Empty Stores to be Replaced by New Retail

According to Lou Hirsh of the Press Enterprise, empty stores in the Inland Empire will soon be filled up by new retail shops.

"Slowly -- very slowly -- but steadily, new stores are arriving in the dozens of large spaces vacated a year ago by some big-chain retailers that went belly-up.

Two of the most recent examples are in Moreno Valley. Illinois-based Inland Western Real Estate Trust Inc. announced Tuesday it has leased three former Mervyn's spaces in California to Burlington Coat Factory, including one in Moreno Valley.

No opening dates were announced, but Burlington will be setting up shop at 12625 Frederick St., in the Towngate shopping center.

Not far from there, drivers passing by the empty Circuit City off Day Street may have noticed the cloth "coming soon" banner that 99 Cents Only Stores placed on the building recently. According to its Web site, 99 Cents Only plans to open in that spot in March.

In May, another empty Circuit City, at Riverside Towne Center near Galleria at Tyler, is scheduled to open as a Ross Dress For Less store.

Elsewhere in the Inland area, two former Gottschalks -- in Riverside and Hemet -- have been reborn as Forever 21. An ex-Mervyn's in Victorville, as well as a long-vacant former Macy's in San Bernardino, are also Forever 21 stores. Some locations of the defunct Wickes and Linens 'n Things have been replaced by new sellers of groceries and furniture.

Experts note that all of these new tenants are getting good deals from anxious landlords looking to get their properties out of empty status, as Inland commercial vacancies continue to rise."

Click here to read more from the Press Enterprise.

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~Tina Jan~
DRE# 01505855
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

Inland Empire New Year's Eve Events!

According to the Inland Empire Weekly, here are the New Year's Eve Parties to ring in 2010!




LMFAO


It’ll be more like D(ancing)MFAO, but we can’t think of a better way to spike your partying than with some neon-colored, electro-hop delight.


Silk, The Club at Pechanga Resort and Casino, 45000 Pechanga Pkwy., Temecula, (877) 711-2946; www.silkthenightclub.com. 9PM.




A TRIBUTE TO MICHAEL JACKSON


Ah, the Gloved One—you are missed sorely. Except by Bubbles.


California Theatre of the Performing Arts, 562 W. 4th St., San Bernardino, (909) 885-5152; www.californiatheatre.net. 10PM.




KISS NOW IT’S MIDNIGHT SOMEWHERE


Billed as a “gay New Year’s Eve event for men and women,” this party features a same-sex dance performance, a decadent midnight snack—and a ride home!


Commissary, 69620 Hwy. 111, Rancho Mirage, (760) 202-0524, (800) 838-3006; www.themoxiestudios.com/2010. 8PM-4AM. $75 ($20 afterparty).




WEEPER’S FRIENDS THIRD ANNUAL NEW YEAR’S EVE GALA


There’s a Luther Vandross tribute on the bill—now that’s the power of love! Plus you can’t beat the Mission Inn for that historical classiness.


Mission Inn Hotel & Spa, 3649 Mission Inn Ave., Riverside, (909) 697-9565; www.weepersfriends.org. Reception 7PM. $100-250.




THE BRITISH INVASION


Tribute bands galore, such as The Rolling Stones, the Beatles—bands your parents keep talking about.


Fantasy Springs Resort Casino, 84245 Indio Springs Pkwy., Indio, (760) 342-5000; www.fantasyspringsresort.com. 10PM.




WILD CHILD


Speaking of tribute bands, here’s one for Jim Morrison and Co., otherwise known as The Doors.


Temecula Creek Inn, 44501 Rainbow Canyon Rd., Temecula, (866) 860-5152; www.goldencrownproductions.com, www.temeculacreekinn.com. $79-$109.




PARTY AT LIAM’S


We’ve got three words for you: Jägerbombs all night.
Liam’s Irish Pub, 1087 S. Mt. Vernon Ave., Colton, (909) 422-9900; www.myspace.com/liamsirishpubcolton. 7PM. $5 cover.




ROCKIN’ AT ROCKIN’ BAJA


You can get your groove on and celebrate this coastal-themed eatery’s one year anniversary. Double threat.


Rockin’ Baja Coastal Cantina, 9335 Monte Vista Ave., Montclair, (909) 621-7788; www.rockinbaja.com.




THE ORIGINAL SACRIFICE


The Original Sacrifice—they say they’re the “best R&B band in town”—will be handling the live music department and DJ Rich R will be spinnin‘. Plus there’s menudo at midnight!


Stinger’s Bar & Nightclub. 194 W. Club Center Dr., San Bernardino, (909) 872-0308. www.stingersbarandnightclub.com. Doors open 8PM. Presale $15 (single), $25 (couple).




BUMP TOWN


Enjoy the smooth Top 40 of Bump Town here at San Man’s Tukut Lounge.


San Manuel Indian Bingo and Casino, 777 San Manuel Blvd., Highland, (800) 359-2464; www.sanmanuel.com. 9PM-1:30AM.




MONTGOMERY GENTRY


Twang of a platinum variety is what Montgomery Gentry’s bringing to the table here at The Show.


The Show, Agua Caliente Casino Resort Spa, 32-250 Bob Hope Dr., Rancho Mirage, (888) 999-1995; www.hotwatercasino.com. $75-$150. 11PM.




KILLARNEY’S


A cool dance mix, shrimp cocktails and dinner offerings that’ll make you slap the drama outta your mama! Actually, we mean corned beef and cabbage.


Killarney’s Restaurant & Irish Pub, 3639 Riverside Plaza Dr. #532, Riverside, (951) 682-2933; www.killarneys.com. $39.99 (dinner), $10 cover.




SPONTANEOUS BAND


Jazz sweetness for the mature crowd.


The Jazz Café, 1133 W. Sixth St., Ontario, (909) 391-9119; www.thejazzcafe.org.




LAKE ALICE TRADING CO.


A big bash featuring the classic rockers in Trainwreck.


Lake Alice Trading Co., 3616 University Ave., Riverside, (951) 686-7343; www.lakealicetradingco.com. $20 cover.




AN EVENING WITH CRAIG SHOEMAKER


How about some yucks prompted by Craig Shoemaker to usher in that ol‘ ’10?


Ontario Improv, 4555 Mills Circle, Ontario, (909) 484-5411; www.improv.com.




THE GOURMET DETECTIVE MURDER MYSTERY DINNER SHOW


A little homicide—and great grub if that’s what grabs ya.


The Gourmet Detective at the Avila Terrace Theatre, 3663 Main St., Riverside, ((866) 992-5424; www.gourmetdetective.com, www.avilaterrace.com. 9PM. $95.




DECADENT NEW YEAR’S BASH


In da club—that’s where you want to be. There’s silver, gold and platinum packages to choose from and each will help you party like a club star.


Club Sevilla, 3252 Mission Inn Ave., Riverside (951) 778-0611; www.sevillanightclub.com. 8PM.




NEW YEAR’S EVE 2010


Reserve your table and hook up with the $2 “U Call Its” from 9-10 p.m.


Godfathers Night Club, 12570 Central Ave., Chino, (909) 627-8080; www.myspace.com/godfathersnightclub.




PAPPY’S ALL STARS


No cover, a party all night long and unsigned, indie acts that are too cool for your butt.


Pappy & Harriet’s Pioneertown Palace, 53688 Pioneertown Rd., Pioneertown, (760) 365-5956; www.pappyandharriets.com.




THE NEW YEAR’S EVE PARTY TO REMEMBER


Enjoy your champagne toast here and while you’re at it, why not order up that prime rib dinner you’ve been hankerin‘ for. And you can start your partying earlier.


Brandin’ Iron Restaurant Saloon & Dance Hall, 320 S. “E” St., San Bernardino, (909) 888-7388, www.brandingironsaloon.com. Doors open 5PM. $20.




DJ RICHARD BLADE


If you love ’80s icons—and we know you do—this bash will induce New Wave fashion crimes because of this world famous radio personality.


Romano’s Concert Lounge, 5225 Canyon Crest Dr., Riverside, www.myspace.com/romanosrestaurants. 9PM.




ANGELS ROADHOUSE


The admission is free, so is the champagne toast and the live music by Judge Jackson should prove awesome enough to pack any courthouse.


Angels Roadhouse, 32464 Dunlap Blvd., Yucaipa, (909) 795-0665; www.myspace.com/angelsroadhouse.




dba256 GALLERY WINE BAR LOUNGE


Some vino is good for the soul—and so is celebrating at this arts-minded destination.


dba256 Gallery Wine Bar Lounge, 256 S. Main St., Pomona, (909) 623-7600; www.dba256.com. 8PM.

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~Tina Jan~
DRE# 01505855
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

Ice Skating in Riverside

Here is my new video of Ice Skating in Riverside, California - Festival of Lights hosted by the Mission Inn and the City of Riverside. An temporary ice skating rink was installed on Main Street in downtown (formerly known as the Pedestrian Mall). Everyone looked like they were having a great time. Skaters of all ages packed the ice rink Sunday evening to experience nostalgic winter fun before it ends on January 3rd. There is only one week left, so if you'd like to have some wholesome winter family fun, head to downtown Riverside.

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~Tina Jan~
DRE# 01505855
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

Banks Take Losses on Short Sales as Foreclosures Soar

Banks are beginning to go along with short sales in increasing numbers, three years into a U.S. housing slump that pushed the economy into a recession and cut resale values by 30 percentdata from the Office of Thrift Supervision and the Office of the Comptroller of the Currency. from the peak in July 2006. Short sales almost tripled to 40,000 in the first six months of 2009 from the same period a year earlier. Yet for each short sale, there were 25 foreclosures started or completed in the first half of this year, according to

“It’s really finally dawning on banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. “I think banks were in denial.”

Obama Pressure

Wells Fargo, Bank of America Corp. and JPMorgan Chase & Co. this year have hired and trained more staff, developed software systems for expediting short sales, and increased marketing of short sales to delinquent borrowers.

Banks are increasing such sales under pressure from the Obama administration and lawmakers who criticized them for favoring foreclosures and delaying short sales, Green said. Lenders and loan servicers also stand to receive up to $2,000 in incentives to close short sales under a Treasury Department plan unveiled Nov. 30.

“Judging by how slowly the modification plan is up and running, it doesn’t lend confidence this is going to jump start things,” Mark Zandi, chief economist with Moody’s Economy.com, said in a phone interview. “They’re saying the right things, but nothing so far suggests it’s going to work in a measurable way.”

The increase in banks agreeing to take losses on mortgages is helping some home buyers and real estate brokers.

Bankers also have been slow to sign off on short sales because homeowner associations, mortgage insurers and second- lien holders may not agree to the terms of the deal, said Michael Frantantoni, vice president of single family research at the Mortgage Bankers Association.

“The single biggest problem was the lack of a vehicle or mechanism at most banks to handle short sales,” said Walter Molony, a National Association of Realtors spokesman. “You could say they were shortsighted in dealing with the problem.”

Pressure is building to approve short sales as the number of delinquent mortgages has grown to 3.2 million and an estimated 7 million foreclosures loom in the next two to three years, according to Irvine, California-based RealtyTrac Inc., which compiles and sells U.S. mortgage delinquency data.

New Treasury Department guidelines for foreclosure alternatives scheduled to take effect in April 2010 will require lenders to consider borrowers for a short sale on their primary residence 30 days after missing two consecutive payments on a modified loan or after the borrower requests a short sale.

Treasury Plan

The Treasury Department would pay up to $1,500 for a homeowner to relocate, $1,000 to loan servicing companies that accept a sale and a maximum of $1,000 to help settle a second mortgage or subordinate lien. A lender must agree to release the borrower from all liability for repayment for the mortgage, under the Treasury plan.

In July, Wells Fargo began mailing notices to delinquent borrowers advising them that short sales might be an option to avoid foreclosure.

“When we determine that a loan is not affordable for the customer -- either because a modification was denied or failed - - we obtain the value of the property, run it through our loan decision tool and then send a letter to the customer advising them of our short sale program, including the short sale price we are willing to take on the property,” Debora Blume, a spokeswoman for Wells Fargo Home Mortgage said in an e-mail.

JPMorgan doubled the number of staff trained to handle short sales after adding 5,000 people since Jan. 1 to deal with distressed mortgages, said Thomas Kelly, a spokesman for the New York-based bank’s home lending division.

Short sales benefit a neighborhood because they clear out stagnant properties that may have an adverse effect on values, said Sean Shallis, a senior real estate strategist with Weichert Realtors in Hoboken, New Jersey. Shallis has one home with bank approval for a short sale and three others waiting approval on the same street in Jersey City with views of the Manhattan skyline.

“In every case we had multiple offers from people who had plenty of money to put down,” Shallis said. “Americans are out there still buying homes and trying to move it along.”

Cutting Losses

Short sales also help the bank, because foreclosed properties lose more value when they are vacant or a homeowner vandalizes a house on the way out, Sunlin said.

“We typically expect a 10 to 15 percent decrease of loss severity with a short sale,” Sunlin said.

Losses on prime loans going through the foreclosure process averaged 49 percent versus 34 percent for a short sale as of Oct. 1, according to a Nov. 10 report by Laurie S. Goodman, senior managing director of Amherst Securities Group LP. For subprime loans, losses averaged 73 percent for a foreclosure compared with 59 percent for a short sale, Amherst reported.

“The loss severity of short sales is lower but it’s not low,” Goodman said.

For a borrower’s credit history, a short sale is typically reported as “settled” and considered as severe as a foreclosure, said Maxine Sweet, vice president of public education for Experian PLC, the world’s largest credit-reporting company. The impact of a short sale on a credit score is similar to that of a foreclosure. It may drop a credit score of 780 to 620, according to Minneapolis-based FICO Corp.

Click here to read more from Bloomberg.com.

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~Tina Jan~
DRE# 01505855
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

Bank of America Justifies Loan Modification Efforts

Bank of America Corp. (BAC) says the reason it has trailed behind other major lenders in the Obama administration’s loan modification program is that it has a much higher percentage ineligible borrowers than its competitors.

By the end of November, only 15% of the bank’s eligible borrowers had begun the trial modification process, compared to 30% for Wells Fargo & Co., 31% for JP Morgan Chase & Co., and 43% for Citigroup Inc.

Eligible borrowers are defined by the U.S. Treasury Department as those who are at least 60 days behind on their mortgage. About one million Bank of America borrowers are considered eligible, more than twice those of J.P. Morgan Chase and about three times more than Wells Fargo.

The bank’s Loss Mitigation executive, Jack Schakett, explained that only 340,000 of these borrowers are likely to meet the requirements of the government program, such as the required debt-to-income ratio of 31%.

Schakett added that since the bank had been more active in preventing foreclosure, more of its borrowers have instead remained in default or fallen further into delinquency. He said that in doing so, the bank has prevented more foreclosures than its rivals.

Only 98 of the roughly 150,000 trial modifications started by the bank have been converted into permanent terms, casting more doubt on the lender’s efforts to provide long-term mortgage assistance.

Schakett acknowledged that this may be because the bank did not press borrowers hard enough to complete the requirements, adding that they could have created a stronger sense of urgency to get them to participate. He said that the bank is making efforts to lead other servicers to make more permanent loan modifications in the future.

Click here to read more from the Washington Post.

-
~Tina Jan~
DRE# 01505855
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

Free Short Sale Information from an Experienced and Certified Short Sale Specialist

You've probably heard about SHORT SALES. But I'll bet you still have LOTS of questions about whether a SHORT SALE is right for you.

You're probably wondering:

What is a SHORT SALE?
Should I do a SHORT SALE?
Why would a lender agree to take a loss on real estate property?
What is a hardship?
What are the benefits of a SHORT SALE?
Is it possible to start a SHORT SALE when the borrower/homeowner is current on their mortgage payments?
Are you facing a foreclosure?
Are your mortgage payments too high?
Do you owe more than your house is worth?
Do you want to minimize damage to your credit?
Did you experience loss of income?
Will your mortgage adjusts soon and you cannot afford paying skyrocketing rate?
Do you want to sell your house but there is not enough equity?
Do you want to avoid or stop a foreclosure and get a fresh start?

Contact Tina Jan today to get ANSWERS from an EXPERIENCED SHORT SALE SPECIALIST!

-
~Tina Jan~
DRE# 01505855
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

Beaumont CA Short Sale, Bank Owned, Foreclosed, HUD Homes FOR SALE

Beaumont CA Short Sale - Riverside CA Short Sale - Bank Owned - Foreclosed - HUD homes California homes for sale - contact Tina Jan to be your Riverside CA, Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes Real Estate Agent.

Tina Jan will provide you with Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes CA home and property values and sell your Short Sale.

Tina Jan, An Experienced Real Estate Professional will provide you with access to Riverside CA Short Sale - Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes real estate listings from the local Riverside CA - Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes MLS, where you will find all active MLS listings for Riverside CA Short Sale - Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes California Homes for sale and property listings.

Specializing in the Inland Empire, Riverside, Beaumont, Yucaipa, Corona, San Bernardino, and Moreno Valley.

SEARCH THE MLS LIKE AN AGENT! Click HERE to begin your home search.

Ask me about Listingbook and how it can help you save time and headaches. Stop chasing after properties that already have multiple offers. Stop wasting time calling to see if properties are still available. With Listingbook, a partner with our local MLS, you can see if properties already have offers! Email me at tina.jan@coldwellbanker.com or send me a Tweet at http://twitter.com/tinajan

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~Tina Jan~
DRE# 01505855
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

Dog Tired at Work

I brought my dog to work on Friday. Looks like she got tuckered out. I think she has a knack for picking the worst possible spot for a nap. Still... I didn't really want to disturb her.

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~Tina Jan~
DRE# 01505855
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

PhotoBlog Future

I know I've mentioned this a few times before. But I really will try to make this blog more photo-friendly. I'm going to do my best to take a picture every week that I will post on here. I always see drive around the Inland Empire and I see gorgeous photo opportunities, but never think to pull out my camera (which I always carry around with me)!

~Tina Jan~
DRE# 01505855
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

Short Sale Beaumont, California

Beautiful LARGE North Sundance Community Home. Upstairs laundry. Open kitchen with tons of cabinets. Plantation shutters. Central Vacuum. High ceilings. Upgraded kitchen counters. Fully landscaped front and back yards. Bank only wants $247,000 for this 3246 sqft home! That's $76/sqft!

Click here for more info: http://www.postlets.com/res/3147294

Buyer has backed out, so I need offers! Agents bring your buyers. The bank has said they will take $247,000!!! Only ONE loan!

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~Tina Jan~
DRE# 01505855
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

Short Sales in Riverside County and San Bernardino County

Riverside County and San Bernardino County Short Sale Experts are Here to Help!

Are You Facing a Foreclosure on Your Home?

Are You Having a Difficult Time Paying Your Mortgage?

Do You Owe More on Your Home than it is Worth?

Do You Want to Minimize the Damage Done to Your Credit?

Have You Suffered a Loss of Income?

Do You Want to Sell Your House But Are Lacking Equity?

We understand your situation, and have helped hundreds of people just like you. We can help. If you answered yes to any of the above questions, don't delay, contact us today. The sooner you do, the sooner we can help you take control of your financial situation.

Short Sale, also called "Short Pay", is a process by which a lender agrees to receive a lower amount of an owed debt in exchange for the sale of the property to a third party, usually at no cost to the borrower.

Most of short sale services are TOTALLY FREE OF CHARGE. Our short sale specialists may help you prevent the downgrading of your credit scores while providing you A FRESH START.

~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