Sunday, March 25, 2007

Real Estate News for Sunday, March 25th, 2007



Former Lakers head coach Rudy Tomjanovich, now a scout for the team, and his wife, Sophie, have decided to scale down, and they have listed their Pacific Palisades home at $7.5 million. The three-story, 6,600-square-foot house has three bedrooms, 4 1/2 bathrooms, high ceilings and views of the ocean, city and mountains. There are floor-to-ceiling walls of glass and an elevator, media room, wine cellar and infinity pool. Tomjanovich, also the Houston Rockets former head coach, coached the U.S. men's basketball team to the 2000 Olympic gold medal and was appointed director of scouting for Team USA. Coldwell Banker, Pacific Palisades, have the listing. Click here to read more.



Baby boomers and Gen-Xers nationwide are getting dirt under their fingernails. "Lifestyle" farms now make up about half of the 2.1 million U.S. farms, according to the U.S. Department of Agriculture, and they are increasing by about 2% a year. Hobby farmers — loosely defined as those whose incomes are derived not solely from farming — often bring little or no hands-on experience to their new avocation. Their business acumen and marketing skills from previous jobs, however, can turn their pastimes into gainful enterprises. The rural areas of San Bernardino County aren't for everyone, but such distance from suburbia is typical of the burgeoning "new ruralism" trend, said Calvin Beale, senior demographer in economic research at the U.S. Department of Agriculture. Hobby farmers want their acreage to be far enough away to feel like they're living in the country but still be fairly close to mid- and large-sized metropolitan areas of 50,000 people or more — in this case, Victorville, Rancho Cucamonga or even the San Gabriel Valley. "The trend will keep growing because the U.S. population keeps growing," Beale said. "We can't add 2 million people a year to the cities." Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Spring Blog-Cleaning

Hi everyone! I want to spruce up the look and feel of TinaJan.com this year. I want to add a section with downloadable files (you might need Adobe Reader, for some of those files). These downloads will be informative reference guides which touch on different aspects of real estate.
Just wanted to thank everyone who stopped by at my Open House today. It's always a treat meeting new people who are interested in homes! I know that you could have been doing other things with your time, so I am very grateful that you chose to spend that time with me!

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Open House Weekends

Coldwell Banker Kivett-Teeters is having a huge open house extravaganza! If you're anywhere in the Inland Empire, you'll see our signs everywhere. Just stop by at one of our open houses and we will have a list of all the other open houses in the immediate area. There is no doubt in my mind that if you talk to me or any of the other agents with my company, you will find the perfect home you're looking for and at a very reasonable price.
The nice thing about the homes in the Inland Empire is that you get twice as much home for half the price as compared to Los Angeles, Orange County, and San Diego. I guess that's why this area is so popular with buyers from those counties! Well I better get my open house supplies ready! I think I'll have to start posting an open house list on my site every Friday, that way potential buyers will have a heads up on the great homes they'll be able to preview that weekend. ;) Have a beautiful weekend! Gotta love this SoCal weather!

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Wednesday, March 21, 2007

Calendar of Events - 2007

Here are some events in Beaumont, California that might interest you and your family!

Mar 22, 2007
5:30:00 PM - Lakes Retirement Community Mixer
Location - 5801 Sun Lakes Blvd., Banning
Description - Refreshments, door prizes, 50/50 raffle tickets for fun. Please join us!

Mar 27, 2007
5:00:00 PM - BCC Board Meeting
Location - 726 Beaumont Ave. Beaumont

Mar 30, 2007
7:00:00 AM - Beaumont Chamber City Wide Yard Sale
Location - Locations Vary
Description - Yard Sale is March 30, 31 and April 1. If you are interested in hosting a location, applications will be available Feb. 26 at the Chamber Office for $15-this fee includes sales permit and yard sale signs. Call Chamber for additional info. (951) 845-9541

Apr 7, 2007
9:00:00 AM - Spring Fling Bazaar & Easter Egg Hunt
Location - Noble Creek Regional Park 38900 Oak Valley Pkwy., Beaumont
Description - Join the Beaumont-Cherry Valley Rec. & Park District for a day of fun for all! Hand made Arts & Crafts, fun & games for the kids, affordable gifts, Easter candy & prizes (bring your baskets!), District Surplus Sale, come and visit the Easter Bunny!

Apr 14, 2007
9:00:00 AM - Pass Area Business/Community Expo
Location - Mountain View Middle School
Description - Cougar & Beaumont Ave, Beaumont. Many different companies from the Pass Area will be represented. This is also a Job Fair, so mark this important date on your calendar!

Apr 24, 2007
9:30:00 AM - Beltone Hearing Aid Center Ribbon Cutting
Location - 851 E. 6th St. Ste. B2, Beaumont
Description - Join us in welcoming Beltone Hearing Aid Center to Beaumont!

Apr 26, 2007
10:30:00 AM - Focus Vision Clinic Open House
Location - 851 E. 6th St. Ste. A1, Beaumont
Description - Join us from 10:30 AM-2:30 PM. Many different eyeglass vendors will be showcased. Everyone is welcome!
5:30:00 PM - XCEL Orthopedics & Sports Physical Therapy Mixer
Location - 444 E. 6th St., Beaumont
Description - Please join us for refreshments, door prizes and 50/50 raffle tickets!

Apr 30, 2007
10:00:00 AM - Blood Bank
Location - Beaumont Chamber of Commerce
Description - The Blood Bank will be at the Beaumont Chamber from 10 am to 4 pm.

May 5, 2007
8:00:00 AM - Elk's Lodge Pancake Breakfast
Location - 1465 E. 6th St., Beaumont
Description - Come and join the Elk's and Pass Traveler's RV Club for Bacon, Sausage, Coffee, Juice, Milk and All You Can Eat Pancakes! $4.00 Donation
9:00:00 AM - 4th Annual Relay for Life
Location - Beaumont Sports Park in Beaumont
Description - Relay for Life is an overnight team event that raises awareness of cancer in the community and raises funds to fight cancer. Opening Ceremony (Saturday) - 9am. Cancer Survivor's Lap of Hope - 9:30 am. Dinner - 6 pm. Lumineria Ceremony (Saturday) - 8 pm. Entertainment, activities and music. Please come and enjoy the day!

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Real Estate News for Wednesday, March 21st, 2007

Lindsay Lohan sells her condo. For those of you who love tracking celebrity It girls, Lindsay Lohan has just sold her condo for close to the asking price of $2,495,000. She apparently paid about $1.9 million for it originally. The West Hollywood unit is 2,100-square-feet, with 3 bedrooms, 2.5 baths, and on the corner of the 27th floor of the 146-unit building off Sunset Strip, which has ocean, city and Hollywood Hills views. The 32-story building also has a rooftop pool, a gym, a doorman and a banquet room. Click here to read more.

According to the L.A. Times, the L.A. housing market is holds its ground. Defying a sales slump and sub-prime uncertainty, area prices are on the rise. In the six counties of Southern California, the median price of a home — the point at which half the homes sell for more and half for less — was $489,500 in January and February combined, up 5.5% from the same period a year ago, according to DataQuick. San Diego County reported the steepest decline: 5.9%, to $475,000. Prices hit a record for L.A. County in February, rising to $528,000, up 7.8% from a year ago. Orange County's median price, however, dipped 0.4%, to $620,000. Sales continued to fall the first two months of this year, but at a less torrid pace than in mid-2006. Sales in the Southland's six counties fell 18% from a year ago. The Inland Empire posted the steepest decline, at 33.1%. The percentage of U.S. mortgages entering foreclosure during the fourth quarter last year rose to 0.54%, according to the Mortgage Bankers Assn., the highest since the group began issuing reports in 1972. Of California's 5.6 million mortgages, 0.15% entered foreclosure and 3.25% were delinquent. Among California's 806,022 sub-prime home loans, nearly 11% were delinquent, compared with 13% nationally. To put this into perspective, a small percentage of homeowners who are late with their payments end up in foreclosure. The majority refinance or sell. Click here to read more.

Seller financing could jump-start a home sale. Need to close that deal? Consider offering terms yourself -- for a limited period, and only with a sizable down payment. Some homes take longer to sell than others, adding anxiety for sellers who absolutely have to get a transaction closed within a specific period of time. According to writer Tom Kelly of the L.A. Times, if you have a home that's been sitting on the market and you truly need to sell and move on, you could include in your advertising materials that you would be willing to offer seller financing for a specific period of time provided you receive a sizable down payment. The down payment would supply you with the cash to get into your new home, and the monthly payments made by the buyer could offset the payments for your new home. You also get to better gauge your moving time, and the buyer avoids loan costs. Click here to read more.

Man Holding Real Estate Ad Sign Gunned Down In Lancaster. Authorities were looking Monday morning for whoever gunned down a man holding a sign directing people to a housing development near Lancaster. It happened about noon at the corner of avenue "K" and 45th Street, West NBC4 reported. Stunned witnesses said the suspect drove up to the man about noon Sunday and opened fire. One motorist said he was driving away from the gunfire when he looked in his rear-view mirror and saw the victim fall. Efforts to revive the victim were unsuccessful. Investigators are trying to identify a motive and a suspect in the case. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Tuesday, March 20, 2007

Real Estate News for Tuesday, March 20th, 2007

One of the great things about the website Realtor.com is the Mortgage Calculator. It's so simple to use. And here is a link to it, so that you can access it anytime you want! Realtor.com Mortgage Calculator.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Thursday, March 15, 2007

Calendar of Events - March 2007

March 2007

Saturday, March 17th , 2007
Rotary Club's 'Saint Patrick's Day Dinner & Auction'
Time - 6:15pm
Location - 550 E. 6th St., Beaumont, CA 92223
Description - Join us for food, fun and Irish Dancing at the Beaumont Civic Center. $15 for Adults and Children ($12 for groups of 8 or more). For information and tickets, contact Greg Persall (951)769-8586.

Friday, March 30th, 2007.
Beaumont Chamber City Wide Yard Sale
Time - 7:00 AM
Location - Locations Vary
Description - Yard Sale is March 30, 31 and April 1. If you are interested in hosting a location, applications will be available Feb. 26 at the Chamber Office for $15-this fee includes sales permit and yard sale signs. Call Chamber for additional info. (951)845-9541.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Tina Jan's Personal Thoughts for Thursday, March 15th, 2007

Wow, has the weather gotten amazing these last few days! It went from bitter snowing cold, to warm desert sun in about a week. California weather is unbeatable sometimes. No wonder everyone wants to live here. The Inland Empire is still the most affordable place to buy a home in SoCal. So many businesses, retail shops, services are coming here along with the buyers.
Speaking of businesses, The 1st Pass Area Business/Community Expo Fair is Saturday, April 14, 2007. It will be from 9:00am – 2:00pm at Mt. View Middle School, 200 Cougar Way, Beaumont, CA 92223. I'll be checking it out, maybe we'll meet each other there!
In the last post from Tuesday, we saw that business was booming in Utah. The agents in that state are increasing rapidly. I remember when that exact same thing happened in California. ;) A new feature on the TinaJan blog is the Trulia searching application. I figure, why limit visitors to the MLS searches I've provided. They can search Trulia, and I'll be adding a Zillow search box too pretty soon. I know how savvy people are today with the internet. Why not give them everything they need in one place. I already have the links to many many useful real estate websites and blogs on my Links Page. Now it's going to be even easier to access them all without having to click and search. :) Of course, always feel free to comment and make suggestions. I'm probably going to start giving this blog and more welcoming "Spring/Summer" look. The dark blue might have to change a little bit.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Tuesday, March 13, 2007

Real Estate News for Tuesday, March 13th, 2007

Spaces and Places: Investors more enamored with Silicon Valley real estate. No longer a second choice, Silicon Valley has become the "darling" of the nation's real estate investment world, said brokers at a Commercial Real Estate Women luncheon last week. Click here to read more from Mercury News.


Utah Real Estate sees a boom in agents. Ratio of one per 100 Utahns is linked to hot housing market. The National Association of Realtors reports that the median income for a Realtor in the United States is $37,600, according to the most recent data available. For real estate brokers that increases to $52,800. Click here to read more from Deseret News.

Buy A House Now, Or Wait For Prices to Fall Some More? Nineteen months past its peak, residential real estate continues to weaken, with prices and sales down and inventories rising across the U.S. For sellers, this is ghastly news, of course, but buyers have mixed feelings. On the one hand, after years of bidding wars, instant offers without home inspections and even penning poems to convince sellers to hand over the keys, it's delightful to finally have choices and negotiating room. On the other hand, it's a bit frightening to make a commitment now, when there's a chance that prices could drop even lower. Buyers, not sellers, set prices. This may seem counterintuitive, but all a seller can do is suggest an asking price. The real price is whatever a buyer pays for it. In 2004 and 2005, home prices rose because buyers flooded the market -- now prices are falling because buyers are sitting on the sidelines. Meanwhile, the number of homes being built hasn't changed drastically; rather, supply is growing because existing-home sellers can't figure out what buyers are now willing to pay, so their homes are sitting on the market. Comps may not matter now. When markets are in upheaval, either up or down, recent sales of comparable houses are of less value than they are in more stable times. So take a look at public records, which are now often listed on Web sites, as well as Internet tools like Zillow and Trulia. But take them all with a grain of salt. They may be guiding sellers as they set their asking prices, but they don't necessarily indicate what a seller will accept, since the market is in flux. When times are good, listing agents typically reveal little about their sellers' motivations or pricing strategies ... which is as it should be. Listing agents have a duty to get the best possible deal for the seller. But agents don't get paid unless deals are made, and many are hurting now. So many have looser lips than usual -- something that sellers should keep in mind when they tell their agents about why they're moving and what price they'd ultimately expect. Buyers, however, aren't breaking any rules by asking, and the information they receive could help them decide what and when to bid. Timing the market isn't possible. Although many economists predict that nationally, housing still has a way to go to reach bottom, you don't have to wait for that to happen to get a good deal. In fact, it's better to buy when housing is trending down than when it reaches the floor, since at that exact moment, the balance of power begins to shift toward the seller again. So if you see a house you like and can afford, make a bid now. And don't worry about insulting sellers with a "lowball" offer. They may be desperate to move because of a new job, marriage, divorce, overstretched bank account or other motive. Yours may be the only bid they've received in months and they may be very glad to have it. Click here to read more from The Real Estate Journal.

A Flood of Foreclosures, But Should You Invest? The number of homes in or nearing foreclosure is growing, and some investors are taking advantage of the bargains created. But even with a steady stream of distressed properties coming on the market, jumping into foreclosure investing is dangerous, especially if you are not familiar with the process or new to real-estate investing. The transaction has to make sense financially, figuring in the costs of getting the property back into marketable condition, the value it's going to have at resale and the length of time it's going to take to find a buyer -- if you do, in fact, plan on reselling immediately instead of holding it to rent out or live in. It's also important to know if there are liens on the property. Adding to the complexity of the investment are the various state and county foreclosure laws and regulations throughout the country. Those looking to buy a home in the foreclosure process can do so during a few different stages. Some investors prefer purchasing homes prior to the actual foreclosure. Others make the investment later in the process, at a foreclosure auction. If the property is unable to be sold by the bank at a desired price, an investor can deal with the institution in buying what is called a real-estate owned property, or REO. Each point has its own complications, so tread slowly and do your homework first. Beginners should start out by sitting down with a real-estate agent who has experience in the arena, someone who has done it before. Dealing with a preforeclosure, for example, often involves negotiating with a distressed homeowner -- and doesn't always shape up to be a comfortable situation. Homeowners don't want to be bothered or may not be as reasonable as they are under normal circumstances. On top of that, there are a number of "foreclosure rip-off artists" who have taken advantage of people when they're most vulnerable. The sale of a preforeclosure home could help homeowners keep negative marks off their credit histories and also get at any remaining equity. If a sale must take place, the seller should have fair representation by a Realtor before proceeding -- to ensure they get a fair deal. Click here to read more from the Real Estate Journal.

Finding the Best High Schools. It is not just educators and journalists who are concerned about how we measure schools. Probably the most enthusiastic consumers of high school data are real estate agents, and their millions of clients. A recent study on how school statistics affect home prices dramatizes once again how powerful average test scores are in shaping public perceptions, even when many experts think there are better ways to assess schools. The study is "Educational Outcomes and House Values: A Test of the Value Added Approach," by economists David Brasington of Louisiana State University and Donald R. Haurin of Ohio State University. It was published last year in the Journal of Regional Science. They discovered that only two factors had a significant effect on housing prices--average test scores and expenditures per student. The stronger of these two, the study said, was the percentage of students testing at the proficient level on state tests. Click here to read more from The Washington Post.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Saturday, March 10, 2007

Real Estate News for Saturday, March 10th, 2007

To Have, Hold And Cherish, Until Bedtime. Not since the Victorian age of starched sheets and starchy manners, builders and architects say, have there been so many orders for separate bedrooms. Or separate sleeping nooks. Or his-and-her wings. In a survey in February by the National Association of Home Builders, builders and architects predicted that more than 60 percent of custom houses would have dual master bedrooms by 2015, according to Gopal Ahluwalia, staff vice president of research at the builders association. Some builders say more than a quarter of their new projects already do. Click here to read more from The New York Times.

Home prices: Don't expect quick rebound. Home prices might not seem like they've dropped by much, but history, economists and forecasts suggest recovery is years away. Is the housing slump really that bad? After all, the S&P 500 last week fell more in a single day (3.5 percent) than home prices have fallen in the past year nationally (3.1 percent). Still, it could be years before home prices regain the peaks seen before the current stumble - and even that's optimistic. Click here to read more from CNNMoney.com.

Upward Bound: Consumer-centric focus and innovation position Coldwell Banker for future growth. This time last year, Coldwell Banker began celebrating a milestone that most companies can only dream of: 100 years in business. Today, equipped with a host of innovative marketing programs, technology advancements and-not to mention-a new forward-thinking COO, Coldwell Banker is well on its way to continuing its upward journey. In this exclusive roundtable interview, Coldwell Banker's leadership team-Jim Gillespie, president and CEO; Sherry Chris, COO; and Charlie Young, senior vice president of marketing-explain how the company is aggressively launching its next hundred years. Click here to read more from RisMedia.

Subprime Defaults Prompt Calls For Rules to Protect Borrowers. As more homeowners fall behind on their mortgage payments, the debate is heating up over whether lenders should be required to ensure that the loans they issue are suitable for their customers. As more homeowners fall behind on their mortgage payments, the debate is heating up over whether lenders should be required to ensure that the loans they issue are suitable for their customers. Click here to read more from the RealEstateJournal.com.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Friday, March 09, 2007

Real Estate News for Friday, March 9th, 2007

Rising Subprime Mortgage Defaults Add to Unsold Homes Inventory. In January, 4.09 million new and existing homes were offered for sale, down from 4.43 million in July 2006, the National Association of Realtors and the U.S. Commerce Department said. New homes accounted for 536,000 of the January total, down from a record 573,000 in July. A five-year housing boom that ended a year ago was fueled in part by the growth of mortgage products marketed to borrowers with poor credit histories. Now, as defaults on subprime loans surge to a seven-year high, more than 20 lenders have closed or sought buyers since the start of 2006. The survivors are raising their lending standards. Click here to read more from Bloomberg.com.

Sellers shoot for YouTube hits. Online videos could be another marketing tool for agents to lure home buyers into market. Just how many real estate videos are claiming a spot in cyberspace is hard to quantify because such general-interest video meccas as YouTube and Yahoo don't have a category for them. House-hunters must cull the videos from millions of other clips by typing in search terms. That may be about to change. At the same time, the major search engines, including YouTube's parent, Google, are emerging as players in hosting real estate listings and property-mapping tools. Designating a category for real estate videos would be a natural complement, he said. For the most part, the videos aren't the familiar "virtual tours"--the 360-degree scans that have inhabited brokerage sites for a decade or so. Many of the current videos are a few minutes of digital footage shot by a videographer--or a real estate agent or homeowner--strolling room to room. Click here to read more from The Chicago Tribune.

Buying Into Housing. Market: Builders and real estate agents are paying more attention to female consumers. Kim Braziel bought her first townhouse three years ago when she was 26 and a single, working woman in Los Angeles. She recalls the move when she was just four years out of college as a stand for financial independence. Home builders and real estate agents are starting to pay more attention to people like Braziel. At 29, she represents a significant -- and growing -- segment of the nation's home-buying market: single women. While married couples are still 60 percent of homebuyers, their market share has dwindled from 70 percent 12 years ago. Meanwhile, statistics from the National Association of Realtors show unmarried women accounted for 22 percent of sales last year, up from 14 percent in 1995. Single men, on the other hand, accounted for just 9 percent of home sales in 2006 -- unchanged from the mid-'90s, the Realtors association says. Experts say the trend is ripe with opportunities for condominium builders and sales agents who specialize in the smaller, low-maintenance houses that agents say single women prefer. Builders already target women when decorating many model homes, emphasizing the lighter colors they believe women favor and showcasing upgrades in rooms such as the kitchen. Real estate agents say that they emphasize a neighborhood's safety and the security of attached garages when talking with single women interested in buying a home. But the recognition of the role single women play in the housing market also has its negative side. At least one consumer group contends single women often are charged higher mortgage interest rates than men. Analysts say this home-buying phenomenon is rooted in societal changes, including the fact that women are waiting longer to get married. Married women who get divorced also are less likely to remarry -- and remarry less quickly than men, according to a 2006 study by Rutgers University's National Marriage Project. Another factor is the economic gains college-educated working women have achieved. Click here to read more from The Press Enterprise.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Thursday, March 08, 2007

Real Estate News for Thursday, March 8th, 2007

Just wanted to remind everyone that we SPRING FORWARD EARLIER THIS YEAR! Yes, you heard right, Daylight Saving Time begins Sunday, March 11th, 2007. Set your clocks FORWARD one hour!

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Wednesday, March 07, 2007

Real Estate News for Wednesday, March 7th, 2007

A cooling trend in real estate flipping. These days, it takes caution and savvy to find the right fixer and then turn a profit. "Flipped" houses, considered by analysts to be those owned for six months or less, accounted for 3.2% of all home resales statewide in 2006, down from 4.2% in 2005, according to HomeSmartReports.com, a market-tracking website. Flipping also proved less profitable last year as 24.9% of such sales resulted in a loss for the seller, compared with 7.5% in 2005. In 2006, flippers sold for a median $45,000 more than they paid (not factoring in improvement costs), down from $52,000 in 2005. Source - The Los Angeles Times.

Robert Bruss, Real Estate Q&A: If a fixture is not built-in, it belongs to the seller. Any movable appliance that is not permanently attached to the structure or built-in is not a fixture and remains personal property. The law of fixtures can sometimes be difficult to apply — although not in your situation. For example, some large refrigerators have panel doors that match the kitchen cabinets. One could argue such a refrigerator is a built-in fixture automatically included in the sales price. However, if the refrigerator easily slides out without damage to the structure, then it is arguably personal property belonging to the seller. Real estate agents who are experienced make certain that the sales contract specifies personal property and fixtures the buyer wants are included in the price. Unless listed, and usually conveyed by a bill of sale, such items remain personal property, which the seller can remove. Read more from the source - The Los Angeles Times.

USC Lusk Center Experts Discuss How Shifts in Real Estate Lending Will Affect Commercial and Residential Markets. Investors are pulling back: Collateralized debt obligations (CDOs), backed by pools of sub-prime home mortgage loans, have fallen out of favor on Wall Street. As more borrowers default on these high-risk mortgages, lenders are requiring home buyers to put more money down, demonstrate greater income levels, and pay higher interest rates. All this means less money available for buyers with less-than-perfect credit, resulting in fewer homes being sold. Declining returns make investors shy away: How will the recent bear market affect investment in REITs? Now that speculators have backed away from housing markets, prices could continue to fall. REO and short sales reenter the lending lexicon: As “teaser” rates on adjustable rate mortgages (ARMs) start to shift higher, more borrowers will fall behind on their home mortgage payments, and more defaults could result. Real estate owned (REO) departments could get busy again as foreclosures become common in areas with major job loses (Michigan). Short sales – selling the home for less than the amount owed – will help the bank avoid being a landlord and the borrower’s debt may be forgiven. Are the vultures on the way back?: Buyers for distressed properties could be coming back, looking to snap up mortgages or real estate at a discount, confirming that there is always an opportunity in every kind of market. A move to suburban infill: As investors cool on mortgage-backed securities in general, exotic mortgages featuring interest-only, no money down and deferred payment instruments could be a thing of the past in the commercial sector. Developers who use these mortgages to finance higher-priced projects in the urban core might move farther out to lower-cost suburban areas. Less is more: A lower inventory of homes for sale helps to stabilize prices on new and resale homes. The latest surveys showing fewer new-home sales bode well for local markets. Builders have become more sophisticated at anticipating demand and responding to market shifts. Surf’s up: People will continue to flock to cities in Florida, Texas and California so demand will keep home prices steady even in the face of massive building. The Census Bureau predicts 65 million more residents in the United States by 2030, with almost half in these three states. Read more from the source - Business Wire.

Economic bulletins from Federal Reserve. Reports on economic conditions from the Federal Reserve's 12 regional bank districts. The survey was released Wednesday. SAN FRANCISCO: Retailers reported modest gains. Manufacturers reported growth in demand, and semiconductor sales expanded at a solid pace. Producers of commercial airplanes and defense products also saw further growth in orders. The housing market cooled further in most parts of the region, although there were scattered signs of stabilization of market conditions, notably in California. In agriculture, sales of most crops and dairy products expanded and prices remained firm. But California spinach producers have been struggling with weak demand, held back by lingering concern about food safety following a crop contamination in September. A recent cold snap has damaged citrus, avocado and some vegetable crops. Read more from the source - Business Week.

Timing puts spin on prices. Fresh data shows 2005 pricing was in vogue late last year. All four indexes reminded folks that hefty gains were history. Three price markers showed meager annualized appreciation. The other index, from California's Realtors, showed a price drop of 1.5 percent since January 2006. The folks hoping that recent housing sluggishness was going to end soon got nothing to build hope on. Unless they think that any evidence of price gains can be market-turning news. Who's exited the market? I'm guessing it's primarily the marginal buyer. These shoppers worry about a household budget that would be badly stretched by a home purchase. These folks likely buy lower-priced homes: Condos, for first timers; cheaper homes in a neighborhood, if they're owners considering moving up. These shoppers probably balked because they hope homes will only get cheaper, or because aggressive financing they might once have used is no longer readily and cheaply available. So who's buying? My guess is that this decidedly shrinking group is a better-financed crowd than we've seen previously. This type eyes trendier condos or the nicest home in a tract. Trust me, they didn't acquire their solid finances by being fools. They bought relative bargains, good deals on above-average homes. These wealthier buyers may be inflating price indexes. That's one challenge of price measures, no matter how they're calculated. It's tricky to account for the ever changing mix of buyers and the homes they like. Read more from the source - The Orange County Register.

~Tina Jan~
Coldwell Banker Kivett-Teeters
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