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Mega mansion: The 23-acre, seven-bedroom Maryland river-front home has gone on the market for a massive $32million - a record for the mid-Atlantic area

Nestled in the woods of Annapolis and on the banks of the Severn River, the house also has eight bathrooms, two swimming pools, a spa and a nine car garage.

There's also a commercial-size gourmet kitchen (for your personal chef, no doubt) as well as a catering kitchen. 

A wine cellar, workshop, library and six-slip private dock (with boat lift) for when the neighbours pop around for coffee are also part of the package.

Oh, and don't forget the secret vault, or the three-bedroom gate house. 

 

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So, with all this luxury, why are the Phillipses moving out?

'Once the kids are gone and out of the house, sometimes you find yourself thinking, "Gee, this is more house than we really wanna take care of,"' Sotherbys broker David DeSantis, who is looking after the deal, told CBS.

If the asking price is reached, the sale could be a record breaker for the mid-Atlantic area. Although, the buyer may have to come from out of town to be able to afford it.

Family home: The impressive property is owned by Steve Phillips [centre right, with friends at a company event] who bought and renovated the former Capuchin monastery with his wife Maxine in 2002

Seafood empire: Phillips Seafood is a third-generation, family-owned company that started in the Maryland area and is now worth millions of dollars

River frontage: Balanced on a 140ft cliff overlooking the River Severn, it was built in 1922 by an arms dealer, who used the vast and secretive basements to store his guns

Heavenly past: The house was then sold to the Catholic church, in the Forties, and turned into St Conrad Friary - although it would have been more austere then

Make an entrance: The house was unused for thirty years until the Phillipses came along and extensively renovated the rooms

Historic home: New wings had to be created and the old dormitories were replaced with tasteful rooms

Religious tones: While the house is mainly contemporary in feel, some rooms do hint at its historic past

'There are certainly people in other cities and other countries who could see the appeal of owning a property in this town,' said Mr DeSantis.

THE HISTORY OF THE HOUSE

• It was built in 1922 by an arms dealer who used its extensive basements for storing his guns

• In the Forties, the property was sold to the Catholic church who turned it into St Conrad Friary

• Up to sixty Capuchin monks could live in the friary at any one time

• In the Seventies, the religious group moved out

• But a owner could not be found for another 30 years - until the Phillipses moved in and started the renovation

And there's no doubt about the alluring appeal of this classic Georgian Revival brick home.

Balanced on a 140ft cliff overlooking the River Severn, it was built in 1922 by an arms dealer, who used the vast and secretive basements to store his guns.

In the Forties, the property went to a decidedly less sinful owner - the Catholic church, who turned the home into St Conrad Friary, where up to sixty Capuchin monks lived at any one time.

Thirty years later, the religious group moved out and the house feel into disuse until a buyer could be found.

It took another 30 years to find people willing to take on such a renovation - but fortunately Steve and Maxine Phillips came along. 

The employed the help of local architect Charles Anthony, as well as Matthew Mosca, a historic paint finishes consultant, and interior designer Henry Johnson.

And while some of the original feel of the house has been preserved, the couple, who are keen sailing fans, turned many of the rooms into light, airy space with a subtle nautical feel. 

They have competed together in professional yacht races, including the gruelling Rolex Farr 40 Worlds Series in Australia - winning many of the competitions.

 

Cook up: There are two kitchens - one for your personal use and another for the caterers

Yacht lovers: Maxine and Steven Phillips are sailing fans, hence the relaxed, nautical feel of the interior

Mr Phillips is the third-generation owner of the seafood company, which has a history as rich as their beautiful home's past.

His grandfather started a crab processing plant in the Chesapeake Bay area at the turn of the century.

Then, in 1956 Brice and Shirley Phillips (Steve Phillips' parents) moved the family to Ocean City, Maryland, and opened a small carryout restaurant called Phillips Crab House.

'I can still remember our early days when my brother and I would help Dad steam crabs, taste Mom’s new recipes or sit on the front steps proudly calling in that another guest was coming for dinner,' says Mr Phillips on the company website. 

Today, the profitable company has grown so much that it extends from the mid-Atlantic base along the East Coast. 

And has become successful enough for its third generation owner to afford to own what could be the most expensive property in the state.

Too big: The Phillipses are moving out because the property is too big now the kids have moved away

Play ball: The home is currently open for viewing - as long as your bank can prove you have the funds in your account to meet the mufti-million dollar price tag

Of course, compared to other zones in the U.S., $32million is a paltry sum.

Take the high prices of Florida, New York or Washington DC's finest properties.

The highest valued-abode in the Big Apple is currently the $90million Woolworth Mansion, known today as the Ukrainian Institute, on the Upper East Side.

In the Sunshine State, a cool $125million will get you the sprawling faux French chateau, Fleur de Lys.

In Washington DC, where leading businessmen and politicos push up the prices, the most expensive home in the area is owned by AOL founder Jim Kimsey. 

His 1,000-square-foot mansion, The Falls, is worth some $45million – although you do also get a Frank Lloyd Wright-designed house overlooking the Potomac River in the deal.

But if you are looking for a mega-mansion in the Maryland area and are interested in the Friary on the Severn, you can contact TTR Sotherbys for a showing. 

Although, they'll need your bank to send over confirmation that you have the funds to match the asking price before they'll take you through the front gates.

Light and airy: The home is nestled in the woods of Annapolis and on the banks of the Severn River

Sumptuous furnishings: Although the rooms have plenty of natural daylight, they are cosy and grand

Vintage appeal: The property also has a full, temperature-controlled wine cellar

Water therapy: The property includes two swimming pools as well as a spa

Record breaker: If the asking price is matched, the home will be the most expensive sold in the Maryland area

Plenty of space: One of the seven bedrooms has been turned into a guest loft and work space

Docking point: There's a private slipway on the river - with a mechanical boat lift - that can berth six vessels

Wood-lined kitchen: One of the two cooking areas has been decorated with hand-crafted wooden units

Time out: There's even a full spa for your relaxation

Masterful bedroom: This stately room is one of seven sleeping spaces

Washrooms: There are a total of eight bathrooms in the property...

... complete with power showers - and hopefully a housekeeper to keep them all clean

Watch a tour of the house on video: http://baltimore.cbslocal.com/2012/05/14/phillips-ceo-lists-riverfront-home-for-32m/

A new Maryland law will help extinguish the consequences of quick-moving  fires.

Continue reading

A demonstration of what can happen to a house without a sprinkler system. (Photo: Kris Van Cleave)

The state joins Prince George's County in requiring the installation of sprinkler systems in new homes. The law has been effect in the county for 20 years.

A demonstration put on by the U.S. Fire Administration's National Fire Academy showed the difference a sprinkler system can make.

"The unsprinklered fire is fatal in a minute or two, the sprinklered model is absolutely survivable," U.S. Fire Administrator Ernest Mitchel said.

Maryland State Fire Marshal William Barnard added, "Smoke alarms just aren't enough anymore."

Maryland is just the second state in the nation to require sprinklers in new homes. The law will go into effect over the next few years, and officials say it will save lives.

NYT-By TARA SIEGEL BERNARD

Published: February 27, 2012

Mortgages backed by the Federal Housing Administration — which allows a smaller down payment and has less stringent credit requirements than traditional mortgages — are about to get a bit more expensive. But whether the higher costs will damp demand for these mortgages remains to be seen, experts say, since many borrowers have nowhere else to turn. 

The agency announced Monday that it would increase two types of fees that borrowers must pay. The goal, it said, is to help shore up its reserves, which had fallen sharply in the midst of the housing crisis, and to encourage private lenders to wade back into the still-struggling market.

More prospective home buyers have been turning to the F.H.A. as other lenders tightened their requirements after the real estate market collapse in 2008. The agency does not make loans, but insures mortgages that meet its guidelines: people with credit scores of 580 or more can put down as little as 3.5 percent. As a result, the number of mortgages backed by the F.H.A. has ballooned, accounting for 40 percent of all new purchase mortgages in 2010, up from 4.5 percent in 2005, agency figures show.

“We want to be there for the marketplace as it is needed, but we are also trying to step back some and encourage the return of private capital,” Carol Galante, acting F.H.A. commissioner, said in announcing the increases.

The agency’s cash reserves have shrunk because of a sharp rise in borrower defaults, which raised concerns late last year that the F.H.A. could require a bailout if the market deteriorated further. But officials said that the increase in borrower fees would bring in about $1.25 billion during the rest of 2012 and through September 2013. The agency also expects to collect about $1 billion from the $26 billion settlement among 49 attorneys general, the Obama administration and the five biggest mortgage servicers. Taken together, officials said, that would put the agency on stronger financial footing.

In its announcement, the F.H.A. said it would increase its annual mortgage insurance premium by 0.10 of a percentage point for loans under $625,500, which would now cost 1.25 percent of the loan amount, up from 1.15 percent. That change takes effect on April 1. And starting on June 1, the premium for larger loans would rise more, or by 0.35 of a percentage point, bringing the total premium to 1.5 percent. This annual premium is broken down in monthly payments.

But the agency also said it planned to raise another fee, known as the upfront mortgage premium, by 0.75 of a percentage point, bringing the premium to 1.75 percent of the loan amount, which can be rolled into the mortgage.

“Generally speaking, increases in the F.H.A. premiums — even sizable ones like this — won’t reduce the popularity of the program since it’s still the only game in town with a 3.5 percent down payment requirement,” said Guy Cecala, publisher of Inside Mortgage Finance, a trade publication. “Add in the fact that F.H.A.’s underwriting is a little looser than what you can find with privately insured low-down-payment programs with Fannie/Freddie and a lot of borrowers will continue to use F.H.A.,” referring to Fannie Mae and Freddie Mac, the two government-controlled entities that account for a majority of mortgages.

Consider a borrower who wants to buy a home for $200,000 with a down payment of 3.5 percent, resulting in a mortgage of $193,000. Under the new rules, the borrower’s upfront mortgage premium would increase to about $3,377 from $1,930, which most people would wrap into the total mortgage amount. So taken together, both the upfront and annual premium increases would translate to a higher monthly payment of about $25, or $1,291, according to calculations by Kevin Iverson, president of Reed Mortgage in Denver, using a 3.5 percent interest rate.

But borrowers with good credit — say, a credit score of 700 — who can come up with a slightly larger down payment of 5 percent are likely to pay about $44 a month less with a traditional loan backed by Fannie Mae or Freddie Mac (assuming an interest rate of 3.875 percent).

“For people who cannot qualify for a conventional, they will still go F.H.A.,” Mr. Iverson said. “But people who could qualify for both and have the ability and willingness to come up with a little more money, a conventional loan is getting to be a much better deal.”

That, he said, may ultimately cause slightly higher-quality borrowers to seek out conventional loans, which, he added, could hurt the F.H.A.

The higher fees will particularly affect first-time home buyers since they often cannot come up with the 20 percent down payment required to qualify for a traditional mortgage and thus must buy mortgage insurance. More than 53 percent of first-time home buyers are going through the F.H.A.’s program, according to a survey of 2,500 real estate brokers for a three-month average ending in December conducted by Inside Mortgage Finance and Campbell Surveys. Only about 12 percent of first-time home buyers took out mortgages backed by Fannie and Freddie, whereas another 11 percent paid with all cash. The remainder used other financing, through, say, the Veterans Affairs or Agricultural Departments, or private financing.

The new fees will not apply to borrowers who already have F.H.A.-insured mortgages. Nor will they apply to the Department of Housing and Urban Development’s Home Equity Conversion mortgage program, which handles reverse mortgages.

But the new fees will apply to homeowners seeking to refinance their mortgages, according to an F.H.A. spokesman, which may discourage some borrowers from taking out new loans since they may end up paying less with the interest rate they already have.

“It is making it less attractive for people who are sitting on F.H.A. loans to refinance,” Mr. Iverson said.