Category Archives: Real Estate

Zillos sued over hacked listing – at present no major security to access listing

The listing – for a $150 million property in Bel Air, California – was hijacked by someone using a Chinese internet protocol address who posted false sales information about the property, according to an article in The Washington Post.

The hackers claimed that the property had been sold multiple times for tens of millions of dollars below asking price – once for $110 million, then for $90.5 million and then $94.3 million. They also posted notice of an open house for the property, which would be unusual for a luxury listing at this price.

The new construction property is a 38,000-square-foot mansion overlooking the Pacific Ocean with 12 bedrooms, 21 bathrooms, three kitchens, five bars, a bowling alley, tennis courts, wine cellars and an infinity pool. (Check out photos here.)

According to a compliant filed in federal district court in Los Angeles by the seller of the property – a limited liability company controlled by luxury builder Bruce Makowsky – the false sales information inflicted damage on the sellers by dramatically corrupting the listing price.

According to the suit, the hackers were able to get past Zillow’s security questions to gain control of the listing. The plaintiffs also allege that Zillow ignored repeated requests over the course of a week from the seller’s attorneys to block the hacker’s access.

The suit claims that Zillow did not have appropriate safeguards in place to prevent hackers from logging into its system to post false information.

A Zillow spokesperson told the Post that the company is in the process of updating its verification system that grants owners access to their property’s page on the site.

read more at: https://www.washingtonpost.com/realestate/zillow-faces-60-million-suit-over-hacked-listing-of-la-mansion/2019/03/04/2287b35a-3eab-11e9-a0d3-1210e58a94cf_story.html?utm_term=.296c8eb1b249

disclaimer: for information and entertainment purposes only

 

The 10 cities could lose $34b+ in housing to coastal floods by 2050

Within three decades more than 386,000 homes in coastal areas of the U.S. will be at risk of permanent submersion or regular flooding due to climate change, according to a recent study by real estate website Zillow and nonprofit weather news site Climate Central.

About 40 percent of the American population may be affected to some degree. Those residences are collectively worth nearly $210 billion in 2018 dollars, according to Zillow; in the top 10 cities likely affected, losses could total more than $34 billion. Things look even more grim further out in time: By 2100 some 2.5 million homes nationwide, worth about $1.3 trillion altogether, could be at risk if the scientific data and resulting computer models are correct.

  1. San Mateo, CA

Total value of housing in risk zone: $11,926,104,726 (By 2100: $14,592,425,181)
Share of housing in risk zone: 34.2 percent (By 2100: 41.6 percent)
Housing count in risk zone: 8,951 (By 2100: 10,890)
Share of total housing value in risk zone: 28 percent (By 2100: 34.3 percent)

2, Newport Beach, CA

Total value of housing in risk zone: $5,276,358,560 (By 2100: $16,237,386,190)
Share of housing in risk zone: 6.4 percent (By 2100: 18 percent)
Housing count in risk zone: 1,861 (By 2100: 5,205)
Share of total housing value in risk zone: 6.6 percent (By 2100: 20.2 percent)

6. Long Beach, CA

Total value of housing in risk zone: $2,169,035,241 (By 2100: $6,924,518,935)
Share of housing in risk zone: 1.7 percent (By 2100: 5.8 percent)
Housing count in risk zone: 1,580 (By 2100: 5,284)
Share of total housing value in risk zone: 3.5 percent (By 2100: 11.2%)

8. Stockton, CA

Total value of housing in risk zone: $1,696,419,875 (By 2100: $5,441,951,253)
Share of housing in risk zone: 5.9 percent (By 2100: 22 percent)
Housing count in risk zone: 4,415 (By 2100: 16,552)
Share of total housing value in risk zone: 7.3 percent (By 2100: 23.4 percent)

read more at: https://www.cnbc.com/2019/03/14/10-cities-could-lose-34-billion-in-housing-to-coastal-floods-by-2050.html

Disclaimer: for information and entertainment purposes only

 

 

San Diego home sellers are slashing prices

San Diego County had the second-most home price reductions in the nation so far in 2019, said research from real estate website Trulia.

Price reductions are more common in the winter months, but San Diego County hasn’t seen as many cutbacks since 2014 when the market was still crawling out of the recession.

Twenty percent of homes for sale in February had a price drop, the most of any California city. At the same time last year, the percentage was 10 percent.

Felipe Chacon, economist at Trulia, said the reductions in San Diego show a shift toward better conditions for buyers but it’s not like prices are suddenly affordable for the majority of the region’s inhabitants. The median home price was $542,000 in December, said CoreLogic, up 2.5 percent in a year.

A few examples of price reductions:

  • 3675 8th Ave. — This 2,660-square-foot craftsman home in Hillcrest went on the market for $1.1 million in September 2018, but had its price reduced 15 times. It is now on the market for $905,000.
  • 4169 Balboa Way — This 1,408-square-foot condo in Clairemont went on the market for $525,000 on Feb.6 but had been reduced to $491,111 by March 11.
  • 5370 La Jolla Blvd, Unit 203 — This 1,353-square-foot condo in La Jolla, two blocks away from ocean access at Calumet Park, was listed at $799,000 in November, but has had its priced reduced four times. It is now for sale for $719,000
  • 210 Treasure Drive — This newly built 2,801-square-foot San Marcos home, with four bedrooms, started out at $829,900 but is now $799,900.
  • 333 Orange Ave., Unit 9 — This 1,087-square-foot Coronado condo started at $725,000 in September, was raised to $775,000 in December, and then reduced several times back down to $725,000.
  • 2165 Anthony Drive — This 916-square-foot single-family home near Shelltown went on the market in August for $389,000. The 90-year-old house was taken on and off the market before selling for $330,000 last week.

read more at: https://www.sandiegouniontribune.com/business/real-estate/sd-fi-price-reductions-20190312-story.html

Disclaimer: for information and entertainment purposes only