CELEBRITY REAL ESTATE

CELEBRITY REAL ESTATE

Kourtney Kardashian Lists Her Calabasas Home

More real estate shenanigans for the Kardashian clan. Kourtney Kardashian, the eldest sister, is moving on from her Calabasas home. TMZ reported that she has listed her three-bedroom house for sale. Property records show that she bought the home in 2006 for $829,000. She and her boyfriend Scott Disick are looking for more room for themselves and their young son, Mason.

The 2,245 square foot home has three bedrooms and is located in the gated Creekside community in Calabasas. It has hardwood floors, a refrigerated wine closet and a marble bar. Like her sister Kim, this Kardashian has a love of animal prints, heavy draperies and nods to Hollywood glamour in the form of black and white posters. This home is listed for $795,000 with the Shevins who also still hold the listing for the main Kardashian home in Hidden Hills.

California's Homebuyer Tax Credit

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

A message from the 2010 CAR President, Steve Goddard

"I’m gratified to report that late this afternoon [March 25,2010], Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law. His actions today are the result of our efforts in Sacramento over the last several weeks as members and our team in the capital worked for the bill’s passage before it landed on the governor’s desk.

AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.

The state’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year’s legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.


AB 183 will significantly contribute to the effort to stimulate jobs-creation within California's housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities."

Does the tax credit make a difference to you? Does it motivate you to buy? It will be interesting to see what effects it has on the CA real estate market. I guess we'll have to wait and see...

Save the Date

The WEST PASADENA RESIDENTS' ASSOCIATION is holding their annual meeting on Sunday May 4, 2010. The reception is scheduled for 5:30pm, followed by the program at 6:30pm. The theme of this year's meeting is Pasadena Development: The Good, the Bad and the Ugly. (should be very interesting!) The highlights of the discussion will include proposed developments at Ambassador West and the Monty's restaurant site. City leaders will be on hand to present new plans for the renovation of the Rose Bowl and the update of Pasadena's General Plan. The program will allow ample time for a Q&A session. Residents are encouraged to submit questions in advance by email (questions@wpra.net). Exhibitors at the reception will include the Rose Bowl Operating Company, the Pasadena Planning Department, Arlington Garden, and other community groups.

The Annual Meeting is FREE and OPEN TO THE PUBLIC. The location is Mayfield Senior School, 500 Bellefontaine Street Pasadena 91105 (This is historic mansion, used in such movies as Jurassic Park: The Lost World. It's a beautiful location!! pictured below)

For more info, visit http://www.wpra.net/

FHA Loans

FHA LOANS

FHA 203(k) Loan Defined...

In today's Southern California Real Estate Market, distressed properties are flooding the marketplace. With loan restrictions and requirements becoming more strigent, finding the extra funds to fix up a foreclosed property seems out of reach. But don't hang your head just yet! The Federal Housing Administration (aka FHA) has a great program known as HUD 203(k) that assists buyers in financing the purchase of a "fixer-upper" and the costs needed to rehab the property. If you're willing to do a little extra work gathering estimates for repairs, this loan may be the key to buying your next home. There are plenty of bargains to be had purchasing "fixer-upper" properties, and you can save thousands of dollars on the purchase price of a home that has fallen into disrepair, been through foreclosure, government seizure, or a property sold in a non-traditional way like an auction.

FAQs:

CAN A HOMEBUYER TAKE ADVANTAGE OF THE BENEFITS OF AN FHA MORTGAGE ON A "FIXER UPPER?"

Absolutely. A program known as HUD 203(k) lets qualified buyers purchase fixer-uppers with FHA guaranteed loans, and even has built-in protection for the borrower should the repair and renovation process cost more than expected.


IS AN FHA "FIXER UPPER" LOAN DIFFRENT THAN A STANDARD FHA MORTGAGE?

A 203(k) has the same kind of application and approval process as other FHA home loans. You need to locate an FHA-approved lender and fill out the paperwork. The usual credit check and debt-to-income ratio considerations apply, and the low FHA mortgage down payment is also part of the deal. But with an FHA loan for a HUD 203(k), there are some additional requirements.


IS THERE EXTRA PAPERWORK REQUIRED TO APPLY FOR AN FHA INSURED HUD 203(K)?

Because the home must be repaired, the borrower is required to submit a detailed list of repairs and cost estimates with the application. That means putting in some extra research time prior to the FHA loan approval process. With the purchase of a new home with an FHA loan, the property appraiser does much of the work in determining how much the home is worth. In the case of a HUD 203(k), you need to have the property examined, labor and repair costs estimated, and have the repair list broken down so that your lender and the FHA can see how you plan to proceed once the sale is final.


WHAT DOES MY FHA "FIXER UPPER" LOAN PAY FOR?

Once you pass the usual credit check and you get approval for your FHA mortgage, you proceed to closing with a loan that not only covers the cost of buying the property, but also for remodeling expenses and closing costs allowed by the terms of your FHA home loan. The best part of these “fixer upper” loans? The approved FHA loan amount also includes a percentage of the total remodeling costs (as spelled out in your submitted plan) set aside just in case there is extra work needed. If you didn’t foresee some additional expense or one kind of repairs lead to an additional requirement, you’re covered with that extra money.


WHEN DO I GET THE MONEY?

When you’re ready to close the deal, the FHA loan money isn’t paid out all at once. The costs of the purchase are covered, but the remaining funds from your new FHA guaranteed loan are deposited into an escrow account and can be used to pay for the work done as you rehab or remodel the property.


WHAT ELSE SHOULD I KNOW ABOU THIS TYPE OF LOAN?

It’s understood that you may not be able to occupy your new home while you are having it fixed or remodeled. That’s why the guidelines for this type of FHA home loan include the option to include up to six mortgage payments added to the cost of doing the rehab work. The amount of mortgage payments built into the loan must not exceed the number of months estimated to get the work completed. You can’t add four months if the work will be done in three.



If you’ve got your eye on a fixer-upper property and you meet the FHA’s income and other requirements, you can take advantage of lower interest rates and other advantages of an FHA guaranteed loan. You don’t have to purchase a brand new property to get the benefit of an FHA mortgage.


Check out http://www.fha.com/ for more information, as well a list of FHA approved lenders in your area.

Things to Do

Things to Do - Sunday Edition

The Los Angeles Conservancy presents:
The Biltmore Hotel Walking Tour

The Biltmore Hotel tour explores the architecture and rich history of this magnificent hotel, known in its early days as “The Host of the Coast.”

The Biltmore Hotel opened in 1923 as a 1,000-room hotel that was “first class in every respect.” This was the first hotel commission for the newly founded architecture firm of Schultze and Weaver, who later went on to design such grand hotels as the Park Lane and Waldorf Astoria in New York, and the Miami Biltmore in Coral Gables, Florida. In addition to the lobby and grand hallway designed to resemble a Spanish palace, the hotel has several ballrooms, each decorated in sumptuous Beaux-Arts splendor.

Over the years, the Biltmore played non-stop host to high society, international political figures, movie stars, and royalty (including Rudolph Valentino, the Prince of Wales, J. Paul Getty, Howard Hughes, Herbert Hoover, and Eleanor Roosevelt), and it was the 1960 Democratic Convention headquarters of John F. Kennedy. In local crime lore, the Biltmore is known as the last place Elizabeth Short (the Black Dahlia) was seen alive.

The tour starts at 2:00pm sharp every Sunday and lasts about 2 hours. It's an easy walk that covers roughly 1/3 mile. Reservations are required for this tour. Meeting and parking information will be provided with your reservation confirmation. After the tour, stay for high tea in the hotel's magnificent Rendezvous Court (additional cost for tea reservations call the Millenium Biltmore at 213-612-1562).

Sounds Interesting....

'The Residences' at the W Hotel in Hollywood

Listed by my Twitter buddy, Russ Filice of Sotheby's International Realty-Sunset Strip, The Residences at the W Hotel in Hollywood is an exclusive condo project, committed to providing a VIP experience in the heart of Hollywood. The units range from studios to 3 bedroom penthouses, with price tags from $800,000-$9,000,000. Amenties include access to the W Hotel and all it has to offer, private rooftop access, high end design, and a location to die for. More info can be found at WHollywoodResidences.com.

OPENING MARCH 31, 2010

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Buyer Sales Procedure

Breakdown of the Buyer Sales Procedure:

Step 1: Buyer applies for a Loan
Step 2: House Hunt (my favorite)
Step 3: Submit Offer(s)
Step 4: Offer Accepted
Step 5: Open Escrow
Step 6: Order Title Report
Step 7: Inspection & Bank Appraisal
Step 8: Mortgage Loan Approval
Step 9: Title Company records deed & Lender funds new loan
Step 10: Close Escrow & take possession of your new home!

P.S. Hiring a buyer's agent doesn't cost you a sent!

Degree in Real Estate Development

USC offers Master of Real Estate Development

Real estate developers are the impresarios of the built environment. They orchestrate the talents of many players and balance the needs and interests of the various constituents touched by a development project. It is their job to discover how we want to live and work – and to provide the settings accordingly.


In many ways, a real estate developer is a creator of the urban landscape, working within a complex system of governance to tackle the challenge of converting undeveloped or under-utilized resources into homes, employment centers, civic areas, and places of recreation and commerce. With the excitement of finding place-based solutions to the unique set of problems presented by a development project, there also are the risks, rewards, and responsibilities that come with making our built environments more habitable and prosperous.

With greater frequency, community groups, government agencies, other property owners, and even the media are becoming involved in the development process. The capital markets, political and regulatory context, and major players change so rapidly that it is difficult to remain informed, let alone competitive. To deal with the complexity of the field and its far-reaching effects, today's industry professionals require advanced training to prepare them to operate in increasingly technical and interrelated areas.

What makes the MRED program so unique?

SPPD's Master of Real Estate Development program prepares graduates for key positions in real estate development. The MRED program is carefully designed to bring together the three main elements of real estate development: design, finance, and policy. Students are exposed to the full range of development functions – market analysis, finance and deal structuring, site planning, and project management and operations – and to all product types – residential, commercial, retail, office and industrial. Whether in the context of urban redevelopment, historic preservation, or suburban growth, MRED students learn from the developer’s perspective the importance of relevant issues in real estate law, economics, finance, marketing, negotiation, architecture, urban history, planning, project management, and construction technology.

The MRED program offers a number of distinct features, including:
An Exceptional Faculty:

Full-time USC faculty are joined by developers, lawyers, architects, planners, and other prominent professionals who bring cutting-edge relevance to the classroom and bridge learning with practice.

Lusk Center for Real Estate:

USC's Lusk Center for Real Estate serves as the liaison between the academic program and the real estate industry. It provides MRED students with a forum for professional development and offers them unique opportunities to connect with the real estate development community.

Distinguished Tradition:

Created in 1986, USC's MRED degree is among the oldest, most respected, and one of few graduate degrees focused on real estate development in the country.

Southern California:

The Los Angeles metropolitan area and its surrounding counties provide a rich urban environment within which to study real estate development. In this world-class hub of real estate innovation and activity, MRED students study an exceptionally wide range of projects - learning equally from failures as well as successes.

International Focus:

Recognizing the increasingly global nature of real estate development, the School is dedicated to preparing professionals to be effective practitioners throughout the world through the international study tour. Study tour courses include a 10-day professional-level overseas visit, and have focused on Sydney, Hong Kong, and Dortmund/Berlin in recent years. Students meet with leading developers, government officials, prominent business people, and consultants actively involved in the development community of the international site, thereby enhancing their global perspective and network while gaining valuable practical experience in the field.

Historic Listings

1837 Historic Adobe for Sale
Pomona, CA

Casa Alvarado, Circa 1837. A rare architectural find in the Hacienda Historic District of Pomona, California. The hacienda is on the National Register of Historic Places and is a city of Pomona Historic Site. This adobe is rich in history with residence of famous artist, writers and poets. This house is a rare survivor exemplifying the fully developed adobe frame ranch house in its final courtyard form. It embodies all the significant characteristics, showing the development of this form from the Mexican frontier period. This hacienda home is all the more rare as it retains much of its original fabric, including hand planed beams, shutters, doors and hardware. Surrounded with gracious deep verandahs this home is one of the original adobe haciendas in the state of California. On a large lot, the grounds include many early plantings, including a rare 150-year-old orange tree from San Gabriel mission. With a devotion to preserving the original design, the home is in need of restoration. This property is eligible for the Mills Act and historic restoration grants. Listed at $599,000


This historic adobe is perfect for a B&B. The location is accessible to major freeways, conference centers and is half way between Los Angeles and Palm Springs.

Listed by:
Linda Garner ZipRealty


Mobile: 909-762-3528
Fax: 866-837-8480
Email: linda.garner@ziprealty.com

CELEBRITY REAL ESTATE

Thanks to BergProperties.com/blog for this interesting piece of info...

Conan O’Brien formally lists his duplex penthouse in The Majestic building in Manhattan for $29.5M (Wowser!!)


Weeks after Conan O’Brien was reported to have been quietly listing his duplex penthouse in The Majestic building in Manhattan, the wan will o’ the wisp (as we once read him described) has officially listed the unit for $29,500,000.
Props to Chloe Malle over at the New York Observer for reporting last week on O’Brien’s new “formal” price tag for the 17th and 18-floor penthouse, which is in the Art Deco-style building at 115 Central Park West. He is listing the unit through Brown Harris Stevens’ “private directory,” and using power agent John Burger (loyal readers know how seldom we ever mention agents by name). Features in the seven-bedroom unit include eight baths, three terraces, two libraries and park views.

In 2002, Conan purchased the first portion of his spread — namely, two 17th-floor units (#17B and #17C) — for an undisclosed price. Then, in early 2007, through a variation of his name (”C. Christopher O’Brien”), the funnyman purchased the penthouse unit (#18C) above his 17th-floor unit for around $10 million. We first wrote about that purchase back in December 2006.

The question remains: is Conan done in L.A.? We don’t think anyone knows the answer to that question yet. Obviously, his six-bedroom mansion on Tigertail Road in Los Angeles’ Brentwood area, which he purchased in 2008 for $10,750,000, would have to go if he were to do a future show from NYC. However, we’re betting that a show for FOX ends up being based in L.A. Stay tuned.

Any offers? LOL

2010: The year of the turnaround?

A spurt in home sales in 2009, aided by low interest rates and the first-time homebuyer tax credit, has led some economists to forecast a turnaround in the housing market this year. Other forecasters feel this is too optimistic a projection.


Among those who see improvement in the 2010 market is Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS® (NAR). Yun hopes that the extension of the first-time homebuyer tax credit will provide a new pool of buyers to absorb the additional foreclosures that will hit the market this year.

He expects existing-home sales to rise 13.6 percent in 2010; home prices should go up 3 to 5 percent, with wide geographic differences. The average rate on 30-year fixed mortgages will range from 5.3 percent in the first quarter to 5.8 percent by year end. This forecast assumes there will be no major economic surprises. The weak job market remains a concern.
The Mortgage Bankers Association (MBA) has a slightly different take on the 2010 housing market. MBA predicts existing-home sales will increase approximately 11.2 percent. Interest rates should be about 5.6 percent by the end of 2010. The unemployment rate is expected to peak at 10.2 percent and gradually decline in 2011. National average home prices should stop sliding during the first part of the year and stabilize, depending on area and price range.
The November 2009 Economic and Housing Market Outlook from Freddie Mac expects there will be an increase in foreclosures and short sales this year, even though foreclosures declined significantly in some of the worst foreclosure markets (like Las Vegas) at the end of last year. RealtyTrac reported that foreclosures nationwide decreased 8 percent in November 2009.
Zillow.com, an online real estate marketplace, reported in December 2009 that stabilization and increased home prices were found in 48 of the 154 markets tracked. However, Zillow forecasts a decline in demand as interest rates rise. Foreclosures are expected to stay high and could challenge recent stabilization.

Some economists think prices will continue to decline in some areas through this year. Others feel that at best, the economic and housing recovery will be a bumpy ride. And, we could bounce along the bottom for some time. Few expect home prices to rebound quickly.


HOUSE HUNTING TIP: There will be significant variation from one market to the next. Areas that have a good diversified economic base and limited inventory of homes for sale could stabilize in 2010 and see an improvement in home prices. Areas that are bloated with foreclosure and short-sale inventory and have a weak local economy probably won't see a turnaround this year.
Credit tightening would put a damper on the market. On Dec. 12, 2009, Fannie Mae took steps to make mortgage qualification more difficult. A significant change is that the maximum allowable debt-to-income ratio is being lowered to 45 percent from up to 64 percent. This means that the housing cost plus all other debt can't exceed 45 percent of the borrower's income. Buyers with strong credit and assets have a chance of approval with a debt-to-income ratio of 50 percent.

2010 is not expected to be a banner year for housing. But it could be a year of improvement for some niche markets and some price ranges. Expect to see more purchase offers made contingent on the sale of the buyers' home. Credit tightening has made it impossible for most buyers to qualify to own two homes at once.
There will likely be an increase in short-sale listings. Buyers have shied away from these listings in the past because they took so long to process, and were often denied by the lender. Lenders are now more open to approving short sales than they were a year ago.

THE CLOSING: Hopefully, they'll improve their performance in 2010.

Homebuyer Checklist

Homebuyer Checklist

Important questions you should be asking

What you should ask the seller or the listing agent when you're interested in a home?

If you know why a seller wants to sell, it can help you negotiate a better offer. The more motivated the seller, the more you can negotiate. It may take some finesse, but see if you can work these questions into conversation with the seller or the listing agent.

Which of these reasons apply to the seller?
These can go either way. You will have to get a sense from your conversation how quickly they want to sell the house if they:

___ Need more space

___ Need less space

___ Want to relocate

___ Are unhappy with neighbors or the neighborhood


You may be able to negotiate to have the seller finance part of your purchase. Explore this possibility if they:
___ Have lived there a long time

___ Owe little or nothing on the house
___ Are retiring


You may have some leverage when negotiating if the seller needs to sell the house quickly because of:
___ Relocating involuntarily (for example, a job transfer)

___ Changing marital status

___ Financial reasons

___ Health reasons

___ A death in family
___ Is the seller highly motivated to sell? A highly motivated seller MUST sell soon. Job transfer, divorce and financial difficulties put pressure on the seller, which can benefit you when you make an offer.
___ Has the seller bought another house that has yet to close? The seller will be more anxious to facilitate your purchase if the seller needs to complete the purchase of another house soon.

___ Is the seller trying to cash in on this investment? If so, you will have trouble negotiating too many concessions.

___ Has the seller lived there a long time? If a seller has been in a home a long time and accumulated a lot of equity, you may be able to negotiate to have the seller finance part of your purchase.