- The $10,000 credit is the lesser of 5 percent of the purchase price or $10,000
- You must close your new home before December 31, 2010 deadline
- First-time buyers can purchase a new or existing home
- Repeat buyers can only purchase a new home that has never been occupied
- The credit is spread over 3 years, up to $3,333 per year
- The credit has no income or purchase price restrictions
Tuesday, September 28, 2010
Tuesday, September 7, 2010
Hey there. It’s been awhile since I have sent anything out. Hope you have enjoyed the last weekend of Summer and are ready to start nestling in for kids back to school, football and all things related to Fall.
I have enclosed some topical information below. Please take a moment to scan through the blog as there may be something that catches your eye. ;-) Also, you can always follow me on Twitter for up to the minute information @modernhomesla. Twitter and my Blog are where you will find me posting cool listings, relevant market news, as well as some downright cool stuff. Okay, now onwards with my below thoughts…
Besides me wheeling, dealing and negotiating this Summer, I am also someone who is constantly involved in the preservation of our historic Mid-Century architecture here in Los Angeles. It truly saddened me that demolition began last week on the Shusett House in Beverly Hills, which was one of John Lautner’s first two commissioned homes in the Los Angeles area. You may have caught the LA Times blurb? The Lautner Foundation and LA Conservancy were relentless in trying to find a solution, down to the very last moment. There was an eleventh hour ‘Move-the-House’ proposal that went nowhere fast, as the owners decided to tear it down to rebuild anew. The importance for people’s involvement with preservation is enormous. As we cannot place these precious pieces of artwork into a gallery or museum, we should all recognize our responsibility to understand the historical values associated with these buildings and homes, not to mention the tax savings through the Mills Act Property Tax. Again, if you would like to get involved with historic preservation of any period, contact LA Conservancy for more information.
In general market news, if you haven’t heard all ready, we are at a historic all-time low with interest rates. Underwriting has lightened up slightly as we move from a Class 3 state to a Class 2 state in the lender’s minds allowing more flexibility with their guidelines and requirements for pre-approvals. A client locked-in last week at 4.5% no-points 30yr conventional! If interested in Jumbo rates, you would be in the ballpark of 5.67% no points 30yr fixed. Hence, refinancing is not out of the question for some.
Help for Owners Upside Down:
This month in the September issue of California Real Estate Magazine came an article about the California Housing Finance Agency’s new $700 million program to help California homeowners who are struggling with their mortgage payments. The only catch is you have a loan where a cash-out refinance took place and you have hit hardship in making payments or have seen a huge decrease in property value. CalHFA can provide assistance such as: up to $50,000 principal reduction or up to $15,000 to reinstate a mortgage or up to $5,000 in relocation assistance. There are certain requirements for each situation. Look for the plan to begin by November 1. Utilize me if you or a friend is in hardship, as I am a Short Sale and Foreclosure Resource(SFR). If you would like to read the complete CREM article, click here.
For the fun stuff with architecture, you may want to check out what LAAIA has got going on Sunday, September 19 from 11am-4pm. They are presenting their self-driven homes tour of some truly cool architecture from the Hollywood Hills through the Pacific Palisades, THE HILLS: EAST TO WEST 2010 Fall Home Tour Series #1. Notable Architects being featured are Zoltan Pali, FAIA (Studio Pali Fekete architects – SPF:a), Marc Angelil and Sarah Graham, FAIA (agps architecture), John Pugliese, Assoc. AIA (Cambia Designs LLC) and Aleks Istanbullu, AIA (Aleks Istanbullu Architects). Tickets: Non-members: $75/ticket and AIA members $65/ticket. To purchase tickets, click here.
As always, I am here to answer any questions you may have regarding real estate. If you or a friend are looking to sell or purchase a home, it is a fantastic time to do it. Give me a call to find out why.