Skip to main content

tv   Maria Bartiromos Wall Street  FOX Business  June 23, 2018 5:00am-6:01am EDT

5:00 am
david: tammy bruce, nick adams, thanks. lou will be back money. be sure and watch me and melissa frances 4:00 p.m. on business network. good night from new york. >> announcer: from the fox studios in new york city. this is mb rrp "wal -- this is a bartiromo on "wall street." maria: thanks for joining us, i'm maria bartiromo. venture capital see you con alan patricof our special guest. adam shapiro standing by in the fox business newsroom with the headlines. reporter: concern over a trade war continued to ramp up. president trump threatened the european union with a 20% tariff on all auto imports into the
5:01 am
united states. the administration is threatening the 20% tariff unless the e.u. scraps its tariff. this comes after europe imposed $3 billion in tariffs on u.s. goods in response to the steel and aluminum tariffs imposed by president trump. $200 billion in chinese goods exported to the united states, if china responds against the previous tar you river on steel and he aluminum. those trade concerns helped drag fall three major indices lower. the supreme court issued a big win for brick and mortar businesses. internet retailers can be required to collect sales taxes even in states where they have
5:02 am
no physical presence. if online sellers like amazon have tax-free sales. anthony kennedy says that loophole costs the state tax revenue every year. the oil cartel decided to boost output. the deal is aimed at bringing down prices which spiked 20% this year as well as to ease concern over a supply crunch. disney topped comcast's offer. disney's all cash offer beat comcast's offer. comcast has no immediate comments if it plans to counter. maria: trade concerns are fueling the volatility in the
5:03 am
market. continued debate over the impact of tariffs on trade partners such as china, the e.u. and canada. joining me, chris overbeck. let me ask you about the broad environment. we are worried about trade and growth. do you see those worries every day? what's your take on how the market responded to all that? >> there is a lot of uncertainty around the trade issue. there is short term issues around trade. i think ultimately the result of this will be changes in spry chains -- in supply chains for many companies. we are seeing that in the stock market but ultimately the desire of the administration from all this is to bring more manufacturing jobs back into the united states which had been basically on short.
5:04 am
maria: that's good for your company. >> we focus on small to medium size enterprises. all of this will help strengthen the united states. maria: here we are six months almost to the day of the passage of the tax reform package. i assume that tax cut was good for those domestic related companies. >> it's hard to say exactly way it's doing. but it's a huge stimulus from individuals to corporations, even corporations buying back their stock. repatriation of off-shore cash. individuals getting higher take-home pay. it's helping confidence and it's one of the most of important fuels for business. maria: do you worry some of that benefit may be beaten by the trade worries out of the e.u.
5:05 am
and canada? >> there will be a lot of short-term implications and dislocations. i think the timing is not so bad for that because we have a growing economy. i think the economy can afford some of that disruption. but the objective of that disruption is longer term strengthening of the under pinnings of the u.s. economy which is having more base core manufacturing brought back to the united states. maria: tell us about air towinga. the stock performed d tell us about air towinga. >> we are. >> we are well positioned. we have a floating rate portfolio. as interest rates rights our revenues go up and our liabilities are dead. it's mostly fixed rates.
5:06 am
we are focused on smaller enterprises that are growing and have greater need for capital. the revenues are increasing as interest rates rise. we are well positioned relative other fixed instruments. if you buy our stock, you are going to get a strong cash flow yield. but unlike buying bond where interest rates go up within it goes down. maria: 8% dividend is strong. >> underneath that dividend we have a large portfolio. we have highly diversified companies. our stock allows you to buy credit investments in the part of the economy that's growing well in a diversified fashion.
5:07 am
chris, it's good to have you on the program. don't go anywhere. alan patricof joins me next. >> announcer: he invested in companies like am and aol before they were household names. where is the venture capital hi.i just wanted to tell you that chevy won a j.d.power dependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award across cars, trucks and suvs-three years in a row. phew. third time's the charm... where we're changing withs? contemporary make-overs.
5:08 am
then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at it's just a burst pipe, i could fix (laugh) no. with claim rateguard your rates won't go up just beacuase of a claim. i totally could've... (wife) nope! switching to allstate is worth it. if his denture can cope with... a steak. luckily for him, he uses super poligrip. it helps give him 65% more chewing power. leaving brad to dig in and enjoy. super poligrip. running a small business is demanding. and that's why small business owners need more. like internet that's up to the challenge.
5:09 am
the gig-speed network from comcast business gives you more. with speeds up to 20 times faster than the average. that means powering more devices, more video conferencing, and more downloads in seconds, not minutes. get fast internet and add phone and tv for only $34.90 more per month. comcast is building america's largest gig-speed network to give small businesses more. call 1-800-501-6000 today. benjamin franklin capturedkey lightening in a bottle. over 260 years later, with a little resourcefulness, ingenuity, and grit, we're not only capturing energy from the sun and wind, we're storing it. as the nation's leader in energy storage, we're ensuring americans have the energy they need, whenever they need it. this is our era. this is america's energy era. nextera energy.
5:10 am
maria: welcome back. my next guest is one of the pioneers in the venture capitalist field. in 1977 echo found apax partners which is one of the world's largest private equity firms. in 2004 patricof stepped back from the daily duties of apax
5:11 am
and found greycroft partners. the firm with about a billion dollars under management. thank you so much for joining us. you are the perfect person to talk about what the heck is going on. this week technology was so strong. a number of the so-called fanning stocks hit ca hitting ae highs. >> the private sector is as strong as i have seen it in all the years i have been in this business. the market -- are we seeing irrational exuberance or overheated market? i can't tell you. if you are young with a good team and look for expansion capital. tough a good concept money will not be your restricting element.
5:12 am
there is a lot of money in the funds that want to invest. the ipo market opened up the last two months. the last four or five deals, up to 500% premiums. the companies get sold in the private market. maria: i gets makes it harder to compete because a lot of people are willing to fund these early companies. >> the reason i ran a billion instead of 41 billion, i went back to my roots, back to the future. i wanted to make sure we would stay a venture firm so we controlled our fund at not being more than a couple hundred
5:13 am
million. it affects how you invest and what your reasonable expectations for exit are. for startup there is a lot of money. but there is a lot of people with money in fund they have to invest. there is exuberance in terms of pricing and people putting perhaps more money into transactions than needed. one of the things that concerns me more than anything else. you are seeing young companies because they can't satisfy the demand of big funds to put money to work, a company one year or two years old, the founders are cashing out to satisfy demand for their stock. it's not all good. maria: does it concern you there is so much money sloshing around
5:14 am
the world maybe we are getting too exuberant? >> so far we haven't seen a dramatic falloff. everyone says we have had 8-9 years of consistent growth. we had about the same in the venture business. i timed it very well starting in 2006 again. and so far everything looks good. and definitely i would not see the same conditions we saw in 2000 and 2001 which were rough times. companies today seem to have better thought out plans, management teams that are morning experiences and tellings advanced. it's a mixed bag. maria: you have been focused on a couple barriers, meet yeah, director consumer and sports technology. tell us where you see the growth
5:15 am
in those areas or any other areas. where is the growth in venture capital? >> every one is interested in cyber warfare, cyber control, and we make investments in that area police the dark web, protecting equipment so it doesn't get penetrated. and it's a very good area. it's hot, but it's also a good thing because a whole new world opened up as a result of all the intrusions and hacking we have seen obviously in the political area to start with. maria: how long before you look for an exit strategy. is it always that these companies go public or do you hold and invest for a long time? >> that's a good question to ask. i think people are confused about that. venture capital in my opinion is a much longer-range business than people thought.
5:16 am
back -- i hate to go back, but in the 70s or 80s you could invest in a company and two years later they could go public with no revenues and no profits. today there is a much more discerning i.p.o. market. you have to be at a certain level of revenue. we believe companies should be capitalized. we don't want capital intensive companies. we want companies that can make it with a reasonable amount of capital raised. every one of our companies that has been sold has been sold in a private transaction. we have had good acquisitions up in the high hundreds of millions. but certainly approaching that we have several portfolios that will reach that level.
5:17 am
maria: stay with us, alan patricof with us this weekend. a lot more when we come back. >> announcer: amazon now wall street's second biggest company in the world. did the supreme court just cast doubt on amazon's six in the morning. she thought it was a fire. it was worse.
5:18 am
a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia.
5:19 am
well, it's a whole day's worth of love songs. 300 minutes of baby videos. or, it's a million chat messages. a gig goes a long way. that's why xfinity mobile lets you pay for data one gig at a time.
5:20 am
and with millions of wifi hotspots included, you'll pay less for data. it's a new kind of network designed to save you money. click, call or visit a store today. maria: venture capital icon alan patricof our guest this weekend. the supreme court ruling will allow states to collect sales
5:21 am
tax for online shopping. this is a long time coming for some people. but there is a debate, if you don't have a physical presence you shouldn't pay tax. >> i'm supportive of this decision. it's made it difficult for a lot of physical presence retailers to compete when in your order bag you start out with an 8% or whatever the sales tax rates are. the logic behind it, it's like an outdated law or allowance that should have been changed a long time ago. maria: at a department type when online shopping wasn't luke it is today. >> online shopping is 40% of all retailing today. i was walking up lexington avenue in new york last night. five blocks. and i will tell you 50% to 60%
5:22 am
of thers to are empty. if you go around the country and go to shopping malls. the impact of online internet buying direct to consumer, and we are participating in it. we invested a lot of money in a lot of companies online. it decimated the whole neighborhood aspect. and even how people used to date, they used the telephone and called someone. now they use online dating. that affects sales taxes. but it's how interaction was so didn't going into your local waste was. people lost a lot of that. i think this is one component of sales tax. i think a lot of local retailers
5:23 am
will be -- will warmly greet that. maria: you said you were walk and all these shops were out of business. what does that say about the economy? we are getting good numbers, virtual full employment. growth being talked about up to 4% in the next year or so. federal reserve has the second quarter. are you seeing that from your vantage point? >> it's interesting. from the standpoint of the copies. i did by went on the show just for the fun of it. i did a random, we have 140 companies. i sent it out to 20 companies. i said what is the impact of the companies and the tariffs. what's the impact of immigration. venture capital companies don't borrow money, so they don't mean anything. most of of them are dealing with
5:24 am
u.s.-based activities so that does it. the only thing that concerns them. and they don't spend that much time focused on politics. the only thing that has some impact from the reaction i got which i would have expected was the immigration issue and the ability to have employees at a lower salary level, and the higher level with the visas hat have been readily available up until now. other than that, i would say venture-type investments -- most of our companies are growing at 50% a year. not that we are so special. that's the nature of the companies venture capitalists invest in. even if the economy is softer. so 40% instead of 50% in this environment. maria: alan, good to see you.
5:25 am
thanks for joining us. more "wall street" right after this. it's easy to think that all money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. can be a big bad problem that you could spread to. family members, including your grandchildren babies too young to be vaccinated against whooping cough are the most at risk for severe illness. but you can help prevent this. talk to your doctor today about getting vaccinated against whooping cough. because dangers don't just exist in fairytales.
5:26 am
that you don't think about is very much. counties it's really not very important. i was in the stone ages as much as technology wise. and i would say i had nothing. you become a school teacher for one reason, you love kids. and so you don't have the same tools, you don't always believe you have the same... outcomes achievable for yourself. when we got the tablets, it changed everything. by giving them that technology and then marrying it with a curriculum that's designed to have technology at the heart of it, we are really changing the way that students learn. and i can't wait for ten years from now when i get to talk to them again and see, like, who they are. ♪
5:27 am
like concert tickets or a new snowboard. matt: whoo! whoo! jen: but that all changed when we bought a house. matt: voilà! jen: matt started turning into his dad. matt: mm. that's some good mulch. ♪ i'm awake. but it was pretty nifty when jen showed me how easy it was to protect our home and auto with progressive. [ wrapper crinkling ] get this butterscotch out of here. progressive can't protect you from becoming your parents. there's quite a bit of work,
5:28 am
'cause this was all -- this was all stapled. but we can protect your home and auto when you bundle with us. maria: time for a look at some of the big market events that could impact your money. we'll get the numbers for the month of may on new home sales. we also get the latest earnings from carnival. tuesday the consumer confidence report is out. we'll get earnings from home builders lanar included. numbers on durable goods as well as pending home sales. next week is a huge week for walgreens. tuesday it will be added to the dow jones trim average. it replaces general electric.
5:29 am
that happens tuesday. we'll get the latest gdp report as well. we want to know what the gdp is doing now. we will have earnings from nike and kb home. the main numbers for personal income and constellation brands. we may see peter strzok, the fbi agent testify on the political front. the house is expected to hold a hearing on sports betting. and peter strzok may testify next week. we are waiting for an answer from him. be sure top catch "wall street" every week on fridays. we have a great show this weekend on "sunday morning futures" *. weekdays tune in for "mornings
5:30 am
with maria." follow this program on facebook and twitter and instagram. get latest video and pictures from the program. thanks so much for being >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show,
5:31 am
i'll give you critical tips you need to know in the massi memo because information is power. and the property man has got you covered. [ woman vocalizing ] buying or selling your home is one of the biggest financial transactions you'll ever make. and it's not cheap. but the internet changed nearly every industry imaginable, including home sales. >> in the olden days, if you wanted to have access to the available properties for sale, that was through the mls. the only people that had access to the mls was licensed agents. >> erin o'connor has been a real-estate agent for 12 years in the greater phoenix area. >> with the onslaught of the consumer websites like trulia and zillow and and, consumers are getting more and more information online. >> so about a year ago, erin decided to try something radically different. >> i decided to reduce my listing commission to a flat rate
5:32 am
and keep the buyer's agent commission the same. >> with the flat rate option, the seller pays one set amount and not a percentage commission. it's not a new concept. but it's a bold move because it disrupts the system. we're gonna go meet erin. and he's gonna let us tag along to meet his clients. hey, erin. what's up, buddy? >> hey, bob. good to see ya. >> so let's go meet your clients. >> jack and sharon. >> yes, sir. >> they are considering puttin' their house on the market. just wanted to visit with me about what they can expect. >> jack and his wife bought this 3,100-square-foot home about 12 years ago. but recently, they've been thinking about downsizing. >> every time i sold a home, i had this feeling of -- of i'm paying too much money because they don't seem to be doing anything. but the -- the way we have always done business for decades is so ingrained -- >> yeah. >> it's very difficult to change a habit. >> i had always felt it was weighted improperly. a listing agent does a tremendous amount -- less amount of work than a buyer's agent does. yet their paychecks
5:33 am
are exactly the same. if one family has a $300,000 home for sale, then i will perform a set of services for that person identical to the same set of services that i would perform for jack in his $600,000 house. >> so if we look at the standard way of listing -- let's say you wanted to list it for 600,000. at 6 percent, that's a $36,000 commission, $18,000 to each agent. >> that's significant. >> so is it your intentions then to go by a flat rate? >> absolutely. if i can save 14 grand by going with erin, who's gonna do the same thing and is licensed the same way that the other people that want me to list with them -- >> then, why not? >> no, why not? >> real-estate commissions are negotiable. but that can be sometimes tough to do. six percent is what's most commonly charged, usually divided between the buyer's agent and the seller's agent. so you're doing exactly the same thing. but the consumer understands
5:34 am
this is how much it's gonna cost if the house is sold. >> absolutely identical. >> and the buyer on the other side, the agent still gets their 3 percent. >> the buyer's agent deserves their full 3 percent. if i take your home and i do brilliant photography, i price it properly based on the market conditions in the area and we get it out on mls, the home is gonna sell. and it's actually gonna sell by the buyer's agents. >> well, sure because you're out showing homes all day long. >> absolutely. showing homes, dealing with lenders, dealing with title, dealing with escrow. >> erin says the easiest people to convince are customers who have used him in the past and paid the full commission. sandy and her husband bought and sold investment properties. and they often turn to erin as their realtor. >> through erin, we bought four houses, three of which were investments and one my daughter and son-in-law live in. >> how did you view the idea of commission, a commission-based contract?
5:35 am
>> by the time you do 6 percent commission on the sale of a house, especially in california where we live, that's a chunk of money. >> right. >> for one piece of business. >> for one transaction. but in the past, that was the way, at least, you did the business. >> you had to. >> no choice. >> no alternative. >> when her husband passed away, she decided to sell some of the investments. >> my financial adviser really wanted me out of the real-estate business. >> mm-hmm. >> so i went to erin with that house. and he said, "oh, by the way, i'm doing this new thing." >> did you ever get a sense that you would -- sort of the services would not be as extensive as if it was on a commission? >> i wouldn't agree to an arrangement that did not add all of those things that you come to expect from your listing agent. >> bottom line is, you saved a lot of money. >> yes. >> and that's important. >> i came back with the second house. i saw no difference between
5:36 am
the first house he sold at full commissions and the two flat rate. >> so how do your fellow colleagues view this? >> i have definitely had some professional blowback. i'm saying out loud what a tremendous amount of agents and brokers for years have always known. >> when we come back, i'm gonna take you inside the mansion behind me. it all started from a stick of gum. [ woman vocalizing ] hi.i just wanted to tell you that chevy won a j.d.power dependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award across cars, trucks and suvs-three years in a row. phew. third time's the charm...
5:37 am
it's willingham, edge of the box, willingham shoots... goooooooaaaaaaaallllllll! that...was...magic. willingham tucks it in and puts the championship to bed. sweet dreams, nighty night. as long as soccer players celebrate with a slide, you can count on geico saving folks money. fifteen minutes could save you fifteen percent or more on car insurance. pressure, what pressure? the players on the... pressure, what pressure? i'm a small business, but i have... big dreams... and big plans. so how do i make the efforts of 8 employees... feel like 50? how can i share new plans virtually? how can i download an e-file? virtual tours? zip-file? really big files? in seconds, not minutes... just like that. like everything... the answer is simple. i'll do what i've always done... dream more, dream faster, and above all... now, i'll dream gig. now more businesses, in more places, can afford to dream gig. comcast, building america's largest gig-speed network.
5:38 am
capital one has partneredthing with to give venture cardholders 10 miles on every dollar they spend at thousands of hotels. all you have to do is pay with this... at 10 miles per dollar? that is incredible. brrrrr. i have the chills. because you're so excited? because ice is cold. and because of all those miles. obviously. what's in your wallet? i'm not sure. what's in your wallet?
5:39 am
♪ >> welcome back. i'm bob massi, the property man. and i'm standing in phoenix, arizona, at a property with a fascinating history. in 1891, a man named william wrigley jr. moved to chicago with $32 to his name. and he began selling soap and baking powder. his business did well -- even better after he started giving his customers sticks of gum. soon, the gum was a bigger draw than the soap.
5:40 am
and wrigley's became a major brand. in the early 1920s, william wrigley bought the chicago cubs baseball team and then the arizona biltmore hotel. in chicago, he began expanding and renovating the cubs' stadium, which would become wrigley field. in arizona, he decided to build a winter cottage for his wife as an anniversary present. between 1929 and 1931, the wrigley mansion was constructed on a mountain overlooking the city of phoenix. >> the wrigley mansion is just a rare, unique beauty here in the phoenix valley. >> now tourists and locals alike come here for tours, meals and private events. ben sinon is now the mansion's general manager. >> and you show your guests -- very few homes in the area have been around quite as long. and very few homes have as much to see. >> this little winter cottage was the smallest of their five homes, coming in at only 17,000 square feet. i guess a lot of people were buying chewing gum
5:41 am
at that time. >> as winter would set in in chicago, the wrigleys would travel out this way, spend about 6 weeks a year here. >> it was only meant as a stopping point for the wrigleys to spend a few weeks a year as they traveled between chicago and catalina island. so the home didn't need much -- only 24 bedrooms, 12 bathrooms and 11 fireplaces. >> mr. wrigley was a really humble guy. he really liked to always pay homage and -- and remember where the family fortune had come from. so in all of his mansions across the country, had one room that was lined with gum foil wrapper from -- from the gum factory. in this case, it was a telephone room. every member of the family learned how to operate the switchboard so they could make calls down to the hotel to speak with their guests. many a visitor who had come to the home throughout the '70s still said that at that point, you could still smell the spearmint coming off the walls. >> that's fantastic. >> you have what is called a cantilevered staircase. quite a architectural feat for the 1930s, a staircase that is designed with no under-support beams, only supported on one side from the wall.
5:42 am
as we make our way up the cantilevered staircase, you really start to see the intricacy of the design work in the ceiling. one of the other highlights here in the main entryway is the original chandelier. a chandelier was meant to make a grand first impression as well. >> mr. wrigley bought catalina island and for 10 years also ran the catalina tile company. >> all the tile you see in the home lining the hallway we're walking down as well as on all of the fireplaces and in the bathrooms upstairs was all brought over from catalina. >> and it was not easy getting them to phoenix. >> the closest road was about 7 miles from here. so everything was brought over by ferry from catalina, by train from long beach and then brought by mule to the property. now we're here in the living room -- once was the wrigleys' formal living room. the ceiling here is quite a showcase. one of the really most popular things is this custom-built steinway piano. >> oh, wow. >> it's one of two in the world. the other's at the smithsonian in washington, d.c., and kept in storage. it's an automated playing piano.
5:43 am
quite innovative technology for 1930 -- >> i would think so. >> when the piano was designed. [ piano playing ] definitely one of the highlight pieces of the tour -- >> of course. >> for out-of-towner visitors. this area, the living room and this veranda portion is utilized for weddings, corporate functions, and really is a showcase for spectacular sunset views, beautiful-to-watch storms and just great scenery of the phoenix valley. >> what -- what a great area to have, like, a wedding reception or just a cocktail party. it's magnificent. >> originally, the wrigleys actually had a few estate homes down here in now this residential community. >> mm-hmm. >> and one day, mr. wrigley was looking up this 500-foot knoll, saw the property and thought it would be a great place to put his wife's 50th-anniversary present. so he purchased all of the surrounding property in the area. >> [ laughs ] ♪ >> now we're moving into the library, one of the rooms in the house
5:44 am
that's still originally intact. the home was built during prohibition. the wrigleys weren't big drinkers. but they were entertainers. and they liked to have people over. so they did build a little cubby hole in the library for all the scotch and whiskey to be kept out of sight but on hand if necessary. >> sort of like a secret room for booze. >> absolutely. >> william wrigley died in the home in 1932. and the family sold the estate in 1973. at one point a few decades later, the city of phoenix almost tore it down to build condos. but in the '90s, it made its way to another billionaire with a famous name, geordie hormel of hormel foods. >> he purchased the home in 1992. and his family still owns the home today. you see the bar is built around the original concrete columns that support the upper balcony. >> mm-hmm. >> and this was all outdoor up until about 1995, when this bar was built in. >> hormel and his wife restored the mansion and wanted to turn it into a destination and an event space
5:45 am
that is open to the public. technically, though, believe it or not, it's a residential building in a residential neighborhood. it's classified as a "private club." >> geordie thought that everyone should be able to see it. so membership was made very attainable. we have a $15 annual membership that includes complimentary valet with every visit. >> so what if somebody wants to just come in to have dinner? how does it work? >> we do offer a $5 monthly trial membership. again, that's for you and any guests that you may have with you. just our way of keeping the hoa around us happy and following all the rules. >> geordie's steakhouse is still a popular destination for lunch and dinner. all this from some chewing gum. when we come back, i'll take you inside this exclusive hillside estate. you don't wanna miss it. [ woman vocalizing ] how do you win at business?
5:46 am
stay at la quinta. where we're changing with stylish make-overs. then at your next meeting, set your seat height to its maximum level. bravo, tall meeting man. start winning today. book now at start winning today. so allstate is giving us money back on our bill. well, that seems fair. we didn't use it. wish we got money back on gym memberships. get money back hilarious. with claim-free rewards. switching to allstate is worth it.
5:47 am
our phones are more than just phones.up! they're pocket-sized personal trainers. last minute gift finders. [phone voice] destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet which could save you $400 or more a year. it's a new kind of network designed to save you money. click, call, or visit a store today.
5:48 am
5:49 am
♪ >> welcome back. i'm bob massi, the property man. there are some luxury properties that just soak up the essence of their surroundings. and i found one here in lost canyon north of scottsdale, arizona. ♪ i said at the beginning of the show that there are some properties you need to see to believe. and this is one of them. so i asked realtor dave pattison to show me around this stunning hillside estate. >> welcome to lost canyon. i think you're gonna find this to be quite the special home. >> it is. it's beautiful. the home is tucked perfectly into the natural landscape of the mcdowell mountain range. >> it sits up on the top of the mountain, looks down over the valley. we're gonna cross over the creek and make our way up to the front. >> you talk about the creek, but the water runs underneath the house. >> that's correct. >> and this is a whole
5:50 am
new definition of a play area. that's for sure. >> yeah. this used to be all rock. >> the current owner decided to build a playground and built one with possibly the best view of any playground around. he has a place to hit some golf balls, i see. >> yeah. you can chip it over and -- right by the front door. >> take care of business. this is great. >> come on in. >> looks like ben-hur's door. >> so you come in. and you hit the main living area. they've incorporated some of the natural stone from the site itself. >> it's beautiful. >> they built it right into the house. and then we make our way into another living area. so it's a split fireplace. so each side of the house has its own viewing of the fireplace. and it all looks out over the valley as well. >> yeah. the view... you never lose the view. ♪ you know what i always find interesting, dave, is the unique taste that people have, which, obviously for you,
5:51 am
you have to find a special buyer. >> oh, yeah. but it makes 'em fun to sell. >> yeah. >> i mean, somebody that can appreciate the fine stone, the wood-beam ceilings. >> somehow, the house doesn't feel too big, although the large entertaining spaces seem to just keep going on and on. not content just sitting in front of one of the 10 fireplaces? well, you could take in a movie in style within the full home theater. >> the master suite is separate from the other bedrooms in the house, so it allows for a lot of privacy. >> let's go see the office. >> bob, this is my favorite room in the house for sure. >> oh, this is beautiful. >> as you can see, he's quite an avid gun collector, old antique pistols, rifles. >> i love rooms like this, where you can really feel the character of the homeowner without ever even meeting him. the wine cellar is not just a functional place to store wine -- it is a work of art. >> you enter in through the rock tunnel -- >> it's like a catacomb. you know, you start walk
5:52 am
in these little tunnels here. >> eight hundred bottles -- >> oh, it's beautiful. >> nice and cool in the summer in here. the current owner, when he wants to tinker, he goes down to his basement of the home. >> oh, yeah. >> how 'bout that? all diamond plated, collectibles. you wanna work on your cars and lift your engines out, you can do that in here. get a look at this motorcycle here. it's a replica. >> another indication that this guy has certain passions in life. every guy in the country's gonna envy this right now. but that looks like terminator over here. >> yeah. he built that himself here at the property. you can tinker all day long down here. >> yeah. you really could tinker all day long. it's like his tool shed, man. he's in his garage. and he's putzin' around all day. >> no doubt. >> good for him. >> this home is very special because you can be outdoors all year round. we are a short and flip-flop type kind of lifestyle here in arizona. so you can be out on the covered patios
5:53 am
or just splash around in the pool. >> the glass pool is what's called negative edge. it gives the feeling of never ending and overlooks the entire valley. >> the outside west-facing home is really a treasure. the elevation allows for just uncompromising views of the valley. you get incredible sunsets. >> this casita is a separate structure perched above the main property. as if you need an even more peaceful place to take in the views, it's the highest point on the property and a priceless place to enjoy a morning cup of coffee. >> we have misters on the patios that cools it, that makes it livable even in the hot summer heat here. >> the estate sprawls 14 acres, which include a mile of hiking trails just within the property itself. it really offers the best of arizona desert living, unbelievable privacy surrounded by nature but close to every amenity available.
5:54 am
up next, we're digging into the property man mailbag yet again so i can answer your property questions in the massi memo. stick around. [ woman vocalizing ] here. we perform over 50,000 operations a year in places like this. for the past 15 years, chubb has identified ways that we can strengthen our safety measures. and today, our hospitals have some of the best patient safety records in the country. now, we're constructing new buildings that will define the future of piedmont and chubb is here, insuring our expansion. two million patients a year depend on us. and we depend on chubb.
5:55 am
you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. when you think of miami you think of,you know,rich,glamour but 5 miles away from the beach there's people who have never seen a beach. i was confused why somebody was in this situation especially in america. ♪music:oooh,oooh,oooh
5:56 am
so when i started joshua's heart foundation it was a key thing to be able to engage youth in the foundation. to help them participate. ♪music:oooh,oooh,oooh i think passing on the torch and lighting a new flame in another person to do good is probably the point of the bigger missions i have. ♪music:aha,aha,aha so we are each making a bigger difference. ♪music:oooh,oooh,oooh that's it! just giving back and producing love for everybody.
5:57 am
♪ >> welcome back. i'm bob massi. and it's time for the massi memo. i'd like to take a minute to answer some of the many questions i get from viewers. now, due to the volume of mail we receive,
5:58 am
i can't answer every letter or e-mail individually. but i do try to read them all. so jim and lori write... look, you're in a tough spot. why? because the lender is going to be loyal to their appraiser. and they're always conservative. and appraisers today are paranoid about not doing exactly the value they believe is true. as a matter of fact, many times now when an appraisal takes place, you're not even allowed to be in the home. you can't even talk to the appraiser. but here's what you can do. first of all,
5:59 am
go hire an appraiser. have them critique the particular appraiser and his work. point out the deficiencies. give that information to the bank to see if, in fact, you could prove that the values that were given were inappropriate, that they should've done the comps in the area. that's very important. number two, there are divisions with the state where you could file a complaint against a realtor and against an appraiser to challenge it and say, "look, this is something that was not done properly." the problem with that is it takes a long time. so in your situation, unfortunately, you and i who wanna buy a home or refinance a home, so often, we are 100 percent dependent on the appraiser and their findings. that's all the time we have for today. be sure to send me your property stories, questions, or pictures of your property bloopers. send them to and don't forget to check us out on facebook and twitter.
6:00 am
there's also plenty more information on videos on our website, i'll see you next week. [ woman vocalizing ] >> lou: good evening, everybody. our top stories, president trump using all of the powers of his office, trying to push for secure boards and sensible, rational immigration laws and the rhino and the dems in congress play obstructionist in congress for the fight for amnesty and open borders. >> the worst immigration laws. the whole world is laughing at the united states and had been for years. >> lou: we'll take up the latest high stakes battle in the mi


info Stream Only

Uploaded by TV Archive on