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Tuesday, March 31, 2009
30 March 09 - Increasing demand
In mid March 66 pre-construction condos were for sale in "The Beasley" at the corner of Smithe and Homer, completion 2012. Today one 1bed condo is available for sale - specific other condos have been advertized as for sale on 31 March so can only be bought tomorrow but Buyers are already lining up now!
Investors are looking to buy again and in general there is increasing Buyer demand. I just sold a lovely view condo at 2104-1500 Howe in False Creek North, asking price $748,000 and this last week negotiated several offers in West Vancouver and Downtown. To see listings of other condos in False Creek North click on http://www.falsecreeknorthcondos.com/
I hope the word also spreads to people outside Vancouver that our real estate market is improving. This is a good time to buy but some out of area Buyers expect unrealistic discounts which results in showings and negotiations that do not have any chance of leading to a sale.
Investors are looking to buy again and in general there is increasing Buyer demand. I just sold a lovely view condo at 2104-1500 Howe in False Creek North, asking price $748,000 and this last week negotiated several offers in West Vancouver and Downtown. To see listings of other condos in False Creek North click on http://www.falsecreeknorthcondos.com/
I hope the word also spreads to people outside Vancouver that our real estate market is improving. This is a good time to buy but some out of area Buyers expect unrealistic discounts which results in showings and negotiations that do not have any chance of leading to a sale.
Monday, March 30, 2009
$150 million Listing: Candy Sells Versailles of Bel Air
There are listings … and then there are listings. Candy Spelling, wife of deceased uber-producer, Aaron Spelling, is putting “The Manor” -- her French chateau inspired residence -- on the market for $150 million, the most expensive residential listing in the United States.The property -- which looks like a French chateau and is slightly larger than the White House -- is the largest home in Los Angeles County. Spelling, the mother of actress Tori Spelling, describes it as the "greatest entertainment house ever" with a "kitchen where you can cook for two or 800." The parking lot, dubbed the "motor court," can accommodate 100 vehicles, with 16 carports to boot.
Built in 1991, the three-story house has many rooms customized for specific purposes. There's Aaron Spelling's automated projection room (one of Candy Spelling's favorites), a bowling alley, a flower-cutting room, a wine cellar/tasting room, even a silver storage room with humidity control. Outside there is a swimming pool with pool house, tennis court, a koi pond, gardens and a citrus orchard.
To house the staff, a service wing has five maids' bedrooms and two butlers' suites, one of which has a kitchenette. The house is believed to have more than 100 rooms. Spelling said she isn't sure, because she's never counted them. [Source]
Much speculation remains whether they can get $150 million in today’s tepid market.
"Once a decade one of the trophy properties in Los Angeles becomes available. Certainly it's a lot of money, but it's not like there's another one around the corner for sale." Says Realtor Kurt Rappaport.
Candy Spelling bought the top two floors of a Century City condo building last summer for $47 million. The purchase set a record price paid of $2,848 per square foot for an L.A. condo. The "apartment," as the understated Spelling called it, is going to be ready at the end of the year, and she hopes to move in by March or April of 2010.”
Despite her move, Candy will remain “on top of the world.”
Beta now in Australia: Try the new AdWords interface
Many Australian businesses are trying, or increasing their use of, online advertising - and search marketing in particular. We're always looking for ways to make it easier and quicker to implement and manage campaigns using AdWords.
Back in November, we asked a small group of US advertisers to start testing a new web interface for AdWords while it was still early in development. The new interface makes AdWords campaign management faster, clearer, and more intuitive. This means making it easier to find the most important keywords across your account, speeding up account navigation and editing to save you time, and making reports both more accessible and quicker to act on.
We've continued to work on the new interface for the last few months, making changes based on feedback from beta testers. Now we're excited to offer this beta to advertisers in additional countries, including Australia and New Zealand.
Here are a few of the features we're testing in the new interface:
* Performance graphs: Spot trends over time with custom graphs on every campaign management page.
* Insight across ad groups: Focus on the high-impact areas of your account with new roll-up tabs on every page. You can see and edit keywords, placements or ads from all ad groups on a single tab.
* In-line editing: Want to change a keyword or bid? Click on it and make changes in-line instead of loading a separate page.
* Easier content network management: Improve content network performance on a new Networks tab. Look at statistics for the placements where your ads have appeared, then take action by setting unique bids or excluding placements directly from the report.
However, keep in mind that the new interface doesn't change how ads run. Bidding, ranking, Quality Score, and the rest of ad serving are no different in the new interface.
The new interface is still a work in progress, and not all features available in the previous web interface are currently supported. Beta testers can switch between old and new interfaces during the beta, so they still have access to the full range of AdWords tools and reports, if needed.
To learn more, see videos of the new interface in action, and sign up for the beta test, visit our new AdWords interface website.
For anyone who wants a simple explanation of how our AdWords auction works, check out this video from our chief economist, Hal Varian. It's a great summary of how we rank ads.
Posted by Jeremy Wood, Product Specialist
Back in November, we asked a small group of US advertisers to start testing a new web interface for AdWords while it was still early in development. The new interface makes AdWords campaign management faster, clearer, and more intuitive. This means making it easier to find the most important keywords across your account, speeding up account navigation and editing to save you time, and making reports both more accessible and quicker to act on.
We've continued to work on the new interface for the last few months, making changes based on feedback from beta testers. Now we're excited to offer this beta to advertisers in additional countries, including Australia and New Zealand.
Here are a few of the features we're testing in the new interface:
* Performance graphs: Spot trends over time with custom graphs on every campaign management page.
* Insight across ad groups: Focus on the high-impact areas of your account with new roll-up tabs on every page. You can see and edit keywords, placements or ads from all ad groups on a single tab.
* In-line editing: Want to change a keyword or bid? Click on it and make changes in-line instead of loading a separate page.
* Easier content network management: Improve content network performance on a new Networks tab. Look at statistics for the placements where your ads have appeared, then take action by setting unique bids or excluding placements directly from the report.
However, keep in mind that the new interface doesn't change how ads run. Bidding, ranking, Quality Score, and the rest of ad serving are no different in the new interface.
The new interface is still a work in progress, and not all features available in the previous web interface are currently supported. Beta testers can switch between old and new interfaces during the beta, so they still have access to the full range of AdWords tools and reports, if needed.
To learn more, see videos of the new interface in action, and sign up for the beta test, visit our new AdWords interface website.
For anyone who wants a simple explanation of how our AdWords auction works, check out this video from our chief economist, Hal Varian. It's a great summary of how we rank ads.
Posted by Jeremy Wood, Product Specialist
New law extending the foreclosure process by 90 days!
BIG HELP FOR STRUGGLING HOMEOWNERS!
90-DAY EXTENSION TO FORECLOSURE PROCESS
California Foreclosure Prevention Act: Mortgage Lenders foreclosing on certain loans are prohibited from giving a notice of sale until the lapse of at least 3 months plus 90 days after the filing of the notice of default A loan servicer can obtain an exemption from this requirement by demonstrating that it has comprehensive loan modification options.
The goal of the California Foreclosure Prevention Act is to release the pressure on foreclosures and their severely negative consequences. Aiming to provide additional time for lenders to work out a short sale or loan modification with borrowers while also providing incentive for lenders to establish better short sale and loan modification programs.
This bill, which was enacted into law on February 20, 2009 will stay in effect only until January 1, 2011
With the current time-line, a lender who files a notice of default has to wait at least 3 months before giving a notice of sale. The new law extends that 3-month period by an additional 90 days.
Along with that in the preexisting law, foreclosure process would take a minimum of 4 months from the filing of a notice of default until the final trustee’s sale.
Under the new law, that period extended by 90 more days for a total of about 7 months.
Is this positive or negative? How do you think that this will affect the market?
For any help with Property Foreclosure questions contact:
Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360
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Transit on Google Maps in Geraldton, WA
Google Australia is partnering with public transit agencies around Australia to integrate their data with Google Maps. We first launched Transit on Google Maps almost exactly one year ago in partnership with TransPerth, to provide public transit directions for the Perth metropolitan area. Then, last December, we partnered with Adelaide Metro to bring the service to Adelaide. Today we're pleased to announce that Google Transit has launched in its third Australian city, and is now available for the residents of Geraldton, Western Australia.
If you live in Geraldton, we hope you'll find this service useful for day-to-day commuting, and reducing your reliance on your vehicle. If you're planning a visit to this hidden gem on Western Australia's Batavia Coast, you may want to use Transit on Google Maps to find your way to Geraldton's beautiful St Francis Xavier Cathedral, or the stunning HMAS Sydney II Memorial, or to see 90 tons of lobster at the Fisherman's Collective Lobster Factory!
View Larger Map
We'd like to thank our friends at TransPerth who have worked hard to make this service available to benefit their customers in Western Australia.
If you live in Geraldton, we hope you'll find this service useful for day-to-day commuting, and reducing your reliance on your vehicle. If you're planning a visit to this hidden gem on Western Australia's Batavia Coast, you may want to use Transit on Google Maps to find your way to Geraldton's beautiful St Francis Xavier Cathedral, or the stunning HMAS Sydney II Memorial, or to see 90 tons of lobster at the Fisherman's Collective Lobster Factory!
View Larger Map
We'd like to thank our friends at TransPerth who have worked hard to make this service available to benefit their customers in Western Australia.
Saturday, March 28, 2009
Open House - Palm Springs CA
Palm Springs open houses. Homes for sale in Palm Springs. Palm Springs condos for sale.
OPEN HOUSE! Sunday, 1:00-3:30pm. 3/29/09
GREENHOUSE EAST, 482 N Hermosa, Palm Springs
2 bdrms, 3 baths plus den. 1650SF. Beautifully remodeled, single level with large private patio and your own private spa!
Slab granite. Stacked stone. Natural stone flooring. Dual pane windows/doors for energy savings.
Asking: $459,000.
Click on the link above to see property details and additional pictures.
Russell Hill 760.203.2959 RussellHill@dc.rr.com
Friday, March 27, 2009
Building Down, Rents Up: Multi-Family Fundamentals Shine
The demographic patterns in this and next decade dictate that there will be strong demand for apartments that will outstrip supply.
The number of new renters will exceed the supply of apartments by as much as two times.
The homeownership rate is about 65 percent currently, and the total number of households in the US is about 120 million. “If 35 percent of the population rents, we are talking about 40 million households that are renters.”
According to the census bureau, there will be 15 million new households over the next 10 years, translating to about 1.5 million new households per year. If only 30 percent of these households rent, this will mean there will be 450,000 new rental households per year in the next 10 years.
However, apartment starts have been hovering at around only 200,000 units from the supply standpoint. “We know there is no overbuilding if this pattern holds, In fact, there will be half as many new apartments built as new renters coming into the market.” [Source]
Multi-family fundamentals are looking excellent in 2009 – for those who can afford to purchase properties.
Investors should see solid, long-term returns as household formation drives the demand for rental property. The percentage of Americans owning homes will continue to fall as downpayment requirements and lending underwriting guidelines limit the pool of homebuyers.
In the current market, buyers of apartment buildings small and large will benefit from historically low interest rate and prices that have fallen dramatically since peaking in 2007. Investors can expect price appreciation of their investments, and also increases in income as the rental market tightens and demand forces up rents.
Palm Springs Real Estate activity for 3/25/09
Palm Springs homes for sale. Palm Springs condos for sale. Palm Springs blogs.
Here's what happened on Wednesday, March 25, 2009.
Central Palm Springs:
New Listings:
415 N Calle Rolph, Greenhouse East, 2/2, $424,500.
2087 Paseo Roseta, Sunrise Park, 4/2, $409,800.
In Escrow:
327 W Mariscal Rd., Casa De Oro, 2/2, $139,000.
212 S Louella Rd., Sundial Condos, 2/2, $179,900.
Sold:
280 S Avenida Caballeros, Caballeros Estates, 2/1.5, $130,000.
South Palm Springs:
New Listings:
1917 Grand Bahama Dr E., Sunrise Villas, 3/2, $219,000.
1986 S Birdie Way, Tahquitz Creek Golf, 3/2, $225,000.
3712 E Camino San Simeon, Demuth Park, 3/3, $260,000.
In Escrow:
5300 E Waverly Dr., #4116, Palm Springs Golf/Tennis, 1/2, $89,999.
2441 S Gene Autry Trl., #D, Canyon Sands, 3/3, $179,900.
641 El Placer Rd., Demuth Park, 3/2, $85,500.
1168 E Cactus Rd., Deepwell, 5/5.75, $599,000.
Sold:
3175 Calle Arandas, Cathedral Canyon CC, 2/2, $262,500.
Source: Desert Area MLS. Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill.
I appreciate your posts!
Russell Hill 760.203.2959 RussellHill@dc.rr.com
Introducing Earth Connect for Earth Hour 2009
As you may or may not know, Earth Hour was started in Australia by the World Wildlife Federation (WWF) just a few years ago. The global event is driven from Sydney, and this year Google Australia has joined with the Earth Hour team to help drive awareness and participation in this initiative.
2009 is the largest Earth Hour yet. With 84 countries and over 2800 locales registering their participation, it is an unprecedented global event to promote the issues surrounding climate change.
Members of our Australian team have coordinated an effort across Google to help Earth Hour create a social network called Earth Connect.
Earth Connect uses Google Friend Connect, and is built using OpenSocial as a foundation for the site, which allows anyone with an OpenID to sign in and become a member of the network. A Blogger-based blog is used to drive Earth Connect's "Talking Points", using the BuzzBoost feature of FeedBurner to provide text, pictures and videos. The "Talking Points" in turn encourage Earth Connect members to post their thoughts in the Friend Connect-based Comments Gadget, which is where the real magic happens...
The comments collected by Earth Connect will be counted by WWF towards the goal of collecting a billion words in the lead-up to the next United Nations Climate Change Summit, COP15, to be held in Copenhagen at the end of 2009. The Earth Hour team will present this global collective statement of support as a call to action on climate change issues at COP15.
In this way, the Earth Hour movement will be sustained well beyond the March 28 event, providing a platform for the people of the world to share and contribute their thoughts on climate change.
The Earth Hour website, earthhour.org, is being hosted by Google App Engine, and the site is using Google Maps and YouTube to show all of the participating cities and towns. Google Translate is also embedded on the website to allow anyone in the world to access all of the information in their local language.
Andy Ridley, Global Executive Director of Earth Hour says: "One of the most inspiring aspects of working on Earth Hour is the way it has evolved - it has truly been built through the efforts and imagination of people who just want to see it work.
"We hope that on Saturday March 28 at 8:30pm local time, millions of people around the world will join us for Earth Hour. Beyond that, we look forward to building the world's largest environmentally-focused social networking platform."
Please join Earth Connect, subscribe to email updates, check out the Official Google Blog for more ways in which Google is helping to support a greener future, and watch this space as more is yet to come. Here's to a greener, cleaner future!
2009 is the largest Earth Hour yet. With 84 countries and over 2800 locales registering their participation, it is an unprecedented global event to promote the issues surrounding climate change.
Members of our Australian team have coordinated an effort across Google to help Earth Hour create a social network called Earth Connect.
Earth Connect uses Google Friend Connect, and is built using OpenSocial as a foundation for the site, which allows anyone with an OpenID to sign in and become a member of the network. A Blogger-based blog is used to drive Earth Connect's "Talking Points", using the BuzzBoost feature of FeedBurner to provide text, pictures and videos. The "Talking Points" in turn encourage Earth Connect members to post their thoughts in the Friend Connect-based Comments Gadget, which is where the real magic happens...
The comments collected by Earth Connect will be counted by WWF towards the goal of collecting a billion words in the lead-up to the next United Nations Climate Change Summit, COP15, to be held in Copenhagen at the end of 2009. The Earth Hour team will present this global collective statement of support as a call to action on climate change issues at COP15.
In this way, the Earth Hour movement will be sustained well beyond the March 28 event, providing a platform for the people of the world to share and contribute their thoughts on climate change.
The Earth Hour website, earthhour.org, is being hosted by Google App Engine, and the site is using Google Maps and YouTube to show all of the participating cities and towns. Google Translate is also embedded on the website to allow anyone in the world to access all of the information in their local language.
Andy Ridley, Global Executive Director of Earth Hour says: "One of the most inspiring aspects of working on Earth Hour is the way it has evolved - it has truly been built through the efforts and imagination of people who just want to see it work.
"We hope that on Saturday March 28 at 8:30pm local time, millions of people around the world will join us for Earth Hour. Beyond that, we look forward to building the world's largest environmentally-focused social networking platform."
Please join Earth Connect, subscribe to email updates, check out the Official Google Blog for more ways in which Google is helping to support a greener future, and watch this space as more is yet to come. Here's to a greener, cleaner future!
Thursday, March 26, 2009
Palm Springs Real Estate activity for 3/24/09
Palm Springs homes for sale. Palm Springs condos for sale. Palm Springs blogs.
Here's the activity for Tuesday, 3/24.
Central Palm Springs:
New listings:
572 W Arenas Rd., #1, Tennis Club, 3/3.5, $599,900.
In Escrow:
1329 Trofeo Cir., Sunrise Racquet Club, 2/2, $249,000.
1211 Los Robles Dr., Vista Las Palmas, 4/3, $995,000.
Sold:
1109 Villa Francea, Ruth Hardy Park, 3/3.5, $600,000.
South Palm Springs:
New Listings:
2985 E Avery Dr., #A, 2/2 The Pointe, $239,000.
2490 S Palm Canyon Dr., Canyon View Estates, 3/2, $414,000.
1787 Miro Ct., Pintura, 4/3.5, $515,000.
15 Palomino Rd., Deepwell, 2/2.5, $1,150,000.
In Escrow:
2345 S Cherokee Way, #107, 2/2.5, $169,900.
767 Sunny Dunes, Warm Sands, 2/2, $254,900.
Sold:
None
Source: Desert Area MLS. Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill.
Thanks for visiting my real estate blog.
Russell Hill 760.203.2959 RussellHill@dc.rr.com
Battten Down the Hatches: UCLA Anderson Forecast
The UCLA Anderson Forecast reports that California – and the US – are in for some hard times. But the economists acknowledge there are so many variables coming into play, their prognostications are at best “hunches.”
Some highlights of the report:
- Nationwide, the unemployment rate will peak late next year at 10.5%
- Jobless rate in California will soar to 11.9% by mid-2010
- In California, the economy will stop shrinking by the fourth quarter 2009
- Hikes in the state's sales and income taxes will also erase some of the gains from the federal stimulus package
Wednesday, March 25, 2009
Two new improvements to Google result pages
(Ed's note: 'More and better search refinements' is in part based on technology developed by Australian PhD student Ori Allon - read more about his contribution here).
Today we're rolling out two new improvements to Google search. The first offers an expanded list of useful related searches and the second is the addition of longer search result descriptions -- both of which help guide users more effectively to the information they need.
More and better search refinements
Starting today, we're deploying a new technology that can better understand associations and concepts related to your search, and one of its first applications lets us offer you even more useful related searches (the terms found at the bottom, and sometimes at the top, of the search results page).
For example, if you search for [principles of physics], our algorithms understand that "angular momentum," "special relativity," "big bang" and "quantum mechanic" are related terms that could help you find what you need. Here's an example:
Let's look at a couple of examples in other languages. In Russian, for the query [гадание на картах](fortune-telling with cards), the algorithms find the related terms "таро" (tarot), "ленорман" (lenormand) and "тибетское гадание мо" (tibetan divination mo). In Italian, if you search for [surf alle canarie](surf at the Canary Islands), we now offer suggestions based on the three most famous Canary Islands: "lanzarote," "gran canaria," and "fuerteventura":
We are now able to target more queries, more languages, and make our suggestions more relevant to what you actually need to know. Additionally, we're now offering refinements for longer queries — something that's usually a challenging task. You'll be able to see our new related searches starting today in 37 languages all around the world.
And speaking of long queries, that leads us to our next improvement...
Longer snippets
When you do a search on Google, each result we give you starts with a dark blue title and is followed by a few lines of text (what we call a "snippet"), which together give you an idea of what each page is about. To give more context, the snippet shows how the words of your query appear on the page by highlighting them in bold.
When you enter a longer query, with more than three words, regular-length snippets may not give you enough information and context. In these situations, we now increase the number of lines in the snippet to provide more information and show more of the words you typed in the context of the page. Below are a couple of examples.
Suppose you were looking for information about Earth's rotation around the sun, and specifically wanted to know about its tilt and distance from the sun. So you type all of that into Google: [earth's rotation axis tilt and distance from sun]. A normal-length snippet wouldn't be able to show you the context for all of those words, but with longer snippets you can be sure that the first result covers all those topics. In addition, the extra line of snippets for the third result shows the word "sun" in context, suggesting that the page doesn't talk about Earth's distance from the sun:
Similarly, if you're looking for a restaurant review that covers all the parts of the meal, longer snippets can help:
But don't just take our word for it — try it out yourself with your favorite long, detailed query.
These are just two recent examples of improvements we've made. We are constantly looking for ways to get you to the web page you want as quickly as possible. Even if you don't notice all of our changes, rest assured we're hard at work making sure you have the highest quality search experience possible.
Today we're rolling out two new improvements to Google search. The first offers an expanded list of useful related searches and the second is the addition of longer search result descriptions -- both of which help guide users more effectively to the information they need.
More and better search refinements
Starting today, we're deploying a new technology that can better understand associations and concepts related to your search, and one of its first applications lets us offer you even more useful related searches (the terms found at the bottom, and sometimes at the top, of the search results page).
For example, if you search for [principles of physics], our algorithms understand that "angular momentum," "special relativity," "big bang" and "quantum mechanic" are related terms that could help you find what you need. Here's an example:
Let's look at a couple of examples in other languages. In Russian, for the query [гадание на картах](fortune-telling with cards), the algorithms find the related terms "таро" (tarot), "ленорман" (lenormand) and "тибетское гадание мо" (tibetan divination mo). In Italian, if you search for [surf alle canarie](surf at the Canary Islands), we now offer suggestions based on the three most famous Canary Islands: "lanzarote," "gran canaria," and "fuerteventura":
We are now able to target more queries, more languages, and make our suggestions more relevant to what you actually need to know. Additionally, we're now offering refinements for longer queries — something that's usually a challenging task. You'll be able to see our new related searches starting today in 37 languages all around the world.
And speaking of long queries, that leads us to our next improvement...
Longer snippets
When you do a search on Google, each result we give you starts with a dark blue title and is followed by a few lines of text (what we call a "snippet"), which together give you an idea of what each page is about. To give more context, the snippet shows how the words of your query appear on the page by highlighting them in bold.
When you enter a longer query, with more than three words, regular-length snippets may not give you enough information and context. In these situations, we now increase the number of lines in the snippet to provide more information and show more of the words you typed in the context of the page. Below are a couple of examples.
Suppose you were looking for information about Earth's rotation around the sun, and specifically wanted to know about its tilt and distance from the sun. So you type all of that into Google: [earth's rotation axis tilt and distance from sun]. A normal-length snippet wouldn't be able to show you the context for all of those words, but with longer snippets you can be sure that the first result covers all those topics. In addition, the extra line of snippets for the third result shows the word "sun" in context, suggesting that the page doesn't talk about Earth's distance from the sun:
Similarly, if you're looking for a restaurant review that covers all the parts of the meal, longer snippets can help:
But don't just take our word for it — try it out yourself with your favorite long, detailed query.
These are just two recent examples of improvements we've made. We are constantly looking for ways to get you to the web page you want as quickly as possible. Even if you don't notice all of our changes, rest assured we're hard at work making sure you have the highest quality search experience possible.
Kerfuffle Over Open House Signs in West Hollywood
Foment is brewing in West Hollywood where real estate agents are challenging a Draconian West Hollywood sign ordinance which prohibits agents from placing signs on public ways.
Some residents may welcome the clutter-free on Sundays. Agents contend that West Hollywood applies a dual standard, since the city has opened its streets and walls to advertisers, becoming the virtual billboard capital of North America, yet prohibits business-tax paying vendors from marketing their wares.
Cooling prices have led to heated arguments between agents and city officials: the fee for non-compliance is $195. [Source]
Journey to the Bottom: Commercial Outlook 2009
The pundits at Deutsche Bank forecast that 2009 will be a transitional year for the commercial real estate market.
Along with the overall economy, the real estate investment market experienced a dramatic fall in the past year.
Following several years of outsized double-digit annual returns, pricing for real estate achieved unsustainably high pricing levels in 2007, ruled by highly available and inexpensive debt. Research estimates that values have fallen by 30 percent or more since the 2007 peak.
There is a silver lining to this dark cloud: outstanding properties at low prices.
Exceptionally high quality properties are expected to be available at historically low pricing.
Acquisitions in the coming year would be in advance of an economic and property market recovery, providing the potential for attractive long-term returns.
Apartment and Industrial property fundamentals are superior to office and retail investments.
Apartments, particularly in supply-constrained long-term growth markets, should be favored in the medium-term given a relatively early forecast recovery.
[Apartment] markets with the strongest prospects, in spite of some near-term pain, are Washington, DC, Baltimore, San Francisco, Seattle, San Jose, New York, San Diego and Los Angeles.
Research projects a remarkably strong recovery for the apartments between 2011 and 2015, possibly with the strongest effective rent gains in history.
In spite of near-term declines, [industrial] markets with the most favorable outlook include Los Angeles, San Jose, Seattle, Austin, Miami, Portland, New York and Orange County.
As Los Angeles emerges from the economic doldrums, investors in apartment and industrial properties should see attractive returns. The current environment, though credit may be tight and uncertainty hangs in the air, should present the best commercial buying climate in years.
[Source, RREEF Research “2009 U.S. Real Estate Investment Outlook and Market Perspective]
Along with the overall economy, the real estate investment market experienced a dramatic fall in the past year.
Following several years of outsized double-digit annual returns, pricing for real estate achieved unsustainably high pricing levels in 2007, ruled by highly available and inexpensive debt. Research estimates that values have fallen by 30 percent or more since the 2007 peak.
There is a silver lining to this dark cloud: outstanding properties at low prices.
Exceptionally high quality properties are expected to be available at historically low pricing.
Acquisitions in the coming year would be in advance of an economic and property market recovery, providing the potential for attractive long-term returns.
Apartment and Industrial property fundamentals are superior to office and retail investments.
Apartments, particularly in supply-constrained long-term growth markets, should be favored in the medium-term given a relatively early forecast recovery.
[Apartment] markets with the strongest prospects, in spite of some near-term pain, are Washington, DC, Baltimore, San Francisco, Seattle, San Jose, New York, San Diego and Los Angeles.
Research projects a remarkably strong recovery for the apartments between 2011 and 2015, possibly with the strongest effective rent gains in history.
In spite of near-term declines, [industrial] markets with the most favorable outlook include Los Angeles, San Jose, Seattle, Austin, Miami, Portland, New York and Orange County.
As Los Angeles emerges from the economic doldrums, investors in apartment and industrial properties should see attractive returns. The current environment, though credit may be tight and uncertainty hangs in the air, should present the best commercial buying climate in years.
[Source, RREEF Research “2009 U.S. Real Estate Investment Outlook and Market Perspective]
February 2009 sales statistics for Palm Springs
Palm Springs real estate. Palm Springs homes for sale. Palm Springs blogs
Here are the February sales statistics for Palm Springs (Single family) with comparisons to 2008, 2007, 2006.
Please contact me with any questions. I appreciate your comments.
Palm Springs (all)
02/09 : 45 sales, $299,900. median sales price, $193.44 SF
02/08: 29 sales, $720,000. median sales price, $300.10 SF
02/07: 56 sales, $513,500. median sales price, $319.80SF
02/06: 45 sales, $587,000. medina sales price, $$353.24SF
Central Palm Springs:
02/09: 8 sales, $599, 598. median sales price, $289.04SF
02/08: 7 sales, $1,350,000. median sales price, $406.10SF
02/07: 18 sales, $572,000. median sales price, $334.51SF
02/06: 16 sales, $637,500. median sales price, $$420.63SF
South Palm Springs:
02/09: 13 sales, $525,000. median sales price, $235. SF
02/08: 12 sales, $797,250. median sales price, $327.40SF
02/07: 18 sales, $536,500. median sales price, $330.69 SF
02/06: 14 sales, $757,000. median sales price, $316.33SF
Russell Hill 760.203.2959 RussellHill@dc.rr.com
Palm Springs Real Estate activity for 3/20/09 - 3/23/09
Palm Springs homes for sale. Palm Springs condos for sale. Palm Springs blogs
Here's the activity since Friday, March 20, '09. If you're new to this blog, hit on the link at the property address to see detail information for the property and pictures. Thanks for visiting my blog and please contact me if I can help you with a real estate question.
Central Palm Springs:
New Listings:
222 N Calle El Segundo, #54, Plaza Villas, 2/2, $179,900.
215 S Louella Rd., Sundial Condos, 2/2, $269,000.
737 E Arenas Rd., 48@Arenas, 2/2.5, $415,000.
3610 E Chia Rd., El Rancho Vista Estates, 3/2, $369,000.
1133 Pasatiempo Rd., Ruth Hardy Park, 5/5, $379,900.
223 N Monterey Rd., Sunrise Park, 3/2, $379,900.
In Escrow:
426 Bradshaw Ln., #69, 2/2, $139,999.
1971 E Tachevah Dr., Desert Lanai, 2/1.5, $149,000.
1980 E Belding Dr., Sunrise Park, 3/2, $299,000.
2772 E Via Vaquero Rd., 5/5.5, $870,000.
Sold:
2069 El Alameda, Sunrise Oasis, 3/2, $270,000.
South Palm Springs:
New Listings:
1364 S Camino Real, Biltmore, 1/1, $82,900.
5300 E Waverly Dr., M4207, Palm Springs Golf/Tennis, 1/1, $109,900.
2300 S Palm Canyon Dr., #32, Canyon View Condos, 2/2, $178,500.
2135 Sunshine Way, Sunshine Villa, 3/2, $249,900.
1778 S Araby Dr., Park Imperial South, 3/2, $341,000.
300 Desert Lakes Dr., Seven Lakes Country Club, 3/3, $349,000.
2155 Casitas Way, Mesquite Canyon Estates, 2/2, $449,000.
3820 E Calle San Antonio, Demuth Park, 3/1, $106,900.
1015 S Farrell Dr., Los Compadres, 3/2, $376,300.
570 E Mesquite Ave., Tahquitz River Estates, 3/2, $415,000.
1201 S Sagebrush Rd., Deepwell, 3/2, $449,000.
4 Palomino Rd., Deepwell, 4/3, $795,000.
1685 Ridgemore Dr., Andreas Hills, 3/3.5, $998,900.
38224 Maracaibo Cir., Parc Andreas, 4/3.75, $995,000.
780 Dogwood Cir., W., Andreas Hills, 4/3.5, $1,125,000.
In Escrow:
272 Desert Lakes Dr., Seven Lakes Country Club, 2/2, $145,000.
2568 S Sierra Madre, Villa Roma, 2/2, $189,900.
2001 E Camino Parocela, #C-22, Mesquite Country Club, 2/2, $189,900.
6086 Driver Rd., Sandcastles, 2/2, $194,900.
179 Calle Bravo, Canyon West Estates, 2/2.5, $195,900.
2327 Casitas Way, Mesquite Canyon Estates, 2/2, $325,000.
490 E Santiago Way, Canyon North, 4/4, $429,800.
210 W Camino Carmelita, The Mesa, 4/4, $558,000. (back in escrow)
Sold:
500 S Farrell Dr., #B14, Mesquite Country Club, 2/2, $230,000.
1811 Sandcliff Rd., Garden Villas West, 3/2, $260,000.
1940 S Yucca Pl., Twin Palms, 3/3, $395,000. ($100. over asking)
Source: Desert Area MLS. Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill.
Thanks for posting your comments!
Russell Hill 760.203.2959 RussellHill@dc.rr.com
Tuesday, March 24, 2009
Fannie Penalizes Condo Buyers
Just as a flood of new condominiums are scheduled to hit the housing market this year, Fannie Mae has added restrictions making it more difficult for developers to sell their units.
The government-backed mortgage-finance company stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%. In addition, the company won't back loans for sales in buildings where 15% of current owners are delinquent on association fees or where more than 10% of units are owned by a single-entity.
The new policy became effective March 1.
Condo developers say the rules may hasten the failure of countless buildings across the country and seem to be at odds with federal efforts designed to speed along a housing-market recovery.
Moreover, Fannie and Freddie are both set to increase fees on condo buyers next month. Buyers without at least a 25% down payment will have to pay closing-cost fees equal to 0.75% of their loan, regardless of the borrower's credit score. The companies say these fees are necessary to protect against higher default rates.
The changes come as cities brace for a new flood of condo supply. Reis Inc. estimates that 93,000 new condo units will be completed this year, a 28% increase in new inventory from last year. Los Angeles is readying 2,600 units, according to estimates. [Source]
Condo buyers should be aware of add-on fees from Fannie Mae that will increase the cost of their mortgage.
Any buyer considering the purchase of new condo construction should inquire how the initial 70% of units will be financed since Fannie Mae will not guarantee mortgages if fewer units are sold.
Buyers of new construction should also take measures to protect their Initial Deposit in the event: 1) the buyer is unable to obtain acceptable financing; and, 2) the developer goes into default.
Low interest rates will moderate some of the effect of the add-ons. But in this market where developers and buyers may not perform, condo buyers get sucker-punched with extra fees.
The government-backed mortgage-finance company stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%. In addition, the company won't back loans for sales in buildings where 15% of current owners are delinquent on association fees or where more than 10% of units are owned by a single-entity.
The new policy became effective March 1.
Condo developers say the rules may hasten the failure of countless buildings across the country and seem to be at odds with federal efforts designed to speed along a housing-market recovery.
Moreover, Fannie and Freddie are both set to increase fees on condo buyers next month. Buyers without at least a 25% down payment will have to pay closing-cost fees equal to 0.75% of their loan, regardless of the borrower's credit score. The companies say these fees are necessary to protect against higher default rates.
The changes come as cities brace for a new flood of condo supply. Reis Inc. estimates that 93,000 new condo units will be completed this year, a 28% increase in new inventory from last year. Los Angeles is readying 2,600 units, according to estimates. [Source]
Condo buyers should be aware of add-on fees from Fannie Mae that will increase the cost of their mortgage.
Any buyer considering the purchase of new condo construction should inquire how the initial 70% of units will be financed since Fannie Mae will not guarantee mortgages if fewer units are sold.
Buyers of new construction should also take measures to protect their Initial Deposit in the event: 1) the buyer is unable to obtain acceptable financing; and, 2) the developer goes into default.
Low interest rates will moderate some of the effect of the add-ons. But in this market where developers and buyers may not perform, condo buyers get sucker-punched with extra fees.
Introducing students to open source software development
Google Summer of Code™, our flagship program to introduce college and university students to open source software development, is now in full swing. Over the past four years, we've paired nearly 2,500 student "graduates" with more than 2,500 mentors from industry to academia, with some spectacular results: millions of lines of source code produced and over $15M USD (almost $22M AUD) in funding provided to open source development. We're particularly excited by the social ties our students participants form through the course of the program - we've connected people in more than 98 countries, and hope to bring people from even more places into the Google Summer of Code community this year.
We're accepting student applications now through April 3rd. For more details, including how to apply, please see the Google Open Source Blog.
We're accepting student applications now through April 3rd. For more details, including how to apply, please see the Google Open Source Blog.
Buy a house and get $8,000 Back!!
$8,000 Homebuyer Tax Credit!
-The new American Recovery and Reinvestment Act of 2009 bill offers an $8,000 tax credit to first time home buyers!
-This first-time home buyer credit is available for people purchasing a primary residence on or after January 1, 2009 through December 1, 2009.
-The credit does not require a repayment.
-Many of the fundamentals of the credit will be similar to the act under the 2008 rules: The credit will be claimed on a tax return to reduce the buyer's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the buyer.
If you are a First time home buyer, take advantage of this eight thousand dollar credit...this is a great opportunity to buy a piece of Real Estate!
Do you think that they should extend the credit, and why?
If you have any questions contact:
Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360
****** Make sure you sign up for our FREE mailing list today! *****
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Real Estate Buying
Real Estate Investing
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San Diego Based Real Estate Blog
Monday, March 23, 2009
Expanding Street View in Australia
Street View on Google Maps is a great way of visiting parts of Australia you've never seen before. Since it launched in Australia in August last year, travellers have been using it to check out destinations before they arrive; students have been researching geographical features and learning about cities across Australia and the world; and it become a useful tool for house-hunting.
Last week we further expanded our Street View imagery in Australia so you can visit even more cities, towns and rural areas. In particular, we've included new imagery in parts of Sydney, around Port Lincoln in South Australia, in rural New South Wales, and in many parts of Queensland including wilderness areas around the Staaten River national park, and around Taylor's Beach, Tweed Heads, and Cairns.
View Larger Map
If your neighbourhood missed out when Street View launched, head online to check whether it appears in the latest update.
In addition to adding imagery to Australia, last week we also launched Street View on Google Maps in the UK. The UK is a favourite travel destination for Aussies, whether they're going to visit family or heading off on a working holiday, and now you can check out famous landmarks like Big Ben and the Houses of Parliament before you set off on your trip.
View Larger Map
Last week we further expanded our Street View imagery in Australia so you can visit even more cities, towns and rural areas. In particular, we've included new imagery in parts of Sydney, around Port Lincoln in South Australia, in rural New South Wales, and in many parts of Queensland including wilderness areas around the Staaten River national park, and around Taylor's Beach, Tweed Heads, and Cairns.
View Larger Map
If your neighbourhood missed out when Street View launched, head online to check whether it appears in the latest update.
In addition to adding imagery to Australia, last week we also launched Street View on Google Maps in the UK. The UK is a favourite travel destination for Aussies, whether they're going to visit family or heading off on a working holiday, and now you can check out famous landmarks like Big Ben and the Houses of Parliament before you set off on your trip.
View Larger Map
1200 N Sweetzer Condos: Chartreuse, Brown and Boxy
1200 N Sweetzer Avenue, West Hollywood, CA 90069
Asking price: Not announced
Number of units in development: +/- 11 (?)
Days on Market: Coming some time soon
A boxy condo block painted brown and chartreuse has arisen where two small bungalows were once located at the corners of Sweetzer and Norton Avenues.
Not a lot of information is available about the project. The land was originally listed at $2,700,000 and sold for $2,200,000 in November 2005.
Three and one-half years later the condo project has arrived, in times as depressed as they were heady back in ’05.
The building has potential. The upper floors will have excellent, unobstructed views. The doors and windows are snazzy and modern. The building is sited nicely at a corner. The units are steps away from restaurants and retail.
The brown and chartreuse exterior is strange – something between “New Wave” and West Elm – that could risk looking drab after a few years sun and rain.
Prices have not been announced.
Bottom line: this dense West Hollywood neighborhood – which appeals to newcomers and long-time Angelenos alike – gets an upscale new arrival.
'Jumbo' Financing in Pipeline
New money is about to flow into an area of the real estate market that has been hardest squeezed by the credit crisis: …jumbo mortgages.
Major banks are heading into the jumbo segment, originating big loans at affordable rates. Bank of America is rolling out a large program to finance loans between about $730,000 and $1.5 million, with fixed 30-year rates starting in the upper 5% range.
The bank's head of consumer real estate operations, said there's "a real need" for capital in the jumbo arena, where interest rates last fall sometimes exceeded conventional loan rates by three to five percentage points -- if financing was available at all.
Bank of America's new program requires hefty liquid resources -- six months of principal, interest, property tax and insurance payments in reserve -- plus fully documented income, solid credit scores and a full appraisal. Bank of America quotes a minimum of 20% [downpayment requirement]. [Source]
The decrease in interest rates on jumbo loans is a life-line to the Los Angeles real estate market. The current perniciously high jumbo-loan rates in the high 6% range (when available) have brought the high-end market to a virtual standstill.
In addition to Bank of America, ING Group is offering jumbos loans, some as large as $2 million with a minimum down payment of 25%. Current rates start around 5%. ING's jumbos are 5/1 and 7/1 hybrids, with a fixed interest rate for the first five or seven years, adjusting each year thereafter.
The difference in monthly payment on a $1 million loan at 5.0% and 6.75% is $1,118. Homeowners on the Westside and in other high-end Los Angeles areas are going to benefit from these lower rates.
Major banks are heading into the jumbo segment, originating big loans at affordable rates. Bank of America is rolling out a large program to finance loans between about $730,000 and $1.5 million, with fixed 30-year rates starting in the upper 5% range.
The bank's head of consumer real estate operations, said there's "a real need" for capital in the jumbo arena, where interest rates last fall sometimes exceeded conventional loan rates by three to five percentage points -- if financing was available at all.
Bank of America's new program requires hefty liquid resources -- six months of principal, interest, property tax and insurance payments in reserve -- plus fully documented income, solid credit scores and a full appraisal. Bank of America quotes a minimum of 20% [downpayment requirement]. [Source]
The decrease in interest rates on jumbo loans is a life-line to the Los Angeles real estate market. The current perniciously high jumbo-loan rates in the high 6% range (when available) have brought the high-end market to a virtual standstill.
In addition to Bank of America, ING Group is offering jumbos loans, some as large as $2 million with a minimum down payment of 25%. Current rates start around 5%. ING's jumbos are 5/1 and 7/1 hybrids, with a fixed interest rate for the first five or seven years, adjusting each year thereafter.
The difference in monthly payment on a $1 million loan at 5.0% and 6.75% is $1,118. Homeowners on the Westside and in other high-end Los Angeles areas are going to benefit from these lower rates.
Sunday, March 22, 2009
Palm Springs Real Estate activity for 3/18/09 - 3/19/09
Palm Springs Homes for sale. Palm Springs condos for sale. Palm Springs blogs
Here's the activity for mid week. Contact me with any questions you have.
Central Palm Springs:
New Listings:
351 N Hermosa Dr., #4A2, Casa Verde, 1/1, $99,000.
400 N Sunrise Way, 101, Catalina Grove, 2/2, $124,800.
327 W Mariscal Rd., Casa De Oro, 2/2, $139,000.
555 W Baristo Rd., C38, Tennis Club, 3/3.5, $1,095,000.
587 N Saturmino Dr., Sun Villas, 3/2, $449,000.
In Escrow:
506 N Sunset Way, Sun Villas, 3/2, $234,900.
1575 E Verbena Dr., Ruth Hardy Park, 2/1, $389,000.
Sold:
1854 N Mira Loma Way, Casa De Oro, 2/2, $141,900.
407 W Vereda Sur, Old Las Palmas, 6/7, $1,222,000.
South Palm Springs:
New Listings:
1111 E Palm Canyon Dr., #201, Ocotillo Lodge, 1/1, $99,900.
680 S Beverly Dr., Los Compadres, 3/2, $449,000.
1311 Fuego Cir., Canyon North, 3/3.5, $599,000.
1515 S Driftwood Dr., Deepwell, 3/2, $699,000.
2370 S Araby Dr., Araby, 3/2, $747,900.
In Escrow:
5300 E Waverly Dr., #B10, Palm Springs Golf/Tennis, 2/1.5, $108,000.
1900 S Palm Canyon Dr., #6, Sandstone Villas, 2/2, $109,900.
2345 S Cherokee Way, #158, Oasis Resort Condos, 2/2.5, $139,000.
2267 Oakcrest Dr., Sunrise East, 3/2, $419,000.
930 S Nueva Vista Dr., Demuth Park, 3/2, $94,500.
Sold:
1655 E Palm Canyon Dr., #105, SmokeTree Racquet Club, 1/1, $72,500.
2601 S Broadmoor Dr., #51, Summerset Springs, 2/2.25, $140,500.
Source: Desert Area MLS. Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill
I welcome your comments! Thanks for visiting my Palm Springs Real Estate Blog!
Russell Hill 760.203.2959 RussellHill@dc.rr.com
Saturday, March 21, 2009
21 March 09 - Impressive penthouse for sale in "The Melville", Coal Harbour.
On Wednesday 18 March the penthouse at "The Melville" at 1189 Melville Street in Coal Harbour was open for Realtors to view. The penthouse is a 5,700 sq ft one level condo with 5 bedrooms, 5 bathrooms and 2 powder rooms. It has high ceilings, fantastic 360 degree views and impressive finishes. The marble foyer is stunning, the millwork is exceptional. Price $10,800,000. For more information about condos in Coal Harbour go to http://www.coalharbourcondos.info
21 March 09 - Substantial price reduction for new condos in The Beasley in Downtown Vancouver.
Amacon is the developer of "The Beasley" at the corner of Smithe and Homer in Downtown Vancouver. Condos are still available and Amacon just reduced the prices substantially for Buyers of the unsold condos but also for people who bought into the development already. Great initiative and good public relations. I especially like the west facing 1 bedroom condos. Completion is in 2012. To search for properties on MLS go to http://www.christinelouw.com/
Friday 20 March 09 - Lots of action this week
- Many showings, several offers and several accepted offers. I was in the third multiple offer situation in the last month.
- Investors are looking to buy again indicating a return of confidence in real estate as a good investment. My personal experience with condos in the $1,300/1,400 per month bracket is that rental demand is good.
- Booking showings for this weekend and about 35% of properties were reported to have an accepted offer. This applies to the more affordable price ranges; showings of high end properties are always easier to book.
- Still a lot of negative talk about the real estate market from Buyers. Trying to keep prices down?
-The stock market has been going up the last few days. Real estate demand has increased the last few weeks. Is this the start of a trend?
Have a great weekend! To search MLS for real estate listings go to http://www.christinelouw.com/
Foreclosure Process Time Line
General Foreclosure Timeline
The time line below is a typical California non-judicial foreclosure. The foreclosure process does not begin until the lender feels they have tried all avenues for fixing the payment delinquency. Normally, this will happen after the borrower has missed 3 monthly mortgage payments. The lender will contact the borrower several times prior to beginning the foreclosure process .The official foreclosure process then begins by the lender contacting a Trustee and instructing them to file a Notice of Default.
Day 1 - Notice Of Default recorded with County Recorder
The first 10 business days - Trustee mails Notice of default to borrower(s) with recording the date
1st month- Lender Mails Notice of Default to borrower again
90 days after Notice of Default - Set Sale Date, time and location Unless a bankruptcy has been filed, or other event occurs that holds the timeline( At this point Short sale is a great last resort option http://www.shortsale2020.com )
25 days before Sale Date- Send Notice Of Sale to IRS (if applicable)
20 days before Sale Date- Begin publishing Notice Of Sale in an adjudicated newspaper. (must run for 3 consecutive weeks).
20 days before Sale Date- Post the Notice of Sale on the property itself. Most services will photograph the posting location for your records.
20 days before Sale Date- Mail Notice of Sale to borrower and required parties.
14 days prior to Sale Date- Record Notice of Sale with county recorder's office
5 days prior to Sale Date- The borrower's right to reinstate expires.
On sale Date- The property is sold to high bidder or reverts back to lender
For any help with Property Foreclosure questions contact:
Oliver Graf
Real Estate Expert
*** Make sure you sign up for our FREE mailing list today! ***
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Real Estate Short Sale
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Friday, March 20, 2009
Tips for purchasing a home with FHA or VA financing
Tips for purchasing with FHA or VA Financing.
If you are planning on purchasing a home soon and will be using a VA or FHA loan in order to finance your purchase, you must include that information in your offer since government loans place additional financial and performance obligations on the seller know as Non-Allowable Fees
If you are planning on purchasing a home soon and will be using a VA or FHA loan in order to finance your purchase, you must include that information in your offer since government loans place additional financial and performance obligations on the seller know as Non-Allowable Fees
Non Allowable Fees
For starters, FHA and VA loans prohibit buyers from paying certain fees that are often charged by lenders, escrow companies, settlement agents, and title companies. They are known as "non-allowable" fees. These fees still get charged, but as the buyer of the property, you are "not allowed" to pay them. The result is that the seller will have to end up paying them instead of you.
Most of these "non-allowable" fees come from your lender. By the time you are ready to make an offer you should have already been pre-qualified by a loan officer, so you will want to ask how much the lender’s non-allowable fees will be. You might also want to get an idea of what non-allowable fees will be charged by the escrow company and the title insurance company.
Since these are fees the seller would not pay on an offer with conventional financing, this information must be included in your offer. You should also realize that since the seller will be paying these additional fees, they may not be as willing to go down on their price. If not, you as the buyer could also offer over asking price and ask the seller to credit that overage towards those fees.
For starters, FHA and VA loans prohibit buyers from paying certain fees that are often charged by lenders, escrow companies, settlement agents, and title companies. They are known as "non-allowable" fees. These fees still get charged, but as the buyer of the property, you are "not allowed" to pay them. The result is that the seller will have to end up paying them instead of you.
Most of these "non-allowable" fees come from your lender. By the time you are ready to make an offer you should have already been pre-qualified by a loan officer, so you will want to ask how much the lender’s non-allowable fees will be. You might also want to get an idea of what non-allowable fees will be charged by the escrow company and the title insurance company.
Since these are fees the seller would not pay on an offer with conventional financing, this information must be included in your offer. You should also realize that since the seller will be paying these additional fees, they may not be as willing to go down on their price. If not, you as the buyer could also offer over asking price and ask the seller to credit that overage towards those fees.
VA and FHA Appraisals
Home appraisals and inspections on FHA and VA loans are stricter than on conventional loans and generally more expensive. These appraisers are required to perform a certain minimum number of inspections as well as evaluate the current market value of the property. These inspections are generally not as detailed as a professional home inspection and should not be considered a substitute, but sometimes they require repairs which you might want to negotiate with the seller.
If there is significant repair work required, add a clause to your offer that goes something like this. "If required repairs cost less than the maximum amount allowed, the excess will be credited toward buyer’s closing costs."
What have you noticed about FHA offers?
To your success,
Oliver Graf
Real Estate Expert
*** Make sure you sign up for our FREE mailing list today! ***
Home appraisals and inspections on FHA and VA loans are stricter than on conventional loans and generally more expensive. These appraisers are required to perform a certain minimum number of inspections as well as evaluate the current market value of the property. These inspections are generally not as detailed as a professional home inspection and should not be considered a substitute, but sometimes they require repairs which you might want to negotiate with the seller.
If there is significant repair work required, add a clause to your offer that goes something like this. "If required repairs cost less than the maximum amount allowed, the excess will be credited toward buyer’s closing costs."
What have you noticed about FHA offers?
To your success,
Oliver Graf
Real Estate Expert
*** Make sure you sign up for our FREE mailing list today! ***
Real Estate FHA
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San Diego Based Real Estate Blog
Real Estate Loans
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San Diego Based Real Estate Blog
Thursday, March 19, 2009
Palm Springs Real Estate activity for 3/16/09 - 3/17/09
Palm Springs homes for sale. Palm Springs condos for sale. Palm Springs blogs
Here's the activity for the last couple of days. Notice all the new escrows! Good values are selling!
Central Palm Springs:
New Listings:
450 N Hermosa Dr., Greenhouse East, 2/2, $398,000.
3625 E Paseo Barbara, El Rancho Vista Estates, 3/2, $439,000.
1425 N Vine Ave., Old Las Palmas, 3/3.5, $2,495,000.
In Escrow:
413 Bradshaw Ln., #76, Pueblo Sands, 2/2, $79,900.
1749 E Tachevah Dr., Desert Lanai, 2/2, $189,900.
500 E Amado Rd., #618, Deauville, 2/2, $299,900.
Sold:
800 E Cottonwood Rd., #3, Desert Arches, 2/2, $64,000.
1268 E Ramon Rd., #35, Hermosa Villas, 2/2, $150,000.
1111 Tachevah Dr., Ruth Hardy Park, 3/1, $270,000. (over asking price)
South Palm Springs:
New Listings:
1550 S Camino Real #225, Biltmore, 2/2, $89,900.
1708 S Palm Canyon Dr., Royal Hawaiian, 2/2, $300,000.
657 Desert Way, Demuth Park, 3/2, $199,500.
2390 E Santa Ynez Way, Los Compadres, 3/2, $460,000.
225 E Mesquite Ave., Tahquitz River Estates, 3/2, $540,000.
299 W El Camino Way, The Mesa, 3/3, $589,900.
1168 E Cactus Rd., Deepwell, 5/5.75, $599,000.
1088 Manzanita Ave., Deepwell, 4/3, $629,000.
2719 Bonita Cir., Canyon North, 4/3.5, $699,000.
2330 S Via Lazo, Canyon North, 3/3.5, $900,000.
38561 E Bogert Trl., Parc Andreas, 4/4, $1,195,000.
276 Neutra St., Alta, 4/4.5, $1,995,000.
In Escrow:
5265 E Waverly Dr., #78, Palm Canyon Villas, 2/2, $129,900.
500 S Farrell Dr., #D24, Mesquite Country Club, 2/2, $255,000.
937 Saint Bimini Cir., #B, Mesquite Greens, 2/2, $299,900.
2351 S Birdie Way, #E, Waverly Park, 2/2, $325,000.
236 Canyon Cir., N., Canyon Heights, 2/2.5, $349,900.
600 S Vista Oro, Warm Sands, 3/3, $299,000.
1655 E Palm Tree Dr., Deepwell, 3/2, $499,000.
259 W Camino Alturas, The Mesa, 5/3, $650,000.
1048 Monte Verde, Monte Sereno, 4/4.5, $969,500.
Sold:
2001 E Camino Parocela, #L84, Mesquite Country Club 2/2, $215,000.
1764 Zafiro Ct., Pintura, 2/2.5, $320,000.
Source: Desert Area MLS. Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill
Please contact me if I can be of assistance. If you're new to this blog, welcome! Click on the link at the property address to see property details and pics.
Thanks,
Russell
760.203.2959 RussellHill@dc.rr.com
Paris, Jolie
While Los Angeles deals with eternal gridlock, eternal the City of Lights is doing some bold imagining for its future.
Hand it to the French. Who else would pick an economic collapse as a time to unveil one of the most audacious urban plans in recent memory?
Yet the 10 proposals for a new master plan for metropolitan Paris, which were unveiled last week, may just be the kind of brazen idealism the world needs right now.
Among the most audacious is Mr. de Portzamparc's plan, which proposes demolishing both the Gare du Nord and the Gare de l'Est and replacing them with a single massive European train station just outside the city center.
Other plans are more poetic. Jean Nouvel proposes creating a green belt that would circle the entire city. All future construction would be concentrated inside this belt, adding density to what are now sprawling, isolated communities. [Source]
When will the subway to the sea be built? 2032?
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