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Regis Philbin has sold his Greenwich, Conn., home for $3 million, according to public records.

Regis Philbin has sold his Greenwich, Conn. home for $3 million. It originally came on the market in 2008 for $5.9 million. The 6,000-square-foot home has a tennis court, swimming pool and a gazebo. Candace Jackson has details on The News Hub.

The home was most recently listed for $3.8 million. It originally came on the market in 2008 for $5.9 million, but Mr. Philbin decided to rent the home for a couple of years because of the slow real-estate market. He relisted it last year.

Mr. Philbin and his wife, Joy, purchased the home 20 years ago from a friend, sports broadcaster Warner Wolf. On more than six acres, the 6,000-square-foot Colonial and French-style home has four bedrooms and eight bathrooms. The home also has a tennis court, pool and a gazebo.

Mr. Philbin, whose television career has spanned more than 50 years, recently retired as co-host of “Live With Regis and Kelly.”

The Philbins purchased another home nearby about three years ago and also have a home in New York. A representative for Mr. Philbin didn’t respond to requests for comment. Michele Klosson of Sotheby’s International Realty had the listing.

Aspen Property Lists for $8.5 Million

The Aspen, Colo., property of Dale Launer, the Hollywood screenwriter who wrote “My Cousin Vinny” and “Dirty Rotten Scoundrels,” has listed for $8.5 million.

According to public records, Mr. Launer bought the 8-acre property in 1989 for $1.4 million. He combined two adjacent parcels to create a secluded compound in the Conundrum Valley, which is five miles from Aspen’s downtown ski-area.

The Aspen property of Dale Launer, the Hollywood screenwriter who penned “My Cousin Vinny” and “Dirty Rotten Scoundrels,” has listed for $8.5 million. Candace Jackson has details on The News Hub.

Bordered by Castle Creek with views of Aspen’s red cliffs, the property has a three-bedroom, 2,570-square-foot cabin and a three-bedroom, 1,232-square-foot guesthouse. It also has a private pond and a gazebo. Mr. Launer got approvals from the county for a 10,750-square-foot residence to be built on the land.

The veteran writer and producer, whose primary residence is in Santa Monica, Calif., used the Aspen property as a vacation home but says he’s now selling it because he wants to travel more. Andrew Ernemann of BJ Adams & Co. in Aspen has the listing.

Long Island Estate Lists for $22.5 Million

A Centre Island, N.Y., estate has listed for $22.5 million. The seller is Richard Cohen, one of the world’s largest collectors of early-19th-century porcelain.

A Centre Island, N.Y. 16,500-square-foot waterfront estate has listed for $22.5 million. The seller is Richard Cohen, one of the world’s largest collectors of early-19th Century porcelain. Candace Jackson has details on The News Hub.

Completed in 2006 and modeled after the Petit Trianon in Versailles, the 16,500-square-foot waterfront home is on just under 6 acres on Long Island, about 35 miles outside New York City. There are eight bedrooms and 12 bathrooms, and a movie theater with a kitchen on the third floor.

Mr. Cohen says his late father, one of the founders of commercial real-estate development and management firm Cohen Brothers Realty Corp., gave the home to him as a gift. Mr. Cohen, 54, says it took about 15 years to build the home.

He says he is selling because he’s looking to relocate. Laura Zambratto and Debra Petkanas, Sotheby’s International Realty, have the listing.

—Candace Jackson and Lauren A. E. Schuker—Email: privateproperties@wsj.com

BROOKLYN, N.Y.

$2.68 million

A 2,474-square-foot condominium with two bedrooms, an office, two baths and a powder room in Brooklyn’s Dumbo neighborhood

DETAILS: In a converted factory building dating from 1916, this condo includes an open kitchen and a 45-foot-long living and dining room with views of the Brooklyn Bridge, the East River and the Manhattan skyline.

A NIGHT OUT: St. Ann’s Warehouse, which commissions and produces many new theatrical and musical productions, is around the corner.

NEARBY SWEETS: Jacques Torres Chocolate serves up truffles, chocolate-covered Cheerios and chocolate croissants, among other treats.

FRIDAY’S FORECAST: Snow showers, high 36 degrees

SOURCE:
Charles Homet, Halstead Property, chomet@halstead.com, 212-381-6571

SEATTLE

$2.99 million

A 5,800-square-foot house with four bedrooms and 4½ bathrooms in Seattle’s Queen Anne neighborhood

DETAILS: Built in 2003, the three-story house features detailed woodwork and formal living and dining rooms oriented toward panoramic views of the Seattle skyline and Elliott Bay. French doors lead out to two decks. There’s a screening room, three fireplaces and an elevator.

A NIGHT OUT: The Seattle Repertory Theatre, now showing David Mamet’s “Glengarry Glen Ross” (it’s about real estate), is about a half-mile away.

NEARBY SWEETS: Wink Cupcakes serves up artisan cupcakes and serves locally made ice cream.

FRIDAY’S FORECAST: Rain, high 55 degrees

SOURCE:
Holley Ring, Windermere Real Estate, 206-852-6107, hring@windermere.com; REALTOR.com

ARLINGTON, Va.

$2.6 million

A 5,830-square-foot, five-level townhouse with three bedrooms, four bathrooms and a powder room

DETAILS: This 2002 brick home has large formal entertaining spaces, a gourmet kitchen, hardwood and limestone floors and a large roof terrace. The house has views of the Potomac River, Washington Monument and the Capitol.

A NIGHT OUT: The Signature Theatre, about a 10-minute drive away, is currently showing several plays and musicals, including Stephen Sondheim’s “Sweeney Todd.”

NEARBY SWEETS: Cafe Assorti specializes in Eastern European cuisine, including Russian and Kazakh pastries.

FRIDAY’S FORECAST: Scattered snow showers, high 40 degrees

SOURCE:
Deborah Shapiro, TTR Sotheby’s International Realty, 703-407-1600, dshapiro@ttrsir.com; REALTOR.com

—Sara Lin

By ROBBIE WHELAN

St. Joe Co., one of largest landowners in Florida, signaled that it is scaling back development plans again, an indication that its efforts to turn the state’s Northern Gulf Coast into a cluster of luxury second-home communities have been a flop.

On Friday, the company indicated in a Securities and Exchange Commission filing that it has adopted a “new real-estate investment strategy” that will see it reduce capital expenditures at its master planned communities. The firm said it also expects to sell undeveloped parcels in bulk at discounted prices.

The company expects to report a charge of between $325 million and $375 million for the fourth quarter of 2011, when earnings are released next month. That would amount to about one-fifth of the company’s market capitalization and about half of the total real-estate assets on the company’s balance sheet, which totaled $759.6 million at the end of September.

Friday’s news was the latest in litany of convulsive changes at St. Joe, which has struggled since the housing bust and has had just one profitable quarter since 2008. Last spring, the company’s largest shareholder, Miami-based mutual-fund manager Bruce Berkowitz, successfully ousted St. Joe’s board in a proxy battle and installed himself as chairman. In March, he named Park Brady, the former chief executive of vacation-rental company ResortQuest, with a mandate to cut costs and return St. Joe to profitability.

In July, the WaterSound, Fla., company disclosed that the SEC was investigating the company’s accounting practices for possible fraud and looking into whether Mr. Berkowitz filed the proper regulatory forms in acquiring a large portion of St. Joe’s stock starting in 2008. That investigation remains unresolved. Mr. Berkowitz declined to comment through a representative.

The strategy shift also seems to validate some of the assertions made by St. Joe’s critics, who have argued that the company is overvalued. In October 2010, David Einhorn, president of the hedge-fund firm Greenlight Capital Inc., publicly questioned the company’s accounting practices at a popular investment conference, saying St. Joe had valued some of its land too high on its balance sheet.

Mr. Einhorn, who at the time had placed bets that St. Joe’s stock would fall, suggested that the company should have written down the value of its assets by about two-thirds.

On Friday, Mr. Einhorn said in an emailed statement, “Today’s news confirms our view that St. Joe’s land is worth less than they thought and that it can’t be developed profitably.”

Mr. Einhorn retains a short, or bearish, position in St. Joe.

Although the housing market has been reeling for several years, St. Joe was slow to react, said Eric Landry, a Morningstar analyst who follows the firm.

“This new strategy confirms that the current management team feels more urgency toward attaining financial health than perhaps the old one did,” he said. “They are saying, let’s not build residential right now, until we spur some more economic development, because there’s little demand for houses until they bring more jobs and commercial activity to the area.”

St. Joe executives declined to elaborate on the SEC filing, saying the company is in a quiet period ahead of its earnings report.

People familiar with the company’s plans, however, said that it will likely put on hold development at several of its most valuable resorts, possibly including WaterSound, a 1,400-acre group of coastal cottages sandwiched between a lake and the ocean, and WaterColor, a beach resort. Sales at both communities have been slow.

In the filing, the company said the strategy change would save $190 million in capital expenditures that would have been made over the next 10 years.

The company said it intends to continue to focus on commercial-real-estate development on the roughly 65 square miles of land the company owns around the Northwest Florida Beaches International Airport, which was built on St. Joe land and opened in May 2011.

St. Joe had been a timber and railroad company for decades until the 1990s, when it spun off its industrial businesses to focus on real-estate development. It was convinced that its vast land holdings—it owns 577,000 acres, most of which is located in the Panhandle near Florida’s white-sand beaches—were a gold mine for residential and commercial development. The company began developing luxury master-planned communities in the area, which is often derided for its deep southern feel and muggy climate.

Printed in The Wall Street Journal, page B1

By NICK TIMIRAOS

The Federal Reserve has pushed mortgage rates to near half-century lows, but millions of U.S. homeowners haven’t benefited from that because they can’t—or won’t—refinance.

Falling home prices have left many owners with little or no equity, making it harder to qualify for refinancing. Moreover, stricter lending standards and higher fees by banks and mortgage giants Fannie Mae and Freddie Mac and declining incomes have made it tougher and less attractive for borrowers to seek new loans.

Around 37% of all borrowers with 30-year conforming fixed-rate mortgages—who collectively hold about $1.2 trillion of home loans—have mortgage rates of 6% or higher, according to investment bank Credit Suisse. Many could reduce their rates by a full percentage point if they refinanced at current rates, about 5%. More than half could lower their rates nearly three-quarters of a percentage point, according to Credit Suisse.

But new refinance applications in January stood near their lowest levels in the past year. Weekly data compiled by the Mortgage Bankers Association also show that refinance activity has been muted, considering that rates are so low.

“Traditionally, these borrowers would be aggressively refinancing,” said Mahesh Swaminathan, senior mortgage strategist at Credit Suisse.

Click on image to enlarge

One indicator of the economic impact of refinancing: Loans that refinanced in 2009 will result in $3.4 billion in savings for consumers this year, according to a report by First American CoreLogic, a research firm based in Santa Ana, Calif. That will return an additional $17.2 billion in savings to borrowers over the next five years. That’s money consumers can potentially use to help spur economic recovery.

About a quarter of all mortgage holders are “underwater”—they owe more on the house than it’s worth—which normally makes it impossible to get refinancing: Banks want collateral to back the value of home loans they make. The Obama administration recently extended a program intended to help underwater homeowners refinance, but few people have tapped it so far. The program has faced logistical hurdles, delays and confusion from brokers and lenders.

Some people are so far underwater, refinancing ends up being out of the question. John Albright, a retired Navy officer in Manassas, Va., hasn’t been able to refinance because the value of his home has plunged. He figures its market value is now around $275,000, but he and his wife still owe more than $500,000 on their mortgage.

Their refinance application was turned down last year because they lacked equity in the home. He says his lender told him he could refinance only if he could come up with about $200,000 to pay down his mortgage. So they are stuck with an interest rate of about 6.5% at a time when his wife’s income has declined. “We’re going from paycheck to paycheck, but what can you do?” Mr. Albright says.

Some mortgage bankers say higher fees by lenders have undermined the effort to encourage refinancing. Fees that Fannie and Freddie began imposing in 2008, as loan delinquencies began to rise, have made it unattractive for some borrowers to refinance. For example, a borrower with 20% down and a 695 credit score seeking to refinance must pay fees equal to 1% of the loan amount. Those fees rise for borrowers with weaker credit scores, higher loan-to-value ratios, or other risk factors.

Overcorrecting for the abuses of financial institutions “has defeated the Fed’s purchase program,” said Alan Boyce, a mortgage-securities-market veteran. Those loan fees, he said, are partly “responsible for why there’s been no refi boom.”

The higher fees and tight credit standards show the tensions facing Fannie and Freddie. As the government-controlled companies try to raise revenue to offset their losses, those efforts can conflict with their basic public-policy mission: to help stabilize the housing market.

Fannie and Freddie have to strike a balance between risk and access to credit. Figuring out “where that line is involves some trade-offs,” said Edward DeMarco, acting head of the Federal Housing Finance Agency, which oversees Fannie and Freddie.

The last time mortgage rates were at current levels, in 2003, refinancing activity hit $2.9 trillion, according to trade publication Inside Mortgage Finance. Last year, refinance volume reached $1.2 trillion, the highest amount since 2003 but not nearly as much as expected, considering how low interest rates have fallen.

Traditionally, borrowers have an incentive to refinance when they can reduce their mortgage rate by one percentage point or more.

Borrowers who are refinancing tend to be those who need it least. Fannie and Freddie refinanced 4.2 million borrowers last year. On average, borrowers who refinanced through Freddie Mac saved $2,600 annually. But the savings on the whole have gone to “very, very good credit borrowers and it really isn’t going very far down the credit spectrum,” said Michael Fratantoni, the head of research and economics for the MBA.

The experience of Connecticut resident Cathy Grandahl shows some of the trade-offs borrowers must grapple with in today’s low-interest-rate, high-fee environment. She wanted to refinance two loans on her West Simsbury, Conn., home: a fixed-rate mortgage with a 5.75% rate and a second mortgage with an adjustable rate that she worries will rise sharply in coming years.

Refinancing would save them around $125 a month on their first mortgage while providing a fixed rate on their second loan. But extinguishing that mortgage by refinancing into one larger loan—considered a “cash-out” refinance—would trigger an additional fee. That, plus several thousand dollars in closing costs, ultimately persuaded the couple not to refinance after all.

“It’s not a matter of our credit. We just can’t get a good enough rate to make the refi worth it,” says Ms. Grandahl, a 53-year-old land-records researcher who has three children in college.

Her broker, Michael Menatian, said that sort of scenario “happens all the time” with qualified borrowers. “There’s nothing wrong with these people—good equity, good income—and you have to tell them, ‘I’m sorry, I can’t give you the low rate you thought you could get.’ “

Falling home values are one of the biggest factors raising borrowers’ refinancing costs. Borrowers with less than 20% equity may have to pay for mortgage insurance.

On Monday, the Obama administration said it would extend for a year a program launched last April to help homeowners with little or no equity to refinance. That program, which had been set to expire this June, was called a “failure” last week by analysts at Barclays Capital. While the administration had said it would benefit millions, so far just 188,000 borrowers who owe between 80% and 105% of the value of their homes had refinanced through December. Last September, it was expanded to include borrowers who owe up to 125% of their home value, but fewer than 2,000 borrowers have used that program through December.

The administration says it is also considering new ways to allow distressed homeowners to refinance through the Federal Housing Administration.

—James R. Hagerty contributed to this article.

Write to Nick Timiraos at nick.timiraos@wsj.com

By JUNE FLETCHER

Q. My house is for sale for $878,000. I have already dropped the price three times, and can’t afford to drop it any lower. I am very worried about the upcoming expiration of conforming loan limits, and what that will do to the pool of buyers that can get a mortgage to buy my house. Your thoughts?

–Arlington, Va.

A. The current caps on so-called “jumbo conforming” loan limits are set to expire on Sept. 30, although lobbying groups for home builders and real estate agents are pushing Congress to extend them. In high cost areas like yours, the cap for these federally-backed loans will drop to $625,500 from $729,750. A Federal Housing Administration study showed that the lower limits will affect a fifth, or 669 out of 3,334 counties, that are eligible for its insurance. The National Association of Realtors estimates that some five million homes will be affected by the change.

So to get a jumbo conforming loan, buyers who agree to your asking price now have to come up with a $148,250 down payment, or 16.8% of the purchase price. After the limits expire, they will have to put down at least $253,000, or 28.8% of the price. If they can’t, they will have to find alternative or supplemental financing.

One obvious possibility is a true jumbo loan. However, these typically require at least 20 percent down and usually are more expensive and harder to get than government-backed loans. Hybrid adjustable-rate jumbo loans are another possibility, although with today’s low interest rates, the savings are not likely to offset the bigger down payment.

Alternatively, buyers could find a lender who will provide a piggyback loan that allows a lower down payment. Such lenders generally are community or niche banks that keep such loans in their own portfolios. For instance, in your area, First Place Bank is offering an 80/10/10 loan that requires a 10% minimum down payment. The bank makes a first loan up to the conventional limit in tandem with a second. So in this instance, the buyer would put down $87,800, and then have a first loan of $729,500 and a second of $60,450.

If you can afford it, consider providing a second loan yourself to help bridge the gap between the conventional limit and your purchase price. As financing becomes tighter for buyers, such an incentive can make your home stand out. Plus, you can negotiate better interest rates than you currently could get in a savings account or CDs. On the downside, you run the risk that the buyer will default.

There are at least two bright spots in your situation: First, the pool of buyers in your area is growing as more people find jobs; in July, the unemployment rate dropped to 5.8 percent from 6.1 percent a year earlier. Second, Arlington home prices have improved 1.9% year over year, according to Zillow.com. Both of these things suggest that your local housing market is firming up, so perhaps further price drops won’t be necessary.

Write to June Fletcher at fletcher.june@gmail.com.

KEY LARGO, Fla. $5.5 million

A 5,200-square-foot, three bedroom, six-bathroom home on about half an acre in a private community.

DETAILS: Ocean Reef is a private yachting and golf club on more than 3,000 acres. The Mediterranean-style home has a master suite with water views and a great room with 25-foot-high ceilings.

DOCK HERE: Situated on a canal that’s about 100 yards from the Atlantic Ocean, the home has a dock that can handle large yachts and is a 20-minute boat ride from deep-sea fishing.

SEAFOOD SUPPER: The Islander & Pelican Bar, on a beach within Ocean Reef, serves locally caught seafood and sushi.

FRIDAY’S FORECAST: Isolated thunderstorms, high 88.

SOURCE:Russell Post at Russell Post Sotheby’s International Realty, 305-367-2027, Russell.Post@sothebysrealty.com.

CHENEQUA, Wis. $5.8 million

An 11,000-square-foot, eight-bedroom, 10-bathroom home on about 8.8 acres on Pine Lake, about a half-hour west of Milwaukee.

DETAILS: Built in 1938, the home has a walnut-paneled library, two sun rooms and a master suite with a sitting room and breakfast bar. There’s also a six-car garage with two apartments, another nine-car garage and a boathouse that sleeps six.

DOCK HERE: Pine Lake, about 700 acres, is surrounded by large homes. The property has 1,400 feet of lake frontage and two docks.

seafood supper: Tuesday nights there’s a lobster dinner at Red Circle Inn, a restaurant that’s been in business since 1848.

FRIDAY’S FORECAST: Partly cloudy, high 91.

SOURCE:Jon Spheeris of Prudential Absolute Realtors, via Realtor.com, 262-354-1052, jon@pruar.com.

ARMONK, N.Y. $5.7 million

A roughly 9,000-square-foot, five-bedroom, nine-bathroom home on about 1.7 acres in a town less than an hour from Manhattan.

DETAILS: The Hamptons-style home was completely rebuilt in 2007. The master suite has a balcony, fireplace and spa-like bathroom. There’s a large flagstone terrace that overlooks the lake.

DOCK HERE: Situated on a private lake along with a few other homes, the property includes a dock for nonmotorized boats, fishing and swimming.

Seafood supper: Moderne Barn, a short drive from the house, has several fish and shellfish selections on the menu.

FRIDAY’S FORECAST: Afternoon showers, high 80.

SOURCE:Judith Tarter at Houlihan Lawrence, 914-441-0956, Jtarter@houlihanlawrence.com.

—Candace Jackson