TheMReport

February 2014

TheMReport — News and strategies for the evolving mortgage marketplace.

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10 | Th e M Rep o RT Las Vegas, Nevada Annual Change in Asking Price: 33% Price Change in Bust, Peak to Valley: -61% Annual Change in Jobs from November 2013: 2.4% Annual Change in State HPI from November 2013: 21% Hot home: Mr. Vegas himself has listed his mega-McMansion. The 36-acre ranch, which Wayne Newton named Casa de Shenandoah, is replete with plush white carpets, gold-trimmed doors, a car museum, 37 stables waiting to be filled, buildings scattered about the property, a tennis court, gazebo, and a jumbo jet with its own terminal. Most, if not all, of the amenities are in need of serious care and repair, but for $70 million, the new owner can either live there or resurface plans to turn it into a Wayne Newton museum. Sacramento, California Annual Change in Asking Price: 28.2% Price Change in Bust, Peak to Valley: -48% Annual Change in Jobs from November 2013: 1.5% Annual Change in State HPI from November 2013: 17.6% Hot home: This five-bed- room, six-and-a-half-bath- room sits in Sacramento's tony Arden Arcade neighbor- hood. The 11,727-sqaure-foot Colonial-style home lists for $3.595 million and sits on 1.7 acres. It has a gourmet kitchen and a butler's kitchen, a full professional bar, and in- home barbershop. The hand- crafted brick manse is made for entertaining and relaxing because it also boasts a wine cellar; an indoor spa with steam, sauna, and Jacuzzi; and a massage room. For those making power moves, there's dedicated space in the executive office and after work there's a gym, pool with waterfall, tennis court. Riverside, California Annual Change in Asking Price: 25.9% Price Change in Bust, Peak to Valley: -50% Annual Change in Jobs from November 2013: 0.9% Annual Change in State HPI from November 2013: 17.6% Hot home: A long cobble- stone driveway leads up to this breathtaking Spanish- style estate. The home offers five spacious bedrooms and five bathrooms and a large kitchen with custom cabi- netry, an oversized granite island, and granite sink. The game room has a water rock feature as well as beautiful cabinetry. Stained-glass win- dows filter the light and are controlled by solar privacy shutters. The electric system is operated completely by solar power and has 26 solar tube skylights and LED light- ing throughout the home. The theater room leads to several secret rooms. The home lists for $2.299 million. Oakland, California Annual Change in Asking Price: 25.2% Price Change in Bust, Peak to Valley: -39% Annual Change in Jobs from November 2013: 0.3% Annual Change in State HPI from November 2013: 17.6% Hot home: This ultra modern structure is big and spacious, perfect for the floor-to-ceiling windows that flood each room with natural light. A three-car garage leads up to the estate, which has amazing vistas of the surrounding green space. Some of the rooms have walls made completely of glass, beamed ceilings, and hardwood floors. The home also has an atrium, two offices, a game room, family room, chef's kitchen, and library. This mansion lists for $1.199 million. Ventura County, California Annual Change in Asking Price: 23.6% Price Change in Bust, Peak to Valley: -38% Annual Change in Jobs from November 2013: 2% Annual Change in State HPI from November 2013: 17.6% Hot home: While not quite a pocket listing, this Ven- tura County manse is so exclusive that there's barely much information about it. The estate is 123 acres and borders state park land. The Spanish-style home has high- beamed ceilings and custom tiles throughout, with French doors that open to verandas. The property boasts a total of 16 guest and town homes and is completely powered by solar energy. It also has an equestrian area, Grand Prix arena, rubber and sand mixed ring, Derby grass arena, and a helipad for jet-setting guests. This home is truly made for entertaining. And it's all avail- able for $35 million. The home price sprint of 2013 has largely been attributed to the stabilization, albeit slow, of the job market. Gains in the economic space for those looking for work and the market responding positively to the new Fed chair and the aim to begin a taper have long been the mark of a righted economic course. Recent data proves, however, that the current spike in home and asking prices has little to do with job growth and more to do with the post-crash rebound in prices. The markets hit hardest in the bust are the ones experiencing the biggest bounce because they offered investors and other buyers deals they couldn't beat, which in turn spurred competition in bid prices. These 10 cities lead the pack in asking price growth. MDWELL Work to Do

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