Crime and Punishment

Charlies Neighborhood News  (click on this link if you don't get my newsletter delivered)

Every Month, I send out an "E" Newsletter and a printed version.  Some people like one and some like the other.  Personally, I receive so much email, most of which I really don't have any interest in reading, I hate to clutter other peoples mailboxes with mine.  As far as the printed version, I have a lot of fans of my monthly newsletter.  It's simpler than the "E" version and more folksy.  I try to include some fun stuff ... favorite recipes, "how to" tips, neighborly news.  Since I've been at this for decades, people actually call me when they don't get my newsletter.  I love that - makes me feel like someone is actually reading it.  Every now and then I get an email thanking me for information.  I love that even more.  Makes my monthly effort feel worthwhile.

For some time now I've also been getting NIXLE alerts.  In the beginning they weren't in "my neighborhood" so I didn't feel too worried.  Lately they are edging ever nearer.  I just read one about a pair of Male and Female Distracters.  It appears they knocked on the front door of the person's home.  He opened the door and the "perp" (I learned that word watching CSI) inquired if a certain party resided there.  When told no, the perp apologized and walked away.   The unsuspecting homeowner went out to his backyard and observed perp #2 on his cellphone and asked if he could help him.  Perp #2 said he was looking for his son's ball and began rambling on eventually fleeing the backyard through a side gate.

The homeowner then discovered that perp #2 had moved a bench in the backyard, climbed up a water pipe to the second story, pried open the glass door and ransacked his bedroom.  There was a plastic bag containing BBQ chicken remnants in the backyard (probably used to quiet the homeowners dog.)

Now I'm wondering, do you think it would be helpful to let you know about the Lighter Low Calorie Chicken Pot Pie this month or to find a mug shot of these perps to help you guard your house?

 It's really comes down to this.  Since none of us have much time to read anymore, we have to make it count.  Maybe that's why we don't have any "Good News" papers.   And to think I was going to report on the recent occurrence of Coyotes menacing our small animals this month.  I wonder if BBQ chicken remnants would appease them...

As our Police Department Keeps Reminding us ...

"See Something - Say Something"  






Charlie Hoffmann
Team South Bay Realty
310-378-4440

Lomita Pines Picture Perfect Home

1931 262nd St., Lomita Pines

Looking for a great home in the Pines?  

This spacious and gracious Lomita Pines 3 bedroom, 3 bath home is on a large lot with a city view and beautiful patio, deck and garden areas. Detached rear double car garage has alley access. Professionally remodeled
country style kitchen and big dining room would be great for your upcoming Holiday family dinners. Nicely appointed master
bedroom with in-suite bath and Hunter-Douglas plantation shutters (also included on other doors and windows throughout the

house.) Extensive upgrades including newer appliances, newer exterior doors, brand new water heater, gleaming wood floors,
forced air heat and air conditioning throughout. Landscaping is professional drought resistant with newer fencing. Big walk-in
closets in every bedroom plus separate laundry room with newer washer and dryer included. Newer (2010) Strong (Brand name)
6 seater spa with lounger is included. Too many extras to list. It's a must see if you're looking for a spotless, perfect Pines
home. Convenient location - just minutes to the freeway and minutes to the beach. Best of both worlds! Walk to schools,
shopping and transportation.  Call for your personal preview today!

  

Charlie Hoffmann

Broker/Owner  

BRE # 00769985

310-534-3940

Chicken Soup For The Dog?

CHICKEN SOUP FOR THE DOG?

Halloween is over - thank heavens...now it's time to take down the gaudy and maudlin decor and start preparing for the next holiday season...but wait a minute.   Why am I hearing those arrrgh noises from my dog?  Seems like one or more may have taken part in last nights celebration.  I'm hoping it was just candy and there are no missing children.  

Anyway, I was going to start putting up my fav Thanksgiving sides and such but now I'm thinking... is there such a thing as a chicken soup cure for an ailing dog?  When we're sick, that's what we eat but what do you feed a dog that looks like a really bad New Year's Eve hangover victim?


One of the things I give my dogs every day is a scoop of roasted chicken with vegetables on top of their kibble.  They enjoy it and it provides added nutrients and protein missing from the kibble.  So, why not make some soup for them too?  I'll be right back...

OK, believe it or not, looks like it helps!  All three are now making slurping noises instead of gagging. Last Christmas one of them opened up a wrapped box of chocolates that was in a gift bag, unwrapped the box, ate the entire box and pushed the empty box under the couch.  Had I not noticed a few errant wrappers by the door, I would never have even thought to check the gift bag.  There's a fine line between smart and not so much.

At least we will be heading to the beach today and not to the vet.  Thank Heavens for Chicken Soup.  It really can soothe the savage beast in more ways than one.

Have a Happy Thanksgiving and please, don't let the dogs get a hold of the turkey carcass.  



Blessings for a safe, healthy and happy Thanksgiving dinner for you and your family.



Click Here for our November Newsletter
Some great information on predictions for the real estate market in 2014 and fun ideas for decorating your Thanksgiving Table too.  It's all good (my friend Sam always says.)


Charlie (Hoffmann) and Rod Russell and whole furry family ;)

Team South Bay Realty
BRE #00769985
24214 Hawthorne Blvd.
Suite B
Torrance, CA 90505
310-378-4440

Lomita Pines Hosts The Lomita Sheriff's Department

National Open House Day for Neighborhood Watch groups was a huge success in Lomita.  Our Sheriff's Department had 15 groups to visit on Tuesday (August 6th) and were incredibly accommodating.  Our Lomita Pines group was hosted by Irene Kurata with quite a turn out. 

Captain Blaine Bolin, Deputy Despot and several other deputies joined us last night and answered a lot of questions about crime in our neighborhood. They are currently watching several homes for drug activity and encouraged us to call in any suspicious cars, persons, events directly to the station (as opposed to 911 where calls sometimes get routed to LA City.)   Of course, we are reminded to keep doors locked, garage doors closed and to keep mailboxes locked. They mentioned several cases of identity theft in the Pines from stolen mail. They also had 2 arrests and convictions for rape in the immediate area. In addition, there are a lot of car thefts and break ins happening right now so keep your cars and trucks locked and all personal items out of view. Let's communicate with each other and keep the information flowing on our neighborhood website for everyone's benefit and protection.  If you haven't signed on to our NEXTDOOR site yet, please do.  You'll be able to stay in touch and know what's happening in your neighborhood right away instead of waiting to read about in the Daily Breeze. 

Here are some helpful contact numbers and web information:
Lomita Sheriff's Station 310-539-1661

Lomita Sheriff's Facebook

TWITTER

NIXLE.com

LASD Patrol Station 

Captain Bolin at Lomita Station  310-891-3223

dbbolin@lasd.org      

How Safe Is YOUR Neighborhood?

Here in Lomita Pines we feel pretty safe and secure about our

neighborhood.  We know the most important thing to consider when purchasing a home is always, location, location, location. 

But, what about other neighborhoods we may be considering for income property, vacation homes or helping one of our kids find their first place?   

Today, with the amount of information available online, crime statistics can be easy to find if you just know where to look.  Here are some helpful places to start...

 

Sex Offenders: Thanks to Megan's Law, determining if there are registered sex offenders in the area has never been easier. Simply Google "Megan's Law, (your city), (your state)," and you should see a list of available resources. You should be able to enter the address, neighborhood, town, ZIP code, or other identifiers that will allow you to see if there are any registered sex offenders in the area. Be aware that process may vary by state, and if you don't have any success with the keywords "Megan's Law," instead try "sex offender, (your city), (your state)."

 

Drugs: Has a property been used for drug sales or drug production? Was it ever a meth lab? It may be a bit tougher to find all the information you want, but there are options:

 

Google the address. If a crime had been reported there, some details may show up in the search, especially if it made the local paper or news channels.

 

Drive by in the evening or weekend (when people are most likely around) and talk with neighbors. They can often be the best source for what happened in that home before it went on the market.


 Justice Dept. website Click on the map to view a list of counties and addresses where drug labs have been found.

Crime: Want to find out about stolen vehicles, robberies, and more? Below are three sites to help your buyers do that (besides the Daily Breeze, of course.) 


Trulia: To get an understanding of the overall crime statistics in the area, Trulia can be a good place to start. After entering the address in the search field, scroll down to the "Local Info" area and click on the "Crimes" tab. This information is also available for larger areas using the "Local Info" tab in the search area.
 

CrimeReports: This site allows you to see the types of crimes that occurred throughout the area. By clicking on the icons, you learn what type of crime was committed, where it was committed, and when it occurred.

SpotCrime is another site that works similarly to CrimeReports, though you may find more details on the CrimeReports site depending on the area.

 

 

 
Also, check Neighborhood Websites like  Lomita Pines Next Door

Our is still in the beginning phase but I've seen some older neighborhoods really rally against crime using tools like this!

Of course, call me for information on any property in Southern California.  I'd be more than happy to help you research and find a safe place to live, vacation, relocate or check out for the kids. 
Charlie :)
Team South Bay Realty

24214 Hawthorne Blvd. Suite B

Torrance, CA 90505

310-534-3940



  

Nothing stays the same forever, especially the real estate market.  Just like the stock market, what goes up eventually comes down and so goes the circle of life. 

This month we've seen some great improvement in South Bay home prices.  We're slowly moving away from the Foreclosures and Short Sales (although we still may see more to come from the "shadow inventory" some of the banks are holding.)  Meantime, we're holding our breath - anticipating a interest rate hike - long overdue.  A lot of folks are still not convinced that now is the time to roll out their plans for moving into bigger homes or selling the family home which they've outgrown for something more manageable.  I suggest that NOW is the time to start moving forward.  We have a perfect blend - lowest interest rates in history accompanying comparatively modest home prices.  If you are trading up, the money you save on your "up leg" will more than make up for any lag in increased value for your present home.  It's all numbers. 

I'm sending out Market Update Profiles to all my clients over the next few months.  If you're not in my current database, call me and I'll do the same for you.  My job has always been to provide information so you can make an intelligent informed decision.  That starts with looking at the big picture and narrowing it down to how it will play into your life and family plans.  My husband teases me with my own mantra ... if you fail to plan you plan to fail!  We are now in a transitioning market.  Take advantage of the window and watch how these changes play into your goals and dreams. 
Of course, I can help you visualize and project whatever you have in mind.  Then when you're ready to move forward, I can help you make it all happen.  That's my job - your Real Estate Consultant For Life and all it brings...

Meantime, I have a little girl looking for a "forever" home.  She's a sweet 4 year old English Bulldog.  She plays with all my dogs (and cats) and has taken up a post as the best watchdog ever to earn her keep.  She needs someone who will walk her (she loves walks) and give her some attention (not that much but a little.)  She will return those favors ten fold.  Let me know if you or someone you know would like to adopt this wonderful companion pooch.  It's good Karma you know - doesn't hurt to pay it forward. 

Have a great month and please feel free to call me with any of your real estate questions. I'm here to help. 

Charlie :)
Team South Bay Realty
24214 Hawthorne Blvd. Suite B
Torrance, CA 90505
310-378-4440

The Pines, Lomita, CA

Lomita Pines - A perfect place to be!

THE PINES

 Lomita, CA 90717

It's been a quiet year in the Pines...  We call our city SLOWMITA for a reason.  We're happy that not much really happens here.  That's true for Lomita but especially true in the Pines.  We do have Pine trees growing and birds chirping and the occasional skunk, possum or raccoon wreaking some havoc...but that's about it.  Sometimes we have neighbor wars (OK not wars but more skirmishes) over whose gardening destroyed whose tree or whose needs to improve to avoid ruining one's view or whose car is parked directly in front of someones house...that's about as bad as it gets. A couple of years ago someone ran over the fresh blacktop on Monte Vista but I digress...  For the most part, we're neighborly and conservative and quiet. 

On the other side of Pacific Coast Highway (where a large portion of the rest of Lomita resides) there were a few important stories last year.  Seems a local restaurateur killed his wife and disposed of the body parts in the grease pit of his store.  I hated to see that restaurant close.  He did have the best food in town.  Don't know why he and the wife had such a go at it but that's marriage for you.  I took dozens of friends and clients to that place for dinner.  Now I suppose I'm as infamous as he to my friends (at least to those I introduced to his cuisine.)  We are absolutely certain that none of us ate there during the six months the Sheriff's Dept. spent looking for the body.  (Not that it brings any solace to those who may have eaten there prior to the attempt to locate the body.) 

Prior to that we were nationally famous for the story of the Black Widow, an unusually notorious female, said to have killed two husbands prior to being murdered herself by a nephew trying to collect the insurance money she received from her two husband's unfortunate demise.  Now, she was a hair dresser, and I'm glad I never had my locks trimmed in her shop.  I couldn't afford being affiliated with two such notables in such a small town. 

Lomita is tiny really - a tad over 20,000 mostly quiet and not murderous people.  We tend to have a goodly portion of aerospace and Long Shore (harbor) workers here.  Their kids try not to move very far from Mom and Pop and a lot of the homes stay in the families for decades.  That doesn't help my business very much but I respect the tradition.  The WHOLE blasted city is less than 5 square miles (as far as I know.)  We used to be agriculturally based, but now we're famous for our news media coverage. 

Had a run in once with the Tree Committee.  Thank heavens those people have been replaced by a commission.  One thing you DON'T do in the Pines is to plant anything that doesn't drip sap all over your car, your house or your recreational vehicle (which you are not allowed to park on the street for more than 2 days or until your neighbor calls and rats you out.) I believe you would do better to run around naked as a jaybird in broad daylight than plant some deciduous trees in your parkway.  I don't believe the neighbors would turn you in for your naked romp - they would call the Tree Commission if you dare to break the Sap Dripping Tree rule. 

If you're interested in visiting or moving to our little haven South of Pacific Coast Highway or even the larger portion of our 5 square miles of depravity, call me.  I can help you figure out a few things. I could definately sell you a house, condominium or income property!  I'm your helpful neighborhood real estate professional!  Just take a look at some of our pics and you'll get the picture. 

If you're not ready, just keep reading my blog until you are.  I know we'll get you convinced sooner or later.  Till then, have a warm, sunny, blessed life and call me if you need a Pine fix.  We're always here to help.

Laters,
Charlie
Team South Bay Realty
310-378-4440
p.s. I receive numerous requests for information about Lomita Pines housing.  I have an actual brochure about the Pines and the different neighborhoods and home types.  If you are interested in receiving information about Lomita Pines, send an email with your address and whether you'd like to be on our mailing list, email updates, newsletter or twitter accounts and we will include you (but only if you asked to be included.) 

Financing Foreclosed Homes

A "not so beautiful day in the neighborhood" for some homeowners today. Living next door to a boarded up home after foreclosure is not anyone's choice.  Even with the price being way below market value (also not a blessing for the neighbors) the problem generally lies in being able to finance a severely distressed property.  There is an answer that a lot of folks are over-looking in today's market. That is the old 203K loan.  Still viable, available and a real good way to purchase that fixer property and have enough money to make it habitable. 

Foreclosure properties, especially those with the water and power turned off, may not qualify for standard financing, but may qualify for a federally insured 203(k)loan. Buyers who are going to "owner occupy" the property and do not have enough money to purchase a foreclosure home using cash, may qualify for the federally insured 203(k) loan, which allows borrowers to roll projected rehab costs into the loan.

Since most foreclosure properties are sold "as is" and, oftentimes, heating, plumbing, and/or electric are problematic or inoperable, it's unlikely a conventional lender will lend money on the home.  With a  203(k) loan, buyers generally employ an independent consultant hired by the Federal Housing Administration to review contractor cost estimates and architectural plans for things like whether the work will bring the property up to minimum standards, while not going overboard on improvements.

Buyers should be aware that not all foreclosure properties will be eligible. For instance, a partially built house that has never had a certificate of occupancy will require a construction loan of the kind that a commercial developer would use. We're also seeing more and more "unfinished remodeling job" homes today where the seller ran out of money and the building systems and/or  structural definitions are lacking or insufficient.  Those would require construction loans as well.   

The interest rate on a 203(k) loan is approximately a quarter of a percentage point higher than on a standard FHA-insured loan, and a buyer also can expect to pay 1 or 2 points. Also, as with other FHA-backed loans, down payments may be as low as 3.5 percent, and loan limits apply. Currently, most FHA loans are capped at $729,750.

My friends at PACIFIC FIRST FINANCIAL will give you all the information necessary to investigate the 203K loan for your purchase.  They also work with the CHF Platinum Program which is a Homebuyers Assistance  Program featuring low interest rates and down payment along with closing cost assistance with Grants that do not have to be repaid.   Call Sheila for the latest info at 310-214-9299.

Tote your toolbelt over to my office and I'll give you list of great opportunities in your neighborhood!  We're always ready to work for you here at Team South Bay Realty, Your Realtors For Life!

Call Charlie @ 310-534-3940 or email: Charlie@TeamSouthBayRealty.com

When will housing come back in California?

Happy New Year!

Foreclosures in the state are still high. Sales of new homes are at historic lows. And millions of homeowners are underwater on their mortgages. So what's the outlook for 2011 and beyond?

Although the steep decline of home prices in California ended in spring 2009, the weakness in the housing market after the expiration of federal tax credits for home buyers last year has led to some speculation as to whether the recovery is sustainable. Five experts, including Leslie Appleton-Young, the chief economist for the CALIFORNIA ASSOCIATION OF REALTORS®, were asked to provide their view on the state of real estate and what they think is needed to get the housing market moving again.

• In terms of home prices, the experts differed slightly with the majority predicting that home prices will remain flat throughout 2011. Ms. Appleton-Young predicts home prices will rise 2 percent this year, while a foreclosure expert predicts housing prices to decline 5 percent in 2011. According to Ms. Appleton-Young, there is little chance of home prices returning to their previous peak levels anytime soon. “We are in a slow-moving recovery with prices stabilized at the moderate and low end,” she said. “We are still seeing price attrition and price softening at the upper ends of the market.” 2011 will be lackluster, she said, but that does not mean California is not improving. "We are almost two years into a price recovery. The problem is not to look at 2007 as the normal market that you are moving back up to, because it wasn't a normal market. We are back in an underwriting environment that actually makes sense." "You are seeing prices recovering throughout the state," she added. "It is just going to take time."

• California’s recovery will hinge on location, according to Richard Green, director of the USC Lusk Center for Real Estate. Areas between El Centro and Sacramento likely will not see a return to peak prices for a long time. However, places like La Jolla, Laguna, Huntington Beach, Atherton, Palo Alto, the city of San Francisco, and Marin County could experience a return to their peak prices within the next five years, according to Mr. Green.

• Foreclosure expert Bruce Norris of the Norris Group believes the market is being artificially boosted by government programs and is set to fall further this year. Mr. Norris believes the demand for housing is most-needed for a sustainable recovery.

• California’s coastal markets will make a return once the job market improves, according to Emile Haddad, chief executive at FivePoint Communities Inc. In turn, that will lift consumer confidence. However, California’s inland areas are more likely to lag behind, and builders will have to reconsider the kind of product they offer in certain places.

• Former UCLA senior economist Christopher Thornberg, predicts home prices will remain flat in 2011. Thornberg was one of the first to predict the housing crash, pointing to prices that were way out of line with what people earned. In that vein, he views the plunge in home values as its own recovery of sorts "because that is when prices went from stupid-high levels to levels that made sense again," Thornberg said. "Now we are in a post-recovery recovery, if you will."

Here in the South Bay we are still treading water! Looking forward to a stabilizing market in 2011 through 2012 and price increases equal to inflation only. Those downsizing or moving up this year will find plenty of good quality housing at great prices. Don't forget we still have the lowest interest rates in over 30 years available today at fixed rates!

OWE MORE ON YOUR HOME THAN IT'S WORTH? GOOD NEWS!

If you owe more on your home than it's worth, I have some good news for you!  No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931. Governor Schwarzenegger vetoed Senate Bill 1178, our sponsored bill, which would have extended California's anti-deficiency protection to refinance loans.

If you owe more than your home home is worth and don't know what to do, call me, I can help!  You can also check out my Short Sale Website for answers to some common questions in today's market. 

As we near the Holiday season for 2010, please start thinking about ways to help some of our South Bay families in need this year.  Although we are blessed to have fewer foreclosures and homeless families than most areas in the county, we still have friends and neighbors in need.  If you have a request for your neighbor or friend, let me know.  We are starting to collect Holiday Gifts for kids and food bank supplies for families.  If you can contribute, please call and I will pick up.  If you or a friend or neighbor needs help please let us know.  We are here to support our community in any way we can! 

TIME TO CANCEL TIME MAGAZINE

I’d always considered myself a centrist/conservative. Subscribing to Time Magazine is not something a “died in the wool” conservative would do. I appreciate hearing all points of view. That said, the August 30th issue with the cover question “Is America Islamophobic?” really got my dander up (that’s a Midwest phrase.) I spent 9-11-01 in Hawaii with 2000 people at a seminar, a good portion from New York. My roommate lived less than 1 mile from Ground Zero. Dozens of my attendee friends lost loved ones. We were stuck on the island. No flights in or out that week. We grieved together, cursed together and learned about each other on a much deeper level than we could have ever anticipated. The Time article particularly angered me. To cover that gripe I need the space of a book, not a blog.

Now I’m reading the September 6th issue, the front cover shouting “Rethinking Homeownership.” As a Realtor and Real Estate Broker I tried to review their information with an open mind. After all, I need to know what my clients are being told. That recalls another phase “Keep your friends close and your enemies closer.” When I finished their ludicrous article I didn’t know whether to laugh or cry. Their concept conclusion - Americans should trend toward dumping their homes and consider inner city living in cities where people can walk to work. The author envisioned urban areas becoming hotbeds of rental housing. Obviously, this writer is probably not a homeowner, certainly doesn’t live in Los Angeles and most likely will never earn a living as a writer except maybe for comedy. Since most of my clients live near the beach or on the hill (Palos Verdes Peninsula) I’m trying to imagine leaving those homes behind and moving downtown. They could rent a flat (some buildings are currently converting to lofts.) They could walk to work (assuming they can find a job downtown.) They could also take the Red line to the Blue line to the bus station to the beach …problem with dragging those surf boards though. Perhaps this author lives in New York City. If that’s the case, I pray she lives in the same neighborhood as the intended mosque.

Meantime, if you would like to downsize to a rental loft in the business district, please call me! I have many people trying to buy homes in the South Bay area. Somehow we have this strange conception that God is not making anymore Beach Front property. I suppose that will hold until the next “big” one drops us into Las Vegas, but I digress. If you are a first time buyer NOW is the time to buy not rent. Interest rates are in the 4’s for heaven’s sake. If you have a paycheck and even if you have to commute to a job in East Butt Scratch, I suggest this is your window of opportunity. And if you’re short on funds, you can start saving money right now by cancelling your Time Magazine subscription!

SUMMERTIME DREAMS FOR LOWER POINT VICENTE, RANCHO PALOS VERDES

The local Realtor Boards were invited to a luncheon yesterday provided by the Annenberg Foundation at the new Terranea Resort in Rancho Palos Verdes. The presentation was on their new proposed DISCOVERY PARK at Lower Point Vicente. Discovery Park would annex the Point Vicente Interpretive Center combining with and adding a combination of exhibits and programs on topics relevant to the region and community: a Tonga village, an archaeological dig, flora and fauna, geology, weather, local pioneers including whalers and ranchers and much more. It will be a Gift to the Community provided by the Annenberg Foundation under the leadership of Wallis Anennberg. Ongoing operations and maintenance would be underwritten by the Foundation as well.

The presentation was lengthy and informative. The proposed projects and designs were awesome and beautifully articulated. Since there is too much information for my simple blog, click on the link to learn about the Lower Point Vicente Discovery Park Project and the Annenberg foundation.

You may already be familiar with some of their other Los Angeles programs, such as the Annenberg Space for Photography and Annenberg Community Beach House. You can also call with questions or concerns regarding the project at 310-406-3710 or email jjaakola@annenbergfoundation.org.

p.s. my dogs photos appear here because they are definitely in favor of the project. We walk the trails all the time and know this will be a wonderful addition (especially the Pet Adoption Suites) for the community and our families.

p.s.s. The Lunch was FABULOUS! I highly recommend the new Terranea Resort as well and their public access grounds are animal friendly!

GARDEN LIVING IN THE PINES!

Time to find a new place to live?  Not ready to buy yet and looking for a great lease?  We've got the hotspot in the Pines!  Beautiful Owner's Unit in a unique Triplex with huge private backyard, 2 large bedrooms, 2 baths, separate laundry room, workshop area, loads of storage, private one car garage plus carport ... what are you waiting for?  Check out the Real Estate Show Link:   26044-3/4 Oak Street

Owners will provide a refrigerator too (if you need one) for qualified tenants willing to sign a long term lease.  You can submit on pets too with a pet deposit. 

A good time to buy?

Many housing economists have said that for borrowers with stable incomes, good credit history, and FICO scores of at least 620, now is an opportune time to purchase a home. Although inventory rates are below the long-run average, there still are plenty of options available for buyers of middle to high-end homes.


Consumers trying to time the market and purchase their home when prices are likely to rise again are advised to take a different approach. According to one real estate consultant, while home prices have stopped declining in most areas, and even have risen in some markets, mortgage rates may rise, offsetting any potential savings.


Early last year, the Federal Reserve began purchasing mortgage-backed securities, which helped maintain low interest rates for consumers. However, the Fed’s purchase program ended in March, and some analysts forecast interest rates to increase throughout the rest of the year. One financial publishing company predicts that rates likely will rise to 5.5 percent by mid-2010 and close the year at 5.75 percent to 6 percent. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) projects rates on 30-year fixed-rate mortgages to average 5.6 percent this year.

Closely-watched indices, including the Standard & Poor’s/Case Shiller Index, indicate that the high end of the market didn’t experience the same dramatic price appreciation as the low end. Home prices in this segment have not declined as steeply as homes in the mid- to low-end of the market. Additionally, many discretionary sellers in the high end—those who do not have to sell their homes—are opting to wait until home prices rise before listing their homes for sale.


The high end of the market also is facing challenges with buyers qualifying for financing. During the height of the market, many high-end home purchases were fueled by exotic mortgage products. Now that those mortgages are no longer readily available, many lenders are requiring borrowers to provide proof of income, such as W-2s and recent paystubs, as well as demonstrate their ability to meet the monthly mortgage obligation.


This year is still providing many windows of opportunity. If you've been waiting to move into a larger home or waiting to downsize for retirement, this is a good time to move forward. As the market stabilizes, interest rates will rise. Use this time to meet your goals and make the most of the current market. Why wait 3-5 years to achieve the same result under different circumstances.


Call me with questions about your home value or for a list of homes to preview in your area. You know I'm never too busy to be of service in my community and never too busy for your referrals!

The home pictured above is a wonderful 3 bedroom home in the Lomita Pines area. Check out this home's personal website:  http://www.2077guyson.com/ for all the details or call me and I'll send a copy of the listing information directly to you.

Enjoy the beautiful Spring weather!

2010 FNMA LOAN LIMITS BY COUNTY IN CALIFORNIA

Wake up to some good news in 2010! It's a "piece of cake" to trade up in this market. Prices are low - interest rates are low and conforming loan limits are the highest they have ever been! There is a great window of opportunity that is wide open right now. Don't stay behind the curve and miss your chance to lock in a great deal on a home at historically low interest rates fixed for 30 years. Also, don't forget the $8000 first time buyer credit and $6500 move-up tax credit for current homeowners. They both require purchases by April 30th and closed escrows by June 30th 2010.


If you're struggling with your mortgage and want to sell your home - this is the right time to attract buyers too! Check out the conforming loan list by county below. Feel free to call with any questions and if you're thinking about moving out of your current area and need a great broker referral, let me know and I'll research the appropriate professional for you in your chosen city or county.


1- Unit 2-Units 3-Units 4-Units

 Los Angeles-Long Beach-Santa Ana
Component Counties: Los Angeles, Orange

$729,750   $934,200   $1,129,250   $1,403,400


Oxnard-Thousand Oaks-Ventura
Component County: Ventura


$729,750   $934,200   $1,129,250   $1,403,400



Riverside-San Bernardino-Ontario

Component Counties: Riverside, San Bernardino


$500,000   $640,100   $773,700   $961,550



San Diego-Carlsbad-San Marcos

Component County: San Diego


$697,500   $892,950   $1,079,350   $1,341,350



Santa Barbara-Santa Maria-Goleta

Component County: Santa Barbara


$729,750   $934,200   $1,129,250   $1,403,400


I have the entire list for California by county. If you don't see yours here, call or email and I'll send you the list for your area or any area of interest to you.

If you think your property's market value may be below your current loan amount, call me and I can show you how to work with that issue as well. I'm also a Certified Distressed Property Expert.

Once we isolate the problem, we can always find a solution!

Call Charlie @ Team South Bay Realty 310-534-3940

for all your real estate needs!

New $6500 Tax Credit for Repeat Home Buyers

Happy New Year! I just posted the South Bay and Palos Verdes Peninsula sales charts for 2009 on my Facebook. The stats are from November 2008 through November 2009 and the trends are quite obvious. We are heading back into market momentum. With interest rates still at an all time low and destined to begin a steep increase this year, this is really the right time for first time buyers and move-up buyers to secure a great home at a great price with long term 30 year fixed rate financing. It just won't get any better than this! Here are some "Good News" Facts:

Q: Who can claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home intended as his/her primary residence are eligible to claim this credit. The tax credit does NOT apply to second homes, vacation homes, or investment property.

Q: What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (long-time resident) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

Q: When does the credit take effect, and how long will it last?
Transition buyers are eligible for all contracted purchases dated Nov. 7th, 2009 through April 30, 2010, with closing occurring on or before June 30, 2010.

Q: How is the amount of the tax credit determined?
The tax credit is equal to 10 % of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
Q: Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; & $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts. (NOTE: I suggest you consult your CPA or accountant regarding your MAGI questions. There are several complications that are best defined by a professional.)

Q: If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $6,500 are available for some taxpayers whose MAGI exceeds the phaseout limits.

Q: How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were for different amounts of money.

Q: How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns.

No other applications are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and repeat home buyer tests. Note that you cannot claim the credit on IRS Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to IRS Form 5405 as proof of the completed home purchase.

Q: What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences per the IRS.

It is important to note that you cannot purchase a home from — among other family members — your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.

Q: I've heard that I could be required to repay the credit if I do not occupy the new home for at least 36 months from the purchase date. Is this true?
Yes. If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.

Q: Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. However, for the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been purchased on the date the owner first occupies the house, not when the lot was purchased or construction began on the property. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).

Q: I am not a U.S. citizen. Can I claim the tax credit?
Perhaps. Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and resided in a principal residence in the United States for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS provides a definition of nonresident alien in IRS Publication 519.

Q: Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $6,500 in income taxes and who receives an $6,500 tax credit would owe nothing to the IRS.

Q: Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Q: HUD allows monetization of the tax credit. What does that mean?
It means that (in theory) HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund, provided the FHA lender offers the option of purchasing the tax credit in advance.

Q: For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount. (Again, your CPA or accountant should be consulted on this.)

Q: Where should I get the most reliable and up-to-date information from regarding the $6500 repeat home buyer credit?
From your tax advisor or the IRS directly. While the credit is specific to the purchase of qualified real property, it is still a tax issue, and not a real estate or mortgage matter. As such, it falls under the taxation and revenue codes of the IRS. Your tax professional or an advisor at the Internal Revenue Service is best equipped to provide you current information about this new credit.


Looking forward to working with you this year. Please feel free to call with any questions. I don't have all the answers but I generally know someone who does. And, I am NEVER too busy for any of your referrals!

LOVE THY NEIGHBOR ...

Being a Christian, I love the Christmas season. It brings hope and laughter and love, even in economic recessions. It reminds us to be kind, faithful, patient. After all, Jesus is the reason for the season!

We think about our neighbors more during the Christmas season. We reflect on their choice of decorations (indoor and outdoor.) We listen more intently to their declarations (in church and out .) We have expectations of their kindness and consideration. We are reminded of bible verses and hymns. Unfortunately, we are also sometimes reminded of the old addage, "keep your friends close and your enemies closer." This, my friends, is a "high profile" season. Whether you're a shopkeeper, neighbor, relative, teacher, fellow student, employee, sports fan, politico or zealot of one sort or another, this season shines a light on you in so many, many ways.

I recently wrote about my experience with a local business owner in my Facebook...how I felt wronged by his less than stellar business policy and questionable ethics...how I felt cheated by his treatment, not just financially but emotionally as well. I pledged a vendetta of negative marketing as my revenge. I had all the tools at my disposal. I devised a plan to bring him to justice. Then I realized how much energy it takes to wage such a war or to even envision it. I began to rethink my plan. How much better might it be to try to help people avoid being ripped off by simply educating them about the problem. How short lived my vendetta would have been versus how long lasting and far reaching my informational tips could be. I reflected on various ways to help others avoid being ripped off both during the Holiday Season and throughout the year instead. I relected on a quote by Isaac Bashevis Singer...

Life is God's Novel, Let him write it!

In that decision was my clarity. How we move forward in life is a statement of who we are and how we love. In checking our own perspective, we can influence others as well. As the cat in the photo teaches us, there's a lot more going on than we'll ever really understand individually. With the help of our friends and neighbors and relatives and yes, even those who disparage us or rip us off, comes life's lessons to be learned and shared for their worth and value - as opposed to their pain and suffering. In this season, as in all seasons, We Are Not Alone.

God Bless Us Everyone and

Merry Christmas!!

Oh, and by the way, if you want my recommendations for businesses and service people in the South Bay, please visit my Online Business Directory

and I'm NEVER too busy for your referrals!

Charlie and Team South Bay

Wish you a safe and joyous Holiday

and a Prosperous and Engaging 2010!

First Time Homebuyer Tax Credit Extended Into 2010!

Plus...A New Tax Credit for Certain Existing Home Owners!

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So,  Who Gets What?

The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect

The amount of income someone can earn and qualify for the full amount of the credit has also been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sales price of $800,000.

Frequently Asked Questions...

What is a tax credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

How do I claim the credit?

For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 http://www.irs.gov/pub/irs-pdf/f5405.pdf

Can I claim the tax credit in advance of purchasing a property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?

Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.

You do not use the home as your principal residence.

You sell your home before the end of the year.


You are a nonresident alien.

You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?

Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?

Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?

No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

If you have any additional questions about the First Time Home Buyers Credit or any other real estate related questions please call me anytime. If your question needs to be answered by a CPA or tax preparer and you do not currently have one, I'll be glad to refer you to one in my network.

And of course, I am NEVER too busy for your business or referrals. Please let me know how I may be of service to you with any of your South Bay or Southern California Real Estate Needs. I also have a great network of brokers outside our area ready to handle your business as well.