When Internet millionaire Tom Gonzales was putting together his elaborate family compound on the shores of Lake Tahoe, he had one big concern: Where to put some of the most valuable cars in his 400-car collection.

The solution was to build a 12,000-square foot subterranean parking garage big enough to hold 30 cars, plus dozens of motorcycles.
How those cars get below ground is another matter. Gonzalez, who was co-founder of the once high-flying e-commerce company Commerce One, commissioned a massive 12-foot- by 60-foot custom-built aircraft elevator, the type used to lift planes up onto the flight decks of aircraft carriers. When the elevator isn’t moving cars, it’s camouflaged with rocks, plants and trees — both real and artificial.

Above ground is a three-bedroom, 2,100-square-foot home that Gonzales calls the Carriage House. The property is being sold as part of Gonzales’ $50 million compound, which includes three other homes, or as a separate parcel for $8.9 million.

Called the Sierra Star, the estate near Incline Village, Nev., includes the Carriage House, a main 10,000-square foot home and two other houses. The properties have expansive views of gorgeous Lake Tahoe, one of the most scenic landscapes in the nation.

“In summertime it’s heaven,” said Gonzales. “In winter too, if you’re a skier.”

Inside the $50 million Lake Tahoe estate

After all, this is snow country, sometimes receiving 40 feet or more of the white stuff in a season. World-class ski resorts, like Heavenly, occupy many of the peaks around the lake.

The estate is a high-country dream. Ponderosa pines and cedars grace its four-plus acres, along with a man-made waterfall. In addition, the property has more than 330 feet of lake frontage, two piers with boat lifts, and a sandy beach with a bungalow.

Originally intended to be a gathering place for Gonzales’ family, the property is now too big for him. His son Tom, the other founder of Commerce One, died of cancer almost 10 years ago.

“I’ve enjoyed the property over the years, but now it’s just me,” he said.

He spends most of his time in Fort Lauderdale, Fla. now, where he enjoys the climate and the boating.

Selling America’s bunkers

No longer in the software business — Commerce One filed for Chapter 11 bankruptcy protection in 2004 — Gonzales is now in the land development business, according to Susan Rindley of Sotheby’s International Realty, who represents him in his real estate dealings.

“He’s the kind of guy who, if he gets tired of something, he sells it,” she said.

Like the Carriage House, the other properties can also be sold separately. Gonzales is asking for $14.9 million for the seven-bedroom Main House; $9.3 million for the five-bedroom Lakeview house; and $6.3 million for four-bedroom Parkview house.

There’s also a lot with 100 feet of lake shore for $9.9 million. It’s ready for a house to be built on it — with or without an underground garage.

CNN Money.com

Now, as the market is seeing an increase in the number of home sales, we are also seeing a rising trend of foreclosed/distressed properties being purchased and then sold just months, or years later.

This property located in Mill Valley on Stadium Way was acquired a few years ago as a bank owned property and is now in contract, list price $699,000.  The sale price in 2009:$460,750

This is surely a sign that the market is turning, although it is unlikely that investors/contractors will be able to flip houses at the rapid rate they were a few years ago. Only time will tell..

A couple of properties just closed escrow last year at the low end of the market, and have now been relisted at higher prices after contractors have rehabbed/remodeled the properties. Sold 10/28/2011 for 505,000, this property on Idylberry is now listed for sale at $877,500! It appears that a contractor significantly remodeled the property. This is almost a 70% increase from the price the property was purchased for less than 6 months ago.

A property listed for sale on Miller Creek Road is listed for $849,000 and is already in contract. The property just sold last spring for 375,000. Again, this property was significantly remodeled and increased in price more than twice as much as the owner paid for the property.

So invite someone fun, and steal some great ideas to take home.

This listing on Fern Ave has now been reduced to $1,795,000.

Originally built in 1911, this property has charming period details throughout. Located on a private and sunny corner lot with level fenced in yard. Incredible location and now reduced significantly from the initial list price of over $2M.

Big news today, and a big triumph for many U.S. homeowners:

 U.S. states reached a landmark $25 billion deal Thursday with the nation’s biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst.

The deal requires five of the largest banks to reduce loans for about 1 million households at risk of foreclosure. The lenders will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal.

It’s the biggest settlement involving a single industry since a 1998 multistate tobacco deal.

Federal and state officials announced at a news conference that 49 states had joined the settlement. Oklahoma announced a separate deal with the five banks.

The settlement ends a painful chapter that emerged from the financial crisis, when home values sank and millions edged toward foreclosure. Many companies processed foreclosures without verifying documents. Some employees signed papers they hadn’t read or used fake signatures to speed foreclosures — an action known as robo-signing.

Under the deal, the states said they won’t pursue civil charges related to these types of abuses. Homeowners can still sue lenders in civil court on their own, and federal and state authorities can pursue criminal charges.

“There were many small wrongs that were done here,” said U.S. Housing and Urban Development Secretary Shaun Donovan. “This does not resolve everything. We will be aggressive about going after claims elsewhere.”

Reducing loan principal will help some homeowners who are current on their payments but are “underwater,” meaning they owe more than their homes are worth.

But consumer advocates and housing activists said the deal is flawed because it covers only a fraction of at-risk homeowners. Critics note that the settlement will apply only to privately held mortgages issued from 2008 through 2011.

Banks own about half of all U.S. mortgages — roughly 30 million loans. Those owned by mortgage giants Fannie Mae and Freddie Mac are not covered by the deal.

“The deal announced today is too small,” said Pico National Network, a faith-based group that is active on housing issues. “It falls far short of providing real justice for homeowners and American families.”

Economists also cited the size of the deal: Some said it was hardly enough to have much impact on the troubled housing market.

The settlement will be overseen by Joseph A. Smith Jr., North Carolina’s banking commissioner. Lenders that violate the deal could face $1 million penalties per violation and up to $5 million for repeat violators.

About $10 billion of the settlement total will be used to reduce mortgage payments for underwater homeowners. Paul Diggle, an economist at Capital Economics, said that’s a “drop in the ocean,” considering that 11 million borrowers are underwater “to the tune of $700 billion.”

Mark Vitner, a senior economist at Wells Fargo Securities, said the settlement helps the housing market in the long run because it allows banks to proceed with millions of foreclosures that have been stalled. Many lenders have refrained from foreclosing on homes as they awaited the settlement.

“We’ve got a lot of issues to work our way through in the housing market,” Vitner said. “What this settlement does is allow that process to get started.”

Bank of America will pay the most to borrowers as part of the deal — nearly $8.6 billion. Wells Fargo will pay about $4.3 billion, JPMorgan Chase roughly $4.2 billion. Citigroup will pay about $1.8 billion and Ally Financial will pay $200 million. Those totals do not include $5.5 billion that the banks will reimburse federal and state governments for money spent on improper foreclosures.

The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America acquired Countrywide in 2008.

“The settlement includes far reaching relief that will help many of our customers and complement our already extensive efforts to improve our borrower assistance efforts and servicing processes,” JPMorgan Chase said in a statement.

Under the deal, banks must make foreclosure their last resort. They are also barred from foreclosing on a homeowner who is being considered for a loan modification.

The banks and U.S. state attorneys general agreed to the deal late Wednesday after 16 months of contentious negotiations.

New York and California came on board late Wednesday. California has more than 2 million “underwater” borrowers, whose homes are worth less than their mortgages. New York has some 118,000 homeowners who are underwater.

In addition to the payments and mortgage reductions, the deal promises to reshape long-standing mortgage lending guidelines. It will make it easier for those at risk of foreclosure to make their payments and keep their homes.

Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement.

Some critics say the proposed deal doesn’t go far enough. They have argued for a thorough investigation of potentially illegal foreclosure practices before a settlement is hammered out.

Under the deal:

— Roughly $1.5 billion for direct payouts, in the form of $2,000 checks, for about 750,000 Americans who were unfairly or improperly foreclosed upon; another $3.5 billion will go directly to states.

— At least $10 billion for reducing mortgage amounts.

— Up to $7 billion for other state homeowner programs.

— At least $3 billion for refinancing loans for homeowners who are current on their mortgage payments but who are underwater.

The deal is subject to final approval by a federal judge.

Article excerpt from ktvu.com

Things could be looking very green in Silicon Valley, thanks to an influx of cash that could come from Facebook’s initial public offering. Even the state of California is expecting a windfall from the filing — saying that hundreds of millions of dollars could help the cash-strapped state in the coming year.

Though the company is simply expected to file to go public Wednesday, according to a report from the San Jose Mercury News, the possibility of a big IPO from Facebook has generated some excitement for Silicon Valley real estate agents, especially in the company’s hometown of Menlo Park, Calif.

 In seven years, the social networking site has grown from a project hatched in a college dorm to the largest social networking site in the world, well on its way to hitting its goal of having 1 billion users.