Pah-ty time! Malibu Realtor throws party in $6.9 million mansion

Realty agents are either getting mighty creative -- or, let's face it -- who doesn't just love a good party?

The bash of the hour is purportedly to honor agent Madison Hildebrand of Coldwell Banker Malibu East. Hildebrand, one of the three "Million Dollar Listings" stars, is having a banner week: In addition to the launch of the second season of the Bravo series premiering tomorrow night, he also is gracing the cover of Playgirl magazine and his book, "Activate Your Passion, Create Your Career," has hit the bookshelves.

So why not celebrate all this good news with a pah-ty?! And if it gets a colleague's listing a little media exposure, well, all the better in this market goes the mantra.

The Malibu house is listed for sale at $6,995,000. Extra TV will tour it on Friday night but the big to-do comes Saturday by invitation-only -- and don't think of crashing it unless you have a thing for big unsmiling security guards with hot tempers.

The invitation promises all the Hollywood party trappings: "Valet of the Dolls, beautiful bartenders, DJ Manu Gil from Brazil, alcohol sponsors, Ice Luge outside, and Cirque de Soleil type creatures roaming the party." The 150+ invitees are high-end Malibu clients, Hollywood agents and managers, public relations folks and their celebrity clients, magazines, anyone with bucks and the people who serve them -- pilates instructors, restaurateurs, the owner of Blue Star Jets, and of course, a fair number of real estate agents.

The artwork has been removed from the five-bedroom, six-bathroom house and instead there will be poster-size photos of the magazine cover on the walls, with copies of the magazines laying around.

Actor Nick Nolte once owned the house.

Hildebrand, who is an estates director at Coldwell Banker, Malibu East, will be borrowing the house. It is listed with Chris Cortazzo, of that same office.

So? What will you be doing Saturday night?

-- Ann Brenoff, Hot Property columnist

Let them buy dream homes

Bali, or horse country? Dubai, or Park Avenue?

While many Americans are chewing over how to make their mortgage payments, 305 high-end owners (their primary residences and investment assets are each worth at least $1 million, except Californians, whose homes must be worth $2 million-plus) recently ruminated over where they'd like to land their dream homes.

The 2008 Coldwell Banker Previews International Luxury Survey reported last week that 27% of those surveyed named as their top location an island; 22% said they want a country home; and 18% prefer an international destination. There are plenty -- 17% -- who want a dream house based on a particular address or ZIP Code; 13% want a high-rise with amenities (can't live without a doorman); and 8% confessed to picking a location based simply on keeping up with their friends....wherever the Joneses are living these days.

And what do the well-heeled want inside these must-have mansions? Designer kitchens, customized home entertainment centers, indoor gyms and wine cellars. Outdoors: formal landscaping, water view, pool, hot tub (of course), boat dock, golf course, tennis court and that must-have --- a basketball court.

--Diane Wedner, Times staff writer

Photo: Associated Press

Questions? Comments? Email diane.wedner@latimes.com

Could this be a trend? Home sales up in Riverside County*

A report today by the California Assn. of Realtors says sales of existing homes were up 17.5% statewide in June from a year ago: 420,550 single-family homes were sold in June at a seasonally adjusted rate, versus 357,890 in June 2007. A big reason for the increase: bargain hunting at the lower end of the price range.

"Sales were driven in part by larges shares of deeply discounted distressed sales in many parts of the state," said CAR president William E. Brown.

The counties showing the most sales strength were, not surprisingly, those hardest hit by foreclosures. Sales in Sacramento County nearly doubled, according to CAR's seasonally unadjusted data; in Riverside County, sales jumped 75%.

This is more or less in keeping with data released last week by research firm DataQuick Information Systems. For the month of June, DataQuick reported, sales were in positive territory in the Inland Empire.

Nonetheless, by all measures prices continue to decline -- according to the Realtors, the statewide median home price declined 37.7% to $368,250 -- no doubt because all these resurgent home buyers are driving hard bargains.

*Update and clarification:

The reason the C.A.R. numbers differ from the DataQuick numbers is because C.A.R. uses seasonally adjusted data. From its report today:

The statewide sales figures represents what the total number of homes sold during 2008 would be if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Posted by Annette Haddad

Photo: Associated Press

Question? Comments? Email: annette.haddad@latimes.com

Since we're already on the topic of Realtors ...

This too-good-to-ignore press release came over the transom this afternoon.

It appears that Coldwell Banker, the Southland's biggest real estate brokerage, wants to make sure that everyone knows what great resources CB agents can be when it comes to understanding home loans.

"Conforming. Jumbo. ARM. Loan to Value. Balloon. If these mortgage terms seem unfamiliar to you as you look to buy or sell a home, take heart. There is someone to not only translate and explain these terms and how they apply to you, but to guide and counsel you through the process of obtaining a mortgage. That someone is a licensed real estate professional."

Come again? Where were these real estate professionals earlier in the cycle when consumers could have used a better understanding of mortgage terms?

The press release goes on to state that Coldwell Banker agents will be happy to steer customers with mortgage questions to the brokerage's home-loan company of choice, First Capital. The statement doesn't bother to spell out the quid pro quo agreement between the firms.

To be honest, I don't know what to make of these inane press releases. But I know that Coldwell Banker of Greater Los Angeles was quite upset by an article in the Times in September about selling one's house without an agent. I guess this is part of the company's media offensive to remind consumers that real estate agents matter.

"Those interested in learning more about how to navigate current real estate conditions ... should start that education with a local real estate professional."

You betcha.