ARE WE AT THE BOTTOM?

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

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

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).

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

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

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.

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.

A TYPICAL LA SUNDAY..POOL PARTY!

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

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

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

IS IT WORTH THE COMMUTE?

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."