Real Estate News for June 2011

It's been a while since I posted any recent real estate news!  I've scoured the internet for the latest news updates about California real estate trends and issues.  Feel free to comment below if you have any questions - I look forward to hearing your responses!

For Sale: Zsa Zsa Gabor's Bel-Air estate - only $15 million! - Yay! Coldwell Banker agent, Christophe Choo of Beverly Hills, is the listing agent.  I know it's weird to promote other agents on your own real estate website, but I really have to give props to Christophe Choo.  You'll see what I mean when you see his Youtube video about the most expensive homes in Southern California, seriously, how AWESOME is this video?  

10 Steps to a Safe Open House - This is a must-read article for all real estate agents and brokers!

Fewer Home Sales in 2011 Compared to Last Year - The housing market has been sluggish because there are fewer buyers first-time buyers making purchases.  Last month, only 35% of sales were from first-time buyers.  Normally, first-time buyers would be 50% of the market.  Foreclosures made up 31% of all purchases. But a large number of pending foreclosures are backlogged in the court system or by state and federal probes into problematic foreclosure practices by lenders.


Foreclosure myths, debunked! - If you're having trouble making your payments, call your lender early.  Be wary of callers who say they can help with your loan, but don't know your loan number, it could be a scam.  Don't ever pay any upfront fees or be pressured to sign anything immediately.


Discouraged with scheming real estate agents - Lew Sichelman answers readers questions about real estate.  

$100 million dollar home in Los Altos Hills, California - Russian billionaire investor, Yuri Milner, paid $100 million for a French chateau-style mansion in Silicon Valley, making this the highest known price paid for a single-family home in the U.S.  The purchase of the 25,500 sqft home underscores the strength of the luxury market versus the depression of the median home market.


CalHFA Marks June as National Home Ownership Month - "Among the programs for first-time homebuyers, CalHFA offers:

• A 30-year, fixed-rate FHA loan with down payment assistance available to help the unique needs of first-time homebuyers.
• The California Homebuyer’s Downpayment Assistance Program, which offers a deferred-payment subordinate loan in the amount of three percent (3%) of the purchase price or appraised value, which ever is less, to be used for down payment and/or closing costs.
• The School Facility Fee Down Payment Assistance Program, which provides conditional grants for down payment and/or closing costs to buyers of newly constructed homes throughout California.
• Partnerships with cities, counties and other regional agencies to provide additional support.
• Special financing for energy efficient improvements, solar upgrades and weatherization on houses financed with FHA mortgages. These programs help homeowners save money on their utility bills by incorporating energy efficiency upgrade expenses into an FHA-backed mortgage."

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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