale furnishings that bear the signature of Roberto Cavalli).
Heather wasn’t the only one to land a killer commission though. (Potential spoiler) The $17.5 million penthouse from Selling Sunset was sold a few months later (at full ask), with none other than Brett Oppenheim repping the buyer.
Elvis’ honeymoon house
Okay, so this isn’t an O Group listing, we know. But how can we write an article about all the phenomenal luxury listings featured in this season of Selling Sunset without at least mentioning Elvis and Priscilla’s honeymoon house?
An iconic Palms Springs property, the futuristic residence was actually built in 1960 by pioneering Modernist architect William Krisel.
At the time, its spaceship-like design earned it the moniker “The House of Tomorrow”, but that didn’t last long, as Priscilla and Elvis Presley famously celebrated their honeymoon here in 1967 — after which it became widely known as “Elvis’ Honeymoon Hideaway”.
Related: Graceland, Elvis Presley’s house in Memphis – everything you’ve ever wanted to know
Last year, the property had a brief stint on the market, listing in early October 2022 for $5,650,000. Unsurprisingly, a month later, the King’s honeymoon house was already sold at full ask.
The Brentwood house Bre shows Saweetie
Heading over to celebrity-friendly, suburban Brentwood, Bre takes us — and her friend, rapper Saweetie — on a tour of a 7,401-square-foot beauty priced at a cool $8,800,000.
The 5-bedroom, 7-bath home at 19th Helena Drive sits on a quiet cul-de-sac and boasts beautiful architectural details. With an expansive open floorplan on the main floor, inviting (and ultra-private) bedrooms shielded by the lush landscaping, and a lower level designed for entertainment — featuring a plush theater and deluxe wet bar, opening directly to the impressive pool with spa, green lawns, barbecue area, and built-in firepit — the house does seem to be a perfect fit for Saweetie.
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(Potential spoilers) However, despite Bre’s excellent match-making, it wasn’t a done deal. Public records show that the property did indeed sell, but the sale closed in late March 2023 and doesn’t show Bre or any other Oppenheim Group agents associated with the transaction.
The selling price was $7,000,000, considerably lower than the $8.8 million ask mentioned on the show. Fun fact: the property was actually first listed for a whopping $12,949,000.
The house Heather and Bre visit on Sunset Plaza Dr
The last property of this season takes us to Sunset Plaza Dr, where a new-to-market 3-bed, 4-bath listing needs to be assessed by Bre and Heather, to see if it’s a good fit for their clients.
Listed for $4,995,000, the 3,364-square-foot bachelor pad has a massive primary bedroom suite that gets several “Oh my gosh” out of Heather, which isn’t an easy feat given the type of properties she’s used to.
This sleek contemporary home located above the Sunset Strip showcases jetliner panoramic views from Downtown to the ocean. It then comes as little surprise that the home also has multiple outdoor decks and a rooftop deck to capitalize on those extraordinary views, as well as an infinity edge pool with a private Baja deck and swim-up bar.
As for what happened to it (Potential spoilers), the Sunset Plaza Dr property sold in April 2023 for $3,150,000. While it may not have been a good fit for any of Heather or Bre’s clients, the O Group did get a significant commission out of the sale, as Jason Oppenheim was the listing agent for the property.
Admittedly, while watching the show, I felt like there were fewer properties and considerably more drama than in previous seasons. However, after writing about each Selling Sunset house that graced our screens in Season 6 of the hit Netflix docu-soap, I realize there were quite a few show-stopping mansions for us to daydream about. Hope we’re going to get to see some of them return in Season 7.
Editor’s note: While we did our best to identify all the properties featured on Selling Sunset, there’s always a possibility that we’ve missed something. If you spot anything that’s off, or you have an inside tip on one of the properties, drop us a line anytime at hello (at) fancypantshomes.com
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When you buy a home, you’re likely paying more than just the down payment and closing costs. You’ill probably also need to purchase homeowner’s insurance. While this coverage is not mandated by law, many mortgage lenders require it before they agree to finance the purchase of your home.
Here’s what first-time homebuyers need to know before shopping for homeowners insurance.
What Does Homeowners Insurance Cover?
Homeowners insurance coverage provides protection for both a home and its contents against damage, theft, and up to 16 named perils, including fire, hail, windstorms, smoke, vandalism, and theft. It also typically includes personal liability coverage for accidents that may happen on the property (think of people slipping and falling down your stairs, or your dog biting a neighbor on the property).
On the flip side, basic homeowners insurance likely won’t cover damage from disasters such as floods and earthquakes, and even war (seriously). Homebuyers who live in an area prone to certain events or natural disasters may want to consider supplemental coverage. In some cases, their lender may even require it.
It’s a good idea to learn what’s generally covered by each homeowners insurance policy type — and what isn’t — to ensure you have the right protection in place.
When You Need to Buy Homeowners Insurance
If buyers plan to get a mortgage to purchase their home, their lender will likely require they obtain homeowners insurance coverage before signing off at closing.
In reality, this is a sound business tactic, as the lender will want to protect its investment, which is the property, not the person it’s lending to (harsh, we know). Let’s say the home is damaged in a windstorm or burns to the ground. Insurance will cover the cost, after a deductible, without burdening the homeowner. The homeowner can then continue to pay their mortgage on time, much to the delight of the lender.
Again, if you live in an area prone to certain disasters like floods or earthquakes, your lender may require additional coverage. Check with your lender on what’s necessary before signing.
If a person’s first home happens to be a condo or co-op, the board may also require specific coverage, thanks to a shared responsibility for the entire complex.
Recommended: House or Condo: Which Is Right For You? Take the Quiz
Can You Forgo Homeowners Insurance?
Technically, there are no laws requiring a person to obtain homeowners insurance, but it’s a rule put in place by many lenders.
If you’re paying cash for a new home, you can forgo purchasing homeowners insurance, though that may be a risky proposition.
Think you can somehow snake the system? Think again. If a lender doesn’t feel that the homebuyer is working hard or fast enough to find homeowners insurance before closing, the lender may go ahead and purchase insurance in that person’s name with what’s called “lender-placed insurance.”
This isn’t as cool as it sounds. Not only will it increase the mortgage payment, lender-placed insurance is typically more expensive than traditional homeowners insurance. And it may not even provide all the protection a homeowner needs or wants.
To give yourself enough time to find the right policy for you, aim to start shopping around a good 30 days before closing.
How Much Coverage a Person Needs
How much homeowners insurance a new homeowner needs will depend on the value of their home and the possessions in it. As a first step, would-be homeowners can ask their agent for a recommended amount of coverage.
After determining that number, it’s also a good idea to take stock of belongings and see if any items may require additional coverage (think expensive antiques, paintings, or other irreplaceable items). It could also be smart to photograph and digitally catalog major items in a home for proof needed on any claims.
Replacement Cost vs. Actual Cash Value
When shopping for homeowners insurance, there’s replacement cost coverage and actual cash value coverage.
Replacement cost coverage pays the amount needed to replace items with the same or similar item, while actual cash value coverage only covers the current, depreciated value of a home or possessions.
This means that if you have actual cash value coverage and disaster hits, you’ll only be able to get enough cash for the depreciated value of the home and items, not the cost of what it may take to replace them.
Most standard homeowners insurance policies cover the replacement cost of a physical home and the actual cash value of the insured’s personal property, but some policies and endorsements also cover the replacement cost of personal property.
The upshot: It’s best to go for replacement cost coverage whenever possible.
Recommended: How Much Is Homeowners Insurance?
The Takeaway
Is homeowners insurance required to buy a home? If you’re taking out a mortgage, that’s almost always a “yes.” It’s worth looking at your options — and understanding what will and will not be covered — so you can feel at ease in your new home for years to come.
Of course, shopping for homeowners insurance often requires considering several options, from the amount of coverage to the kind of policy to the cost of the premium. To help simplify the process, SoFi has partnered with Lemonade to bring customizable and affordable homeowners insurance to our members.
Lemonade is a name you can trust. It has exceptional ratings, is fully licensed, and reinsured by some of the most trusted names on the planet. Plus, it donates any leftover money to nonprofit partners chosen by customers.
Check out homeowners insurance options offered through SoFi Protect.
SoFi offers customers the opportunity to reach the following Insurance Agents:
Home & Renters: Lemonade Insurance Agency (LIA) is acting as the agent of Lemonade Insurance Company in selling this insurance policy, in which it receives compensation based on the premiums for the insurance policies it sells. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
As rent prices continue to soar all over the country, you may be finding yourself entering your first real estate search.
You’re not alone. According to the National Association of Realtors, millennials are ending their leases and buying homes in large numbers. Those in their late 20’s to early 30’s now make up the fastest-growing segment of buyers today. But how to even shop for a home these days?
First-time buyers might remember being dragged to Sunday open houses with their looky-loo parents, but those days are gone. Everything is online, and many real estate apps have sprung up to help buyers find their dream homes.
The 7 Best Home Buying Apps
Zillow: Best for overall use
Trulia: Best for community insight
Homesnap: Best for convenience
Redfin: Best for multilevel support
Rocket Homes: Best for one-stop shop
Realtor.com: Best for reliability
Homes.com: Best for quicking listing updates
Best Home Buying Apps at a Glance
App
Best For
Details
Key Feature
Zillow
Overall usability
Virtual tours
Push notifications
SEE DETAILS
Realtor.com
Reliability
3D tours
Detailed descriptions
SEE DETAILS
Trulia
Community insight
34 map overlays
30M neighborhood reviews
SEE DETAILS
Rocket Homes
One-stop shop
Agents/lenders links
Area trend reports
SEE DETAILS
Homesnap
Convenience
High-definition photos
Optimized for mobile
SEE DETAILS
Redfin
Multilevel support
User-friendly interface
Calculates mortgage/fees
SEE DETAILS
Homes.com
Quick listing updates
Home showings via Zoom
Mortgage calculator
SEE DETAILS
Zillow
Pro
Between for-sale-by-owner and official properties, it provides users access to over 135 million property listings.
Con
The “Zestimate” algorithm uses tax records to produce home value estimates, which sometimes are inaccurate.
The Zillow house-hunting app app is the most downloaded real estate app on the Apple store and Google Play — and for good reason. Its database constantly updates and has 36 million users monthly. You can set up push notifications for new real estate listings that meet your search criteria so you’ll never miss out on your potential dream home.
The app allows you to filter real estate listings by price, ZIP code, square footage, must-have features and more. You can even coordinate your search with a partner or roommate by tagging home features and sharing your favorites.
Zillow provides 3-D tours and a scheduling feature to set up an in-person tour. One of its best features is self tours of Zillow-owned homes, a feature available in some markets that allows house hunters to stop by the property at their convenience and simply unlock the house with the app.
Newly added to the Zillow app is a “natural-language search” tool, which responds to user questions in direct fashion, rather than requiring users to type multiple search questions to get to where they want to go.
Realtor.com
Pro
It’s the official search portal for the National Association of Realtors, meaning its updates are the most accurate.
Con
Clicking on “contact agent” will not go to the listing agent, but instead to a local real estate agent who has paid for this lead service.
Realtor.com is one of the best home buying apps out there for on-market listings. Being the official search portal for the National Association of Realtors means you can trust the home listings that pop up in your search. The data is directly mined from the MLS (multiple listing service) and refreshes every 15 minutes.
The search features include a wide variety of filters and provides the most detailed real estate listing descriptions, which include things like crime rates, school ratings, property tax and history of home value estimates — even things like the neighborhood noise levels or whether a home is in a FEMA flood zone.
Because the app updates so often, setting up push notifications means you’ll quickly know when a new property hits the local market. You’ll also have the power of the “Sign Snap” tool in your pocket the next time you drive by a “for sale” sign. All you have to do is take a photo and Realtor.com pulls all of the home’s details instantly.
Trulia
Pro
Shows names and contact information for listing agents, so users know who they would be working with for each listing.
Con
You’re prompted to call or email the listing agent on any property you view, which can get in the way of casual browsing.
Acquired by Zillow in 2015, Trulia has access to most of Zillow’s database of over 135 million active listings and has become one of the best real estate apps. What sets it apart is the focus on community insight provided by those who are located in the area you are searching. You’ll not only get details on the property, but information on what it’s like to live in that specific neighborhood.
You’ll be alerted about price reductions and upcoming open houses, and the app will recommend new listings. Insights sourced straight from locals and 34 neighborhood map overlays offer details on commute times, nearby businesses, crime rates, nearby schools, and more.
Two other features added in 2018 distinguishes the Trulia app from others. “What locals say” and “local legal protections,” combine local feedback and public data to provide information about what a neighborhood is like, from level of dog-friendliness, day-in-the-life details, and even how folks decorate for the holidays.
You’ll also be able to see whether there is legislation in the area to protect against discrimination for gender identity or sexual orientation in employment, housing or public accommodations.
Rocket Homes
Pro
Lets you access your TransUnion credit report, which is updated every week.
Con
Does not provide a home value estimate.
Similar to Trulia, Rocket Homes puts an emphasis on getting to know your soon-to-be neighborhood, but from a market statistics perspective.
This real estate knowledge will come in handy when searching for a home. You can compare properties in the area, seeing how long they’ve been on the market and what they sold for. If you’re not planning on living in your first home forever, this will help give you an idea of what kind of return on investment you can expect from your purchase in the future.
Rocket Homes is a product of Quicken Loans, giving you the opportunity to shop for homes from new and updated listings and have access to lending services all in one place.
This real estate app also helps you stay on track when it comes to some of the more boring parts of purchasing a home, like tracking your credit score. Rocket Homes gives you access to a free TransUnion credit report that is updated frequently, so you know exactly where you stand before starting the mortgage application process.
Homesnap
Pro
Get extensive details on a home just by snapping a photo of it.
Con
Lack of coverage in some areas; Homesnap must partner with individual multiple listing services.
The Homesnap real estate app is perfect for the on-the-go house hunter. You can simply snap a photo of a home and get all of the data available. This feature means you have real-time connection to your local multiple listing service from the road.
If you choose to search from the comfort of your home instead, the Homesnap app allows you to search for open houses by date, and even provides live-broadcast, virtual showings if you want to avoid mingling with other buyers in person.
You can collaborate with your real estate agent through a built-in private messaging function that automatically saves your listings for quick reference. Like most real estate apps, you have a ton of customizable filters for efficient searching, and will be provided with up to date information about the home and neighborhood like commute times, satellite photos and more.
Redfin
Pro
Updates every five minutes so you never miss a new listing.
Con
If you don’t live in one of the 90 U.S. and Canada markets where Redfin has agents, you won’t be able to connect with one.
Redfin’s out-of-the-box-business model combines the convenience of a high-performance app and the expertise you can only get by working with a real estate agent directly. Because Redfin is also a brokerage firm, you’ll have access to their top-quality real estate agents.
Working with a real estate agent gives you more in-depth market insights so you can make smart home buying decisions. And through the “Hot Homes” feature you’ll know which homes are more likely to sell fast so you don’t miss your chance of putting in an offer while house hunting.
Redfin also recently updated its data on climate risk, school ratings and neighborhood amenities.
Homes.com
Pro
Most of 2020 was spent updating the speed and user-friendliness of the app.
Con
Limited information on neighborhood and demographic data.
The Homes.com app is partnered with the MLS to bring you quality leads on your home buying search. The app offers a plethora of filter criteria like the other apps, such as square footage, ZIP code, number of bedrooms and bathrooms, but has an emphasis on lifestyle. Not only will you find the best house, but in the neighborhood that’s right for you.
The exclamation icon makes it easy to spot new real estate listings when scrolling through your search results. You also have the option to “favorite” or “block” certain properties in your feed so you can revisit the ones you love and eliminate the ones you don’t.
The mortgage calculator on Homes.com includes specific financing options like FHA (Federal Housing Administration) loans and special rates for active military members or retired veterans.
Frequently Asked Questions (FAQs) About Home Buying Apps
There’s a lot of home buying apps to pick from when you are seriously or even casually looking for a home. We’ve rounded up answers to some of the most common questions about home buying apps.
Which App is Best for Buying a House?
The best app for buying a house is the one that fits your needs. But Zillow is the most popular because it does a lot of things right, including allowing users to filter information by price, ZIP code, square footage, must-have features and more. Zillow also lists for-sale-by-owner homes. Zillow is the most downloaded real estate app on the Apple store and Google Play. It gets a 4.7 rating out of 5 from 475K reviews on Google Play. In the Apple App store, more than 6 million reviews get Zillow a 4.8 rating.
What are Home Buying Apps?
Home buying apps are mobile tools accessible on various digital devices that let users see listings to buy, sell or rent a property. Different apps have unique features but all of them include multiple photos of properties, prices, property tax and loan information and the ability to connect with real estate professionals.
Home buying apps provide many benefits to users because of their national coverage and even global offerings. Users can see maps and learn about neighborhoods, too. Best of all, they are free.
How Accurate are Home Buying Apps?
Because home buying apps take information from various sources, there will always be a margin of error in valuations. Estimated values are made from information gathered from county and tax assessor records, multiple listing services and real estate companies.
For properties on the market, the apps should have accurate asking prices or rental amounts. Where there is more variation is on property estimates, including for properties not on the market. You should consider these ballpark figures and not 100% accurate especially in a hot market when prices are jumping seemingly daily.. The apps are a good place to start but most people follow that information with a call to a real estate professional.
What is the Best House Hunting Site?
Zillow is the best overall site with its massive listing bank while Realtor.com is tops for reliable information. Trulia is excellent if you want more information about the community around a home. Homesnap is tops for photos and it is optimized well for mobile. If you want to connect with a Realtor, check out Redfin and if you want a direct line to a lending service, Rocket Homes may be the right pick for you.
Which App is Better: Zillow or Redfin?
Zillow edges out Redfin because of its massive reach. Redfin is not available in every market. However, Redfin is a brokerage which connects directly to the massive database of real estate listings commonly called MLS. Zillow does not do that. Zillow allows for sale by owner listings and Redfin does not.
What is the Most Popular Real Estate Website?
Zillow is the leading real estate website with more than 36 million unique visitors a month and about 135 million live listings. Trulia, which Zillow has owned since 2015, comes in second with 23 million unique visitors. Zillow was founded in Seattle in 2006 and claims to be the most accurate at price estimates, called ‘Zestimates” though there are lots of claims otherwise.
The Bottom Line About Home-Buying Apps
As you can see, if you’re ready to break up with your landlord, calculate what down payment you can afford and start your journey to home ownership, you have plenty of house-hunting apps to take advantage of.
Along with all the other details involved in this adventure, it may take some trial and error to find the app that hones in on your specific house-hunting search criteria. But it’s worth spending the time if it helps you get everything you want in your first home.
Contributor Tiffany Beyer is a social media coordinator and marketer specializing based in St. Petersburg, Florida. She specializes in real estate and lifestyle issues stories. Freelancer Kent McDill contributed to this post.
For the longest time, luxury homes were synonymous with opulence, deriving their worth from their lavish interiors, massive scale, and over-the-top features. But gone are the days when oversized crystal chandeliers were crowning living spaces and imposing staircases with intricate wrought-iron railings were the pinnacle of luxury.
Modern luxury is devoted to the creation of beauty and function, with livable, inviting spaces dethroning Gilded Age-worthy interiors and overt opulence.
In fact, the shared point of aesthetic reference for the modern luxury space is centered on minimalism, with spaces that cater to both the physical and mental wellbeing of its residents. And we’ve found the best example of that: a newly built contemporary masterpiece that recently came to market in the coveted Brentwood neighborhood of Los Angeles.
The $70 million home is a modern architectural feat that’s just as striking and spectacular as it is warm and inviting. Credit for that goes to the powerhouse team behind the project, which consists of award-winning architect Noah Walker, AD 100 interior designer, Jamie Bush, and renowned landscape designer, Christine London LTD, who all worked together to bring this tour de force to life.
A 19,000-square-foot architectural marvel
A long private driveway leads to the tiered property, where the expansive home immediately makes an impression with its contemporary yet warm appearance, clean lines and abundant natural materials.
Set on a sprawling four-acre lot, the house offers six bedrooms and 12 bathrooms alongside many recreation rooms — all spread across approx. 19,000 square feet of indoor space.
The Brentwood property has 270-degree views of the city, ocean and canyon, and a long list of amenities that include a theater room — with acoustical wall paneling and a commercial cinema-quality projection system — a gym with a steam room, a 75-foot indoor lap pool, outdoor architectural pool and dual offices.
Warm interiors create a sophisticated yet inviting space
Credit for the perfectly appointed interiors goes to Jamie Bush, who is recognized for his ability to blur the lines between the architecture of a building and its interior design.
Jamie’s designs have been featured in over 70 publications worldwide including Architectural Digest, Interior Design, Vogue, Elle Décor, Wall Street Journal, Los Angeles Times as well as several coffee table books.
His design style, combined with Noah Walker’s approach to architecture — centered on creating modern structures that are warmly minimal with careful considerations of light, space and the unique qualities of each project’s location — created a truly outstanding home.
The primary suite has its own separate wing
The entire home has been envisioned as a relaxation oasis. But just in case that’s not enough, the primary suite has been contained in its own wing, to ensure maximum privacy.
Sliding doors open to balconies overlooking the large grassy yard, presenting views that extend across the canyon to the ocean. The primary suite has Poliform walk-in closets — one with a vanity — and a sitting area separated by a double-sided fireplace.
Its ensuite bathroom includes dual vanities and a freestanding tub, a chaise lounge and a connected outdoor lounge seating area. Each additional bedroom suite includes its own marvelous views and impeccable design; the upper level has two additional bedrooms with Juliet balconies and the lower level’s two bedrooms open to beautifully landscaped gardens and walkways.
On the market for $70 million
The newly built 19,000-home has been recently listed for sale with an ambitious $70 million asking price.
Blair Chang with The Agency has been tasked with finding a buyer, a very inspired choice seeing that his expertise and sales track record made him one of the highest producing real estate agents in the country (according to RealTrends + Tom Ferry America’s Best Real Estate Professionals’ ranking), bringing in $141,870,500 in sales volume last year alone.
And given the price point, along with the property’s stellar attributes, we’re going to keep an eye on this one. Celebrities have long been snapping up homes in the Brentwood area, with A-listers like Travis Scott, Reese Witherspoon, Channing Tatum, and Mötley Crüe drummer Tommy Lee buying homes here recently. We wouldn’t be at all surprised if this architectural marvel manages to attract new star power to the area.
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The Fed has played a major role in consumer mortgage rates over the past decade and change.
Back in 2008, they began purchasing hundreds of billions in mortgage-backed securities (MBS). This was known as quantitative easing, or QE for short.
The goal was to drive interest rates lower and increase the money supply. Doing so would boost economic activity, aka lending, and help us out of the Great Recession.
But there were consequences to such a plan – namely something called inflation.
The Fed also knew it couldn’t hold onto these assets forever, but how would they unload without riling the markets?
Quantitative Easing Led to Raging Inflation
The Fed conducted four rounds of quantitative easing, which involved buying both MBS and U.S. treasuries.
The final round of QE extended all the way into 2020 as the COVID-19 pandemic dislocated the world economy.
In the process, mortgage rates hit all-time record lows. The 30-year fixed dipped as low as 2.65% during the week ending January 7th, 2021, per Freddie Mac.
And the 15-year fixed fell to 2.10% on July 29th, 2021. These low rates were unprecedented.
They were so cheap that they set off a housing market frenzy, with home prices rising nearly 50% from late 2019 to mid-2022.
Clearly this was unhealthy growth, and a symptom of easy money.
Fed Finally Takes Action to Cool the Housing Market
The Fed realized that they had an inflation problem. They also realized housing demand had gotten completely out of control.
Folks were buying homes for any price, thanks in huge part to the record low mortgage rates on offer.
It wasn’t just a housing supply issue, as some had pointed out. This meant they had the power to cool off the overheated housing market, simply by reversing course.
Once they finally took notice, quantitative tightening (QT) was implemented in mid-2022. It works the exact opposite way of QE.
Instead of buying, they’re letting these securities run off. And this means unloading treasuries and MBS, albeit at a reasonable rate with caps in place.
Without a big buyer of MBS, supply increases, bond prices drop, yields rise, and consumer mortgage rates go up.
No one could have guessed how much they’d rise in such a short period. That too was unprecedented.
Mortgage rates essentially doubled in a year, the first time that has happened on record.
The 30-year fixed ended 2022 at 6.42%, up from about 3.11% a year earlier, per Freddie Mac. Mission accomplished.
Home Prices Peak and Begin to Fall
Once the reality of much higher mortgage rates set in, the housing market stalled and began to fall.
It began with decelerating year-over-year gains, which were in the double-digits. And eventually led to month-over-month declines.
The latest report from CoreLogic shows home prices increased 8.6% in November 2022 compared with November 2021.
But on a month-over-month basis, were down 0.2% in November 2022 compared with October 2022.
They’re currently still expected to rise 2.8% from November 2022 to November 2023.
However, individual markets have seen much bigger declines, especially if you consider peak prices that might not be captured in the data.
Zillow recently pointed out that home values were actually lower than last December in Austin (-4.2%), San Francisco (-2.0%), and Seattle (-0.6%).
This has caused a lot of people to ring the alarm bells, calling for another housing market crash.
But wait…
Low Mortgage Rates to the Rescue?
While much higher mortgage rates made 2022 an awful year for home buyers, real estate agents, and mortgage industry workers, 2023 might be better.
Sure, it seemed as if we were on the precipice of a crash, but it was mostly driven by substantially higher mortgage rates.
At their worst, 30-year mortgage rates climbed above 7% in late 2022, but there’s been some serious relief since.
The 30-year fixed is back around 6%, and if you’re willing to pay discount points, rates in the low-5% range aren’t out of the question.
Aside from this being psychologically better, lower rates boost affordability and allow home sellers to fetch higher asking prices.
This means the spring home buying/selling season might actually be decent. It also means forecasts for home prices to rise year-over-year could hold up.
Of course, holding up is a lot different than years of double-digit gains.
But it does represent a healthier housing market, which we should all be happy about.
Inflation May Have Peaked
If you look at the last few CPI reports, it appears inflation may have peaked. We’re not out of the woods, but there are positive signs.
At the same time, the Fed may also be done raising its own target fed funds rate. The prime rate is dictated by the fed funds rate.
This has increased HELOC rates for scores of homeowners. If/when the Fed stops raising and begins lowering their own rate, HELOC rates can come down.
That will spell more relief for existing homeowners with these lines of credit.
Perhaps more importantly, if inflation truly has peaked and is falling, long-term mortgage rates can come down too.
Lower mortgage rates will buffer the housing market and limit any downward movement on home prices.
These lower mortgage rates may even benefit the Fed!
Okay, How Do Lower Mortgage Rates Benefit the Fed?
I may have buried the lede, but we got here eventually.
Remember, the Fed has a ton of MBS on its balance sheet. At last glance, around $2.6 trillion.
They’re currently letting up to $35 billion in MBS mature and “run off” each month.
Since QT began in June 2022, its MBS holdings have fallen by roughly $67 billion, or about 2.5%. That’s apparently too slow.
Here’s the problem the Fed is facing. With current mortgage rates significantly higher than the rates on all those MBS, no one is refinancing their mortgage or selling their home.
So most of these MBS aren’t getting paid off. This may force the Fed to outright sell the MBS, which would likely be bad for rates.
But if mortgage rates drop back to more reasonable levels, we might see an uptick in home sales, mortgage refinancing, and so on. If that happens, the associated MBS get paid off.
This would allow the Fed to unload their trillions in MBS a lot faster. And that could benefit the Fed without upsetting the markets.
So in a sense, the Fed could begin to root for lower mortgage rates. Not 2-3% rates, but rates in the 4-5% range.
Also, a recent Fed working paper found that an expansionary monetary policy allows low-wealth households “to get their foot in the door” and build wealth via homeownership.
Meanwhile, tighter policy “appears to prevent many lower-income families from buying homes.”