We would like to take another moment to share a story, or plight, of a couple of clients we started working with late in the spring.
After working for quite some time with a different homebuyer, we finally landed on something suitable despite all odds. Given our client’s entry level price point and desire for an FHA Financed condo, the search lasted substantially longer than usual. To illustrate the importance of patience and tenacity combined with choosing experienced agents, we put together a video to encourage others to Hang in There!
We soon received an email from the aforementioned client who had seen our video. They needed help. After looking for over a year and a half and dealing with several offers, they had lost on all of them. They were frustrated and ready to give up. We thought we could help.
There is no question that today’s real estate market is challenging. It is challenging for sellers who have lost home value and remain unable to purchase a new home unless they can get a certain amount for their current homes. Or, who simply can’t sell because they are upside down on their mortgages and likely don’t qualify for a loan modification or short sale.
But, it’s no easier for buyers. On one hand you are unsure of the declining market values and on the other, confused by multiple over asking offers, short sale horror stories, lack of inventory, and unrealistic pricing by sellers. The bottom line is that both buyers and sellers need to work with Realtors who know how to navigate the choppy waters of this market to get results for their clients.
So now what happened with those clients who had contacted us? Well, they had reached out to us some time in late May. Ultimately we discussed their situation and what they had been through. We talked about their wants, needs and goals. We looked at a few properties in June and developed a good idea of what they wanted. At the beginning of July, we got them pre-approved again. By mid July they were in escrow. We closed on their home in early August. Needless to say, they are ecstatic about their new home. They told me that the day we closed was like Christmas morning. They even wrote about us and our lender in their own blog.
Please remember, that Who You Work With Matters. Call us so we can help you too.
After California lawmakers rejected a bill that would have effectively ban plastic shopping bags, Santa Monica city officials announced that they would enact a similar citywide ban. Following in the footsteps of Malibu, San Francisco, Palo Alto, and Fairfax, Santa Monica also hopes to remove plastic shopping bags from the city.
On October 12, the Santa Monica City council plans to create a Green Fee for each paper bag distributed by supermarkets, liquor stores and pharmacies. A similar plan was already attempted in 2008 and plastic bag manufactures and related business demanded an environments impact report before the plan was enacted.
Julia Brownley, a Santa Monica assembly member, continues her protest and claims that only “five percent of single-use plastics bags are recycled.” With Santa Monica as one of the most progressive cities in the country, this ordinance will likely soon pass.
If you live in or are visiting Santa Monica and are in the mood for a great coffee, tea or Boba drink you have to check out Infuzion Café, at the north end of the 3rd Street Promenade and next to Michaels’ Restaurant. I am no Boba expert but I really like their coffee. I also like their small community feel. The owner, Henry, knows everyone and greets them all by name as they enter the store, or even as they pass by on their way to the 3rd Street Promenade. It is a pleasure to go there. I find that Starbucks and Coffee Bean offer less than stellar coffees but it seems to me that people auto-pilot themselves there because of their marketing or whatever. Infuzion Café opened its doors in 2003 and is located in the heart of Santa Monica withing walking distance of the famous Santa Monica Pier. It is a casual, friendly neighborhood coffeehouse. They also provide FREE wireless internet connection.
Next time you are in the neighborhood, go check it out!
With the recent shift toward seasonal, fresh foods, the Santa Monica Farmers’ Market is more popular than ever. Local chefs primarily cull their fresh produce and other seasonal favorites from one of the four markets. Known for their rich bounties of vegetables, baskets of freshly cut flowers, live music, breads, cheeses, and delicious food samplings, these markets are open rain or shine for your convenience. Wander the colorful aisles as you imbibe the smells, textures and visuals of the highly frequented farmers market.
Downtown FARMERS’ Market
Located on Arizona Avenue between Second and Third Streets:
Wednesdays, 8:30 am – 1:30 pm; Saturdays, 8:30 am – 1:00 pm
The Wednesday market is the largest and the one most often frequented by local star chefs. Local restaurants make weekly appearances in a food tent on Arizona Ave. You can park on surrounding streets or in parking structures along Second and Fourth Streets, or the Tide Ride can take you to within a block of the Downtown market.
Pico FARMERS’ Market
Located at Virginia Park (2200 Virginia Ave):
Saturdays, 8:00 am – 1:00 pm
A fairly serious and businesslike market with superb produce. You can park in the lot or at the meters along Pico or adjacent to Virgina Park in the lot on the northeast corner of Pico and Cloverfield.
Main Street FARMERS’ Market
Located at 2640 Main Street
Sundays, 9:30 am – 1:00 pm
With the feel of a street fair, the market includes live music, pony rides, face painting and chefs serving breakfast, lunch and snacks. This is the only Famers’ Market in Santa Monica to contain a large non-agricultural section. You can park on the surrounding street or at overflow parking at 2600 Barnard Way. Tell the attendant you’re going to the Farmers’ Market and validate your stub at the market information booth.
After a major renovation and with much anticipation, the Santa Monica Place mall will re-open it’s doors on August 6th, 2010. Converted from the pre-existing, traditional mall structure, Santa Monica Place has transformed into three roof-free stories of open-air shopping and dining. Utilizing green-building practices, architects redesigned the structure to maximize sunshine and air flow while reducing heat emissions, light pollution and overall energy consumption.
Located two blocks from the beach and just steps from the Third Street Promenade, Santa Monica Place is your connection to the heart of the city. There is so much to explore — get lost in everything different about Santa Monica.
Take a morning walk along the Pacific shore. Feel the sand between your toes, or watch the waves roll in and out. Stroll down to the legendary Santa Monica Pier. Here, ride on the world’s only solar-powered Ferris wheel — the view from the top is incredible. Inspire your artistic side at Bergamot Station or explore the Santa Monica Museum of Art’s latest exhibits. Unwind at Santa Monica Place. Take a shopping break or look around The Market. Who knows what you’ll discover. Dine alongside a stunning Santa Monica sunset on the third-level Dining Deck. Let the stars fold in overhead.
This is part of an article written by Michael C. Gray, CPA in April, 2010 discussing the tax consequences of a “short sale” vs. a foreclosure.
Our nation is now seeing the effects of tightening mortgage credit after a liberal period. With increases in interest rates for adjustable rate mortgages and the conversion to amortization of principal for interest-only (or negative amortization) loans, home values for homes favored by subprime borrowers (and even other homes) are collapsing, and the debtors are either trying to “walk away” from their homes and allowing them to be foreclosed or are making “short sales.”
A “short sale” is selling the home for less than the mortgage balance and trying to get the lender to forgive the unpaid balance. This is a new use of the term, and is not the definition for this item in the Internal Revenue Code. In the tax law, a “short sale” is a sale of a borrowed item to be replaced at a future date, usually a security. The only case that I know about using the term “short sale” for this type of transaction is a 2008 decision, Stevens v. Commissioner.1 With the explosion of real estate short sales, we will undoubtedly soon see more cases with them.
A reason for debtors to consider a “short sale” instead of a foreclosure is to try to protect their credit history.
The twilight dance series is one of the best event series in Santa Monica. The concerts are a great excuse to enjoy the beautiful California summer weather, catch up with friends, and spend time down on the beach.
If you’re into great music, recession-proof fun, a chill vibe, and happy people then this is for you. This is the perfect event to meet up with old friends, make new friends, eat, drink, be merry and enjoy the sand, surf and sounds. Appropriate for all ages, starts up every Thursday at 7pm but get there early to stake out a good spot to picnic and party.
FREE concerts begin on July 8th this year!! Enjoy concerts every Thursday night through September 2010
The chart above gives Year-To-Date statistics for all single family Santa Monica homes for sale. The days on market for sold homes is down slightly from last month and the price per square foot is up slightly. If you look at the numbers above you can still see how the market works. Santa Monica homes are located in many different types of communities with differing price points but even when you average them all out you can see how the price per square foot on the expired homes is the highest. The homes that are still active on the market have the next highest price per square foot and the sold homes have the lowest. The number of days that the homes were on the market follow a similar trend.
Understanding how to price your home so that is sells quickly but for the maximum market value dollar is crucial (watch our video on seller pricing) . Call us when you are ready to sell and we will analyze your home in it’s specific community and get you top dollar quickly. There is no reason to sit on the market month after month.
Wednesday, May 19th, signified the beginning of the installation and exhibition phases of “Summer of Color,” a massive public art and civic project conceived and developed by Portraits of Hope, and involving all LA County lifeguard towers from Malibu to Palos Verdes.
Summer of Color is the culmination of the efforts of nearly 6,000 children in schools, hospitals, and social service programs – and 2,500 adult volunteers — who have participated in the initiative’s program activities, which included painting the brightly colored panels for the walls and roof tops of the towers.
For six months preceding the installation, Portraits of Hope worked with children and adults from 118 school, hospital, youth, and social service programs in civic leadership and creative therapy sessions. The Braille Institute, Special Olympics, Rancho Los Amigos National Rehabilitation Center, and Program for Torture Victims are among the many organizations that have participated.
All 2,200 panels for the 5-month exhibition are set to be installed on the towers during the next 3 weeks courtesy of Chris Bonas and Morley Builders, giving beachgoers this summer an unprecedented view of Zuma, Malibu, Santa Monica, Venice, Marina Del Rey, Playa Del Rey, Dockweiler, El Segundo, Manhattan Beach, Hermosa Beach, Redondo, Torrance, Palos Verdes, and San Pedro beaches.
“This project is a great visual symbol of community accomplishment, and it is especially meaningful because of the challenges many of those involved in the project have had to face,” says Ed Massey, co-founder of Portraits of Hope.
The project and exhibition has been championed by LA County Supervisors Zev Yaroslavsky and Don Knabe, and the LA Department of Beaches and Harbors and the LA County Lifeguards have worked closely to help coordinate the civic effort.
In preparation for the exhibition, the rails and cross beams on all 156 towers were freshly painted 3 weeks ago by 1,200 volunteers.
“During the civic leadership program sessions, we emphasize the power f teamwork and collaboration to affect positive change in our communities and lives. Summer of Color puts those concepts into practice,” added Bernie Massey, co-founder of Portraits of Hope.
The chart above gives Year-To-Date statistics for all single family Santa Monica homes for sale. Santa Monica real estate has shifted over the last few years along with the rest of the real estate market. If you look at the numbers above you can see how the market works. Santa Monica homes are located in many different types of communities with differing price points but even when you average them all out you can see how the price per square foot on the expired homes is the highest. The homes that are still active on the market have the next highest price per square foot and the sold homes have the lowest. The number of days that the homes were on the market follow a similar trend.
Understanding how to price your home so that is sells quickly but for the maximum market value dollar is crucial (watch our video on seller pricing) . Call us when you are ready to sell and we will analyze your home in it’s specific community and get you top dollar quickly. There is no reason to sit on the market month after month.
