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NEW LISTINGS
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NEW LEASE
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COMING SOON
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101 California Ave PH,
Santa Monica
$6,899,000
1719 Dewey,
Santa Monica
$1,795,000
3547 McLaughlin,
Mar Vista
price upon request |
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IN ESCROW
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721 N. Camden Drive,
Beverly Hills
$4,495,000
17441 Weddington Street, Encino
$3,295,000
1044 Manning Ave,
Little Holmby
$2,295,000
4118 Prado De La Puma,
Calabasas
$1,545,000
12026 Rhode Island #204,
West LA
$846,000
865 Comstock #8D,
Wilshire Corridor/Westwood
$825,000
11745 Montana Ave #101,
Santa Monica
$810,000
135 S. Swall Dr #101,
Beverly Center
$799,000
10671 Holman Ave #308,
Westwood
$599,000
21219 Roscoe Blvd #105,
Canoga Park
$79,999 |
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JUST SOLD
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1083 N. Hillcrest Road,
Beverly Hills
$9,850,000
2120 Westridge Road,
Brentwood
$2,795,000
4700 Natick Ave #301,
Sherman Oaks
$339,000 | |
GREETINGS FROM SALLY
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March 12, 2010
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Spring has Sprung in the Local Luxury Home Market!
Temperatures and daffodils are rising and so are California home sales. Springtime is traditionally the busiest season for home sales, and I am already seeing plenty of evidence that the spring of 2010 will carry on that tradition in robust fashion.
For instance, recent data for home sales in and around the Los Angeles area reveals that many buyers are local and there are large numbers of buyers paying cash for homes. Also, there is significant interest from both investors and those wanting to purchase second homes. Additionally, banks are more eager to put together jumbo mortgage loans. Not only are attractive jumbos available after becoming prohibitively expensive in the wake of the mortgage crisis, but rates on these large loans are now exceptionally low. Although they lingered in double-digit territory two years ago, interest rates on 30-year fixed-rate jumbos recently dipped below six percent, the lowest they have been in almost five years.
Meanwhile the Golden State is one of five states hit hard by foreclosures that will receive a share of $1.5 billion of emergency funds from the federal government. The money is being pumped into California to fund state programs that help homeowners avoid foreclosure. Resolving problems related to troublesome mortgages frees up more capital for banks to loan, while avoiding foreclosures strengthens prices in the overall California real estate market. As a result, this infusion of cash should have a significant positive impact in the coming weeks and months.
Plus with tax season upon us, home buyers are already hurrying to qualify for the $8,000 first time home buyer tax credit and a newer IRS program that rewards existing homeowners with up to $6,500 in buyer credits. But if you want to capture these great rewards please don't procrastinate. Buyers need to have signed contracts in hand by the end of April in order to meet the tax incentive eligibility deadline. You certainly don't want to miss out on such lucrative perks. But just like spring tulips, they won't last much longer.
Please don't hesitate to call or send me an email if you'd like further information regarding the market. Sincerely,  |
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Southland Home Sales, Median Price Edge Above Year-ago Level
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DQ News
Southern California home sales eked out a modest gain in January compared with a year earlier but fell sharply - as they normally do - from December. The median price paid rose above the year-ago level for the second consecutive month, but fell 6 percent from December as foreclosures and lower-cost inland markets claimed a higher share of sales, a real estate information service reported.
A total of 15,361 new and resale homes closed escrow last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was down 31.2 percent from December's 22,328, but up 0.9 percent from 15,227 in January 2009, according to MDA DataQuick of San Diego.
A decline in sales between December and January is normal for the season. On average, sales have fallen 28.4 percent between those two months since 1988, when DataQuick's statistics begin.
January's 15,361 sales mark the highest total for that month since 18,128 sales in January 2007. However, last month's tally was 14.4 percent below the average number of sales for a January - 17,938 - since 1988.
Last month the sales pattern shifted a bit, with a greater portion of transactions involving distressed properties and lower-cost inland homes. Meanwhile, sales in many pricier areas lost some of the steam they had built in recent months, though high-end sales still outpaced the year-ago level...
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| 2010 Extension of $8,000 First Plus New $6,500 Existing Home Buyer Tax Credit |
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Saving to Invest
Following Congress approval, President Obama has signed off on the bill approving an extension of the $8,000 new home buyer tax credit until April 30, 2010. Also, the new provisions in the extension are NOT retroactive. Here is a summary of the new and updated provisions and their impact on you if you have or are planning to buy a house.
First-time home buyers who bought after January 1, 2009 and before April 1, 2010 (with closing to take place before July 1, 2010), would get the $8,000 home buyer tax credit. For the purposes of claiming the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. If you and your spouse claim the credit on a joint return (both of you must meet the income and past ownership criteria to qualify), each spouse is treated as having been allowed half of the credit for purposes of repaying the credit. So the total amount claimable is still only $8000 (up to April 30, 2010).
Income qualification limits: The home buyers' credit would be available to individuals with a modified adjusted gross income (MAGI) of up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the original rules. The higher income limits are only for homes purchased after Nov. 6, 2009. That is, the existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before November 6, 2009. Those with incomes higher than the above limits do not qualify for any part of the tax credit.
Current Homeowners looking for a replacement primary residence could also qualify for a $6,500 (up to $3,250 for a married individual filing separately) under the new "long-time resident" provision. They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. This new provision also only applies to homes purchased after November 6, 2009. The IRS has stepped up compliance checks involving the home buyer credit for those with past homes and they must provide a mortgage Interest Statement, Property tax records or Homeowner's insurance records, to prove compliance with past residency criteria.
Claiming the new home buyer credit: For qualifying purchases, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. A new version of Form 5405, First-Time Home buyer Credit, is now available on the IRS website. Taxpayers claiming the credit on their 2009 returns, will not be able to file electronically because of the added documentation requirements, but instead will need to file a paper return by using the new version of Form 5405. A taxpayer who purchased a home on or before November 6, 2009 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.
The IRS expects to start processing 2009 tax returns claiming the home buyer credit in mid-February after it completes the updating and testing of systems to meet the law's new requirements and to deter fraud related to the home buyer credit. Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached. For those homebuyers filing early, the IRS expects the first refunds based on the homebuyer credit will be issued toward the end of March...
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| Housing Help for Unemployed, Underwater Borrowers |
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CNN Money
Under pressure to do more for troubled homeowners, President Obama announced Friday a $1.5 billion program to help borrowers in the five states hit hardest by the housing crisis.
The initiative calls for pumping money into state housing agencies in California, Arizona, Nevada, Florida and Michigan to fund programs to prevent foreclosure for people who are unemployed or who owe more than their homes are worth.
Also, the agencies can assist homeowners having trouble securing loan modifications because of second liens, as well as promote affordable housing opportunities.
Obama unveiled the initiative, which will be funded with money from the TARP bank bailout, at events in Nevada, which has the highest number of underwater homeowners at 65% and the nation's second-highest unemployment rate at 13%.
How the effort will help people, however, remains to be seen. The administration did not provide many details on the agencies' programs, saying it was leaving it to them to come up with the solutions. At least three of the agencies, in Florida, Arizona and Michigan, were surprised by the announcement and are still assessing how they will utilize the money...
The majority of underwater mortgages are heavily concentrated in five states being targeted by the president: Nevada, at 65%; Arizona, at 48%; Florida, at 45%; Michigan, at 37%; and California, at 35%, according to the research firm First American CoreLogic.
These states also have among the highest unemployment levels as well, with Michigan at 14.6%, Nevada at 13%, California at 12.4%, Florida at 11.8%. Arizona has a jobless rate of 9.1%, which is better than the national 9.7% rate for January, according to the Bureau of Labor Statistics...
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