Mark Sells LA

REAL ESTATE.....It's My Passion

2011-02-15T12:11:00.000-08:00

I share with you a little tid bit that most don't know about me on why I got into the business of Real Estate.

Adopting Lifestyle Changes that Breed Positivity, Personal Growth & Success

2011-02-04T15:41:00.001-08:00

My journey adopting a healthier lifestyle while training for the Los Angeles Marathon with Team In Training to raise money for LLS, Leukemia & Lymphoma Foundation.

We are a 3rd of the way to my fundraising goal of $6,500.00 Please donate by visiting:

http://pages.teamintraining.org/los/la11/mgonzalgmu#My-Fundraising-Page

New Listing in the Topanga Plaza Area, Woodland Hills- Warner Center Adjacent

2010-09-21T10:10:00.000-07:00

Love shopping, dining, and entertainment and want to live in a tight knit community on a tree-line street??? My partner Tori Lee and I just listed this charming Ranch style home in the Topanga Plaza Area in Woodland Hills!!! This move-in-ready Woodland Hills home is within walking distance of Westfield Topanga Mall, fine dining (Roy’s Hawaiian Fusion & Fleming’s Steak House, to name a few). Enjoy summer concerts and movies in Warner Center Park conveniently because it’s Warner Center Adjacent! Warner Center, Woodland Hills, is the West Valley’s premier business and entertainment destination and attracts visitors all over LA and surrounding cities because of all the amenities it has to offer.

This turn-key home offers 3 beds (can easily be converted into a 4 bedroom) 1.75 baths, upgraded a/c, copper plumbing, refinished hardwood floors, new paint, with lots of outdoor space set on a 7,500 sq. ft lot. It’s one of the most well-priced per square foot homes in Woodland Hills and can be purchased with as little 3.5% down!! Priced at $429,000 this home is a steal and waiting for you to call your home. For more information please call me at 818.414.1914 and please checkout http://www.6461HannaAve.com to view the virtual tour!!!

Mark & Michelle's Weekly Real Estate Update

2010-08-19T17:00:00.000-07:00

Featured in Realtor Magazine's 30 Under 30 Centennial Issue

2010-05-28T15:18:00.000-07:00

It was a great honor to be featured in Realtor magazine's 30 Under 30 in June 2009. And now, in 2010 I had the opportunity to visit Chicago, IL for a photo shoot in their Centennial Issue: A Decade of Success. Amongst other winning, talented and young real estate professionals, I participated in a photo shoot on location in Chicago’s Historical Union Station. It was a great rewarding experience that I will never forget.

The 30 Under 30 contest seeks out the most promising and innovative 30 Realtors in the nation, each under the age of 30. These are Realtors® who embody youthful success in real estate and are chosen based on their future potential, business acumen, leadership within their industry and community, as well as innovation and creativity in marketing.

For this year's issue, REALTOR® Magazine revisited some of the winners to find out how their business has fared, attitudes have evolved, and what advice they'd offer to people starting out in real estate today. What they found was that while the economy has tested our confidence, through ambition and perseverance we have retained many of our qualities that made us stand out from the beginning.

It was great to hear that more agents are embracing internet marketing and social media marketing strategies such as through Facebook and Twitter to grown their business, as I consistently do. And, it was a pleasure to exchange advice amongst each other on how to continue driving through the tough economic downturn.

Here is what some agents had to say:

"This business is not for the faint of heart," Inman says. "It's designed for the special few who love to talk for a living while developing relationships with perfect strangers. If that doesn't scare you, then you should have some success."

"You are constantly with clients during a very exciting time in their life," says Stokes, "and it is rewarding to be a part of such a major change."

I congratulate each of us, and thank Realtor magazine for their support and future support of young real estate professionals.

For more information and to read above current real estate perspective from the honorees on REALTOR® Magazine’s “30 Under 30”,Visit www.realtor.org.

To hear more about myself and my experience, Visit: http://www.srar.com/node/709

When Selling Your Home: Stage It Yourself, or Hire a Home Stager

2010-05-12T11:29:00.000-07:00

Once you've decided with me, or your real estate agent, on the market price and how you will market your home there’s little time left to get your house ready for visitors by putting on the finishing touches, just like that quick housecleaning you do before company comes over for dinner.You can either do the staging yourself, or hire a professional home stager. Here are some tips on doing it yourself, and the top 5 must-knows before hiring a professional:

Do It Yourself:

1. Outside: Keep your lawn trimmed, the rose bushes pruned, the weeds tamed. Put away the garden hose and the tools. Make sure the bulbs in your home’s exterior lighting fixtures are all in working order. Be vigilant about removing flyers, handouts and newspapers left on your front doorstep or driveway.

2. Inside: Brighten the rooms by opening the drapes, turning on the lights, cleaning the windows. Clear the clutter on the kitchen counter, bathroom sink, coffee table and couches. Make all the beds. Clean all your bathroom and kitchen fixtures. Do a quick vacuuming of the entire house, being sure to catch any cobwebs in the corners along the ceiling. Finally, take out the garbage.

3. If you have pets, find a safe place to keep them during a house showing: in the garage, in the basement or at a friend’s house.

Hiring a Home Stager, What You Should Know:

1. There's no clear-cut career path to becoming a stager: They are professional home stagers, which can also mean they are designers, decorators, real estate agents, etc. The ones who do the best are often people with backgrounds in merchandising and visual display of products.

2. Most, but not all, stagers have some kind of professional training for staging.
Much of the instruction in these classes is weighted toward teaching stagers how to run a successful business, rather than focusing on visual appeal. Make sure your stager has a background of experience with visual displays, not just program training.

3. Although some stagers work on a per-hour basis, most charge by the job, and the cost varies by region. The cost can be as low as $500 for the average single family home, but is usually between $1,500 to $3,000, and can be as high as $20,000 for large mansions.

Whichever way you are leaning, consult with your real estate agent first on what the best option is for you.

Top 7 Social Media Marketing Sites for Real Estate Professionals

2010-05-10T10:05:00.000-07:00

It's no surprise that I use Social Media to promote my Real Estate business and maintain relationships with my networks, be that friends, family, vendors, and fellow real estate professionals. That is because I have long since understood that Social media is THE new real estate internet revolution, and it is very effective way to reach-out and connect with everyone in a personal way. Since I have been using social media I have formed many different personal relationships, created business partnerships, and gain real estate leads to increase my presence in the real estate world.

To effectively use Social Media you need to incorporate 2 things: (1) Build relationship and (2) provide great information to your community.

To get started, look into these top seven social media sites for real estate professionals:

1. ActiveRain: ActiveRain is a free Real Estate Networking site for real estate professionals.

2. Facebook: Everyone on Facebook is real, and you can form some great relationships with people.

3. FlippingPad: Flipping pad is designed specifically for real estate investors.

4. LinkedIn: LinkedIn is a more professional site and protects its members, so use it that way.

5. Localism: Localism allows you to own your own neighborhood! Try it out.

6. Meetup: Meetup is a great way to network in your area, while enjoying things you love to do already.

7. Trulia: Many buyers and sellers head over to Trulia in search of finding answers and or for selling their home.

Good Luck out there in Social Media! And, let me know if you have any other Social Media site recommendations for us to connect on...

California $10,000 Home Buyer Tax Credit Extended

2010-04-28T15:17:00.000-07:00

Governor Schwarzenegger will be signing into law an extension of the home buyer tax credit (up to $10,000) for residents of California. This tax credit is eligible to first time home buyers of the Inland Empire, Riverside, San Bernardino, Orange, San Diego, and Los Angeles counties who purchase new or existing homes between May 1st and December 31, 2010. It is also available to ANYONE else who purchasing a home that is new and unoccupied.

This tax credit is not eligible for investors, people buying second homes, or investment properties. Qualifying home buyer must be at least 18 years of age and unrelated to the seller.

The state of California has allocated up to $200 million total dollars for this home buyer tax credit program. $100 million in credits to first timers buying existing homes and $100 million to anyone buying a new unoccupied home. With the avage price home for a first time home buyer being between $200,000 to $225,000, this will help about 20,000 buyers receive tax credits. Don’t miss out on this sweetheart deal, start your home search now.

What is a First Time Buyer? A person who has not owned a home in the last three years
Buyers will receive a tax credit up to 5% of the purchase price, up to a maximum of $10,000. The $10,000 will be dispersed in equal increments to the home buyer over three years. If qualifying for the full $10,000, you will receive $3,333 each year if your state liability is that much. Buyers should consult with a CPA to determine if you will receive the full amount due to this being based on your ‘net tax’ as defined in Section 17039.
Source: www.kpsplocal2.com

Los Angeles Wine and Chocolate Event Today!

2010-04-23T14:11:00.000-07:00

Where: Terroir of Wine and Chocolate, 5617 Melrose, Los Angeles
When: April 23, 7:00 - 9:00pm
Cost: $20, Reservations are requested, and seating is limited.

If you are a fan of Wine and Chocolate then head down to the Terroir of Wine and Chocolate on Melrose. This will be their last region specific chocolate tasting until October, so don't miss out! You will be able to taste their newest addition: Black Truffles, which are dark chocolate truffles, each made with chocolate from a specific region of the world.

According to Terroir, “This is an interactive exploration of how both wine and chocolate are affected by where the fruit is grown. You'll be amazed when you smell and taste the difference in both the wine and the chocolate. For the wine they will focus on Chardonnay and Pinot Noir.

Source: www.fancifullgiftbaskets.com
For More Information Visit: http://www.fancifullgiftbaskets.com/winetaste.php

I'M BAAACK!! Journey to reinvention.

2010-04-21T11:12:00.000-07:00

As we get older and grow into the confines of society time becomes scarce and we find ourselves putting off the dreams, goals, and projects of our youth. One can be distracted by the numerous tasks and to-do's that constantly accumulate and seem never-ending. Goals set are achieved and than modified to reflect the change in values that occur.

Over the past year I have felt the highs and lows of achievement and failure. Professionally I have reached sales production goals, received national awards and recognition for the innovation and story behind my success. These were huge goals of mine that I felt would make me happy. While I'm proud of the recognition and opportunities that have come my way as a result of my success, I find that it came with a price. I worked long and hard hours, missed family events, outings with friends, and had less time for myself. I neglected my health and body too. I found myself spending too much money on meaningless materials and let materials and money define me.

As I continue to be introspective I realize my values have changed. My life needs to revolve around family, friends, and helping others become happier people. I need to spend time enjoying things I like to do and things that make me happy. If I need to take time off to spend with family, then I should. I create my own destiny and success. Success is subjective to each individual. Don't let the status quo's definition of success define whether you are successful or not.

I explained to a friend of mine some of my thoughts and new perspectives on life and he suggested that I join 43Things.com
. It's a cool site that has you write down 43 things you want to do with your life. A Harvard study proved that if you wrote down your goals they are more likely to come true than if you didn't. Check my list out at 43ThingsMarkSellsLA and make one yourself. It won't hurt and it'll actually make you feel good. It's made me feel good already and brought a little more focus in a world that you can easily get lost in. We all feel down sometimes. We are humans.

Mark's 'Good Buy/Bad Buy' Premiere

2009-06-22T16:50:00.000-07:00

Mark's episode of 'Good Buy/ is scheduled to air August 16th. Please check your cable/satellite provider for the time (on Dish it is 9:30 am and Direct is 12:30pm).

Mark Gonzales Press Inquiries

2009-06-22T16:45:00.001-07:00

For press inquiries about Mark's '30 Under 30' win over at REALTOR Magazine, please contact Mark's press rep: murray dot undefined at gmail dot com

Mark Gonzales Wins REALTOR Magazine's '30 Under 30'

2009-06-14T16:37:00.001-07:00

Congratulations Mark Gonzales on his exciting win over at REALTOR Magazine's '30 Under 30' competition!

From their website:
Our Class of 2009 is focused, energetic, and upbeat. Its members are driven by youthful optimism, no doubt. But they’re also embracing innovation and seeking out knowledge when they don’t know the answer. If there’s one thing this year’s honorees share, it’s an ability to adapt quickly to the fast-changing real estate environment without losing an ounce of passion for what they do. In any generation, that’s a true gift.

Go to the '30 Under 30' Class Roster
Check out a behind the scenes video

Mark Gonzales: How To Find A Quality Realtor

2009-04-02T23:51:00.000-07:00

Let Mark Gonzales give you tips on how to find a good realtor. It's not just about Google!

Vote For Mark Gonzales For REALTOR Mag's '30 Under 30'

2009-04-02T23:47:00.001-07:00

Mark Gonzales has been chosen as a finalist for REALTOR Magazine's '30 Under 30' list.

Vote for Mark!

CALIFORNIA HOME SALES UP 101%

2009-03-16T14:49:00.000-07:00

California Home Sales up 101%

California Home Sales up 101%Quick Facts - Existing, single-family home sales increased 100.8 percent in January to a seasonally adjusted rate of 624,940 units.
The statewide median price of an existing single-family home decreased 40.5 percent in January to $254,350
The Unsold Inventory Index was 6.7 months in January, compared with 16.6 months in January 2008
The median number of days it took to sell a single-family home was 49.9 days in January 2009, compared with 70.8 days in January 2008

Source: California Association of Realtors®

JANUARY HOME SALES JUMP 21%

2009-03-05T11:33:00.000-08:00

As property prices are reaching lows unseen since 2003, prospective buyers who were waiting on the sidelines are now jumping into the market. The January single-family home median price was $350,000, a 24.7% drop from a year ago, while the condo median price was $190,000, a 48.4% drop.

Sales of existing single-family homes increased 21% in January 2009 compared to January 2008 in the San Fernando Valley, representing a total of 518 homes. In the meantime, condos increased 58.1% with a total of 166 condos sold.

However, as the demand for real estate is increasing, the supply of active listings is limited, and the number of properties receiving multiple offers is soaring, which may soon impact prices.

Click here for the full article

FREE MONEY FOR 1ST TIME HOME BUYERS!!

2009-02-17T10:37:00.000-08:00

If you purchase a home before September 1, 2009 and you are a first time home-buyer (someone who has not purchased a home within the last 3 years, see http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm for exact details) you will be eligible to receive a tax credit for $7,500 which does not have to be repayed. The previous stimulus bill had the tax credit listed as a repayable interest free loan for 15 years. However, there are income limits that disqualify 1st time homebuyers to receive the credit for those single home purchasers who earn more than $95,000 in adjusted gross income and $170,000 for married couples who file jointly.

For more information check:
http://www.seevalleylistings.com/article.aspx?xml=http://realtytimes.com/rtnews/xml/20090216_washingtonreport.xml

Recent Sales Data Points Out That The Real Estate Market May Be At the Bottom

2009-02-05T12:45:00.000-08:00

Here are several articles explaining the 2008 sales data, how we may be at the bottom the market’s down cycle and why prices may increase soon. As I’ve said in many of my earlier blogs, multiple offers are being received on almost every listed property priced below $500k with some listing agents seeing 10 or more offers. Buying activity from my clients has surged. Homes for sale (especially foreclosures priced under market value) are selling above list price. Many buyers are taking advantage of extremely low interest rates and pricing which have made owning a home even more affordable. These factors coupled with the after tax benefits of being able to deduct mortgage interest and property tax, monthly payments on a home are close to and in many cases equivalent to renting a home.

Click the following links to view articles supporting the opinion that we may be at the bottom:

LA Ranks #7 on Forbes List on World’s Best Places For Real Estate Buys

Southland Home Sales off Bottom

San Fernando Valley Home Sales Increase 13% in 2008

Affordability More Than Doubles

What do you think? Do you think the market is hitting the bottom soon? I’d love to hear your feedback

Mark Gonzales Press Kit

2009-01-02T22:37:00.000-08:00

FOR IMMEDIATE RELEASE

June 14, 2009 – Sherman Oaks, CA –Mark Gonzales has been chosen as one of REALTOR Magazine’s Class of 2009, in their influential “30 Under 30” competition. At 26 years of age, he is one of the youngest winning finalists. Winners are featured in a special edition of the magazine, out now.

The contest seeks out the most promising and innovative 30 Realtors in the nation, all under the age of 30. These are Realtors who embody youthful success in real estate. They are chosen based on their future potential, business acumen, leadership within their industry and community, as well as innovation and creativity in marketing.

Mark, 26, is Realtor at Rodeo Realty in Los Angeles, California, where he was recognized as one of the top 7% of all real estate agents nationwide. He holds a Bachelor’s Degree in Business & Real Estate from California State University, Northridge, where he also became specialized in Real Estate & Business Law, Real Estate Finance, Business Communication, and Economics. Additionally, Mark is the 2009 Vice Chairman of the Young REALTOR Committee of the Southland Regional Association of Realtors.

Later this year he will be the star of an episode of the HGTV series ‘Good Buy/Bad Buy,’ where he will provide a buyer with solid real estate advice on national television.

Mark also has strong roots in his Filipino-American community. He credits his success to his parent’s hard work and perseverance in this country. They immigrated to America over twenty years ago.

Winners were chosen by a REALTOR magazine committee and through online voting by the public.

REALTOR's 30 Under 30 Website

30 Under 30 Video

PRESS:
Philippino News
Property agent a finalist in realty competition
Published: May 3, 2009

CSUN News Clippings
Business alum Mark Gonzales has been chosen as one of the finalists of Realtor Magazine’s prestigious “30 Under 30” competition
Published: May 4, 2009

Mark Gonzales is an agent at Rodeo Realty in Los Angeles, California, where he was recently recognized as one of the top 7%of all Rodeo Realty agents companywide. He holds a Bachelor’s Degree in Business & Real Estate from California State University, Northridge, where he also became specialized in Real Estate & Business Law, Real Estate Finance, Business Communication, and Economics. Additionally, Mark is the 2009 Vice Chairman of the Young REALTOR Committee.

Mark's website: Marksellsla.com

Mark's webisodes on YouTube:

Mark's listings on Flickr:

Home & Garden Television's Good Buy/Bad Buy
Mark's episode will air on 8/16/09
GoodBuy/BadBuy online

Mark Gonzales on REALTOR Magazine
Mark is a finalist on REALTOR Magazine's 30 Under 30 List.

The candidate with the most votes will earn the "Web Choice Award," and will be honored at the Young Professionals Network event during the 2009 REALTORS® Conference & Expo in San Diego this November. The voting deadline is April 30.

VOTE FOR MARK!

Press Release:
FOR IMMEDIATE RELEASE

April 3, 2009 – Sherman Oaks, CA – Mark Gonzales has been chosen as one of the finalists of REALTOR Magazine’s prestigious “30 Under 30” competition.

Finalists were chosen from hundreds of national applicants based on their real estate success, future potential, business acumen, leadership within their industry and community, as well as innovation and creativity in marketing, and all before reaching the age of 30.

Mark is an agent at Rodeo Realty in Los Angeles, California, where he was recently recognized as one of the top 7%of all Rodeo Realty agents companywide. He holds a Bachelor’s Degree in Business & Real Estate from California State University, Northridge, where he also became specialized in Real Estate & Business Law, Real Estate Finance, Business Communication, and Economics. Additionally, Mark is the 2009 Vice Chairman of the Young REALTOR Committee.
Later this year he will also be featured on HGTV’s Good Buy/Bad Buy series, where he will be providing a couple with solid real estate advice on national television.

Mark has strong roots in his Filipino-American community. He credits his success to his parent’s hard work and perseverance in this country. They immigrated to America over twenty years ago.

Winners will be chosen through an online voting process at http://www.realtor.org/rmohome/home. Deadline for voting ends on April 30th.

For more information please contact:
Ann Murray
310.651.0304
murray.undefined@gmail.com

Mark's Bio:

BUYING AND SELLING A HOME…..IT’S SERIOUS STUFF

Buying and selling a home is one of the most significant financial decisions a person can make in their life. With the dynamics of the real estate market and the increasingly important role of technology and the internet, it is important who you choose to represent you in the purchase and selling of your home. An excellent Realtor must have the experience, knowledge, and innovation to successfully sell homes in today's real estate market. Recognizing that Los Angeles’ real estate consumers are savvy, sophisticated, and of course hip and stylish, I have created a plan and system that successfully helps clients reach their real estate goals while making the experience positive and rewarding.

MY BRAG SHEET

I pride myself in having the academic knowledge and theoretical skills to help clients make educated decisions. After a long and treacherous journey through college, I am proud to say that I earned my Bachelor's Degree in Business and Real Estate from California State University, Northridge . Whereas most agents have only taken relatively few courses in Real Estate, I’m proud to say that I have formal training in the fields of Real Estate & Business Law, Real Estate Finance, Business Communications, and Economics. I love to talk and make sure that I’m fighting for your best interests. By using my negotiation skills I have helped save homebuyers significant amounts of money, while home sellers I represented received top dollar for their homes. In addition to my academic accolades, I’m a self proclaimed internet marketing geek!! I make sure that the homes I sell are listed on of the country’s most powerful internet real estate websites. My client’s homes can be seen REALTOR.COM, HOMEGAIN.COM, ZILLOW.COM, and RODEORE.COM. Shoot me an e-mail at markbgonzales@yahoo.com or if it's really important call me and I'll show you how I can help you reach your real estate goals!

Positive News for the San Fernando Valley Real Estate Market

2008-11-17T12:54:00.000-08:00

Here’s an article from the Southland Regional Association of Realtors showing significant increases in the number of sales from last year. Could this mean that the bottom is near? Read below and let me know what you think?

San Fernando Valley Home Sales Surge from Last Year's Low Point

Driven by foreclosures and homes sold by traditional sellers at favorable prices, sales of existing single-family homes in the San Fernando Valley during September soared a whopping 81.8 percent compared to a year ago, the Southland Regional Association of Realtors® reported.
A total of 658 homes changed owners last month - 296 sales higher than in September 2007. Home sales have been steadily increasing since a year ago September - which set a record low of 323 sales -with this September posting the fifth consecutive month with the total at 650 sales or higher.

"Recovery of the local housing market is underway," said Mary Funk, president of the Southland Regional Association of Realtors. "Every time a foreclosed home finds a new owner or a buyer expresses confidence by buying a home from a traditional seller, we move a step closer to resolving the housing crisis and returning to some level of normalcy.

"Even as some home owners still struggle with the excesses of the past," Funk said, "once-in-a-lifetime opportunities to buy are available now or will soon emerge. Yes, it's more difficult to get a loan today, yet there are many programs available or emerging that are designed to aid current owners and help prospective buyers get into a home. No one knows how long these favorable conditions will be around."

It is to early to predict whether rescue efforts from the nation's capital will prolong or speed recovery, Funk said.

Funk and Jim Link, the Association's chief executive officers, said they expected foreclosed properties to continue to be dominant factor in the market, yet both expressed confidence that the worst of the fallout from the financial meltdown has passed.

"Recent sales activity and the number of properties that are already in escrow suggest that the market has hit bottom and is bouncing back," Link said. "Buyers want to take advantage of the relatively few properties listed for sale and capture prices that have not been seen in years." Buyers generally have been focusing on unique opportunities to purchase single-family homes, simply because homes that were too expensive two years ago now may be within reach.
Still, condominium sales also increased during September, soaring 36.1 percent to 21 1 transactions - 56 sales higher than a year ago.

September marked the third time in four months that condo sales exceeded the 200-transaction benchmark after stumbling along below 200 for 10 consecutive months with the 105 condo sales of this January being the low point of this cycle.

"There's no doubt that sales are being driven by favorable prices," Funk said. "Plus, a purchase today indicates that buyers realize that housing remains a relatively rare commodity in Southern California, which is expected to add tens of thousands of new residents over the coming years."

The median price of single-family homes sold during September declined 37.1 percent from a year ago to a median of $392,500. It was the first time since 2003 that the median dipped below $400,000.

Likewise, the condo median price of $260,000 dropped 33.3 percent - $1 30,000 lower than a year ago. September marked the fifth consecutive month that the condo median has been below $300,000. Today's median condo price was last seen in 2003 and early 2004.
Pending sales - a measure of future closed escrow activity - increased an incredible 163.1 percent during September. The Association reported a total of 1,305 open escrows at the end of the month. That compares to 496 year ago - one of the lowest tallies in recent years and close to the record low of 385 pending escrows posted in December 1991.

"Generally, people are surprised to learn that there is a relatively limited inventory of properties listed for sale throughout the San Fernando Valley," Link said. "Owners realize that this is not the time to test the market.

"That leaves two types of sellers," Link said, "both of whom are highly motivated: banks holding foreclosed properties and traditional sellers who either must sell due to personal circumstances, such as a work transfer, or owners who have sufficient equity in their current property and understand that whatever the perceived loss in a sale will be more than recaptured when they buy a replacement property."

There were a total of 6,009 properties listed for sale at the end of September, down 22.2 percent from a year ago.

At the current pace of sales, that represents a 6.9-month supply, only slightly on the high end of the 5- to 6-month supply which real estate experts believe indicates a balanced market. The inventory at the current pace of sales was at a 16.2-month supply this January when there were 6,928 properties for sale and a mere 428 total sales.

For comparison, during the housing downturn of the 1990s the inventory soared to a record high of 14,976 in July 1992 and the inventory at the then current pace of sales hit a high of 23.0-months.

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

Unique Homebuying Opportunities Abound

2008-11-17T12:51:00.000-08:00

Although the newspapers and Wall Street is flooded with depressing information on the economy, and despite Dow Jones record lows as well as the recent news that the government will not be buying up bad debts from banks, there are still multiple opportunities in the Real Estate Market for buyers who hold a decent fico score and can validate their current income. This means that many buyers are still finding foreclosure and short sale deals well under the market value compared to 2005. To help buyers buy these properties, several programs have been created to help buyers qualify and receive funding from banks.

This is a recent article by the Southern Regional Association of Realtors which lists the different programs available to buyers today.

Unique Homebuying Opportunities Abound

Regardless of market conditions, an opportunity always exists in the residential real estate market. That tried and true maxim is particularly accurate today as aid programs appear that are designed to steady the residential housing market and reopen the doors of home ownership to a wide range or prospective buyers.

Even as some home owners still struggle with the excesses of the past, once-in-a-lifetime opportunities to buy are available now or will soon emerge. No one knows how long these special programs will be available.

Remember, prices are at an all-time low. Interest rates are favorable. Lenders are making loans, albeit at higher qualifying standards. And, while not excessive, the inventory of homes listed for sale offers a wide selection. That inventory contains attractively priced homes being sold through foreclosure proceedings along with many listed for sale by traditional sellers, which often can offer a quicker, easier sale at a more attractive price.

There is ongoing debate as to whether rescue efforts from the nation's capital will prolong or speed the recovery, but several points seem crystal clear:

Recovery is, in fact, underway. More assistance programs are likely to emerge in coming weeks. At some point in the not to distant future, today's buyers' market will fade and a golden opportunity to buy a home and invest for the future will pass.

This is a brief overview of just a few of the many aid programs designed to help first-time and repeat home buyers. A more detailed version of this story aid programs are available at http://www.srar.com/.Contact your Realtor®for details.

Higher Loan Limits
The higher loan limit of $729,750 - due to be eliminates at the end of December - makes loans more affordable, especially in high-cost housing regions such as California.

FHA loans are back
FHA loans are back in force and are plentiful. In some instances the down payment required is as low as 3%. More than 20 percent of new loans are expected to have FHA financing.

Realtors offer $4,000 Grants
First-time home buyers who purchase a home in the San Fernando or Santa Clarita Valleys may be eligible to receive a $4,000 grant to ease the burden of closing costs. The grants are available from the Southland Regional Association of Realtors. For details, write via email to Rubenf@srar.com.

L.A.City and California Programs
An array of city and state programs are available to help low- to moderate-income buyers into a home. Many programs are aimed at first-time buyers, but repeat buyers are welcome, too, to get assistance with a down payment or closing costs.• The California Housing Finance Agency - CalHFA offers multiple programs to help families purchase a home. Call your Realtor today for details on these and a growing number of homebuying opportunities!

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

Some Homebuying Tips in Today’s Market

2008-11-17T12:44:00.000-08:00

Regardless of what you might have heard about the home buying market, the statistics in Southern California show that this is a great time to buy. First time buyers, investors, and even all cash buyers have found the current market conditions to make owning a home more affordable and easier than ever before. However, having sold Foreclosure and Short Sale properties much of the year, I have some tips to offer for those looking to purchase a home in the next few months.

Condominiums and Town-homes: While the inventory has increased on many of these desirable alternatives to the Single-Family home, there are a couple of things which you should keep in mind.

First, you should get as much information on the Home Owners Association (H.O.A.) as possible when you are in escrow on a Condo or Town-home. An experienced Buyer’s Agent will ensure you receive H.O.A. disclosure documents and help you digest the disclosures. You should pay special attention to the financial statements of an H.O.A. Many of these properties are located in complexes who have struggling H.O.A.’s and low cash reserves. This will affect your ability to get a loan on these properties. In addition, it could be a signal that higher monthly dues and assessments are foreseeable in the future.

Second, try to get information on how many units are currently-owner occupied verses tenant-occupied. These statistics will affect your ability to get a loan as well. Complexes with more than 15-25 percent based upon which lender you use, are finding it difficult to secure a loan. These standards are changing on a daily basis so contact your lender and find out their specific requirements regarding condos and town-homes.

Short Sales: From homes built in the 50’s to homes built in the 21st century, short sale homes have been coming onto the market as more and more people are faced with financial issues that make it difficult to pay their mortgages.

Homes that are classified as short sales, occur when the owners of such properties work with the banks to accept a lower amount than currently owed on the property. Such owners in a distressed situation as they can no longer afford to meet their mortgage obligations and opt to execute a short sale to avoid foreclosure as it is less detrimental to their credit. What today’s buyer needs to understand about these Short Sale situations is that it is a very long process, but often times it is worth the wait. If you are currently in a situation which will allow you to wait 3-6 months before moving into or taking ownership of your new home, these short sale deals are right for you.

The important thing is this: Have a good understanding of what the bank is looking for in its returns before you place your offer! Often times these properties are listed far below market value in hopes to receive multiple offers. Look at the comparables, at the amount owed by the current owner, and then make an informed decision on what your purchase price should be. Trying to low-ball these properties will only result in your offer being rejected 3-6 months after you place your offer and it most cases can be a waste of time for all parties involved.

In all purchase situations you should work with a knowledgeable and experienced Realtor as they will be able to guide you through the process while protecting your best interests.

ARE WE AT THE BOTTOM?

2008-10-28T15:47:00.000-07:00

The sales data for September has been released from the Southland Regional Association of Realtors and to everyone’s surprise the numbers are outstanding.

Existing single-family home sales in the San Fernando Valley dramatically increased 81.8 percent during September compared to a year ago. 658 homes sold to new buyers last month- 296 more homes sold than last year this same time. The number of condo sales also saw an increase during September at 36.1 percent to 211 transactions- 56 sales higher than a year ago.

This may signal that we are at the bottom of the sharp decline in local real estate values that we have seen in the last 3 years. From personal experience I’m seeing much demand from buyers as they recognize that pricing of homes are at affordable levels. My buyer clients who are actively writing offers see competition from other buyers who are looking take advantage of the opportunities that the local real estate market presents. I would say 90% of my sales have involved multiple offer situations.

With that said, it may be still be too early to accurately predict whether the recovery of the housing market will be slow or fast due to the fact that the details of the legislative efforts that aim to rescue homeowners are still being ironed out. Moral of the story is that if you are looking to buy a property, can comfortably afford the monthly payments, and plan to live in the home for at least 5 years, you will most likely see appreciation in your home. The tax advantages in most cases afford homeowners monthly payments that are in equivalent to renting.

Most importantly you can take pride in saying you own your own home.For more information visit: http://www.srar.com/members/rronline/10-27-SFVsales.php

Family Fun Activities in October:

2008-10-08T14:20:00.000-07:00

Looking for ideas for you and your family this October and November? Here are a few family fun activities happening in the valley. Hope to see you there!

Dia de los Muertos—Hollywood Forever Cemetery
6000 Santa Monica Blvd., Los Angeles. On November 1st from 4011p..m., the historic Hollywood Forever Cemetery will be transformed by the vibrant colors of the afterlife. Pay homage to the dearly departed when you join in the self-proclaimed “largest and most authentic Day of the Dead celebration,” which features a costume procession with traditional Aztec blessings and regional musical-dance group dedications. The highlight is the evening concert for the beloved souls, plus theater performances, displays by local artisans, and traditional Mexican cuisine, all surrounded by altars. Admission is free, but Dia de los Muertos attire is strongly encouraged, so go crazy with the face paint.
323.447.0999 or http://www.ladyofthedead.com/

West Hollywood Halloween Costume Carnaval
8300 Santa Monica Blvd., West Hollywood. West Hollywood’s Halloween festivities are not for the faint of heart. Free weeklong events lead up to the Costume Carnaval, which celebrates its 20th anniversary this year. The largest Halloween street party in the United States, spectators can expect extraordinary costumes, fabulous drag queens, and well over half a million revelers.
323.848.6400 or http://www.weho.org/

Calabasas Pumpkin Festival
3701 Lost Hills Road, Agoura Hills. Don’t’ just pick up your future jack-o-lantern at the supermarket—make an event out of it with the Calabasas Pumpkin Festival, a 2-day street fair featuring four stages of live music & entertainment, a karaoke contest with cash prizes, an “authentic” western town, pumpkin pie eating and seed spitting contests, pumpkin bowling, wildlife way station and pet adoptions, no to mention rides, games, tons of food, and a beer garden with pumpkin beer. Admission is free and the festival runs October 18 & 19 from 10a.m.-5 p.m. both days.
818.222.5680 or http://www.calabasaspumpkinfestival.com/

REAL ESTATE MARKETS ARE LOCAL, SOME LA AREAS SEE DOUBLE DIGIT GAINS

2008-10-01T10:51:00.000-07:00

Nationally, the real estate market has been declining in most major cities. But what the general public and media fail to see is that real estate markets are local. Each city and areas within cities have different industries that fuel their local economies. As a result, appreciation rates vary tremendously across the country and in different zip codes and towns. The Los Angeles area has a well diversified economy with one industry that is unique and indigenious to the city; the Entertainment Industry. The Entertainment Industry offers executives, celebrities, and creative professionals high salaries that help increase median prices in the most desirable areas of the county.

The Los Angeles County median price sales data for July 2008 proves that real estate markets are local. There were 20 areas in Los Angeles County where median prices rose in July 2008 from July 2007. The most notable area, Playa del Rey zip code 90293, tops the list for the highest gain in median sales price for July 2008 at 41.40% with a median price of $1,238,000. Other areas include, LA/Westwood zip code 90024, where the median price for properties sold in July 2008 was $1,791,000, an astounding 32.60% gain in value from July 2007. Beverly Hills zip codes 90210 and 90212 saw appreciation rates of 23.5% and 26% respectively. Malibu had median price gain of 18.3% and Pasadena zip code 91105 had a gain of 25.90%.

Please copy and paste this link in a new tab to see the median home sales data for all cities and areas in Los Angeles county.

file:///C:/Documents%20and%20Settings/Jeanette/My%20Documents/blog%20photos/LACountyHomeSales0708.jpg.html#

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

REAL ESTATE MARKET OUTLOOK

2008-09-25T14:27:00.000-07:00

National Association of Realtors (NAR) President Dick Gaylord sits down with NAR Chief Economist Lawrence Yun to discuss what is happening in the market and what REALTORS® can expect in the coming months. Click the video feed to see their thoughts on the future of the Real Estate Market in 2009.

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

2008 SUCCESS!!! MARK’S SUCCESS TRACKER

2008-09-18T11:55:00.004-07:00

Thanks to all my clients for making 2008 a success so far! I’ve sold 16 homes and over $6.5 million in residential real estate this year!!

MY RECORD SPEAKS FOR ITSELF!

THANKS TO ALL OF MY CLIENTS FOR MAKING 2008 A PHENOMENAL YEAR!

2008 HOME SALES:

6850 BOVEY AVE. $460,000

19630 SATICOY ST. $299,000

6534 AURA AVE. $369,000

20134 LEADWELL #334 $275,000

5500 OWENSMOUTH #318 $260,000

18433 HATTERAS #507 $355,000

9174 LANGDON AVE. $390,000

6501 RANDI AVE. $475,000

22652 PAUL REVERE $840,000

23745 BURTON ST. $585,000

20232 LORNE ST. $430,000

10179 LARWIN AVE. #2 $379,000

13320 ROSCOE BLVD. $360,000

11542 BURBANK BLVD. #4 $292,500 IN ESCROW

7836 SHOUP AVE. $439,000 IN ESCROW

5354 DENNY AVE. $339,000 IN ESCROW

$6,547,500 GROSS SALES

For more information please visit www.MarkSellsLA.com

Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

IT’S STILL HAPPENING….MULTIPLE OFFERS

2008-09-18T11:55:00.003-07:00

Here’s an article written by Mary Funk, President of the Southland Regional Association of Realtors and David Walker. The recent improvements and change in lending guidelines have caused a surge in buying activity. Almost all properties I have sold have had multiple offers, this could be a signal of the bottom and we should start seeing values stabilize within the 2009 year.
Check the info for yourself:

Multiple Offers Reappearing

BY MARY FUNK, PRESIDENT, AND DAVID WALKER, SRAR

While many prospective home buyers are still waiting in hopes of catching the bottom, others are jumping into the residential real estate market feet first and, in a growing number of instances, they wind up competing with a swelling legion eager to capture a bargain.
At a recent meeting involving dozens of members of the Southland Regional Association of Realtors®, all of the Realtors® said they had recently encountered home purchases where a handful of buyers presented competing purchase offers.

"It's happening in all price ranges and in all communities," one participant said.
Many of the properties have list prices that had been discounted from year ago levels, including a number of bank-owned houses that had been involved in foreclosure proceedings.
The activity level is no where near the frenzy of the seller's boom, the participants said, but offers are coming ion, near and, in some instances, above the already discounted list price.
The reports represented a significant shift in a market that had been paralyzed by buyers who had been glued to the proverbial procrastinator's fence. Buyers' hesitancy created endless work but no sales for Realtors®, who typically are not compensated until an escrow closes.
That lack of urgency now appears to be fading as more buyers enter the market at a time when government-sponsored programs appear to be setting the finance industry, thus making home loans more available and affordable - albeit at stricter qualifying guidelines which require proof of income and down payments.

Buyers who are entering the market believe they have a secure source of income, faith in the local economy and realize that waiting to catch the top or bottom of any real estate cycle is risky business, with success hinging on a large close of luck.

The recent increases in government-insured mortgage limits are expected to provide much-needed liquidity and stability to housing markets across the country.

That is especially true in California - a region with particularly expensive homes - where tens of thousands of families could be eligible this year to purchase or refinance their homes thanks to the recently approved Economic Stimulus Act.

The higher loan limit expands the pool of eligible borrowers, enabling more families to qualify for safe, affordable FHA-insured mortgage loans which can be as high as $729,750.

By focusing on 30-year, fixed-rate mortgages, FHA helps home owners avoid and escape the risks associated with exotic subprime mortgage products, which have resulted in rising default and foreclosure rates.

While still at historically low levels, rising sales suggest that the worst may be past and that more buyers believe that the time to buy is now.

For more information please visit www.MarkSellsLA.com

THE NUMBERS ARE IN!! SALES INCREASE 16% FOR THE MONTH OF JULY

2008-09-18T11:55:00.002-07:00

The San Fernando Valley real estate market is reacting favorably to historically low interest rates and affordable pricing as existing single-family home sales have increased 16.2 percent in July from a year ago.

Mary Funk, President of the Southland Regional Association of Realtors states, "The numbers indicate that the market is at the bottom with sales on the upswing. Demand is increasing because people realize that what they could not afford before they probably can afford now. Come next year, people who are waiting will find that they will be paying more."
In fact the median price of a single-family home as increased a modest 1.0 percent from June to $435,000. Local experts believe that the market will remain busy and may pick up added momentum in the coming months. Pending escrows indicate future resale activity and show the market is picking up. There were 1,141 pending escrows at the end of July which is 39.2 percent higher than a year and up 1.2 percent from this June. This coupled with the fact that active inventory levels have been declining since November 2007 where the number of active listings were 7,505. As of the end of July there were 6,950 active listings. Seems like the law of economics may come to fruition as there is more demand and less supply; making way for the stabilization of the real estate market.

CHECK THE STATS FOR YOURSELF: http://www.srar.com/members/stats/summaries/2008/july/SFV.pdf

For more information please visit www.MarkSellsLA.com

SHERMAN OAKS GALLERIA RENOVATED IN LESS THAN A MINUTE

2008-09-18T11:55:00.001-07:00

Here’s a cool video I found on YouTube showing the 2 year renovation of the Sherman Oaks Galleria from drab indoor mall to the outdoor lifestyle and entertainment center that attracts patrons from all over. It is home to many entertainment production companies and influential businesses. Check out the 2 year renovation in less than a Los Angeles minute.

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

IS THIS REALLY THE WORST MARKET IN YEARS???

2008-09-18T11:55:00.000-07:00

Here’s a quote I took from an article from the Southland Regional Association of Realtors, September 2008 Realtor Report:

“There were 6,950 active listings throughout the San Fernando Valley at the end of July, down 3.4 percent from a year ago. Of that total, single-family homes accounted for 75 percent of the active listings.

At the current pace of sales, the active inventory represents a 7.5-month supply - slightly higher than the 5- to 6-month supply deemed to represent a balanced market.
By comparison, the inventory during the recession of the 1990s hit a record high of 14,976 in July 1992 and the inventory compared to pace of sales was three-times higher at a 23-month supply.

Contrary to an inaccurate public perception, the active inventory in the San Fernando Valley has been trending lower since November 2007 when it stood at 7,505.”
I used to think that prices had a little further drop to go, but now that the new sales data has been released I’m starting to think that pricing may increase slightly next year and that inventory may stay flat rather than increase as buyer’s who were unable to get their offers accepted in multiple offer situations begin to offer more for the next property they find that they like. It’s a hard call, but I really think that now is the time to buy. Dang! I wish I signed a six-month lease for the rental I live in instead of a 1 year. Hopefully there will be something I like at a good price next year.

To my readers and clients: What do you think? Do you think market is positioned for a rebound? Feel free to post comments by clicking the link below.

NICHOLAS CAGE'S MANSION FOR SALE

2008-09-08T23:12:00.000-07:00

Want to truly live the LA lifestyle and own a celebrity property? Check out the article below from the Hot Properties section of the LA times. Apparently Nicholas Cage put his 11,817 square foot Bel-Air mansion on the market (again) for a bargain price at $29,999,000 discounted from it's former $35 million asking price. To my mega-wealthy readers out there, please contact me if you are interested in seeing or purchasing this property. I would be more than happy to represent you in the purchase of this home.

HOT PROPERTY
Nicolas Cage's Bel-Air Tudor for sale (again) at $29,999,000
Cage may have leased
Hot Property
Hot Property

September 6, 2008

SOME people collect stamps, others collect houses. Count Academy Award-winning actor Nicolas Cage among the latter.

Cage just listed his 11,817-square-foot Bel-Air Tudor at $29,999,000 -- and has leased a unit in the downtown Biscuit Co. Lofts with an option to buy. He also is believed to own a mansion in Rhode Island, Anne Rice's former house in New Orleans and a castle in Scotland. There may be a place in Hawaii too, and some more in L.A., but frankly he lost us at $29,999,000.

The Bel-Air home was built in 1940 for $110,000, according to Bret Parsons, author of the recently published book "Colcord Home," about the architect who designed this landmark property. The house has nine bedrooms and nine bathrooms and sits on an acre of land with an Olympic-size pool, a custom wine cellar and a 35-seat home theater. The focal point of the baronial English Tudor is a square tower -- a perfect place from which to practice archery on unsuspecting Fuller Brush salesmen.

The property was once owned by singer Dean Martin, who in 1974 commissioned Gerard Colcord and his associate Liza Kent to add the 2,500-square-foot entertainment complex. The house was on the market in 2006 when Cage listed it for $35 million and was taken off last year. He bought it in 1998 for $7 million.

James Chalke of Nelson Shelton & Associates is the listing agent for this property.

Cage, who lived in the Bel-Air estate only part of the time, now may be parking his bedroom slippers in the 3,500-square-foot penthouse unit of the Biscuit Co. Lofts. That unit had been listed at $4.9 million and is no longer for sale, according to the Multiple Listing Service.

The building, in the hip-and-growing-hipper Arts District, was built in 1925 and adapted for residential use in 2006. The Biscuit has street-level restaurants, a gym and a market. The lobbies and corridors have ornamental concrete, sandblasted brick, copper doors and vintage lighting -- all very cool stuff.

Cage's lease-option penthouse has 28-foot ceilings, exposed brick walls, hardwood floors, industrial-scale windows, Wolf stainless-steel appliances and a wraparound deck. His foray into the neighborhood might make this the new "in" in-town location for celebrities and those who worship the hardwood floors they walk on.

Cage, 44, won an Oscar for his role as a suicidal alcoholic in "Leaving Las Vegas" (1995). He played an eccentric historian in "National Treasure: Book of Secrets" (2007) and appeared opposite Cher in "Moonstruck" in 1987. He also stars as an assassin in " Bangkok Dangerous," which just opened.

Billy Rose and Blair Chang, Prudential California Realty, Beverly Hills, had the listing on the Biscuit loft. Neither could be reached for comment.

Housing and Economic Recovery Act of 2008...What does it mean???

2008-08-27T17:13:00.000-07:00

http://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008
The Housing and Economic Recovery Act of 2008 (Pub.L. 110-289, H.R. 3221) designed primarily to address the Subprime mortgage crisis, was passed by the United States Congress on July 24, 2008 and signed by President George W. Bush on July 30, 2008. It authorizes the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value. It's intended to restore confidence in Fannie Mae and Freddie Mac by strengthening regulations and injecting capital into the two large U.S. suppliers of mortgage funding. States will be authorized to refinance subprime loans using mortgage revenue bonds.
Basically it will allow homeowners to keep their homes and refinance with loans at discounted rates for 90% of a home’s current appraisal value if the lender who holds the original note is willing to take a loss. You might think why would the lender want to take a loss? My feeling is that lenders should be willing to do so, due to the fact that that so many homes are going to Foreclosure and are being sold as a Short sale (real estate), which costs lenders more money as they can lose between 30-50% of the appraised value after factoring selling costs.
Here’s what the Government says:
An Excerpt taken from Department of Housing and Urban Development website at: http://www.hud.gov/news/recoveryactfaq.cfm
Q: How will the law help struggling homeowners keep their homes?A: Through the Federal Housing Administration (FHA), an estimated 400,000 borrowers in danger of losing their homes will be able to refinance into more affordable government-insured mortgages. The program offers government insurance to lenders who voluntarily reduce mortgages for at-risk homeowners to at least 90% of the property's current value.
Q: How will this law make it more affordable to own a home?A: There are a number of provisions that will make homeownership more affordable:
Creates a refundable tax credit for first-time homebuyers that works like an interest-free loan of up to $7,500 (to be paid back over 15 years).
Grants states $11 billion of additional tax-exempt bond authority in 2008 that they can use to refinance subprime loans, make loans to first-time homebuyers and to finance the building of affordable rental housing.
Raises conforming loan limits for the FHA, Fannie Mae and Freddie Mac to $625,500. Because of the high cost of housing in California, a majority of the state's residents were previously shut out from these programs. Raising these loan limits will lead to lower interest rates on some loans, greater refinancing opportunities, and enable more borrowers in high cost areas to avoid the type of nontraditional and frequently abusive loans that led to the current crisis.
Provides couples using the standard deduction with up to an additional $1,000 deduction for property taxes ($500 for individuals).

JUST A QUICK REAL ESTATE THOUGHT

2008-08-26T11:04:00.001-07:00

Being at the forefront of current Los Angeles real estate market as a Realtor who entered the industry in 2005 (at 22 years old) I can truly say that this is my best year yet. There are many buyers who have been waiting on the sidelines to fulfill the need and dream to own their own home. They are looking to live and own a home for the sake of owning long term regardless of where the market will be 2-3 years. They have great credit, choose fixed financing and are able to afford these homes with their real, tax-documented income. As such buyer’s absorb the inventory, we will we begin to see stabilization in the depreciation of homes and begin to see modest returns 3-6% until the next economic expansion where incomes begin to rise.
In fact, I sold over 14 properties homes in the last 120 days days which is amazing considering we have over 18,000 Realtors in the San Fernando Valley and there are 900-1600 sales per month. So yes, I believe the market is beginning to rebound, there are multiple offers on well priced properties and there are bargains out there for those who are willing to work at submitting offers on multiple properties until the right property is found for the right price.
Please contact me if you’re interested in seeking representation in your next real estate transaction!

FORECLOSURES, GREAT DEALS WITH HIGHER RISK PT III

2008-08-25T11:30:00.000-07:00

Banks always have the buyer’s sign seller addendums. To protect the Bank/Seller, they always have the Buyer’s sign addendums in addition to a standard purchase agreement. Mind you, the addendums are drafted in such a way to protect the interest of the Bank and not the Buyer, so you must thoroughly read the contract and make sure that you understand the terms and conditions. Each time I sell a foreclosed property I spend at least a couple hours reading these addendums so that I can explain the terms to my Buyer clients and answer any questions that they may have. It is extremely important to know what you are signing as most Banks will have clauses. The following are clauses that can be included on the Seller Addendums:

1. Per Diem charges. Banks will require that a buyer pay per diem charges between $ 50.00-$150.00 per day for everyday that the transaction stays open beyond the close of escrow date indicated on their addendum. I always write in a later date on the contract to ensure that plenty of time is allotted so that we close prior to the date indicated on the addendum. If there is any indication that the Buyer cannot close on time due to the loan processing, delays in receiving reports, and any other extenuating circumstances, I make sure that an addendum is drafted extending the close of escrow date. I also indicate that the per diem will be waived if escrow is closed by the new close of escrow date.

2. Shorten Inspection Contingency Periods. In California, the standard contingency period for inspection is 14 days. Banks will try and shorten the period for this contingency to 5-7 days. In addition, they have the start of the inspection contingency period to begin on the date of the addendum. In my opinion this is pointless because the Buyer and Seller have yet to come to an agreement. In addition the offer is almost always subject to senior management or investor approval. Which simply put, means that you do not have a deal until both signatures are on the contract. I would never suggest that my Buyer’s sink $400-600 on inspections when the Bank hasn’t accepted the offer (unless it’s an extremely good deal and the condition of the property is questionable up front). To avoid this I write in the contract that contingency periods will begin the day after Buyer receives a copy of the executed contract signed by both Buyer and Seller.

There are others clauses that I have seen, but these are two most common ones that exist in most Bank addendums. The main point is that you must thoroughly read the contract, ask questions, and if in doubt, have a Real Estate attorney review the contract if you feel uncomfortable with the terms and conditions. Foreclosures and/or REO’s are complex transactions that can be unpredictable at times. Banks and their Asset Managers have strict guidelines they must adhere to and often hire escrow companies that are overwhelmed with files, so expect some challenges along the road. However, with the right real estate agent and with some risk management, purchasing a foreclosed property can reap you rewards in the form of instant equity at the close of escrow.

FORECLOSURES, GREAT DEALS WITH HIGHER RISK PT. II

2008-08-19T16:14:00.001-07:00

To continue my rant on this hot topic on foreclosures here’s Part II explaining why buying foreclosures have higher risk:

Foreclosures are sold AS-IS. I tell all my clients that when you buy a foreclosed property you are purchasing it AS-IS, which means the bank who owns the property will not agree to complete repairs or provide any credits in advance. So the tactic of buying a foreclosure and then asking for a HUGE repair credit won’t work. However, the buyer sill has a right to ask, after all the worst thing that could happen is that they say NO! I encourage credit or repair requests especially if there are significant repairs that involve mold, water damage, tenting the home for termite repairs. Some banks will often provide the termite and retrofitting reports during negotiations. If the cost of such repairs proves to be a significant amount of money, I will always advise the client to ask for a credit upfront to help pay for those repairs. With that said, I would advise anyone looking to purchase a foreclosure to not buy one if you assume the bank will do repairs or provide credits. It’s just not realistic in our current market.

Stay tune for Part III....

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

NEIGHBORHOOD SHOWCASE: STUDIO CITY

2008-08-15T10:49:00.000-07:00

Here’s a short video on some cool places to visit in Studio City:

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

VALLEY EATS: CASA VEGA

2008-08-15T10:46:00.000-07:00

Casa Vega is a hip and happening spot. Open 7 days a week for lunch thru dinner from 11:30 am- 2:00 am. This place to be seen and to see has good looking people in the bar, booths, and waiting areas looking to sip margaritas, take shots of tequila and gorge on big, gigantic burritos smothered in traditional Mexican sauces. Every night brings a crowd as there is most likely a 15-25 minute wait for a table. But the wait is worth it as the food is authentic and flavorful, while the drinks are well-balanced and offer a nice kick (for those of you who appreciate a strong drink). Many celebrities are known to frequent this well established bar which has been in business for decades.

If you want come dine in this intimate Mexi-fantastic place, visit: http://www.casavega.com/ or visit them on the cusp of the Sherman Oaks, Studio City border, corner of Ventura Blvd and Fulton Ave. 13301 Ventura Blvd. Sherman Oaks, CA 91403.

THE GREAT WALK ON WILSHIRE FROM DOWNTOWN LOS ANGELES TO SANTA MONICA

2008-08-15T10:38:00.000-07:00

I thought this was a neat video:

For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008
Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas. Please visit www.MarkSellsLA.com for more information.

FORECLOSURES, GREAT DEALS WITH HIGHER RISK

2008-08-13T17:29:00.000-07:00

To the 1sttime homebuyer or novice real estate investor, the word FORECLOSURE or REO means a good deal. While in most cases this is true, many buyers are surprised to learn that buying Foreclosures are riskier than purchasing a home owned by a traditional home seller who is not in distress. So you may ask what makes purchasing a foreclosure so risky? Having recently represented several buyers in the last 60 days, I’ve learned the pitfalls and risks associated with purchasing these GOOD DEALS. Here’s what I’ve learned:

A hot foreclosure deal usually gets many buyers to compete for the same property. After all that’s the point of buying in a buyer’s market, to get a good deal. About 65% of the foreclosure properties I’m selling have multiple offers. Multiple offers have been so evident lately, that one of my friends who represents banks as a listing agent had 30 offers on a property. Point is be prepared to bid over list price if you really want the property. Of course it has to make sense to do so. I provide all my buyer clients with a Buyer Comparative Market Analysis, which is a list of comparable homes for sale, in escrow, and that have sold. If the price you’re willing to offer (plus estimated repairs) is 10-15% below market value, it may be a wise decision to jump ship and place that offer. Besides, you can always cancel the sale if you find something you don’t like within the agreed upon timeframes.

SO THAT I DON’T LOSE MY READERS WITH A.D.D., I WILL BE COMPLETING THIS POST IN A 3 PART SERIES.

MULTIPLE OFFERS! HAPPENING AGAIN?

2008-08-11T14:00:00.000-07:00

Yes it’s true! I’m seeing multiple offer situations on well priced properties. Multiple offers can be seen on Foreclosure and Short-sale listings the most. The general impression out there is that Real Estate isn’t doing so hot right now. While it may be true that number of sales are their lowest in over a decade. Single family homes in the $300k-$400k range are attracting multiple offers from qualified buyers who are utilizing special FHA loans which require only 3% down payment and to everyone’s surprise there are buyers who are placing offers with ALL CASH and 20-50% down payment. With inflation at its highest level in years, the dismal performance of the stock market, many savvy investors still bet that purchasing Los Angeles real estate is a secure long term investment. I agree with this due to basic laws of economics; supply and demand factors: they’re not making any more land, developments are becoming more vertical than horizontal, and the glitz and glamour continues to lure more people to the city resulting in appreciating values over next 7-10 years.

A TYPICAL LA SUNDAY..POOL PARTY!

2008-05-23T02:44:00.000-07:00

One of my best friends Stacey Dell, manager of Fleet Operations at the Sheraton Gateway @ LAX along with the event production company L7 has have produced JetSet Sundays; weekly pool parties which will premier this Sunday, May 25th. Over 400 guests have reserved their place to party poolside at this ultra-modern and swanky hotel.

According to L7's website "Jean Louis from Louis XIV, Terry Newsom and Sugar Ant Invasion will spin intoxicating poolside grooves for your dancing or listening pleasure. Bring your appetite because the Gateway is going all-out for the launch event with $15 unlimited selections from the poolside menu including a Brazilian Steak Sandwich, Lime Jumbo Shrimp with Avocado Chili Sauce ("From the Grill"), a Roasted Corn Salad and Grilled Eggplant with Sesame and Soy ("From the Farm Stand"). Ice Cream Bars and Cones will also be served liberally from the "Good Humor Truck.""

So if you wanna party on Sunday the LA way. Stop by and say hi to me and all my friends. Go to L7's website for RSVP and directions:
http://www.l7scene.com/eventDetail.asp?eventID=321

FREE GYM MEMBERSHIP WITH SPECTACULAR VIEWS OF DOWNTOWN TO THE PACIFIC OCEAN

2008-05-23T02:35:00.000-07:00

Getting caught in the hustle and bustle in this ultra competitive city can be draining. As Angelenos we often forget the natural beauty of the canyons and parkland reserves that help define the Valley from the City.

Want a killer workout that will have your legs and glutes yearning for more? Head up to Runyon Canyon in the Hollywood Hills. There you will find 130 acres of natural hiking trails that cater to every fitness level. The hike paths take anywhere between 20 minutes and 45 minutes and offer spectacular views of the Downtown Skyline to the Pacific Ocean. Regular celeb sightings make this a popular workout/people watching recreation area for those in the entertainment industry and others who wanna be. Parking is best in the early morning on weekdays prior to 8am and becomes difficult on the weekends.

Cool tidbit: Bottled water, bananas, and granola bars are available at the Fuller Street entrance for $1. No attendant is present and they just sit in a basket. Payment is based on the honor system. I’ve been wondering…who fills it up and collects the money? Also Yoga Classes are offered as well, best part is it’s GRATIS (for you non-spanish understanding peeps that means FREE!)

You can get more info and directions to Runyon Canyon at http://www.lamountains.com/parks.asp?parkid=122
If you see me there don’t forget to stop and say hi!

VALLEY HANGOUTS

2008-04-29T11:15:00.000-07:00

Towards the east end of the main thoroughfare of the South Valley called Ventura Blvd, (also know to Valley residents as The Boulevard) lies hip-happening bars. If you’re looking to have a good time on a Friday or Saturday night, but don’t want to make the trek over the hill to Weho or drive through the Cahuenga Pass through Hollywood, CLEAR in Studio City maybe a great alternative to the long wait lines and expensive drinks and not-so-awesome service that WEHO and H-WOOD offer.

CLEAR is perfect for the party goer looking to sip on a Cosmo or Dirty Martini while satisfying the urge to shake the bootay. There is a DJ propped up in a corner booth showcased by a clear window spinning top 40 and a bit of old school 90’s rap, hip-hop and r&b. Booths are spacious and decor is ultra-modern. The cozy interior can get a bit pack during peak hours (11PM-1AM), but have no fear, there is a spacious outdoor patio provides a zen-like ambiance complete with bamboo gardens and large outdoor beds that allow for relaxation after you’ve had too many cocktails.

CLEAR is located at 11916 Ventura Blvd. in Studio City. You can check them out on their website at http://www.clearlounge.net/ and on their myspace at http://www.myspace.com/clearlounge

TOOLS OF THE TRADE

2008-04-25T23:54:00.000-07:00

If you're in the housing market you need to do your homework before hitting the listings! Analyze your income vs. debt and use the how much can I afford? tool so the housing dollar signs don't grow bigger than your maximum wallet capacity.

Other tools of the trade to help ease your money mind: mortgage payment amortization, mortgage calculator

Already own a home? Test out this handy tool: should I refinance?

IS IT WORTH THE COMMUTE?

2008-04-25T23:09:00.000-07:00

With the rising gas prices home owners in the Inland Empire area of So. Cal are re-thinking their commute to the inner city. Commuters are paying $4 at the pump and as the summer draws closer the prices creep up a little higher each day. So what is a homeowner suppose to do? Many are considering leaving their mansion like homes to move into the city. Walking to work, shopping and cafes seems like a rising commodity in Los Angeles. Neighborhoods in downtown and the east side are growing dramatically to fulfill the anti-commute demands.

This shift may boost the economy for the bustling city but severely hurt the suburbs causing a slum effect as the New York Times real estate blog reports - "The next slums will take shape in soon-to-be neglected suburban cul-de-sacs: " ... many low-density suburbs and McMansion subdivisions, including some that are lovely and affluent today, may become what inner cities became in the 1960s and ’70s — slums characterized by poverty, crime, and decay."

My Brag Sheet

2008-04-19T20:09:00.000-07:00

I pride myself in having the academic knowledge and theoretical skills to help clients make educated decisions. After a long and treacherous journey through college, I am proud to say that I earned my Bachelor's Degree in Business and Real Estate from California State University, Northridge . Whereas most agents have only taken relatively few courses in Real Estate, I have formal training in the fields of Real Estate & Business Law, Real Estate Finance, Business Communications, and Economics. I love to talk and make sure that I’m fighting for your best interests. By using my negotiation skills I have helped save homebuyers significant amounts of money, while home sellers I represented received top dollar for their homes. In addition to my academic accolades, I’m a self proclaimed internet marketing geek!! I make sure that the homes I sell are listed on of the country’s most powerful internet real estate websites. My client’s homes can be seen REALTOR.COM, HOMEGAIN.COM, ZILLOW.COM, and RE/MAX.COM. Shoot me an e-mail or if it's really important call me and I'll show you how I can help you reach your real estate goals!

Buying and Selling...It's Serious Stuff!

2008-04-19T19:49:00.000-07:00

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2008-04-19T19:07:00.001-07:00

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