News in the Neighborhood

Schwarzenegger proposes tax credit to spark new home building

2010-01-30T15:29:00.000-08:00

It looks like Arnold Schwarzenegger is working on reissuing the $10,000 tax credit for first time buyers of new construction. This can be used in conjunction with the already being offered $8,000 tax credit. See the article below:

Schwarzenegger proposes tax credit to spark new home building
Published: Thursday, Jan. 7, 2010 - 12:00 am Page 6B

More than 20,000 California homebuyers could get state tax credits of up to $10,000 this year under a new stimulus proposed Wednesday by Gov. Arnold Schwarzenegger.

The governor's plan to allocate $200 million in credits to buyers of new or existing homes is part of a job creation strategy. It goes now to state lawmakers for consideration.

"This is about helping eliminate extra housing to get construction back on tap," said Victoria Bradshaw, Schwarzenegger's secretary of labor and workforce development, in a call with reporters.

It's unclear how fast legislators might act. But last year, they handily approved $100 million in tax credits for buyers of new, unoccupied homes. The credits, claimed by 10,600 buyers from March through June, proved popular and ran out faster than expected.

Wednesday's announcement in the governor's annual State of the State address won praise from the state's struggling real estate sector.

"Wonderful," said Barbara Harsch, president of the Sacramento Association of Realtors. "Anything that will bring more buyers into the market, that allows more people to buy a home, is good for getting us out of the real estate slump. That eventually will get us out of the economic slump."

Building industry representatives said they wouldn't oppose extending tax credits to existing homes. But Allison Barnett, a lobbyist for the California Building Industry Association, said using credits for new home construction creates more jobs.

Would-be buyers hoped for quick passage.

"This has taken me from being on the fence to really wanting to take action," said Chris Harris, 32, of Roseville. "That can make a huge difference."

The tax credits – which would provide up to $3,333 off state taxes for each of the next three years – could be combined with an $8,000 federal tax credit. That credit for first-time buyers ends April 30.

Schwarzenegger administration officials said conditions of their proposal would be similar to last year's credit. That had no income limits, made all buyers eligible and required that buyers live in their homes. No dates have been set yet for eligibility. Buyers qualified last year by closing escrow after the credits became available on March 1.

The proposal has its critics. Some renters object to subsidizing homebuyers, and some economists think $200 million in a deficit-plagued state is better spent elsewhere.

"Housing isn't all that important of a driver of jobs," said Chris Thornberg, head of Los Angeles-based Beacon Economics. "Somehow, that the state should be spending its money to subsidize people to buy homes is nuts."

Thornberg said there is enough incentive with the federal tax credit and low interest rates.
But building industry officials think otherwise.

"We've been so hard-hit by this recession," said John Orr, president and chief executive of a builder trade group, the North State Building Industry Association in Roseville. "Our area needs jobs, and new home construction means very good jobs for the region."

Home builders counted 3,398 closed escrows in the eight-county Sacramento region during the first 11 months of 2009. That was just 9 percent of all area sales, according to San Diego County researcher MDA DataQuick. In 2005, new homes were 25 percent of sales.

© Copyright The Sacramento Bee. All rights reserved.
To go directly to the article click HERE

Thoughts? Questions? Let us know!

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Hot Property! LA Times Article

2010-01-30T15:01:00.000-08:00

Fun Facts from the LA Times today...

Jeremy Renner, Kristoffer Winters' Hollywood Hills area home sells for more than $4 million

"No bomb here. Actors Jeremy Renner, who played the leader of an explosives disposal unit in the critically acclaimed film "The Hurt Locker," and co-investor Kristoffer Winters found a buyer for their restored 1924 Greek Revival in the Hollywood Hills area after five months on the market. It sold for more than $4 million.The four-bedroom, 4 1/2 -bathroom two-story has a library with a bar, a wine room, an eat-in kitchen with two islands and a screening room in 5,800 square feet. There is a two-car garage, additional parking for nine cars, a swimming pool with spa and a 1,000-square-foot guesthouse with a kitchenette and office. Plus, the gated property comes with a one-year tenant paying $25,000 a month.Oscar-hopeful Renner, 39, starred in the Iraq war drama, which recently won the top Producers Guild of America award, and in the dark comedy series "The Unusuals" (2009). He also played the title role in "Dahmer" (2002). Winters, 31, was also in "The Hurt Locker" and has appeared on television shows including "Criminal Minds" (2007), "CSI: Crime Scene Investigation" (2005) and "Crossing Jordan" (2004).
The actors bought the property in 2008 for $1.55 million, according to public records."

Read about more celebs Real Estate Here

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"This Show Could Save Your Life: America's New Deadly Obsession"

2010-01-22T13:50:00.000-08:00

Last week Oprah had a life changing episode about the effects of using your cell phone while driving. The results are remarkable. How far do we push the limits until we realize how dangerous this really is?

Watch the episode below, and please make a personal pledge to quit the deadly habit!!

http://abclocal.go.com/wls/feature?section=news/entertainment&id=7233826

You and the loved ones in your cars are precious cargo. Driving with loved ones while texting is like juggling with glass balls; when you drop them they don't bounce, they BREAK.

To learn more about Oprah's no phone zone pledge and to be a part of the movement click here:
http://www.oprah.com/questionaire/ipledge.html?id=4

Live well and be safe.

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Median Home Price Rose 4% in Dec

2010-01-21T12:11:00.000-08:00

Buyers fear if they don't act now they may miss out!

Recent numbers in the Real Estate market show increasing sales as buyers try to take advantage of the golden opportunity the Southern California Real Estate market has to offer right now. If you are thinking of buying, don't wait any longer, NOW is the time....

"We are getting a little bit of what we had six or seven years ago, where people are worried if they don't get in now they are going to miss out on an opportunity," Green said. "In a decent neighborhood, in the half-a-million-dollar range, we are back to lots of offers."

Click here to see the full article:
http://www.latimes.com/business/la-fi-home-sales20-2010jan20,0,3261823.story

Please let us know if you have any questions or comments!

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Buyers Gain More Options

2010-01-18T14:17:00.000-08:00

Just a quick note:

It looks like HUD may lift the 90 day rule! TEMPORARY dates are 2/1/10 to 2/1/11

Read On...
Portal.hud.gov

This will open up more affordable properties to FHA buyers. Another great step forward by the government in the Real Estate market.

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Prudential California Realty: High-end Sales Coming to Life

2010-01-18T11:28:00.000-08:00

Home sales are percolating around the country with entry-level and move-up transactions gaining momentum. This is attributed to lower prices, favorable interest rates and government tax credits. High-end home sales may also be coming to life considering the flurry of sales generated by Prudential California Realty during the last two weeks of December.

The firm represented sellers and buyers in homes that sold for $20 million, $17.5 million, $13 million and $6.5 million, to name a few. The $13-million property, which had been on the market for about two years, was sold to a Russian businessman and closed in only three days.

According to Jon Cook, president and CEO of Prudential California Realty, affluent buyers have faith in the U.S. real estate market as long as homes are priced right and represent value. "Unique, distinctive properties are selling in top locations," Cook said.

"Sales professionals might rethink taking a vacation in December since we truly had a December to remember," said Tom Dunlap, manager of Prudential California Realty's Beverly Hills office. "We're excited about our success and want to keep the momentum going."

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The Myths of the Media and the Gift of a Lifetime

2010-01-13T17:01:00.000-08:00

Can you feel the Los Angeles Real Estate heat?? The questions, the rumors, the statements…. Is it stable, is it going down, is it a good time to buy? There are plenty of people who want to offer their opinion, but what about the facts? What is really going on? Does anyone really have the answers? But what do we have are the FACTS. Historically, we have seen the value of homes go in a cyclical fashion, repeating itself every few years. Interest rates on the other hand don’t follow any such predictable change and can go up or down at a moment’s notice. Right now they are at the lowest point they have been in 40 years. This combined with lower home prices creates the heat for Real Estate’s most unbelievable deals right now. Those who can afford to buy right now are making smart investments and are on their way to building equity and enjoying the benefits American home ownership has to offer.

To get a more in depth view of why interest rates are creating such fantastic home buying opportunities right now see the article from Business Week below:

"If you want to buy a house, now is the time, and if you don't act soon, you will regret it. Here's why: historically low interest rates.”

BusinessWeek

“What I'm trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.”

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So Cal Home Prices up for November!!

2009-12-17T18:08:00.001-08:00

Some good news in the press! The median home price rises! If you sitting on the fence you will miss out on this incredible home buying opportunity. Talk to a lender, get approved, call us, and let's get out there! The time is now..

Click here to see the good news in this Dec 14, 2009 LA Times Article

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The Boom is Coming!

2009-12-14T17:20:00.000-08:00

Why are we so darn busy, so close to the end of the year, and we don’t even have time to go shopping for the holidays?! Because people want to make deals before year ends; to take advantage of any tax advantages that can benefit them and are afraid of missing the bottom of the market. The coming year is stacking up to be phenomenal with well priced listings coming on board for the New Year. People who are looking for value are getting it and are positing themselves to make BIG BUCKS IN THE BOOM TO COME!

New listing on 6206 Maryland, LA 90047 - Click here for more info!

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Signs of Recovery

2009-12-11T11:40:00.000-08:00

The combination of tax credits, affordable prices and rock–bottom mortgage rates are “helping unleash a pent-up demand” from tens of thousands of financially qualified renters and other buyers who’d been glued to the sidelines for months or even years.” Dr Lawrence Yun National Association of Realtors.

Have a great weekend and stay dry!

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Tax-credit Collateral Underscores Historic Home-buying Opportunity

2009-12-07T16:19:00.000-08:00

Now is an incredible time to buy! The proof is in the pudding. Lending requirements are changing every day so get in while you can.

What's so Interesting about Interest??

2009-12-02T18:07:00.000-08:00

“The affordability equation is now at its most favorable point for buyers since 1970. Interest rates for 30-year fixed loans have been hovering around five percent for weeks – and recently dropped below that into the upper four percent range. A year ago, by comparison, the average 30-year rate was 6.2 percent.” Taken from the National Association of Realtors.

Did you know a 1% change in interest corresponds to a $50,000 difference on a $500,000 house?? Historically, interest rates fluctuate a lot more than home prices.

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Much to be Thankful For!

2009-11-25T19:34:00.000-08:00

We'd like to thank all our friends and family for their continued support and trust in our services. Wishing everyone a safe and joyous Thanksgiving holiday.

"R Team"

Rosalie, Morrie, and Keri

Spacious and Clean West Hollywood Rental $1,700!!

2009-11-23T12:37:00.000-08:00

2 bedrooms and 2 full bathrooms just South of Melrose! $1,700! Clean unit with open floor plan, spacious kitchen with all appliances, private patio, and new pergo wood floors. Each bedroom has walk in closet as well as hallway closet space. Two parking tandem spaces included and a laundry facility on site! Surrounded by lush trees and landscaping. Great Location! Quiet tree lined street and walk to retail shopping, entertainment, and restaurants. Move in Ready!

Available now!! Call Keri at 310-804-4011 for showings and questions or email keri@keriwhite.com.

Good credit only. One month's rent for deposit. One year minimum lease required. Landlord pays water and trash tenant pays cable and electricity. Pets ok with deposit.

Have You Ever Heard People Say You Are What You Eat?

2009-11-20T13:57:00.000-08:00

According to MSN Money, you are who you hang out with too! See some interesting facts in the article below about the type of neighborhood you choose to live in:

Liz Pulliam Weston - Stop acting rich, start getting rich - MSN Money

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Who, me? A Tax Credit?? YES, YOU!

2009-11-19T18:35:00.000-08:00

First time buyers continue to surge in the market encouraged by the tax credit both to new buyers AND existing home owners who wish to either move up move down or move over. If you fit into any of these categories, you are eligible to receive this benefit! This means, MONEY IN THE BANK WAITING FOR YOU! YOU YOU YOU! If you have any questions on how to apply let us know!

Federal Housing Tax Credit

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CALIFORNIA REALTORS® - Housing News

2009-11-19T18:23:00.000-08:00

CALIFORNIA REALTORS® - Housing News

Every Day Beauty

2009-11-13T14:28:00.000-08:00

Every day there’s a perfect moment…but we don’t always have a camera or we aren’t always aware. Yesterday in Hancock Park this moment was captured by our photographer. So share this moment with us, and enjoy the link to our new listing at 604 S Rimpau Blvd, Hancock Park. Enjoy every day.

New Listing - 604 S Rimpau

"R Team"

Take a Look on the Bright Side...

2009-11-11T17:12:00.000-08:00

Everybody’s talking about foreclosures, short sales, REO’s, deeds in lieu of foreclosure, and other distressful situations in Real Estate. What they fail to see are that there are a lot of nice, good old fashion conventional sales between buyers and sellers not stressed out by properties under water. Where offers and counter offers are made, and meetings of the mind are achieved leading to short, clean escrows and happy owners. If you are looking for such a transaction, let us know. We still have them!

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The Bubbling Real Estate Market

2009-11-09T16:33:00.000-08:00

Open Houses this weekend show that buyers are out and the market seems to be bubbling! Since the blessing of Congress has assured the $8,000 tax credit for first time buyer’s, consumers are confident in jumping off the fence into a new home. Buyers are enthusiastically looking for their home and low interest rate conventional loans are continuing to attract buyers. FHA financing has become very very popular and is also fueling the resurgence of the Real Estate market with a minimum of 3.5% down. As we head into the holiday season, these factors remain bright spots to usually a slower selling season.

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Great News!

2009-11-05T17:47:00.000-08:00

I am pleased as punch to announce Keri White has joined our team as a buyer specialist. With many years of experience in Real Estate she will help us facilitate the American Dream: a chicken in every pot (unless you’re a Vegan then you can have veggies), a car (hybrid optional) in every garage, and a home of your own!