Most- and Least-Promising Metros for Investors

October 4, 2010

Most- and Least-Promising Metros for Investors

Local Market Monitor, a North Carolina firm that measures the potential for price appreciation in real estate markets with more than 200,000 residents, recently evaluated markets for conservative investors. It identified the best metros as those with signs that prices are stabilizing. It also named markets where prices are still falling as “dangerous.”

Here are the 10 most-promising areas for conservative investors:

Tulsa, Okla.
Oklahoma City, Okla.
San Diego-Carlsbad-San Marcos, Calif.
Albany-Schenectady-Troy, N.Y.
Indianapolis-Carmel, Ind.
El Paso, Texas
Winston-Salem, N.C.
Cincinnati-Middletown, Ohio-Ky.-Ind.
Worcester, Mass.
Louisville-Jefferson County, Ky.-Ind.

The top 10 most “dangerous” areas are:

Ocala, Fla.
Lakeland-Winter Haven, Fla.
Reno-Sparks, Nev.
Orlando-Kissimmee, Fla.
Deltona-Daytona Beach-Ormond Beach, Fla.
Port St. Lucie, Fla.
Las Vegas-Paradise, Nev.
Boise City-Nampa, Ind.
Prescott, Ariz.
Cape Coral-Fort Myers, Fla.

Source: The Wall Street Journal, M.P. McQueen (10/01/2010)

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For more information on homes for sale in Palos Verdes, Palos Verdes real estate, palos verdes homes for sale, palos verdes foreclosures, palos verdes real estate market information as well as quality information on homes for sale in Rancho Palos Verdes, Palos Verdes Estates homes for sale, Manhattan Beach real estate, Hermosa Beach real estate, Redondo Beach real estate, Torrance real estate, Palos Verdes real estate trends, and real estate trends throughout the Beach Cities, Palos Verdes Estates and the South Bay, visit www.homeispalosverdes.com

The New Medicare Tax You Pay When You Sell Your Home

October 1, 2010

Yes, you read that correctly; under certain circumstances, you could owe a tax when you sell your home. I know what you may be thinking … well this applies only "to the rich" and it probably won’t effect me at all when I sell my home". *

Calculating the New Medicare Tax

The healthcare reform law passed earlier this year includes a little-discussed tax on some forms of real estate transactions.

The tax, which supports Medicare, potentially affects couples with adjusted gross incomes greater than $250,000 a year and singles with incomes above $200,000.

Existing home sale tax breaks remain in place.

The tax is levied on the gain figured on the lesser of the sale of the house or the amount by which the sellers’ income exceeds the appropriate threshold.

Here’s an example offered in the Washington Post: · Profit on home sale: $600,000 · Sellers’ income: $300,000 · Deductible amount under current law for a married couple: $500,000 · Capital gains tax due on $100,000: $15,000

Because the hypothetical sellers’ income is over the threshold, they’ll have to pay the new Medicare tax as well, which would be calculated in one of the following ways: · Taxable profit: $100,000 · Difference between annual income and taxable profit: $200,000 · Difference between $300,000 income and $250,000 threshold: $50,000

The sellers would pay 3.8 percent on the lower number, which is $50,000. Thus, they owe IRS $1,900. Source: Washington Post, Benny L. Kass (07/17/2010)

* Do you know who Martin Niemoller was (born in 1892 and died in 1984). First let me be VERY CLEAR … in no way am I making "equal" what happened in Nazi Germany to this "class warfare" the liberal left plays. That would be immensely offensive. I am making a literary comparison; that’s all. Now, Niemoller is the person for whom the statement concerning the inactivity of the "intellectual elite" following the rise of Nazi power in Germany, is attributed: "THEY CAME FIRST for the Communists, and I didn’t speak up because I wasn’t a Communist. THEN THEY CAME for the trade unionists, and I didn’t speak up because I wasn’t a trade unionist. THEN THEY CAME for the Jews, and I didn’t speak up because I wasn’t a Jew. THEN THEY CAME for me and by that time no one was left to speak up." So just because you’re not "rich enough" to qualify for paying this TAX, do you really think the liberal left’s appetite for more of "The People’s Money" been sated? If you don’t think they won’t come for YOUR money … You’re WRONG!

Keep that in mind when you read this article and make sure you vote wisely in November!

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Bank Takes Back One Home Today on Palos Verdes Peninsula

September 29, 2010

Dateline 9/28/2010

30924 Marne Drive, Rancho Palos Verdes

Bedrooms:	4
Bathrooms:	3.5
Sqft:	3,777
Lot Sqft:	15,130
View:	Ocean

The bank took this home back at auction for $1,453,207. It had been on the market, unsuccessfully as short sale for 82 days at a lower price.

Offer history, if any, is unknown while it was on the market. Competitive sale data can be found here You can find more information on the foreclosure process and how to search for foreclosures her e

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How to Buy Foreclosures Without Competition from Deep Pocket Investors

September 28, 2010

Following the lead of Fannie Mae, Freddie Mac is expanding its "First Look" program to give buyers who are looking for a home to live in, rather than flip, an opportunity to buy without competition from investors.

Fannie Mae rolled out its "First Look" program nationwide in November 2009, saying it would accept offers only from buyers who intend to be owner-occupants or those using public funds during the first 15 days a Fannie Mae property is on the market. Offers from investors are considered only after the first 15 days have passed.

Federal housing officials liked the idea so much they have convinced other lenders, representing about 75 percent of the real estate owned (REO) marketplace, to participate in a National First Look Program.

That program gives nonprofit organizations and state and local governments participating in the Department of Housing and Urban Development’s Neighborhood Stabilization Program right of first refusal to purchase foreclosed homes in certain targeted neighborhoods.

Participating institutions include Bank of America, Chase, Citi, Deutsche Bank, GMAC, Nationstar Mortgage, Ocwen Financial Corporation, Saxon Mortgage Services, U.S. Bank, Wells Fargo, Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).

Freddie Mac said that it will expand its own First Look initiative to allow any home buyer who intends to buy an REO property from Freddie Mac as their primary residence a 15-day window to bid on properties before they are offered to investors.

In Nevada, the Freddie Mac First Look Initiative offers buyers who plan to become owner-occupants a 30-day window to shop without investor competition.

Fannie Mae said it’s unable to market an increasing percentage of properties it has repossessed, either because they are in need of repair, still occupied, or located in states where they can still be redeemed for a time by their former owners.

About 36 percent of the properties Fannie Mae was unable to market were occupied, with occupants facing eviction, and an equal number were still in their redemption period, which lengthens the time a property is in REO inventory by four to six months, the company said.

Home buyers can search for Fannie Mae’s REO properties at HomePath.com. Properties owned by Freddie Mac can be found at HomeSteps.com.

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Palos Verdes Bank Owned Homes 9/24/2010

September 25, 2010

Dateline: 9/25/2010, Palos Verdes

Banks take two homes on the Palos Verdes Peininsula in the last 24 hours

On 9/24/2010, two new recordings occured indicating that banks took the following two homes:

2541 Sunnyside Ridge in Rancho Palos Verdes. This is a 4br/3ba home of 3,406 sqft on a 23,958sqft lot.

913 Via Mirola in Palos Verdes Estates. This is a 4br/3ba home of 2,466 sqft on a 7,430 sqft lot.

If you would like any more information on either of these properties please contact me.
You can search for foreclosures and learn more about the foreclosure process here

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Proven Strategy to get Multiple Offers at or over Market Equilibrium Price

September 23, 2010

Proven strategy to get multiple offers – fast and at over list price

Sometimes a client has particular needs to make 100% sure their home sells fast with a buyer that can act fast, close fast and pay a fair market equilibrium price.

What’s the best way to make that happen?

It’s all about price. Quite simply, along with a SUPER BLAST marketing strategy making sure that the property’s availability is known world wide immediately by all buyers, we choose a grossly under market list price with appropriate protections for the seller.

This generates the activity resulting in multiple offers from which the buyer can choose.

The latest example of such a property is 1536 Palos Verdes Drive West in Palos Verdes Estates. The home has 4bedrooms, 2463sqft and is on a 9496sqft lot and located in the Lunada Bay section of Palos Verdes Estates. The average sale price of a home in this area is $1,559,397 and the ASKING PRICE for 1536 Palos Verdes Drive West is only $699,900.

For more information on marketing strategies, visit my website at http://www.homeispalosverdes.com

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What are the chances of my home selling in 30 days?

September 23, 2010

The World’s SECOND oldest profession…

Let’s face it, for as long as the business of real estate agency has been around, there have been plenty of agents that will say anything just to "get the listing". It sort of makes real estate brokerage the world’s "2nd oldest profession".

In fact we in the business sometimes call this behavior by agents (some would even say most of the agents) "buying the listing".

For example, I’ve talked to dozens and dozens of sellers over my 30 years in the business who’ve told me when I was interviewing, "George, Agent Madame X says that they can get my home sold in less than 30 days and for a lot more than what you say you say it’s worth".

There are a couple of points in that type of statement that get me going. First, it’s not an agent that determines what your property’s worth – it’s the market. Second, and to the point of this article, on what facts is Agent Madame X making her assertion.

Let’s look at the facts of what the market is now on the Palos Verdes Peninsula. The numbers do not lie.

Fact 1:	In the last 12 months there have been 506 homes sold (to date 9/22/2010)
Fact 2:	There are now 241 active listings of homes on the market
Fact 3:	Based on these 2 numbers, inventory is turning over 2.0996 times per year
Fact 4:	That means the average days on market for a home on the Palos Verdes Peninsula is about 174 days

Now it’s getting interesting! So the first thing you should be thinking about when interviewing an agent is, are they telling you the truth about "days on market" and just as importantly, do they even have the vaguest idea about how to accurately advise you as to what is the probability of selling!?

The next step is determining the probability of selling across an array of days. If 174 days is the average for the market, as it is now for homes on the Peninsula, what’s the probability of selling in 30 days? 60 days? within 90 days? How do you determine these odds.

Using standard deviation analysis, the math tells us the truth about the market. For the Palos Verdes Peninsula, you have only an 11.40% chance of selling in 30 days, a 17% chance in 60 days, and only a 24% chance of selling in 90 days. Interesting. So when Agent Madame X, tells you, "Oh Darling, we will get your home sold in 30 days no problem" …. now you’ve got the facts to understand the "2nd Oldest Profession". This article was written on 9/22/2010 and if you want a customized report for your home at whatever time you’re reading this article, just send me an email.

So what can help you increase your odds of selling? Having an aggressive pro-active marketing strategy certainly is vital, but so too is choosing the right price. And you would be right in thinking that if agents smoke screen the facts about days on market and the probability of selling your home, then can you imagine what many do about the pricing of your home?

You would also be right in assuming that I have a objective, quantifiable model also based on facts for getting your home priced right. You’re welcome to contact me, whether or not you’re thinking of selling to learn more about the method and what your home’s current market value is. Meanwhile, enjoy using these free tools from my website: (And please do click the "Like" icon at the top of the page for http://www.homeispalosverdes.com – Thank you!

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Palos Verdes Real Estate Report – Sheriff has new website for Peninsula Citizens

September 21, 2010

The Lomita Sheriff’s Station is proud to announce the debut of its new interactive web site located at www.LomitaSheriff.com.

Local residents and community members can access local crime information, pay traffic tickets, request extensions, submit vacation check requests, and more!

Learn about Lomita Sheriff’s Station and the many services it provides, such as volunteer opportunities and the exciting youth Explorer Program. View LA County’s Most Wanted criminals or find out courts dates and visiting hours for someone in custody.

Learn how to join the Reserve POSSE or how to become a Reserve Deputy Sheriff. And view numerous photos of the men and women of the Lomita Sheriff’s Station who are proud to serve the cities of Lomita, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates and the unincorporated county areas of La Rambla, Westfield and The Estates.

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Palos Verdes Real Estate Report – Kitchens: Remodeling Tips, Buying Guides & More

September 20, 2010

Appliance Guide: Wall Ovens

When deciding on a new wall oven, here’s what you’ll need to know about features, style, price, and performance. Read

Appliance Buying Guide: Ranges

When deciding on a new range, here’s what you’ll need to know about features, style, price, and performance. Read

7 Smart Strategies for Kitchen Remodeling

Keep the same footprint, add storage, and design adequate lighting so you preserve value and keep costs on track. Read

Smart Options: Kitchen Flooring

Choose kitchen flooring that marries your priorities—durability, sustainability, low maintenance, or an open floor plan—with the options. Read

Appliance Buying Guide: Refrigerators

When you buy a new refrigerator, arm yourself with the facts, so you’ll be sure to make the right decision for your budget and space needs. Read

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For more information on homes for sale in Palos Verdes, Palos Verdes real estate, palos verdes homes for sale, palos verdes foreclosures, palos verdes market information as well as quality information on homes for sale, sold and how the market is doing in all parts of Palos Verdes, the Beach cities and the South Bay, visit www.homeispalosverdes.com

A Free Way to Search for Foreclosures in California

September 18, 2010

SEARCHING FOR BANK OWNED HOMES FOR SALE & OTHER FORECLOSURES

There seem to be lots of websites out there for searching for foreclosures and with nearly all of them, you either get incomplete data (no addresses) or you have to pay some sort of a fee.

I decided to create a website wherein you can search for foreclosures in the Palos Verdes and South Bay areas and in fact across the entire state of California. Not only that, but you can search for all sorts of property types including homes, condos, land, commercial property, residential income property etc etc.

The service is offered free to current clients and those who would consider becoming a client. If you’re a real estate agent or broker, sorry, this site is not for you.

To get an idea about how the service works, play this brief YouTube video.