O.J. Simpson’s foreclosed Miami home is for sale at nearly $1.3 million

Image result for O.J. Simpson's former Miami home is for sale at nearly $1.3 millionAs O.J. Simpson waits for his parole to begin, some people have wondered: What happened to the Miami home where he lived for years before going to prison?

It’s for sale for $1,299,900.

The house, built in 1953, “is all new,” said Oscar Ramirez, the real estate agent for the home’s current owner, Southern Farms International USA. He said it has been on the market for seven months. Renovations included hurricane-resistant windows.

The 4,148-square-foot house sits on a gated 1.65-acre lot that includes a guesthouse, a swimming pool and a basketball court.

Simpson — the former USC and NFL star running back who was acquitted in 1995 in the fatal stabbings of his ex-wife Nicole Brown Simpson and her friend Ronald Goldman at her condo in Brentwood — bought the home in Miami’s Killian neighborhood in 2000 for $575,000.

Simpson lived in the four-bedroom, four-bathroom house with his son Justin and daughter Sydney when they were teenagers. Both were students at the nearby prestigious Gulliver Schools.

The Heisman Trophy winner lived there until he began a prison sentence in 2008 for kidnapping, armed robbery of sports memorabilia and other charges stemming from a 2007 incident at a Las Vegas hotel room.

The 70-year-old Simpson was approved for parole Thursday after serving nine years of his sentence. He could be released from Lovelock Correctional Center in Nevada as early as Oct. 1.

JPMorgan Chase Bank foreclosed on the Miami house in 2012. The property was then bought by Global Rental E & P, an investment company, for $513,000 in 2014, according to Miami-Dade Property Appraiser records.

By. Johnny Diaz

 

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Slow housing recovery hurting Gen X

Image result for Las Vegas Real Estate Industry UpdatesSlow real estate recovery has taken a toll on the household wealth of Generation X, according to a new study.

One of just three major metro areas in the nation where Gen X homeowners, people ages 35 to 50, have smaller equity stakes in their homes on average than millennial homeowners, who are under 35 and likely bought their homes after the housing bust. That’s according to a study released this week by Zillow, the Seattle-based real estate information source.

“Slow growth means it has taken Gen X even longer to just dig themselves out of the hole from the bust itself,” Zillow’s chief economist, Svenja Gudell, said in an email to Crain’s.

Millennials, who for the most part bought their homes later than Gen Xers, have a larger average equity stake even though they’ve had less time to build equity by paying down debt.

The difference is slender. Gen X homeowners on average owe 77.3 percent of their home’s value, compared to millennials owing 76.5 percent. But it’s significant, because in nearly all of the 35 metro areas that Zillow analyzed, the positions are reversed: Gen X homeowners owe less than millennials.

Only in Chicago, Detroit and Las Vegas do millennials have a smaller debt share than Gen X. In Seattle, where home values have been rising fast for several years, Gen X homeowners owe 61.9 percent of their homes’ value, while millennials owe 67.5 That’s an advantage of 5.6 percentage points for the Gen X homeowners, who’ve been in their homes longer. In Chicago, Gen X homeowners are at a 0.8 percentage point disadvantage.

“They are stuck playing catch-up,” Gudell said, “when at least their Gen X peers in other markets have retained some small equity advantage.” Chicago-area homeowners of all ages owe an average of almost 69 percent of their home’s value, according to Zillow.

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Real Estate Facts For 2017

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As an agent, it’s important to understand current market conditions, as well as the needs of buyers and sellers. Tech platform Contactually put together a list of the top real estate facts you should know as you head into the 2017 spring real estate market. They’ll empower you and your clients (so share them!).

  1. Millennials will make up 33% of home buyers. Get your tech on, because these savvy buyers want accurate info fast.
  2. 17% of under 35-year-olds saved for a down payment in 2016. These aren’t adult kids loafing in basements. They’re young professionals with real buying power. #respect
  3. 80% of residential growth will happen in suburban markets. Building permits are on the rise, with the majority in the ‘burbs. New construction is one way to guarantee a buyer won’t be outbid.
  4. The US economy is expected to grow 2% (average) through 2018. A strong economy means better buying power, despite expected rate increases.
  5. 62% of new and existing homes were considered affordable in 2016. Despite low inventory gloom and doom, the facts show there are still affordable homes available.
  6. Mortgage rates are expected to rise, but not over 5%. The relative difference in mortgage payments won’t be significant enough to stop determined home buyers.
  7. Home prices and appreciation are expected to slow to 3.9% (down from 4.9% in 2016. This will bring more affordability to the market, and may actually motivate sellers worried they won’t be able to buy another house.
  8. Renting is expected to increase past 2016’s 2.3%. That’s good news for investors looking for rental income.
  9. 84% of buyers will use an online search. It’s becoming the standard for the first step to buying, so align yourself with a solid technology-based brokerage.
  10. 89% of Millennials, 87% of Gen X buyers, and 85% of Younger Boomers purchased their home through an agent in 2016. Tech doesn’t replace personal relationships. Home buyers and sellers still want personalized service and the protection of an agent.
  11. 13% of home buyers purchased a multi-generational home in 2016. Expect this trend to grow because of younger Millennials and elderly parents moving in with the “Sandwich Generation” aka Boomers.
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Reno gaming face challenges with SLS on Las Vegas Strip

Related imageBy Ray Hagar, Nevada Newsmakers

Saturday, July 22, 2017 | 2 a.m.

Reno gaming executive Alex Meruelo and Meruelo Group face a difficult road in turning the SLS property, formerly the Sahara, into a profitable venture, two of Nevada’s top lobbyists said this week on “Nevada Newsmakers.”

Brothers Michael and Alfredo Alonso of Reno agreed that Meruelo, owner the Grand Sierra Resort in Reno, will face stronger competition in Las Vegas and may be at a disadvantage because of the SLS location.

Meruelo’s new property is on the northern part of the Strip that also includes two major unfinished projects — the 25-acre Fontainebleau Las Vegas and the Genting Group’s Resorts World Las Vegas.

“It’s difficult because you don’t have the walk-up traffic that you have farther south on the Strip,” Michael Alonso said. “You don’t have any projects that are going to happen anytime soon that are going to drive traffic down to that old Sahara property. Because of those factors, it makes it a really tough property.”

He praised Meruelo was for the job he has done with the Grand Sierra Resort.

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“It looks good, and I think it is operating well,” Michael Alonso said. “But Vegas is a very different market than Reno … I wish him the best of luck, but he’s got his work cut out for him. ”

The Grand Sierra Resort is away from Reno’s downtown and convention-center gaming hubs, and operating on the Las Vegas Strip is a step into the big leagues, Alfredo Alonso said.

“With all due respect to our hometown, the competition in Las Vegas is significantly bigger,” Alfredo Alonso said. “He (Meruelo) is going to have to compete against the Bellagios and the MGMs of the world, and that is a difficult task because they can offer more.”

Meruelo purchased the property for an undisclosed amount from Stockbridge Real Estate in May. The previous Sahara property was given a $415 million upgrade when it opened in 2014 as the SLS Las Vegas

.Meruelo’s new property must offer a reason to leave the more bustling areas of the Las Vegas Strip and head north, Alfredo Alonso said.

“There’s got to be a reason why people are going to travel to a little bit of an off-center Strip area for his property,” Alfredo Alonso said. “Now can he do that? Obviously, if he can cut costs and still find a way to entice people to come to his property. The idea was that it was going to be a boutique property that would bring people there. Can he do that? He’s done that in Reno. But the factors are much different.”

Michael Alonso, a partner in the Lewis Roca Rothgerber Christie’s Gaming Practice Group, appears regularly before the Nevada Gaming Control Board, the Nevada Gaming Commission and other state regulatory bodies. His practice includes gaming and liquor licensing, land use, legislation and lobbying and real estate transactions. Alfredo Alonso, a principal at the Reno law firm, is the chairman of its Nevada Government Relations Practice Group.

Ray Hagar is a retired political journalist from the Reno Gazette-Journal and current reporter/columnist for the Nevada Newsmakers podcast and website, nevadanewsmakers.com. Follow Ray on Twitter at @RayHagarNV.

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O.J. Simpson’s foreclosed Miami home is for sale at nearly $1.3 million

Image result for O.J. Simpson's former Miami home is for sale at nearly $1.3 millionAs O.J. Simpson waits for his parole to begin, some people have wondered: What happened to the Miami home where he lived for years before going to prison?

It’s for sale for $1,299,900.

The house, built in 1953, “is all new,” said Oscar Ramirez, the real estate agent for the home’s current owner, Southern Farms International USA. He said it has been on the market for seven months. Renovations included hurricane-resistant windows.

The 4,148-square-foot house sits on a gated 1.65-acre lot that includes a guesthouse, a swimming pool and a basketball court.

Simpson — the former USC and NFL star running back who was acquitted in 1995 in the fatal stabbings of his ex-wife Nicole Brown Simpson and her friend Ronald Goldman at her condo in Brentwood — bought the home in Miami’s Killian neighborhood in 2000 for $575,000.

Simpson lived in the four-bedroom, four-bathroom house with his son Justin and daughter Sydney when they were teenagers. Both were students at the nearby prestigious Gulliver Schools.

The Heisman Trophy winner lived there until he began a prison sentence in 2008 for kidnapping, armed robbery of sports memorabilia and other charges stemming from a 2007 incident at a Las Vegas hotel room.

The 70-year-old Simpson was approved for parole Thursday after serving nine years of his sentence. He could be released from Lovelock Correctional Center in Nevada as early as Oct. 1.

JPMorgan Chase Bank foreclosed on the Miami house in 2012. The property was then bought by Global Rental E & P, an investment company, for $513,000 in 2014, according to Miami-Dade Property Appraiser records.

By. Johnny Diaz

 

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30-Year Fixed Mortgage Rates Fall; Current Rate is 3.75 Percent, According to Zillow Mortgage Rate Ticker

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Daily market update: July 18, 2017

Wednesday, July 19

Monthly New Residential Construction

  • Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000. This is 7.4 percent above the revised May rate of 1,168,000 and is 5.1 percent above the June 2016 rate of 1,193,000.
  • Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000. This is 8.3 percent above the revised May estimate of 1,122,000 and is 2.1 percent above the June 2016 rate of 1,190,000.
  • Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,203,000. This is 5.2 percent  above the revised May estimate of 1,144,000 and is 8.1 percent above the June 2016 rate of 1,113,000.

News from earlier this week

Tuesday, July 18

30-Year Fixed Mortgage Rates Fall; Current Rate is 3.75 Percent, According to Zillow Mortgage Rate Ticker

  • The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.75 percent, down eight basis points from this time last week.
  • The 30-year fixed mortgage rate fell early in the week, then hovered around 3.76 percent for most of the week before settling at the current rate.
  • The rate for a 15-year fixed home loan is currently 2.99 percent, and the rate for a 5-1 adjustable-rate mortgage (ARM) is also 2.99 percent.

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Mortgage rates fell from 60-day highs last week, prompted by weak domestic inflation and retail sales data, and reports that interest rates could rise in Europe as the European Central Bank ends recession-era policies,” said Erin Lantz, vice president of mortgages at Zillow. “Developments overseas – notably Thursday’s ECB meeting – are likely to drive financial markets this week with few major U.S. data releases on the schedule.”

Email market reports to press@inman.com.

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