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California Heights, Long Beach - We invite everyone to visit our open house at 3747 Lemon Ave on August 29 from 1:00 PM to 4:00 PM.
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Large Corner Lot
• 2,614 sq. ft., 2 bath, 4 bdrm 2 story - 
MLS® $380,000
Lynwood Gardens, Lynwood - This large 4BD 2BA home sets on a 7,500 sqft corner lot! Home offers Enter in to an open foyer, large living room with hardwood floors & lots of lighting. Formal dining of the kitchen, large family room with fireplace. Large bedrooms, master bedroom is upstairs, offer walk-in-closet along with 2 other closets area as well & full bathroom. Attached 2 car garage, close to school, 710 & 105 Fwy & shopping.
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Spanish Original
• 1,628 sq. ft., 3 bath, 3 bdrm single story - $565,000 - Short Sale
California Heights, Long Beach - Lovely original Spanish home that has been updated for modern living. This home features an open floorplan, a remodeled kitchen with professional Wolf Range, overlooking the family room. The Master suite has 2 closets and a 3/4 bath. The home was totally renovated with updated electrical, plumbing, central heat and Air conditioning. Beautiful landscaped entertaining area as well as a large grassy backyard. Newer windows, beautiful hardwood floors, and walking distance to award winning schools.
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Reid Introduces Amendment To Extend Transaction Closing Date For First Time Homebuyers. Amendment would extend first time homebuyer tax credit transaction closing date from June 30th to September 30th
Washington, DC – Nevada Senator Harry Reid today joined with Senators Johnny Isakson of Georgia and Chris Dodd of Connecticut to introduce an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that would extend the deadline for closing home purchases in order to qualify for the first time homebuyer tax credit. The current deadline for purchases made using the popular tax credit is June 30, 2010. There is growing concern that because of the time it takes for banks to complete transactions such as short sales, many of these home purchases would not be complete before the deadline through no fault of the homebuyer. The Reid, Isakson and Dodd amendment would extend the deadline to September 30, 2010, to ensure the completion of the sales.
“The first time homebuyer tax credit was very popular and successful in Nevada,” Reid said. “In addition to making it easier for thousands of Nevadans to purchase their first home, it helped reduce the sitting inventory of homes. By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home.”
Let's hope, the powers that be are listening!
RISMEDIA, May 21, 2010--You've found your dream condo, and you're ready to relax among the mango trees and swaying date palms. Hold everything. To keep from getting stuck with a lemon, you've got to do some homework. Here are the seven most important questions you need to ask before buying a condo.
1. "What's the Beef?"
Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.
2. "Who's Been Naughty and Who's Been Nice?"
Find out the delinquency rates of present owners. If people aren't paying their association dues on time, that is either a sign of discontent or an indication that the association might be underfunded.
3. "How Much Is In the Repair Fund?"
Ask if the community has done a reserve-fund review in the past five years. Lester Giese, the author of The 99 Best Residential & Recreational Communities in America, recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. Residents who brag that they don't pay much in maintenance may be in a complex that either is not being kept up well or is living beyond its means.
4. "Can You Cover Me?"
If you look at nothing else, get a copy of the certificate of insurance, which is a summary of the association's policy. First see if the replacement costs covered by the policy are an accurate estimate of the cost of rebuilding. Then make sure that the policy has a building-ordinance clause, which means that the insurance will cover the cost of bringing the building up to code if there is any rebuilding to be done. On older buildings, there may have been many code upgrades since the time of construction. Finally, make sure that you understand exactly what the association policy covers and what you are responsible for. The smart condo owner will insure his or her personal belongings, along with any other items within the unit that are not covered by the association's policy. If you have trouble understanding the insurance lingo, take the insurance certificate to an agent whom you trust and who understands the state laws.
5. "Does the Association Present Any Legal Problems?"
Buying a single-family home without a lawyer is no big deal for many people. But with a condo, there's so much more involved. Contact a local real estate lawyer and have him or her go over the bylaws of the association. Do they make sense? Are they consistent with the state laws? Giese, the author, once found that the association bylaws of a large garden-style condo complex had been lifted from the books of a high-rise condo, leaving confused tenants with rules about shared hallway space and the correct use of garbage chutes. Benny Kass, a Washington real estate attorney, recommends that you also have your lawyer screen the association at the local courthouse, to see if any owners have filed suit against it.
6. "Is the Complex Renter-Friendly?"
If the renter population is over 10%, there should be clear rental policies, either listed in the bylaws or tacked on as an amendment. Does the management company find renters for you? If so, do they get enough good renters? Ask other tenants about their experience. In addition, ask to see the association's rental lease, and have a real estate lawyer look it over. Keep one thing in mind, though: An association can change its bylaws to prohibit or restrict renting at any time. The more owners who rent, the less chance that will happen.
7. "Am I My Community's Keeper?"
Watch out for a condo whose owners manage the place themselves. Although many are operated efficiently, self-management can lead to more hassles for owners -- especially those who live thousands of miles away. If the complex is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly. If you hook up with a bad manager, you can be sure of this: Your dream condo will keep you up at night.
April 20, 2010 by National Association of Realtors
Filed under: First Time Homebuyers, Home Buying, Real Estate Buying Tips
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:
1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
Source: CNNMoney.com, Les Christie (04/19/2010)
Short Sale!
• 1,896 sq. ft., 3 bath, 2 bdrm single story - MLS® $519,000 - Bixby Terrace!
Bixby Terrace, Long Beach - Bixby Terrace another great area of Long Beach. On a Corner lot, Home offers inviting living room with fireplace, formal dining as well as eating area in kitchen, family room with skylights, hardwood floors, travertine, tile and granite. This home is a real beauty, turn key ready.
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Bixby Knolls, Long Beach - Announcing a price reduction on 4360 Lime Ave., a 2,640 sq. ft., 3 bath, 3 bdrm 2 story. Now MLS® $699,900 - Approved Short Sale!.
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Virginia Country Club, Long Beach - The single story at 211-3939 N. Virginia Rd. has been sold.
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Southwest Los Angeles, Los Angeles - The fourplex at 846 W Century Blvd has been sold.
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http://www.latimes.com/business/la-fi-home-sales16-2009jul16,0,6992810.story
From the Los Angeles Times
REAL ESTATE
Southern California median home sales price surges
in June
The increase to $265,000 reflects a recent trend of higher-priced properties taking a greater market share. Sales volume
reaches a 30-month high.
By Peter Y. Hong
July 16, 2009
Southern California home prices may have finally hit bottom, with median values rising last month for the first significant increase in two years, new data show.
Along with the 6.4% rise in prices from May, fewer than half of the sales were foreclosures -- the first time that has happened in nine months.
"I think we can now say with fair degree of confidence the pace of real home price declines has slowed dramatically," said Los Angeles economist Christopher Thornberg, who was an early predictor of the housing bubble.
But Thornberg and other analysts cautioned that the housing market remained wobbly and prices wouldn't rise substantially in many neighborhoods for months or even years. The median price of $265,000 is far below the 2007 peak
of $505,000.
What's more, California is struggling with one of the highest unemployment rates in the nation and mortgage defaults are continuing to rise. A surge in new foreclosures could squelch any potential recovery in the housing market.
Foreclosures have dominated the Southland residential market for months, with most of the activity centered in distressed areas such as the Inland Empire. By contrast, last month's gain was driven by sales of higher-end homes in the six-county region, which pulled up median prices.
That presents a mixed picture. Although prices have firmed at the low end of the market, they are still falling in affluent communities, the home sales data released by MDA DataQuick on Wednesday show.
The high-end market did not suffer the rapid shock of subprime mortgage defaults and foreclosures that hammered the housing market's lower end. Sales stagnated as wealthier sellers held out for higher prices.
Now, however, some sellers "are realizing the market's not going to just bounce back" and are starting to sell homes for less than they had recently hoped to get, said T.J. Culbertson, a Beverly Hills real estate broker.
That has drawn buyers to the leafy suburbs, looking for deals.
"Sales in many higher-cost neighborhoods couldn't have gotten much lower, so this recent uptick in activity should come as no surprise," MDA DataQuick President John Walsh said. "The recession and problem mortgages are fueling more high-end distress, hence more high-end bargains."
The percentage of homes that sold in June for more than $500,000 rose to about 20% of all homes purchased, up from 18% in May.
The median home sales price has been leveling off all year, hovering around $250,000 for five months before June's 6.4% increase over May's $249,000 median price.
June's median, though, was 26% below that of June 2008, and prices remain at 2002 levels. The median is the point at which half the homes sold for more and half for less.
In a positive sign, only 45% of the homes sold had been foreclosed upon, DataQuick said, the lowest percentage since July 2008. Foreclosures peaked at 57% of total sales in February, and in May still accounted for half of home sales.
That trend of declining foreclosure sales could be reversed if a large backlog of Southern California homes in the foreclosure process end up being repossessed.
In May, 9.5% of California mortgages were in default, up sharply from 5.8% in May 2008, according to First American CoreLogic Inc. The actual number of foreclosures has been slowed thanks to government moratoriums and voluntary efforts by lenders, but that could change if banks are overwhelmed by escalating defaults.
But Culbertson, the real estate broker, said the freeze in mortgage financing for so-called jumbo loans was starting to thaw. Banks also appear more willing than they were last year to complete short sales, in which a home is sold for less than its mortgage amount.
The share of Southland home purchase loans above $417,000 rose to 14.8% in June, the highest since 15.6% last August and up from 12% in May, DataQuick reported.
The typical monthly mortgage payment for Southern California buyers last month was $1,193, up from $1,052 in May. Adjusted for inflation, current payments are 46% below typical payments in the spring of 1989, the peak of the prior real
estate cycle.
Escrow closed on a total of 23,262 new and resale houses and condominiums in Los Angeles, Orange, Riverside, San Bernardino, Ventura and San Diego counties last month. That was up 12% from 20,775 in May and up 29% from a year earlier.
Los Angeles County's median home price in June was $320,000, up from $300,000 in May but down about 23% from a year earlier.
In Orange County, the median price went from $410,000 in May to $418,000 in June, DataQuick said. That's 11% below year-earlier levels.
The median price in San Diego County rose from $295,000 in May to $314,000 in June, or about 15% below year-earlier levels.
Year over year, the biggest price drop in June was in San Bernardino County, where the $140,000 median price was off almost 42% from a year earlier. That was still a slight increase over May's $137,000.
Elsewhere, the June median in Riverside County fell 33% from a year earlier to $185,000. In Ventura County, the median dropped 13% to $365,000.
Avalon Village, Carson - The single story at 461 E 234th Walk has been sold.
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Belmont Heights, Long Beach - The single story at 16-2049 E. 3rd St has been sold.
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Belmont Heights, Long Beach - The single story at 1D-2033 E 3rd St. has been sold.
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Del Amo, Carson - The single story at 20027 Enslow Dr. has been sold.
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