123 N Kings Road - Boutique Lofts Near the Boutiques

Within walking distance of the Beverly Center, the Grove and all the excitement of Beverly Boulevard are the twelve new residences at 123 N Kings Road. Protected from the street by the de rigeur wooden-slatted façade, these multi-level townhouse style condo units blend concrete, wood, glass and a heap of stairs into comfortable dwellings at the center of this high-profile shopping and dining district.

Updated September 4, 2010:  After disappearing for a long time, 123 N Kings Road is back on the market.  The project ran into financial difficulties is now in receivership (i.e., rather than the embattled developer or bank selling the project,  the court appoints a 3rd party to supervise the disposition of the condos) Bottom line: these excellent units are priced to sell at $579,000 - $799,000, a competitive $430/sq ft.  

It's difficult to comprehend that eighteen months ago, when the project debuted, the units were priced from $949,000 - $1,185,000.  This high-end Pugh + Scarpa design will satisfy modern aesthetes as well as well-heeled urbanites who want to be at this swanky crossroads (get your coffee at Kings Road Cafe just across the street.)

Entry to the units is off a central courtyard. On the ground level is an open kitchen-living area with ¾ bath and steps leading to a mezzanine office-sitting-area (in 8 of the units). Up another level is the bedroom and full bath. Up another flight of stairs is access to the rooftop deck. (Cancel your membership at the gym, you’ll do plenty of walking if you live here.)

The finishes are high-quality. The units give the air of clean simplicity, to be enhanced by the owners’ personal touches.

The rooftop deck, a great place for a gathering, is accessible from the units’ top floors and has excellent, unobstructed 360 degree views. Margaritas and martinis are sure to follow.

The bedrooms are in general large, and the ceilings are high (true throughout the units.)  The white wide-plank floors look very cool.  

One of the more spectacular features is the master bath.  Walk up a few steps and enter a loft-like space with dual sinks, floating cabinets, excellent tile and finishes.

The complex is presented by Abitar Development. Units come with two parking spaces. HOA costs are lower than most comparable complexes.

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Adner Realty Group is always looking for the best value in the Los Angeles condo market. If you have questions about the 123 N Kings Road or other buildings, please call us at (310) 845-6810 or email us by clicking on this link.

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123 N Kings Road
Los Angeles 90048
HOA: $284 - $313/month


Unit type:
(2) 1 br, 1-3/4 ba
(8) 1 br + 1 mezzanine flex space, 1-3/4 ba
(2) 2br, 2.5 ba
Square footage: 1,371 – 1,940 (interior sq. footage only)

Palm Springs homes for sale, sold and in escrow. Palm Springs Real Estate Activity for 4/28/09

Palm Springs Real Estate opportunities from foreclosures to million dollar estates, including mid century architecture and California ranch-style homes.  Looking for Palm Springs neighborhoods such as  Deepwell, Ruth Hardy Park, Park Imperial South, Las Palmas, Andreas Hills, Tennis Club, Sunrise East, Canyon View Estates, Vista Las Palmas, Tahquitz River Estates.  Find them on this Palm Springs Real Estate Blog.

Here's the activity for Tuesday, 4/28/09.  Not a bunch to report......

Central Palm Springs:

New Listings:

None

In Escrow:

None

Sold:

1749 E Tachevah Dr., Desert Lanai, 2/2, $172,000.

South Palm Springs:

New Listings:

1655 E Palm Canyon Dr., #806, Smoketree Racquet Club, 2/2, $79,900.

2562 Miramonte Cir., E., Canyon Sands, 2/2, $219,500.

1635 E Palm Tree Dr., Deepwell, 4/4, $695,000.

In Escrow:

1950 S Palm Canyon Dr., #114, Sandstone Villas, 2/2, $158,500.

2985 E Avery Dr., #A, The Pointe, 2/2, $234,000.

Sold:

471 E Alto Cir., Canyon View Estates, 3/2, $375,000.

Source: Desert Area MLS.  Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill

Comments, anyone?  I'm available to show any of these new listings, or to answer questions about our local market.  Do you want to list your home for sale?  Call me!

Russell Hill    760.203.2959     RussellHill@dc.rr.com

Ryla Selects Saraland for Regional Expansion Project

PRESS RELEASE FROM MOBILE CHAMBER OF COMMERCE

Georgia-based call center services’ firm will bring hundreds of jobs, a regional headquarters and corporate data center

Ryla Inc., a Kennesaw, Ga.-based company providing outsourced call centers and customer contact solutions to Fortune 500 companies, government agencies and nonprofits, announced it selected the Mobile County community of Saraland as the site for its Gulf Coast expansion plans.

The pivately owned company will make a capital investment of approximately $8.5 million in establishing its new regional headquarters, a corporate data center and a regional customer contact center. This project is also anticipated to create approximately 1,200 full-time positions with an average base wage of $21,754 plus bonuses and benefits. Ryla officials anticipate the first 400 jobs to be created by early summer, and the remaining 800 jobs created by the end of 2011.
Mark Wilson, who co-founded Ryla with his wife Shelly Wilson in 2001, serves as the company’s president and chief executive officer. Wilson said significant growth created the need to increase operations outside of the Georgia area.

“We are proud to be expanding into the Mobile area by hiring and creating more than 1,000 new jobs over the next few years,” said Wilson. “Ryla applauds the Governor, as well as state and local leadership for approving incentives that fuel economic development and create employment opportunities domestically.”

Gov. Bob Riley was in Mobile to make the announcement, saying, “This is probably the only announcement taking place in America today about 1,000 new jobs, and it’s happening here in Alabama,” said Riley. “We are proud to welcome Ryla to our state and look forward to a long and prosperous partnership.”

“In the current national economy, to be adding a thousand new jobs is a real coup. We’re thrilled to have a growing innovative company like Ryla in Mobile County,” said Mike Dean, Mobile County Commission president.

“This is another great boost for the north part of the county. ThyssenKrupp, the SSAB expansion and now Ryla are allowing for a lot of different job opportunities,” said Merceria Ludgood, Mobile County Commissioner, District 1.

“This is a great example of how economic development produces more economic development. Our name is now out there as a great county in which to do business,” said Stephen Nodine, Mobile County Commissioner, District 2.

Saraland officials said they are looking forward to working with the new Ryla team.

City of Saraland Mayor Ken Williams said, “This is a great project for the city of Saraland especially in this economic downturn. We will continue to work with Ryla as they settle in as our newest member of the business community.”

These are solid jobs with flexible schedules and appeal to a broad base of potential employees, said Win Hallett, Mobile Area Chamber of Commerce president. “There is a need for jobs, and this is the ideal time for a growing company to invest in the Mobile area.”

Dallas-based consulting firm, Site Selection Group Inc. was hired by Ryla to conduct a regional search to identify the community most compatible with the company’s operating requirements. Christine Sullivan, senior vice president and lead on the project, said “Our client came to us with very specific workforce and real estate requirements along with an extremely aggressive timeline. The state and local leadership understood these key business elements and assertively worked to create a win-win situation for both Ryla and the community of Saraland.”

Partners in this recruiting effort included Alabama Development Office, Alabama Industrial Development Training, City of Saraland, Mobile Area Chamber of Commerce, Mobile County, Mobile Works and Site Selection Group. The Mobile Area Chamber, through a contract with the city of Mobile and Mobile County, is the lead economic recruiter and collaborates with various entities to secure projects for the Mobile Bay area.

Fast Facts
Capital Investment: $8.5 million
Number of Jobs: 400 initially, 1,200 at full employment
Average Base Pay: $21,754 plus bonuses and benefits
Expected to Open: June 2009
Key Economic Development Partners in Project: Alabama Development Office, Alabama Industrial Development Training, City of Saraland, Mobile Area Chamber of Commerce, Mobile County, Mobile Works and Site Selection Group
Ryla Jobs Contact: Trina Revels, recruiting manager, 678-322-5113
Ryla on the Web: www.ryla.com

About Ryla:
Ryla Inc. is a leading domestic provider of value-added customer contact services for Fortune 500 companies, government agencies and nonprofit organizations requiring Excellent Interactions Every TimeSM. Domestically focused, Ryla delivers a range of customized customer contact services, including inbound customer care, tech support, help desk, outbound data collection, surveys, automated messaging, retention programs and back office process support. Additionally, Ryla specializes in delivering on-demand, project-based solutions requiring quick ramp-up for crisis response, seasonal retail and political needs – a growing niche in the contact center industry for which there are few providers. Headquartered in Kennesaw, Ga., Ryla is ranked as one of the fastest growing private companies in the nation by Inc. magazine and nationally recognized as a top workplace. Through its “Small yet big” approach, Ryla offers the flexibility of a small company with the capabilities of a large company.

Distributed by:
Leigh Perry-Herndon
Vice President, Communications
Mobile Area Chamber of Commerce
P.O. Box 2187
Mobile, AL 36652-2187
251-431-8645
FAX 251-431-8646
LHerndon@mobilechamber.com
http://www.mobilechamber.com/

Condo Financing Under Pressure

Condo refinances are proving to be a thorn in the FHA’s -- and owner’s -- sides. A simple FHA refinance is anything but simple for condo owners whose neighbors may be in arrears on their dues.

If 15% of a building’s owners are 30 or more days late on their dues, FHA guidelines will not permit an owner to refinance.

New construction has also been hit hard by the FHA’s tighter regulations. 70% of units (up from a previous 50%) must be presold before Fannie or Freddie will buy the related loans.

Read more about condo financing in today's Los Angeles Times article.

Underwater Homeowners: Help Is On The Way

One gaping hole in the Obama administration's “Making Home Affordable” loan modification program is that it didn’t help three categories of homeowners: 1) those whose loans were not held by Fannie Mae and Freddie Mac; 2) those whose first loan amount was more than 105% of the appraised value; and, 3) those who held a second mortgage on the property.

Now, help is on the way, and the neediest cases – those homeowners who are seriously “upside down” and owe more than 105% of the value of their property – are getting backing from the government.

Banks holding 2nd mortgages on these underwater properties are getting incentives to reduce interest rates to as low as 1% for five years or in many cases to write down the 2nd loan value in its entirety to help owners stay in their homes.

The President and the country's legislators, including California Assemblyman Ted Lieu (D-Torrance), should be applauded in their efforts to stand behind the people and to help remedy the nation's foreclosure epidemic.

Read today's Los Angeles Times article.

Read the Making Home Affordable Second Lien Update dated April 28, 2009.

Read the Treasury Department Press Release on the Program.

Making Google Australia a great place to work

Innovation and user focus are a core part of Google Australia's philosophy and our team strives to keep up with the high standards set by our technical and sales colleagues. We try to create the best possible workplace, so that all our Australian employees can be productive and passionate at work. Whether it's "20% time" for our Australian engineers to work on new projects, creating a flat culture of "open doors and open debate", or ping-pong tournaments against media agencies, we believe that the right work environment leads to great work, which benefits our Australian users and partners.

So, we're thrilled that the Great Place to Work™ Australia Institute and BRW Magazine have put us at Number 1 on the list of Great Places to Work in Australia.

You may not know, but our Australian office started in a Sydney lounge room in 2002! Since those beginnings, we've invested in our Australian operations very substantially and now have nearly 350 employees in our Sydney headquarters.

A question we get asked quite a bit - "are you still hiring"? The answer is "yes". You can find out more about what it's like to work at Google and see jobs that are open in Australia here. We're looking for software engineers to work in Sydney on global products like Google Maps, and various other online applications. We also have positions on our sales teams, as more and more Australian businesses are turning to the Internet as a cost-effective way to market and grow their businesses in tough economic times.

Posted by Siobhan Lyndon and Sara Ramstrom, People Operations

Giving Back to our Community

I am committed to giving back to our community.  With every sale, I commit to giving 1% of my commission to any of the local (to the Coachella Valley, and in some cases Southern California) non-profits listed below, or to one of your choice.

Friends of the Desert Mountains

The Wildlands Conservancy

TreePeople

Habitat for Humanity

Mizell Senior Center

 Desert AIDS Project

KCRW Public Radio, 89.3 in Palm Springs

Palm Springs Art Museum

Animal Samaritans of the Desert

I welcome your ideas for other organizations in the Coachella Valley (or Southern California) that you recommend I ad to this list.

I look forward to supporting all of the above causes, or the one of your choice!

Russell Hill    760.203.2959    RussellHill@dc.rr.com

Palm Springs homes for sale. Palm Springs Real Estate Activity for 4/22/09 - 4/27/09

Palm Springs homes for sale including foreclosures for investors and first time home buyers.  Palm Springs mid century architecture - homes and condos for sale.  Looking for Palm Springs favorite neighborhoods and condos - Ruth Hardy Park, Casa Verde, Sunrise Park, Las Palmas, Los Compadres, Mesquite Country Club, The Mesa, Andreas Hills.

Here's the "new listing" activity from 4/22/09 to 4/27/09 for Central and South Palm Springs.

Central Palm Springs:

222 N Calle El Segundo, #529, 1/1, $139,900.

1050 E Ramon Rd., #14, Ramon Estados, 2/2, $155,000.

353 N Hermosa Dr., #6A2, Casa Verde, 2/2, $169,900.

280 S Avenida Caballeros, #253, Caballeros Estates, 2/1.5, $175,000.

875 N Calle De Mimosas, Sunrise Oasis, 2/2, $249,000.

1506 N Via Miraleste, Ruth Hardy Park, 2/2.5, $298,000.

500 E Amado Rd., #113, Deauville, 2/2, $325,000.

314 N Farrell Dr., Sunrise Park, 3/2, $255,370.

1100 Pasatiempo Rd., Ruth Hardy Park, 3/2, $312,700.

405 N Burton Way, Sunrise Park, 4/4, $449,900.

933 N Calle Loro, Sun Villas, 3/3, $450,000.

940 N Calle Loro, Sun Villas, 3/0, $469,000.

1068 E Olive Way, Ruth Hardy Park, 4/4, $749,000.

555 W Via Lola, Las Palmas, 4/4, $1,875,000.

South Palm Springs:

1655 E Palm Canyon Dr., #506, Smoketree Racquet Club, 2/2, $119,900.

290 E San Jose Rd., #53, Estados South, 2/2, $147,900.

241 E La Verne Way, #G, Casa Canyon, 2/2, $164,500.

500 S Farrell Dr., #Q106, Mesquite Country Club, 1/1, $194,000.

5725 Los Coyotes Dr., Villas De Las Flores, 2/2, $199,000.

1657 Miramar, Fairways, 3/2, $199,999.

2701 E Mesquite Ave., #C15, Mesquite Country Club, 2/2, $214,000.

2345 S Cherokee Way, #133, Oasis Resort, 2/2, $219,000.

2700 E Mesquite Ave., #A1, Mesquite Country Club, 2/2, $235,000.

2701 E Mesquite Ave., #B12, Mesquite Country Club, 2/2, $245,000.

2701 E Mesquite Ave., #Z137, Mesquite Country Club, 2/2, $265,000.

1519 S Inca Cir., Los Compadres, 3/2, $379,900.

1420 S Beverly Dr., Los Compadres, 3/2, $449,000.

333 Ridge Rd., The Mesa, 4/3, $749,000.

2064 S Toledo Ave., Canyon North, 3/2.5, $795,000.

1441 E Bogert Trl., Andreas Hills, 6/0, $2,895,000.

Source: Desert Area MLS.  Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill

Do you want to see any of these homes?  Call me and I'll arrange a showing for you!

Russell Hill    760.203.2959    RussellHill@dc.rr.com

New on Market - 4 BR Waterfront Home in South Mobile

Should You Flip Properties or become a Land Lord

Television has made flipping homes incredibly popular. You can turn on the TV at any time of the day and usually find a show that is dedicated to flipping homes or the stories of the people who have done it. Unfortunately there aren't really too many shows called "Landlord." Although it could be an interesting idea.

Let's take a look at flipping homes first. Right off the bat, if you are the kind of person that likes fast results then this is likely the best option for you. Flipping homes can bring in a great profit in a small amount of time if done properly. Remember that there is going to be some expense in getting the house into your ideal selling condition so plan ahead and make sure you have the capital available. Also, plan the time that you going to sell the homes. It will be more difficult to do renovations in the winter months so spring and summer is the ideal time for this.

Being a landlord can be a bit of a challenge, but if you have the mind for it; it can be a great source of both income and equity. Make sure when you are planning this endeavor that you allow sufficient time for finding good and reliable tenants and after this is complete, the time to attend to anything that needs fixing or repairing in the home. Also make sure that you are able to deal with the possibility of bad tenants. Are you going to be able to make those decisions that are sometimes necessary? If not you may want to consider flipping the property. Eventually the odds are that a landlord will have to make a decision that's not too popular. But this can usually be avoided if you are stringent about screening your potential tenants. It all comes down to planning, which is essential in any vein of investment. So set a plan and stick to it.

Provided by the writing team of Trey Christian. Trey is the marketing director for VIP Realty. He also focus on marketing Downtown Dallas Condos & Dallas commercial real estate.

Westside LA Income Property Market – 1st Quarter 2009

Buyers of Westside Los Angeles income property pay a premium to own property on the Westside and their objectives differ from those who invest in neighborhoods further east.

Westside buyers are typically not assessing a building on its current cash flows but are looking at its: 1) future development potential; 2) future market rents; or, 3) value as an owner-user opportunity.

Below we’ll look at an example that sold during the 1st Quarter of 2009 from each of these categories.
1) 430 - 506 Pico Boulevard, Santa Monica – Development Opportunity

These five contiguous lots near the corner of Pico and 4th in Santa Monica total almost 25,000 sq ft, are delivered vacant, and are zoned for redevelopment. Asking price was $5.8 million. Sale price was $4.5 million. Sale time 117 days.

These units are sold for land value. In spite of the jitters in the commercial real estate market, a developer is seeing an upside by buying in this area.


2) 209 Venice Boulevard, Venice – Capture Upside in Rents

This 10-unit non-rent-controlled building located a few blocks from the beach sold for $3.8 million, close to its $4.125 million asking price, in 24 days. With 12,279 sq ft of living area, units, on average, are over 1,200 sq ft and come with two parking spaces. Gross rent is $282,000, yielding a GRM (Gross Rent Multiplier) of 13.5.

Although the building is advertised as having an upside rent potential of 17%, the building is trading at a 30 – 35% premium to properties in Hollywood or Silver Lake / Echo Park, where comparable buildings are trading at a GRM of approximately 10.


3) 2137 20th Street, Santa Monica - Owner-User Opportunity

2137 20th Street sold for $1.5 million, below its $1.7 million asking price. This 6-unit compound is essentially a 3 bedroom, 2.5 bath house on the same parcel as five rental units generating on average $1,500/month. The owner benefits from a heavily subsidized mortgage payment but most bear the cost of owning and operating a 5-unit income property at his doorstep.

During the boom, cap rates for “bread and butter” income properties (say in Santa Monica) were compressed to as low as 3.5% as investors saw future value in properties and were willing to forgo income in the present in order to obtain these returns.

Values may have declined from these heady days, but the Westside Premium is still very much in play. One may ask, why are investors willing to pay such a premium to own Westside property? The answer is twofold.

The first can be attributed to “availability bias”: buyers tend to buy (and to overvalue) what is most familiar to them. Investors who live on the Westside know the Westside and buy on the Westside.

The second is experience: these buyers invested on the Westside, yielded outsized returns, and are looking for a repeat performance. During past real estate cycles, property close to the beach proved to be gold – and there is no reason to expect the trend to change.

Palm Springs homes sold and in escrow. Palm Springs Real Estate Activity for 4/22/09 - 4/27/09

Palm Springs real estate opportunities in Palm Springs' best neighborhoods and developments, such as Ruth Hardy Park, Greenhouse East, Canyon View Estates, Deepwell, Los Compadres, Sunrise East, Tahquitz River Estates, Warm Sands, Twin Palms, The Mesa, Biltmore.  Palm Springs mid century architecture. Ranch style homes.  Palm Springs real estate blogs.

So, I'm way behind in postings!  I've decided the best way to catch up is to post the "in escrow" and sold properties first since that seems to be what most of you are most interested in seeing.  I'll spend the next couple of days posting the new listings.  If you're looking for new listings, and you're curious about a particular neighborhood(s), don't hesitate to call or e-mail me to get the information you're looking for.  Thanks for your patience!

Sales activity from 4/22 to 4/27

Central Palm Springs:

In Escrow:

1050 E Ramon Rd., #70, Ramon Estados, 1/1, $93,900.

474 S Calle Encillia, #E1, Biarritz, 1/1, $113,900.

401 S El Cielo Rd., #138, La Palme, 2/2, $135,900.

2244 E Tahquitz Canyon Way, #1, Desert Holly, 2/2, $215,000.

371 Ameno Dr., E., Tierra Hermosa, 2/2, $229,000.

1438 Yermo Dr., N., Tierra Hermosa, 2/2, $229,900.

450 N Hermosa Dr., Greenhouse East, 2/2, $380,000.

1135 N Sunrise Way, Ruth Hardy Park, 3/2, $279,000.

1191 E Paseo El Mirador, Ruth Hardy Park, 3/2, $495,000.

Sold:

155 W Hermosa Pl., #2, Villa Hermosa, 1/1, $99,500.

450 N Greenhouse Way, Greenhouse, 2/2, $150,000.

500 E Amado Rd., #219, Deauville, 2/2, $289,000.

1460 E Buena Vista Dr., Ruth Hardy Park, 2/2, $302,000.

1213 E Verbena Dr., Ruth Hardy Park, 5/4.5, $335,000.

South Palm Springs:

In Escrow:

1655 E Palm Canyon Dr., #320, Smoketree Racquet Club, 1/1, $109,000.

1356 S Camino Real, Biltmore, 1/1, $122,000.

1726 Capri Cir., Casa Sonora, 3/2, $215,900.

5760 Los Coyotes Dr., Villas De Las Flores, 2/2, $234,000.

4820 N Winner's Cir., #F, Waverly Park, 2/2, $295,000.

229 Toro Cir., Canyon View Estates, 3/2, $369,000.

2825 S Palm Canyon Dr., Indian Canyon, 2/2.5, $497,000.

3712 E Camino San Simeon, Demuth Park, 3/3, $260,000.

4 Warm Sands Pl., Warm Sands, 2/1.5, $269,000.

3185 E Loma Vista Cir., Los Compadres, 4/2, $375,000.

1779 Zafiro cir., Pintura, 4/3.5, $414,900.

1120 S Calle Rolph, Deepwell, 3/2, $449,999.

251 E Palo Verde Ave., Tahquitz River Estates, 3/3, $599,000.

1030 E Marion Way, Twin Palms, 3/3, $725,000.

852 E San Lorenzo Rd., Tahquitz River Estates, 3/2, $799,000.

Sold:

1374 S Camino Real, Biltmore, 2/2, $86,250.

1950 S Palm Canyon Dr., #103, Sandstone Villas, 2/2, $139,900.

1111 E Ramon Rd., #67, Ramona Villas, 2/2, $230,000.

2267 Oakcrest Dr., Sunrise East, 3/2, $419,000.

2249 Rim Rd., Araby, 2/2.5, $528,000.

299 W El Camino Way, The Mesa, 3/3, $589,900.

Source: Desert Area MLS.  Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill.

Does anyone have any comments about these numerous properties that have gone into escrow or sold?  Notice a pattern?

Russell Hill    760.203.2959    RussellHill@dc.rr.com

Mortgage Forgiveness Debt Relief Act - Provides Tax Releif for Homeowner in Short Sale

Mortgage Forgiveness Debt Relief Act - Provides Tax Releif for Homeowner in Short Sale

Big Help for Struggling Homeowners:

What is the Mortgage Forgiveness Debt Relief Act of 2007?

The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007. It applies to qualified debt forgiven in 2007, 2008 or 2009. Generally, the Act allows exclusion of income realized as a result of a loan modification, short sale, or foreclosure on your primary home.

What does that mean?

Generally, debt that is canceled by a lender must be added as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain canceled debt from income(Short Sales and Loan Modifications).

Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or canceled debts?

No, the Act applies only to forgiven or canceled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

If the forgiven debt is excluded from income, do I have to report it on my tax return?

Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.

How do I know or find out how much was forgiven?

Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or canceled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982. Contact and Accountant for Additional info, Tax and Accounting group: Lou DelVechio 760 439 2433.

Can I exclude debt forgiven on my second home, credit card or car loans?

Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?

Yes. The forgiven debt may qualify under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. Contact an Accountant for additional info, Tax and Accounting group: Lou DelVechio 760 439 2433.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?

There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven.


How beneficial do you think this new Act will be?

See the IRS update here: http://www.irs.gov/irs/article/0,,id=179073,00.html


For any additional questions contact:

Oliver Graf
Real Estate Expert


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Real Estate Short Sale
Real Estate Debt Relief
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San Diego Based Real Estate Blog

Palm Springs homes for sale, sold and in escrow. Palm Springs Real Estate Activity for 4/20/09 - 4/21/09

Palm Springs Real Estate including foreclosures for investors and first time home buyers.  Palm Springs mid century architecture and Palm Springs neighborhoods and blogs: Tahquitz River Estates, Deepwell, Vista Las Palmas, Seven Lakes Country Club, Mesquite Country Club, Warms Sands, Andreas Hills.  

Here's the activity for Monday and Tuesday, 4/20 and 4/21.  

Central Palm Springs:

New Listings:

1411 N Sunrise Way, #21, Ranchos Estados, 1/1,  $135,000.

1050 E Ramon Rd., #81,  3/2, $145,000.

1050 E Ramon Rd., Ramon Estados, 3/2, $160,000.

459 Village Square E., Village Racquet Club, 2/2, $195,000.

155 W Hermosa Pl., #8, Villa Hermosa, 1/1, $239,000.

401 S El Cielo Rd., #151, La Palme, 2/2, $249,000.

392 Ameno Dr., E., Tierra Hermosa, 3/3, $362,500.

3522 E Paseo Barbara, El Rancho Vista Estates, 3/2, $249,900.

In Escrow:

1050 E Ramon Rd., #70, Ramon Estados, 1/1, $93,900.

222 N Calle El Segundo, #541, Plaza Villas, 2/2, $159,000.

329 Tiffany Cir., Rose Garden, 2/2, $195,000.

371 Ameno Dr., E., Tierra Hermosa, 2/2, $229,000.

1438 Yermo Dr., N., Tierra Hermosa, 2/2, $229,900.

402 N Hermosa Dr., Greenhouse East, 3/3, $299,875.

1191 E Paseo El Mirador, Ruth Hardy Park, 3/2, $495,000.

1347 E El Alameda, Ruth Hardy Park, 2/2, $549,000.

800 Via Las Palmas, Vista Las Palmas, 3/3, $1,395,000.

Sold:

327 W Mariscal Rd., Casa De Oro, 2/2, $135,000.

South Palm Springs:

New Listings:

1637 Miramar, Fairways, 3/2, $159,000.

505 S Farrell Dr., #J55, Mesquite Country Club, 2/2, $166,900.

2001 E Camino Parocela, #N102, Mesquite Country Club, 2/2, $225,000.

219 Desert Lakes Dr., Seven Lakes Country Club, 3/3, $399,000.

3678 E Bogert Trl., Andreas Hills, 2/2, $459,000.

1342 Crystal Ct., Jasmine Homes, 4/3.5, $549,000.

277 Neutra, Alta, 4/4.5, $1,999,000.

In Escrow:

1111 E Ramon Rd., #76, Ramona Villas, 2/2, $279,000.

1855 E Ramon Rd., #25, Villa Riviera, 2/2, $159,900.

Sold:

1562 Paseo Vida, Canyon Estates, 3/2.5, $190,000.

1111 E Ramon Rd., #67, Ramona Villas, 2/2, $230,000.

1425 S Calle Palo Fierro, Tahquitz River Estates, 4/3.75, $385,000.

Source:  Desert Area MLS.  Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill.

Please contact me if you want to get more information about any of these new listings.  I appreciate your comments about any of these homes!

Russell Hill     760.203.2959     RussellHill@dc.rr.com

Sherman Oaks – 1st Quarter Market Round Up

Single Family.

The Sherman Oaks market mirrors neighborhoods over the hill: lower median sale price, overabundance of REOs and and short sales, and brisk sales on the lower end.

In the first quarter of 2009 in Sherman Oaks there were 67 single family home sales. The median sale price was $645,000. A solid 16% (11) of these sales were over $1 million. The average days on the market was 49.


The highest-priced sale was 15664 Castlewoods Drive (above), closing at $4,383,000 before it was put on the market. There are few comparable properties -- 7,305 sq ft of living area, 32,051 sq ft lot, pool, tennis court, new construction, views.


28% of all home sales were either REO (13) or short sales (6), and these were not exclusively on the lower end of the market. One REO, 2946 Glenridge Drive, sold for $1,250,000. Another sold for $900,000.

One MLS listing advertised:“this is a regular sale.” It should read, “this is a liability”, since ordinary sellers not in distress are competing with the ultimate motivated sellers: the banks.

Condo.

The Sherman Oaks condo market in the first quarter of 2009 did not differ significantly from the single family market. 5% of sales were REO, 20% of sales were short sales. The median sale price of a condo was $415,000. Average sale time was 142 days on the market.

$18,000 in Tax Credits for California Homebuyers

Are you eligible for $18,000 in tax credits available to California homebuyers?

The $8,000 Federal tax credit is available to first-time homebuyers and is subject to certain income limits.

See the IRS's Questions & Answers about whether you're eligible for the $8,000 first-time buyers credit.

The $10,000 California credit is for previously unoccupied properties -- and is intended for any buyer -- but the funding has a $100 million cap.

Read about the California $10,000 Tax Credit.

Update July 4, 2009: As of July 9, 2009, the Franchise Tax Board will no longer be accepting applications for the credit. Over 12,000 applications have been received to date.

Check out this matrix for a simple explanation of the tax credit programs. [CAR]

How to write up the Perfect Real Estate Offer

How to write a perfect Purchase Offer

Top 10 Tips for Writing Purchase Offers

So you’re ready to buy a house? First off congratulations!

The first step in buying property is writing up an offer. Many people do not realize how important the offer contract can be when buying real estate. If you have a poorly constructed offer it can cost you getting the property you want, while a well written offer can get you the property you want at the price you want!

Meanwhile use the following tips as a guide to creating a great offer:

1. Get the right Contract

This might seem basic, but there are a lot of purchase contracts out there. Each state has its own rules and regulations. Realtor associations publish purchase contracts. If you are looking to buy in California, please contact me and I will help you with the correct forms.

Some example purchase contracts would be:

• · New Construction Residential Purchase Agreement
• Notice of Default Purchase Agreement
• Residential Purchase Agreement
• Residential Income Property Purchase Agreement
• And many more

2. Determine what price you want to offer

Evaluate market conditions and come up with what you think is a fair offer price. TIP: Initially offer a bit less than you expect to pay, this will give you some room to negotiate and possibly get an even better deal. Be prepared to move quickly, in today’s market the good properties are being sold very quickly.

3. Put down a deposit

You will need to make a “good faith” deposit. The most common deposits can be cash, personal check, or cashier's check. On average the deposit amount should be at least 1% of the sales price. This money(a copy of the check) will be submitted with your offer.

4) List your Financing Terms

Disclose the type of financing you hope to obtain: The amount of money down and the type of loan (conventional, FHA, VA, contract of sale, assumption or other).

Please remember that your deposit, when added to your down payment and financing should equal the total consideration paid.

6. Include Contingencies

Contingencies are: Conditions --or "safety valves" written into Real Estate offers and contracts that protect they buyer from buying a house that is unsatisfactory--either structurally or financially

Contracts carry provisions for contingencies as:

• Appraisal (California gives 17 days to complete all inspections)
• Loan Funding
• Physical/Home Inspections.

7. When do you take possession of the property?

• Spell out the possession date. Is it on closing? A day after closing?
• If possession will be prior to closing, enter into a rental agreement to protect all parties.
• If possession is more than two or three days after closing, execute a rental agreement to protect the buyer.

8. Negotiate Who Pays the Fees

Even though most contracts call for fees to be negotiable, some fees, depending on your state, are customarily paid by one party. You can spell out who pays fees for title, escrow, and county or city transfer taxes. In most cases the Seller will pay the fees.

9. Request Special Reports

If you are concerned with anything with the property ask for a Special Report Upfront. Example Reports: Termite Report, Lead based paint report, and Mold inspections.

10. Clearly State Expiration of Offer

Clarify when the offer will expire. You will want to give the seller enough time to come to a decision, but not allow them to take their sweet time.

For any help or questions on creating a great offer contact:


Oliver Graf
Real Estate Expert

Follow me on Twitter: Twitter.com/OliverGraf360


****** Make sure you sign up for our FREE mailing list today! *****


--
Real Estate Purchase
Real Estate Sales
Real Estate Buying
San Diego Based Real Estate Blog

Statistics, Statistcs, Statitstics

I have to admit that I am a little bit different. I love to calculate and analyze statistics. Once a month, I calculate real estate statistics derived from the Mobile Association of Realtors and Baldwin County Association of Realtors MLS data. I then report and graph the statistics in a blog entry on the Gulf Region Properties Team blog. I try to do this around the 10th of the month but depending on what real estate activities I am working on sometimes it may be a week later. Here is an example of such a blog entry. I will post a link on the Mobile Alabama Real Estate Information blog every time the monthly real estate statitistics are posted to Gulf Region Properties Team blog.

Well I hope that you visit the Gulf Region Properties Team blog for statistics. In fact, please feel free to create a folder in your internet browser called Real Estate Related websites. You can bookmark/save as favorites to this new folder this blog (Mobile Alabama Real Estate Information) and the Gulf Region Properties Team blog. By the way, I would not be upset if you also save the Gulf Region Properties website to the Real Estate Related favorites folder :-).

I also wanted to let you know there are 2 other sources for real estate statistics for our area. You may want to save these 2 websites to your newly created Real Estate Related favorite folder:

1. The Alabama Center for Real Estate. This website is affliated with the University of Alabama College of Real Estate. Various newspapers around the state are using statistics from this website. If you visit the website, click on either of these links at the top of the page - Housing Statistics or Construction Statistics. The statistics are listed by county so select the county that you would like data for - either Mobile or Baldwin.


2. Center for Real Estate Studies. This website is hosted by the Mitchell College of Business at the University of South Alabama. Once there, click on either Mobile Market Watch or Baldwin Market watch. You will find all types of real estate related statitistics for these two counties.

Please contact me if you have any questions about any of these statistics. I will be happy to work with you on providing more localized statistics such as areas of the county or neighborhoods.

Thanks for visiting.

Concerto: Headwinds Greet Downtown LA Condo Project

The Downtown LA condo market is facing major obstacles just when the economy is rolling through one of its deepest, darkest periods in decades.

Many projects are facing bankruptcy.

This month, the owners of the nearby Roosevelt Lofts filed for Chapter 11 bankruptcy protection after failing to sell enough condos to open the elaborately renovated office building to residents. Owners of the Brockman Building, another downtown condo project, also recently filed for bankruptcy protection. [Los Angeles Times]

Then, along comes Concerto, a high-rise condo project at the corner of Flower and 9th Streets. Developer Sonny Astani paid $30 million for a 100,000 sq ft parcel in 2004 and embarked on building a three tower residential and retail complex.

The results are quite impressive. And the location near LA Live can't be beat.

Updated 8/8/09: The 77-unit Lofts building at 9th Street and Flower Street is having a one-day sales event on August 29, 2009. Prices have been announced on the Concerto website:

Studios start at $219,000 (738 - 782 sq ft)
One bedrooms start at $279,000 (959 - 973 sq ft)
Two bedrooms start at $449,000 (1,325 - 1,689 sq ft)

California: More Missed Mortgage Payments, Fewer Foreclosures

More Californians are failing to make their mortgage payments than at any time in the last 20 years, but fewer of them are losing their homes, according to new figures.

The drop in foreclosures follows moratoriums adopted by major banks and mortgage giants Fannie Mae and Freddie Mac. The increase in loan defaults, meanwhile, suggests that rising unemployment and the continuing recession are still claiming fresh victims.

But another factor in the soaring default rate could be that some struggling homeowners are purposely skipping their payments so that they can get their loans refinanced, industry experts say. [Los Angeles Times]

In the complex world of loan modifications, distressed homeowners are finding the fastest route to obtaining a loan workout is to stop paying the mortgage altogether.

Banks are so deluged with loan-mod requests and are so understaffed that only the neediest cases -- homeowners in default and on the route to foreclosure -- are getting the attention.

Rewarding homeowners in default runs counter to the newly-launched "Making Home Affordable" Program, which offers refinances to homeowners whose loans are held by Fannie Mae and Freddie Mac. Only homeowners who are current on their loan are eligible for the program.

Enjoy "The Vue": 921 San Vicente Boulevard, West Hollywood

Another condo project is nearing completion in central West Hollywood – the sleek, modern five-unit “The Vue”.

These private, multi-level units, which combine sun-dazzling white stucco exteriors with cool walls of glass, capitalize on the outstanding views at the foothills of the Hollywood Hills.

Prices start at $1,189,000.


Amenities include:

Living area: 1709-1830 square feet
3 bedrooms and 2.5 bathrooms
Outdoor living and entertaining on private rooftop decks
Open floorplans, 18-foot ceilings
Commercial grade windows
Tranquil water features
Designer kitchens and baths
Stainless steel appliances
Ventilated underground parking

One of the most outstanding features are the roof-top decks.

The developer is Talbert Development Inc. Interiors are by Brown Design.

Coming soon.

Google Australia business stimulus offer

Owner of Australian mobile coffee cart business Cafe in a Box, Michael Wilcocks, has said: "For every $1 I spend on Google AdWords I've received at least $50 in sales. It's been the best investment I've made. My customer base has grown 85% due to online advertising."

Sound good? We think so.

At Google, we want to help propel the Australian digital economy. Encouraging more Australian businesses to connect with customers online is a major part of that vision.

In the current economic climate, more Australians than ever before are heading online to research products and services, with search engines central to online navigation, research and comparison shopping.

We're today announcing a business stimulus offer, to help Australia's 1.88m small and medium-sized enterprises speed up in the economic slowdown. We're offering a free $75 search marketing campaign, to help Australian businesses reach new customers and drive sales.

Thousands of businesses are already embracing the benefits of measurable, cost-effective and targeted advertising programs such as Google AdWords. Those who have not yet dipped their toes in the AdWords water can take advantage of our $75 stimulus offer at google.com.au/stimulus.

Even if you're a small business that doesn't have an e-commerce platform on your site, you can benefit from this offer. Research shows that many Australians are doing their research online and then heading in-store to buy - for example, Monash's Australian Centre for Retail Studies has found that 50 per cent of Australian shoppers research their retail purchases online before they get to the store to buy.

For existing AdWords advertisers, we're offering two special master classes to help you improve the performance of your search marketing campaigns. A select number of existing advertisers that attend the seminars will receive a free, tailored campaign "optimisation" from a Google expert to drive better results and increased sales.

We hope lots of Australian small businesses will take up today's offer and learn how easy it is to use the web to grow their businesses.

Posted by Julian Persaud, Head of Online, Google Australia

22 APRIL - BANK OF CANADA CUTS KEY RATE TO .25% RESULTING IN LOWER MORTGAGE RATES.

Variable mortgage rates dropped by .25% in response to the drop of the overnight key lending rate by the Bank of Canada. This is a great development for the housing market and especially for first time home Buyers.
Home owners with existing variable mortgages with rates discounted from the prime lending rate, now have extremely low cost mortgages boosting their spending power.

The rate cut does not encourage saving because interest rates on savings accounts were also reduced.

The Central bank set its overnight lending rate to .25% - the minimum and the lowest rate since its creation in 1934.
The reason given for this is the intensification of the global recession and the delayed stabilization of the global financial system after the introduction of the previous measures which is expected to result in a deeper recession in Canada than anticipated.
The bank also announced that it intends to maintain the .25% rate until at least June 2010 conditional on the outlook for inflation. Since December 2007 the overnight target rate has been cut by 4.25%.

Palm Springs homes for sale, sold and in escrow. Palm Springs Real Estate Activity for 4/18/09 - 4/19/09

Palm Springs real estate including foreclosures for first time buyers or investors and mid century architecture.  Looking for Palms Springs most popular neighborhoods - Deepwell, Vista Las Palmas, Mesquite Country Club, Ruth Hardy Park, Los Compadres, Las Palmas, Andreas Hills. My Palm Springs Real Estate Blog helps you find the right Palm Springs home for you!

Here's the activity for last weekend, finally!  Thanks for your patience....

Central Palm Springs:

New Listings:

1180 Tiffany Cir., N, Rose Garden, 3/2, $328,900.

In Escrow:

1286 Tiffany Cir., S., Rose Garden, 2/2, $239,000.

475 N Cerritos Dr., Sunrise Park, 4/3, $499,000.

Sold:

None

South Palm Springs:

New Listings:

1510 S Camino Real #213A, Biltmore, 2/2, $71,155.

1950 S Palm Canyon Dr., #114, SandstoneVillas, 2/2, $158,500.

In Escrow:

2701 E Mesquite Ave., #L53, Mesquite Country Club, 2/2, $229,000.

570 Sunshine Dr., Sunshine Villa, 3/2, $279,999.

1111 S Driftwood Dr., Deepwell, 3/3, $549,000.

1600 Palm Tree Dr., Deepwell, 3/3.5, $659,000.

1010 S Calle De Maria, Deepwell, 4/3, $679,000.

Sold:

None

Source: Desert Area MLS.  Listings are not necessarily those of Greater Palm Springs Realty/Russell Hill

Thanks for reading my real estate blog.  I always appreciate your comments.  And, I appreciate you considering me when buying or selling real estate in Palm Springs!

Russell Hill    760.902.3121     RussellHill@dc.rr.com