Preservation Alert! Fickett Designed West Hollywood Park is Coming Down Fast.

West Hollywood Park Library

The Edward H. Fickett, FAIA designed Mid-Century Modern West Hollywood Park is on it's way to destruction! As West Hollywood Park continues to plow away at the Phase I of the West Hollywood Park Master Plan located 645 N. San Vicente Blvd, 90069, I ask myself and others how the City of West Hollywood can justify the destruction of ALL the buildings that make up the campus of the West Hollywood Park?

West Hollywood Park Library

It just so happened during the last MODCOM general meeting the issue of the West Hollywood Park came up.  It seems that not only did the LA Conservancy, the City of West Hollywood's Historic Preservation Commission, but the community at large seemed to not raise an eyebrow over the razing of Fickett's Post WWII built community park.  Juxtaposed against the almost completed RED Building and the rest of the Pacific Design Center scariness, across the street sits a true work of art and thoughtfulness that is very befitting of the noted architects of the Mid-Century.  Perhaps I sit alone and think there should be more of an outcry over this issue?

West Hollywood Park Library Roofline

West Hollywood Park Library

Did I mention I almost got arrested by taking pictures of the exteriors of the buildings in the park?  Oh yeah.  It seemed that when I asked politely to enter into the Swimming Pool area to shoot some architectural details of the building, as I am a preservationist, my request was shot down with a firm NO.  As I have studied journalism, I furthered to ask why I wasn't able to take pictures of a public park?  Her then reply was to pick up the phone and call the police! 

Eh, I snapped a nice smiling picture of her and headed on my way through the campus trying to document as much as I could through my lens before the heat arrived.

West Hollywood Park Library Ceiling

The amazing angles of the ceiling are striking and acoustically sound.  I was somewhat rushed to grab these photos while a door was being held open and I shot from the outside inward.  Look at how the triangular windows below allow minimal diffused light into the space.

West Hollywood Park Library Ceiling

So how could the city decide to mow down a full-on Community Park designed by the famed architect?  Edward Fickett designed 37 buildings in the West Hollywood area including, residential, commercial and institutional buildings.  After his passing in 1999 at the age of 83, his wife Joycie Fickett collaborated with the City of West Hollywood to designate these historical buildings in order to provide his work a continued legacy.  This just doesn't add up right.

Joycie Fickett

Mrs. Fickett was involved with the city in efforts to designate the apartment complex known as the HOLLYWOOD RIVIERA, which was just awarded their Historical Cultural Monument ( HCM ) designation recently. 

Swimming Pool Facilities Entrance

Even the pool house was wet with California Modernism.  The cut-outs and geometrics exemplify the style of the movement.  There were many eco-friendly treatments done to the structure when Fickett conceived of the park. 

You will find most architects of the Mid-Century Modern period being fairly "Green" with their approach to design.  Oddly enough, the city and community applauded the new design in 2008 when revealed, as it had LEED written all over the plans while "Green" was building steam in the development community, especially those structures with a civic nature.

West Hollywood Pool

West Hollywood Pool

Check out the continuous roof line of the Park Office Structure and the Community Center structure.  Did Eichler throw in two cents here?  The are some amazing architectural details in the breezeway area between these two structures joined together by one roof and cut-outs in the interior staircase area. 

West Hollywood Park Office and Community Center

What I love about this picture is you can see the hint of the beveled roof at the corner representing a little Googie-action.  Fun stuff, folks!

Breezeway between Park Office Building and Community Center

Breezeway between Park Office Building and Community Center

West Hollywood Park Community Center

Breezeway between Park Office Building and Community Center

What takes place with the eye in the Breezeway area between the Park Office structure and the Community Center structure is a visual and soothing comfort. 

Detail of Slatted Window Treatment

West Hollywood Park Community Center Entrance

So many memories, such little time. 

West Hollywood Park Community Center South

See an open gate?  I say go for it...  There were no posted signs anywhere saying keep out or private property or anything.  Just a wide open gate where any person or child could wonder from the park and in through gate.  I began to feel like one of the screaming kids only a shout away.  This is where it got really tough for me as I was next to the new structure while taking photos of the soon-to-be destroyed Fickett wonderland. 

West Hollywood Park Restrooms

Even the public restrooms have style!

Children's Center

When all's said and done, the city will have a brand spankin' new eco-friendly park, only to have razed a historical and relevant compound of Mid-Century Modern architecture.  As I always say to folks, you can't put architecture into a museum.  That's that!

On a final note, I just want to point out how ironic it was to be asking the librarian if whether or not I could take archival photographs on behalf of LA Conservancy's MODCOM committee, I was met with another NO.  It's a library saying no to someone wanting to document and archive the history of a piece of architecture that will soon be razed.  I suddenly saw visions of "Fahrenheit 4-5-1" blazing in my head.

Have a modern day!

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee

1966 Mid-Century Modern Designed by Local Simison Hits Market

What a day it has been!  Mid-Century Modern listings coming out of the woodwork and poured cement!

The work of Jack Simison, A resident and local architect of La Canada for 61 years, is on market!  Located in the hills of La Canada, the 2 bedroom and 2.75 bath home with over 4,100sf of living space to entertain guests in this most exquisite interpretation of the Asian (Oriental) influence to this 1966 Mid-Century Modern work.

Simison was also the architect of other La Canada places of interest, including La Canada Country Club, La Canada Medical Center, Crescenta Valley Water Company, Montrose Mall and the Flintridge Tennis Club. Simison was not exclusive to the area as he designed many structures throughout Southern California.

You can't help but to immediately find calm upon coming up to the house's entry.  as you are greeted by this Mid-Century Post and Beam architecture, you can't help to take in the roof lines and notice the pagoda-inspired roof lines as you are walking through the courtyard entrance. 

Elements of earth, water and air immediately fill your soul and prepare you for a spectacular entrance.

Once inside, you are able to bathe yourself in natural light through all of the walls of sliders and windows.  Throughout the house, you are reminded of the soaring ceiling heights. 

Throughout the home, craftsmanship is found through the details and materials used to construct this masterpiece, such as walnut paneling, stained glass, wood beams, ceilings made of redwood lath, Bouquet Canyon stone, slate and terrazzo.

Large rooms for large gatherings are offered.  Many of the rooms have original built in features and details.  Take another look at the ceiling towards the back of the photo above.  Notice the pagoda-style ceiling.  Wow!  Everywhere you look, you are able to take in the spirit of our Mid-Century Modern architect.

Even though some updates to the kitchen have been made, you still have the sense of being in a Mid-Century world.  The service windows from the kitchen to outdoors can truly be utilized by anyone looking to entertain and set up a serving bar for your pool goers.  Modern conveniences, folks!

Now we start to get into the fun.  The Master Suite!!!  With tranquil serenity abound,  this master boasts quiet and comfort.

With another fireplace in the sitting area of the Master Bedroom, how can you not get cozy?

Welcome to the world behind the sitting room.  This dual sided fireplace meets the Master Bath to warm the spirits and comfort your soul.

Maybe it's just me, but I could live in this bathroom...

With views of 270 degrees from this La Canada view property, you are able to take in the sights while protected from the harsh elements of the Southern California sun. while cooling your feet on the poured terrazzo floors.

Keep your feet cool on the poured terrazzo floors.

Take advantage of the outdoors while stimulated by the Modern lines and cut-outs of this Modern.  Gardens are throughout the landscape on the .7 acres estate.

As dusk comes upon us...

City lights with a view out to the Pacific!  This one is hard to miss.

Listed at $2,750,000, this Simison designed home was last sold in 1997 for $950,000.  I still think it's a catch!  Anyone with taste and sophistication would aspire to live on this estate.  3820 Domal Lane, La Canada, 91011 is definitely my #HomeOfTheWeek!

If you have a desire to see this listing, feel free to reach me.

In the meantime, have a modern day!

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee

Making Good on Your Real Estate Purchase Offer - Have Faith!

Most frequently, we meet first-time buyers who are unaware of the various factors in making an offer on a beautiful piece of Mid Century Modern architecture.  How would one know if not informed by their agent or Google?  One of the most important elements of an offer is the Earnest Money Deposit ( EMD ) or otherwise known as, THE GOOD FAITH DEPOSIT!

All right.  You've signed the offer and the seller has agreed to move into escrow with you.  Now, it's time to adhere to one element of an OFFER: the Earnest Money Deposit ( EMD ) / Good Faith Deposit. 

Simply stated, the Good Faith Deposit is something a Buyer should be concerned with when delivered an executed contract from a seller. Throughout the transaction, the buyer should want to put their best foot forward by demonstrating their cooperation by abiding by the deadlines stated in the accepted Residential Purchase Agreement ( RPA ). The first sign of earnest action on behalf of the buyer will come from them in the form of the Earnest Money Deposit ( EMD ), otherwise known as the Good Faith Deposit.

Depending on how you stipulate the time frame for the deposit within the contract, (RE101 - The Residential Purchase Agreement is a legal contract.), it will determine when and how it will take place.  All parties must abide by the expiration periods demonstrated in the contract. Here in California, CAR's standard time frame is a 3-day period, but your contract should be reviewed to clarify your time frames for expiration periods.  A purchaser will have to make a copy of a personal check / bank check / money order to be included with the submitted offer.

The standard dollar amount for the Earnest Money Deposit ( EMD ) / Good Faith Deposit is typically 3% of the purchase price. Take for example a home purchase of $500,000.  The Earnest Money Deposit ( EMD ) would amount to $15,000.  A home sold for $1,000,000 would require the buyer to make an EMD of $30,000.  We are finding the process of the buyer wiring the deposit into their escrow account most timely and efficient.  Make sure to instruct your agent to tick the box for wired funding.  If you do elect this alternative, you do not need to provide a copy of a check.  Remember...  Would you want a lazy buyer purchasing your home???  

With today's real estate market in an economic twist, here at modernhomeslosangeles, we are finding a fierce and competitive race to get offers accepted on the Mid-Century Modern Value Listings.  When there is an intriguing listing, such as the gorgeous Mid Century Modern REO listing for 3783 Whitespeak Dr. you have to demonstrate your competitiveness with good faith and earnest actions.  Even with a Bank-Owned ( REO ) listing, you want to provide every measure to secure that your offer will stand!  You could be competing with 20 other offers.  Why wouldn't you want to stand out and be a player?

When everyone abides by the deadlines drawn within the contract, all parties end up happy. Remember, real estate is a two-way street. Place your shoes on the seller's feet. Wouldn't you want a buyer to purchase your home with a timely Earnest Money Deposit ( EMD ) sent into escrow immediately to demonstrate their earnest intentions?

Once there is a green light, either your agent or yourself should speak with y our assigned escrow officer and arrange for your deposit to be delivered or wired with their specific requests in order to stay within your contractual guidelines. 

Good faith is something all parties should act upon in real estate transactions with all points of the contract. If you really want to impress, be timely.

Here at moderhomeslosangeles, we strive to communicate well with clients and share a wealth of information, whether buying or selling real estate.  This allows fluid communication between all involved parties and a smooth transaction. 

Show FAITH.  And in return, have a modern day!

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee

Joseph Eichler, Father of "California Modern"

In honor to Joseph Eichler, a Post-War architect known for developing distinctive Mid-Century architecture to middle class residential communities / development projects between 1956 and 1964.    Bringing a sense of community to his projects through parks and community centers, Eichler's intention was to create a bond with the people.  Not only did he care about the Middle-Class, he also carried his non-discrimination policy to a boiling point in 1958, when he resigned from the National Association of Home Builders due to their refusal to support non-discrimination policies throughout the building community regardless of race or religious beliefs.  Not only was Eichler a man of design vision, he was a man of principal and fairness. 

As a true architecture pioneer with visions of glass walls, open floor plans, skylights, soaring expanses of roof lines either flat or A-frame, Indoor / Outdoor living space, gardens and swimming pools, Eichler was part of the movement now known as "California Modern".

In the Los Angeles area, you can find Eichler's developments located in Granada Hills, Orange and Thousand Oaks.  The above represents homes from the Balboa Highlands subdivision.  Enjoy.

Bank-Owned 1958 Mid-Century Modern on Market

Let's talk...

A 1958 Mid-Century Modern that is an REO (BANK OWNED) lands on market at $1,999,000!  Maybe it's just me, but for 1.99M, I think it is a STEAL!  With it's Mid-Century Modern aesthetic preserved well, and privacy in this modern manse, how could anyone say no?  Talk about a spacious retreat with 3,700sf of living space on .32 acres of land including your own private citrus orchard including over 20 citrus trees.  

3783 Whitespeak Dr. Sherman Oaks, CA  91403

As 3783 Whitespeak Drive is nestled high in the Sherman Oaks Hills, the views are tremendous and vast.  It's close proximity to Bel Air is also advantageous for any Studio executive needing both sides of the Hill.  ;-)

So many Mid-Century Modern features it is hard to describe...  A soaring roof line is met with post and beam and the windows allowing natural light to pour into this private home.  The exterior boasts an outdoor living space including a large pool and many seating areas to gather and entertain.  

This truly is something special and should not be passed up.

Even though the home is a Bank-Owned(REO) property. it has been maintained and in excellent condition.  You should see for yourself.  If you or anyone you know that would like to see this property, please contact me to set up a convenient time.  As this is a Bank-Owned (REO) listing, it would be good of you to act quickly as there is great potential for interest in gobbling this up for their own Mid-Century fantasies.

Can you say NUTTERS?
 

#RealEstate #Architecture #modernhomeslosangeles.com

Buying Real Estate at Auction - Trustee Sale or Tax Deed

Buying of properties at trustee sale auctions is tricky and risky, and you should hire an experienced Realtor to help you with that. Any experienced realtor can provide you with oodles of information regarding foreclosed homes. Just remember, it is the trustee, not the bank, that sells the home. Since the lender clearly has the most to lose in the transaction, and because they are the beneficiary of any funds received from the sale, they are allow to place the first bid, and are allowed to credit bid (bid without bringing cash to the sale), up to the amount they are owed.

Just know in the state of California, winning bidders pay the entire price in cash or cashier’s checks. You are unable to finance these purchases. Hence, the strong presence of investors at these sales(Foreclosure & Tax Deed) is quite apparent.  With our current economy, I am seeing more and more cash deals transpire by investors than ever before.  Hard money always talks and speaks loudly to any seller, including bank asset managers and the county's assessor's office.

WHY PAY AN EXPERIENCED REALTOR TO WORK WITH YOU?

Not every real estate agent understands the nuances of these particular sales, let alone the common buyer looking for a deal.  There is a great deal of process involved to end up with the deal everyone is looking for nowadays.  Working with an agent who does have the experience will greatly benefit any buyer in the marketplace as it is yet another alternative to the "BOX".  

Bite the bullet and just forecast an additional 3% to your purchase price and BOOM, you are taken care of for a minimal price considering the investment being made.  It is wise to do as much homework as you can on these properties and having an experienced agent by your side to inform and guide you through the process is well worth the nominal fee to ensure as much disclosure as they can.

Properties about to be auctioned at foreclosure auctions can be found through court records, legal notices in newspapers, the real estate classifieds or websites like RealtyTrac. The easiest way is to work with an experienced agent who understands all the nuances to these transactions.

While savvy investors can find deals at foreclosure auctions, not all properties are a steal. The unsophisticated buyer without a real estate professional by his or her side may get carried away during the excitement of an AUCTION. Funny as it sounds, it is true. The euphoria of an auction can sometimes take people over the edge and hence, produce the unwanted 'overbid'.  Having a professional by your side is helpful to keep you on track of the objectives and budget of the transaction.

WHAT AM I GETTING WITHOUT AN INSPECTION?

One of the biggest concerns with purchasing at Tax Deed Auctions is the fact most buyers cannot inspect the property before their bid. The last thing anyone wants to find out later is missing and damaged items.  Trustee Sales are very similar to the County Tax Deed auctions, as buyers are unable to inspect prior to bidding.  Where'd that toilet go?  What happened to all of the electrical wiring?  Forget copper, where's the plumbing?  Again, buyers of auctioned properties incur more risk because of their inability to investigate the home as thoroughly as they could if they bought contingent on appraisal and inspection.

For those who elect to inspect prior to purchase, the Real Estate Owned(REO) properties are better for those buyers.  Bank owned listings are easily generated and can afford a buyer with plenty of information via the Multiple Listing Service(MLS).  The distressed property market is strong here in Los Angeles.  And, you can inspect prior to an offer!  Contact me for a complete list of REO listings in your area/s of choice. 

TITLE CONCERNS

The other consideration to use caution is finding out what title looks like. The last thing someone wants is someone else's baggage.  No one ever wants a clouded title: mechanic's lien, abatements, bank liens, you name it...  The new buyer will be responsible for paying these encumbrances.

Cut through the fog and allow a real estate professional to guide you through the auction process.

WHAT'S THE PROPERTY WORTH?

Get a realistic fair market comparable(Comp) prior to bidding on ANY property at ANY type of auction.

Just be aware the courthouse steps are loaded with cash buyers, seasoned and savvy investors looking to buy. Typically these investors have done their homework and know the fair market values of the properties of interest. You don't want to be the person at the end of the day who goes home and then discovers the value. You want to make sure you have a sound fair market value researched prior to any purchase.  

Do your homework or work with a professional to help guide you. Don't allow yourself to be the buyer with buyer's remorse. Due diligence, folks!

WHERE DO TRUSTEE AUCTIONS TAKE PLACE?

Los Angeles County foreclosure auctions located:

12400 Imperial Highway
Norwalk, California 90650
Auctions take place outside on the steps.


Buyers should be aware and due diligence should take place with every transaction.  For friendly and professional assistance, contact www.modernhomeslosangeles.com.

Preservation Alert: The Barry Building, Brentwood, CA

THE BARRY BUILDING IS AT RISK.  WE NEED YOUR HELP.
11973 San Vicente Blvd, Brentwood


Deadline for letters is WEDNESDAY, APRIL 20th

The Barry Building was designed by Los Angeles-based architect, Milton Caughey, Completed in 1951.  

LA Conservancy is currently asking for the public for support in protecting this Mid-Century commercial space from demolition.   Significant due to it's fine example of the postwar development of Brentwood's San Vicente Boulevard commercial corridor and the impact the commercial district has today. the distinctive and highly intact with oodles of features representing the International School of Architecture's philosophies including the building's central courtyard and apropos planting beds.  Another notable feature of the building’s design is the integration of louvers that shield south and west-facing office windows from the California sun’s heat and glare.

Unfortunately, the present owner, Charles T. Munger seeks to raze this retail building only to replace it with a similar-sized building with the same usage being requested.  As it stands now, this Historic-Cultural Monument (HCM) is at risk and we need your support.  Yes, even buildings that have been designated by The City of Los Angeles can be threatened by current and future owners unless we let the city know how we feel about the significance of this architecture. 

What is happening is the location of The Barry Building is amongst a development plan of 3 separate buildings to create over 73,000 square feet of retail, restaurant and office space within two-story structures on San Vicente Boulevard.  The project in front of the city is called 'Green Hollow Square', formerly 'Brentwood Town Green'.

As the draft Environmental Impact Report (EIR) has been released, including a Preservation Alternative reusing the Barry Building for retail space while retaining it's landmark designation, now is the time for your support.  We need to seal the deal here, as the owner does not feel The Barry Building would adequately meet the development needs of the current proposed project.  This is why the Conservancy will advocate for the Preservation Alternative while maintaining the position the project's objectives CAN be met by reusing the Barry Building.

 

WHAT YOU CAN DO:

Take a moment to write a brief letter in support of the LA Conservancy's request for The Barry Building to stay intact to stave off the current 'Green Hollow Square' proposal for demolition of this site.

Below, you will find points to mention in your letter.  Please be sure to include the Subject Line:  'The draft EIR regarding Green Hollow Square Project (The Barry Building)'

• The Barry Building is a designated Los Angeles landmark, Historic-Cultural Monument #887. Every effort should be taken to avoid the demolition of this designated landmark.

• With its numerous retail spaces and large central courtyard, the Barry Building can be adapted to fit the needs of the Green Hollow Square project.

• The Barry Building can be sensitively upgraded for enhanced energy efficiency to meet the project’s sustainability goals.

• Alternative 4, the preservation alternative, should be the preferred project as it would retain and reuse the Barry Building while meeting many of the project’s goals. These include providing the same number of parking spaces and nearly the same amount of square footage as the currently proposed project.

• Alternative 4 can be further developed and refined to ensure that any new surrounding construction is appropriately designed and integrated with the Barry Building.

• Demolition of the Barry Building, a city landmark, would call into question the City’s ability to protect our cultural heritage when clear adaptive reuse options exist.

• The proposed alterations to the median and coral trees (HCM #148), as an optional plan, should be avoided. This sets a precedent and could invite further changes and cumulative impacts to this linear historic landscape monument.  

If you should live in Council District 11, make sure to emphasize you are a resident!!!


WHO TO INCLUDE(CC) IN YOUR EMAIL:

To help LA Conservancy track response, we request you copy the following individuals within your emails: coucilman.rosendahl@lacity.org, chc@lacity.org and mvavala@laconservancy.org.

Letters to be addressed:

Hadar Plafkin, Project Coordinator

Department of City Planning

200 N. Spring St, Room 750

Los Angeles, CA  90012

Email:  hadar.plafkin@lacity.org

CC:  coucilman.rosendahl@lacity.org, chc@lacity.org, mvavala@laconservancy.org

the Subject Line:  'The draft EIR regarding Green Hollow Square Project (The Barry Building)'

 

Thank you for your time and support.

We really appreciate it!

modernhomeslosangeles Presents 4452 La Granada Way, La Canada, 91011 for OPEN HOUSE TODAY, SUNDAY 2/13 FROM 1-4P

Traditional 4 BD / 2 BA single family situated on a large lot located in desirable La Canada being offered as a Short Pay transaction.  

Great schools!  This home is ready for a family.  Spacious layout with center hall, provides lots of room for a sprawling family.  Large windows throughout allow sunshine into this 1940 charmer.   

Fireplace, hardwood and carpet, complement original tile in kitchen and second bath.  Newer renovation adding a master suite and adjoining master bath allow for peaceful escapes.  Huge outdoor patio area for entertaining and the dog.  Quiet.  Room for pool.  Mature shade trees.

Great location South of Foothill and East of 2 FWY.   1,794sf living   8,400sf lot     

Palm Crest Elem   La Canada Middle   La Canada Senior HS   MLS# 11-50598

For Sale: 4BR/2BA Single Family House in La Canada-flintridge, CA, $629,500

For Sale: 4BR/2BA Single Family House in La Canada-flintridge, CA, $629,500

Moore House, PV PRESERVATION ALERT

PRESERVATION ACTION ALERT!

It sounds like Palos Verdes Estates received an incredible number of letters on the Moore House, but we cannot let up off our Preservation throttle.  Letters can still be sent to the city in support of LA Conservancy and our mission to notate specific properties with value to the community and society at large.  Even if you are not a resident of the Palos Verdes Estates community, it is important you speak out now before it is too late.  The options by the current owners are really not options as they want to tear down most of what is all ready there. 

There is still time to help preserve this unique mid-century modern home designed by the son of Frank, Lloyd Wright.  "The city Planning Commission is set to weigh the project in January", said city Planning Director Allan Rigg. 

Please take a moment and support LA Conservancy in preserving Modern Architecture.

To comment on plans to demolish and replace a modern, Lloyd Wright-designed home in Palos Verdes Estates, e-mail city Associate Planner Stacey Kinsella at skinsella@pvestates.org, or fax 310-378-7820.  Also, please cc mvavala@laconservancy.org   modernhomesla@gmail.com in order to keep a track of the support.

Daily Breeze Article 12/9/10:

http://goo.gl/HYDSy

Los Angeles Commissioners Approve Changes to Solar Incentive Program

Any owner in Los Angeles contemplating going solar, should act quickly to take advantage of the city's incentive's to go Green as reduced rebates go into effect Jan. 1, 2011.  The decision by the Department of Water and Power is an attempt to stretch the program's funds, totaling $318 million meant to be distributed through 2016.

It seems that the trend to work with sustainable alternatives of energy has emerged as a beast to the department.  This year alone, the applications for rebates total $70 million.  The city had only budgeted $30 million!!!  So, as you can see, the department is now concerned and has to roll back some of the steam and spread the wealth to a larger pool of people.  

The Department of Water and Power's current rebate is $3.24 for every watt installed.  A homeowner who installed a 4-kilowatt system would receive a rebate of $12,960.  As of January 1, the rebate is reduced to $2.20 per watt installed.  The same project would only garner a rebate of $8,800 as of January 1, 2011.

Reductions will continue as the utility meets goals for home-generated electricity.  We will see the rebate be reduced to $1.50 per watt then to .60 cents per watt over time.  As we are a city of progressive thinkers, I would not doubt the reductions to occur faster than anticipated.  Hence, take advantage of the $3.24 per watt rebate!  Get in while the gettin's good, folks!

FirstLook, Fannie Mae's HomePath.com Program

Not sure if many real estate buyers who meet the requirements of Fannie Mae's FirstLook program are aware of such a great program.  Let modernhomeslosangeles.com explain to you the advantages of the program.  Here it is, plain and simple...

NO INVESTOR COMPETITION on HomePath.com listed properties, typically for the first 10-15 days on market!  Now, do you understand?

Fannie Mae's innovative First Look period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants, public entities, and their partners can submit offers and purchase properties without competition from investor offers. The Neighborhood Stabilization Program was created to address the housing crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes. The NSP grants that HUD has awarded are helping state and local governments, as well as non-profit developers, acquire land and property; demolish or rehabilitate abandoned properties; and/or offer downpayment and closing cost assistance to low- to middle-income homebuyers. Are you a teacher, Fireman, Police Enforcer?  Welcome to real estate.  This plan directly effects those who work within municipalities, schools and other non-profit agencies.  It's time you took advantage of some benefits especially for you within the Los Angeles real estate market and elsewhere around the country.

Fannie Mae initially rolled out its First Look initiative last fall.  Julia Dugger, Fannie Mae’s senior manager of marketing communications, says the First Look policy provides buyers looking for a primary residence with a “real opportunity” to find an affordable home without having to worry about being outbid by an investor.

Public entities, too, are taking advantage of the no-investor marketplace provided by First Look, particularly those agencies that have been awarded federal funding through HUD’s Neighborhood Stabilization Program (NSP) to purchase, rehabilitate, and resell foreclosed and abandoned properties. 

The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized. NSP1, a term that references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis.

If you would like to explore more or have further questions, www.modernhomeslosangeles.com.

Eco Echo Park homes Tour

I will be a docent at today's Eco Homes tour in Echo Park. You'll find me yammerin' at 2403 Valentine St 10:45-12:45. http://goo.gl/XH4Yp

The event is sponsored by the Echo Park Historical Society. It runs from 11 a.m. to 4 p.m. Sunday. Tickets are $15 in advance purchased online, $20 on day of event. The tour starts at Williams Hall in Barlow Hospital, 2000 Stadium Way, Los Angeles. 

More on the Robo-Signing Foreclosure Debacle.

As the Foreclosure crisis continues, I found this article from the Washington Post to shed the most light into the practices involved with the Robo-signing debacle being revealed as week after week, the exposure into the bank's practices is starting to shed some light.  

 

 

Regulators flawed in foreclosure oversight
By Zachary A. Goldfarb
Washington Post Staff Writer
Monday, November 8, 2010; 12:02 AM 



As foreclosures began to mount across the country three years ago, a group of state bank regulators suspected that some borrowers might be losing their homes unnecessarily. So the state officials asked the biggest national banks for details about their foreclosure operations.
When two banks - J.P. Morgan Chase and Wells Fargo - declined to cooperate, the state officials asked the banks' federal regulator for help, according to a letter they sent. But the Office of the Comptroller of the Currency, which oversees national banks, denied the states' request, saying the firms should answer only to inquiries from federal officials. In a response to state officials, John Dugan, comptroller at the time, wrote that his agency was already planning to collect foreclosure information and that any additional monitoring risked "confusing matters."
But even as it closed the door on state oversight, the OCC chose itself not to scrutinize the foreclosure operations of the largest national banks, forgoing any examination of their procedures and paperwork. Instead, the agency relied on the banks' in-house assessments. These provided no hint of the problems to come until they had tripped the nation's housing market, agency officials later acknowledged.

"Based on what we were seeing and what we were concerned about, it felt like a chronic underreaction at the federal level," said John Ryan, a senior official with the Conference of State Bank Supervisors.

Even when the mortgage industry itself identified possible flaws in foreclosure paperwork, the agency was slow to act. In September, Ally Financial suspended foreclosures after discovering problems with tens of thousands of cases. But even then, the OCC did not begin to examine the operations of other major banks. Instead, the agency asked them to undertake internal reviews and told them it would conduct its own examination later, an OCC official said.

Over the following weeks, most of the major national banks announced one after the next that they were reviewing their foreclosure practices and putting thousands of cases temporarily on hold. While the freeze offered new hope to thousands of distressed borrowers, it also threatened to undermine the real estate market, which was already struggling to recover from crisis.

Two weeks ago, for the first time, the OCC began sending its staff into the banks to examine their foreclosure operations, interview bank employees and review paperwork.

The OCC is one of the nation's four federal bank regulators and has primary oversight over the largest banks, while the other three - the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of Thrift Supervision - share responsibility for many small and medium-size financial firms. All the agencies failed to spot problems in the foreclosure process.

The OCC's recent initiative is part of a broad federal effort to assess the U.S. foreclosure breakdown. Regulators said they hope to complete a preliminary report this month but have not decided whether it will be made public.

In monitoring the financial health of banks over the years, the OCC had been far more aggressive. Agency staff members have been assigned to work full time inside the largest banks, checking to see whether the banks are taking excessive risks, for instance, by analyzing their holdings.

But the agency did not look closely at how banks foreclose when borrowers don't make their mortgage payments. OCC officials treated foreclosures as the simple act of filing documents to seize ownership of a home once a borrower couldn't pay.

"We looked at the final stage of the process and thought of it as one that would be governed by standards and procedures in internal controls," said Julie Williams, the OCC's top lawyer. "You would only be able to know for sure if there was a problem with the document-signing process if you were standing in the room watching someone sign documents. That is not traditionally part of the bank examination process."

'Gouging consumers'

Even as the OCC and other federal regulators were failing in recent years to detect flawed foreclosure practices, evidence was building that abuses were widespread, according to interviews with federal regulators and outside lawyers. It was surfacing in academic studies, court cases, complaints that other regulators brought against mortgage companies, and reports by federal watchdogs.

There was much evidence, for instance, that mortgage servicers - responsible for collecting payment from borrowers and foreclosing when loans default - were charging improper fees and engaging in other questionable practices.

A 2007 study by Kathleen Porter, a University of Iowa law professor, found that servicers often tried to seize people's homes improperly, adding new fees when borrowers wanted to try saving them. She found that many servicers "lack the required documentation necessary to establish a valid debt."

Her findings prompted a hearing by the Senate Judiciary Committee held in May 2008. Afterward, Sen. Charles E. Schumer (D-N.Y.), who chaired the hearing, concluded that mortgage servicers have "failed to keep even the most basic records to justify their claim."

Meanwhile, the Federal Trade Commission, which traditionally regulates non-bank financial companies, had been receiving complaints from consumers for several years. In 2003, the FTC reached a $40 million settlement with Fairbanks Capital over defrauding borrowers by not crediting them for payments.

Then in 2008, the FTC reached a $28 million settlement with EMC Mortgage, later bought by J.P. Morgan Chase, to resolve complaints about defrauding borrowers and failing to properly keep track of mortgage documents.

Joel Winston, associate director of the division of financial practices at the FTC, said the two cases were a warning sign about the foreclosure industry. "The conclusion could certainly be drawn that the practices at these companies were at best sloppy and in many cases they were deliberately gouging consumers," Winston said.

He said the FTC routinely passed complaints on to banking regulators and often coordinated with them in sorting out which agency had jurisdiction. "It's fair to say that, over this span, there were frequent and regular communications between us and the bank agencies about servicing issues and companies that might be engaged in problematic practices," he said.

The courts also highlighted abuses. In 2008, for instance, a federal judge in Texas sharply criticized Countrywide Financial, later acquired by Bank of America, for hiring lawyers who ignored the rights of borrowers and being part of a "corrosive assembly line culture of practicing law." The Justice Department was a party to the case.

Then, last year, a pair of reports by federal watchdogs highlighted troubles inside the mortgage business that were undercutting efforts by the Obama administration to help distressed borrowers modify their mortgages to avoid foreclosure. The reports, from the Government Accountability Office and the Congressional Oversight Panel for the government bailout of the financial industry, warned that mortgage servicers were understaffed, gave borrowers inaccurate information, failed to track complaints and lost important paperwork.

More oversight failures

Some critics say the OCC's failure to effectively regulate the foreclosure operations of banks echoed other oversight failures in the lead-up to the housing crisis. For instance, state officials criticized the OCC for preempting local laws that restrict risky lending practices, which could have protected many borrowers against taking on unaffordable loans.
"They were a light-touch regulator all along the way," said Kathleen Keest, a consumer lawyer at the Center for Responsible Lending.

While acknowledging they did not police foreclosure practices, OCC officials defended their oversight of banks' mortgage operations. They cite multiple cases brought against loan servicers in recent years. In an instance where the agency caught a manager allowing legal documents to be improperly signed, the OCC fined her $5,000 and told her not to do it again.
OCC officials said they have put their energies into examining whether banks take steps to help borrowers avoid foreclosure. The agency has sent staff into banks to review their mortgage-modification efforts and instructed the firms to hire more staff. The OCC says banks have complied.

"With the benefit of hindsight, would it have made more sense to look more at the foreclosure process?" said Williams, the OCC official. Without answering her question, she said: "In the context of the need for preventing avoidable foreclosures, we put emphasis on the modification process."

© 2010 The Washington Post Company

Luxury Real Estate For Sale at EVO Downtown Los Angeles

Residence #1701 is exclusively being offered onto the market at $1,350,000.  Amazing southern exposure with beautiful light throughout.  The balcony is what friends are for!  This 2/2.5 2,346sf unit will blow your mind with high-end finishes throughout. 

Along with the buildings 6th floor Sundeck + Pool, you can enjoy the 24th story Residence Retreat.  Outdoor entertaining kitchen and rooftop fireplace lounge make this a perfect sophisticated choice in living in South Park, Los Angeles.  With the building's on-site concierge  and Sky Gym, you can live as you wish with dining and retail located below on the street level. 

EVO has had much success in the past year with 32 closed/sold.  Currently 3 Residences are Pending and only 10 units being offered on the MLS.  Residence #1701  1155 S. Grand Avenue is only being offered to preferred agents at this time.   If you would be interested in experiencing Downtown luxury in a responsibly built urban dwelling, let us know.  Over 90% of the building has sold, so there are not many units left to chose from.  This is your chance to own at one of the best-selling addresses in the city. 

Close to L.A. Live + Staples Center.  If you have never experienced South Park, you really need to.  This area has been in development for years now with the Staples Center elevating the presence of the Los Angeles Convention Center.  With movie theatres and groceries abound, take advantage of this opportunity and become an Urban guerilla! 

Text Steve for quickest response, 213-305-8537  EVO 1155 S. Grand Avenue, Los Angeles, CA  90013

Title cos. want promises from 'robo signing' lenders | Inman News

Title cos. want promises from 'robo signing' lenders | Inman News

Bank of America Foreclosure Freeze

The real estate industry got clobbered yesterday by the news of Bank of America (BofA) freezing their foreclosure process in ALL 50 States.  Many homeowners with mortgages with Bank of America are happy to hear the moratorium news yesterday freezing all Foreclosures nationwide, opening the scope wider from the original 23 states originally affected (not California). 

Bank of America has to review it's process for handling loan related documents.  A lot of this is due to the electronic systems the banking industry set up to package loans for Wall Street.  In the midst of all of this changing of the guards, i.e. Bank of America purchasing the lethal Countrywide Home Loans, Wells Fargo purchasing Wachovia, Chase purchasing Washington Mutual.  Remember, the taxpayers were the ones paying for these buyouts through the 'bailout program'.  During all of these transitions, the banks got careless with documenting signatures properly and are now seeing the results of their management of these loans.

My buyers and some distressed sellers have asked me in the past 24 hours how this new guideline affects those of us in California?  Allow me to answer a few questions you may have.

The moratorium is only related to Bank of America loans, here in California.  If you do not have a mortgage with them, you are still at risk of the bank moving forward with a trustee sale if you have been notified of such sale.

If you are an owner in foreclosure with a Bank of America mortgage and have been notified the property is to be sold in a trustee sale, the bank, as of today will not proceed with the trustee sale until the freeze has been lifted.

During the freeze, if an owner who received a Notice of Default, but have not received notification of a trustee sale, the bank will stop the process of foreclosure.

The bank will not stop the bank foreclosure on a property where the owner is behind in payments and have not received a formal Notice of Default.  The bank can still move forward with placing the mortgage into default as they will track late payment history and will decide as to whether or not to place you into default.

Many industry insiders see the freeze a negative in regards to our overall economic recovery and of the real estate industry.  They believe the moratorium will only prolong the process and not fix the problems of upside down mortgages and high unemployment.  On the other hand, I think it may give a person more time to find employment and gather themselves in order to resurrect themselves financially.  (Hey, I'm a glass half full kind of guy.)  

Maybe the bailout program will finally hit Main Street as we all get a break from the banks' heavy hands?

$10,000 CA TAX CREDIT

Because many of my buyers ask, I thought it prudent to create a quick blog post taking an overview of the California Tax Credit and the additional benefits to owning a new home:

• 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

The true advantage is for the first-timers.  Along with historically low interest rates, an additional tax write-off is icing on the gluten-free cake!  

Contact me today for more information on the CA Tax Credit.