The co-creator of “Magnum P.I.” and “NCIS” sold his longtime home for $5.85 Million in an off-market deal

FROM www.MansionGlobal.com: Renowned television producer Donald P. Bellisario has sold his family’s longtime home in the Studio City neighborhood of Los Angeles, according to newly filed property records.
Mr. Bellisario, 83, owned the traditional-style house hidden behind a long drive and canopy of trees for more than 30 years. The creator of and writer for a slew of hit TV series in the U.S., including “Magnum P.I.,” “JAG” and “NCIS,” sold it in an off-market deal for $5.85 million, according to property records filed this month.

That’s a drop in the bucket for the Hollywood writer/producer, who continues to reap the benefits of having created some of the most successful evening detective series on television (“NCIS” was the fifth most-watched show during the 2017-18 season). Indeed, two years ago, Mr. Bellisario committed $30 million to his alma mater Penn State—one of the largest gifts ever given to the university.

Little is known about his longtime home in Studio City, since the hit-maker never listed it on the open market. Mr. Bellisario did not return a request for comment.But the latest details filed with the county show it was a four-bedroom, six-bathroom home built in the 1940s with over 5,200 square feet of interior space.

The home sits on a hill with spacious room for parking at the front of the house, and a large paved patio and freeform pool at the back, an aerial image of the home shows. Mr. Bellisario last renovated the home in the 1990s, according to records. This is the hit-maker’s second house sale in two years. He reportedly sold a grander, French Regency-style estate in Montecito in 2016 for $5.895 million.

WRITTEN BY BECKY STRUM FOR MANSION GLOABL
Original Article here: https://www.mansionglobal.com/articles/tv-series-creator-donald-p-bellisario-sells-l-a-house-for-5-85m-119628

FROM REALTOR.COM: Life is full of regrets. There are those unfortunate fashion choices, there’s your crazy ex. (What were you thinking?) And then there’s everything you did wrong when you bought your first home.

The biggest regret of first-time home buyers was that their new abodes turned out to be too small to accommodate their needs, according to a recent Porch survey. The online network that connects homeowners and professionals surveyed just under 1,000 people to come up with its results.

“They bought homes in neighborhoods they could afford at the time,” says Porch spokeswoman Amanda Woolley. “As time passed, their circumstances changed—[their] family grew or incomes increased—and [they] could now likely afford more/different types of home.” 

Other things that buyers wish they had done differently included having more savings before closing on their home—millennials in particular copped to this one (15%). But millennials and baby boomers were equally likely to report that they’d underestimated the costs of home buying (14%). Gen Xers were slightly more savvy, with only 12% underestimating the costs. 

Of course, the cash outlay doesn’t end with closing. About 52% of buyers didn’t plan for additional maintenance in their first year of homeownership. And that maintenance can add up quick.

“There are also a lot of hidden costs that come with home buying, either not anticipating closing costs or the actual cost to upkeep a home that buyers might not have budgeted for,” says Woolley.

Where are first-time home buyers spending their money?

Making the financial situation worse was that about 46% said they went over budget on their home, by about $6,650. Just 16% stayed within their target range, and 38% spent less than they had expected, by about $3,615.

Those who overspent still had to contend with getting their new residences into livable shape. So what did they blow the most dough on?

New homeowners spent the most money on new appliances. (Hey, that old fridge had to go.) Next up was replacing their roofs, followed by installing new furnaces and air-conditioning systems, landscaping, and replacing the floors.

“A general guideline to home maintenance is having 1% of the home’s value in savings to address home improvements,” says Woolley. “When purchasing a home, it can be tough to anticipate what might be an issue in the future, so ensuring you have a budget to address those necessary improvements is crucial.”

What made first-time buyers choose their homes?

So why did first-time buyers have their hearts set on their particular abodes? The most popular reason was simply that the home fit their budgets. That was followed by the property being move-in ready and in a good neighborhood.

Millennials and Gen Xers prioritized the home being the right size and located close to their jobs and in good school districts. Meanwhile, baby boomers were more likely to be concerned with being close to family and the home having good resale potential.

“Buyers should make a list of aspects of a home that are important to them and then make a decision about what features/aspects that are negotiable,” says Woolley. “The one thing about a home that can never change is its location, but you can always remove wallpaper or add space, potentially.”

WRITTEN BY CLAIRE TRAPASSO FOR REALTOR.COM:
https://www.realtor.com/news/trends/worst-first-time-home-buyer-nightmares/

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