My Life in Real Estate...

SIZZLING SUMMER SPECIAL!! Buy Now and get $500 at Closing!!

2011-06-15T16:37:00.000-07:00

UTILIZE MY SERVICES TO PURCHASE A NEW HOME BETWEEN NOW AND OCTOBER 31, 2011 AND RECEIVE $500 AT THE CLOSE OF ESCROW!

Beware of Foreclosure Scams! Some Red Flags to Look For...

2011-02-15T21:53:00.000-08:00

If you are at risk for foreclosure or currently in foreclosure, you have enough to worry about without falling victim to one of the many foreclosure scams out there. These so called "foreclosure rescue companies" promise to help save your home, but in reality are out to rip you off and make a profit.

Make sure you know who you are dealing with and be careful! Following are some of the red flags to look out for...

1. Asking for money up front before providing any service.
2. Telling you not to contact your lender, lawyer, family, friends, etc..
3. Asking for mortgage payments to be made directly to their company or bank accounts set up by them, rather than to your lender.
4. Promises to stop the foreclosure process, no matter what the circumstances.
5. Advises you to transfer your property deed or title to his or her company.
6. Encourages you to lease your house and buy it back over time.
7. Asks for you to give a power of attorney.
8. Offers to fill out paperwork for you.
9. Asks for signatures on a document with lines left blank.
10. Asks for signatures on a grant deed or deed of trust.
11. Refuses or fails to put an oral promise in writing.

If you are dealing with a company or a representative who asks you to do any of these things, run!!

If you have been approached by a scam artist or have been the victim of a foreclosure-related scam, you can report the incident to the following organizations and enforcement agencies:

California Attorney General: http://ag.ca.gov
California Department of Real Estate: www.dre.ca.gov
Federal Trade Commission (FTC): www.ftc.gov
Department of Housing and Urban Development (HUD): www.hud.gov
Better Business Bureau: www.bbb.org

The Eagle Rock Mansion, "Chateau Emanuel" at 1554 Hill Drive For Sale

2010-11-06T13:17:00.000-07:00

Longtime residents of Eagle Rock are quite familiar with what is affectionately referred to as "The Mansion", an imposing english tudor estate located at 1554 Hill Drive in Eagle Rock. This property has just recently been listed for sale for the first time since 1965 - the total lot size is 122,404 square feet, and the main home is 4 bedrooms and 6 bathrooms, and nearly 6,000 square feet. There is also 3 additional guest houses adding an additional 3,000 square feet. An absolutely incredible property, and it has just been listed for sale. Asking price? $5,999,995.00.

Please contact me if you are interested & I would be happy to provide my services to assist you in owning this fabulous home! Listing courtesy of James Beckham with Dilbeck Realtors.

OPEN HOUSE SUNDAY (Sept. 26th) FROM 2-5 PM - 9738 Pali Avenue, Tujunga, CA 91042

2010-09-25T22:28:00.001-07:00

I will be hosting an open house on Sunday afternoon, September 26th, 2010, at 9738 Pali Avenue, Tujunga, CA, from 2:00 to 5:00 PM. This property is a real estate owned (REO) property (otherwise knows as a foreclosure) and has only been on the market about a week - Sunday will be the first open house.

I know that the weather is supposed to be a tad warm tomorrow (to put it mildly..), but hopefully it will not keep everyone away from a wonderful afternoon of house hunting!

Contact me anytime (323-810-7976) for information on this or any other property you may be interested in purchasing...

Have a great weekend!

9738 Pali Avenue, Tujunga, CA

3+2 in Prime Tujunga, Glendale Adjacent!! Walking distance to Foothill Boulevard!!

Open Sunday, September 26 from 2:00 - 5:00 PM

3BR/2BA Single Family House

offered at $438,900

Year Built	1953
Sq Footage	1,243
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	6,969 sqft
HOA/Maint	$0 per month

DESCRIPTION

3+2 in Prime Tujunga, Glendale Adjacent!! Features include: lovely private backyard, laminate / tile flooring, granite kitchen, vaulted ceilings & exposed beams, front porch & rear patio, 2 car garage, dual paned windows and so much more!

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Living room	- Dishwasher	- Stove/Oven
- Granite countertop

COMMUNITY FEATURES

- Garage parking

- Covered parking

ADDITIONAL PHOTOS

Kitchen	Living Room
Front View	Backyard
Bedroom	Backyard

Contact info:

John Barry

Coldwell Banker

(323) 810-7976

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 25, 2010, 8:27pm PDT

What a First Time Home Buyer Needs to Make An Offer

2010-09-22T22:30:00.000-07:00

So you have spent some time looking at houses online, have visited some open houses and maybe have seen a few houses with your agent if you have one - you have a pretty good idea of what you are looking for. But when you find the house that you love, will you be ready to make an offer? What exactly will you need? To make the process a little clearer for first time home buyers, below are some of the main items that you should have

1. Speak to a mortgage agent or lender to get pre-approved for a loan, and obtain a loan pre-approval letter. This is really something you should do before you even START looking for a property. A mortgage broker or lender will be able to tell you exactly the type and amount of loan you would qualify for, based on your credit, income, etc., which will tell you the exact price range you should be looking. They will also be able to provide you with a written confirmation of your loan approval (called a pre-approval letter), which will be required by just about all sellers to be submitted with your offer.

2. Have a good buyers agent representing you. A good agent will be able to not only help you locate all of the available properties within a given area and price range, and tailor the search to fit the exact features you like and dislike in a property, but their true value is proven once you have found the home you would like to buy. A good agent will research all of the comparable sales in the area to help determine the fair market value of the property, and help you acquire the property at the best possible price through negotiations on your behalf with the listing agent and seller. Your agent will also prepare and explain to you all of the intricacies of the paperwork compromising the offer, and well as make sure the myriad of additional forms and disclosures are completed as required by law in each transaction. The agent will also coordinate and guide you through the additional steps in the closing process, such as the inspections, appraisal, possibly negotiating a credit from the seller, etc.. Agents who represent buyers in the purchase of property are customarily paid by the SELLER, so having a good agent on your side is not only essential to a buyer, it is also FREE!

3. Be prepared to provide proof of funds for the cash down payment amount, and a copy of the deposit check with your offer. These days more than ever, it is customary for sellers to require that potential buyers submit a "proof of funds" with their offer, demonstrating that they have enough available liquid cash on hand sufficient to cover the amount of the purchase price that is not being financed. Generally, a copy of the bank statement reflecting a sufficient balance would be acceptable. Most sellers will also want to see a photocopy of the check from the buyer for the opening deposit with the offer, which is customarily equal to 3% of the total purchase price. Only when the offer is accepted by the seller will the deposit be required to be actually submitted to escrow, so you will not have to put forward any money until you have an accepted offer in place.

4. Be ready to schedule your inspection immediately upon acceptance of your offer. The time periods on each transaction are negotiable, but the standard time frame for the inspection contingency is 17 days in a California Association of Realtors Residential Purchase Agreement. The contingency period means that during this time, the buyer has a right to back out of the transaction and cancel escrow for any reason relating to the physical inspection of the property, and have the right to request the opening deposit returned to them and not be at risk of losing that deposit to the seller. It is strongly recommended that all buyers obtain a physical inspection, which generally runs approximately $300-$400, and is paid for out of pocket by the buyer. The inspection report will show you the detailed condition of the property and any potential problems, and could be a basis for asking for a price reduction or credit from the seller for problems diagnosed in the report. In order to stay within the time contingency periods and protect the buyers deposit, the inspection, review of the report, and negotiations with the seller should be done all within the time contingency period. Therefore it is critical to have your inspection scheduled and performed as soon as possible upon having your offer accepted.

Hopefully by this time you will be well on your way to becoming a homeowner!

CalHFA Announces New 30-Year Fixed Rate FHA-Insured Mortgage for First Time Home Buyers

2010-09-11T12:20:00.000-07:00

The California Housing Finance Agency announced a new mortgage option for first time home buyers this past week, which the department hopes "will help open the door to first time home ownership for many California families", according to CalFHA executive director Steven Spears. The new mortgage, done in partnership with the Federal Housing Administration, is a 30-year, fixed interest rate FHA-insured loan, and features below-market interest rates as well as affordable down payments. According to the California Association of Realtors, that could mean a fixed rate of approximately 4%. Borrowers are also able to use the California Homebuyers Downpayment Assistance Program (CHDAP) with this loan option, which can provide up to 3% of the purchase price to qualified borrowers for closing cost or down payment assistance.

In order to qualify for the program, borrowers must meet several eligibility requirements, including meeting CalFHA's income limits, meeting the minimum credit score requirements with maximum debt to income ratios, and completing a HUD approved first time home buyer education program, among others. Income limits vary by county - for a family of four in Los Angeles County, income must be less than $111,020 per year.

You can find more information on the CalFHA loan program HERE.

Info on the California Homebuyers Downpayment Assistance Program can be found HERE.

Open House Today at 13039 Addison Street, Sherman Oaks 8/29/2010 2-5PM

2010-08-29T10:45:00.000-07:00

I will be spending my afternoon today hosting an open house at 13039 Addison Street in Sherman Oaks, a 6 bedroom, 7 bathroom 6,469 square foot home just east of Coldwater Canyon and south of Magnolia. We will be open from 2-5PM & the property is listed at $1,995,000. Lookie-loos welcome!!

A Few Ideas To Incorporate Green Architecture Into Your Home

2010-06-04T08:39:00.000-07:00

In today’s environmentally conscious world, it is more important than ever to think about ways to protect the environment and the precious resources we have in this world to preserve them for future generations. One great way to make a small difference, and also save yourself money in the long run and in the process, is to incorporate some simple green building ideas into your property, which can not only enhance the natural beauty of your home, but also save you money on energy costs in the process. Following are some ideas for a few things you can do to your home, from the simple to the more complex.

The main goal of a completely green house would be one that is totally self sustainable and able to rely on its own energy to function. One way to reduce the water needs on a property is to incorporate native plants into the environment that do not require additional water. In California and other desert areas, it is ideal to use cactus and rocks, which look great and do not require excess water.

In order to maximize the amount of water that falls during any rainstorm, you can install rainwater catchment systems on your roof, which will capture rainwater that falls into the gutters, and reuse them for irrigation of the landscaping on the property. You can also build catchment systems to capture “grey” water, which is water recycled from such household appliances as washing machines and dishwashers, and then reused again for irrigation.

Installing a solar panel system is also an excellent way of making use of natural energy, and incorporating it back into use on the property. Especially in climates that receive a large amount of sunlight, this is an excellent way to capture some of this power. There are also ways of storing the power for future use, by the installation and use of photo-voltaic systems, which capture and store the energy generated through the solar panels, to be used at a later time to provide electricity to the home. Not only do you save energy this way by not relying on man made electricity to power your home, but you also save a little money in the pocketbook when it comes time to pay the electric bill.

There are also things you can do to your windows to make your home more energy efficient. One easy thing to do is to have your windows coated with a low-emissivity (or “Low-E”) invisible film that reflects the UV and infrared light, and also benefits the home by keeping heat inside in the winter instead of transferring out the windows. Replacing your current windows with multiple pane windows is also a great option, as multiple pane windows have spaces inside to contain insulating gas, helping the indoor temperature to not be affected by the outdoor temperature.

As a further incentive, the government offers tax credits for people who incorporate certain green designs into their home. Check with your tax advisor for more information, or you can look up some information at the website of the internal revenue service at www.irs.gov.

Little things you can do in your home may seem like a small thing to do and not take much, but in doing so you are benefiting not only your home, but your community and the rest of the world as well.

OPEN HOUSE AT PASADENA'S JET PROPULSION LABORATORY - Sunday, May 16th, 2010

2010-05-15T21:34:00.001-07:00

If you are looking for something to do in the Northeast Los Angeles area that is fun, interesting, and best of all, FREE, the Jet Propulsion Laboratory in Pasadena is hosting its annual Open House at their facility from 9:00 AM to 5:00 PM today, May 16, 2010. Visitors will get a chance to see models of Mars ROVERS and other spacecrafts, watch videos and demonstrations about earth and space science, as well as speak to NASA scientists and engineers & ask them questions about space travel and space exploration. It sounds like a really interesting and educational experience - I am going to try to make it over there today with my daughter to check it out if I can.

You can find out information and details here:

The Jet Propulsion Laboratory is located at 4800 Oak Grove Drive in Pasadena, off the 210 freeway at the Berkshire Avenue / Oak Grove Drive exit. Parking is available near the Oak Grove main gate and the eastern boundary of JPL, accessible from Windsor Avenue via the Arroyo Blvd. exit avenue of the 210 freeway. Their phone number for information is 818-354-0112

Have a great Sunday!

DAHLIA HEIGHTS ELEMENTARY DEDICATES A NEW SIGN!!

2010-05-08T21:21:00.001-07:00

About a year or so ago, Dahlia Heights Elementary School in Eagle Rock received a brand new sign at the edge of the school property, on the corner of Colorado Blvd. & Floristan Avenue. The sign was constructed of carved stone and stood proudly at the front of the school, but unfortunately, not for long. Within a few days of being installed, the sign was vandalized when it was smashed and broken, the beautiful carved stone laying in pieces on the ground. For over a year, the bare signpost has stood as a sad reminder, but no longer.

On Friday, thanks to the generosity of Beau Boeckmann, Tiffany Walker, and "Mad Mike" Martin of Galpin Ford (www.galpinford.com), a new sign which they created and donated was dedicated at Dahlia Heights and now stands proudly where the old one once stood. The new sign is constructed of vandal resistant acrylic, which will not break or scratch, and will allow for easy simple wipe-off of any paint or marker. The sign is also hooked up with a solar powered light system to light up at night, thanks to Advanced Solar Electric (www.advancedsolarelectric.com)

Some of you may remember "Mad Mike" Martin from MTV's 'Pimp My Ride'. As a special treat for the kids (and the grownups), he was nice enough to bring a special little toy with him, seen below:

Thanks to all for their genorosity for making this new sign a reality!

9 Steps to Sell Your Home in a Slow Market

2010-04-28T20:09:00.000-07:00

No one can predict what the rest of 2010 and beyond will bring, but many markets have slowed, if not declined, although many experts believe the “bottom” has already occurred in many markets. For the majority of established home owners in the prevailing market, prior property appreciation will ensure at least some degree of profit, though today's sales might not be as prosperous as they would have been a few years ago. But all homeowners want to get the highest possible profits. How do you go about this? There are 10 negotiating steps that a seller can follow to assure that a person's home gets the best price and is sold quickly.

Step 1: Use a broker from the local area. When the market is down, so is the number of buyers. That means that you need to expose your property to as many potential buyers as possible. Who do prospective buyers get in touch with when they are house hunting? Real estate brokers. National Association of Realtors statistics show that 85% of purchasers count on real estate brokers for their home selections, while the Internet accounts for 80%. Who creates all of those online real estate postings? Real estate brokers from the local area.

Step 2: Familiarize yourself with the entire sale agreement. Nearly all jurisdictions have standardized real estate contract that has become lengthy and complex over many years. If you use one of those, read it carefully and be aware that you are agreeing to every unmodified term and condition. Make sure there is nothing in the agreement that needs to be taken out, rewritten or added. The brokers should offer a copy of the sale agreement that they might use at listing presentations and the sale deed should be read to avoid misunderstandings. As these are agreements on forms, whatever is not stated as a requirement by the law can be changed by a cross-out or addenda. Consult your attorney or broker for further detailed information.

Step 3: Be completely familiar with the current real estate market. For the sake of negotiations, knowing what the recorded sale prices were isn't sufficient because often they don't give the complete picture. As an example, two houses might have both sold for $300,000. A person might have sold for $350,000 while the other for $300,000 but the owner gave the buyer a 6 percent seller credit for a new roof and appliances, which is $18,000. Local brokers who are familiar with the details of recent sales are able to provide the best negotiation advice.

Step 4: Understand all of the terms you are willing to offer. You are confident that your home is going to sell at some satisfactory price, but instead of starting out with an inflexible amount, consider the property sale as a combination of price and terms. For example, it might make more sense in a slow market to help reduce the buyer's closing costs by offering a "seller contribution "instead of lowering the price of the property. Often the seller contribution could be significantly less than a reduction in price, and buyers who require cash to close the sale could find it more attractive as well.

Step 5: Request a smaller deposit. In order to bind a legal contract, the buyer needs to make a deposit. In a standard transaction in California, a seller will receive a deposit equal to 3% of the purchase price, but in a down or "off" market, a much smaller deposit request may attract more buyers. The buyers prefer to make the lowest possible deposit because a huge deposit indicates a big financial and psychological commitment. You can ask for a lower deposit if the buyer has mortgage pre-approval or if the buyer shows a strong interest in the property and you have no other offers.

Step 6: Sweeten the pot. Are you really planning to take large items like a swing set or washing machine? In certain cases it may be better to leave such items if a buyer makes an offer.

Step 7: Fully understand the marketing plan. The broker's marketing plan should be reviewed quite often to see that it is being followed and is changed whenever it is needed.

Step 8: Check out other open houses. Going to open houses, also known as your competition is a great idea. It isn't always easy to be objective. However, do other owners have selling ideas that might work in regards to your home? Is there something you can use to bargain with? You could consider offering to do some painting or other cosmetic repairs.

Step 9: Keep everything in context. Don't worry about nickels and dimes when your main goal is to get the house sold.

As an example, just before closing the deal, let's say the buyer requests an extra $750.00 to resolve last minute concerns. It might be better for you as the seller to lose $750.00, than to try find another buyer later when the market may be harsher and the final sale price might end up being lower by several thousands of dollars. Would the seller have preferred to have saved that $750.00? Certainly. However, seven hundred and fifty dollars was a small price to pay considering that the delays could have meant a big reduction in price.

Time Running Out to Receive $18,000.00 in Combined Homebuyer Tax Credits!

2010-04-09T01:11:00.000-07:00

Time is running out for a brief window of opportunity for Californians to claim a combined $18,000.00 in Federal and State tax credits, thanks to the new $10,000.00 California state homebuyer tax credit recently signed into law by Governor Shwarzanegger. This new state credit comes on the heels of the extended and expanded Federal tax credit, which is set to expire at the end of this month.

In order for home buyers to be able to take advantage of BOTH credits and claim the full $18,000.00, eligible first time home buyers must have a valid, signed contract in place to purchase a principal residenec prior to May 1, 2010, and close on the transaction on or before June 30th. The $10,000 state credit is also available to non first time home buyers who purchase a property which has never been previously occupied as certified by the seller.

Buyers are urged to speak with their CPA or tax counsel to determine whether or not they would qualify for either the federal or state credits.

Tree Sitters Plagued by Low Appraisal; FHA Repairs

2010-04-01T19:39:00.000-07:00

Mark Thompson just wanted to get a fair deal for his tree house. After three and a half years of treetop living, soaking up the sun every day without a care in the word, the troubled economy finally found its way and left its mark all the way to the top of this lonely Northern California pine. Mr. Thompson's troubles began when he agreed to sell the treetop dwelling to an undisclosed buyer, after the two struck up a conversation at the local 7-11 while Mr. Thompson was re-stocking his weekly supplies of Kentucky cheroot cigars, moon pies, and grape flavored Cisco. After agreeing to the price of $375 and two 18-packs of Strohs, the two inked the deal on the back of a chili-dog takeout box & things couldn't have been better. But thats when the troubles started...

"I knew I shouldn't have taken an FHA loan!", complained Mr. Thompson a mere week and a half later. Things were going just as smooth as can be, until the FHA appraiser came over to take a look at the property. Even though the tree was the tallest and most beautiful in the forest, the appraiser reduced the value because there were not enough nice trees around to compare it with. Also, most of the nicer trees had been cut down along time ago, so they couldn't use those for comparison anyway because they were too old. The appraiser also reduced the value because there was only a ropeladder to get up, and what if someone had a hard time climbing? So when all was said and done, the appraiser put the value of the treetop dwelling at $170.00, WITHOUT the Strohs. To add insult to injury, if he wants to sell, he is also required to repair the leaky roof, patch the holes in the tarpolin on the side, bolt the foundation of the structure to the trunk and secure with 1/2" metal guards, and remove all of the peeling bark from the tree, as that could present a safety hazard to small children who might decide to snack on it.

"I don't know what else to do, the wood, nails and tarp cost me at least $200 bucks, not to mention the ropeladder. If I don't get a little help from the buyer on this one, I might end up having to do a short sale or just walk!!"

Unfortunately, this story has been told over and over again.... We wish the best of luck to Mr. Thompson in his unfortunate situation!

Hanging Out at SWORK in Eagle Rock...

2010-02-28T17:46:00.000-08:00

One of my favorite places to hang out in Eagle Rock is SWORK... If you have never heard of it, it is a cool, hip coffeehouse featuring all the usual goodies, like espresso, cappuccino, lattes, teas, coled & hot, along with some tasty treats to go with it. What has now become a fixture at the corner of Colorado Blvd. and Eagle Rock Blvd. in the heart of Eagle Rock, SWORK has been around since the turn of the millennium in 2000. Hard to believe it has been 10 years - I imagine they will be having some kind of celebration.

SWORK is a great place to bring your toddlers to play while you relax - there is a great play area with toys, books and all kind of fun kid stuff. There is WIFI access, comfortable seating throughout, and features a changing display of artwork from featured local artists, which are also for sale. There is also outdoor tables to hang out on the sidewalk outside, both on the Eagle Rock Blvd. side & Colorado side, depending on your mood or the weather (or maybe both!)

SWORK is open 7 days a week, from 6:00AM to 10:00 PM.

Check out their website at: www.swork.com

Drop by next time you are in the neighborhood...

Little Knows Features of the Expanded Homebuyer Tax Credit Help Members of the Military Serving Our Great Country

2010-02-02T10:18:00.000-08:00

Most people are aware of the fact that the first time home buyer tax credit has been extended through April of 2010, and has been expanded to include a $6,500 credit to existing homeowners who qualify. But did you know that qualifying members of the military, and their spouses, may qualify for an EXTRA YEAR to take advantage of the credit? This is one of the little-known provisions of the Worker, Home Ownership and Business Assistance Act of 2009, signed into law in November, which extended and expanded the tax credit. Under the new law, servicemen & women who serve on qualified official extended duty service outside the country for at least 90 days between 1/1/2009 and 4/30/2010 would qualify. They would have until 4/30/2011 to sign a binding contract, and must close the transaction no more than 90 days later. Only one spouse is required to be overseas to qualify.

Some of the other features of the new law which benefit members of the military:

Most buyers would have to repay the credit if the house is sold or otherwise ceases to be their principal residence within three (3) years of the initial purchase. But when a home belongs to a qualifying member of the armed services, Foreign Service or intelligence community, this provision is waived, as long as the home is sold in connection with orders sending the taxpayer to a new duty station more than 50 miles away.
Members of the military may also be eligible for financial assistance if forced to sell their home for less than what is owed on the mortgage, due to a mandatory, permanent duty transfer.

For more information on the benefits to military members in connection with the extended and expanded tax credit, visit the following link: http://www.irs.gov/newsroom/article/0,,id=215594,00.html

In addition, general information on the Act can be found here: http://www.irs.gov/newsroom/article/0,,id=204335,00.html

Visit my website: www.JBKnowsTheValley.com

FREE Short Sale and Foreclosure Guide for Sellers

2010-01-20T08:55:00.000-08:00

Know your rights!

The American Consumer Credit Education Support Services (ACCESS), which is a non-profit organization dedicating to protecting consumers' financial information & to assist victims of credit fraud, identity theft, etc., has just released a free booklet containing a WEALTH of information on the short sale and foreclosure process, and helpful & useful info for the homeowner facing this unfortunate situation. The guide goes into detail on the various options available, and also provides information on many helpful charitable & government resources.

CLICK HERE for a your free pdf copy of the guide.

Thanks to ACCESS and Jim Malmberg for providing such a useful resource for consumers. ACCESS' website can be found at www.guardmycreditfile.org

Floor Time in the Office This Weekend...

2010-01-16T17:08:00.000-08:00

I spent a few hours this weekend doing floor time, or sometimes referred to as "up time". (As opposed to 'down time', I guess...). Floor time is when a licensed real estate agent is "on call" in the real estate office to be able to answer real estate related calls from potential clients. Someone who is not a licensed agent is limited in what they can talk to potential clients about, as a real estate license is required to "solicit" the sale of real estate. Floor time is usually divided into shifts, as it is in my Coldwell Banker office, where agents have either a 2 or 3 hour shift where they field any such calls. The positive side to floor time for an agent is that any client who calls in during your shift & does not currently have an agent they are working with is open as a potential client - it is up to the agent to gain their business.

It is not always busy - often times I have spent a 2 hour shift with no calls whatsoever. Of course, with this job it seems like there is always SOMETHING to do, such as following up with clients, prospecting for new ones, and researching the market.

But you never know - I have met some wonderful clients through floor time. Two of them entrusted me to sell their BEAUTIFUL condominium, which closed successfully this week enabling them to move to their dream home in Palm Springs...

As one of my colleagues so eloquently put it, floor time for an agent is "like a lottery ticket".

A Beautiful Day in Southern California!

2010-01-10T12:51:00.001-08:00

A beautiful, picture perfect day in Southern California, looking just like the pic above!!!

Today I am going to be previewing some properties for a client in the Mount Washington area north of downtown Los Angeles. Looking forward to seeing some of the spectacular views and hopefully some spectacular properties as well...

I am excited that 2010 is here and starting off with a flourish! The real estate market looks very exciting and promising in the year to come, as the residential housing market leads the country out of the recession, and we continue to see double-digit increases in sales figures from month to month. Many people (the smart ones) see the incredible value in todays market, and the extention of the first time homebuyer tax credit, as well as the addition of the expanded credit to include ALL homeowners, looks to make it a promising year, and one where many many people will realize their dream of owning a home for the first time...

Photos of my day to follow...

***************** Update ********************

Had quite an adventure with my daughter.. Unfortunately, not all of the places we saw looked all that promising, such as the house in the photo below... What you are looking at below is the window to the front bedroom of one of the places. Don't think I would feel all that safe here...

But, after seeing a few other places, the next place we saw, located in the community of Mount Washington north of Downtown Los Angeles, had some SPECTACULAR views! Unfortunately, it was not the kind of place my client was looking for as far as the house goes (although better than the one above!!!) - it was a little too small, but it was worth making the trip for the views alone..

First, we had to negotiate the precarious hilltop road leading to the property:

But once we made it, we negotiated a narrow staircase built into the hill, to arrive at the back porch area of the house:

...where the views were SPECTACULAR!!! Here is my daughter enjoying the incredible views of the San Gabriel mountains:

Anyhow, it turned out to be a strikeout for my client as far as the properties I saw that day, and and I am continuing my search.. But that is why I like to preview homes for my clients. I know their time is valuable, and I don't want to waste it until I find something worthwhile for them to see!! Onward and upward!!!

20 Reasons to Obtain Title Insurance on Your Property

2009-10-31T05:53:00.000-07:00

Anytime a buyer purchases a property, it is always strongly advised that the buyer obtain Title Insurance, and always required by lenders. But what exactly does Title Insurance protect the buyer against and what is it good for? If you have ever wondered exactly what title insurance does for the buyer, here is a list of 20 reasons for a buyer to obtain title insurance when purchasing a property.

1. Tittle Insurance will protect you against a loss on your home and land due to a title defect.

2. A deed or mortgage int he chain of title may be a forgery.

3. Claims constantly arise due to marital status and validity of divorces.

4. A deed or mortgage may have been made by an incompetent or under-aged person.

5. A deed or mortgage under an expired power of attorney may be void.

6. A deed or mortgage may have been made by a person witht he same name as the owner.

7. A child born after the execution of a will may have interest in the property.

8. Title transferred by an heir may be subject to a federal estate tax lien.

9. An heir or other person presumed dead may appear and recover the property or an interest.

10. A judgment regarding the title may be voidable because of some defect in the proceeding.

11. By insuring the title, you can eliminate delays when passing on your title to someone else.

12. Title Insurance reimburses you for the amount of your covered loss.

13. Title Insurance helps speed negotiations when you are ready to sell or obtain a loan.

14. A deed or mortgage may be voidable if signed while the grantor was in bankruptcy.

15. Claims have risen dramatically over the last 30 years.

16. There may be a defect in the recording of a document upon which your title is dependent.

17. Title Insurance covers attorney's fees and court costs.

18. Many lawyers protect their clients as well as themselves by procuring Title Insurance.

19. A deed or mortgage may have been procured by fraud or duress.

20. A title policy is paid in full by the first premium for as long as you own the property.

Thanks to Lilly Rose of Equity Title for providing the above information on the importance of obtaining Title Insurance on your property...

LA Times Reports Housing Upturn in Southern California

2009-10-14T23:19:00.000-07:00

Check out this article from the Los Angeles Times, published October 14, 2009. Another article highlighting the continuing recovery of the housing market... Do you agree?

"Housing upturn occurring in some parts of Southern California, data show

The median sales price in some areas rose last month for the first time since the market crashed in 2007, according to MDA DataQuick.

A "sold" sign outside a house in Pasadena last month. The Southern California median price remains at 2002 levels and is 46% below its peak level of $505,000 set in 2007. (David McNew / Getty Images / September 24, 2009)

By Peter Y. Hong and Tiffany Hsu

October 14, 2009

Southern California's housing market took another small step toward recovery in September as the median sales price for homes in some areas rose above last year's levels -- the first such increases since the market crashed.

The median price paid for all homes in six Southland counties in September -- $275,000 -- was unchanged from August and 11% below the same month last year, according to San Diego-based MDA DataQuick.

But in Orange County, the median price rose modestly to $429,000 from $425,000 in the same month last year -- the first year-over-year gain since 2007, DataQuick said. If condominium sales are excluded, last month's median home sales prices in San Diego and Ventura counties also beat their September 2008 levels.

Christopher Thornberg, a Los Angeles economist who was an early predictor of the housing bubble, said several factors converged last month to give home sales a boost.

"Tax breaks, low interest rates and pent-up demand added up to create a surge in sales that's surely gone some way in stabilizing prices," he said.

But Thornberg cautioned that prices could fall again.

"The question continues to be, 'How is this going to stand up when the next wave of foreclosures hits the market?' " he said.

Even if the housing market takes another hit in the coming months, the bulk of the market correction is past, Thornberg said.

"If prices do fall again, it'll be another 10% to 15% max," he said.

The Southern California median price remains at 2002 levels, even without considering inflation, and is 46% below its peak level of $505,000 set in 2007. The median is the point at which half the homes sold for more and half for less.

Those relatively low prices and an $8,000 federal home-buyer tax credit set to expire at the end of November pushed the number of homes sold in September up by 5% over the same month last year and 0.2% above August.

Home sales in the last year picked up first in the lowest-priced inland areas, where a massive number of foreclosures pulled prices down. Last month's sales, with rising median prices in some areas, show that the mix of homes sold is normalizing.

Sales of homes priced at or above $500,000 constituted 21% of the total, up from 13% in January, DataQuick said.

Previously foreclosed homes are accounting for a smaller share of sales. In September, 40% of homes sold had been foreclosed within the last 12 months, down from a high of 57% in February.

Various studies show that the number of Southern Californians who are substantially behind on their mortgage payments is growing, suggesting more foreclosures are on the way.

But foreclosures in the region have been declining as banks backed off from repossessing homes either voluntarily or to comply with state or federal foreclosure freezes.

Statewide data released Tuesday by ForeclosureRadar, an online seller of default data, show bank repossessions in September were down 42% from the same month a year earlier. The slowing of bank repossessions has cut the supply of homes for sale in the upper-middle range of the market.

That has frustrated many buyers like Daisy Lee, who recently had an offer accepted on a Monterey Park house -- after losing to other bidders six previous times. Lee and her husband tried for a year to purchase houses priced from about $500,000 to $700,000 in various San Gabriel Valley cities.

"There's a lot of competition in the areas we've been looking," said Lee, an accountant. Lee said she and her husband offered slightly above the list price to get the house they hope to move into, with an offer of about $600,000.

"We were desperate. I didn't know how much longer we wanted to wait," she said.

Their frustration aside, buyers like Lee are raising the median by purchasing higher-priced homes.

"I think prices are fundamentally at a bottom," said Richard Green, director of USC's Lusk Center for Real Estate.

"There could be some weakness in the next year that brings things back down a little bit," he said, adding, "I wouldn't be jumping for joy yet, but these numbers are not bad."

The full text of the article can be found HERE...

5 COMMON MYTHS REGARDING SALES OF REO PROPERTIES

2009-09-27T21:41:00.000-07:00

The abundance of foreclosure (otherwise known as "REO" or "Real Estate Owned") properties in today's market means that many first time buyers are finding themselves purchasing a home from an REO seller. There are certain things that differ between a "regular" standard sale of a property, and one purchased from an REO seller, but many people are not clear on what is and is not required of the seller in such transactions.

The Southland Regional Association of Realtors has published a great informative article in their September 16-29, 2009 Realtor Report, pointing out and explaining 5 common myths regarding the sale of REO properties. Following is the full text of the article:

5 Common Myths Concerning REO Sales

Myth #1- Sellers of REO properties are exempt from all disclosures.

While many Sellers and Brokers who list REO properties stamp all the contracts and disclosures with the statement "Seller Exempt from all Disclosures," this is simply not the case. CAR puts out an excellent chart that indicates which disclosures are required and which are not for REO properties. REO sellers are exempt from providing the Transfer Disclosure Statement and the Residential Earthquake Hazard Report. REO sellers are NOT, however, exempt from disclosing any material facts that they are aware of, concerning the property.

While they do not have to use a TDS to disclose any material facts, they are required to disclose these facts in writing to the Buyer. Further, while REO Sellers are exempt from providing a Buyer with a Natural Hazard Disclosure Statement, the law does not exempt them from disclosing many of the zones that are contained in such reports. While this law makes little sense, it is highly suggested that the Natural Hazard Disclosure Report be provided to all Buyers since the REO Seller has affirmative duties to disclose such zones and there is really no way to properly do so without the use of such a report.

Next, REO Sellers are not exempt from the lead-based paint disclosure on properties built prior to 1978. While the REO Seller is not required to pay for Smoke Detector, Water Heater Bracing and other local mandatory government retrofit requirements, they are not exempt from filling out the appropriate CAR Smoke Detector and Water Heater Disclosure forms. LA city also requires the Certificate of Compliance form to be completed regardless of who actually pays for the retrofit work. Providing these forms without Seller signature is not in compliance. Someone with authority to sign on behalf of the Seller should be signing these disclosure forms. Also, remember that both the listing and selling agent are required to perform a visual inspection of the accessible areas of all residential 1-4 unit properties and disclose the results of that inspection to the Buyer. There is no exception to this rule for REO properties.

Myth #2- Buyers should simply sign the REO Addenda provided to them without reviewing these documents.

This can be a very dangerous practice, both from a liability and expense perspective. Many of these addenda provided by REO Sellers are heavily weighted in favor of the Sellers. While the Buyer may have little choice in signing these addenda since the REO Seller may refuse to sell to them unless they are signed, that doesn’t mean that the Buyer should not carefully review them first to see how they impact the Buyer’s legal positions and expenses that they may incur. While it is traditional for the average Seller in Southern California to pay for the mandatory retrofit items and the Country and City Transfer taxes, these addenda often pass this responsibility on to the Buyer. These are negotiable items between a Buyer and Seller, but it is important for a Buyer to be aware of exactly what they are going to be responsible for since this could add up to thousands of dollars.

Myth #3- All Sellers provide Buyers with the Same Type of Title Insurance Policy.

While the CAR Residential Purchase Agreement calls for the Seller to provide the Buyer with an ALTA/CLTA Homeowner’s Policy, the REO addenda may change this to a Standard Policy of Title Insurance which provides less coverage than the above mentioned policy. Once again this is a negotiable item, but in such event, it would be wise for the Real Estate agent to counsel the Buyer on the possibility of the Buyer paying the difference between the Standard Policy and the ALTA/CLTA Homeowner’s policy. The cost is relatively low and it could prevent a major problem in the future.

Myth #4- REO properties are sold AS IS and the Buyer cannot ask the Seller to make any repairs after completing the home inspection.

While it is true that REO properties are sold as is, and while you will undoubtedly see quite a bit of language in the REO addenda indicating that the Seller will not make any repairs whatsoever, nothing prevents a Buyer from asking the Seller to make repairs as a result of the home inspection. The Seller can certainly say no, but often times the Seller will agree to certain repairs or to a credit or reduction in the sales price. You should certainly prepare your Buyers for the possibility that the Seller will say no, but, as they say, it never hurts to ask.

Myth #5- It is Illegal or Unethical for an REO Seller to require a Buyer to get prequalified or preapproved though a specific lender of Seller’s choice.

While this might be inconvenient for a Buyer, there is a good business reason for requiring such a prequalification or preapproval. Unfortunately, there are many lenders out in the field issuing prequalification letters that turn out to be worthless. In such cases, the property may be tied up for weeks only to find that the Buyer really isn’t qualified for the loan in question. The Seller has the right to have the Buyer evaluated by a Lender whom the Seller has confidence in to determine up front whether the Buyer appears to be capable of obtaining the loan in question. The Seller cannot, however, require the Buyer to obtain the loan through that particular lender.

As a final comment, it is always wise to prepare your Buyer ahead of time when dealing with an REO property. There may be time delays in getting an offer presented and accepted. There may be additional delays in getting documentation from the lender and there may even be delays in closing the escrow caused by the Sellers. Making the Buyers aware of these issues up front may help smooth the way a bit down the road. And don’t forget to use the CAR form entitled REO Advisory. This form is designed to provide the Buyer and Seller with important disclosures and information regarding the REO process.

Thanks to the Southland Regional Association of Realtors for the above article. The full text can be found HERE.

Friday Night - Time for the Eagle Rock Farmer's Market!!

2009-09-18T10:11:00.000-07:00

It's Friday night in Northeast Los Angeles, once again time for the Eagle Rock Farmers Market . Located at the intersection of Merton and Caspar Avenue, the market is a great way to get out and meet your fellow Angelenos, and enjoy this beautiful September evening weather. On any given week, the market has everything from play jumpers and arts and crafts for the kids, to kettle corn, funnel cakes, sno-cones, and endless variety of fruits and vegetables, as well as full dinners, with the juices of roasting chickens dripping into the pit, and hickory smoke wafting into the air. As you get closer, you're likely to hear an Elvis impersonator belting out "Blue Sueds Shoes" or "Viva Las Vegas", to the delight of the crowd.

The Farmers market has become an Eagle Rock institution over the last decade, and is packed every Friday. Here you can also find fresh flowers, honey, jewelry - even tube socks!! The fruit and vegetable vendors also carry seasonal items such as strawberries, blackberries and rasberries, as well as apples, blueberries, pomegranates, peaches, pears, plums, tomatoes, avocados, carrots, potatoes, lettuce, squash, plums, and the list goes on and on...

The market it always a fun place, and it is great to get out and enjoy the people in the community and support local businesses!

What better time and place to do it than on a Friday night in Southern California!!??

The Eagle Rock Farmer's Market is located at the intersection of Merton Avenue and Caspar Avenue, one block south of Colorado Boulevard and one block east of Eagle Rock Boulevard - open every Friday from 5:00 PM to 9:00 PM.

Come on out & enjoy the fun!!!

Real Estate and Wildfires - What You Need to Know...

2009-09-08T18:33:00.000-07:00

Hats off to the thousands of firefighters who braved INCREDIBLY hot and humid weather when fighting the gigantic Southern California wildfire now known as "The Station Fire". The firefighters did an AMAZING job of keeping the fire at bay from dozens of communities throughout the foothills of the Angeles National Forest. They worked so so hard, night and day, working 16 hour shifts with no days off, in order to do everything possible to save the homes of countless residents. They really are heroes & do an awesome job!

When disasters such as this one strike, after the initial danger of personal safety has passed, many may be left with unanswered questions regarding the legal ramifications of properties affected by fire. The staff of the Legal Department of the California Association of Realtors (C.A.R.) has come up with a comprehensive list of questions and answers which may be helpful to those affected, and important for all homeowners to be aware of. Following is a copy of the article in full, which is reprinted with permission...

Introduction

The seasonal firestorms we experience in California raise several legal questions for REALTORS® and their clients. The following questions and answers may be helpful for property owners and residents who have suffered a loss, or for buyers who are in escrow to purchase property involved in the disaster.

Q 1. What are the general rules concerning who bears the risk of loss in a real estate transaction where an "Act of God" or other disaster, such as fire, affects the property?

A If the purchase contract between the parties does not specify who is to bear the risk of damage or loss to the premises during the time between the execution of the contract and the transfer of title, the liability of the parties is governed by the California Uniform Vendor and Purchaser Risk Act (Cal. Civ. Code § 1662). Under the provisions of this statute (assuming no fault on the part of the buyer), the risk of loss or damage to the premisesis carried by the seller until the buyer receives either title or possession. (Note: C.A.R.'s Residential Purchase Agreement and Joint Escrow Instructions, Standard Form RPA-CA, revised 10/02, does not dictate how risk of loss is allocated between a buyer and a seller.)

If all or a material part of the premises are damaged before title or possession is given to the buyer, the buyer can cancel the contract and recover any portion of the purchase price paid. It is not clear whetherthe buyer can alternatively elect to enforce the contract with a reduction in the purchase price equal to the loss of value or cost of repair. (Cal. Civ. Code § 1662.)

After the buyer has taken possession or has received title,the buyer bears the risk of loss or damage to the premises (assuming no fault on the part of the seller). Therefore, if the premises are damaged, the buyer must still complete the contract and pay the balance of the purchase price. (Cal. Civ. Code § 1662.)

If the purchase contract does contain a risk of loss provision, that provision will govern to the extent it is different from or more specific than the Uniform Vendor and Purchaser Risk Act (Uniform Act) (Cal. Civ. Code § 1662).

Q 2. May a buyer get out of a purchase contract under the Uniform Act if the damage or loss caused by fires to the property is minor?

A Probably not. The Uniform Act implies that the seller may still enforce the contract if the damage is not material. However, a purchase agreement may require the seller to repair such damage. For example, Paragraph 7A of C.A.R.'s Residential Purchase Agreement requires the property to be maintained in substantially the same condition it was in on the date of acceptance. Under this language, a seller could be obligated to repair fire-related damage to his or her property.

Q 3. May a buyer get out of a purchase contract under the Uniform Act if the damage or loss caused by fires to the property is major?

A Yes. To repeat, if (1) neither legal title nor possession has transferred from the seller to the buyer, and all or a material part of the real property is destroyed by fire, and (2) no express contract provision to the contrary exists, then, under the Uniform Act the seller cannot enforce the purchase contract and the buyer may cancel and recover any portion of the purchase price already paid. (Cal. Civ. Code § 1662.)

Q 4. If the damage is not severe, does the timing of the fires (whether they occur before or after an inspection) affect the right to cancel?

A Yes. If the damage occurs before the buyer has removed an inspection contingency in his or her purchase contract, the buyer can, of course, exercise any inspection, disapproval, and cancellation rights provided by the contract.

If the damage occurs after the buyer has removed his or her inspection contingency, the buyer generally does not have an automatic right to reinspect the property and approve or disapprove of its condition under most purchase contracts (including C.A.R.'s Residential Purchase Agreement). However, the seller may be obligated to repair the property. See Question 2.

A purchase agreement may, however, require a seller to disclose fire-related information, which in turn may give a buyer a right to cancel a transaction, even if he or she has already removed contingencies. For example, Paragraphs 5A(3) and (4) of C.A.R.'s Residential Purchase Agreement provide that if,prior to the close of escrow, the seller becomes aware of adverse conditions materially affecting the property, the seller must provide a subsequent or amended disclosure or notice, which then gives the buyer a right to cancel the agreement.

Q 5. Must a seller disclose major fire damage that has not been repaired when attempting to sell the property?

A Yes. For sales of residential one-to-four unit properties, the Real Estate Transfer Disclosure Statement (TDS), Section II (Seller's Information), paragraph C.9, asks:

"C. Are you (Seller) aware of any of the following: . . . 9. Major damage to the property or any of the structures from fire, earthquake, floods, or landslides.
______ Yes ______ No." (Cal. Civ. Code § 1102.6 (emphasis added).)

In addition, for both residential one-to-four unit and other properties, the seller is required to inform a buyer whether the property is located in a "very high fire hazard severity zone" (which has certain maintenance requirements) or a "state responsibility area" (which may contain substantial forest fire risks and for which the state has primary financial responsibility for fire prevention and suppression). (Cal. Civ. Code §§ 1103.2 et seq.) The disclosure of these and other natural hazard zones is discussed more fully in C.A.R.'s legal article, Natural Hazard Disclosure Statement.

For all types of property, the general requirement of disclosing known material facts affecting the value or desirability of property applies.

Q 6. Must a seller disclose the fact of a fire when there was no major damage to the property?

A Yes, if it is a material fact affecting the value or desirability of the property to the buyer. Even though the property may not have suffered major fire damage, the seller may be aware of other facts related to the fire that the buyer might not be aware of. Of course, a buyer must also exercise reasonable care to protect himself or herself in a real estate transaction, and is not excused from discovering problems that are within his or her diligent attention and observation.

Q 7. Must a seller disclose the fact of a fire when there was major damage to the property but it has been repaired?

A California law does not clearly answer whether a seller must disclose past property defects and repairs. At the present time, the law does not appear to require disclosure of past defects and repairs unless the problems may be persistent. In other words, a defect which has been fully repaired and no longer threatens the value or desirability of the property probably need not be disclosed. On the other hand, defects which are difficult to remedy and which may continue to plague the property may have to be disclosed. Given some uncertainty in this area of the law, many sellers may prefer to resolve doubts infavor of disclosure to minimize the risk of liability.

Q 8. What are the tax effects of destruction of a property?

A Federal income tax law provides for the deduction of "casualty losses," which include destruction of property by "Acts of God" including fire, theft, and certain other types of losses. (See 26 U.S.C. §165.)

The following is a brief summary of the rules:

(1) For business property, the casualty loss is fully deductible. (26 U.S.C. §165(a).)
(2) For non-business property of individuals, losses from "casualties," including floods, earthquake, fire, storm, or other natural occurrences, are generally deductible only to the extent that the total of such losses exceeds 10 percent of the taxpayer's adjusted gross income for the year of loss. Any loss is deductibleonly by a taxpayer who itemizes deductions. Each loss is subject to a $100 floor. The amount of a casualty loss is the lesser of, (a) the difference between the value of the property immediately before and after the loss, or (b) the adjusted basis of the property immediately before the loss. (26 U.S.C. §165(c)(3) and (h).)
(3) If the loss results from a disaster that the President determines to be eligible for federal assistance, the taxpayer has the choice of deducting the disaster losses on his or her return either, (a) for the year in which the loss occurred, or (b) for the preceding tax year. (26 U.S.C. §165(i).)

See the Internal Revenue Service's website for more information. For a copy of the IRC code, go to U.S. Code Online and enter 26 for the title and 165 for the section and click on search.

Please contact an accountant or tax attorney for further details about the tax effects of fire losses on a particular transaction.

Q 9. Can a landlord or tenant terminate a lease or a rental agreement if all or parts of the premises are destroyed by fire?

A Yes. Under California Civil Code Section 1933(4), the agreement is terminated automatically if the entire premises are destroyed, unless the parties have agreed to something different. In the event the premises are only partially destroyed, the tenant can terminate the lease by notice to the landlord if the landlord had reason to believe at commencement of the lease or rental agreement that the portion destroyed was a "material inducement" to the tenant to enter into the lease (Cal. Civ. Code §1932(2)).

Again, any contrary agreement between the parties will govern.

Q 10. Can a landlord collect further rent after the lease or rental agreement is terminated due to destruction of the premises?

A No. The obligation to pay future rent is extinguished when the rental agreement is terminated. However, a tenant maystill owe back rent.

Q 11. Where can I obtain additional information?

A Additional information is available on the Real Estate Resources page on C.A.R. Online. Look for the category, "Fire Disaster Assistance." This legal article is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.'s legal products and services, please visit C.A.R. Online at www.car.org. For a list of important contact numbers, please see Appendix A below**.
**(see link to article on C.A.R. website for Appendix A with list of contact numbers)

Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.'s Member Legal Hotline at 213.739.8282. C.A.R. members who are broker-owners, office managers, or Designated REALTORS® may contact the Member Legal Hotline at 213.739.8350 to receive expedited service. The access times are Monday through Friday, 9:00 A.M. to 6:00 P.M. Members may also fax or e-mail inquiries to the Member Legal Hotline at 213.480.7724 or legal_hotline@car.org. Written correspondence should be addressed to:

California Association of REALTORS®
Member Legal Services
525 South Virgil Avenue
Los Angeles, California 90020

The information contained herein is believed accurate as of September 2, 2009. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.

The following article was prepared by and is courtesy of the California Association of Realtors (C.A.R.) Legal Department - reprinted with permission. The entire text of the article can be found HERE. Source: http://www.car.org/legal/2009-qa/firestorms/

FREE PIZZA FOR CAMARO OWNERS - TODAY ONLY!!!

2009-08-26T10:53:00.000-07:00

Who ever said there was no such thing as a FREE LUNCH??? If you own a Chevrolet Camaro, you can get yourself a free large, one-topping pizza TODAY ONLY, Wednesday August 26, 2009, at any Papa John’s pizza restaurant. This promotion is to celebrate the fact that John Schnatter, the founder of the Papa John’s, was able to locate his own original Camaro which he sold back in 1983 when he was just 21 years old. He sold the car to help his father save his bar from bankruptcy, which was located in Jeffersonville, Indiana. The money was used to help fix & save the bar, and the bar is where John Shattner started selling Pizzas - the rest is history.

The Camaro was purchased by Jeff Robinson in 2004 for $4,500.00, who agreed to return the car to Schattner, after a friend of his heard about the search by the pizza executive during a preseason NFL football game interview & told him about it. Robinson also received a check for $250,000.00 for returning the car – not a bad return on his investment!

Although a free pizza is not so bad, either...

Source: WLKY.com, Louisville, Kentucky. The full story can be found HERE.

Visit http://www.papasroadtrip.com/ for details on the promotion.

Nine Steps to Buying a Home

2009-08-13T17:33:00.000-07:00

Buying a new home can seem like an overwhelming experience for many first time (as well as seasoned) homebuyers. It may seem like there are so many things to remember and so many things to do, and can seem daunting for some. It helps to to have a great agent to help you through the process, and it certainly helps to be able to break it down step by step and just concentrate on each individual portion at a time, as you march down the path on your journey toward home ownership!

Here is how the Dept. Of Housing and Urban Development (HUD) breaks down the home buying process in nine steps. The link to the source of the info can be found at the bottom of the post.

Step 1: Figure out How Much You Can Afford

Talk to a lender or a good mortgage broker, and they can run your credit score and see how much of a loan you would qualify for, based on your income, credit score, employment, etc.. It is definitely a good idea to do this up front, so that you know your exact purchasing power and the price range in which you should be seriously concentrating your house hunting efforts. Also, most all seller’s entertaining offers on property they are selling these days will require that a pre-approval letter be included with any offer coming in to them. Best to start here, and possibly save yourself wasted time and effort in the future.

Step 2: Be Aware of your Rights!

Familiarize yourself with the Fair Housing Act

http://www.hud.gov/offices/fheo/FHLaws/FairHousingJan2002.pdf

and the Real Estate Settlement Procedures Act (RESPA):

http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

Both are designed to protect borrowers and buyers in the homebuying process – it is highly recommended for all borrowers to familiarize themselves with the provisions, so you KNOW YOUR RIGHTS!

Step 3: Shop for a Loan

Now that you know you are pre-qualified and are ready to do some serious looking, devote some of your serious attention to shopping for a good loan in addition to the time spent looking for your new home. If you do your homework, comparing costs with several lenders and looking at the different costs and interest rates may save you serious dollars over the life of the loan.

Step 4: Learn About Homebuying Programs

Downpayment assistance is available if you qualify! – you can find information on some of California’s programs here: http://www.hud.gov/local/ca/homeownership/buyingprgms.cfm .

Contact me at john.barry@coldwellbanker.com for more information about specific programs available in your area.

Step 5: Shop for a Home

This is the fun part!! (Or it can be the most frustrating part!) Remember that it is not easy to find a home with EXACTLY 100% of what you are looking for. If you find a property with 80% of the features you are looking for in a home, it might be the one for you & you seriously consider making an offer, especially if the amenities or features it is missing is something that can be added later on. Choose an agent you like and trust who can help you and guide you through the process from searching for the home to moving day!

Step 6: Make an Offer

This is where your real estate agents expertise and knowledge of the market conditions will help them advise you of what would be a fair price to offer on a property, to help give you the highest possibility of getting your offer accepted. Sellers do not necessarily look at the highest dollar offer as the strongest offer. When buyers are in a multiple offer situation for the same property, there are other things that sellers look for in an offer besides the final price, when deciding which to accept. A good agent can assist you in presenting the strongest offer possible which would give you the greatest chance as a buyer of having it accepted.

Step 7: Get a Home Inspection

Now that you have found a home you love and have an accepted offer (lucky you!), you are ready to schedule a home inspection. This should be done as soon as possible as soon as you have an accepted deal. Any property you purchase should be contingent upon the buyer being able to obtain and approve of a physical inspection of the property. By spending a few hundred dollars up front, a potential buyer can find out about the condition of the home, and discover any minor or major repairs needed on the home before committing to the purchase. If the potential buyer discovers any serious issues with the condition of the property at this point, they can then go back to the seller and ask for a credit at the close of escrow based upon the estimated cost of the repairs, or decide to cancel their purchase of the property based upon the inspection contingency. Again, a good agent will be able to help you & guide you through this process. Contact me at john.barry@coldwellbanker.com for personal assistance, or if you would like a referral to a qualified agent in your local area.

Step 8: Shop for Homeowners Insurance

All lenders will require homeowners insurance, so be sure to shop around for the best deal possible. Not all insurance companies may offer you the same rate.

The US Govt.’s Insurance Information Institute (iii) has some great information on 12 ways to lower your home insurance costs, which can be found here: http://www.pueblo.gsa.gov/cic_text/housing/12ways/12ways.htm

Step 9: Sign Loan Documents

You’re almost there!! One of the final steps before closing is to sign loan documents – be sure to read everything before you sign! Some helpful information on settlement costs and other as[pects of the loan process can be found here: http://www.hud.gov/offices/hsg/ramh/res/stcosts.pdf

Usually you will be required to go into the escrow office to sign the loan documents where a notary will notarize the applicable ones. Sometimes it is possible for the escrow company to arrange a mobile notary to meet the borrowers and have them signed outside of the escrow office (although this is not always allowed by the lender and the borrower will also usually pay several hundred dollars extra for this service). Once the loan documents have been signed and returned to the lender, and once everything else is in place and the buyer has deposited their final down payment, the lender funds the loan, and the escrow officer sets up the file for closing.

The next biggest decision you will have to make is what to serve your guests at the housewarming party!!!

Source of information: US Department of Housing and Urban Development (HUD) - http://www.hud.gov/buying/index.cfm

Fabulous Loan Opportunities for California School Employees!!

2009-08-05T15:22:00.000-07:00

State of California school employees have an EXCELLENT opportunity available to them for the financing of a new home, by taking advantage of the CalSTRS Home Loan Program, offered to members of the California State Teachers' Retirement System. Loans are available up to $834,000.00, depending on the particular loan program. In addition, through their "80/17" program, borrowers can obtain financing with as little as 3% down, and will have a first and second deed of trust securing the loans on the property. The first deed of trust would be for 80% of the value, and the second deed of trust would be for 17% of the value, with the additional 3% coming from the borrower. The beauty of this is, the payments on the second deed of trust are DEFERRED for five (5) years, with no payments required until after that time period.

So basically, you can purchase a home with 3% down, with monthly mortgage payments on the 80% first trust deed ONLY for the fist five years. Not a bad deal...

As a father of an 11 year old girl heading into the 6th grade in the Los Angeles Unified School District, I know how important and influential teachers are in shaping the minds of kids, and how hard they work with the limited resources they have. Hats off to all the teachers in this world!! Teachers generally don't get enough thanks, praise and credit for the wonderful and important job that they do, and let me say that I for one appreciate it very much!! Its great to know that there are programs like this to reward teachers and help them achieve their dream of owning a home...

If you would like more information about The CalSTRS Loan Program, let me know and I would be happy to provide it. You can also find more information on their website, which can be found HERE

If you would like my help in realizing your dream of owning your own home, I will gladly give you my personal undivided attention. Please email me at john.barry@coldwellbanker.com , or call me at 323-810-7976. It is my job is to help YOU...

Have Prices Hit Rock Bottom in Southern California??

2009-07-20T15:41:00.000-07:00

Foreclosures are now making up less than 50% (45.3% to be exact) of the retail housing market resales in Southern California in June, 2009. This is down from 49.7% in may, and the peak of 56.7% in Feburary, this according to data released by MDA DataQuick as reported in an article on www.nuwireinvestor.com .

According to the article, there were a total of 23,262 total new and existing homes and condo sales completed in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties in June, 2009, which is up 12% from May. According to MDA DataQuick, many buyers believe that prices have hit rock bottom, as evidenced by the increase in activity...

Do you agree that prices have hit rock bottom?? Why or why not??

The full text of the article from www.nuwireinvestor.com can be found HERE

Forbes' List of Top Best Cities to Buy a Home - Do You Agree??

2009-07-14T12:13:00.000-07:00

Forbes.com has recently come out with a list of the best cities in the United States to buy a home. Their results are based on an analysis of the March 2009 RPX Monthly Housing Market Report issued by Radar Logic Incorporated, which examines market fundamentals in the 25 most populated metropolitan areas of the US. Topping their list was Denver followed by Phoenix and Boston. The two major Southern California metropolitan markets, San Diego and Los Angeles, ranked 4th and 5th respectively. At the bottom of the list of the areas ranked by desirability was Las Vegas, followed by Cleveland and Seattle. According to Dan DeNuccio, a local agent with Prudental in Las Vegas, there are a large number of investors out snapping up properties, many with cash and many from foreign countries. "And what's happened here is a lot of those first-time homebuyers that were excluded from the market because of the price range are now in the market and taking advantage of the tax credit", says DeNuccio. Once the investors start coming out, you know there MUST be some good deals out there..

The full text of the article can be found HERE.

Do you agree or disagree with their analysis? Is it possible that areas that are bad for sellers are just as bad for buyers, or does that create even more opportunity??

Rest in Peace, Freeman...

2009-07-07T22:23:00.000-07:00

After 15 happy and fulfilling years, our beloved cat Freeman passed away peacefully at home last week after a brief but quickly progressing illness, and was laid to rest peacefully under a shady tree where we now visit him often.. We will always remember our little Freeman, or "Free" as he was affectionately known to us.. I used to like to joke with my daughter that Free was "older than the internet", as it was so new when he was born in 1994. At the time, I worked in the Information Technology Department at Hanna Barbera Studios in Hollywood, coordinating the purchase of computer equipment for the studio. At the time, the internet was a pretty new concept & hadn't yet really gone mainstream.. The idea of everyone having the internet on their desktop at work was still a pretty state-of-the-art thing and cutting edge in '94. One of the projects our department helped roll out was setting up company-wide online messageboards.. One day I saw a post from a co-worker that she had found some kittens in an abandoned house near a bookstore owned by her family, Dutton's Books in North Hollywood, CA. At the time, my wife and I were looking for a new kitten to share our home, and so I went to see the little guys.. One of them was a cute little gray tabby with a lot of spunk, who was the one I chose... After debating what to name the cute little guy, we happened to glance down at a box cover of a video on the coffeetable of the movie "Shawshank Redemption".

"How about Freeman?"

And the little guys name was born... That was when I was twenty-five years old. I'll be forty-one next month, and thats a lot of years to spend with a member of the family & its awfully sad to lose him... Thanks to Juliet Dutton for bringing the little guy into our life...

Rest in Peace, Little Fella....

First Time Buyers Taking Advantage of Opportunities...

2009-07-03T23:25:00.000-07:00

It seems like we Realtors are constantly trying to dispel the myths created by the negative spin the media constantly puts on the real estate market. There is no doubt that everyone would agree, many people have seen a decline in their property values, there are a lot of foreclosures out there, as well as a lot of people underwater in their mortgages... But the truth is, the decline in values and availability of properties, combined with the low interest rates being offerered by most lenders, have created a tremendous opportunity for buyers to snatch up properties at some excellent prices. Many people who could not afford a home before and through it would be many years if ever before they could, suddenly find that the opportunity for home ownership is finally within their reach and actually can become a reality. Properties can now be purchased and financed for about the same price as a monthly rent payment, allowing people to realize their dream..

Check out this LA Times article talking about the opportunities open to first time buyers - the text of the article can be found HERE.

Don't forget about the $8,000.00 tax credit for first time homebuyers, too!! Time is running out - it is available through November 30, 2009, and escrow must be CLOSED by that date...

If you want more information about how you can take advantage of this dynamic market, please email me at john.barry@coldwellbanker.com or call me at 323-810-7976.

Hew Help for Homeowners as Obama Signs New Law...

2009-05-25T12:53:00.000-07:00

President Obama has signed into law the "Helping Families Save Their Homes" Act, designed to help homeowners who are having difficulty making their monthly mortgage payments refinance to an affordable rate, and help homeowners increase the affordability of their mortgages, and avoid preventable foreclosures.

"These landmark pieces of legislation will protect hardworking Americans, crack down on those who seek to take advantage of them, and ensure that the problems that led us into this crisis never happen again," said President Obama.

The new act strengthens provisions in the existing Hope for Homeowners program, requiring principal writedowns by lenders to help homeowners increase the value of equity in their homes. The eligibility requirements of refinancing underwater mortgages will also be eased, allowing refinancing for a greater number of borrowers.

In addition, the Act also has provisions to help restore the credit flow in the US economy, including an extension of the temporary increase in the Federal Deposit Insurance Corporation's (FDIC) deposit insurance limits providing added confidence to borrowers, but also increases the borrowing authority of the FDIC to $100 billion. The Act also increases the borrowing authority of the National Credit Union Association (NCUA) to $6 billion.

A press release on the new law from The White House in Washington, D.C. can be found HERE.

California Association of Realtors Fighting for Buyer's Rights....

2009-05-06T23:22:00.000-07:00

The California Association of Realtors has recently achieved a compromise in State Assembly Bill 957 (AB 957), working with the author of the bill, Democrat Assemblymember Cathleen Galgiani, to protect buyers rights when dealing with lenders selling foreclosed properties. The new language in the bill will protect buyers in the selection of escrow and title services, allowing them to negotiate with the sellers of REO properties, instead of allowing them to direct the service providers as they are accustomed to doing. Now they will have to pay for the privilege...

A press release on the bill from Assemblymember Galgiani's office can be found HERE.

One more example of how the California Association of Realtors is looking out for YOUR rights...

Finally Closing the Deal.....

2009-04-24T09:17:00.000-07:00

Congratulations to the Snyders, and congratulations to the new buyers and new owners of the home at 5162 Windermere Avenue!! Escrow successfully closed on April 23, 2009... A great experience from start to finish, a very smooth closing, and absolutely wonderful buyers, sellers and agents to work with - a top notch transaction all around!! Congratulations and a big thank you to everyone who helped make it happen!!

Less than 45 days from listing in the MLS to the close of escrow and the sellers receiving 5% ABOVE the asking price - I have been blessed with an incredibly smooth deal and my clients couldn't be happier... (Unless of course, they have their offer accepted on their new home!!!!).

Now its time to push on and go forward... Plenty of houses out there for everyone!!!

And with the $8,000.00 first time homebuyers tax credit, along with low home prices and historically low interest rates, it is a fantastic time for buyers to realize their dream of owning a home for the first time. Home ownership is now within reach and an actual reality for people to whom just a few years ago, it was only a dream....

Found a Great Little Gem in the Valley...

2009-04-10T10:00:00.000-07:00

I saw a great little place in the San Fernando Valley today that I am trying to get my good friend into.. I have been searching for a new home for sale for my buddy for a little while - he is a first time homebuyer looking to stop renting, and become a homeowner for the first time..

Now, let me tell you, it is not the easiest thing in the world to find a place for sale in the San Fernando Valley for UNDER $300,000.00, AND with a swimming pool! One of the first places we looked at was a real winner - gang graffiti on the backyard wall of the house, and a pool with about three feet of stagnant water that looked like the Creature From the Black Lagoon may climb out at any moment... (If he could get through the layer of sludge on the top!)

But then I found this little gem...

With 2 bedrooms and 2 baths, a little over 1,2o0 square feet, on a 5,890 square foot lot, this house has a lot of potential and a lot to offer. The surrounding neighborhood is full of well kept homes, and with a little TLC this one would fit right in...

Imagine yourself jumping into the crystal clear water of this beautiful swimming pool on a 110 degree day...

This place seems a steal at the price - less than $300,000.00. Right now my friend is trying to get his pre-approval letter together from his lender. As of today, the property is still available, although I don't think it will last... Hopefully my buddy will be the one having the housewarming party!

Stay tuned for more details....

This is Why I Became a Real Estate Agent...

2009-03-25T15:01:00.000-07:00

After years and years and years and years of working the nine to five grind, there is one thing more than anything that appealed to me about being a real estate agent... It's not the money - having a lot of money would be great, don't get me wrong, but its not about the money for me - as long as I have enough to live comfortably and support my family, that's all I ask. I have been so blessed with the things that I do have, such as my beautiful wife and daughter, my wonderful extended family, many many friends, and I live in one of the most desirable and exciting cities in the world!! No, its not the money that first appealed to me, it is the ability to work when I want, where I want, and on what I want, with nobody to answer to but my clients! Being a real estate agent gives me the ability to work here for the morning, if I so choose....

Yep, that's yours truly, at my home away from home, Santa Anita Park in Arcadia, California. I spent the first a part of a nice relaxing workday morning sitting in the rising sunshine and watching the beautiful thoroughbred's work out on the race track in preparation for the day's races ahead. At the same time, I made a few phone calls in preparation for my own racing about town looking at properties...

Santa Anita Park has a really cool outdoor cafe at the top of the stretch, open every racing morning and open to the public, called "Clockers Corner". It is basically an outdoor cafe / snack bar, similar to what you might find at a nice golf course. Here you can enjoy a variety of treats, including bagels, donuts, danishes, coffee, juice, and they have a WONDERFUL hot breakfast served on the weekends. There are plenty of tables to sit at, a million dollar view of the horses galloping on the track right in front of you, and you are likely to rub elbows and be having breakfast next to Bob Baffert, Tyler Baze or Corey Nakatani.. I highly recommend coming out to see this place if you ever have free time in the morning. And if that weren't enough to get you out there, they even offer EARLY BIRD WAGERING on that day's races, via a bank of self-service betting machines available just inside the grandstand...

So after a hot cup of coffee, a nice snack, and laying down a few bucks on the ponies, I was off to hit the streets and take care of some business...

What a wonderful life, I'm livin' the dream.......

First Open House at 5162 Windermere a Smashing Success!!!

2009-03-19T23:33:00.001-07:00

On Sunday afternoon, March 15th, I held an open house at my listing at 5162 Windermere Avenue in Eagle Rock. The open house time was from 2:00PM to 5:00PM, and early in the morning I traveled through Eagle Rock, placing my signs at strategic locations throughout the area, hoping to lure even more people to my open house than already knew about it. from the moment the doors opened until the clock ticked five, there was a NONSTOP caravan of people coming through to check out the place. Young and old, they kept coming and coming and coming, about 250-300 people at LEAST. The general consensus was that everyone seemed to LOVE the house, and that it seemed to be priced excellently & priced to sell! Which is exactly what the sellers hope to accomplish real soon!!!

At the open house, I handed out some brochures on the property for sale, as well as provided some interesting literature for reading, such as an article on the history of Eagle Rock and the different types of architectural styles found in the homes in the area, as well as an informative article on the First Time Homebuyers Tax Credit.

Guests also seemed to love exploring the house, especially enjoying the coved ceilings and the recessed lighting set throughout the living room & dining room areas...

As the open house drew to a close, we finally had to sadly turn people away, as people continued to arrive at the front door even as we were approaching 5:30 PM and the sellers tried to get their two young children ready to wind down for dinner and bedtime...

All in all, a very busy and wonderful week starting with the open house..

More to follow later...

Peace!

NEW LISTING AT 5162 WINDERMERE AVENUE, EAGLE ROCK, CA 90041

2009-03-10T21:27:00.000-07:00

Character abounds in this 1925 Spanish Revival located in the desirable neighborhood north of Colorado Boulevard in Eagle Rock. A large front porch and enclosed entry lead into the bright and spacious living room and dining area. This impressive space boasts such original details as a Batchelder tile fireplace, recessed lighting that illuminates the vaulted ceiling, arched windows, and oak floors. Highlights of the galley kitchen include abundant cabinet space and eat-in area. There are two bedrooms and one bath including a huge master with private access to a pavered patio that is perfect for entertaining. The grounds are beautifully landscaped with automatic sprinklers and include a completely fenced backyard, separate dog run and power driveway gate. There is also a finished two-car garage complete with telephone and high-speed internet access as well as laundry hook-ups and power garage door. Other features include central air and heat, copper plumbing and updated electrical. This lovely home is located steps away from local shops and restaurants and the heart of Eagle Rock. Don’t miss out on this rare opportunity! Offered at $499,000.

Listing Broker: Coldwell Banker Residential Brokerage
Listing Agent: John Barry

For more information regarding this property, please contact me at 323-810-7976, or via email to jb@jbknowsthevalley.com Thanks!

Credit for the FABULOUS house photo to Eric Engel of Engel Multimedia

A Little Bit About Me...

2009-03-06T20:39:00.000-08:00

Prior to joining Coldwell Banker Residential Brokerage, John Barry spent over a decade in the escrow industry, expanding and refining his real estate experience and expertise as an Escrow Officer, coordinating and closing hundreds of real estate transactions for his clients.

The escrow period is a time when many problems can and often do arise which could make or break a transaction. Having an agent to represent your best interests who is highly skilled in their knowledge of the legal documents, disclosures, and other intricacies of the closing process could mean the difference between an unforeseen problem that could jeopardize your entire deal, or arriving smoothly to the successful and happy closing of your transaction. With John’s proficiency in the closing process and years of experience working to resolve countless real-life closing problems, there is no better agent to have on your team to represent you.

John strives to consistently fight for and protect the best interests of his clients, ALWAYS putting their needs before his own, conducting himself with the highest possible ethical standards and providing extraordinary, professional and courteous service at all times. John’s commitment to excellence equals that of Coldwell Banker, whose foundation is their dedication to professionalism and customer satisfaction.

Please Contact me for all your real estate needs, and be represented by the best of the best.

Spotlight on a Pending Eagle Rock Home Sale... **

2009-03-04T23:56:00.000-08:00

North of Hill Drive in the picturesque neighborhood of Eagle Rock, this beautiful 3 bedroom, 2 bath single family residence is currently shown as a pending sale in escrow, as of February 2009. The square footage of the home itself is listed by the Los Angeles County Assessor as being 1,549 square feet, with a lot size of 8,120 square feet. According to the property description, the home features gleaming hardwood floors, an open floor plan with spacious rooms, and large rear yard with double-detached garage. Located at 5420 Mount Helena Avenue in Eagle Rock, with a list price of $559,000.00. Listed by Century 21 Village, Inc..

**(information shown as obtained from Multiple Listing Service - no guarantee of information accuracy)

The Eagle Rock Farmers Market

2009-02-28T23:53:00.000-08:00

As you stroll down Colorado Boulevard in Eagle Rock on a typical Friday evening, as you pass the corner of Caspar Avenue, your nose can't help but notice the wonderful and tempting aroma of roasting chickens, and soon see dozens of them slowly turning on spits over an huge open fire pit, juices dripping and hickory smoke wafting into the air. As you get closer, you're likely to hear an Elvis impersonator belting out "Blue Swede Shoes" or "Viva Las Vegas", while your stomach is further enticed with the delectable scents of fresh funnel cakes and warm kettle corn. Welcome to the Eagle Rock Farmer's Market, what has become an Eagle Rock institution over the last 10-15 years. Here you can also find fresh flowers, honey, jewelry - even tube socks!! Don't forget about all of the fresh fruits and vegetables, with seasonal items such as strawberries, apples, blueberries, pomegranates, peaches, pears, plums, tomatoes, avocados, carrots, potatoes, lettuce, squash, plums and the list goes on and on and on...

The market may not be as big and elaborate as some of the other farmer's markets in the LA area, but it is always fun to get out and enjoy the people in the community and support local business, and what better time and place to do it than on a Friday night in Southern California!!??

The Eagle Rock Farmer's Market is located at the intersection of Merton Avenue and Caspar Avenue, one block south of Colorado Boulevard and one block east of Eagle Rock Boulevard - open Friday's from 5:00 PM to 8:00 PM.

Come on out & enjoy!!!

Eagle Rock Featured in the New York Times...

2009-02-25T22:43:00.001-08:00

Countless thousands of people in the Big Apple will have their attention focused on our little community of Eagle Rock on Thursday, as the New York Times publishes a feature article on the front page of their Fashion & Style section entitled "When the Next Wave Wipes Out".

The article discusses the effects that the economy downturn could possibly have on neighborhoods such as Eagle Rock which are undergoing gentrification and revitalization, when the neighborhoods then begin a reversion of sorts as business move out of the neighborhood.

Personally, I've lived here in Eagle Rock for eighteen years, and have seen first-hand the amazing changes that has taken over the community in the last 5-10 years, as the article points out. There have been a few businesses to close down recently - I was especially sad and sorry to hear of the closing of Lucy Finch, a boutique that was opened and operated by a friend and old neighbor of mine. (But at least she got her picture in the New York Times - nice job, Rainy!!) But overall, I feel that the article makes it sound worse than it is - many of the new stores, cafes and coffee shops that have opened over the recent years are still going as strong as ever, and not THAT many have closed down! There is definitely still a vibrant and different feel to this community than there has been in the past, and everyone I know who lives here absolutely loves it!! Its going to take a lot more than a few stores closing to dampen the spirit and the pulse of this town... Long live Eagle Rock!!

The full text of the New York Times article can be found HERE.

A Few Tips to Improve Your Home's Energy Efficiency and Help You Save $$$$$$...

2009-02-22T18:04:00.000-08:00

These days, anything you can do to cut down on the cost of energy and keep more cash in your wallet certainly can't hurt... Here are a few tips & minor household projects which will help you keep your home and your family warm & safe through these winter months, plus may save you a few dollars to boot:

Upgrade Your Thermostat When you replace your old thermostat with a new digital model, it will allow you to easily program your temperatures for different times of the day (including energy saving nighttime and workday schedules), not only making it extremely convenient, but also avoiding wasted energy and money caused by forgetting to turn down the thermostat at night.

Clean and Service Your Wood Burning Stoves and Fireplaces Make sure your fireplaces and wood burning stoves are clean and working correctly - check flues & flue caps, thermostats, door gaskets and all other aspects of these appliances. Check with a qualified professional if you are unsure of what to look for.

Install a Carbon Monoxide Detector Carbon monoxide detectors are inexpensive, easy to install, and readily available at most home centers and hardware stores. If there are any gas appliances in your home, there is always a danger of carbon monoxide poisoning, should any of the appliances malfunction - a very large danger indeed!

Check Your Smoke Detectors Its always a good rule of thumb to change your smoke detector batteries every time you change the clocks to or from Daylight Savings Time. Make sure you have a smoke detector outside of each bedroom, and at least one on each floor of the house.

Change Your Furnace Filters Replacing your furnace filters is simple and inexpensive, and can add to your home's energy efficiency. It's a good idea to change your furnace filters at least once a year.

Check Weather Stripping & Seal Exterior Penetrations Cold air can enter your home through gaps around doors & windows, no matter how small or seemingly insignificant. Check each exterior window & door carefully to see that there are no visible gaps, that the weather stripping is clean and in undamaged, and that the windows and doors operate smoothly and close completely. Plumbing and electrical penetrations also provide air leaks - use a high quality caulk to seal any gaps on the outside of the house around window & door trim and plumbing and electrical fixtures.

Check and Seal Heating Ducts Check for gaps between ducts and fittings, and seal them with qualified metallic tape (not regular duct tape, which does not last as well). Check to be sure that all of the ducts are off the ground and properly supported.

Just a few ideas to help give your home and your wallet a little extra edge when in comes to energy efficiency!!

** For any questions or advice regarding any of the tips provided, it is suggested and strongly recommended that you check with a qualified and certified professional.

(Source of info: Inman News, 10/08)

$8,000.00 TAX CREDIT FOR FIRST TIME BUYERS AS STIMULUS BILL BECOMES LAW!!!!

2009-02-18T15:22:00.000-08:00

With the signing into law on Tuesday by President Obama of the American Recovery and Reinvestment Act of 2009, the rumors swirling regarding the details of tax credit for first-time home buyers, and the differences int he amounts and terms between the House and Senate versions, can finally be put to rest - a compromise has been made, and the credit has now become the law.

Here are the main details regarding the credit:

Amount of the credit is $8,000.00 (or 10% of home value, whichever is less) ;
Available to first-time home buyers only;
Home must be purchased (close escrow) between January 1, 2009 and November 30, 2009.
Income restrictions: $75,000.00 for single filers and $150,000.00 for married couples;
Credit DOES NOT have to be paid back, as long as buyer occupies home as primary residence for at least three (3) years (otherwise, buyer obligated to repay amount).

Of course, it is highly recommended and strongly suggested that you discuss with and seek the advice and guidance of your tax advisor regarding this credit or any other tax related questions or issues...

With low interest rates, incredible value in the Los Angeles housing market, and now EIGHT THOUSAND MORE DOLLARS in your pocket, the time may never have been better for first time home buyers to realize their dream of owning a home...

DON'T MISS OUT ON THE INCREDIBLE OPPORTUNITIES AVAILABLE IN THIS BUYER'S MARKET!!!!!

Call me at (323) 810-7976, or EMAIL ME for a no obligation chat to see if I can help you FIND YOUR DREAM HOME!!!!!

Treasures in the Pico-Union District...

2009-02-17T13:51:00.001-08:00

The Pico-Union district of Los Angeles is a neighborhood on the fringes of Downtown Los Angeles, in the shadow of the Staples Center, home to the Lakers & Clippers, and primarily populated by first-generation Latin-American immigrants. Considered to be one of the poorest neighborhoods in the City of Los Angeles, this neighborhood is an example of how drastically an area can change over time.

At the turn of the 19th century, this area surrounding this neighborhood was among the most desirable land in the city, and today contains two historic districts as documented in the National Register of Historic Places: the South Bonnie Brae Tract Historic District and the Alvarado Terrace Historic District.

As you travel through the neighborhood, at any time you are likely to come across one of these absolutely stunning residences....

This treasure can be found at 826 South Burlington, Los Angeles, CA...

Lower Arroyo Park - Pasadena, California...

2009-02-14T13:18:00.001-08:00

It was a beautiful morning in Southern California, and I decided to take an hour or two to go for a walk with my 11 year old daughter... We went to beautiful Lower Arroyo Park in Pasadena, California, not far down the river from the Rose Bowl..

Some cool trails led down to the Arroyo, where we were able to get right underneath the famous Colorado Boulevard Bridge, known locally as "Suicide Bridge", because of the many people who took their lives by jumping over the bridge railing you see above....

Just another beautiful day in Southern California!!!!!

A Stroll Through LA's Most Desirable Neighborhood...

2009-02-09T23:09:00.001-08:00

I happened to have a chance this past weekend to check out some of the homes on one of Los Angeles' most DESIRABLE streets...

Look familiar? It's Wisteria Lane...

(I may be crazy, but didn't Beaver Cleaver used to live on this street ????)

San Fernando Valley Home Sales Up in 2008, after 4 Years of Decline...

2009-02-06T15:10:00.000-08:00

The Southland Regional Association of Realtors has reported in their February 2 newsletter, that sales of existing single-family homes have INCREASED in 2008 by 13.1%. This is the first year that the number of sales have actually increased from year to year, after four consecutive years of decline, the last increase being reported in the period from 2002-2003.

According to Ana Maria Colon, the 2009 president of the Southland Regional Association of Realtors (SRAR), "We're at or near the bottom of this market's down cycle.. In my opinion, the market could turn at any moment. ...single-family homes are within reach for the first time in many many years."

Nancy Starczyk, the 2008 president of the SRAR's Santa Clarita Valley Division, seems to agree with this opinion. "The sense is that the pendulum is on the upswing with many people believing they need to make their move now. All the indicators suggest that activity will pick up even more in the second half of the year.", according to Starczyk.

Don't miss out on this incredible opportunity to realize your dream of becoming a homeowner!! With interest rates at historic lows, and experts predicting we are at or near the bottom of the decline in the housing market, there may never have been a better time for many to take advantage of today's market!!

Please CONTACT ME for more information, and to let me help you REALIZE YOUR DREAM of HOME OWNERSHIP!!

You can find the full text of the article from the Southland Regional Association of Realtors HERE.

Could Be the Opportunity of a Lifetime for First-Time Buyers!!!

2009-02-03T17:18:00.000-08:00

For first-time buyers who are debating whether or not now is a good time to buy, recently enacted Federal legislation may now offer the needed incentive, providing up to a $7,500.00 tax credit for first-time home buyers, for homes purchased on or after April 9, 2008 and before July 1, 2009. Note that for purposes of the credit, "purchased" means that the actual CLOSING must occur by July 1st. Assuming a typical 45-day escrow, it is in any first-time home buyers best interest to act as quickly as possible, in order to have an ACCEPTED OFFER and be ready to go into escrow by mid-May at the latest, so as not to possibly lose out on this INCREDIBLE OPPORTUNITY!!

Currently it is established as a zero-interest loan, which must be repaid to the government over a 15-year period, but I understand that there are provisions in the current economic stimulus package to make this credit PERMANENT, and one that NEVER HAS TO BE PAID BACK! Now that's what I call a TRUE tax credit!!! We will follow this stimulus bill very closely.

Please see this site for more information regarding the credit: **

Federal Tax Credit

Feel free to call me at (323) 810-7976, or email me at: jb@jbknowsthevalley.com if you are interested in finding out any more information on available properties in the Eagle Rock/Glendale/San Fernando Valley areas, and if you would like my assistance in making an offer in order to take advantage of this great opportunity.

** For specific questions regarding the tax credit and how it would apply to your particular tax situation, I strongly recommend you consult with your tax advisor or accountant.

Interesting Real Estate Law Case - Search & Seizure...

2009-01-28T21:50:00.000-08:00

I came across an interesting case in my Real Estate Law class textbook (one of the classes I am taking for my real estate broker's exam) - it involves a real estate agent who used the key in a multiple-listing lockbox to show a home. While the listing indicated the house was occupied, the agent discovered it to be unfurnished, except for some stereos and television sets in cabinets and closets. The agent contacted the police, who searched the house, discovering stolen property as well as illegal drugs. (People v. Jaquez - 1984 - 163 C.A.3d 918).

The question posed is this: Was the agents action proper in contacting the police?

In my opinion, I felt that the agent was not acting properly in contacting the police, as the mere presence of stereos and televisions does not necessarily mean the property was stolen. If the agent was there simply to show the home to a prospective buyer, and the home is supposed to be furnished according to the listing, they should not be making assumptions as to the origin of the sellers personal items found in the home - for all the agent knows, the seller could be in the process of moving out, and the items found were the last of his personal belongings.

THE VERDICT:

The actual Court decision is as follows: "The Court held that a real estate agent is authorized to consent to the entry ONLY of persons the agent believes to be potential purchasers. This would clearly exclude the police. The search was improper, as the police could not have reasonably believed that the agent had authority to consent to a search."

(from 'California Real Estate Law', Sixth Edition; by William H. Pivar & Robert J. Bruss; c. 2003, 2006)

"Grody to the Max" - The Evolution of Valspeak...

2009-01-23T08:28:00.000-08:00

Valspeak is a common name for an American sociolect, originally of Southern Californians, in particular valley girls. This stereotype originated in the 1970s, but was at its peak in the 1980s and lost popularity in the late 1990s and 2000s. Though for a brief period a national fad, many phrases and elements of Valspeak, along with surfer slang and skateboarding slang, are stable elements of the California English dialect lexicon, and in some cases wider American English (such as the widespread use of "like" as conversational filler). Elements of valspeak can now be found virtually everywhere English is spoken, particularly among young native English speakers.

The term "Valley Girl" and the Valley manner of speech was given a wider circulation with the release of a hit single by Frank Zappa entitled "Valley Girl," on which Moon Zappa, Frank's fourteen-year-old daughter, delivered a monologue of meaningless phrases in "valspeak" behind the music. This song, Frank Zappa's only Top 40 hit in the United States, popularized phrases such as "grody to the max". Some of the terms used by Moon were not actually Valley phrases, but were surfer terms instead (such as "tubular" and "gnarly"). But due to the song's popularity, some of the surfer phrases actually entered the speech of real Valley teens after this point. The Los Angeles surfing subculture, on the other hand, did not generally begin using the Valley terms, and in fact often despise users of the terms.

Valspeak is used heavily in the 1995 film Clueless and quite a lot in Bill and Ted's Excellent Adventure, Bill & Ted's Bogus Journey, and Wayne's World. The character of Tiffany Blum-Deckler in MTV's Daria also uses Valspeak.

From the Wikipedia article for Valspeak - full article link found below:

http://en.wikipedia.org/w/index.php?title=Valspeak&oldid=263106681

An Early Real Estate Transaction from the Valley's History...

2009-01-21T21:25:00.000-08:00

On June 17, 1846, in order to help finance the fight against the Americans in the Mexican American War, Pio Pico, then the Governor of the Mexican Territory of California (and an obvious real estate tycoon!), perpetuated one of the biggest San Fernando Valley real estate deals in history, at least in sheer size! The lands of the Mission San Fernando, consisting of a total of 116,858 ACRES, and containing most of the present day San Fernando Valley, were sold by Pico to Eulogio De Celis of Los Angeles, for a total price of $14,000.00. This works out to approximately 79 cents per acre...

And you thought TODAY'S prices were low!!!!

Southern California Buyers Cashing In on Today's Market...

2009-01-20T11:37:00.001-08:00

Check out the article at the bottom of this post, which I came across while browsing the online edition of the San Diego Union Tribune...

With 30-year fixed-rate interest rates AVERAGING under 5% (4.96% according to the most recent Freddie Mac survey), and tremendous value to be had as a home buyer in today's market, its obvious that buyers are indeed cashing in on what is being seen by many as a FANTASTIC opportunity!! With interest rates at historic lows, and incredible value and great opportunities to be found in today's SoCal housing market, there may NEVER have been a better time to realize the dream of owning your own home...

Check out this article:

Lower SoCal home prices lead to sales spike

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Don't Worry, Escrow Will Take Care of Everything....

2009-01-19T21:23:00.000-08:00

Some people believe escrow officers must be miracle workers. And honestly, there may be some truth to that... I mean, who else in your typical real estate transaction has to deal with not only ALL of the parties involved, (buyers, sellers, lenders, attorneys, mortgage brokers, real estate agents, title officers, insurance agents, and the list goes on and on..), but their emotions as well, trying to walk a tightrope between them all, at the same time wearing the hats of a psychologist, therapist, and referee? (Ever heard the saying "Too many chiefs & not enough indians..." ??) And typically, without fail, no matter how hard the escrow officer works to avoid it, the grant deed will be delivered two day before the scheduled closing, signed in PENCIL, and with NO notary acknowledgement. (Reason being, of course, that everyone knows the effect of Murphy's Law is three times as prevalent in Real Estate than any other profession...)

"Oh, and by the way..", the seller's agent will say with a straight face, "My seller just left for a two week safari in Africa, and he will be spending most of the time traveling from village to village in a dugout canoe through the jungles of Botswana, where he of course won't be reachable by fax or phone, and the nearest Fed-Ex office or internet connection is at least two thousand miles away..."

"...but this deal HAS TO CLOSE ON FRIDAY!!!!!!"

To most people, escrow is a mysterious process, something that you have to go through if you are buying or selling property but don't really want to, and something that doesn't really sound all that appealing, anyhow. But an escrow officer is there to keep the communication going and the documents flowing between the parties, so everyone is aware of what is going on and there are no suprises approaching closing time... A good escrow officer will be able to use their experience and knowledge to help anticipate and identify any potential problems that COULD arise in a transaction, potentially jeopardizing the closing, and will work to keep everything on track for a smooth and painless transfer of the property (that is, until your seller decides to jet off to Africa to photograph a few zebras and giraffes at the most inopportune time...).

I have been in the escrow industry in the Greater Los Angeles Area for over a decade, much of that time as an Escrow Officer. And believe me, the safari story is not even CLOSE to being the craziest thing to befall a closing in my time...