California
Equestrian Dream Home in California Relists for $70 Million
A sprawling oceanfront estate in California that’s loaded with lavish amenities, including a private polo field and a huge wine cellar, is headed back to the market late on Monday for $70 million, Mansion Global has learned.
Known as the Bella Vista Estate, the property sits on more than 20 acres in Summerland, a town nestled between the small seaside city of Carpinteria and the celebrity-favored enclave of Montecito.
More: Freddie Mercury’s London Home Selling for the First Time Since He Lived There
The estate has tried the market before, having been listed with price tags as low as $55 million and as high as the current $70 million ask over the past few years, listing records show. It even went under the hammer, but a sale never materialized.
It’s being sold by hotelier Patrick Nesbitt, and his wife, Ursula, and at its heart is a lavish Mediterranean-style mansion, which comes with a host of high-end amenities. These include a 5,000-bottle wine cellar with an adjoining tasting room; a disco/ballroom that can accommodate up to 200 people; a 20-seat movie theater; a sports bar; a beauty salon; a gym; and a spa.
There’s also a 34-foot-high formal marble entry, large-scale living and dining rooms, a gourmet kitchen, a breakfast room, a family room, an office/library and a separate guest wing, according to the listing with Aaron Kirman and Timothy Di Prizito of Christie’s International Real Estate | AKG.
The property combines “neoclassical architecture with modern luxuries,” Kirman said in an email. The variety of entertaining and recreation spaces “make this estate a truly unique and exclusive offering.”
Outside of the main home there are two guest houses as well as an Olympic-length infinity pool, a 32-car garage, a helicopter hangar, a 330-yard driving range, a putting green, and landscaped gardens with streams, ponds and even monarch butterfly habitats.
The 10-acre polo field, meanwhile, which has hosted a number of international polo matches, is supplemented with equestrian amenities that include a polo clubhouse, a barn with space for 17 horses and riding trails throughout the property.
But for those with little interest in equine pursuits, while the polo field was “designed for equestrian and championship polo match use, it is a blank canvas for anything,” Di Prizito explained. Whether it be “a nine-hole golf course, professional sports training fields, or even the most incredible children’s play land can be part of the redesign but really, it’s ready for anything one could dream of.”
California
Dow Jones stock index crosses 40,000: Good or bad for California?
The stock market’s venerable yardstick, the Dow Jones Industrial Average, just made history – crossing 40,000 for the first time.
Yes, this milestone set Thursday, May 16, is only a brief emotional victory for shareholders. Yet it can be seen as a historical milepost for the broader business climate, especially in California.
To honor the moment, the trusty spreadsheet reviewed the Dow’s 5,000-point markers and how California fared in those periods using an economic metric (California unemployment), an interest rate (the average 30-year fixed mortgage), and home prices from the California Association of Realtors.
As we begin our data-filled voyage, let’s note the Dow first crossed 5,000 in November 1995 — back when you could buy the median-priced California single-family home for $176,000.
5,000-point mileposts
Dow passes 10,000 in December 1999: It took the stock index just over four years to double from 5,000 compared with a 28% gain for California homes to $225,000 in the same timeframe. This was an era when the economy broke loose from its early 1990s slumber. California unemployment dipped between 1995 and 1999 to 5% from 7.9% while mortgage rates rose to 7.9% from 7.4%.
15,000 in May 2013: The Dow needed more than 13 years to gain 50% to hit this benchmark vs. an 85% surge for homes statewide to $417,000 in the same period. This extended gap came during the financial rollercoaster ride from the bubble period in the early 2000s bursting into a Great Recession and then the economy’s slow recovery. So, California unemployment was 9.2%, up from 5% at the beginning of this crazy period. Yet, cheap money was one salve: 3.5% mortgages vs. 7.9% in 1999.
20,000 in January 2017: The Dow took under four years to gain 33% to gain the next 5,000 while homes statewide gained 18% to $492,000 as the post-crash rebound continued. California unemployment fell to 5.2% from 9.2% as mortgage rates ticked up to 4.2% from 3.5% in 2013.
25,000 in January 2018: The Dow needed just one year to gain 25% for its next benchmark vs. a 7% gain for California homes to $528,000 as the recovery hit full stride. California unemployment dipped to 4.4% from 5.2% while mortgage rates slipped to 4% from 4.2% in 2017.
30,000 in November 2020: The index took just under three years to gain 20% vs. 32% for California homes to $699,000 in the middle of the pandemic’s business wild gyrations. California unemployment surged to 9% from 4.4% – but investors cheered historically cheap money such as mortgages hitting 2.8%, falling from 4% in 2018.
35,000 in July 2021: It took the Dow less than a year to gain 17% vs. 16% appreciation for California homes to $811,000 as the pandemic’s economic surge was in full force. Statewide unemployment fell to 7.4% from 9% and mortgages remained cheap – 2.9% vs. 2.8% in 2020.
40,000 in May 2024: The Dow took almost three years to gain 14% vs. an 11% gain for California homes to a record $904,000 in April. The economy struggles to find its new normal as statewide unemployment fell to 5.3% in April from 7.4%. But mortgages got expensive as the Federal Reserve fought and overheated economy – 7% in April from 2.9% in 2021.
Bottom line
So, the Dow is up eight-fold since crossing 5,000 just over 28 years ago. California homes are only five times more expensive.
That’s not the point, though. This stroll down memory lane reminds us that the markets typically need a solid economy for stocks or homes to appreciate. Cheap money is the icing on the cake.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
California
California continues to lead in US unemployment rate
SACRAMENTO: The state of California continues to lead the United States in the number of job losses since the start of this year, reported Xinhua, quoting a report by California’s Employment Development Department on Friday.
The unemployment rate in California, home to around 40 million residents, remained unchanged at 5.3 per cent in April for the third consecutive month, maintaining the highest level in the country.
The report showed that the number of unemployed Californians was 1,027,000 in April – down by 5,900 from the previous month and up 164,700 year on year.
This is the second time in five months the total number of the unemployed has declined. It comes amidst sluggish job growth, with statewide employers adding just 5,200 nonfarm payroll jobs in April, a significant drop from the 18,200 jobs added in March.
According to the report, California’s employment landscape has been particularly bleak across several major sectors. Manufacturing, information, and professional and business services all experienced job losses in the past month, contributing to a less robust job market.
Meanwhile, five of California’s 11 industry sectors gained jobs in April, with private education and health services posting the largest month-over-month gain for the fourth consecutive month.
California
Priorities & Progress | Governor of California
Working towards a better life for all
Californians deserve a government that works for them and with them. One that will work to ensure opportunity and justice. This is the goal of the Newsom Administration.
We are informed by our history as a state and nation. We are building a California not for the few, but for all — including those who have historically been left out.
We are doing the work to make our state a place for every Californian and all the diversity that makes us strong. Our state will be known as a place where everyone is respected, protected, and connected.
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