Live in a multimillion-dollar home for $2,500

By Sara Ashley O'Brien  @saraashleyo August 11, 2014: 10:57 AM ET

The Starres in front of their $1.3 million dollar Showhome in Carlsbad, Calif.

NEW YORK (CNNMoney)

The Starres aren't movie stars, but they live like it -- for a fraction of the cost.

As home managers, Calvenn and Crystena Starre rent a $1.3 million home in Carlsbad, Calif., for just $2,500 a month -- about a third of what it would cost normally.

They're "hired" by Showhomes, a Nashville company that helps sell high-end homes. It preps the homes to look "lived in"... by finding people to actually live in them, at a very discounted rate.
Currently, there are 200 home managers, who reside in the home until it's sold (it usually takes about three to six months). They watch for any maintenance issues and make the home look desirable (food in the fridge, clothes in the closet) for prospective buyers.
But not everyone can get the gig -- Showhomes' acceptance rate is about 40%. Residents must undergo online background checks, including criminal and rental histories. They're typically white-collar professionals who are in a city temporarily, newly divorced or, in the Starre's case, a family of five looking for a quick and easy rental.


With Showhomes, the Starres didn't need to make a long-term commitment -- they could leave their furniture in storage until they figured out where they wanted to live long term.
But what was a temporary move became a way of life. Over the past two years, they've lived in five different Showhomes -- ranging from $900,000 to $1.3 million in value -- all in the San Diego area. The amenities have included everything from tennis courts to pools.
"It's a way to live in a really inexpensive way," said Matt Kelton, chief operating officer of Showhomes, which has 58 franchises in 18 states.
But it's not all a walk in the park. Showhomes has a number of restrictions for home managers.
"You can't be a smoker, you can't have a bunch of pets, no religious items -- things that can deter [a buyer] one way or another," added Kelton.
Personal items like family photos, sports teams and political paraphernalia are also prohibited. And then there's the prospective buyers who could be surveying their home at a moment's notice.
"We give up certain parts of our lives [for] the reduced rent," said Calvenn.

Palatial-but-Decaying Philadelphia Estate Back on the Market

PHILADELPHIA -- A dilapidated 110-room, 70,000-square-foot estate is back on the market, but an architect says the $20 million price tag doesn't include the tens of millions more it needs in repairs.
The 34-acre Lynnewood Hall estate in the Elkins Park community has been in decline since the original heirs sold it in 1944, The Philadelphia Inquirer reported Sunday. The home, completed around 1900, once held one of the nation's largest private art collections. In its heyday, the house was dripping with silk, velvet and gilded moldings, the rooms furnished with chairs from King Louis XV's palace, Persian rugs and Chinese pottery and the halls crammed with art by Raphael, Rembrandt and Donatello.

But members of the Widener family who owned the property just outside Philadelphia died or moved away. The estate was first sold to an association that wanted to build a Protestant university. Then it was sold to a housing developer followed by a seminary and another church. The property went through

"If it continues to be neglected as it is, it will be beyond salvage...."

decades of bankruptcy proceedings and was repossessed, auctioned and sold for pennies to creditors -- all while descending further into disrepair.

But those who have seen the interior in recent years said most of the house's fine, historic fixtures are still there, even though some of the rooms are destroyed by water damage and broken windows. Mary DeNadai, an architect who specializes in historic restoration, said it would take about $50 million to restore the home to its former glory, but time is running out. "If it continues to be neglected as it is, it will be beyond salvage" within five to 10 years, she said.

David Rowland, president of the Old York Road Historical Society, said he has seen possible buyers come and go over the years. "It was always loved more by the people who'd never been inside it than by the people who actually lived there," Rowland said.

Annual Citywide Garage Sale - October 4th

San Carlos Together is sponsoring the Annual Citywide Garage Sale.  It will be held on Saturday, October 4th from 9am to 4pm.  More information is available by visiting the San Carlos Together website. 


QuestionsContact San Carlos Together via e-mail at sancarlostogether@gmail.com

San Carlos Real Estate Market

See you your part of San Carlos is doing in this real estate market!

Click link below:

http://www.sancarloshomefinder.com/mimarket/zip/94070/

10 States With the Cheapest Mortgage Rates

By Christine DiGangi

A property with an affordable listing price is only part of finding a home within your budget, because if you can't access low mortgage rates, you may not be able to buy as much house as you hoped. Your mortgage rate heavily depends on you: your credit score, your ability to repay the loan, your track record with meeting debt obligations and the size of your down payment. At the same time, your mortgage rate is in some ways beyond your control, because unless you're looking to move to a place where financing is cheap, you're stuck with the trends in your state. Depending on where you live, that can be good or bad news.

10 States With the Lowest Average Mortgage Rates

To find the most affordable mortgage rates across the U.S., GoBankingRates and RateWatch analyzed interest rates across the country and published their rankings earlier this month. More than half of the states on the low-rate list are located on the East Coast. Regional markets have an affect on rates, but the price of a home loan depends on the applicant.

No matter where you live, if you have terrible credit and can't show you're capable of repaying the loan, you're likely to qualify for much higher mortgage rates than average, assuming you qualify at all. As far as geography goes, here are the 10 states with the lowest average mortgage rates:

10. New Hampshire -- 3.649%.
9. Minnesota -- 3.623%.
8. Hawaii -- 3.603%.
7. Mississippi -- 3.599%.
6. Massachusetts -- 3.597%.
5. Maryland -- 3.593%.
4. Pennsylvania -- 3.551%.
3. Nevada -- 3.459%.
2. Connecticut -- 3.413%.
1. Rhode Island -- 3.359%.

The weighted averages were calculated from a database including 102,000 15- and 30-year fixed and five-year adjustable-rate mortgage products on July 3. On the opposite end, Nebraska had the highest average rate at 4.102 percent. The national average was about 3.747 percent, which is quite low, historically speaking. Fixed mortgage rates peaked at more than 18 percent in 1981, and pre-recession averages were in the 6 percent range.

Local rates depend on a few things, like supply and demand, home prices and default risk in the area, but if affordability is your goal, you should focus on your credit. The best interest rates are available to those with the highest credit scores, and because your credit score is based on your credit history, you'll want to make sure your credit reports are in good shape. (Here's how to get your credit reports for free.)

Credit scores are based on five main factors: payment history, debt use, average age of accounts, account mix and number of inquiries. Well in advance of house hunting, you should pull your credit reports to make sure they're accurate, and you should see how you fare in those five categories by reviewing your credit scores regularly.

Either Way, You’re Still Paying a Mortgage

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s. As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Also, if you purchase with a 30-year fixed rate mortgage, your ‘housing expense’ is locked in over the thirty years for the most part. If you rent, the one guarantee you will have is that your rent will increase over that same thirty year time period.
And, as an owner, the mortgage payment is a ‘forced savings’ which will allow you to have equity in your home you can tap into later in your life. As a renter, you guarantee the landlord is the person with that equity.
Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting since home values and interest rates are still at bargain prices.

How to Compare Home Warranty Companies

Comparing home warranty companies helps you find the policy that fits your needs and budget. A home warranty is an individual policy you can purchase to provide coverage for your home's major systems and appliances. The exact coverage and prices available to you differs by each home warranty company operating in your area, so comparing the specific rates and services from each company is an important step when selecting a policy for your home.

1

Write down the type of coverage you need. Include specific items you want covered. Plumbing and electrical systems are usually covered under a basic home warranty, but you have to pay for coverage for some other major appliances, such as an air conditioner or spa.

2

Contact a local real estate agency for a list of recommended home warranty companies. Home warranty companies typically market to real estate agencies, and a real estate agent should be able to recommend a company she has had positive experiences with.

3

Visit the official website of each warranty company on the list you received. Look for quote calculators and price information. Some home warranty companies have coverage and pricing information online. Write down the total yearly price for your desired policy from each company website you visit.

4

Contact each home warranty company on the list you received. Ask for pricing information and a quote if the information was not available online or to verify data you received online. Ask what the fee charged for a service call is, and write the prices down for each company next to the policy price information you listed. Request information about the typical wait times for a technician for a service call. Ask if emergency and 24-hour service is available.

5

Read over your policy price information list. Compare policy and service fee prices by company, as well as service times. Chose the company that has the policy with the features and coverage you want for the best price.

Kelly Clarke of Coldwell Banker Earns Buyer Specialist Certification from Cartus Broker Services

Certified Agent Advantage offers Broker Network agent specialized expertise to assist customers.

                                                                                                                       

san carlos, california – Coldwell Banker today announced that Kelly Clarke has achieved the Cartus Network Buyer Specialist (CNBS) certification. This annual certificate is part of the Certified Agent Advantage program, a professional standard available exclusively to principal brokers of the Cartus Broker Network — the network of real estate brokers serving the clients and customers of Cartus.

Cartus requires qualified Network agents to become certified as relocation experts by participating in one or more Certified Agent Advantage courses and passing a written exam upon completion. The CNBS Certification course in which Kelly Clarke participated covered issues surrounding the purchase of a destination home, as well as the most effective techniques for helping clients research communities, locate their new homes, and settle into their new areas of the United States.

“As members of the Cartus Broker Network, our agents strive to deliver excellent service to every client,” said Coldwell Banker. “The Certified Agent Advantage program helps to differentiate our agents and provides them with a wider range of resources and career growth opportunities.”

Other certifications available through the Certified Agent Advantage program are Cartus Network Marketing Specialist (CNMS), Cartus Network Inventory Specialist (CNIS) and Cartus Network Affinity Specialist (CNAS).

About Cartus and the Cartus Broker Network

Cartus Broker Network is the nation’s leading network of 802 market-leading real estate firms representing approximately 2,900 offices and nearly 106,000 agents. Cartus provides trusted guidance to organizations of all types and sizes that require global relocation solutions.

Cartus provides trusted guidance to organizations of all types and sizes that require global relocation solutions. Cartus serves 64 percent of the Fortune 50. We provide service in more than 165 countries, applying our more than half century of experience to help our clients with their mobility, outsourcing, consulting, and language and intercultural training needs. Cartus is part of Realogy Holdings Corp. (NYSE: RLGY), a global provider of real estate services. To find out how our greater experience, reach, and hands-on guidance can help your company, visit www.cartus.com; read our blog at www.cartusblog.com; or click www.realogy.com for more information.

More homeowners becoming landlords

Low mortgage rates and soaring rents have convinced a growing number of homeowners to hang onto their former homes and become landlords instead.

"Clients tell us all the time, 'We're never going to sell our home, even after we buy a new one,'" said Glenn Kelman, CEO of the brokerage, Redfin.

Susan Young of Lawrence, Kan., refinanced the mortgage on her house in 2013, landing a 3.25% rate on a 30-year fixed loan. She bought another house but has not put her old home on the market.
"If the interest rate was high, I'd sell," she said. "But this is such a perfect loan package, I just can't bring myself to give it up."
She gets $1,100 a month in rent, several hundred dollars more than her expenses, and is using the profits to pay off her mortgage.


Redfin reports that 19% of current homeowners either purchased or refinanced homes between 2011 and 2013 -- when rates were historically low falling just below 3.4%.
Chris Cannon and his wife currently live in Mt. Lebanon, Pa. and plan to move to start a family. But he will a hard time letting go of his home.
"It would be incredibly hard to give up the 3% mortgage we have," he said. "When we bought in November 2012, rates were at the bottom -- about 3.4% for a 30-year -- and we paid a couple of points to get ours down to 3%."
He figures he can rent his home in Mt. Lebanon for $1,400 to $1,500 a month, easily covering his mortgage payment and taxes which total $1,100 a month.
The math works in most landlords' favor these days. Rents have risen by about 20% nationwide since mid-2006, the housing bubble peak, while home prices are still about 21% below what they were at that time.
For people who are still underwater on their mortgages and unable to profit from a sale, renting helps soften the blow.


Juliana Ruiz and her husband Mauricio Jimenez bought their three-bedroom Pembroke Pines, Fla., home for $362,000 in June, 2005 when the market was red hot.
They opted for an adjustable rate mortgage, which turned out to be a great deal: rates have plunged, as have their mortgage payments. Now, they pay a 2.75% rate and owe $250,000 on the home, which is worth about $300,000 thanks to a recent surge in home values.
But since they now have three children and both Juliana and Mauricio work mostly from home, they needed more room.
They bought a six-bedroom home nearby and have been renting their old place out for a year.
"The local real estate market allows me to cover the mortgage and small incidentals with the rent collected," said Ruiz. "At the same time, my property value is increasing."
If the mortgage rate starts to climb, they'll consider selling. By then, they hope they will be able to sell for a profit.
Of course, there are downsides to becoming a landlord. Owners have to make repairs, deal with tenants and cover expenses, even when the property is vacant.
"[Being a landlord is] definitely not for someone who hates spending money on plumbing repairs and new locks," said Young.


And some tenants can be demanding, say if the water isn't hot enough or the air conditioning not cold enough.
"Tenant happiness is important to me and I try to give them whatever they ask for -- within reason," she said.
The surge in landlords is working out well for most owners, but it is taking a toll on the housing market, according to Kelman. Every home converted into a rental property is one less that goes on the market. And in hot real estate markets these days, very few homes are up for sale.
"It's a major reason we have low inventory and limited sales growth," said Kelman.