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NEW LISTINGS AND LEASES
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$17,900/ month
1705 Carla Ridge, Trousdale
Contemporary redone 5BD + 7BA with exceptional floorplan! |
$9,500/ month
6206 Pacific Ave #2 ,
Playa Del Rey Live at the beach! 3BD + 3BA Townhome with huge patio. |
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IN ESCROW
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10279 Century Woods Dr.,
Century City
$4,250,000
1125 Wallace Ridge,
Beverly Hills
$3,400,000
433 Sycamore Rd.
Santa Monica
$1,995,000
510 Kenter Ave.,
Brentwood
$1,659,000
3215 Barbydell Dr.,
Cheviot Hills
$1,450,000
3019 Haddington Dr.,
Cheviot Hills
$1,195,000
2964 Motor Ave.,
Cheviot Hills
$835,000
4502 Gentry Ave.,
Valley Village
$759,000
720 Huntley #206,
West Hollywood
$749,000
2964 Motor Ave.,
Cheviot Hills
$835,000
1888 Greenfield Ave. #207,
Westwood
$519,000
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JUST SOLD
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806 Foothill Rd.,
Beverly Hills
$6,495,000
4598 Cielo Cir.,
Calabasas
$839,000
1135 Shenandoah St. #402,
Beverlywood
$629,000
3641 Meier St.,
Mar Vista
$3,750/month
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COMING SOON
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1272 Shadybrook Dr.,
BHPO
$2,175,000
415 Montana Ave. #303,
Santa Monica
$579,000
1710 Granville Ave. # 7,
West LA
Price upon request
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GREETINGS FROM SALLY
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MARCH 18, 2011
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Springtime is officially here! We did, unfortunately, have to sacrifice an hour of sleep setting the clocks forward, and now we are also that much closer to tax time. However, I don't want you to lose a minute of sleep fretting over your taxes. So keep in mind that homeowners still qualify for some of the best tax benefits around, such as the mortgage interest deduction and capital gains tax breaks for qualified sellers of a primary residence.
Those homeowners who successfully negotiated loan modifications or short sales - or were foreclosed upon during the past year - may also qualify to have the portion of their mortgage that was waived exempted from treatment as ordinary taxable income. Under a special exemption adopted by Congress, if the debt your lender canceled was used by you to "buy, build or substantially improve your principal residence," then you may be in luck. The lender should provide you with a year-end IRS form 1099-C cancellation of debt statement, including the amount of the loan forgiven and the fair market value of the property. Share that document with your tax planner, because you may be eligible for this valuable tax exemption.
Meanwhile, the federal Home Affordable Refinance Program (HARP) that was scheduled to expire in June has been extended by another full year. This initiative will make it much easier and more affordable for many homeowners to refinance at historically low interest rates. The program has already helped more than 600,000 homeowners. Extending HARP through next year gives the real estate market greater overall stability.
According to the Wall Street Journal the number of cash deals is rising significantly as investors return to the market. So although real estate is exceptionally affordable, prices are rising. California is leading that trend, and our local market is one of strongest in the state.
Sincerely,
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PASSING THE TEST ON CANCELED MORTGAGE HAS TAX REWARDS
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LA TIMES
With hundreds of thousands of homeowners having negotiated loan modifications or short sales or been foreclosed upon during the past year, the Internal Revenue Service has issued fresh guidance on how to handle canceled mortgage debt in the upcoming tax season.
It's a huge issue, widely misunderstood by consumers and involves potentially billions of dollars of tax liability.
Usually, when a creditor cancels debts, such as unpaid balances on student loans or credit cards, the forgiven amounts are treated as ordinary, taxable income by the Internal Revenue Code. But under a special exemption adopted by Congress covering distressed home mortgages, many owners can escape the ultimate double whammy: getting hit with extra taxes because your mortgage went seriously delinquent or you lost your house.
View full article
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FORECLOSURE PREVENTION AND REFINANCE PROGRAM EXTENDED ONE YEAR
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| | LA TIMES
The Obama administration has given another year of life to a foreclosure prevention program allowing certain borrowers to refinance underwater mortgages owned or guaranteed by Freddie Mac and Fannie Mae.
The Home Affordable Refinance Program had been set to expire June 30. HARP, as it's known, will now continue through June 2012.
With 30-year fixed-rate mortages below 5%, the level they have inhabited much of the past two years, that may provide an attractive option for some homeowners. One catch is that they can't be too underwater -- their Fannie Mae or Freddie Mac mortgages can be no larger than 125% of the value of their homes. They also must be current on their loan payments. When HARP was announced in March 2009, the intent was to provide up to 5 million replacement loans to homeowners on more favorable terms. That proved unattainable, as did the goal of the sister plan known as Home Affordable Modification Program. HAMP, as it's called, initially aimed at modifying the terms of existing loans to help up to 4 million homeowners avert foreclosure. While far off the ambitious early marks, Fannie Mae and Freddie Mac had provided 621,803 refinance loans under HARP as of Dec. 31, 2010, compared to 579,650 permanent modifications provided by HAMP. The HARP program initially was designed to handle loans amounting to 80% to 105% of the value of the home. But as property values plunged, putting millions of homeowners further underwater on their mortgages, the loan-to-value ratio was increased to 125%. View full article |
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WHY 2011 MAY BE THE END OF THE HOUSING CRASH
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| | WALL STREET JOURNAL
There might finally be some good news this year about the nation's dismal housing market. Or, at least, the bad news could stop.
Either way, it will be welcome relief for current homeowners as well as for potential real-estate investors. Reasons to be optimistic have been sadly lacking since the housing bubble burst in 2006.
For sure, last week we learned the widely watched S&P/Case-Shiller home-price index fell 1% in December, its fifth straight decline. The index tracks 20 major markets.
But that figure belies real reasons to be optimistic, according to some experts. If they are right, it might make sense to jump into real estate. The trick is avoiding getting burned again, and it doesn't necessarily mean owning a home.
First, let's recap the economic signs a bottom is close. View full article |
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