Real Estate News for Saturday, January 13th, 2007

Adverse Possession: Real Estate Matters - Ask the Real Estate Lawyer. When a landowners sees that someone is trespassing on their property, the lawyer (or landowner) should send the trespasser a letter thanking him for taking care of the property and advising that the license to use the property is henceforth revoked (or demand payment of rent if the trespasser wishes to continue staying where he is). If done properly, such a letter is quite helpful in destroying that required element of "adversity," thereby saving the landowner's property. Click here to read more.



What's Become Of The Condo Conversion? Two years ago one of the easiest ways to make big money in America was to convert apartments into condominiums. The housing slowdown has taken a toll, pruning profits and thinning out herds of condo buyers so much that many converted properties are reverting to apartments. But conversions still take place, suited to certain markets and pared expectations for investment return. The conversion process is simple. For as little as $75 in some counties, a developer can initiate a legal process to convert multi-unit apartment buildings into individual condos to be purchased by separate owners or investors. Current renters normally are given relocation money and the option to vacate their unit at lease end or the opportunity to buy their old apartment slightly below the sales price of the newly refurbished condos. Click here to read more.

'Flipping' of homes down in 2006. The "flipping" of homes in California by speculators who buy houses and condominiums only to resell them for a quick profit declined last year to the lowest level since 2003 as price growth slowed. The decline in flipping comes as the pace of all home sales and price increases slows throughout California. In November, the latest month for which figures are available, Southern California home sales dropped to the lowest level for a November in nine years, according to DataQuick Information Systems. San Francisco Bay Area home prices fell for the second time in three months in November. Overall, flippers last year sold homes for a median $45,000 more than they paid, down from $52,000 in 2005. 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