by Eve Sieminski

When not engaged in San Diego real estate, cooking, travel and other ventures, you just might find me twittering on Twitter. In fact, by keeping my Mac PowerBook close at hand, I just might be reporting on and following thoughts, ideas and friends via Twitter, that ubiquitous social networking site (just follow me @EveSieminski).

Six months ago, I would never have dreamed of discovering a favorite wine through a site like Twitter. But that’s just what happened when Jeff Stai (aka El Jefe) and other wine buddies started twittering and raving about Twisted Oak wine. I loved the twisted name, trusted the reviews–and winemaker Jeff suggested I try their 2007 Calaveras County Viognier and the 2005 Murgatroyd.

Murgatroyd?

Had to give it a try, and when it arrived in the mail, decided to wait and share it with Roberta and Mike Murphy over some wonderful Italian cuisine.

It was a memorable evening and wine tasting. We all drink lots of wine, and none of us had ever heard of anything close to a Murgatroyd blend. Try 24% Cabernet Sauvignon from Vallecito Vineyards, 22% Cabernet Sauvignon from the Tanner Vineyards, 23% Petit Verdot from the Tanner Vineyards, 12% Tempranillo from Silvaspoons Vineyard, 10% Tempranillo from Rolleri Vineyard and 9% Grenache from the Boeger Vineyard. This exotic blend was then aged for 23 months in American, French and Hungarian oak barrels before bottling. Talk about twisted….

We let the wines breathe for an hour prior to the arrival of our guests–but immediately poured glasses of the Murgatroyd when they walked into the kitchen.

WOW! This was unlike any wine any of us had ever experienced. You really had to get your nose into it and let it float over your tongue a few times to appreciate all the complexities and flavors.

As most of you know, I generally review good wines under $20–and this Murgatroyd just makes it at $19.20 per bottle– because of the Twisted Few Wine Club. Outside the club, the price is still a very reasonable $24.

We also tasted the 2007 Calaveras County Viognier from Twisted Oak, and found it to be a light, refreshing a citrusy white–and one that is not too sweet. The taste of other fine fruits come through cleanly, without it being a fruit bomb. Not too dry, not too sweet–but just a perfect wine to begin your evening and enjoy into dinner. It’s another twisted winner with a club price of $17.60–and an outsider’s tag of $22.00.

I recommend a visit to their web-page www.TwistedOak.com as it is fun and the way they ferment wines is unique. Tell Jeff I sent you!

Bookmark It



Hide Sites

by Roberta Murphy

For those who still haven’t made travel plans, there may be some surprising resort bargains to consider–while other large and super-luxurious resorts are stalled under construction and financing difficulties.

Crisis in Paradise via Breitbart shares some disturbing news:

• Cap Cana, a luxury resort under development in the Dominican Republic is now reportedly paralyzed. A mega resort with four luxury hotels, villas (with roof tiles on the ground), three golf courses and a large yacht marina, Cap Cana is just one of many luxury resort projects “affected by the economic tsunami that has paralyzed the global financial markets,” said Cap Cana President Ricardo Hazoury.

• Also stalled in the Ritz Carlton Molasses Reef Resort in West Caicos. This luxurious project with hotel, condos and marina is three-quarters complete.

• The massive Atlantis Resort in the Bahamas has laid off 800 workers, blaming low occupancy rates.

• The Wyndham Nassau Resort has laid off 40 employees–presumably for the same reasons.

• Puerto Rico’s Caribe Hilton is also laying off employees because of rising cost and those pesky occupancy issues.

If reasonable air fares can be snagged, this could be the year for luxury travel bargains!

Bookmark It



Hide Sites

by Eve Sieminski Most of our readers know that I tend to recommend wines under $20 per bottle, but Grant Street Vineyard’s 2005 Zinfandel justifiably pushes the pricing envelope at $25 for a surprising and beautiful wine.

I received this Zin yesterday via UPS (yes you can order it online), opened it at 5 to breathe and took my first sip at 6.  I immediately considered it a really nice Zin, not too heavy and one that can be used with many a meal.

To my surprise the longer this wine sat in my glass (not the bottle), the better this gorgeous Zin opened up.
My final pour did not even taste like my initial tasting! In this wine I found complexity, richness, fruit and full body without being heavy or leaving you wanting to pucker from those tannins. This is really unlike any Zinfandel I have come across in a long time. I am of course partial to Zinfandel, but would recommend Grant Street to all who are hesitant to try this variety, fearing it would be too heavy for their tastes. No so! Feel free to serve this wine with almost any meal. My husband and I drank ours while dining on shrimp scampi and pasta and it was wonderful! Grant Street Vineyards is a family owned and operated vineyard started in 1990 by Jim and Susie Wycoff. The label is a sketch of the historic family home. I really could taste the love and dedication in their wine. This Zinfandel has done so well that by the time you read this they may be sold out. They do have a 2005 Cabernet that is still available (hurry before that sells out too!) and I am told by Ryan (Jim and Susie’s son) the 2006 is coming and will prove to be just as exceptional. If you  visit their web-site: www.gsvineyards.com, you can read their story. I’ll be following it closely.

Wine Tasting Tip:
Always begin with a clean clear glass and pour less than an inch into your glass. Always begin with the lightest wines first (white, sparkling, rose’ etc) and then work your way up to the heavy ones (Zins, Cabs, etc). The reason for this is that it helps keep taste buds sensitive so you can enjoy and appreciate each wine you taste. Nibble on a cracker, snack on some cheese–or simply have a sip of water between tastes in order to help preserve your palate.
Na zdrowia!

Bookmark It



Hide Sites

by Roberta Murphy

It seems that almost daily we hear about segments of the broad luxury market losing not only their luster, but even their footing. There are reports that luxury retailers are bracing for a crash slowdown, and that even real estate in super-rich Dubai is beginning to show signs of weakness.

In fact, says Tim Blixseth, It’s as if the whole world had a financial heart attack.

Wall Street’s credit crisis has not only invaded Main Street (and vice versa), but is crippling segments of the once-impervious luxury real estate market.

This morning, we hear that Blixseth’s Yellowstone Ski Resort has filed for Chapter 11 bankruptcy protection. This invitation-only ski and residence club for  340 uber-rich ($1.5 million buy in) is located in Montana’s Gallatin Mountains near Bozeman.  The club has 340 members including Bill Gates, former vice president Dan Quayle, Comcast’s Stephen Burke and cycling star Greg LeMond–and all have to be wondering if the resort will even open this season.

If Chapter 11 protection is granted and the club is able to get a $4.5 million loan, Yellowstone Resort will be able to open its powdery slopes this winter.  Looming on the other side of the mountain, though, is around $343 million in debt that is owed to creditors and contractors. Most of that debt, $307 million, is reportedly owed on a loan arranged by Credit Suisse in 2005.

Edra Blixseth took control of the resort last August, after her divorce from Tim Blixseth was finalized and has reportedly  been trying to sell some of the Blixseth’s other luxury properties located around the world. The Yellowstone Club is valued at $778 million, according to court filings–not including unsold memberships, which may be worth as much as $336 million.

Like other property holders and developers around the world, Yellowstone Club members and the Blixseths are hoping that recovery from this financial heart attack will quickly bring credit flowing through the world’s clogged financial arteries.

Bookmark It



Hide Sites

by Roberta Murphy

Our shrinking global village is an abiding source of amazement, and I often marvel at the diversity of countries represented by the readers (or perusers) of this blog.

Just for fun, I decided to check the countries of origin for the past 30 hours.

Most visitors (or at least the internet service) hail from the United States. But the balance of the world, according to our SiteMeter account, is also well-represented.

Offered in the order of their visits are luxury readers and seekers hailing from Hong Kong, New Zealand, Republic of Korea, Bangladesh, American Samoa, Croatia, Pakistan, Malaysia, Spain, Egypt, China, Europe(?), Canada, Argentina, Ireland, India, Italy, Norway, United Arab Emirates, El Salvador, Czech Republic, Sweden, Germany, Denmark, Australia, Russian Federation, Hungary, Philippines, Syrian Arab Republic, Polant, Brazil, Georgia, Islamic Republic of Iran, Romania, Macedonia and Portugal.

There were several “unknowns” and one major surprise: No visitors from Mexico during the 30 hour period studied.

We are grateful to all visitors and readers at Luxury Home Digest, but most likely have Google and Yahoo to thank for their website translation capabilities. At the same time, we are humbled by the number of people from other countries who have taken the time to learn the English language.

To all our visitors

• Arabic - Ahlan Wa Sahlan
• Australia - G’day Mate
• China -  huan ying
• Czech Republic - Vitejte
• Denmark - Velkommen
• Dutch (Netherlands) - Welkom
• France - Bienvenue (the first ‘n’ is nasal)
• German - Willkommen
• India - Swaa-gat hai
• Indonesia - Selamat Datang
• Ireland - Failte romhat
• Italy - Benvenuto
• Japan - Yookoso (welcome to our city)
• Malaysia - Selamat Datang
• New Zealand - Kia Ora - Hello (”Key or ra”)
• Norway - Velkommen (”Welkommen”)
• Poland - Dzieñ dobry (daytime)
• Poland - Dobry wieczór (evening time)
• Portugal - Muito Bem Vindo (”MOO EEN toe bain VEENdoe”)
• Romania - Multumesc
• Tagalog (Philippines) - Mabuhay
• United States (South) - How Y’all Doin’?
• Yugoslavia (Serbia) - Dobrodosli

Bookmark It



Hide Sites

by Roberta Murphy

Eve Sieminski (aka the Polish Contessa) is our guiding light for fine wine–especially for those premium wines that fit within most budgets.

And that may be one of the finest luxuries of all.

Eve’s latest oenophilic enthusiasm comes unedited (and I am headed to Costco tomorrow!):

Hi Roberta!

Here is a review of Kirkland’s Merlot. Generally I tend to shy away from any generic or name brand wines. Kirkland’s Merlot definitely fits into this category. As an avid Costo shopper, though, I am always cruising the wine aisles to see if there is anything new to sample, or anything that just catches my eye. I have to tell you the Kirkland Merlot did neither–but I did pick it up just to see what the label read: I saw: 2005 Masters cask series, 14.5 alcohol content and from Napa Valley…..hum…..hum…..As I am intently reading the label, a fellow shopper sees I am perplexed. She asks: “Have you tried this wine before”? Why no, I haven’t….. she advised, “Do yourself a favor…. try it”! Now I have had this same advice in many a wine store and have experienced some bitter outcomes. Still, I love the Kirkland brand, and decided to give it a try–and put one lone bottle in my basket. Upon arriving home, I immediately opened the bottle for breathing. Unfortunately, I couldn’t wait! Twenty minutes later I poured myself a glass. HUMMMMM…. The nose is really nice. Swirl, swirl, swirl…. Sip, WOW! Not only does this not taste like any Merlot I have ever had, but it is actually really assertive and bold! Can you imagine a Merlot like this? I really like this wine, and the woman at Costco was right. Mocha and cedar notes finish off this fine wine (yes FINE WINE!); all this, and for $9.99 per bottle!!!! You can order online with 2 bottles going for $19.99. If you want to impress without having to pay out the nose, this is a great wine to serve. I am sitting here, sipping this wine and writing this blog……. run, run run, while this fantastic wine is still on Costo’s shelves! Wine Tip:

The matter of wine glasses is important but way overstated at the present moment. A glass designed for a certain red can make those aromas more obvious, and prettier. But the same glass won’t ruin another wine.

In fact, just about any glass that has a tapered bowl can express the aromas in a wine. And while the high-end glasses can enhance an aroma, once you pour the wine in your mouth, one glass is pretty much the same as another.But most of the enjoyment of a wine comes from the aroma, so choose a glass that enhances the aroma.

Finally, make sure the wine glasses you use are clean. Glasses stored in cardboard probably smell like a cardboard. Glasses need to be rinsed and dried with a clean, cotton cloth.

Pour and enjoy!

Bookmark It



Hide Sites

by Roberta Murphy

When the combination of urban luxury and sandy beaches come together, we might think of high rises in Miami, Los Angeles, La Jolla or Honolulu.

San Diego County now boasts a second urban and beach destination: Oceanside Terraces, the new luxury midrise residence in downtown Oceanside.

We spend a great deal of time here and  think we are in heaven, because we are dealing with amazed guests and interested buyers all day long.

Many step off the new Sprinter train next door, having come for a day trip from inland Escondido, Valley Center, San Marcos or Vista-or from San DIego to the south, They cant resist checking out Oceanside’s version of luxurious high rise living. Others come from Los Angeles, Orange County, North Dakota, Connecticut, Manhattan, Tucson, Las Vegas and Scottsdale–and are no less amazed.

The most excited guests, though, are Oceanside residents, who watched the construction of Oceanside Terraces over the last few years.

They understand the significance of this six-story multi-use building with prime retail on the first floor, offices on the second, and residences and penthouses on the fourth through sixth floors. They know that downtown Oceanside is becoming a walkable community and is on its way to becoming a shining model for urban living. They also know they have 3.5 miles of great beaches, the longest wooden pier on the West Coast, a balmy year round climate, and some of the friendliest people in San Diego County.

They are also savvy and know that Oceanside Terraces offers the coastal urban lifestyle so many buyers are seeking:

1. They want spacious single level homes large enough for guests, entertaining and long-term living.
2. They want close proximity to the beach. (How about 400 yards?)
3. They want a walkable community that offers fine dining, shopping, museums and farmers markets.
4. They want secure buildings, adequate covered parking and large lockable storage for bicycles, surfboards and other toys.
5. They want to be close to public transportation. (How about a train and transit center on the adjacent block?). They want an easy train ride to downtown San Diego to see Padres games, San Diego Civic Center theater productions, or perhaps enjoy dinner or a day in San Diegos Old Town or Gaslamp District. The appeal of more distant travel also beckons as a possibility with Amtrak.

Oceanside Terraces offer floorplans that range from 1730 to almost 2600 square feet. Prices range from the high $500s to $1.7 million and many boast sparkling ocean views.

For additional information, call Roberta Murphy at 760-402-9101 or Eve Simnski at 760-518-2264.

Bookmark It



Hide Sites

by Roberta Murphy

Every library should try to be complete on something, if it were only the history of pinheads.
–Oliver Wendell Holmes, Sr. (1809-1894)

The ultimate luxury home library

A home library, more than any room in a home, has the potential to reflect the essence of its owner. Here is a place to organize and keep those books that are both acquaintances and lifelong friends. The home library is also often where collections are kept, if only because they make such good companions for books.

Both collections and books record the passing and lasting interests and passions of its owner–and deserve a room of their own.

And though a home library would likely complement and merge with the design of the home, the quintessential home library would likely offer features such as:

• Rich wood shelving that may even reach ceiling height. A rolling ladder works well here.

• Wood or stone flooring covered with collectible area rug(s).

• At least two very comfortable reading chairs with lamp(s).

• A writing table or desk. The home library should be a perfect room for thinking and writing.

• A library fireplace would be favored by many–and provides a warm ambiance.

The home library is a logical place to store and display personal collections and passions–especially if there is abundant shelving and/or cabinets. A family friend in Houston had a library full of rich wood shelving that housed not only a massive collection of leather bound books, but also an impressive array of Native American wood carvings. The library also served as his home office–and was undoubtedly his favorite room in the home.

The ultimate home library (pictured), though, may belong to internet entrepeneur Jay Walker, who also founded Priceline.com.  In a recent Wired interview, Walker gave writer Steven Levy a tour of his 3600 square foot library that is primarily devoted to those things that change the way we think.  His New England home library houses not only a Russian sputnik, but jewel-encrusted books, a raptor skeleton, Civil War surgical tools and thousands of other books and collectibles.

Bookmark It



Hide Sites

by Roberta Murphy

There’s no doubt that uber-wealthy Russians love luxurious homes–and are willing to pay billions of roubles for well-placed mansions, townhomes and luxurious estates.

In Moscow, where luxury buyers are enriched by petrodollars and enthused by strong consumer confidence, a young and wealthy businessman recently paid 2.5 billion roubles ($99 million) for a Moscow town home near the Kremlin. Setting a new Moscow record, this seven-story apartment boasts 1300 square meters of undisclosed luxury and sits near the Kursk railway station.
Russian luxury home buyers, though, invest without borders.

Donald Trump’s Palm Beach estate, was originally listed at $125 million, but Dmitry Rybolovlev, one of Russia’s wealthiest businessmen, closed on the estate at $95 billion. Forbes, by the way, pegs Ryobovlev at #59 with an approximate net worth of $12.8 billion on its list of world billionaires. The fate of Trump’s former mansion? It is reported that Dmitry Rybolovlev intends to tear it down and build another.

Another Russian waterfront buy recently occurred on Britain’s ultra-exclusive Sandbanks Peninsula. There, an unnamed Russian businessman paid almost $9 million for a 5-year-old Sandbanks mansion that he, too, intends to tear down. Replacing the existing home will be an ultra-contemporary glass-fronted home–with a helipad on the beach.

Sandbanks, by the way, is listed as the fourth most expensive place in the world for real estate.

I can’t help but wonder if any of these Russian real estate investors might be interested in some of San Diego’s prime real estate. There is an exquisite Del Mar estate on 5.5 acres pf oceanfront property priced at just $76 million–or 1,952,363,937.376 Russian Roubles.

And of course, if an investor should be interested in this wonderful investment opportunity, or any others for that matter, please feel free to give me a call at either 877-818-8197 or 760-402-9101.

HT:
Moscow super-rich pour millions into luxury homes | Oddly Enough | Reuters

Bookmark It



Hide Sites

by Roberta Murphy

Insuring luxury homes can be a real challenge, especially when trying to calculate replacement value for things like architectural artifacts, beloved creaking stairs or even elephant hide wallpaper.

Luxury home insurance wasn’t of that much interest to me–until I read of an appraiser who tried to figure out the replacement value of elephant skin wall coverings in a Seattle manse. That appraiser, James King with the Chubb Group, makes it a practice to thoroughly investigate the luxe and unusual features in Chubb’s insured luxury homes to make sure a realistic replacement value can be assessed.

And sometimes that challenge requires more than a little research.

In the case of the elephant hide wall coverings, King was unable to determine replacement value, especially since the wall covering had been installed at the turn of the century, before elephant hunting restrictions were in existence.

His solution?

Value the replacement as leather wallpaper, a very, very expensive treatment and alternative.

After reading this story, I decided to call the Chubb Insurance Group directly to discover other challenges and solutions involved in insuring luxury homes. Mark Schussell, Chubb Vice President and Public Relations Manager, was kind enough to take my call–and patient enough to answer my many questions.

For starters, insuring luxury homes in the top market tier can be a tricky business because these homes boast not only fine luxury features and extraordinary craftsmanship, but are often finished with rare antique materials.

If a home has old stained glass windows, roof tiles from an antique Tuscan farmhouse, and 100-year-old carved wooden pillars, it might be difficult to settle with a normal insurance company in the event of a loss.

Drive-by appraisals and typical assessments just wouldnt work.

Insuring these properties at replacement value requires a finely-tune appraisal and an insurance company that understands this market. And though several companies work in this specialty, the Chubb Group of Insurance Companies was reported to be insuring 70 percent of the 400 wealthiest people on the Forbes magazine list.

Chubb’s Mark Schussel was more modest, estimating that the number would be at least half of the Forbes 400. Either way, it is an impressive market domination.

It is important for the luxury home to be insured at full replacement value, especially when fine craftsmanship and materials have been used in constructing or improving the home. Schussel said that when Chubb takes on the task of restoring the home to its original condition, they take the task very, very seriously. Restoration could involve flying plasterers in from Ireland to restore a mansionin San Diego or an estate in Connecticut.

And if special Old World tools are needed to complete the job and they are unavailable elsewhere, Chubb will generously pay to have the tools made.

The basis for determining exactly what needs to be replaced or restored within a luxury home in the event of a disaster begins with the initial appraisal. That is where Chubb stands above the rest.

Their experts take extensive photos both inside and out to create a detailed visual record of the home and its surroundings. The appraiser will take measurements, study all elements of the home, and prepare an extensive report outlining all features of the home, down to molding and landscape details. Then, should a calamity occur, there will be a complete record of what needs to be replaced. While assessing the home, the appraiser will also point out things the homeowner may wish to do to reduce the potential for loss.

When one of Chubbs 200 highly-trained appraiser is going through the home to be insured, he or she will additionally point out personal effects art and furnishings that might require separate professional appraisals and insurance. If the client wishes, Chubb will provide the needed separate expert appraisal for insuring those items.

Restoring a home to its original condition can only be done within the confines of current building codes. Chubb replacement coverage may provide not only for Old World craftsmanship, but also for bringing electrical, plumbing and other building defects up to local building codes. Additionally, during reconstruction, Chubb has their people on site to make sure the work is being done to their own strict standards.

And once the work is done, they make sure the owners are satisfied with the results. In one case, the owner missed the familiar creak in his old stairs. It was an idiosyncrasy he missed. Not wanting an unhappy client, Chubb sent their workers in to recreate the old creak.

Mark Schussel said most insurers have moved away from the luxury home replacement policy business. They key reason, he said, is that they do not have Chubbs finely-tuned appraisal services. œBecause of our accurate valuations, we are able to continue this coverage even if a home is insured at $2 million and it takes $4 million to replace, he said. Most of their policies, though, have a built-in replacement cost escalator.

Insuring a luxury home at market value is not an accurate way to insure the property. In a highly-appreciated market, a homeowner might end up paying way too much for the policy, when the home could be restored for less than market value. And in declining markets, the replacement cost for a luxury home could far exceed its market value.

For detailed information regarding the insurance of luxury homes, it might be helpful to explore Chubbs Personal Insurance site.

Bookmark It



Hide Sites

by Roberta Murphy

Bradenton Florida Luxury Home

Once upon a time, we whispered about the “F” word creeping into luxury real estate. These days, it is common real estate talk.

The Wall Street Journal quotes Realty Trac reporting that the number of $1-plus million homes in some stage of foreclosure has ballooned to 7,968 between January and August this year. This compares to 4,214 during the same months last year.

Within these numbers, it is interesting to note the relative surge in the $2-plus million home market. This luxury group has grown the fastest: How about 499 in foreclosure process, compared to 201 for the same period last year.

These luxury foreclosures aren’t just the McMansions that proliferated in many upscale suburban communities. These homes are waterfront, behind exclusive gated communities, and in tony towns where these financial embarrassments rarely occur.

The bargains abound. The luxurious Bradenton, FL home pictured above (and listed by Patricia Tan with Prudential Palms Realty), for example, was originally listed at $3.78 million and is now under contract for $1.1 million. There again, and according to DataQuick, more than 64,300 homes priced at $1million or more were sold in 2007–which is more than triple the number for 2002.

In our local San Diego luxury real estate market, we are seeing our own casualties. According to our stats, there are 34 homes in some state of the foreclosure process in exclusive Rancho Santa Fe–with one on Via De Santa Fe valued at over $12 million. In La Jolla real estate, where prices are equally high, but with more condos and a greater population, there are 118 properties in the throes of foreclosure.

What will be the consequences to the highest end of the luxury market? There will be some fallout–and perhaps a more robust luxury home rental market, but most of these owners are well-entrenched and funded–and can afford to wait out this market crisis.

And for luxury home buyers, the market hasn’t looked this good–or offered so many choices– in several decades.

For more, read:

The Finest Foreclosures - WSJ.com

The Luxury of Frugality

Rise in Luxury Home Foreclosures, REO’s and Short Sales?

California Luxury Home Foreclosures

7 Bargaining Secrets for Luxury Home Buyers

Luxury Home Foreclosures More Common

Bookmark It



Hide Sites

by Roberta Murphy

A pair of $53.5 million New York Plaza penthouses were sold to Russian hedge-fund manager Andrei Vavilov–which would have made it the second-highest residential sale in New York City history.

Andrei Vavilov, though, is one very upset buyer. He and his wife, Russian actress Maryana Tsaregradskaya, are outraged with low 9 foot ceilings, an unexpected and massive column in the living room, and an exterior drainage grate that blocks the view of Central Park from the middle floor.

He had been promised the epitome of luxury, but was instead, he says, was given an “attic-like space.”

Attorneys for the buyer have reportedly filed a $31 million lawsuit against the developer and its selling agent Stribling.

It is unclear to me whether the transaction has actually closed. The story (see link below) does not make that clear. There is a $10.6 million deposit from the buyer at stake, and real estate attorneys handle closings in New York. Unlike most California real estate transactions, I am told it can be very difficult for New York buyers to reclaim their deposits.

Which leads me to wonder: Is the lawsuit and resultant publicity about the buyer’s recovery of a $10.6 million deposit–or actual defects in the real estate delivered?

MY SUITE AT PLAZA IS SOUR DEAL - New York Post

Bookmark It



Hide Sites

by Eve Sieminski

As summer hurls to a close, I had to review one of the best white wines I have ever sipped. I stumbled upon the Zolo Torrontes one day at our local Costco. What caught my eye was the markdown. The week prior this wine was $8.99 a bottle–and now was only $4.97!

Even at that price I was sceptical, because I am not a fan of South American Wines– and I had never had or heard of a “Torrontes” white. Throwing caution and my own prejudices into the wind, I grabbed 3 bottles–and later wished it had been 3 cases.

Doing some research, I discovered that Torrontes grape is cultivated in Argentina–and that wine that made from this grape is considered to be the best of its kind in the world.

I now understand why!

The evening after my purchase, I opened this bottle of wine and immediately knew I was going to love it. The citrusy scent of this wine immediately escaped when the cork was popped. The glass I poured was pale yellow–and it looked like tiny bubbles were dancing around.

The nose of this wine is incredible. Not only is there crisp citrus–but hits of lush tropical fruit as well. This is unlike any white wine you have ever had! Once you take a sip, you will understand my gushing. This wine is nothing like any Chardonnay, Pinot Gris, or Sauvignon Blanc you’ve tasted. The Zolo Torrontes is refreshing, crisp, light, and bursting with amazing flavor–without any cloying sweetness.

I am a red wine gal. Usually I only drink white wine when either it is hot outside or there is no red wine. This wine has me singing (and sipping) to a different tune.

Unfortunately there are not many stores that carry this gem. You can find it online, but the best price (besides the Costco close-out) I have found was at BevMo. Right now it is priced at $9.99 and if you buy 6 you get $1 off per bottle, bringing it down to $8.99 each. This is a bargain for such a delicious wine……you will thank me!

White wine tip: If you serve white wine too cold it will not open up and will numb your palate and you will not be able to fully enjoy your wine. If it feels almost too cold to hold it is too cold to serve. Best temperature should be between 45 to 58 degrees.

Other Wine Articles and Reading:

Wine Storage for Oenophiles

Bookmark It



Hide Sites

by Roberta Murphy

Luxury Home Digest is neutral politically and generally focuses on luxury homes and real estate issues.

But with a journalism background, there are several things I abhor–including mean-spirited personal attacks, hackers, shoddy reporting, and abuse of publishing power.

Not that we expect great things from grocery store rags like US Weekly, National Enquirer and Star Magazines, but I think we expect more from the glossy mags than the cheapie newsrags. 

It turns out that Jann Wenner, who also publishes Rolling Stone Magazine and has a decided political bent, approves of misleading headlines and the yellowest of journalism–as long as it targets those with whom he disagrees.

And US Weekly appears to be his latest yellow convertible.

Sure, Sarah Palin has a pregnant daughter–and had some issue with a former brother-in-law and his dismassal from Alaska law enforcement.–or some such thing.  

But lies and scandals?

After intense questioning, the editor of US Weekly acknowledged today that the “Lies” they had headlined dealt with the lies being spread by Sarah Palin’s political opponents–not prevarications being spread by Palin, McCain or anyone close to her.

Shame on US Weekly.

And shame Wenner and Rolling Stone Magazine–a former favorite.

Better to protray the truth, that twist your own lies and purposes into attention-grabbing headline$.

Bookmark It



Hide Sites

This is a continuation of last week’s discussion with real estate and luxury home legend Bob Dyson, who has a radical proposal that is being quickly embraced by Realtors, lenders and local Real Estate Boards.

Why resort to radical resolutions?

Because, says Dyson “This is a real estate depression–a serious, serious issue.”

He sees an immediate need to stabilize real estate markets and neighborhood values. He also believes the motgage lending industry needs to get out of the “asset management” business, and instead focus attention on new loan originations.

So what to do with all those defaulted loans and pre-foreclosures?

That’s where Dyson’s proposed “American Incentive Resolution” saves the day.

How would it work?

1. The American Incentive Resolution Corporation (as a government entity) would buy defaulted loans from lenders at 50 percent of face value.

2. Re-market these homes through Realtors at retail market value.

3. Offer these homes to first time buyers and those whose credit and FICO scores have been damaged by short sales and foreclosures the last couple of years. The initial terms would be a 12-month lease-purchase, with all payments accruing to a down payment as long as payments are made on time. Lease payments would equal what loan principle, interest, taxes and insurance would be under normal loan terms at 5 percent interest. Initial move-in would entail first and last months’ payments.

4. At the end of 12 months, the lease would become a purchase with all payments made under terms of the lease being applied to the full down payment.

The first video below details Bob Dyson’s assessment of the real estate market bottom, while the second deals with the American Incentive Resolution:Click here to view the embedded video. Click here to view the embedded video.

HT: http://www.SanDiegoPreviews.com

Bookmark It



Hide Sites

by Roberta Murphy

Last Thursday, I had the opportunity to sit across from Bob Dyson at his office in Del Mar and listen to this real estate legend discuss today’s real estate market. We were also fortunate to have Chris Dyson videotaping much of the discussion, which we have divided into four segments.

At the start of our interview, Bob Dyson said these are the worst conditions he has seen during his 40 years in the real estate business–citing symptoms such as lack of buyer confidence and the drastic deflation in certain real estate markets–including California, Nevada, Arizona and Florida.

The causes stem from irresponsible mortgage lending practices from 2003 to 2007 and the resultant and reactionary tightening of mortgage funds. Dyson simply calls it a “lending debacle.”

At the same time,he says, there is a large and growing backlog of buyers who want to buy–and are just waiting for reassurance that the real estate market has really bottomed, or is at least close to that point.

See below (and stay tuned for a radical solution):Click here to view the embedded video.

Bookmark It



Hide Sites

I often turn to Billy Taylor, financial services guru at San Diego’s Villa Sotheby’s, when I want to hear the latest scoop on the mortgage market. Just last week, for example, Billy shared that Chase had moved out of the jumbo mortgage market entirely. That leaves a mere handful of lenders who will even consider doing jumbo loans, which help fuel much of the mortgaged luxury real estate market.

Below, Billy shares with us his latest assessment of the mortgage market and how it is impacting real estate sales:

As a real estate professional with more than 25 years experience I often get this question:

“When will the real estate market be coming back?”

Well, I don’t think the real estate market ever left us; it was the financing that left us!

There are many people looking to buy or sell real estate. The phones are still ringing and open house traffic is growing. I receive calls everyday inquiring about loans and real estate available.

It is NOT Consumer demand that is missing; it’s the financing programs available to fulfill those sales transactions that is missing.

Overnight after August 10th 2007 the real estate loan liquidity simply dried up. The secondary market on Wall Street stopped buying Jumbo loans,(those over $417,000), and has yet to come back into the market.

Jumbo loans, which had been 60% of the loan market in California prior to last summer of 2007, are now about 10% of the market. Congress’ loan liquidity solution of raising the Fannie Mae and Freddie Mac loan limits to $697,000 in San Diego, for example, has NOT been the solution many had hoped it would have been. This is mostly because the interest rates delivered were NOT conforming rates as suggested they would be. Rather, they more like a half percentage point higher–and with new restrictions that made them nearly impossible to be approved.

This new jumbo loan category is called Agency Conforming and is nothing more than an old Jumbo loan, but with stricter guidelines and higher pricing. Jumbo pricing above $697,000 to $5,000,000 is even higher in pricing and also faces difficulty in getting approved.

The lifeblood to any market is liquidity and a real estate market would die without financing. In Mexico real estate loans are rare and generally require 50% or more as a down payment. Unfortunately that is why most of the population in Mexico doesn’t own real estate. So a lack of liquidity for real estate loans in the United States, and particularly jumbo loans, has restricted home ownership this past year.

We in the U.S. have had liberal financing available for real estate which has allowed millions to own homes. And therefore an abundance of real estate liquidity has allowed millions to own homes and enjoy a higher standard of living for themselves and their families.

But the lenders have all found underwriting religion and their financial gravy train has derailed. Programs that once fueled the 20% annual growth rates in Southern California real estate have been deleted. Stated income loans, which were probably the most abused offering of the market, is quickly disappearing as lawmaker’s line up to kill it completely. Second trust deeds which allowed lower down payments are rarely offered, and if they are, the pricing is prohibitive. In a word the lending guidelines are “TIGHT”

So where does this leave us and where am I going with this editorial?

Although my commentary is a bit dire I want to make the comment that all is NOT lost. There are still many banks willing to make loans. But it must be said the path to closing the deal is narrower!

Everyone would love to know when the bottom of this market will be reached. Which was the original premise for me writing this commentary?

I have the belief that TIME has nothing to do with when a bottom in a real estate market is reached. I believe the bottom will be reached when the INCOMES of buyers support the ASSETS FINANCED. And unfortunately this was not the case for many of the loans funded in the past five years.

That being said, I believe the real estate owner and investor has to be working with the best and most informed bankers, real estate brokers and real estate agents if they are to be successful in this market. The days of every loan being approved and every transaction closing is over. Sellers, Buyer’s and Agents should be partnering with their banker before a transaction goes into escrow–NOT AFTER. Success in real estate takes more planning and upfront work than in previous markets.

If there is any way I can assist you in your mortgage placement, please feel free to give me a call at 619-665-8006.

–Billy Taylor
Villa Sotheby’s International Realty
Del Mar, CA 92014

Bookmark It



Hide Sites

by Roberta Murphy

Remedies for the nation’s real estate foreclosure crisis are emerging from a number of interesting points.

On August 20, the Federal Deposit Insurance Corporation (FDIC) Chair Sheila Baer proposed a solution for IndyMac pre-foreclosures:

Put a cap at 38 percent of a borrower’s income that can be applied to mortgage, tax and home insurance payments. This could be accomplished several ways, including reducing the interest rate, amortizing the loan over more years or providing a forebearance of principal that could be received by the seller if the home were to be sold or refinanced.

San Diego City Attorney Michael Aguirre sees Baer’s solution as a perfect remedy for the San Diego real estate foreclosure problem. He is apparently going to ask the City Council to declare a San Diego “foreclosure crisis” and to support the 38 percent solution–and to ask that the 38 percent solution become part of any settlement reached in his lawsuit against Countrywide and Bank of America.

This appears to be another tactic Aguirre wants to employ in his attempt to turn San Diego into a “foreclosure sanctuary.”

In the next few days, we expect real estate legend and entrepreneur Bob Dyson, Owner-Broker of Villa Sotheby’s Internation Realty, to announce a well-supported foreclosure solution that will be taken all the way to the National Association of Realtors (NAR) and Congress.

Tip of the top hat to:

LegalNewsline | IndyMac model touted for foreclosure moratorium
Bookmark It



Hide Sites

by Roberta Murphy

Ed McMahon may wonder what else in new in defaulted real estate, but yesterday, Standard & Poor’s Ratings Service reported that even prime jumbo loans are starting to buckle.

Over a period of just one month–from June to July, 2008–jumbo loans originated in 2006 saw mortgage delinquencies rise 13.2 percent, while 2007 delinquencies rose 7.3 percent. Overall, mortgage delinquencies in the luxury real estate market are relatively low, with prime jumbos originating in 2006 reporting a serious delinquency rate of just 2.48 percent.

(For a more detailed report, go to: Prime Jumbos Showing Strain: S&P : Housing Wire)

It also appears that originations in the luxury market may be tightening. Thursday evening, Billy Taylor with Villa Sotheby’s International Realty in Del Mar, whispered that Chase Mortgage is pulling out of jumbo loan originations (at least at the broker level).

My prediction? There will be much more discussion about creative and seller financing in the months ahead. If financing is required for the purchase of a luxury home, it may be the seller who provides it.

Finally, stay tuned for Bob Dyson’s radical mortgage rescue program that could stabilize the real estate market very quickly–and that is quickly gaining prominent political support….

Bookmark It