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.