Burn, Baby, Burn!

Luxury homes are lots of fun to inspect. Sure, the pay is better too, but mostly it's just fun to see how the other half lives! I also get to meet those people who have reached such a level of financial success that they are buying a home that seems like it could have been a boarding school!

One of the fun aspects of inspecting large and expensive homes is seeing furnishing and interior design work at the highest level. Unfortunately, that high level does not always translate to attractive! Good-sized decorating budgets does not always mean good taste. One such mansion sticks always in my mind.

Among the oldest and most prestigious sections of Jacksonville, Florida is Ortega. Situated along a wide expanse of the St. Johns River with a fabulous view of the downtown skyline is Ortega Boulevard. In our fair town, that address spells success!

It is always a thrill to inspect on Ortega Boulevard. The homes were built during the 1920's and 30's by the business and political leaders of the time. In a state not known for architecture, homes on Ortega Boulevard can be compared proudly with any in America. But that does not mean that some folks don't commit creative crimes in the decorating department!

The listing agent was thrilled to have this home as the corner piece of an envious listing portfolio. One point, though, kept coming up in comments made by would-be buyers after being shown the beautiful home. The plum-painted walls on nearly the entire first floor made the interior look like the set from the old "Rowan and Martin's Laugh-In" television show! This simply had to be corrected to attract a buyer to the home.

Upon arrival at the home, I parked behind the painter's truck. When I went into the home, a team of painters was busy working to cover "plum" with "eggshell". Their best guess was that three coats would do it; I was betting on five!

As is always the protocol, all the lights, appliances, and heating were turned on for the home inspection. My company calls this our "Super Bowl" check. Seems that the greatest stresses a home undergoes is during the Super Bowl. There are usually dozens of people around, all of whom are using multiple televisions, cooking, washing, showering, and consuming every possible stitch of electricity. And all of this is going on simultaneously! If the systems continue to work during the Super Bowl, they will work fine during routine family use, or so the theory goes.

So, while zipping about the house checking here and checking there, one of the painters called out that he smelled smoke! If the home catches on fire during the Super Bowl that is most certainly a penalty.

Upon my arrival to the electrical panel, I smelled heat and burning wire. I then ran to the exterior to disconnect power at the switch adjacent to the meter, which was on fire! I told the real estate agent to call the fire department while I secured the power to the home. Things were going to be fine.

To my surprise and confusion, she became upset with me for securing power to the home. When I asked her why she is upset that I had secured power to the burning electrical panel, she exclaimed, "Wally, if you turn off the power, the painters won't be finished today!" I reminded her that if the home continued to burn, it wouldn't need paint!

The old adage "when you're surrounded by alligators, sometimes it's hard to remember that you came here to drain the swamp" must have been coined by a guy who was working for a real estate agent in Florida.

Wally Conway is President of Florida HomePro Inspections, and has recently written a book entitled "Secrets of the Happy Home Inspector", available at GoHomePro.com or Amazon.com. Wally's expertise and experience has been sought after by HGTV's "House Detective", the Florida Times Union, and many real estate boards and associations. As a speaker, writer, instructor, and host of The Happy Home Inspector radio show every Saturday at 3 PM on WOKV 690, Wally blends the right amount of up-to-date information with just the right amount of humor, insight, motivation, and real-world application. Visit WallyConway.com for more information!

Hermosa Beach was the biggest gainer and Malibu the biggest loser in high-priced ZIP Codes last year. San Marino shows a 7.2% decline in its median home price.

Last year brought a dose of real estate reality to San Marino, which alone among Los Angeles County's wealthy areas had managed to avoid the housing bust. The San Gabriel Valley town endured a 7.2% decline in its median home price, erasing gains of the previous two years.

The National Assn. of Realtors is the largest campaign contributor to members of Congress from California in recent years, according to a watchdog study that depicts the nation as a sort of United States of Special Interests.

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.