The Hottest Home Amenity: In-Law Apartments

When a 7-acre property in Silicon Valley went on the market for $14.85 million, a busload of real-estate agents arrived for a tour. The draw? In addition to the resort-style pool and the putting green, the agents, who specialize in finding upscale properties for Asian buyers, wanted to see the two guesthouses—ideal spaces for aging parents and in-laws.

“I probably did $18 million worth of business with Asians in the last 12 months,” said Arthur Sharif, associate broker at Sotheby’s International Realty in San Francisco who is listing the estate in Woodside, Calif. “A huge, huge part of the conversation with these folks is the side house,” and how it can accommodate elderly relatives, he said.

via The Hottest Home Amenity: In-Law Apartments.

7 Tips For Buying a Vacation Home

Many Americans contemplating a vacation home abandoned that dream when the housing market collapsed. But now that home values have climbed month after month, with the median price up about 20% since its bottom nearly three years ago, you may once again be toying with the idea of that lakefront, ski or beach getaway place. About 13% of homes purchased last year were intended as vacation homes, up from 11% in 2012, according to the National Association of Realtors.

Yet you shouldn’t let the fact that the market has stabilized drive your buying decisions. Instead follow these seven steps to take to make sure a vacation home is right for you, and won’t turn out to be an expensive headache.

via 7 Tips For Buying a Vacation Home | Money.com.

How Iran sanctions nearly sank Phoenix woman’s condo deal

A Phoenix woman’s home purchase nearly was derailed after Wells Fargo froze her checking account and stopped her down payment from being delivered to an escrow account.

The reason for Wells Fargo’s actions last month? U.S. trade sanctions with Iran.

Neda Tavassoli, born and raised in the United States, is among dozens of Iranian-Americans whose finances have been frozen and whose accounts recently have been closed without warning or explanation by U.S. banks in response to federal rules prohibiting financial transactions with Iran.

“It has created a pervasive sense of discrimination. … We’ve seen countless cases where accounts are closed or restricted without advance warning,” said Tyler Cullis, a legal fellow and policy associate for the National Iranian-American Council. “The Treasury Department is asking banks to police regulations themselves.”

via How Iran sanctions nearly sank Phoenix woman’s condo deal.

Paltrow sells oceanfront house for $7.27 million

Palm Beacher Robert W. Paltrow, who is awaiting sentencing for filing false tax returns, has sold his 1928 seaside house on North Ocean Boulevard for more than $7 million.The house, at 1250 N. Ocean Blvd., sold for a recorded $7.27 million, records show.

Marsha Cross Beeson, of Houston and Palm Beach, bought the six-bedroom, three-story residence and its beachfront pavilion on the other side of the coastal road, according to the deed. Beeson is described in publicly available records as a design professional and is married to Houston real estate investor John Beeson. He has owned a North End house in his name since 2004.

via Paltrow sells oceanfront house for $7.27 million.

Most Orlando luxury home transactions are cash sales

The buyer who purchased Dwight Howard’s estate in Seminole County last month wasn’t the Orlando market’s only luxury seeker to come with cash in hand.

The NBA star had three cash offers on his lakefront mansion, which sold last month for $3.4 million — $1.5 million less than the asking price.

Of the 20 Metro Orlando homes that sold for $2 million or more during the second quarter, 12 of them, or 60 percent, went for cash, according to a new study by the real estate research firm RealtyTrac. Nationally, 45 percent of buyers in that price range paid cash during the period.

via Most Orlando luxury home transactions are cash sales.

Landlords, house flippers find new sources of cash to buy houses

Orlando landlord Brian Lunsford needed $40,000 to renovate a house that a college student almost burned down, so he turned to an online crowdfunding site.Within two days, more than a dozen investors had each agreed to loan him an average of $2,800 for up to 13 months.

Crowdfunding is just one new financing option that has emerged in a metro area where 56 percent of all home sales were paid for with cash in May, according to RealtyTrac. Recognizing that community banks and institutional lenders are reluctant to loan money to house flippers and landlords, several companies have started offering cash to real estate entrepreneurs in the Orlando area.

via Landlords, house flippers find new sources of cash to buy houses.