Archive for August, 2007
August 29, 2007
If you’ve ever thought about being part of the Academy Award pre-show crowd, here’s how it could happen. Beginning Sept. 17, you can enter a random drawing for a bleachers seat at the 80th Academy Awards on Feb. 24.
In the meantime, we thought we’d report on recent sales activity near Hollywood and Highland, site of the Kodak Theatre, where the awards are held.
1319 N. Detroit St., Los Angeles
Price: $719,000
Sold: 6/26/07
3BR, 1B, 1,410 square feet, $510/sq. foot
1327 Seward St., Los Angeles
Price: $660,000
Sold: 8/9/07
2BR/1B, 1,148 square feet, $575/sq. foot
1232 N. Sycamore Ave., Los Angeles
Price: $1,300,000
Sold: 8/6/07
4BR, 2B, 1,638 square feet, $794/sq. foot
1338 N. Formosa Ave., Los Angeles
Price: $1,000,000
Sold: 6/28/07
2BR, 1B, 1,012 square feet, $988/sq. foot
August 28, 2007
There are a few surefire ways to guarantee your listed SoCal property remains perpetually popular on Redfin. One way is to ensure that your house is fit only for billionaires. Another is to have your listing be from Irvine (3 of the top 5 are).
So what’s this modest 2 bed, 1 bath Pasadena house doing on the list? Yep, it’s the most clicked property today in Pasadena and for that matter, all of the San Gabriel Valley:
764 MADISON AVE
Price: $499,000
Beds: 2 / Baths: 1
SQ.FT.: 988
$/SQ.FT.: $505
MLS#: T07119032
August 28, 2007
A story in UCLA’s Daily Bruin about apartment conversions in Westwood notes that condos are faring poorly in today’s slow market. But there’s no doubt that condos remain a lower-cost option for those wanting to buy.
Club California Condos, a Westwood apartment-conversion project at 10982 Roebling Avenue, have been selling well: We counted 29 sales over the last three months. These properties generally are fetching more per square foot than the older stock in the area.
The story also notes that students aren’t necessarily the ones buying the condos. Sales agent Jennifer Linderman says the majority of Westwood buyers are young professionals and UCLA affiliates.
Here are some recently sold Westwood-area condos:
10685 Wilkins Ave., Apt. 3, Los Angeles
Price: $425,000
Sold: 7/11/07
1BR/1B, 1,373 square feet, $310/sq. foot
10676 Wilkins Ave., Unit 202, Los Angeles
Price: $695,000
Sold: 6/19/07
2BR/2B, 1,811 square feet, $384/sq. foot
10450 Wilshire Blvd., Apt. 1B, Los Angeles
Price: $570,000
Sold: 7/9/07
2BR/2B, 1,419 square feet, $402/sq. foot
10450 Wilshire Blvd., Apt. 2E, Los Angeles
Price: $829,500
Sold: 7/5/07
2BR/2B, 2,022 square feet, $410/sq. foot
10627 Ashton Ave., Apt. 204, Los Angeles
Price: $632,000
Sold: 6/29/07
2BR/2B, 1,330 square feet, $475/sq. foot
10982 Roebling Ave., Apt. 309, Los Angeles
Price: $550,000
Sold: 7/19/07
2BR/2B, 962 square feet, $572/sq. foot
10982 Roebling Ave., Apt. 363, Los Angeles
Price: $410,000
Sold: 6/15/07
1BR/1B, 663 square feet, $618/sq. foot
August 28, 2007
Yep. There are some homes in Playa Vista dropping in price. These three all dropped $10,000 a piece. Was there a memo circulating that said 10 grand was the way to go? Well, if any of these interest you, looks like you’ll be getting some nice new finishes all around in the 90094 zip code.
6400 CRESCENT PARK EAST #418/2bd,2bth/From $599,000 to $589,000
13044 PACIFIC PROMENADE #415/2bd,2.5bth/From $759,000 to $749,000
13200 PACIFIC PROMENADE #315/2bd,2bth/From $629,000 to $619,000
August 28, 2007
I recently ran an AVM appraisal on this house and came up with a value of $969,000. The home is priced from $879,999-$949,999.
This luxurious 3343 SQ.FT home is located in the only gated community in Saugus, called “Bella Vida”, which is Italian for beautiful life.
*5 Bedrooms
*3 Bathrooms
*3 Car Garage
*Located on a view lot in back
*Lot size is 7,377 SQ.FT
*Vaulted ceilings
*Custom paint
*Crown molding
*Stainless steel built in appliances
CHECK OUT THE LINK ON REDFIN.COM
http://www.redfin.com/stingray/do/listings-search#search_location=29139%20harmony%20way,%20saugus,%2091390&residential=true&condo=true&min_price=&max_price=&num_beds=&num_baths=&time_on_market_range=-&min_listing_approx_size=&max_listing_approx_size=&sold_within_months=0&min_parcel_size=&max_parcel_size=&min_year_built=&max_year_built=&status=1&lat=34.47110000000001&long=-118.53460000000001&zoomLevel=17&parcel_id=15323772¤tLocation=29139%20harmony%20way,%20saugus,%2091390&disp_mode=B&market=socal
August 27, 2007
The 30-year fixed … adjustables … 5-year ARMs … interest only! How do you navigate the abundant mortgage programs available and find the right one for you?
As it is, many mortgage brokers and bank loan representatives don’t take the time to explain the terms and conditions of the agreements. Remember, once you have closed on your mortgage, you are committed to it until you refinance or sell your house.
It’s shocking how many people I meet are too afraid to take charge of their financial health and ask even basic questions. Many of them don’t know that mortgage payment history has the greatest impact on a FICO score. Developed by Fair Isaac & Co., the company that pioneered credit risk scoring, the FICO rating system is the one most lenders use to determine your credit risk – the likelihood that a given credit user will pay his or her bills.
Just one late payment has a huge impact on a borrower’s score. So it should be no surprise that when a bank forecloses on a house, the debt holder goes into credit ruin.
Take Charge of Your Financial Life
Asking questions is the most important thing to always do in all financial matters. When I purchased my house, I drove my escrow officer crazy. I took a yellow highlighter and marked everything I was not sure about in my escrow and loan documents. If she was not able to answer me adequately, I refused to sign and requested another date to finalize the papers. I needed all my answers first!
If English is not your first language, have a qualified translator whom you trust present at the time of signing. Even better, hire a real estate attorney who is bilingual. Of course these measures increase your up-front costs, but these pale in comparison to what you will be investing in what’s likely to be the largest asset that you will acquire in your lifetime. Why not ensure that the investment is sound?
Hunting for the Right Home Loan
There are several points to consider in selecting a mortgage. Broadly, though, they are your age, length of time you intend to live in the house and whether this is a primary residence or an investment property.
Age
Your age usually is a determining factor of what kind of loan is best. If you are between the ages of 25 and 35 and making that first-time purchase, the 30-year fixed loan may be ideal, particularly if the house is your primary residence.
Most banks like to award such loans to this demographic due to the likelihood that the mortgagees will still be around when the final payments are due.
For this age bracket, as well as late and post baby-boomers, 30-year fixed rates are indeed very attractive at the moment. If you lock into a fixed rate, it will stay that way for the life of the loan. With the high cost of housing in Los Angeles, however, some people have steered away from this kind of loan program, because the monthly payments are usually higher than adjustable rate or interest-only loans. Some critics say the adjustable is nothing but a predatory lending device to get people into mortgates they really cannot afford, resulting in their never getting to a level of actually owning a significant percentage of their home. The reality is, however, that according to mortgage lenders’ statistical studies, the average American stays approximately 5 years in his/her home. So many feel, and rightly so, why go with the higher monthly payments of a 30-year fixed when the plan is to move on to the next home after only a few years? There are literally dozens of mortgage programs available and something for nearly everyone. Rather than praise one program and condemn another, my goal is to convince you to do your own homework and embark on a program only after you fully understand the terms and conditions.
If you are 62 or older, you may want to consider a reversible mortgage that allows you to use your home equity to supplement your retirement income. That means the bank cuts you a check every month to live in your house. First discuss this with your estate planner to determine what kind of impact a reversible mortgage will have on the person(s) inheriting the house.
How Long You Plan to Stay
Asking you to forecast the future is really difficult. But if you have any inkling that you’re going to stay in your home for more than five years, I would strongly suggest you go with a fixed-rate program.
If you think it is frightening not to know for sure whether you will still be in your home five years or more, consider how much scarier it is not knowing where adjustable rates will be.
If you know for sure that you will be in the house less than three years, it certainly makes sense to look into adjustable rate mortgages (ARMs). Many ARMs have options such as very low teaser rates, pick-a-payment and interest only. Again, make sure you read all the terms and conditions. Some of these have pre-payment penalties. This means if you refinance or sell your house you may have to pay thousands of dollars in order to get out of the loan.
Primary vs. Investment
If you are shopping for a loan on your primary residence, then once again I lean towards the fixed rate program. Not only is your home a shelter from the elements, but it can shelter your financial future as well. As adjustable rates rise, lock into a fixed rate now to protect you and your family against inflation. Remember, if fixed rates go down, you can always refinance. However, if you are an investor looking to play the real estate gamble, your best bet probably is an adjustable. Most speculators would rather minimize their monthly “overhead,” since their intention is to cash out as soon as they can profit. Some may even opt for interest-only loans.
Don’t Let This Happen to You
Many homeowners today are reaping the consequences of poor past choices. At the height of the real estate boom two years ago, when rates were at historic lows, many rushed to get ARMs to minimize their monthly payments after purchasing or refinancing. Some went on to refinance every six months as rates continued to drop, even taking cash out each time – in effect, using their homes as ATMs.
Now that property values have declined and rates have increased slightly, many of these borrowers have squeezed every last dime of equity from their property. As a result, they are finding themselves “upside down.” They owe more than their homes are worth!
Sadly, this often is the point at which foreclosures start to happen. No longer able to meet mortgage payments that increase by the month, tapped out of equity and passed over by reluctant buyers, many will simply walk away from their homes, turning them into the banks’ problems. To avoid this happening to you in today’s market, don’t draw every last drop of equity out of your home.
Shop for the best mortgage for you. Don’t be afraid to apply for several different programs. This may increase your options once it comes time to make a commitment. Whether you go with a direct lender or a broker, make this service provider work hard for you. Definitely don’t be talked into anything that’s unclear or with which you are uncomfortable.
Always ask your loan representative or broker for a good faith estimate. Find out what the interest rate will be, if it’s a fixed or an adjustable program and how much your monthly payments will be. Remember, it’s your money, and it’s your house.
August 27, 2007
LA is “Pasadena-izing”, asserts William Fulton, publisher of the California Planning & Development Report, the president of Solimar Research Group and a senior scholar at the School of Planning, Policy and Development at USC (yeah, that’s a long list of credentials):
New York is not Tokyoizing. Chicago is not Shanghaizing. And Los Angeles is not Manhattanizing.
True, the density of L.A.’s population is increasing, especially downtown, in the Mid-Wilshire district and in Hollywood. But carving out a few thousand condos in old downtown buildings is hardly proof that L.A. is “Manhattanizing.” If anything, the city overall is “Pasadena-izing” — becoming more of a collection of centers around which new housing (condos and apartments) and commercial spaces are being built.
Fulton’s piece for the LATimes may be the most fascinating thing about Los Angeles’ poly-nuclearness you read all week.
August 27, 2007
The 4 remaining units in the new “Venetian Villas” townhouse development on Second Ave. saw price drops this past weekend. Thick on the Italian theme, this complex sets itself apart with its earthy rusticness (think warm ochre with dark brown accents) and also its gated, sprawling layout (property stretches from 2nd Ave to 3rd Ave). Situated smack dab in the teeming townhouse community of east Arcadia, it’s walking distance to the High School and minutes away from both the buzzing Asian commerce off Baldwin Ave. and “Restaurant Row” on Huntington Drive. Attractive qualities that have yet to sway buyers, though the open house opportunities bring no shortage of interest. Still firmly in the high end of the townhouse market, will these price drops make the difference?
598 2ND AVE #B
Old price: $885,000
Reduced to: $879,950 (0.6% reduction)
Beds: 3 / Baths: 3.5
SQ.FT.: 2,195
$/SQ.FT.: $401
MLS#: A07063929
600 2ND AVE #B
Old price: $849,950
Reduced to: $799,950 (5.9% reduction)
Beds: 3 / Baths: 2.5
SQ.FT.: 2,082
$/SQ.FT.: $384
MLS#: A07068236
606 2ND AVE #A
Old price: $839,950
Reduced to: $799,950 (5.9% reduction)
Beds: 3 / Baths: 2.5
SQ.FT.: 2,082
$/SQ.FT.: $384
MLS#: A07087542
601 3RD ST #B
Old price: $849,950
Reduced to: $839,950 (1.2% reduction)
Beds: 3 / Baths: 2.5
SQ.FT.: 2,013
$/SQ.FT.: $417
MLS#: A07102852
Recent sold properties in the vicinity with comparable square footage:
412 S 3RD AVE UNIT A SQ.FT.: 2,245
SOLD AT: $435,000
28 FANO ST UNIT D SQ.FT.: 2,197
SOLD AT: $710,000
225 CALIFORNIA ST #B SQ.FT.: 2,180
LAST SALE: $585,000
August 27, 2007
This S.O.S. is for “Save our Schools!” I recently spotted an article in The Argonaut that Steven Barr will be speaking at the Westchester Playa Del Rey Education Committee Meeting.
For those of you who aren’t familiar, Steven Barr is the founder of Green Dot Public Schools. Green Dot’s mission and goals include reforming the LAUSD high schools into one of the top districts in the country. (Boy, do they have their work cut out for them.)
The meeting agenda will cover educational reform in the local community. It starts at 6:30 pm on Tuesday, August 28th in the Community Room located at 7166 W. Manchester Ave., Westchester, CA.
August 27, 2007
What’s old, yet new, and all dressed in black? It’s the Custom Hotel in Westchester. There are 250 rooms total with everything from double rooms to two-bedroom suites. You get stuff like an iPod docking station, 26″ flat screen TV, and complimentary Wi-Fi in all the rooms. As far as I can tell, the “custom rooms” give you the better views on floors 10-12 and include the bedroom suites.
Amenities include the usual - restaurant, heated pool, and fitness room. By the looks of the Website, Custom Hotel seems like it’s going to be a hip little place. This hotel replaces the defunct Furama Hotel, which before its closing, was acceptable accommodations if you weren’t too picky.
There’s no official opening date listed, but just for kicks I checked out their reservations online. You can book a night at the hotel for October 15th, this year. Rates seem reasonable enough and as of today, start at $99 on opening night for a deluxe queen. So if you’re flying into LAX or just got nothing better to do, but spend a bill on a stay at a new hotel, check it out.
Oh, yeah. I got a pic of the yet to be opened hotel for you, too.
