The Celebrity Beat: Relocation.com's Celebrity Real Estate Report

By Serena Norr

We never know what to expect when we research the celebrity housing market for the Beat. This week we were excited to learn that Steve Jobs was finally given the go-head to start the demolition of the historic property he owns called the Jackling House. The demolition, which took six years to approve, will involve the construction of a smaller and more contemporary space — simplifying the home and tearing down its 30 rooms that will reportedly cost Jobs $8.45 million to complete. This week, we also discovered that Larry the Cable Guy’s home was placed on the market. Listed for $1.55 million and developed by the “Git-r-done” comedian, the Florida log-style home includes a “man cave” with a pool table, TV, mini-bar and bar signs as well as a pool and a spa. Acting couple, Naomi Watts and Liev Schreiber are also on the Beat this week. They placed their 4,410-square-foot Los Angeles home on the market that includes an on-site gym, a two-story guest house and six-bedrooms. We look forward to what next week brings…and the (unexpected) real estate news that follows.

•    Steve Jobs’ Construction Plans Revealed
Steve Jobs, the multi-billionaire and CEO of Apple finally received the go-ahead to renovate the historic Jackling House. The 17,000-square foot, 30-room Spanish Colonial home, built for copper baron Daniel Jackling, is owned by Jobs but he has been unable to complete or even start his plans for a full-on demolition and remodel. Architectural preservationists stated that the home was an historic piece of real estate and shouldn’t be demolished. Finally in July of 2010, the preservationists’ dropped their case but some elements of the house such as an organ, flag pole and decorative tiles are being removed and preserved. The newer and more contemporary home plans was reveled on Gizmodo – showing the elaborate floor plan created by Bohlin Cywinski Jackson – the design firm responsible for several Apple stores. The new floor plan indicates a smaller home – measuring at 4,190-square-feet – that will include five bedrooms and 3.5 bathrooms. The new design also indicates that there are plans to build a three-car garage, a pool with a pool house and a third building for an office. Additionally, among the six acres of land there are plans to add various plants and flowers, stone walkways and a private vegetable garden – a diminutively simpler home than the former grandiose estate. It is estimated that the home will be completed in 22 months.

•    Naomi Watts and Liev Schreiber List Brentwood Home
Actor couple Naomi Watts and Liev Schreiber recently placed their Los Angeles home on the market for $5,995,000. The 4,410-square-foot, two-story home includes six bedrooms and 4.5 bathrooms; a two-story guest room; an on-site gym; a two-car garage and a gated and secured entry way. The European-inspired home also includes several fireplaces, an eat-in kitchen, formal dining room, a swimming pool and circular spa. The couple also owns a 2,900-square- foot condo in New York.

•    Larry the Cable Guy Places Florida Home on the Market
Comedian Dan Whitney aka Larry the Cable Guy known for the catchphrase “Git-r-done” recently placed his Sanford, Florida home on the market for $1.55 million. The five-bedroom home, situated on 18.79 acres, includes a lot of interesting details that Whitney himself renovated. There is a “man cave” that includes a poker and pool table, mini-bar, TV and bar signs as well as an outdoor movie theater, a pool with a waterfall, an outdoor spa, detached gym and two children’s rooms with personal murals. Whitney sited outgrowing the home as the reason for the sale.

•    Scott Baio Sells Encino, California Home
Actor Scott Baio recently sold his “Spectacular Celebrity Owned Estate!” to an undisclosed buyer for $2.5 million. Built in 1964, the new buyer can look forward to enjoying 4,400-square-feet of living space, three fireplaces, four bedrooms and 4.5 bathrooms. The Encino, California home also includes a swimming pool with a hot tub, a tennis court, a koi pond, a formal living and dining room and a sprawling back yard with luscious greenery and gardens.

Part I: The Devastating Impact of the BP Oil Spill on the Real Estate Industry

By Serena Norr and Joann Pan

The numbers are startling: 60,000 plus barrels of oil a day [The NY Times], thousands of fishermen without work [CNN] and an expected 30 percent decline in home values [Housing Watch]. By now, we have all heard about the devastating events that took place on April 20, 2010 – an oil rig exploded off of the Gulf of Mexico spreading crude oil and toxins [including the poisonous Corexit [The NY Times] along the shoreline. Deemed, the “worst oil spill in U.S. history” [National Geographic], the consequences of this unfortunate event have caused an environmental upheaval – affecting our water, marshes, animals and some believe, our health.

Being in the moving industry, we are also greatly concerned with how the spill is affecting the real estate industry – specifically commercial and residential properties, new developments and vacation homes. Some of the affects of the oil spill are already apparent: restaurant owners fear not having fresh fish will put them out of business [McClathchy], hotels are fighting to stay open [The NY Times] and once thriving tourist areas have become ghost towns [CBS News]. A survey conducted by Greater New Orleans, Inc, entitled “Potential Economic Impact of BP Oil Spill” indicated that “50 percent of businesses said they are expected to be hurt by the spill – citing direct interruption of their business due to the spill or false perceptions of the oil spill; while 53 percent of businesses stated they will need outside assistance to regain their losses.” Part of this assistance will come from an independent compensation fund established by the U.S. government — who will toll out $20 billion to compensate those who were greatly affected [CNN]. Although, this is a sizeable amount, there has been no indication as to whether this will cover personal property loss.

Not only an issue for the present, we wonder how the spill will affect the real estate industry in a few years. Will people be excited to build and vacation in the Gulf? Will commercial properties thrive again? Will BP award sufficient money to cover these devastating losses – ranging from fishing, tourism, ecological preservation to real estate? As we follow the headlines, we can only think of the worst in order to prepare best as we learn more about this awful spill in our two-part BP real estate series.

How the BP Oil Spill is Affecting the Coastal State of Florida

We are quickly approaching the two-month mark of the Transocean Ltd. Deepwater Horizon Oil Spill where (at press time), we learned that BP engineers have been able to stop oil gushing from the well [LA Times Blog]. Although, a welcome relief from the disparaging news we have heard since April; there is still a lot of work to be done.  More than 93.5 million to 184.3 million gallons of oil have escaped the bruised well into the Gulf of Mexico [LA Times Blog] making its way down to the coastlines of our southern-most states.

So far, the oil has made its way to the coastlines of our southern-most states —  estimated to be 130 miles long and 70 miles wide. Florida’s Governor Charlie Crist has already declared a state of emergency as the oil reaches the Panhandle. The oil slick covers 69 miles of Florida, 328 miles in Louisiana, 108 in Mississippi and 67 in Alabama, according to The Governor of Florida’s Website. Tar balls have been recovered on Pensacola Beach and the Perdido Key.

The BP Oil Spill will definitely bring long-term effects to Florida that at this time unforeseeable. The Palm Beach Post of Florida estimates that Florida will have a loss of 195,000 jobs and nearly $11 billion in revenue losses. These numbers were estimated by a University of Central Florida economist who believes the southern state will suffer from lack of jobs — especially Pensacola fishermen — and from decreased tourism to the nearby Orlando theme parks and the Palm Beach luxury hotels. [The Palm Beach Post] However, the local media outlet does expect reimbursements from BP itself for the canceled reservations over this current summer season, the loss of fishing, clean-up fees, and for other local effects from the nearby explosion of the rig.

The St. Joe Company (NYSE: JOE) is one of the biggest landowners in Florida and has also had one of the toughest times in the midst of the oil spill. With approximately 580,000 acres of land, mostly in Northwest Florida, St. Joe has made a great business based on tourism and owning eight luxury resorts near the Panhandle. According to
realestatechannel.com, St. Joe has refunded money for approximately 151 coastal homes and for a 60-room inn because of the oil. Many local companies are giving out refunds because of people afraid of the effects of the oil spill. St. Joe and other organizations are tackling the BP Oil Spill by asking for reimbursements of business lost and interrupted.

Another case of loss in the situation in Florida is that of Naples beachfront homeowner Cynthia Joannou, who is suing BP for causing environment issues for homeowners who own property along the coast and who will deal with long-term issues, according to m.naplesnews.com. Joannou claims that homebuyers are shying away from moving to Florida strictly because of the cumbersome oil spill. These losses will amount up to $4.3 billion along the entire 600-mile coast line from Louisiana’s bayous to Clearwater, Florida in property estimates, according to Bloomberg. A local realtor in the same article said that this environmental travesty is “the knockout punch the Great Recession didn’t deliver.”

Loss of Jobs, Homes and What is to Come in Louisiana

More than 65 miles of Louisiana’s shoreline—including its beaches and wetlands—are now covered in oil, according to Louisiana’s Governor Bobby Jindal, as stated on The Boston Globe. What once was a vibrant fishing community, thriving vacation spot and an area beginning whose real estate market was revitalizing is once again back in the national spotlight – only five years since Hurricane Katrina.

As a result of the BP Oil Spill, it is expected that Louisiana’s real estate market will drop from five percent to 15 percent in the next 12 months. Home builders – who are still rebuilding – from the devastating effects of Hurricane Katrina have delayed or stalled numerous projects along the Gulf. According to real estate agent Carolyn Angelette, 100 of her clients have canceled their vacation rentals in Grand Isle, Louisiana, as stated on the blog, The Coming Depression. Other reports in Bay County have indicated that housing developments have simply stopped. Tom Ledman, president of the Home Builder’s Association of Panama City-Bay County stated there are no signs as to when construction will start up again [News Herald].

Louisiana’s job market is also estimated to be affected by the oil spill. Based on the “Economic Impact of the Moratorium and Oil Spill” study, it is estimated that 22,000 people will loss their jobs as a result of the oil spill with an overall loss of $8 to $15 million dollars per month – indicated by the surveys worst case scenario model. Jobs such as the fishing industry are also believed to take the biggest hit – bringing $500 million dollars in revenue to Louisiana, followed by processors and then the tourism industry, according to the survey conducted by the Greater New Orleans, Inc. The survey states that encouraging eco tourism, a positive vibe and not selling your home are critical during this disparaging time.

The issue at hand within the property market has plummeted across the southern coast of the United States. Hotels and home owners are having trouble keeping up with mortgage payments. Many media outlets have reported a total exposure of $136.4 billion to commercial real-estate owners and developers in affected states Alabama, Florida, Louisiana and Mississippi.

Follow us in a few weeks, as we weigh-in on how the oil spill has affected the real estate market in Alabama and Mississippi.

Sources and Additional Reading:

• CBS News
• CNN
• Greater New Orleans, Inc.
• Gulf Live
• Housing Watch
• The Los Angeles Times- Blog
• National Geographic
• The New York Times
• The Palm Beach Post

All photos are from Deepwater Horizon’s flickr page- http://www.flickr.com/photos/deepwaterhorizonresponse/

Best Real Estate Blogs in Miami

In the past, our regional best blogger posts have always been a favorite with all you out there, so we’re bringing them back.

This time we take a look at Miami. Why? Well, for one, we here at Relocation.com are currently holed up in our New York office during the biggest snowstorm of 2010 (so far), so warm-weather anything sounds like a good idea. Second, Miami is humming with real estate news and the blogs are reflecting that.

So what makes a best blog? They need to be able to help a stranger learn about a city, of course, and they need give the reader access to that city’s real estate options, albeit virtually.

We, like you, want to see updated and original neighborhood content, so what better person to write about what is opening and up-and-coming than an in-the-know real estate agent?

A few other criteria we look at:

Market data. People who are relocating want to know average sales prices, sales volumes and days on market. Agents need to give that information to them.

Explanatory articles about real estate, whether the basics or current issues. People looking for a home come from varied backgrounds as far as real estate knowledge, so the agent should attempt to give them information about a variety of real estate issues. For example, blogs about buying a foreclosed home are very useful in this market.

And here are our favorites:

The Blog That Ate Miami
Real estate agent and blogger Maggie Dokic not only has really fantastic dining and entertainment guides, The Blog That Ate Miami has a really robust backlog of helpful articles for both buyers and sellers.

The dining and entertainment guides are reason enough for anyone who is planning a trip or relocation to Miami to visit the blog. Daily updates to the entertainment guide include big and small community-related events; it’s kind of like having your own tour guide take you around the city.

HouseKeys, Buying, Selling, Insuring Your Property
Real estate agents Julie Patel and Paul Owers co-host HouseKeys, a great nuts and bolts blog that covers Florida’s real estate, property insurance and utility industries. Rules and regulations change from state-to-state and city-to-city, so when buying a property in a location new to you, it’s imperative to know local law.

The blog is part of local newspaper, The Sun Sentinel, so you know that the information is accurate and updated regularly. And happily, while the information is cut and dry, the writing style is engaging and informative so you want to read it, not just have to.

Miami City Diggs
Real estate agent Jamey Prezzi hosts Miami City Diggs, a veritable launch pad for the real estate market in Miami. With a hopping comments section, you can start conversations with people who are passionate about all-things-Miami before even thinking about making a call to a moving company.

Fantastic photos, a blogroll that is fun and informative, and lively posts about the Miami market will give you a realistic and real-time look at what is happening in the city.

Miami Condo Investments
Property guru Lucas Lechuga gives us Miami Condo Investments, which has all the information you need on  newly-built Miami condos with his amazing Miami Condo Ranking. At a glimpse, you can see a property’s proximity to restaurants, grocery stores, shops and nightlife; the quality of the building as well as quality of the units in the entire condo development; and risk: the number of foreclosures, short-sales and percentage of closings for newer buildings. This recently updated key to the city will help a buyer make the best condo choice possible without ever getting on a plane.

Here are some of our honorable mentions: Eye on Miami, Miami Condo Forum, Miami Real Estate Cafe, Miamism, South Beach Condo Blog and Bosshardt Blog. All these blogs give fantastic overviews of the Miami real estate market and are definitely worth a visit.

Related Articles:
The Best Real Estate Blogs in San Francisco
The Best Real Estate Blogs in Minneapolis/St. Paul
The Best Chicago Real Estate Blogs