| Show - - 73-- ar ' 1 1 - - Iry V 0 iii'''lelfriOl'11- - f 3''''7-- - t r "f 5 xr- - r I 41 - '7' - ' I - '""---1- 1 i r II I I INPApPtg: 4 1 T Ii ' : Y i- - i i E i- ) - V g p rg t 7"41 4 S AE ArL '"1 ' ! r! I Am ! '''et7r!t I --- - Classified Ads: 11 SUNDAY January-1- 237-200- 0 9 1992 Cl 11 Marcus Allen inexpensive Cosmetic Improvements Will Enhance Home's Market Appeal Will Move To New Home 4 a 1 7 By Ruth Ryon LOS ANGELES It's a classic "buyer's market" in most of the nation's real estate markets today and many homeowners are finding that it's taking a lot longer to sell their homes But if you're trying to peddle your property now remember that a few inexpensive improvements can help make your home sell a lot faster TIMES Los Angeles Raiders running back Marcus Allen iis getting ready to move into his new home in the posh I 0 Los Angeles neigh- borhood of Pacific 00""19 -- Palisades and be has put his condo in nearby commu- of Brentwood 4ci(411- nity on the market Allen the 1981 STAR H eisman Trophy winner from the of University Southern Californ nia bought a Pacific Palisades a year ago for close to its $125 million asking price He razed the house rebuilt it and is planning to move into it in February His new home has three bedrooms phis maid's quarters in about 5000 square feet of space It is contemporary in style with 25- foot ceilings lots of glass and a reflecting pool around the house 114111 11 I I I I I Era tear-dow- I editor-in-chie- $1695000 Her Montedto property includes a ot 1200- home and a in house built all square-foo- t guest the 1940s on 12 acres A circular drive leads from a swimming pool and cabana to the main house two-bedroo- m Muriel Slatkin a former owner of the Beverly Hills Hotel has pur- chased a Los Angeles penthouse for $85 million sources say Slatkin sold her longtime Beverly Hills Calif home in November to the Sultan of Brunei for $125 million in cash The penthouse was completed in 1989 and was put on the market at $14 million The most recent asking price was $98 I 9000-square-fo- suite guest suite and maid's quarters The unit also has two elevators a gym and butler's pantry Probably the most memorable feature is a high black granite urinal in the man's bath The penthouse covers more than half the top floor and a portion of the 'rod of the building 66-un- 1 ( $10000 check each month from nearby Hoag Memorial Hospital This was part of an arrangement under which she had agreed to donate her oceanfront estate to the hospital if she could stay there as long as feasible She needed the cash to maintain her large home and pay its taxes The hospital agreed realizing it was probably the only way to get the property When the woman died in 1989 Hoag got the house and sold it for $66 million More and more of these annuity plans are being worked out as groups go beyond the customary tax advantages to tempt potential donors into giving almost any sort of residence as an alternative or addition to cash "We are trying to make giving more practical" said Neal P Myerberg three-to- r of the department of planned giving and endowments at the United Jewish of New York which it $1495000 it non-prof- The buyer viewed the property a couple of weeks ago on a Sunday opened escrow the next day and closed escrow the third day The home which was built in the '60s and is a little less than 4000 square feet in size has three bedrooms maid's quarters a pool and a mountain view Appeal-Federatio- n ----- 09 ) e0 F I e - z ‘ - it ' t ' IA (or (4t ' A lot depends on how carefully you have been keeping your financial records and how persuasive you can be with IRS representatives I have known four homeowners who have found themselves in similar trouble Two had kept meticulous records including canceled checks and copies of the trust deed they signed Both were DEAR MR MYERS: I just bought my lint house When I got a copy of my title report it said that the local power company has an "easement in gross" on my property My escrow officer said this gives the power company the ability to string wires over my property Is this unusual? Can I collect rent from the power company for letting it "use" my property? Mr PW 1- I n eventually able to fully deduct their interest payments after convincing the IRS that the loan really was collateralMoreno Valley Calif ized by the equity in their home The other two couldn't provide such deANSWER: Just about every property is subject tailed information and were subsequently stuck for back taxes and penalto some type of easement in gross These easements typically allow power ties To avoid tax troubles down the road and telephone companies to run lines across your property to service you and anyone who uses his or her home as collateral for a loan should make sure that your neighbors or the local sewer dis- the lien the lender places on the propertrict to maintain pipes underneath your ty is recorded at the county recorder's rent collect You can't any usually yard office or other appropriate agency Alfor an easement in gross though most institutional lenders do when easements the Developers grant this automatically many private lendthey begin building a housing tract so ers don't and even big banks sometimes utility companies and local government forget can wires the install or pipes agencies If you're eventually audited and the needed to service all the homes in the lien hasn't been recorded the IRS can autoeasements are The development that the finance charges you paid matically passed on from one buyer to argue were on a consumer next the loan instead of a fully deductible mortDEAR MR MYERS: gage loan You should consult an accountant tax Two years ago I borrowed $25000 from my parents to pay off my auto loan attorney or other tax expert to discuss and credit cards I agreed to pledge my your particular case - up-fro- nt le x - According to a complex formula outlined in IRS Publications 1457 and 1459 the house's donation to a nonprofit group would generate an income tax deduction worth $164000 spread over six years Assuming the donors are in the 40 percent bracket for combined federal and state taxes it could save them a total of $65600 in income taxes or about $11000 a year The home would also be began a similar annuity plan in 1991 This type of giving differs from the more traditional idea of bequeathing a residence to an organization in a will It makes it possible for the owner to make the donation at any time to stay on in the house and to receive an annuity toward the cost of upkeep Only on the death or relocation of the owner (or a surviving spouse) does the organization sell the property and transmute the gift into cash The idea's attraction in a weak housing market experts say is that the home may not be readily salable and thus unlikely to generate cash for its owner in any other way This can be hard for older people whose income may be insufficient to cover the cost of upkeep Myerberg who has worked on three such deals in the last year likens the concept to a reverse annuity mortgage He gives as an example a couple in their 70s who might own a home worth $500000 that had originally been bought for $75000 The example assumes the mortgage has been paid off — professionals said some donors still want to hedge against the day they might change their minds and decide to relocate If that is so he said they can arrange for the charity to sell the property and for the rest of their lives receive the interest generated from investing the proceeds This assumes that the donors do not intend to buy another home with any of the proceeds but simply to rent at the new location or that other capital is available The advantage of allowing the charity to make the sale Teitell said is that it would retain the full sum to invest By contrast the donors would probably forfeit a substantial part of the proceeds to capital gains taxes despite the $125000 e exclusion for anyone over 55 years of age Clearly the concept is still not suitable for everyone Josh S Rubenstein a Manhattan lawyer specializing in estates and trusts has found it works best for donors with other assets to fall back upon both to meet their own late-lif- e needs and any inheritances they wish to leave removed from any estate-taobligatons In addition the charitable organization might agree to pay the couple a small monthly sum to help cover subsequent upkeep Normally pegged at around 5 percent of the value of the gift it would provide them in this instance with $1500 monthly e Part of this income should be as it would be considered by the IRS as return of capital However the tax deduction would be slightly reduced if a regular income were also provided Minor modifications are also possible Conrad Teitell a lawyer in White Plains and editor of "Tazwise Giving" a monthly tax letter for estate planning x tax-fre- - one-tim- — limorelmalatioansunteaccommlommommatatateg -A 30-ye- ar ANSWER: used to defray at least part of your costs moms nursing-hom- e For the final 10 years of her life a widow in Newport Beach Calif received a p ik "consumer le debt" because the deed was never recorded This could cost me nearly $3000 in back taxes and penalties What can I do? Mr JB Littleton Colo close the deal Agreeing to help with the financing could make the home sell faster and the money you collect on the second mortgage each month could be THE NEW YORK TIMES Stand-ucomedian and comedy writer Roberta Kent who has appeared in Las Vegas Nev with Barry Manilow and Suzanne Somers has sold her family home in the Trousdale section of Beverly Hills Calif for close to its asking price of - years is By Andree Brooks 12-fo- y uged with requests to refinance home mortgages are having difficulty handling the heavy volume of calls the president of the Mortgage Bankers Association said "This last boom is unprecedented And we're beginning to see the process bog down How much it's going to bog down we don't know" Mortgage Bankers Association president Angelo R Mozilo said Mortgage rates are at their lowest in 18 fixed rate mortgage years For a the average contract interest rate was 82 percent according to the trade group's recent survey The average rate for year adjustable rate mortgages was 60 percent The rates don't include add-ofees known as points Refinancing was strong all last year but after the Federal Reserve slashed interest rates on Dec 20 "an enormous wave has come through and that's really when the problem began developing" said Mozilo About 64 percent of all applications before mortgage bankers in 1991 were for refinancing but Mozilo estimates that figure will rise to 80 percent in 1992 Faced with the surge some mortgage bankers are charging lenders a refundfee to limit prospective borable rowers The fee is refunded upon approval of the application Mozilo also released results of the trade group's annual survey of commercial real estate lending The survey of 29 life insurance companies revealed that all made loans for real estate investments in 1991 and 79 percent project the same or increased volume in 1992 The companies hold 35 percent of all permanent commercial real estate loans The survey said 21 percent expect this year's lending will be less than 1991 levels Forty-sipercent expect it to remain the same and 32 percent anticipate lending to exceed 1991 levels The insurers' combined lending portfolio exceeds $23 billion in real estate loans and property Check Annuities: It Can Pay to Donate Rather Than Vacate million Among its features are a master I David Myers PRESS NEW YORK — Mortgage bankers del- never bothered to record the trust deed I gave them because they trusted me and knew I'd pay the money back Now the Internal Revenue Service is saying that the $6000 in interest I have paid to my parents on the loan over the past two About Real &tate Today's buyers have gotten pretty finicky largely because the real estate market in most parts of the country is slow and there are more sellers than buyers With that in mind I'll give you the same advice that I'd give to any seller: Do all the repairs that are necessary to make the home livable such as patching or replacing a leaky roof or fixing any plumbing problems Also make any needed "cosmetic" changes such as adding a fresh coat of paint installing new carpet or improving the home's landscaping These types of improvements don't cost much but can vastly improve a home's "curb appeal" and make it sell a lot faster Don't go overboard with your improvements though Unless the kitchen or some other room is thoroughly outdated or rundown leave it alone Prospective buyers will probably want to make any major changes to these rooms themselves One other note: Since your mom is 87 she probably has a very small mortgage or none at all If so the two of you are in a seca good position to "carry-back- " ond mortgage and provide a buyer with some or all of the financing needed to f of ArPaige Reuse chitectural Digest and Bon Appetit magazines has put her Montecito Calif home on the market at 5000-square-fo- ' Wells By Rob THE ASSOCIATED house as collateral which I thought would allow me to deduct all the interest on the loan my folks gave me We DEAR MR MYERS: My mom had her second stroke last year and she finally had to enter a convalescent home She is 87 and needs constant medical attention Her house is in terrible shape and now I'm responsibLe for selling it Do you think I should fix it up before putting it on the market? Or would it be better to simply sell it "as-is"- ? Mrs KA Metairie La ANSWER: I five-bedroo- Home Refinancing Overwhelms Mortgage Bankers ' üIAi ) 1 L :j rk I 611 Id r4 t i'LiE i ! - - i I 1 CilAte I L i 1 clivi tliiiit1 r'j j t s‘ Nti ) c R 1 ' tijit Utah's Number One Company in Sales Listings and Service Coldwell Banker Premier Inc 1Vailame 1312000 12:004100 1010 091111 099111e20&00 1741 11119001111 (10270 IL) Newt prothl Arched Ow whit net at E3 tweed tan1131000 191 SO SOL (4000 21) Aid ne eaten tbowe nor Ceennonnney anon 1 tWoRerit bone PINISMICTON WOWS e'eee'ee 099APECT091 011 °Pe e 1 (1000 L) mot Sandi 7S50 e°' Trodl- SraotMokki vow& Sot e'r 4tøtt!:'Ae 1391 1:004100 0001 & 1010120 thatil Solo Febedi new n011171000 wee & num hook thotout bent 19 1144 pine 11)4110 Hi Sul elieltY Ry IN S1443404172444$ Mt MO0-610- 0 LI (114LIPO Ottaimine Iowa 1804 SI view Eitett - 01' S11" stio As KEVIN SULLIVAN ' - ordvo $4304130 443111 A20301044 1444444--- -9 (4014 04 4 Wm 24-- r -4 PA d- - tlit CA4A r'oc:-I- 0944 R04008 vALit (410G II11 4) 4 I440s 4491 A Pats numt fee no oafoo4 $214 004 Rt SON LARSEN 144 ' : : : 10030 I Ste L ST SKI HeitTetre 0 Cw4)444g) LI 4 honk 3 of)roo 'et- - 00'1' 6'1'11 C044 : -- (X0 It Wfi V24002113 LAXE14 00111 t"riON11114 t444 IL tRiquir Wit mews 'Oak rot UMV too t hooi poik Eft41S4An JAN A trxity $01-- 4 ' 1 04't"1 E 1ftt-- 47 ‘40-4- LI 1 k 1 4 PePV-4-- tt1014 tet crt4-1-0 'Mg arett 014 0 'i $40ft--- 1 : R A 41 CI CAT4t1i ' - I I"' !nit Jor Partiknaar4 1 i I 1 ILL:) L Brian tkvt!fredflon Uaan rk 541 t og— 4 ' S 1K 1' V b13 14 Ir5M:e $ 0 ' P tk i- I ftra74 LSteve Sittettieki r6tXLY MW l'ariv568 00 NPMtwistomman - Unttm I I I r -6- 'test Gmhal ' a i' < ifeitztr4t371- - 443 - :' EAST 0112 t24O1°1 (osk0 La test 3 Sot nonntamil mkt II erAsy Mem vett yfi 130003 311 CbElISTIIIE LEE IROM aolirrlh1144-317512711A- 2 140--Cel- e s loos pootohooka mo oeh ktrrt how KA4341TGnt4 063 175 hoomeor-o onFO tom 'i 1w - -- 15-- L: 'I r--- Turk! Lipman K S4Otat - I - ''''''' 1 fr- I !'- r 1 7 - I ' - 1 tmor - C975 4 ‘ ' Lim Ete‘All czneil Brown i111asyl — t 2:140 At cty &Ai 5")3 t r-s-77-- !I - 1411-- j - 1- FAt C-- 7 r‘r--1 i " 0 2 !! '' hkrel nk A - vis r- 7 a 001 IAIXOAIr00 tiilit Storm 2 ba e lataTPALY v44w ---7 r-7-- r I -- AV : t 4 -- ' '' a aoroKamia 1 E In:' -- — - tinkm pk ryt Mi onama i -- A C41041V 16” 00 IL INNAMPUL I liwoNo Is 1110 A - KATIMLLI on eukwene 4 5141141144144iTA 1 ! I t I la 1160 I 2700 Is It takak efrO pore r t i 1' - i' ' i aa ' '' 1 : Ft se-A- rs 's L'' r St cr P 1 ' t Erl-Crt- 3 Sr Stele odour it fau0 t4te1P f 10tBeirt tomio :JEWIllage akitiovii Nakkork ---- - 3 b'ilf(ci i AM' 't r114-11":- r( r The 14-- 4 IIEW ril Te r(111-trer- i Ca-1- 1 'L'-1-- ' - I ') jj 1 J A A t: t - 3 ''N0 : I 04 ' 10tArti bJ tj ) d' P ts I a :) A - L':1 is 4r - y t 0 vfi kA ' t amhbo-- 4 li 3 -- - 1 1 - - t - 1I— it -- - - L 4- Sk if " t- 0 - t t I I 'A ': ' - ''""'7'4 -- 1 : ( '' 7 fra nolit'!: tlet It'it I t eA" ' - st ROL-42T- srtulo 64 PIMA 1 f741 V1164!t40 ) fill-o- - 44 1r 11" L 2160 KO on az bl Crar (:Xy AvrAm WI el44146 ' - rift Nit N4143 1 Amami lirywmAi iotv 014t 44?"LAWZIIPOIERT 1 -- 4 --A Turn Ma ti411 inr11 NA WilliS:':1 lc I lea STAY11121 o - - ' i 31-- 4 ' I Awl ip cameo-- Ceageo phonedd Mr No4 tAtt 1111104 ROGERANNE LEE 21244012111411 CALL FOR A FREE COPY OF OUR REAL ESTATE BUYER'S GU!DE Gres Lamen Stax 5irkosc 5 '' 1 aI fleamManoar44amanosnamoaa - 71 Of'ts Hi '1 t- l'Ark 40'1011 4700 NSCT61 : I r i6 i 7 7 -- 71:— 1' W qt 1:: p)'! ii 'n114a PA 16 7 4 :54i -- - — ster -- Lakt ir : k-- -- 0401 1 ttklity3r5 1 fr'1- - 4 ' f - i(14 Lti (VI !I'll L- Rimenaary Grim Sopa limsso OatI3175 Sugar tiouve 003i 75 t 7: 10imme Wane Sra:!1 1)PVt PII ' I 0 ENot 'letop INgt - t prki V41113 R- - ' - — - c horry kArk '1m9(1X) ' 1 ' lentinuend I 641040" Wens a int444 445500 - r' biyon ' — 41114175211-110- I I ' A A 4- ni Dottie BurnInam Soth Dam r 11 :A‘n 1 itamm-nato- I - 4 1 k 3 Park - ED moNGER LrenInn Terena 1nmm 1 f 114 100T0 I Re I RS fiillir awe i0o1 q '- r77-777- - Am r''''':''''' ' - i Irr 1 -"- SAW9"1"g11111411 OAR 0911 1211WW10 1911 10 200 L Om el I 11141 Ist tem buyerreitmet 2 I berm emert rerMeiduMersebror 131900 4 Barbara Thornton Chock Neve Gary Amon Park 400 Urturt PariCA11-40- ) Soot HotttelSh-317- o Terry Lambs Suim Wow 4 ' Val cco p1 cAlts ':'4411 I ' t 1 Shc!ty T n tlrum Pr:k 4141171572-733- 1 1 P '''' L - ""'" I I272 IL it I 443 k - ' tam& hi 44 Nr9 FICSORI LCoh00 000 StikA1It 0004 t'StvINgUli tr 1 0V 2 an m RI '063175 ':-- :' 041rn 000-t- Frances Hays Sugar Houa2 A Lr'': 1 4 Jim Lund Saga 00'71 1444 03 6n1 IA trill too Mt Ars kw 1"k0k er0000 1 borM oho- iivt W wti - f - - 'FALCON reteoar IL Wow coh0tersE Iguirotto-- 3175 Ituuar-46- MACFARLANE r 1)a---1- site 00421 "III" I I I teem 11:00400 271 1112 10M-1141at001 614141 11101-111e111110 We 001 bet Corm gee $11 114 JEFF 1 t 019214 19144-02020 & 0000 W 2 3' bluit'll ceeme "‘''':er' brick we 1 mon 149000 SHARON SOP 1 ER 1 ' E t 11410" (400 34erei OM onnam 2 nor ov Auto acenal AAA 14 RS to-11-0 ML4f ) 7 1 re-- tovil rso-41- 0 1141 It fah 1020 wo - 624 102141:13 Sugar 120012 1g914021011114A111100 New bathroom Reyes ne ds men CAROLYN 14i3OE4 un Snet wenctob MOILER 54040002710642 1 0 — rttt LOD 1743 IL 14410 IS AAFtier Pali Mom farm on teees41 Pork OM Samnat R1 Cosoll 3!75 KW 4216322173-299- 193401 i Rita bike Gale Frandsen Sugar 1114E $O SOUARSUS191(4040 20 Sinn Wartw tot teet eel& Priced diVesey 11PgradeL i uii L Li OPEN 1100N2:110 i romr"1 CAL" 4t l'ne 1V00-3411- t41'r 'OP JANE i 1 1 t 1 7 00024 10004We 1011 Kt 101114:41 (12460 L) Ceuniry catt000 nolo hol in havrowil a 104 2 be 1044 soh 119101 ha alfditERLY NEALE notaII'S4447-V-a- I $ won 1124500111 401031711141-107- 04 PS 3 II I 1s00-14- )0 twoh LEY f L 11torgl VISS ) 2 S LOST Ptisteod kAtAkkiefli7-4013- - t -- (- 114 worm "Jo at (060 03244ort beta 10Nterion I 04hoo OM I OWN 2000 wok rottott Isms A I3P tic ask keI4pri 4 as ow A$ ROO IiMii 0 F411431410 ilAt ! ' I HIGUCIf SONO- - LIPMAILsAI I00-441- - ) 0704:04410 1001 I 101(1110AN Li 1000000 Grosi 4u0Sot Jo owN 1 Irmo ouch 04o 117o0E0 sem wooded IA I01011 140 315 11110 Quarterly Best COLEY i i 14300r00 IMO It TAITZIP002( i 2d IL) timing (panhomp Soo le Catiorpoodo et 0E111 I 1 T 1 |
