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.

Shusett House Demo / Rates / CalHFA / Homes Tour – 09.07.2010 Newsletter/Email

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…

Preservation:

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.

Rates:

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.

Homes Tour:

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.

WEHO ALERT! 855 CROFT FINALLY ON MARKET

Here is the latest SPF:a designed 33-unit condominium complex in West Hollywood. Again, I am a HUGE fan of the Culver City-based architectural firm, but I have some mixed feelings about this building. You may have checked out a blog or two ago regarding SPF:a's Woodbridge 12 in Valley Village? Another beautiful and simple form of architecture with the mantra of responsibility to our ecological resources.

It has taken awhile, but we are now seeing listings hit the MLS. This project has taken some time to get to the completion state. This building consists of 2 Bedroom / 2.5 Bath residences. Listings were released a little over a week ago with only one residence being featured: #206 offered for $645,ooo which includes 1,469sf of interior along with ample balconies. Originally, they were contemplating the offering at $670,000+. Things seem to be subsiding as the market truly is dictating some lower prices on these new buildings / lofts in areas such as Hollywood, West Hollywood and the Beverly Center Area.


These residences all have top of the line features and finishes. The Kitchens are outfitted with a Bertazzoni Range and Bosch refrigerator and dishwasher. Finishes include Caesarstone countertops along with full-height glass tiled back splashes that complement the sustainable Italian designed Modulocucine cabinetry. Anyone into the art of cooking would be thrilled in this chef's delight! It doesn't hurt that SPF:a has an exclusive with Modulocucine.

The handsome bathrooms are nothing less than clean and simple = inviting. Each bathroom is outfitted with responsible materials including the Caesarstone countertops, Modulocucine cabinetry and over sized floor tiles. No more grout! Each bathroom has a soaking tub and glass enclosed shower along with European fixtures. The spacious bedrooms look out onto a terrace. The most alluring aspect of these residences is the outdoor areas it provides us Southern Californians. It seems we still appreciate Mother Nature and the beauty of our City of Angels. Check out the view below.

Overall, the split floor plans work well for these two bedroom units. Who wants to be bumping walls with your room mate? By far, the Penthouses in this complex are AMAZING! With over 1,473 sf of interior space, they include over 1,000sf of outdoor terrace areas. This is where they get me. I am such a sucker for functional outdoor space.

If you have financing in the million dollar range, check out the floor plan for Penthouse 3:

HOAs run $360/mo to $435/mo and include gas, water, trash and common area. Each Residence includes two tandem parking spaces.

As always, feel free to reach me for showings or more information.

EVO Releases New Block for Sale

SPECIAL FLASH PRICES FOR EVO!!!



This just in... It seems that sales at the Uber Green building are on fire and they are now releasing additional units to the public with great incentives, including one year of HOA paid. Along with the CA Tax Credit, there could be a few deals here.


Check out the Units / Price List Below



As always, feel free to contact me if you would like more information or a showing.

SPF:architects' WOODBRIDGE 12 Coming Onto Market

As a firm, Studio Pali Fekete Architects (SPF:a) are one of the most innovative and impressive firms in Los Angeles. Based out of Culver City, CA, this dynamic duo of Zoltan Pali, FAIA and Judit Meda Fekete bring their talent, creativity and responsibility to a new project soon to hit market, WOODBRIDGE 12.





This 12 unit 4-story building has high-end design written all over it AND in it. With open floor plans and top-quality elements, this clean modern design will intrigue many. There are 5 floor plans to choose from ranging from 1,300 - 1,800 square feet. The thing about it is there are only 2 Bedroom, 2 Bath units to select from. Granted, the variety of floor plans will make everyone feel unique. The first floor units boast large outside garden areas. All units above ground level have balconies sizable enough to socialize.





Each unit has a gourmet kitchen, designer baths and floor to ceiling glass. You can imagine the light in these places.







When it comes to sustainability, WOODBRIDGE 12 leads the pack. Resources such as the cement composite panels are mainly made up of the SWISSPEARL® system panels. Neither the raw materials nor the production process nor the finished products contain any dangerous substances. This has to be one of the most efficient systems on market. We are seeing it in most new modern architecture.



The building has subterranean parking, but I can't tell you at this point as to how many. Nor can I tell you what the HOAs will be.

No doubt, this is a beautifully designed conception. But let us consider the reality here. As pricing goes, an agent responded to me earlier this week and let me know they will be ready for showings soon. They will hit market listed somewhere from the Mid $500,000 range up to the $800,000 mark. It translates to anywhere from 370/sf to 450/sf. The location is pretty decent as it is close to the Studio City Golf Course and tennis Club.

The units should be ready for showings in about 3 weeks. Please let me know if you would like to see them.

If you would like to see any or all of the floor plans, let me know. Click here for contact.

Will Reductions at Metropol Hollywood Create Sales?

The latest in the barrage of new developments that have seen major price hits and have gone back into the hands of the bank, enter Metropol Hollywood, located at 6001 Carlton Way.



Back in the Fall of 2009, Deasey Penner and Associates released units to the public. Their marketing and sales efforts failed. After months on the market, Deasey Penner could not close enough units to acquire occupancy and could not influence a change in pricing. The architecture firm, RSA, Inc. doesn't even mention this project on their web site. I wonder why? Now we have the hot new REO commercial broker, Revive Real Estate Group handling the sales for the bank-owned property.




With the building's clean and handsome facade, I expected a whole lot more out of this building. It's location is still a concern as the Hollywood location is still improving and a bit dodgy still. If you are interested in having views of the Hollywood sign, the 'B' plan units will work, but with a price. Having the building situated right behind Toyota of Hollywood, I cannot imagine anyone wanting to live in the back/north side 'B' plan units abutting the car dealership's maintenance area. I can hear the hydraulics removing lug-nuts as I type. Something about the building doesn't allow me to get too enthusiastic though? I really can't put my finger on it. Maybe I was expecting more from the overall exterior, but once you go beyond the front of the building, it becomes a stucco barrage.

The only units that make sense to me are ones located on the 3rd and Penthouse floors. The neighboring buildings on either side of this site are run down. In order to avoid the unsightliness, it is important to get above their roof lines. Carlton Way is lined with towering palm trees, an example of Old Hollywood. There are four craftsman single-family homes across the street from the site that have just been rehabilitated and look great. They are a welcomed improvement to the area. If only the other owners on the street decided to do something about their curb appeal.



There are five different floor plans being offered ranging from 920sf to 1,240sf with most units 1,200sf. Out of the 41-unit project, units are mainly 2 bedroom 2 bathroom with six 1 bedroom + tech center units. Each unit has hardwood floors in the main living areas and carpeting in the bedrooms, along with tile in the baths. They also have the standard stainless steel appliances along with treated granite kitchen counter tops that provide a unique contemporary finish. Each unit comes with modest balconies. Only the 'A' plan provides an 11x7 balcony. The 'B' plan offers the second largest balconies. The others are much like Juliet balconies, not for socializing.





What impressed my the most about the units were the bathrooms. Marble counter tops, illuminated mirror, deep soaking tubs and a overhead rain head in the shower. I always like to see the new trend of the wet area in bathrooms where we see the shower and bath tub incorporated into one 'wet area'. Makes a lot of sense to me.




The bedrooms are sizable and spacious. Loads of closet space abound! The only downside for me is they have carpet. I would have much preferred the design to include the hardwood throughout, but hey, I didn't design the place...




With the new sales team from Revive, we see that they have brought down pricing around 35%. It will still be determined as to whether or not they have adjusted the prices enough. With other new buildings in the area that didn't sell, we see 'For Lease' signs out front instead of 'For Sale' signs. It may be an indication the bank needs to be a little more flexible. At the moment, the MLS is only showing a handful of units on market. Revive is taking reservations starting this week in hopes of signing contracts in early August. If you are at all interested in Metropol, feel free to contact me at 213-305-8537 for floor plans. There are five floor plans to chose from. More than happy to send them to you via email.

HOAs are in the $350 range. Parking garage below building. No pool. Check out the new price list for the re-release of these units:



Considering we are seeing a flood of bank-owned projects coming to market, it will be interesting to see how this project fares. Stay tuned...

123 N Kings Rd - Back on Market and Better Than Ever!

Ahhhhh. The time has finally come for the Pugh + Scarpa designed 12 unit gorgeous, now bank-owned condos located at 123 N. Kings Rd. This project is one of the latest recent developments to have problems with their lender. Hence, the bank now owns the property and is releasing units in phases. After previewing unit 5 today, I am SOLD!





This has to be one of the ‘successful’ projects architecture firm, Pugh + Scarpa, got right. The exterior design incorporates wood to ground the design and to break the sterile feeling of other projects of theirs, such as the ‘Cherokee Lofts’, which make one feel a bit prisoner-like.

With 123 N Kings Road, you are entering not only a visually stunning property, but the interiors are top shelf. From the refreshing floor plans to the roof-top decks, you are going to lose yourself with the finest of detailing and finishes. Gourmet kitchens with Jen Air stainless appliances. Luxurious bathrooms with granite counter tops and tile showers.





Many units have roof top decks and all have balconies. Check out the pic below! We are talking generous roof top areas for entertaining. Two parking spaces included. HOAs around $315.



When these properties first hit market back in 2009, they were listed in the 1 million dollar range. Now, the re-launch ‘Phase 1’ is hitting the market. Residences 6, 7, 10, 11 are being introduced to the market once again. This time they are working with much more reasonable list prices.

#6 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,509sf - $599,900
#7 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,589sf - $609,900
#10 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,371sf - $584,900
#11 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,371sf - $579,900


Here are a couple of pictures from Residence #5.





If you are interested in seeing the property, please click here to send me a quick email.

EVO SUPER SALE!!! - Limited TIme Only

SPECIAL REDUCED PRICES FOR EVO!!!



If you are a buyer who is interested in the Downtown Los Angeles area, there is no better building than EVO. EVO has been created as one of the most sustainable and eco-friendly buildings in the entire country, let alone Downtown Los Angeles! As the first high-rise residence in downtown to be certified LEED Silver by the U.S. Green Building Council.




If you haven't been able to afford the prices, you may be surprised by the new release of units with dramatic reductions in listing price. I invite you to take advantage of an exclusive super sale with prices well below the original list price. This is a limited offer and once these homes are gone, they’re gone!



In addition, EVO is offering 1-year of paid HOA on all super sale residences. I encourage you to act now for the best selection before they sell out! Now at 82% sold, EVO continues to be the best selling new residence in LA, with an unparalleled mix of architecture, modern residences, resort-style amenities and a location steps from LA Live and Staples Center.



You can go directly to the EVO web site for further information and floor plans, http://www.evo-south.com/