Experience the Royal Treatment in Real Estate

Obama, Bush, Kennedy and More Homes of Presidents

2012-02-20T19:03:00.000-08:00

Courtesy of Forbes

For each of the U.S.’ former Presidents, the most famous residence they inhabit over their lifetime is undoubtedly the big white one at 1600 Pennsylvania Avenue. But before they were elected and after they left the Oval Office, these policy makers called other addresses “home, sweet, home.” In honor of Presidents’ Day, we’re taking a look at the homes of Presidents — present and past.

Barack Obama

Prior to his current digs at the White House, President Obama lived off Greenwood Avenue in Chicago. The Obamas’ home, pictured above, was built in 1917 and features 6,199 square feet of living space. President Obama and First Lady Michelle purchased the brick home in 2005 for $1,650,000, shortly after Obama was elected to Senate.

George W. Bush

When it came time for former President George W. Bush to retire from the Oval Office, the 43rd President decided to go back to his home state of Texas, picking up a sprawling 8,000-square-foot home at 10141 Daria Pl, which was a downsize from the 55,000-square-foot White House. The Bushes also purchased the property next door but tore it down in 2008. People speculated at the time that the demolition was to expand the former first family’s yard.

Bill Clinton

Unlike many other Presidents, Bill Clinton didn’t own a home during his residency at the White House. Born and raised in Arkansas, the former President and Secretary of State Hillary Clinton chose to stay on the East Coast, and purchased a home in Chappaqua, New York at the end of Clinton’s second term in office. By several accounts, the Clintons are quite popular in the small Westchester County town. Built in 1889, the Clintons’ home is situated on a cul-de-sac lot and has 5,232-square-foot of living space, 5 beds and 4 baths.

Ronald Reagan

Before Ronald Reagan lived at the White House, he lived among the star-studded hills of Pacific Palisades and Bel Air. His former Pacific Palisades property was he and wife Nancy Reagan’s home base until Reagan was elected in 1981. After two terms as the 40th President of the U.S., “The Gipper” and his wife returned to Los Angeles, picking up a prime slice of real estate in the posh Bel-Air neighborhood. The property remains Nancy Reagan’s home today.

Gerald Ford

Not one, but two of former President Gerald Ford’s homes are currently for sale — one listed in California and one in Colorado. Ford’s Vail home, pictured above, is a testament to his love of skiing and the outdoors. Listed for $9.85 million, the ski-in/ski-out home has been on and off the market starting in 2008 with a hefty price tag of $14.9 million. Gerald Ford’s other home is listed on the Rancho Mirage real estate market for significantly less. The $1.699 million listing is a mid-century ranch located on the Thunderbird Country golf course and contains some Presidential memorabilia, including a large portrait of Betty Ford hanging in the living room.

John F. Kennedy

One of America’s most famous families holds one of America’s most storied properties. The Kennedy Compound consists of 6 acres of waterfront property on Nantucket Sound in Hyannis Port, Massachusetts, a small village in the town of Barnstable. John F. Kennedy’s father, Joseph P. Kennedy, rented a summer cottage in Hyannis Port in 1926 and purchased the cottage 2 years later. The home, which Joseph enlarged and remodeled, became the summer getaway for the couple and their children, who enjoyed sailing on the sound. In 1956, after his marriage to Jacqueline Bouvier, Jack bought a smaller home nearby, and his brother Robert later purchased an adjacent home. Following the death of Massachusetts senator Ted Kennedy, the compound was donated to the Edward M. Kennedy Institute.

George Washington

While we don’t have the first President’s childhood home– the one where he chopped down a cherry tree — we do have the home where George Washington reportedly slept. It is believed that the first general hung up his wig at this 1739 homestead, named the “Fowler House.” The number of nights Washington slept here is up for debate, but if you believe the historic marker on the home, he often stayed here on his way from West Point to Connecticut. The New York home is 5,800 square feet and has 5 bedrooms and 2 baths and was recently listed on the Brewster real estate market for $500,000.

Are we missing your favorite President? Check out the homes of Truman, Nixon and more Presidents.

What's hot and not in home styles this year

2012-02-20T17:51:00.001-08:00

Courtesty of Yahoo Real Estate

This year's designated New American Home is being featured as part of the International Builder's Show.
Photo: flickr | International Builders' Show

Modern gets the thumbs up.

Spa-like and eco-sensitive, the “New American Home 2012” being unveiled in Orlando this week by the National Association of Home Builders in conjunction with the International Builders’ Show, is a warmer take on the classic “White Box” of mid-20th century modern design.

“A lot of people want a spa feeling and a spa look that’s very analogous to modern,” said Luis Juaregui, a Texas-based American Institute of Architects accredited architect. The 4,200 square foot, $3.5 million gray stone and glass home has free flowing entertaining spaces, floor to ceiling sliding glass doors, a stone staircase with open risers, clear glass balustrades and clean geometric lines, tempered by dark wood cabinets, area rugs and soft furnishings.

Still, to fit into more traditional looking neighborhoods, architects are increasingly going hybrid, mixing distinctly modern, techno-savvy interiors with colonial details, Tudor-style roofs or Craftsman-inspired touches on the exterior.

A home to call one’s own has long been part of the American Dream. But as tastes, technologies and regional preferences change, propelled by demographics and the socio-economic climate, the style, scale and comforts of that coveted real estate evolve.

During the bigger- is-better 1980s and 1990s, homes ballooned in size. Compact single story ranch and cape cod styles gave way to ever grander two-story neo-colonials. When the economic bubble burst, they retrenched. These days, downsizing is cool; supersized McMansions towering over smaller homes are not.

Stephen Melman, director of economic services at the National Association of Home Builders said that houses shrank about 10 percent from their 2,500 square foot peak in 2007, and are expected “to get smaller and more efficient” with open floor plans, master bedrooms on the first floor and dining rooms distinguished only by a chandelier or architectural detail.

One-story ranch homes, post World War II suburbia’s signature easy style, are slowly regaining favor, thanks to first time buyers with tiny tots and aging baby boomers seeking accessibility.
Craftsman style homes, popular before World War II, are also enjoying a revival, said Gary D. Cannella, an architect in Bohemia, N.Y. “It’s the style not the size.” Adaptable to sizable abodes or small bungalows, these one or one and a half story homes boast low-pitched rooflines, tapered columns, oversized eaves, gables and the front porches “that everyone wants and no one sits on.”

The split level, a hallmark of suburbia in the Brady Bunch era, is nearly obsolete. Despite the aerobic benefits of tri-level living, “all you do is walk up and down stairs all day long,” Cannella says. “You can’t go anywhere without steps.”

Here are the hot and not-so-hot home styles for 2012:

What's Hot in 2012

Style: Modern
Price: $399,000 to $29 million

The New American Home in Winter Park, FL looks ready for entertaining.
Photo: flickr | International Builders' Show

Description: Aligned with the mid 20th-century counter classic design movement, modern is characterized by no fuss floor plans with combined dining, relaxing and entertaining spaces, clean, geometric lines, low slung roofs, and technologically advanced materials like concrete, steel and glass.
Why They Are Appealing: Easy, functional and bright, with walls of glass and open spaces, today’s modern is eco-sensitive and forward thinking, with state of the art kitchens and “smart house” technologies, though developers often prefer modern interiors with more traditional skins.
Where You’ll Find Them: Nationwide, with striking examples in the Hamptons, Santa Monica and other tony beach environs.
Style: Neo-Mediterranean
Price: $300,000 to $6 million-plus

Neo-Mediterranean home styles are becoming the Sun Belt standard.
Photo: Jauregui Architect

Description: Red tile roofs, stucco walls, archways, towers and heavy wooden doors with a Spanish or Tuscan flavor.
Why It’s Appealing: The Southern European style and materials work well in warmer climates and match the landscape. 
Where You’ll Find It: California, Florida, Texas, Southwest
The Flip Side: While northern European style homes are vanishing from the Sun Belt, in chillier climates such as the Northeast, two story center hall colonials still reign.

Style: Craftsman
Price: $249,000 to $2.8 million

Craftsman-style homes have become an American classic.
Photo: flickr | roarofthefour

Description: Often referred to as Arts and Crafts bungalows, Craftsman-style homes have low-pitched roof lines, overhanging eaves supported by decorative brackets, gables, front porches with tapered square columns, exposed roof rafters, handcrafted wood and stone flourishes.
Why They are Appealing: This one to one and a half story style shouts cozy. With an emphasis on natural materials and decorative details, it works well for larger homes and small bungalows.
Where You’ll Find Them: coast to coast

What's Not So Hot in 2012

 Style: McMansions
Price: $350,000 to $10 million + 

McMansion's were a sign of success before the bubble burst.
Photo: flickr | FunnyBiz

Description: Sometimes called colonials on steroids or oversized neo-eclectic houses, these super-sized jumbles of styles and decorative details from colonial to Victorian, have brick, stone, vinyl or composite veneers. A product of the latter part of the 20th century and the knock-down era of the bubble before the burst, they often replaced smaller homes on lots not suited to their hulking size.
Why they are not appealing: Pretentious, over-sized energy guzzlers, overshadow surrounding homes and out of sync with the economic climate’s downsizing trend. 
The Flip Side: Well-designed mansions on properly sized lots and in appropriate settings such as golf course or lakefront communities are still hot.

Style: Split Levels
Price: $91,900 to $2,850,000

Split-level homes, with many steps, have lost market appeal.
Photo: flickr | Sportsuburban

Description: A Ranch style house divided into at least three parts by short flights of stairs leading up on one side, down on another, dividing entertaining spaces from private areas such as bedrooms and separating formal rooms from more casual playrooms and dens.   
Why they are not appealing: This darling of the 1950s, 60s and 70s is outdated and complicated to maneuver with steps at nearly every turn.
Where You’ll Find Them: 1950s/60s/70s suburban subdivisions nationwide.

Style: Victorian
Price: $299,000 to $2,850,000

Victorian homes are charming, but almost no one builds them like this anymore.
Photo: TBoard

Description: Turrets and towers, wraparound or granny porches and gingerbread trim with Queen Anne, Gothic or Italianate flourishes are the hallmark of these turn- of-the-20th-century two and three story homes with plenty of nooks and crannies.
Why They Are Not Appealing: While it’s hard not to love their colorful eccentricities, Victorians are challenging to rehabilitate or maintain. Their warrens of small rooms aren’t conducive to 21st century lifestyles.
Where You’ll Find Them: Urban neighborhoods, historic districts, small towns, older suburbs  
The Flip Side: Newer neo-eclectic homes borrow whimsical features from true Victorians, touting turrets, towers and porches in maintenance free materials.

Home sales inch up in California as prices fall

2012-02-20T16:59:00.000-08:00

Via The Los Angeles Times

California's median home price in January sinks 1.3% from a year earlier. Bay Area home sales jump sharply. Short sales and foreclosures make up more than half the market.

Home sales were up slightly in January across California, and the statewide median price fell, as investors flooded Southern California and the share of distressed home sales jumped in the Bay Area.

The housing market is one of the few sectors of the economy that is still suffering. A report by San Diego research firm DataQuick indicated that housing continued to limp along last month in the Golden State.

The state's median home price fell to $236,000, down 1.3% from January 2011. The median — the point at which half the homes in the state are sold for more and half for less — has fallen for 16 consecutive months on a year-over-year basis.

Foreclosures, tight mortgage credit and high unemployment in the state remain significant impediments to a housing recovery, though experts warn that the first month of the year rarely is an indicator of where the market is going because of the small pool of buyers involved.

"The higher-end sales have slowed in recent months as many struggle to qualify for loans and others just sit tight," DataQuick President John Walsh said.

Statewide sales of previously owned and newly built homes were up 1.5% in January, marking the sixth consecutive month that year-over-year sales in California have improved. January sales fell 25.5% from December, though a decline from December to January is normal.

Short sales and foreclosures made up more than half of the market last month.

In Southern California, the median home price fell to $260,000, down 3.7% from a year earlier, and sales were mostly flat, increasing 0.4%.

In the Bay Area, the median price fell to $326,000, down 3.6% from a year earlier, while sales rose to their highest level for a January in five years, jumping 10.3% from January 2011.

Separately, a report on foreclosure errors released by the San Francisco County office of the assessor-recorder indicated more than 80% of a sample of foreclosures between January 2000 and October 2011 showed some kind of mistake.

State Atty. Gen. Kamala D. Harris said she was reviewing the "deeply troubling" report and would introduce legislation that would get tougher on faulty foreclosure practices.

Florence Mattar

Coldwell Banker Beverly Hills North

301 North Canon Drive, Suite E

Beverly Hills, California 90210

310.927.2777

Home Affordability at Record High, Builders' Report Says

2012-02-20T16:50:00.000-08:00

Recently released data suggests that borrowers could be looking at once-in-a-lifetime deals, as rock-bottom prices and record-low interest rates continue to create perfect storm buying conditions.

Numbers released by the National Association of Home Builders on Thursday indicate that home affordability has hit a 20-year high. The release agrees with a recent Department of Housing and Urban Development assessment that found that affordability is at a 41-year peak.

In the fourth quarter of 2011, 75.9 percent of homes sold were affordable to families who earn the national median income of $64,200; that's according to the Association of Home Builders/Wells Fargo Housing Opportunity Index. But even as consumers would seem to be poised to cash in on a market brimming with deals, rigid lending requirements continue to prevent many borrowers from capitalizing on the opportune conditions, the association says.

"While today's report indicates that homeownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions ... remain significant obstacles," Barry Rutenberg, who is chairman of the National Association of Home Builders, said in a statement.

Today's buyer's market probably won't fade anytime soon. With an investigation into illegal foreclosures recently settled between state attorneys general and the nations' five biggest servicers, foreclosures are likely to swell, experts say. And the rising tide of anticipated repossessions is likely to push down prices further, many experts say.

What's more, the Federal Reserve has said that it intends on keeping interest rates low for at least the next two years. Since mortgage rates ride on the agency's rates, they too are expected to continue to hover close to record lows.

Rise In Building Permits For 2012 Spells Confidence

2012-02-17T14:47:00.000-08:00

Via, Derek Kravitz, AP Real Estate Writer

WASHINGTON (AP) — Construction of single-family homes cooled off slightly in January after surging in the final month last year. But a rise in permits suggests builders are growing more confident that more buyers are ready to come off the sidelines.

The Commerce Department said Thursday that builders broke ground on a seasonally adjusted annual rate of 699,000 homes in January. That's up 1.5 percent from December and nearly matches November's three-year high for starts.

Construction began work on 508,000 single-family homes last month. That's a 1 percent drop from December and the first decline in four months. A big rise in volatile apartment construction helped offset the decline in single-family homes.

Still, December single-family homes were revised up strongly to show builders started 513,000 homes — a 12 percent gain from November.

And building permits, a gauge of future construction, rose 0.7 percent. The majority of those permits were for single-family homes. It can take 12 months for a builder to obtain a permit and construct a single-family home.

Single-family home construction rose in each of the final three months of last year, bringing the pace of those starts to the highest level since April 2010. The modest but steady gains helped boost confidence among builders after the worst year for single-family home construction on record.

"The upturn in permits and starts in recent months has been consistent with the surge in the ... survey of homebuilders, which has surprised the markets to the upside for five straight months," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. "The new home sales numbers have not yet responded but builders seem confident that if they build, buyers will come."

The critical gauge of the housing market's health has a long way to go before most declare a full recovery is under way. The current pace is less than half the rate in which those homes went up during the 1990s. And it's only one-quarter of the 1.82 million single-family homes that builders started in January 2006, at the peak of the housing boom.

Most analysts say it could be years before the industry is fully recovered from the damage caused by the housing bust.

Builders are starting to see some signs of progress.

A measure of builder sentiment has risen for five straight months and is now at its highest level in nearly five years. Many builders are seeing more people express interest in buying a home, leading them to believe 2012 could be a turn-around year for the market.

Mortgage rates have never been cheaper. And home sales started to rise at the end of last year.

Yet for all their optimism, builders began just 430,900 single-family homes last year. It was the fewest on records dating back a half-century. And home prices are still falling.

Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.

Builders are struggling to compete with deeply discounted foreclosures and short sales — when lenders allow homes to be sold for less than what's owed on the mortgage.

After previous recessions, housing accounted for at least 15 percent of U.S. economic growth. Since the recession officially ended in June 2009, it has contributed just 4 percent.

Another reason sales have fallen is that previously occupied homes have become a better deal than new homes. The median price of a new home is about 30 percent higher than the median price for a re-sale. That's nearly twice the markup typical in a healthy housing market.

The U.S. foreclosure crisis, Beverly Hills-style

2012-02-17T14:17:00.000-08:00

The dynamics of the residential real estate collapse are very different in elite neighborhoods

Courtesy of Reuters

BEVERLY HILLS — The careworn house not far from Santa Monica Boulevard resembles millions of other homes that have been foreclosed on since the calamitous U.S. housing crash four years ago.

Garbage spews from trash bags behind the property. A smashed television leans against broken furniture. A filthy toy dog lies on its side, an ear draped across its face. The garden is overgrown. The house needs a paint job.
Yet the property on North Rexford Drive, Beverly Hills, California, is no ordinary foreclosure.

A sprawling, Spanish-style estate, fringed by majestic pine trees and located near the boutiques of Santa Monica Boulevard, its former owners were served with a default notice in 2010; they were $205,000 behind in their payments on mortgages totaling $6.9 million.

Welcome to foreclosure Beverly Hills-style.

Some 180 houses in Beverly Hills, the storied Los Angeles enclave rich with Hollywood stars and music moguls, have been foreclosed on by lenders, scheduled for auction, or served with a default notice, the highest level since the 2008 financial crash, according to a Reuters analysis of figures compiled by RealtyTrac, which tracks foreclosures nationwide.

As in the default-ravaged suburban subdivisions of Phoenix, Arizona, and Tampa, Florida, plunging real estate prices are the root of the problem in Beverly Hills.

But the dynamics of the residential real estate collapse are very different in elite neighborhoods such as this. The majority of delinquent homeowners here owe more than $1 million. Many are walking away not because they can't pay, but because they judge it would be foolish to keep doing so.
"It's a business decision, not an emotional one which it is for normal people," said Deborah Bremner, owner of the Bremner Group at Coldwell Banker, which specializes in high-end properties in the Los Angeles area. "I go to cocktail parties and all people are talking about is whether it is time to walk away, although they will never be quoted in the real world."

She said she had seen in Beverly Hills a big increase in "strategic defaults," in which owners who can still afford to make their monthly mortgage payment choose not to because the property is now worth so much less than the giant loan used to buy it during the housing bubble.
Strategic default is an especially appealing option in California, one of only a handful of U.S. states where primary mortgages made by banks are "non-recourse" loans. That means the loan is secured solely by the property, and banks cannot go after a delinquent owner's wages or other assets if they default.

Bremner said she helped a client buy a Beverly Hills mansion last year that the prior owner had bought for over $4 million. He decided to stop paying his $3 million mortgage - even though he could easily afford it - when the value of the property had dropped to $2.5 million.
"They were able to comfortably cover the loan," Bremner said. "They were just no longer willing to see the value of the property drop."

A huge "shadow inventory" is building of elite homes that are in default but have not been put on the market. Of the 180 distressed properties in Beverly Hills, only 12 are up for sale.

The backlog reflects the pent-up flood of foreclosed properties of all price ranges that are expected to hit the U.S. market this year, especially after five major banks reached a $25 billion settlement last week with the U.S. over fraudulent foreclosure practices.

'Jumbo' loansAcross the United States, the largest increase in foreclosures and delinquencies, compared with 2008 levels, is with "jumbo" mortgages - loans too large to be insured by Fannie Mae and Freddie Mac, the government controlled mortgage finance providers. Foreclosures on jumbo loans are up 579 percent since 2008, greater than any other form of loan, according to a report last month by Lender Processing Services, Inc.

Strategic defaults are now more likely among jumbo loan-holders than any other type of borrower, according to a report issued late last year by JPMorgan Chase & Co.

Nearly 40 percent of delinquencies among non-governmental mortgages, which are mostly jumbo loans, are strategic defaults, the report said.

"Now that these homeowners with jumbo loans are finding out you can do this, more and more are doing strategic foreclosures," said Jon Maddux the CEO of YouWalkAway.com, which advises homeowners who are "underwater," the term for those whose loans exceed the value of their home.

Nathaniel J. Friedman, a Beverly Hills lawyer, insists he is not a strategic defaulter - that he never missed a mortgage payment in his life. But he stopped making payments on his five-bedroom, six-bathroom Beverly Hills house on Schuyler Road three years ago.

Friedman, who had mortgages totaling $3 million with the now-defunct Countrywide Home Loans, returned home one evening in January 2009 to find a letter from Countrywide freezing his $150,000 line of credit, which was linked to his second $900,000 loan. His primary loan was $2.1 million.

The property is worth about $2 million today.

Friedman says he decided to stop paying out of a sense of vengeance from the moment he received that letter. He has been in negotiations for months with Bank of America, which took over Countrywide after its collapse, to modify the loan.

"I thought to hell with it," he told Reuters. "Why should I keep feeding a dead horse if the bank has no confidence in me?"

"I was able to maneuver things my way because of the inertia of the banking sector," Friedman said. He believes the bank will blink first, and eventually modify his loan.

How to talk to your architect

2012-02-17T14:00:00.000-08:00

Courtesy of MSN Real Estate

So you're going to hire an architect to design your dream home — or perhaps simply to craft your dream kitchen.

Intimidated by the prospect? That's understandable. "For most people, this is the single most expensive decision they'll ever make," Gerald Morosco, a Pittsburgh architect and author of "How to Work With an Architect," says of hiring an architect and building a home. "As with any relationship, the most essential piece is the communication piece. With the absence of clear and honest communication, you get misunderstandings."

The client-architect relationship can be tricky, Morosco says. "Many people do not understand clearly what is the role of an architect in a design project," he says. On the flip side, he says, "Architects are sometimes not good listeners."

Just knowing how to talk to this little-understood creature called an architect can go a long way toward getting you the home you want. We talked to some architects and homeowners who have gone through the process to bring you some sound advice.

The interview
Interviewing architects before you choose one is your first, and perhaps best, chance to make sure that you and the architect will click.

Initially, expect to spend at least an hour interviewing an architect. What should you ask? The American Institute of Architects has compiled a list of 20 questions (PDF), including:

What is the architect's design philosophy?
How busy is the architect?
What will the architect show you along the way to explain the project?

You should also expect the architect during that initial talk to interview you about your plans and vision. "What you should be listening for is to ensure that you're being heard," Morosco says. "Too often, people speak past each other, and I think that that's because people are coming from different points of view."

Be sure to ask for clarification of anything you don't understand, says Susan Lang, author of "Designing Your Dream Home." Lang also recommends that you ask to speak with the owners of the past several homes the architect has designed, and not just homes the architect lists as references.

Communicating your goals
After you've chosen an architect, you'll have that first long sit-down session to talk in detail about your dream home. Expect to be asked all sorts of questions that let the architect know your needs and your lifestyle. Residential architect Mark Demerly of Indianapolis, for instance, gives new clients a questionnaire that asks everything from how many pets they have to what time they get up in the morning.

But you shouldn't just come to this meeting armed with a pen. Come thoroughly prepared to talk about how you use your current house and how you want to use a new space — in other words, having given serious thought to the "problem" you're hoping to solve, Morosco says.

Slide show: Building your first home? 10 must-haves

Also, come with a vision in hand — literally. Architects are visual people, so present them with pictures, snapshots, books and tear sheets from magazines that illustrate aspects of homes that you like."That is a good way of visually showing what your tastes are," Lang says. You can also snip and collect pictures online on sites such as Houzz.

The aids don't have to be visual, though. "I've had clients write essays. I've had clients do PowerPoint presentations. I've had clients hand me three-ring binders with clippings," Morosco says.

As Lang puts it, "Give the architect as much information as you can, because they can't read your mind."

Bob and Teresa Finley of Wildwood, Mo., learned this lesson the hard way. They hadn't decided exactly what they wanted out of their new home, and without that knowledge to help guide the architect, the project just got more and more elaborate.

"I think it's important to have a very good idea of what you want to build before you meet with the architect," Bob Finley says. "I think we should have had a better idea of what we wanted."

Decide how you'll talk to your architect
Ideally, a home's design is a collaboration of the architect and those who will use it. Thus, many architects want to have both members of a couple present at each meeting when they discuss design.

It's great to have both participating in the decision-making process, Demerly says, but it can also be beneficial if one spouse is tapped as the designated spokesperson so two spouses speaking "doesn't stall the design process or decision-making." Will one spouse take the lead on the exterior of the house and one on the interior? Will all decisions be made jointly, before meetings?

Also, tell the architect early on how you want to communicate — by text message? Voice mail? Email? Too many times, Demerly says, he's seen situations in which an architect leaves voice mail messages, only to have the client finally respond, saying, "I never check my voice mail."

"Most failures happen because of miscommunication," he says.

Put it in writing
As the design process gets under way, misunderstandings are easy. "One way to ensure that (doesn't happen) is to follow up meetings with notes or minutes of the meeting, which would be a condensed statement of what we understood or what we heard," Morosco says. Either the client or the architect then sends those notes to the other party, giving that side a chance to comment and respond. "That instigates further conversation," he says.

Talking budget and schedule
"Without question … the No. 1 misunderstanding between clients and architects is cost," Morosco says. Owners frequently don't understand how difficult it is for architects to give an accurate estimate, he says. "The only way to really know is to involve a contractor." The best way to keep this crucial line of communication open is to bring in a contractor "very early on," he says. That way you avoid the pain of drawing up a plan, only then to get sticker shock.

"We did not start with a budget, and that was our biggest mistake, I would say," Bob Finley says.

On a related note, Teresa Finley says, "Make sure your architect gives you a clear-cut picture of all of the steps involved" in the home-design process, so there are no surprises, budgetary or otherwise. For example, the Finleys were surprised to find that their design had to undergo review by a structural engineer, a step that cost them several thousand dollars. "We didn't know that," Teresa Finley says. "There was never really a map or a timeline of how or when things were coming."

Agreeing to a schedule is another tricky topic between clients and architects. People unfamiliar with the construction industry don't have a good sense of how long it takes to design and then build a home, or even to remodel a kitchen, Morosco says. He gets calls from people in early spring who expect a project to be done by Thanksgiving. "And I say, do you mean next year?" Morosco's advice:

Be honest with the architect about your expectations for the project's timeline. He'll tell you if it's realistic.
Advise your architect if you have a major event for which you're trying to complete the project, such as a reunion or the birth of a child.

Don't be afraid to say, 'I don't understand'
Architecture is an esoteric profession with its own lingo that's easy to get lost in. Don't let an architect rattle on in "archi-speak." "Never be afraid to ask a question," Demerly says, and remind the architect that you don't know terms like "elevation" and "fenestration."

"The other thing a homeowner needs to realize is, can they read blueprints? And they need to be unafraid to tell an architect if they can't," Demerly says. "There's a lot of people who can't visualize. They're great at words … but they can't think 3-D." Know your limitations. If you have trouble imagining what your home, or a room, will look like, ask your architect to produce 3-D images. It will usually cost more, but you can feel confident you understand what the home will look like.

Don't be afraid to talk back
Never mind what your mother told you about being polite. "You can't be intimidated by an architect," Lang says. If you feel like she is talking above you or is designing the home she wants instead of the one you want, "you have to stand up for yourself, because you're the one who's going to live there.

"I think it's important, too, to challenge the architect if something doesn't feel right. Do that in a way of saying, 'I know you're so good at what you do; I'll bet you could figure out a solution.' And leave that to them to figure out, to dig a little deeper," Lang says. Phrasing like that will make them want to please you, she says.

Training magazine Ranks 2012 Top 125 Organizations

2012-02-17T13:35:00.000-08:00

Via Training Magazine

Excelsior, MN (February 14, 2012)—Telecommunications company Verizon rang in the New Year by capturing the No. 1 spot on the Training Top 125 for the first time in 2012. Farmers Insurance claimed the No. 2 spot, while Top 5 newcomers Miami Children’s Hospital, Mohawk Industries, and McDonald’s nabbed Nos. 3, 4, and 5, respectively.

Training magazine recognized the 2012 Training Top 125 winners with crystal awards and revealed their rankings during a black-tie gala held last night during the Training 2012 Conference & Expo at the Georgia World Congress Center in Atlanta. Themed “An Evening with the Stars,” the gala was sponsored by BlitzMasters, Franklin Covey, GiftCertificates.com, Ken Blanchard Companies, KnowledgeAdvisors, Orrefors/KostaBoda, and Turning Technologies.

Now in its 12th year, the Training Top 125 is the only report that ranks companies unsurpassed in harnessing human capital. Some applicant statistics of note:

• The mean revenue for applicants was $5.9 billion U.S. and $11.3 billion worldwide. The mean training budget was $145.5 million, representing 4.52 percent of payroll.

• The mean number of total employees trained per organization (including independent contractors and franchisees) was 41,890, with 18,462 trained in the classroom and 38,438 trained online. A mean of 557 courses were offered as instructor-led sessions; 1,494 were offered as online self-paced modules; and 113 were offered as virtual instructor-led classrooms. Some 94 percent of applicants have a technological infrastructure to support the delivery and management of training.

• The average number of full-time and part-time trainers was 232 and 395, respectively.

• Some 97 percent of applicants use employee satisfaction surveys, and 98 percent use competency maps and personal/individual development plans. Only 64 percent tie managers’ compensation directly to the development of their direct reports.

• On the evaluation side, 57 percent of applicants utilize Return on Value; 72 percent Return on Investment; 56 percent Balanced Scorecards; and 45 percent Six Sigma. The Kirkpatrick Levels of Evaluation are more widely used: Level 1 (96 percent), Level 2 (95 percent), Level 3 (90 percent), Level 4 (82 percent).

During the gala, Training inducted two companies into the Top 10 Hall of Fame. Microsoft Corporation and SCC Soft Computer qualified for the honor by being in the Top 10 of the Training Top 125 companies for at least four consecutive years. Members remain in the Top 10 Hall of Fame for a minimum of three years. After that, they can choose to remain in the Hall of Fame by adhering to specific guidelines or they can opt to reapply for Training Top 125 consideration. Microsoft Corporation and SCC Soft Computer’s induction created two opportunities for other Top 125 companies to move into the Top 10 in 2012 and beyond. This year, 24 newcomers cracked the Top 125 list.

Training also recognized the following Top 125 companies for receiving the highest scores in three application categories and overall qualitatively:

Top Training Programs/Scope Score
Miami Children’s Hospital
Top Evaluation/Business Metric Score
The PNC Financial Services Group, Inc.
Top Human Resources Score
American Infrastructure
Top Qualitative Score
Farmers Insurance Group

In addition, yesterday afternoon, Training recognized innovative and successful learning and development programs and practices utilized by the Training Top 125 winners. Best Practice and Outstanding Training Initiative winners received crystal trophies during a ceremony on the Expo Stage. They were:

Best Practices
Edward Jones: Practice Makes Perfect
Grant Thornton LLP: Senior Management Development Program
MetLife, Inc.: Top Advisor Business Coaching
Sprint Nextel Corp.: i-Comply
Verizon: Customized Certificate Programs

Outstanding Training Initiatives
Baptist Health Care: Be Ready Suite of Educational Tools
BB&T Corporation: Asset Resolution Group Curriculum
LQ Management, LLC: Here For You Field Deployment
Miami Children’s Hospital (MCH): Life Wings
SpawGlass: Phase 2-CMiC Software Training
“The best learning and development organizations support business initiatives tactically and help drive strategic change,” said Lorri Freifeld, editor-in-chief of Training magazine. “The 2012 Training

Top 125 organizations did just that—and provided ample proof of their training effectiveness. In a year when we increased the application’s qualitative score percentage to 30 percent from 25, Top 125ers met the challenge by sharing their success stories and detailing their business results. Congratulations to all the companies named to the 2012 Training Top 125 and to the newest inductees to the Top 10 Hall of Fame.”

The Top 125 includes ranking based on myriad benchmarking statistics such as total training budget; percentage of payroll; number of training hours per employee program; goals, evaluation, measurement, and workplace surveys; hours of training per employee annually; and detailed formal programs.

The Top 125 ranking is determined by assessing a range of qualitative and quantitative factors, including financial investment in employee development, the scope of development programs, and how closely such development efforts are linked to business goals and objectives.
Companies that wish to be considered for Top 125 ranking complete a detailed application, which is scored both quantitatively (70 percent of total score) by an outside research and statistical data company and qualitatively (30 percent of total score) by Training magazine editors and Top 10 Hall of Fame representatives.

For a profile of each of the Top 5 companies on the Training Top 125, additional information about the training efforts of all 125 companies, details on the programs receiving Best Practice and Outstanding Training Initiative awards, see the January/February 2012 issue. To order a copy, e-mail Melissa Moser at melissa@trainingmag.com, or download an order form and fax it to Melissa at 952.401.7899. The digital edition and individual articles can be found online at www.trainingmag.com.

About Training magazine
Training is a 48-year-old professional development magazine written for training, human resources, and business management professionals in all industries that advocate training and workforce development as a business tool. Training also produces world-class conferences, expositions, and digital products that focus on job-related, employer-sponsored training and education in the working world. Training is published by Lakewood Media Group.

2012 Training Top 125 Winners

1. Verizon
2. Farmers Insurance
3. Miami Children’s Hospital
4. Mohawk Industries, Inc.
5. McDonald’s USA, LLC
6. The Economical Insurance Group
7. ABF Freight System, Inc.
8. BB&T Corporation
9. Coldwell Banker Real Estate
10. McCarthy Building Companies, Inc.
11. The PNC Financial Services Group, Inc.
12. Jiffy Lube International
13. United States Navy
14. CareSource
15. Edward Jones
16. Chesterfield County, Virginia
17. The Vanguard Group
18. MasterCard Worldwide
19. Nationwide Mutual Insurance Company
20. The Nebraska Medical Center
21. CHG Healthcare Services
22. EMC Corporation
23. MetLife, Inc.
24. First Horizon National Corporation
25. Baptist Health Care
26. Shaw Industries, Inc.
27. SPIN
28. CarMax, Inc.
29. Cerner Corporation
30. Best Buy Co., Inc.
31. Capital One
32. Grant Thornton LLP
33. Sacramento Municipal Utility District
34. Intel Corp.
35. Paychex, Inc.
36. Bell and Howell
37. Lam Research Corporation
38. University of New Mexico Hospitals
39. Oakwood Temporary Housing
40. Suffolk Construction Company, Inc.
41. WellSpan Health
42. NewYork-Presbyterian Hospital
43. Morrison Management Specialists
44. SpawGlass
45. Blue Cross Blue Shield of Michigan
46. Sprint Nextel Corp.
47. ESL Federal Credit Union
48. Health Care Service Corporation
49. Loews Hotels
50. Healthways, Inc

For Full List go to http://www.trainingmag.com/article/training-magazine-ranks-2012-top-125-organizations

L.A. County luxury home prices make up some lost ground in 2011

2012-02-16T10:43:00.000-08:00

Via the Los Angeles Times

February 2012

Last year brought a dose of real estate reality to San Marino, which alone among Los Angeles County's wealthy areas had managed to avoid the housing bust. The San Gabriel Valley town endured a 7.2% decline in its median home price, erasing gains of the previous two years.

Overall, 2011 turned into a battle of the beach cities. Hermosa Beach was the big winner where home price gains were concerned and Malibu the biggest loser among ZIP Codes with medians above $1 million where at least 50 existing single-family homes were sold, according to statistics from San Diego-based DataQuick.

But appearances can be deceiving. Local luxury communities that showed the most price gains last year were largely just regaining previously lost ground. And because the median is the point at which half the homes sold for more and half for less, changes in the mix of what sold affect the median price.

A lack of homes for sale at the top of the price spectrum was cited by two San Marino agents as a reason for the median price drop there.

"There is almost no inventory at the high end," said Yan-Yan Zhang, a Rodeo Realty agent whose clients include overseas buyers looking for homes or commercial properties. Consequently, she has noticed more flexibility among her clientele on location.

"Buyers are more accepting of other communities."
In San Marino, the most active slice of the market was around $2 million, Linda Chang of Coldwell Banker said. Properties in need of work also were in demand, she said. "I had multiple offers on a $1.85-million fixer."

Housing statistics show only sales that have made it to the public record, a fact that also may play a role in the San Marino downshift to a $1.42-million median.

"A $20-million sale hasn't recorded yet," Chang said. Also, a $13-million transaction is still in escrow.
The 15.8% gain in Hermosa Beach moved it back above the $1-million mark to a median of $1.1 million last year. But the increase barely offset the previous year drop-off, when prices lost 15.4%.

Bel-Air and environs had a 14.3% price increase from 2010 to 2011, but it came off a 10.5% loss in the 2009-to-2010 tally. The 147 recorded sales included the $85-million Spelling mansion mega-deal, which claimed the highest-priced-sale distinction for Southern California.

Also on the plus side was West Hollywood, up 8.4% year over year. That median had been down 10.4% in 2010.

In Beverly Hills' desirable 90210 ZIP Code, prices were up 7.3% compared with a 1.7% drop the year before. But the median at the end of 2009 had been down 17.2%.

Rounding out the top five gainers in 2011 was the Palos Verdes Peninsula's 90274 ZIP Code, which was up 4.2% on top of a 1.6% gain in 2010. The area experienced a 15.8% price drop in 2009.

Among communities with the greatest median price drops last year, Malibu saw a year-over-year decrease of 21% to $1.65 million. Calendar year 2010 had seen a price gain of 2% from 2009.

Santa Monica's 90402 ZIP Code had 110 existing-home sales at a median price of $2.141 million — an 8.5% price drop. Although nearly unchanged in 2010, the 2009 median had experienced a 13.7% drop.
Pacific Palisades took a 7.8% hit in the median price last year. It was the third consecutive year the median fell there.

Manhattan Beach fell 4.9%, having seen a median price gain of 9.1% in 2010 after a 14.1% decline in 2009.

Why Consumers Need Proper Representation from Real Estate Professionals

2012-02-15T09:25:00.000-08:00

VIA REALTOR.COM

Our belief – one of our CORE beliefs – is that consumers are best served through proper representation from a licensed professional.

For most, buying or selling a home is an infrequent transaction with enormous financial and emotional considerations.

It’s stressful, emotionally-charged and high-stakes. Having a real estate professional central to the process of pricing, listing, selling and purchasing a home is important; real estate is not entertainment, and it’s not a game – bad data, inaccurate “value estimates,” and inflating inventory levels on websites creates confusion about what’s really happening in a market.

We understand that serious consumers want the real facts about a market. And we understand that these consumers also want to find a professional who can clearly articulate what these facts mean to their personal situation.

That’s why REALTOR.com® works tirelessly to be the most accurate site with the largest database of homes for sale. And that’s why we update most listings every 15 minutes.
Consumers know they can trust the data; the quality and accuracy of the listing content is second to none.
But searching for homes and researching the market is just the beginning. Market conditions vary from city-to-city and neighborhood-to-neighborhood. So when consumers move forward and take their search from online to real-life, we help them with the next step:

Connecting with a local real estate professional that can help.

A professional that’s immersed in local trends. Well versed in neighborhood nuances. Someone who can take the science of real data and apply it to the art of local real estate.
For sellers, this professional is someone who can navigate changing markets deftly and help price a home appropriately. Someone that helps ensure a smooth ride all the way from contract acceptance to settlement.

For buyers, this professional is a sounding board during their search, and their advocate during contract negotiations all the way to the first day in a new home.

Ultimately, there is a lot more than search to consider throughout the course of a transaction.
Pricing. Negotiations. Offers. Counter-Offers. Contracts the size of novellas. Addenda. Financing. Contingencies. Walkthroughs. Punch Lists. The list goes on and on and on. Navigating all of this takes skill and determination, and licensed real estate professionals are just the folks that can help.

After all, it’s what they do for a living, 24-7, 365.

Mortgage settlement is also housing relief package

2012-02-10T10:52:00.000-08:00

The $25-billion mortgage settlement between banks and state and federal governments is an effort to patch the housing market.

VIA THE LOS ANGELES TIMES

By Jim Puzzanghera and Alejandro Lazo

Graphic: Where the settlement funds will go

X
Video: L.A. Times Money Minute: Mortgage Settlement

Reporting from Washington and Los Angeles—

The landmark $25-billion settlement between major banks and state and federal governments is aimed at doing more than just helping people who lost their homes through improper foreclosures.

It's an attempt to fix the biggest weak spot in the nation's economy. Although analysts are unsure the cure will take, the outcome could help determine whether voters give President Obama a second turn in office next fall.

By most measures, the economy is improving: Unemployment is down, consumer spending is up, and financial markets have regained the ground they lost in the 2008-09 financial crisis.

The housing market is the last holdout, with home prices nationwide down nearly 34% from their peak in 2006, according to real estate data firm CoreLogic. The average home is now worth what it was in 2003.

Although Thursday's settlement originated more than a year ago as an effort to discipline lenders for improper foreclosures, it has evolved into a housing relief package.

Most of the money — $17 billion — is earmarked for people who are struggling to make their payments, chiefly by reducing the amount of principal on their mortgages. An additional $3 billion will be spent by the banks to refinance mortgages of homeowners who are current on their payments but owe more than their homes are worth.

"This isn't just about punishing banks for their irresponsible behavior," said Housing and Urban Development Secretary Shaun Donovan. "It's also about requiring them to help the people they harmed by funding efforts to help homeowners stay in their homes."

For Obama, whose administration pushed hard for a deal, an upturn in the housing market would be a boost to his reelection hopes this fall. The banks receive incentives to provide relief within 12 months.

"This isn't just good for these families," Obama said of struggling homeowners. "It's good for their neighborhoods, it's good for their communities and it's good for our economy."

There's broad, bipartisan agreement on that. After hectic last-minute negotiations this week, 49 state attorneys general — 25 Democrats and 24 Republicans — signed on to the long-sought settlement.

Only Oklahoma Atty. Gen. Scott Pruitt, a Republican who reached a separate, more narrow settlement, did not join the broader deal.

Julio Zapata, 44, of Diamond Bar is one of the struggling homeowners the agreement is supposed to help. But Zapata, a medical equipment technician, is skeptical that the banks will live up to their promises.

Zapata said he had trouble making his payments, and after a two-year battle, he recently persuaded his lender to alter the terms of his loan. He won a small reduction in payments but is still not sure he can keep the house without another modification.

"It was a horrific process — draining, frustrating," he said. "It just took a lot out of me. And at the end of the tunnel, I'm still not in a better position than before."

Housing experts say the settlement probably will lead the banks to pick up the pace of foreclosures, which they have kept in low gear because of the pending settlement.

That will produce pain for homeowners and could push prices down further — at least temporarily. But clearing up the foreclosure backlog created by federal and state investigations should help heal the real estate market.

"The servicers will start working through those big backlogs of foreclosed homes … and that will put downward pressure on home prices," said Celia Chen, a housing economist atMoody'sAnalytics.

Stuart Gabriel, director of UCLA's Ziman Center for Real Estate, said the housing markets in the state's hardest-hit areas largely have hit bottom already.

"This will have some modest effect on the healing of those markets," he said.

California's huge share of the settlement — approximately 45%, the largest share of any state — means the deal might help keep home prices from falling more in the state than in others, Chen said.

"This issue has never been about anything other than allowing homeowners, hardworking people, to be able to stay in their homes," California Atty. Gen.Kamala D. Harrissaid at a Los Angeles news conference. "And we were very determined to make sure that California, the hardest hit in the country, would receive its fair share."

Nationally, just $1.5 billion from the settlement will go directly to people who lost their homes in foreclosure proceedings from 2008 through 2011 that included botched paperwork and other servicing problems that triggered federal and state investigations.

Those people — an estimated 750,000 — would receive checks of $1,500 to $2,000.

The deal also includes incentives to lenders to provide assistance to homeowners within the next year, when it could be the most help to a housing market yet to hit bottom.

Some argue that the settlement should have done more to help people who were victims of wrongful foreclosures.

"It is one small step in the direction of justice," said Ed Leamer, director of the UCLA Anderson Forecast. "It is an ounce of justice, but we need a pound of justice."

Iowa Atty. Gen. Tom Miller, who led the negotiations, defended the relatively small payments going to people who lost their homes in foreclosure.

He said it is just one part of the settlement and is more than most of those homeowners could have expected to receive on their own.

Miller also said he expected that the large amount of write-downs on principal, which will take place as part of the settlement, will lead the practice — resisted so far by servicers — to become commonplace as banks and investors see that it is not the money-loser they have feared.

The foreclosure deal was reached with the nations' five largest servicers — Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co.,Citigroup Inc. and Ally Financial Inc. — which account for about 55% of all mortgages serviced in the United States.

The banks issued statements saying they were glad to have the settlement process behind them; analysts said all had set aside sufficient funds to cover the agreement.

Government officials hope to expand it to nine other servicers in coming weeks. If all signed on, the deal would increase to $30 billion.

The settlement sets new national standards for mortgage servicing, to be overseen by an independent monitor, that officials said would end the frustrating runarounds endured by homeowners trying to get their mortgages modified or make other changes to avoid foreclosure.

But the deal goes beyond those problems to try to help people whose home values plunged because of the collapse of the housing market.

In California, $12 billion in assistance would go to underwater homeowners in the hardest-hit regions, such as the Inland Empire and Central Valley, Harris said.

Harris was one of the last attorneys general to sign on, using the leverage of the nation's largest state to increase the size of the settlement.

Kurt Eggert, a law professor at Chapman University who has studied predatory lending, said California was key to the settlement, which went beyond the robo-signing problems that hit harder in states with judicial foreclosure proceedings. In California, foreclosures happen largely without court oversight.

Guy Cecala, publisher of Inside Mortgage Finance, said California probably got the best deal of any state.

"But it is still not a huge amount," he said. Cecala agreed that the main effect of the settlement will be to speed up the stalled foreclosure process.

"It will remove the cloud that has hung over servicers, so it should speed up and effectively pave the way to getting the housing market to more of a normal situation," he said. "That will clearly be a benefit for borrowers and consumers."

State asks homeowners to stop deducting some taxes

2012-02-05T17:27:00.000-08:00

Via The San Francisco Chronicle
Kathleen Pender

The California Franchise Tax Board is leaning on taxpayers and tax preparers to start complying with a widely ignored law that prevents property owners from deducting certain real estate taxes on their income tax returns.

Many tax preparers are telling clients about the law and asking to see their property tax bills for the first time this year so they can determine which charges can and cannot be deducted.

"We put it in our organizer checklist and in our cover letter," says Daniel Morris, a CPA and partner with Morris + D'Angelo. He will no longer deduct a client's property taxes until he sees a bill.

"It sounds strong," he says. But he considers the tax board's warning "a shot across the bow" and does not want to "risk fines and licensure issues by inadvertently deducting nondeductible items."

Federal and state laws generally limit the real estate deduction to ad valorem taxes, which are calculated as a percentage of the property's assessed value. Any tax that is a flat amount per property or benefits a specific property is generally not deductible. There are some minor exceptions, however, and property tax statements do not spell out which charges are not deductible.

Until this year, almost everyone, including tax preparers, ignored this law and deducted 100 percent of property taxes, says Mary Canning, dean of the taxation and accounting schools at Golden Gate University.

"We weren't looking at the bills," says Canning, who also has a tax practice. "Nobody was trying to do anything deceptive."

Once uncommon, nondeductible charges began creeping on to California property tax bills after Proposition 13 in 1978 sharply limited general property tax increases. Since then, many local governments and school districts have been raising money with voter-approved parcel taxes and other charges that are not deductible.

Millions in added revenue

The Franchise Tax Board estimates that Californians are improperly deducting billions of dollars in real estate taxes each year. If everyone deducted only the allowable amount, the state could raise about $200 million in added tax revenue per year, FTB spokeswoman Denise Azimi says.

The tax board had planned to enforce compliance by adding three lines to 2011 state-tax returns that would require property owners to show their parcel number, total property tax bill and the deductible amount. But it postponed those changes until 2012 returns. This year, it is hoping to educate the public and tax preparers. It estimates that voluntary compliance could generate about $20 million in additional tax revenue this year.

Sam Gurbaxani, a volunteer with the AARP Tax-Aide program, which provides free tax preparation for low- to moderate-income people, says volunteers have been instructed to enforce the law to the best of their abilities this year.

He says many clients document their deduction with a mortgage statement or canceled check, but that won't work anymore because they don't show itemized taxes. "For these clients we could look up their tax bills online or send them home to fetch the property tax bills. Either way we are going to have some unhappy taxpayers," he says.

"The impact of this on the clients we serve is going to be considerable," Gurbaxani adds. "For example, Oakland residents will see their deduction amounts drop by $900. Some Berkeley residents will see the deduction amount drop by over $2,000."

For some people, it will no longer make sense to itemize deductions after they lose part of their property tax deduction; instead, they should take the standard deduction, he adds.

Although the Internal Revenue Service explains that not all property taxes are deductible in its tax guide, it has not cracked down on abusers because it's not an issue in most states outside California, tax pros say. In most states, it is easier to raise ad valorem taxes, and property tax bills are not loaded with nondeductible charges.

More federal tax revenue

California's efforts to raise state tax revenue will bring in even more federal tax revenue. Because federal income tax rates are higher than California's rate, the loss of some property tax deductions will increase most people's federal tax bill more than their state tax bill. But loss of property tax deductions will not affect some people who are subject to the federal alternative minimum tax because they already do not benefit from property tax write-offs on their federal return.

The FTB has published information on how to comply with this law at www.ftb.ca.gov/individuals/Real_Estate_Tax_Deduction/index.shtml. This page includes a link where most people can look up their tax bill online (not all counties offer online lookup) and find a sample tax bill for their county. The sample bill attempts to show which charges are and are not deductible. But most people have taxes that are specific to their city, neighborhood or school district that do not show up on the sample bill.

It would be much easier to comply with this law if counties separated deductible and nondeductible charges on tax bills. But that's not likely to happen soon because it would take "a massive reprogramming of their software," says Paul McIntosh, executive director of the California State Association of Counties. "Even within a county, there are hundreds of different taxing jurisdictions."

Kip Dellinger, a senior tax partner at Cooper Moss Resnick Klein, says the Franchise Tax Board is leveraging tax preparers to enforce the property tax law because "there are not enough IRS agents or FTB auditors" to do the job.

He admits that many CPAs "have ignored their responsibilities" in this area. As an expert in CPA ethics, he advises CPAs to tell clients "in their engagement letters that not all amounts showing on a property tax bill are necessarily deductible and they should review it to determine the correct amount and, if unable to do so, please provide the CPA a copy of the tax bill."

One of the biggest nondeductible charges some people face are Mello-Roos fees, which finance schools and infrastructure improvements in many communities.

Seeking to add deductions

On Jan. 26, Assemblyman Jim Silva, R-Huntington Beach (Orange County), introduced a bill that would designate Mello-Roos fees as tax deductible on California returns.

"Whether certain portions of Mello-Roos fees are tax deductible for federal purposes remains uncertain," according to Spidell Publishing, a tax information service.

If passed, AB1552 would be effective for tax years starting Jan. 1, 2012. "It would severely reduce the amount of revenue generated as part of the FTB's plan to require parcel numbers and a computation of the nondeductible portion of property tax on 2012 personal tax returns," Spidell says.

What Are the Presidential Candidates’ Positions on Housing Plans?

2012-02-05T17:13:00.000-08:00

Courtesy of Zillow
Author:Lauren Riefflin

What are the biggest issues facing the real estate market? What are candidates campaigning to do to encourage a recovery?

Zillow has added to its Election 2012 arsenal a round-up of the top housing issues and the views each candidate offers. Take a look below and see if the plans from Obama, Romney, Gingrich, Santorum or Paul best align with your views about housing:

Will greening my home increase my property value?

2012-02-04T18:06:00.000-08:00

Via TLC Home

The green movement has been gaining momentum for the past decade, and many believe it will continue to gain influence in how we live, travel and build our homes. While the term "green building" may bring to mind such extreme tactics as harnessing wind power or lining our roofs with solar panels, it's actually much simpler than that. It's essentially building with the future in mind. For the homeowner, this means keeping an eye toward future energy use, utility bills and the comfort and health of occupants. A natural consequence of these actions will be the creation of a home that also helps preserve the future of the environment, as improved energy use and healthier homes naturally help to conserve resources and lower greenhouse gas emissions.

There are three basic ways to make your home greener. The most common is to improve energy efficiency. This is done by tightening up the house so that valuable heated or cooled air isn't escaping unintentionally. It can also be accomplished through the use of more efficient lighting, updated appliances and simple changes to your heating and cooling systems.
The second most common way to green the home involves adding environmentally friendly features. This could include water-efficient fixtures, native landscaping and ecologically responsible materials that have minimal impact on the Earth.

Finally, you can make your home green by making it healthy. Healthy homes are those that contain fewer pollutants and cleaner air for occupants; they also release fewer chemicals to the outside in the form of off-gassing. You can create a healthy home by increasing ventilation and by paying attention to the materials that make up your furnishings, flooring and wall coverings.

While many people support the idea of a greener Earth and would like to incorporate some of the green techniques listed here, they worry about both the cost of implementing these methods and the effect they will have on the value of their homes.

You may be surprised to learn that greening the home can have a significant impact on your bottom line. Many green techniques have been proven to not only increase the sales price of the home, but also help act as a marketing tool to get your home noticed. Finally, homeowners can benefit from the many tax credits and incentives for going green.

Improving Energy Efficiency on the Outside

Proponents of green building have long believed that by creating sustainable, environmentally friendly homes, homeowners could also expect increased property values and lower utility bills. A 2007 study by the National Association of Appraisers has shown that this is indeed the case. For every $1 in annual energy bill reduction, a homeowner can expect an increase of $20.73 in home value [source: Eco-Smart]. What's even more surprising is how easy and affordable it can be to achieve these lower utility bills.

The best place to start is simply to tighten up the home's exterior so that expensive heated or cooled air is not escaping to the outside. Start with a simple tube of caulk. By sealing the area around your doors and windows, and filling in wall penetrations (like those around the dryer vent or the cracks where cables and wires enter your home) you can save around $100 a month [source: USGBC].

Next, let's look at windows. By switching to EnergyStar rated windows, you can save $350 a year over single-paned windows and $70 per year if you already had double-paned models installed [source: Myers]. These windows cost around $65 a piece, making them a wise investment with a fairly quick payback for many homeowners [source: Gorman].

Now, let's take a look at insulation. In an 1,800-square-foot (167.2-square-meter) house, you can expect to save $436 in energy costs a year by installing a R-30 fiberglass batt insulation in the attic. This is a fairly simple do-it-yourself (DIY) project that can translate to big savings and a significant increase in the value of your home [source: Jacksonville Electric Association].

Improving Energy Efficiency on the Inside

When it comes to heating and cooling, many homeowners believe that going green means complicated new technologies and expensive investments. While there are options, such as geothermal heat pumps and highly efficient new units, the things that can make the biggest impact are actually the most affordable. Start by sealing your ductwork. All it takes is a can of duct mastic and a roll of aluminum tape to keep air from leaking out. You can save yourself more than $100 a year [source: Gorman].
Invest in an EnergyStar programmable thermostat (around $42, if self-installed), and you can expect to save $180 a year in reduced energy bills [sources: Gorman, EnergyStar].

When it comes to lighting, saving money is as easy as changing a light bulb. By switching out just five of the incandescent bulbs in your home for compact fluorescents, you can save $100 a year in operating costs [source: USGBC]. While some people are turned off by the higher upfront costs of these bulbs, many are surprised to learn that they last an average of 8 years, making them a much better investment over time than incandescent bulbs [source: EnergyStar].

Finally, if you plan to invest in new appliances, consider those stamped "EnergyStar Certified." On average, you will reduce your annual utility bills by $50 for every EnergyStar appliance you install in your home [source: USGBC].

The average homeowner spends $2,000 a year on utilities, half of which is spent on heating and cooling bills [source: EnergyStar]. By implementing some of the steps above, you can easily cut your utility bills by $1,000, increasing the value of your home by $20,000 at the same time.

Going Green - Marketing the Intangibles

Many green homes are marketed only in terms of reduced energy, simply because it's the easiest to quantify. While energy reduction is important, many people are willing to pay a premium for green features beyond those that simply save money.

A 2007 study by Green Builder Media revealed that home buyers are willing to pay 11 to 25 percent more for green homes [source: Sekine-Pettite]. In a separate study by the National Association of Homebuilders, 50 percent of home buyers who were interested in green homes were motivated by health factors and environmental impact more than any other reason [source: Perkins]. This means that while many green home buyers are looking to save money on energy bills, half are motivated by nonmonetary factors and are willing to pay a premium for their home if it satisfies these criteria.
By following the energy saving steps in the previous section, you're already on your way to helping the Earth. But there are other methods you can incorporate that may further reduce your impact.
Water supply has reached a critically low level worldwide, and yet, it's still wasted far too often. In the United States, close to 60 percent of water is used for irrigation and landscaping [source: Clemson University]. To reduce your impact, consider drip irrigation, rain barrels and the use of native plants. Inside the home, water reduction can be achieved through the use of low-flow plumbing fixtures.
Homeowners can also impact the environment with their choice of materials. By choosing rapidly renewable resources, such as bamboo, linoleum, cork and wheat board, homeowners can ensure that their furnishings and flooring will have minimal impact on trees and other resources with long regrowth periods. To help reduce carbon emissions, choose materials produced locally. To further reduce your impact, install reclaimed materials, such as salvaged wood floors, recycled bricks or masonry, and refinished furnishings.

Many fans of the green building movement are most interested in the impact that our homes can have on our health. To make your home healthy, focus on materials with low VOC content. VOC's, or volatile organic compounds, are chemicals used to produce most furnishings, paints, floorings and adhesives.

Another characteristic of a healthy home is breathability. As houses are built tighter to help reduce energy bills, natural ventilation is reduced. By installing a central ventilation system, you can market your home as not only green, but healthier.

Laws and Incentives for Going Green

As the benefits of green building continue to emerge, many municipalities are enacting laws that require certain green techniques be used. In addition, both states and the federal government are putting financial incentives in place to encourage green development.
The American Recovery and Reinvestment Act of 2009, also called the stimulus package, allows a tax credit of 30 percent of the cost of small improvement projects, up to $1,500. This includes window, door and roof replacements, insulation projects and replacing old appliances with more efficient EnergyStar models.

For those interested in more advanced greening projects, the Recovery Act also allows homeowners to take $1,500 tax credits each year through 2016 for up to 30 percent of qualifying projects. This includes geothermal heating systems, wind-powered homes and solar water heaters or panels [source: Hadhazy].

Another option at the federal level for homeowners looking to add green improvements is the FHA Energy Efficient Mortgage program. It allows homeowners to borrow money at very low rates to make EnergyStar upgrades, add solar or geothermal power, or make other specified green improvements to their homes [source: North Carolina State University].
To find a comprehensive list of green building incentives in your state, visit the Database for State Renewables and Efficiency. Many states offer property tax exemptions, free or expedited building permits and other benefits to homeowners who install green features.

If financial incentive isn't enough to motivate you to go green, consider this: In August 2008, the city of San Francisco enacted a new building code requiring every building (commercial and residential) new project or renovation to adhere to green building standards. For homeowners, this will mean meeting the GreenPoint system, a local green building certification program, similar to the USGBC'S LEED system [source: Buchanan].

A similar initiative is taking place in Montgomery County, Maryland, a suburb of Washington, D.C. Here, lawmakers are working to pass legislation that would require every new home be built to minimize environmental impact and energy use [source: Marimow].

These residential green laws follow on the heels of nearly a decade of similar laws aimed at the commercial sector. There are now 22 states, 2 federal agencies and 75 municipalities in the United States that require commercial buildings be built to meet LEED standards or certification [source: Kamenetz].

Coldwell Banker Branded Websites Remain Most Visited Among National Real Estate Franchises

2012-02-04T17:44:00.000-08:00

According to Nielsen and comScore Media Metrix, the two global leaders in digital measurement, Coldwell Banker branded websites had the highest number of unique visitors among all national real estate franchise brands for full-year 2011. This marks the second consecutive year that the Coldwell Banker brand ranked No. 1 in Web traffic among all real estate franchisors.

"The Coldwell Banker brand is clearly top of mind when consumers go online and search for a home," said Michael Fischer, chief marketing officer, Coldwell Banker Real Estate LLC. "Consumers know our great brand and have shown a desire to utilize the suite of online tools seen throughout the Coldwell Banker network at the national and local levels."

According to Nielson, Coldwell Banker websites had 17.5 million unique visitors in 2011, which was more than 28 percent higher than the next nearest franchise brand competitor (13.7 million). Similarly, Coldwell Banker branded websites (26.1 million unique visitors) had the highest Web traffic ranking among real estate franchisors in the comScore Media Metrix full-year ranking for 2011, easily outpacing its next nearest competitor by 21 percent (21.6 million unique visitors).

The Coldwell Banker brand continues to place an emphasis on developing its website into a hub for consumers to find and prepare for the home buying and selling process. Recent additions include the lifestyle search page and first time home buyer resource center.

Coldwell Banker Real Estate LLC accessed the aforementioned information through its subscription to both Nielson and comScore Media Metrix. The rankings encompass all consumer Web traffic (unique visitors) to national and local websites operated by the franchise brands as well as by their franchisees.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of more than 86,000 sales agents working in approximately 3,200 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location^SM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.

Source: Coldwell Banker
PARSIPPANY, N.J. 01-26-2012
http://www.realogy.com/media/pr/show_release.cfm?id=1117&language=en-us&nid=893&session=4943BDBDD146A981B5B180BCD8B99994A99BF19F1860959C97

Obama proposes refinancing plan for underwater homeowners

2012-02-04T16:38:00.000-08:00

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

via The Los Angeles Times

President Obama speaks at the James Lee Community Center in Falls Church, Va. He outlined steps to support a housing market recovery, including helping homeowners to refinance and a homeowner bill of rights. (Saul Loeb, AFP/Getty Images / February 1, 2012)

By Jim Puzzanghera, Los Angeles Times

February 2, 2012, 7:27 a.m.

Reporting from Washington—

Distancing himself from Republicans on housing issues, President Obama pitched a $5-billion to $10-billion plan to help a key segment of struggling homeowners — those still making monthly payments, but on underwater mortgages.

Obama proposed Wednesday to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.
He argued that those homeowners — and the country — couldn't afford to let the housing market bottom out, as many Republicans, including presidential candidate Mitt Romney, have advocated.
"This plan … will not help the neighbors down the street who bought a house they couldn't afford, and then walked away and left a foreclosed home behind," Obama said. "It's not designed for those who've acted irresponsibly, but it can help those who've acted responsibly."

His administration took steps last fall to help as many as 11 million underwater homeowners whose loans were backed or owned by Fannie Mae, Freddie Mac or the Federal Housing Administration. Now Obama wants to expand that program to the remaining underwater homeowners, whose loans are owned by banks or investors.

But the refinancing plan is strongly opposed by many congressional Republicans and faces an uphill climb in an election year. They contended that the administration's previous housing plans have been unsuccessful and that the market needs to settle on its own.

"How many times have we done this?" House Boehner(R-Ohio) said. "I don't know why anyone would think this next program would work."

Obama also proposed to pay for the refinancing plan with a new fee he wants Congress to levy on large banks. The financial industry strongly opposes that fee, which Obama has been unable to push into law since first proposing it in 2010.

Such a fee could delay the housing recovery because it would "directly reduce lending capacity and banks' ability to lend" by up to $100 billion, said Frank Keating, president of the American Bankers Assn.
Obama's proposal appeared designed to draw a sharp distinction between him and Republicans on help for struggling homeowners.
In October, Romney told the Las Vegas Review-Journal that the housing market needed to "hit the bottom" before it could recover, and he has since talked about the need for foreclosures to run their course.

Obama alluded to those comments Wednesday, noting that more than half of all homeowners in Las Vegas were underwater.

"It is wrong for anybody to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom," Obama told a crowd at a Falls Church, Va., community center. "I refuse to accept that, and so do the American people."

The administration released 10 pages of details on the refinancing proposal as well as other steps to help the housing market, such as streamlined refinancing requirements and a homeowner bill of rights with simple disclosure forms and protection from inappropriate foreclosures.

To be eligible, homeowners would have to be current on their mortgage payments for the last six months and have missed no more than one payment in the previous six months. Homeowners also would need a credit score of at least 580.

Also, homeowners would have to be no more than 40% underwater on the loan, owing, say, $140,000 on a home now worth only $100,000. Obama also proposed that Congress set new guidelines for loans that are more deeply underwater.

To speed approvals, lenders would need only to confirm that the homeowner has a job. Borrowers would not need to submit tax returns or get a new appraisal of the property. Unemployed homeowners also would be eligible for the refinancing plan, but would be required to provide more detailed financial information.

The program would be open only to mortgages below the FHA's conforming loan limits, which are $271,050 in low-cost areas and $729,750 in Southern California and other high-priced markets. By refinancing, borrowers would save an average of $3,000 a year. The cost of the program would be to cover the increased risks for the FHA, which would back the refinanced loans.
Some Republicans said it was irresponsible to add new risk to the FHA, whose finances are already in trouble and could require a federal bailout.

But Barry Zigas, director of housing policy for the Consumer Federation of America, said the refinancing proposal was "a sensible and modest federal 'helping hand' that is long overdue."
Housing and Urban Development Secretary Shaun Donovan said the White House was open to finding a different method, other than the bank fee, to pay for the refinancing plan. But he said administration officials believed banks should help pay for the plan because they helped cause the housing crisis.
Bert Ely, an independent banking analyst, said the plan could not pass Congress and appeared to be a political move by Obama to put heat on Republicans, particularly Romney.
"Is this really to help the housing market? Or is this really to give the president something to talk about on the campaign trail?" Ely said.

He said the plan probably would not do much to reduce foreclosures because it targeted homeowners who have been making their payments. And he questioned why the administration would want to reduce the amount of paperwork required for refinancing.

"It's ironic that the whole reason we got into this mess was, in part, because of sloppy underwriting and misrepresentations about the ability to pay, and they turn right around and put a proposal on the table which is essentially the same thing," Ely said.

Happy 125th Birthday, Hollywood! What's Your Dream?

2012-02-01T15:12:00.001-08:00

Drawing of the first map of Hollywood, issued by real estate agent H.H. Wilcox in 1887. Image via Los Angeles Public Library Photo Collection.

With the welcoming of a new month, we are also celebrating the 125th birthday of Tinseltown. On February 1, 1887, Harvey Wilcox officially registered Hollywood with the Los Angeles County recorder's office.
Ironically, Wilcox, a Kansas man who'd made his fortune in real estate, "envisioned the land as the perfect site for a utopian-like community for devout Christians, where they could live a highly moral life free of vices such as alcohol," according to History.com. Wilcox's wife, Daeida, "called the new community 'Hollywood,' borrowing the name from a Chicago friend who told her that was the name of a summer home she had in the Midwest." So there you have it. Hollywood was named after a Midwest summer home.
Hollywood Boulevard was originally dubbed Prospect Avenue, and we think its current name is more appropriate, don't you? Wilcox laid out a map of the land, which he filed with the recorder's office, complete with dirt streets lined with pepper trees. By 1900, Hollywood boasted a population of 500. At the time, L.A.'s population had reached 100,000.
Today, Hollywood is more so a utopia for industry devotees, porn fanatics and tourists. However, the land does offer a bevy of choices for fine dining, casual and swanky imbibing joints, stellar hiking and prime celebrity spotting. And of course, it is the historical center of the film industry and the metonym for American cinema.
Happy birthday, Hollywood! You've made it.

5 Ways to Make Your Home Safer

2012-02-01T14:58:00.000-08:00

via Yahoo Real Estate

Small preventative measures (such an a ominous sign) can be effective burglary deterrents.
Photo: Flickr | IntangibleArts

For anyone who has seen those World's Dumbest Criminals clip shows on late-night TV, it may come as no surprise that burglars aren't always the smartest tools in the shed. But sometimes they don't even have to be.

Burglars most often enter a place through an unlocked door, says Craig L'Esperance, a detective for a Midwest law enforcement agency. Other times the home owners have a burglar alarm, but forget to set it when leaving the house, even for just a short amount of time.

Those problems are easy enough to remedy, but what about the criminals who aren't deterred by locks or alarms? L'Esperance is also the author of the thriller Terror from Within, which concerns a burglary crew that commits residential and commercial burglaries and describes how and why they pick their targets, and he and other experts weighed in on how homeowners can safeguard their possessions.

Lock It Up

Photo: Flickr | Ben+Sam

Standard exterior doors should contain a good quality deadbolt lock, says Robert A. Gardner, a certified security and crime prevention consultant with offices in California, Arizona and Nevada. That bolt should have a hardened steel insert and a minimum throw of one inch, so check the packaging if you're thinking of installing a new one. Double exterior doors should be equipped with a vertical throw deadbolt and all locks should have a five-pin (or more) tumbler, he says.
Sliding doors also need a lock system that prevents the door from being pried open or lifted off of its track.

In general locks should be changed when moving into a new residence or whenever a key is lost. Make sure the locksmith has the necessary licenses and is bonded and insured, and get recommendations from friends or business rating agencies if you can, Gardner says.

Gardner also offers a home security test on his website, so you can see how well your home is protected.

Know Your Neighbors

If you're not already acquainted with the neighbors on either side of you, get to know them now, says Todd Morris, CEO of BrickHouse Security in New York City.

"Get their cellphone numbers and give them yours," Morris says. "Then if you see something awry, like a package left out in the rain or a strange car at their home, you can text message them and ask that they do the same for you."

But Morris doesn't recommend giving these neighbors – or anyone else for that matter – a key to your house. Use a fingerprint scanner lock instead, he says, or a lock you have to punch a code into to open. Non-key access with an audit trail is the best, he says. That way you'll know when the dog walker, house cleaner or anyone else enters and leaves your house.

Beware of Dog

You don't actually have to own a canine to scare a burglar into thinking you do. Post a sign in your yard that says, "Attack Dogs Trained and Sold Here," says Susan Bartelstone, host of the radio show Crime Prevention 101 in New York. "Extremely Vicious Doberman" works too, she says.

"Then get a recording of a fierce-sounding barking dog and set it on a timer to go off periodically when you aren't home," Bartelstone says.

To give a burglar pause, leave a large dog bowl by the front door with the name "Cujo" or "Killer."

Make It Look Used

Photo: Flickr | Rene Schwietzke

If you are planning a vacation, L'Esperance advises, either put a hold on your newspapers or mail or stop them altogether. Nothing says, "Come in and take what you want," like a pile of old newspapers on your porch.

Also have your home phone forwarded to your cellphone so people who hear the phone ring will think you're home, says L'Esperance.

There are some other important ways to deter thieves no matter if you're there or not, like making sure the grass is cut, the snow is shoveled off the driveway in the winter, and there are no ladders lying about in the yard or against the side of the house. Most burglars know people don't usually lock second-story windows, L'Esperance says, so a ladder is basically an invitation.

If you have a garage, make sure to protect that as well. Lock your car so nobody can get to your garage door opener and enter your home through the garage or just steal what's inside the garage.
For the most authentic lived-in look, make it appear you're home by leaving the TV or a radio on and add a timer to your lights so they turn on at different times of the day and night.

Go Hi-Tech

Senior real estate specialist Chantay Bridges, who works for Clear Choice Realty & Associates in Los Angeles, has seen vacant homes vandalized, with squatters taking up residence in houses for sale and then taking all the appliances, furniture, and fixtures when asked to leave.

Bridges suggests installing a home security system, but using one that has apps for your smartphone so that you can monitor the system from anywhere. Alarm.com lets you send commands from your phone to arm or disarm your system remotely. You can also watch live video from your security cameras to see what’s going on when you’re not there.

A Guide to 16 of the Most Classic Types of LA Houses

2012-01-31T19:55:00.000-08:00

Image via Los Angeles magazine
Article via CURBED LOS ANGELES

In its February issue, Los Angeles magazine runs through 26 "classic" LA things (in alphabetical order), with entries for Cobb Salad, the Figueroa Street tunnels, the Rainbow bar, terrazzo sidewalks, Vin Scully, yoga, and more. "A," of course, is for all the awesome architecture, and the magazine put together this handy guide to 16 classic examples of LA houses. While, as the mag notes, "The city of Los Angeles is stiched into nearly 900,000 parcels of land with almost as many architectural styles built on them," these 16 are some of the most common and most identified with LA--you'll definitely spot several on any average drive to the grocery store or scroll through Curbed.

Full infographic this way>>

Image via Los Angeles magazine; click to enlarge
· Classic LA to Z [Los Angeles]

Hackles Up Over Potential Dismantling of UCLA's Japanese Garden

2012-01-30T19:54:00.000-08:00

UCLA is planning on putting Bel Air's one and a half acre Hannah Carter Japanese Garden (and an adjacent house) on the market next month and has already started taking out some of the objects at the site. The garden was donated to the university in the sixties by a former chair of the UC Board of Regents and named after his wife, but has been troublesome due to "rising maintenance costs, deferred maintenance, and the lack of attendance due to limited parking," according to the LA Conservancy, which is starting an effort to save the site. A court ruling last year allowed UCLA to remove "in perpetuity" from the 1964 donation agreement--the school now hopes to make about $5.7 million from the sale and put the money toward academic programs. The land is zoned agricultural, but the Conservancy says it could be used for a single family house and that UCLA is "not planning to sell the garden with any protective covenants or requirements calling for it to be maintained or preserved." According to the LA Times, the school is planning to keep some of the garden's significant objects, including a pagoda and a Buddha statue, at the Folwer Museum or other campus spots. The garden, designed by Japanese landscape architect Nagao Sakurai, includes a main gate, shrine, bridges, and a garden house for tea ceremonies made in Kyoto. The Conservancy wants interested folks to contact UCLA's chancellor and urge that the school stop the sale and work on some sort of partnership to keep the garden intact. There's also a community meeting on the matter tomorrow at 5 pm at the Community Magnet School Auditorium. Image of garden house via openspacesfengshui.com
· Preservation Alerts and Issues [LA Conservancy]

9 real-estate deal breakers

2012-01-30T19:41:00.000-08:00

VIA MSN REAL ESTATE

Whether you think you’ve found the perfect house, the classiest neighborhood or the friendliest neighbors, be sure to step back and look at the big picture when you’re shopping for a new home. Was there something you missed along the way because of your enthusiasm?

“A lot of first-time homebuyers fall in love way too fast, and then look for reasons to fall even more in love instead of the other way around,” says Kathryn Alesandrini, a real-estate agent based in Malibu, Calif., who works for Dilbeck Christie’s Great Estates.

Even experienced homebuyers aren’t immune from love at first sight, but they might be more aware of signs that could signal a deal breaker. Here are nine questions that will help you identify potential pitfalls.

Video: Bogus real-estate deals

1. Do you qualify?
The first deal breaker for many homebuyers — especially with today’s tighter lending standards — is not qualifying for their desired price range. “You’d be surprised how many first-time homebuyers want to see the house, then get truly disappointed when they find out they’re not qualified to buy it,” says Sonya Ann Loose, an agent with Red Carpet Real Estate in Gladwin County, Mich.

What to do: It’s discouraging to start your search looking at homes you can’t afford. Talk with a loan officer or mortgage broker early in the process to help you set reasonable expectations. Here are other things to consider at the outset:

Upfront costs: Every loan requires a certain percentage as a down payment, usually a minimum of 10%. Add to that the amount you’ll need for closing costs, and you could be in over your head before you’ve signed any paperwork. (Read “How to save on closing costs” to learn more.) “Sometimes initial application appointments are overwhelming,” Loose says. “(Homebuyers) should know clearly what percent they would be expected to bring as the down payment.”
Types of homes: Some loans limit the types of homes that buyers can purchase. For instance, Loose warns that some lenders won’t allow loans for a manufactured home in some areas. “They need to understand what home they are qualified to buy under that loan,” Loose said.
FHA — or nay: Although loans backed by the Federal Housing Administration are popular because they require a down payment of as little as 3.5%, there are limits to the perks. “Buildings aren’t necessarily all FHA approved,” says Best Chicago Properties real-estate agent Chuck Gullett. For instance, if you’re interested in a condo and still prefer to pay the lower down payment despite limited options, a search of FHA-approved condos on the Department of Housing and Urban Development’s Web site could save you letdowns down the road. (Read “Why ask for an FHA loan” from HUD if you’re contemplating an FHA loan.)

2. Is this the right neighborhood for you?
Maybe you’ve always dreamed of living in a certain city or even a specific neighborhood. But when it comes time to buy a home, you may find that your dream community isn’t all that you hoped it would be. (Read “Make a neighborhood love connection.”)

What to do: Before viewing any homes for sale, take advantage of online databases such as Move.com’s City Profile Report, which gives you a detailed look at specific neighborhoods using demographics, finances and economics to help determine quality of life. (Move and Realtor.com are MSN Real Estate partners.)

Price range: Narrow your search by limiting yourself to neighborhoods with a large number of homes in your price range. It’s not a hard and fast rule, but it can prevent the potential heartache of looking at disappointing houses in otherwise perfect neighborhoods. Search for home values in different regions at Realtor.com.
Cost of living: Prospective homeowners should factor in expenses such as groceries, gas, child care and even property taxes, which can vary widely across the country. (Compare property taxes at Property Shark.) If a high cost of living isn’t enough to sway you from a certain neighborhood, lower your target price range to offset the difference. (Read “Is your suburb overpriced?” to see how high costs have affected some U.S. communities.)
Commute: You may love a neighborhood’s bohemian vibe, but what if living there drastically increases your commute to work or for errands? Even if the new commute doesn’t look far on a map, give it a try during rush hour to see if it’s bearable. The eco-friendly commuter can look up public transportation systems nationwide on the American Public Transportation Association’s Web site, or check a neighborhood for walkability with the help of Walk Score. (Read “America’s most walkable big cities.”)
Culture: If you’re hoping to get involved in your new community, Move.com’s City Profile Report can help you find a neighborhood where you’ll fit in based on demographics such as median age, family size and education level. Community festivals and other gatherings can also be a draw – or a deterrent – for some residents. (Read “Taking it to the streets” to learn more about neighborhood festivals around the nation.)

3. What’s that smell?
You’re already in love with a neighborhood, and now you’re also sure you’ve found the home of your dreams. But that perfect neighborhood could have a few imperfect blocks, and one of them could be where your new home sits.

What to do: Spend a couple of afternoons walking through the neighborhood. Do you notice anything that could end up putting a damper on your quality of life? Maybe you’ll discover a noxious odor that permeates the block once a week, or you learn from a neighbor that teens use your street as a racetrack in the wee morning hours. Perhaps you’re seeing more foreclosure signs than you were hoping for, which could be cause for concern about home values, as well as crime in the area. (Read “How to find a safe neighborhood.”)

4. Is it really a good deal?
Once you’ve narrowed your search to a few neighborhoods, don’t fall for the first bargain that sweeps you off your feet. “Some people are blinded by just the value and are not stopping to consider: ‘Do we have the money to fix this up? Do we have the ability?’” Loose says. Just because the price is right doesn’t mean the home is.

What to do: Even if you’re a do-it-yourselfer, remodeling costs add up quickly. If the home you’ve fallen for has flaws that you can fix down the road, you can hope you’ll have enough equity in the home within a few years to take out a home-equity line of credit. But will it be worth the cost? And will you actually do the project? “If you don’t have the money to put into it, then you really shouldn’t be just looking at the value,” Loose said.

5. I owe more than just the mortgage?
After you’ve chosen a home, it really starts to get down to the nitty-gritty. “First-time buyers think the majority of the work is finding the place,” said Gullet, who writes a Chicago real-estate blog. “All the work really starts with paperwork and negotiations.”

What to do:“It’s important for first-time buyers to understand that there are other costs in there,” says Alesandrini, whose blog includes tips for first-time homebuyers. “It’s not just what the loan’s going to cost you.” Expenses such as property taxes and utilities need close scrutiny, as they potentially change from one owner to the next. Then there are other expenses that might break your bank if you don’t plan for them.

Taxes: Although you’ll learn early on what you’ll be expected to pay in property taxes, those prices can increase dramatically because of new levies or even reappraisals of your property, such as what’s happening in parts of northwestern Montana. Keeping track of local issues and price fluctuations in your neighborhood can help you prepare for any added costs. (Read: “Win a property tax reduction.”)
Utilities: After years of living in rentals, where basic utilities such as garbage, heating, water and sewer often are included in the rent, monthly utility bills can come as a shock to first-time homebuyers. Your real-estate agent should be able to get an estimate of the monthly costs from the current owners, but even that price is subject to change. “You really can’t rely on what the current owner pays,” Loose said. “It all depends what you’re doing with the property.”
Condo dues: Although your monthly costs are disclosed with the sale price, keep in mind that they often go up 3% to 5% a year, Gullett says. He added that it’s crucial to request and review the condo rules and regulations, declarations and bylaws, meeting minutes and operating budget. “After inspecting these documents and speaking with the management company, the buyer can make a better informed decision on the purchase,” he says. (Read: “Condo buyers: How to protect yourself” for more savvy skills.)
Homeowners association dues: Similarly, if you move into a development with an HOA, you’ll want to know upfront what your monthly bill will be. But your homework doesn’t stop there. Fees can sometimes increase up to 20% a year, and fines for not following regulations can easily sneak up on homeowners who don’t read the fine print. (Read “The runaway power of homeowners associations.”)
Homeowners insurance: Rates can vary by neighborhood and provider, but the average premium paid in 2007 was $822, according to the Insurance Information Institute. If you’re concerned, most insurance companies provide estimates.

Read: There's more to a home's cost than just the mortgage

6. My sofa doesn’t fit?
It’s easy to fall in love with a place that’s staged to perfection, but most people have more than just a coffee table and sofa in their living rooms. If that’s you, a tape measure could keep you from spending money on new furniture and other belongings that weren’t in your budget.

What to do: Compare the total square footage of a potential home to your current digs, but be sure to also get the dimensions for each individual room. Just because the home is 1,500 square feet doesn’t mean it has a room that’s the right size for your 52-inch flat-screen TV.

7. Legal issues
The preliminary title report you receive before you sign a contract to buy a home should tell you everything you need to know about easements, liens or pending litigation on the property, but that doesn’t mean those problems can be easily remedied.

What to do: Many of these issues are beyond a buyer’s ability to fix, which can lead to mounting frustration and a desire to walk away if your closing date keeps getting pushed back.

Easements: Easements such as shared driveways are often obvious to buyers, but other easements such as a water main that requires access from utility companies or plans for a major road through your property could become problematic. Alesandrini says you have the option to have an attorney help you try to reach a compromise on the easement, but that process could be time-intensive and expensive.
Liens: If anybody has placed a lien on a home you’re hoping to buy, the most that a buyer usually can do is sit back and wait: The deal won’t close until the seller pays off the lien. Although that’s not a deal breaker for most people, those who have to move out of their current home or who are on an otherwise tight schedule may choose to abandon the deal.
Pending litigation: This is especially important to be aware of when buying a condo, because if the building you want to buy into is in the middle of a lawsuit, many lenders won’t finance your loan.

8. Is the infrastructure sound?
You may not see major flaws in a home’s infrastructure, but a home inspector or other professional can find costly problems that could break the deal.

What to do: Most states require home inspections before a sale can close, but they’re recommended even in states that don’t require them. Alesandrini says she occasionally refers buyers to specialists such as structural engineers or geologists if she believes a home may need a closer look. “We cover everything,” she says of real-estate agents, “but when they really need in-depth help, they need to go to specific professionals.” The seller may agree to fix major problems found at that point, but if not — or if the problems are beyond repair

-- it may be time to walk away from the deal.
Condo buyers also could benefit from a building-wide inspection since they’ll be expected to help pay for any structural damage down the road. “You’re not just buying into the unit, you’re buying into this huge complex along with all the problems,” Gullett says.

9. The appraised value is what?
So you’ve settled all of your differences with the seller and you’re ready to fall in even deeper love with your home. Then the appraiser comes, and the value she throws out there is way below what you agreed to pay. What now?

What to do: Loose said that this is especially common in areas with a strong buyer’s market, and that it can be detrimental to the sale. Somehow, the buyer and seller have to find a way to pay the bank the difference between the appraised value and the agreed-upon sale price. But if neither party is willing to budge, it’s bye-bye dream home. (Read “New appraisal rules cause chaos” to learn about changes in the system.)

Events in Beverly Hills: Beverly Hills Wine Festival

2012-01-29T20:34:00.000-08:00

LINK: More Information
The Beverly Hills Wine Festival™ 2012 is the most prestigious wine festival in all of the United States. This is the only wine festival of its size that donates all of its proceeds to a great cause. The event benefits the LA Animal Alliance, Pets to Patriots and all the LA city and Los Angeles county animal Shelters.
Beverly Hilton Hotel, 9876 Wilshire Blvd Beverly Hills, Beverly Hills

Brokerage declares 2011 was the year of mobile

2012-01-29T20:24:00.000-08:00

Via AG BEAT

The year of mobile

Every technology goes through the process of being speculated about, with 2006 being the “year of MySpace,” 2008 being the “year of Twitter,” yet there is continued speculation as to when the “year of mobile” will hit, but Coldwell Banker has published a white paper claiming 2011 was the year of mobile. “Something has clicked. Something has happened.”

Mobile has changed the way businesses market, organize, and even practice, most notably companies like Coldwell Banker which has 87,000 agents and brokers frequently computing on their smartphones in the field and engaging consumers that are becoming accustomed to real estate search and communications through mobile devices.

Coldwell Banker’s white paper, “The State of Mobile” outlines the past, present and future of the mobile space as it relates to their industry and asserts that mobile hit a critical mass in 2011. The report also outlines the differences between Android and iPhone platforms and offers six steps brokerages can take to be mobile ready for their consumers.

See Full White Paper from Coldwell Banker :

http://agbeat.com/real-estate-sales-marketing/brokerage-declares-2011-was-the-year-of-mobile/

U.S. housing more affordable than other English countries

2012-01-29T20:16:00.000-08:00

(Reuters) - Would-be American home-buyers can take heart: U.S. housing is more affordable than in other English-speaking countries, according to a study of metropolitan areas around the world.

The median home price in the United States as a whole was three times pre-tax household income in the third quarter of 2011, on the cusp of what Demographia, a public policy firm which conducted the survey, deems "affordable."

In major U.S. metropolitan areas, the ratio was 3.1, down from 4.6 in 2007, before the worst of the U.S. housing market slump that dragged the economy into recession, and 3.3 in 2010.

Detroit, at 1.4 times, was the most affordable big city in any of the 325 areas surveyed in six countries and in the Chinese territory of Hong Kong.

In contrast, the index was 12.6 in Hong Kong, by far the priciest market. And Canada, despite being larger in size than the United States with just one ninth of the population, continues to grow less affordable.

A ratio of 3 or less is considered "affordable," according to Demographia which surveyed 325 metropolitan areas in Australia, New Zealand, Ireland, the U.K., the United States, Canada and Hong Kong.

"The bubble is over - prices have continued to decline. We have housing prices back to where they're supposed to be," said Wendell Cox, principal of Demographia which is based in Belleville, Illinois.

Not everywhere in the United States is housing looking like a good deal: the most unaffordable U.S. markets were San Jose (6.9), San Francisco (6.7), San Diego (6.1), New York (6.1), Los Angeles (5.7) and Boston (5.3), according to the survey.

Cox blamed stringent land use regulations for choking supply in many of the "unaffordable" U.S. markets, driving up prices.

Signs have appeared in recent months that the U.S. housing slump may have touched bottom and economists mostly expect prices to remain flat in 2012 before small gains next year.

After Hong Kong, Autralia's major cities were the most expensive at 6.7 times pretax median household income, followed by New Zealand at 6.4 and Britain at 5.0.

(Reporting By Phil Wahba; Editing by Kim Coghill)

First-Time Buyers More Willing to Compromise

2012-01-29T20:10:00.000-08:00

Via Daily Real Estate News | National Association of Realtors

When it comes to space and upgrades, first-time home buyers are more willing to compromise than repeat buyers, according to the National Association of REALTORS®’ 2011 “Profile of Home Buyers and Sellers.”

While they have big wish lists too, first-time buyers seem to be most driven by finding a home that offers a reasonable monthly mortgage payment.

"Single home buyers tend to value affordability above all when they are choosing a home and a neighborhood," says Jessica Lautz, NAR’s manager of member and consumer survey research. "They also focus more on living some place convenient to friends and family, as well as entertainment and leisure activities."

The median age of first-time home buyers is 31, and about 26 percent are married with children.
First-time home buyers tend to rate energy efficiency high on their wish list, as well as simple, no-hassle technology use in their house, the study finds.

But "even if they like the idea of solar panels, first-time buyers are not likely to spend an extra $20,000 to have them," says Stephen Melman, director of economic services for economics and housing policy for the National Association of Home Builders.

First-time buyers also are willing to compromise on space: The median-size of a home purchased by a first-time buyer is 1,570 square feet.

Overall, "the top three things that buyers want are a great room instead of a formal living room, a walk-in closet in the master bedroom, and a laundry room," says Melman. "First-time buyers want the same thing, but they are more likely to be satisfied with a small laundry room without an attached mudroom and with a smaller master bedroom and a smaller walk-in closet."

But one thing first-time buyers aren’t as willing to compromise on: Buying a home that needs a lot of repairs.

"Buyers that don't have any experience with home maintenance tend to be afraid of renovations, so home sellers should be sure to fix everything they can and make minor home improvements in order to appeal to first-time buyers," Melman says.

Source: “Size Matters Most to First-time Buyers,” HSH.com and Fox Business News (Jan. 26, 2012)

What the Fed's Low Interest Rates Mean for Homebuyers

2012-01-28T14:19:00.000-08:00

Via AOL Real Estate

The Federal Reserve announced today that they will keep interest rates low until at least late 2014 in an effort to help jump-start the sluggish economy by making it less expensive to borrow money across all segments of the economy.

What this means for homebuyers and current homeowners is that mortgage rates for a purchase loan or to refinance will remain remarkably low in the near-term, keeping affordability high. The 30-year fixed mortgage rate fell below 4 percent on Zillow Mortgage Marketplace in mid-October 2011 and has dropped as low as 3.67 percent in recent weeks.

Here's a quick comparison of mortgage rates and affordability using today's rates compared to 2008:

Today's rates: For a homebuyer shopping for a home today assuming 20 percent down and today's interest rate of 3.7 percent, they would be able to afford a $215,000 home with a monthly mortgage payment of about $1,000 per month (including principal and interest).

2008 rates: If a homebuyer shopped for a home in 2008 when mortgage rates averaged roughly 6 percent, the same homebuyer would only be able to afford a $165,000 home for $1,000 per month (including principal and interest)

Difference: $50,000

Rent or Own a Home

2012-01-28T14:15:00.000-08:00

Rent or Own a Home

Should you buy versus rent a home in today's real estate market?

Via Homes Go Strong

In last night's State of the Union address, President Obama addressed our country's current real estate situation, including the fact that many American homeowners currently have underwater mortgages. While there has been some improvements to help those underwater homeowners in the form of changes to the Home Affordable Refinance Program (HARP), in today's real estate market it's not surprising if people are a bit gun shy about buying or owning a home.

What if I can't afford my mortgage in the future?
What if my home loses so much value that I eventually owe more than it's worth?
What if I have to move in a few years and can't sell my home?
If you've ever asked yourself these questions about home ownership, it could be time for you to look into renting versus buying a home.

Evaluate whether you have a steady income to support paying a mortgage. At or near the top of every potential homebuyer's mind is whether or not they can afford to buy a home right now. Buying a home remains a sound financial decision for those with documented income and a good credit history, and a steady income can provide a strong backbone for the initial down payment and future mortgage payments. However, if your income is unreliable, getting tied down to a mortgage may not make the most sense financially.
Make a timeline of how long you plan to stay put. Buying a home is a lifestyle decision, and can be a very smart move if you're planning on staying in your home for a while—think five years or more. With proper planning a home purchase has historically proven to be one of the safest investments one can make. If you anticipate staying in a home for only one or two years, you are less likely to see a significant financial return on your investment. In addition, if you buy a home and live in it for fewer than two years, you may find yourself having to pay capital gains taxes.
Crunch the numbers before making your decision. You can start by using this "buy versus rent" calculator on the Coldwell Banker website. It will help you see the costs of home ownership versus the costs of renting a home. For example, with buying a home, you have to take into consideration your mortgage payments as well as real estate taxes, insurance payments, and the maintenance costs that come with owning a home. With renting a home, calculating month-to-month housing expenses is as easy as inquiring about the monthly rent and average utilities.

Bottom line: buying doesn't always make sense and neither does renting. So be sure to speak with a real estate expert, your tax person, and a financial professional before deciding to rent versus buy a home.

LAPD cracks down on drone aircraft use by real estate agents

2012-01-28T14:11:00.000-08:00

The Los Angeles Police Department is warning real estate agents not to use images of properties taken from unmanned aircraft, saying the flying drones pose a potential safety hazard and could violate federal aviation policy.

The warning was issued this week after officers saw a television news report showing a basketball-sized object with multiple rotors hovering over an expansive Westside residence.

"We are just trying to inform the public to ensure that before hiring these companies to operate these aircraft in federal airspace, that they are abiding by the federal regulations to ensure safety," said police Sgt. George Gonzalez.

Drones can range from as small as model airplanes built by hobbyists to as large as a commercial jet. Nationally, there has been an intense and growing debate about the safety of allowing drones to operate in airspace used by passenger aircraft.

Federal regulations prohibit the operation of unmanned aircraft in U.S airspace without specific permission, though the rules do allow hobbyists to fly model planes in designated areas.

Real estate agents have been posting aerial photos and video of homes for sale in the Los Angeles area, according to the LAPD. The pictures have been taken from several hundred feet off the ground in the city's crowded airspace -- an altitude at which police helicopters often fly.

Seeking to maintain the safety of their pilots as well as people on the ground, LAPD officials are first notifying those who are in the market for photos taken by drones "so they make informed decisions and don’t hurt anybody," Gonzalez said.

The LAPD knows who was operating the "spider-like" drone shown on TV, but hasn't yet contacted the operator, Gonzalez said.

All-cash sales driving down prices

2012-01-28T14:08:00.000-08:00

VIA MSN REAL ESTATE

Nearly one-third of home sales are to cash buyers, who often command a significant discount off list price. In turn, the seller gets a quicker closing.

As home sales increase and inventory shrinks, we're continuing to experience a decline in median home prices in many cities.

One reason for that, according to the new Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, is the influence of investors who are paying cash for homes. Those cash sales are driving down prices.

"Investors are very aggressive and expect to see 15% to 20% off list. They will close in 30 days or less and most are cash buyers," one California real-estate agent said to the surveyers.

All-cash sales accounted for 33.2% of sales in December, up from 29.5% a year earlier, according to the Campbell/Inside Mortgage Finance statistics. Among investors, 74% paid all cash.

First-time buyers competing with investors for homes

Although sales to investors made up only 22.8% of the market in December, they have a greater effect on prices because those lower prices drive down appraisals — a significant issue for buyers seeking mortgages — and thereby, all prices.

As inventory declines, and competition arises for the best properties, investors have even greater leverage.

If sellers have a choice between selling to an investor for cash or to a buyer who plans to seek a mortgage, the investor is a safer choice, even if that means a lower sale price.

Would turning foreclosures into rentals help?

Cash buyers can close more quickly, usually in less than 30 days, which is attractive to lenders selling off real-estate-owned properties. Buyers seeking a mortgage usually need 45 to 60 days to close, even when everything goes well.

Prediction: 3 times more investors than owner-occupants

Cash buyers don't have to deal withbank-ordered appraisals that come in lower than asking price. In a cash deal, the price is what the buyer and seller agree upon, regardless of appraisal.

The report noted:

While investor bids may not be the first offers accepted, they often end up winning properties after other homebuyers are eliminated because of mortgage approval or timeline problems. Appraisals below the contracted price are a common reason for mortgage denials. Most mortgage financing timelines are now in excess of 30 days.

The percentage of all-cash deals is higher than 33% in many areas. In Miami-Dade County, for example, cash sales accounted for 63% of closings in December.

Fannie and Freddie don’t deserve blame for bubble

2012-01-28T14:01:00.000-08:00

Courtesy of The Washington Post

By Mark Zandi,

There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren’t among them.

The biggest culprits in the housing fiasco came from the private sector, and more specifically from a mortgage industry that was out of control. These included lenders who originated home loans, investment bankers who packaged them into securities, rating agencies that misjudged these securities, and global investors who bought them without much, if any, study.

In other words, America’s mortgage securitization machine was fundamentally broken. It created millions of mortgage loans that, even under reasonable economic assumptions, stood little chance of being repaid — and were not. As a result, hundreds of billions of dollars were lost as defaults and write-downs brought the financial system, and the wider economy, to the brink, requiring a massive government bailout.

Also to blame, of course, were regulators, who gave the private mortgage market little, if any, oversight. The market’s watchdogs were lulled to sleep by a misplaced view that self-interested private financial institutions would regulate themselves. This flawed thinking was most pervasive at the nation’s most important financial regulatory agency, the Federal Reserve.

Getting history right for this dark economic period is critical if we are to design a better mortgage finance system for the future. If Fannie Mae and Freddie Mac are responsible for the debacle, then perhaps government’s role in a future mortgage finance system should be minimal. But if private lenders deserve most of the blame, the case grows for giving government an important role in backstopping and overseeing the system.

“If it grows like a weed, it probably is a weed.” This age-old banking adage aptly applies to the private mortgage lending business during the housing bubble. Between 2004 and 2007, private lenders originated three quarters of all subprime and alt-A mortgage loans. These were loans to financially fragile homeowners with credit scores under 660, well below the U.S. average, which is closer to 700. But only a fourth of such loans were originated by government agencies, including Fannie, Freddie and the Federal Housing Administration.

The dollar amount of subprime and alt-A loans made during this period by the private sector was jaw-dropping, reaching nearly $600 billion at the height of the lending frenzy in 2006. For context, this is about equal to the total amount Americans currently owe on bank credit cards. By contrast, government lenders made just over $100 billion in subprime and alt-A loans in 2006. Even in 2007, when the housing market was beginning its free fall, private lenders still handed out more than $300 billion via these very shaky mortgage loans.

All this can be seen in the share of total residential mortgage debt insured or owned by Fannie Mae and Freddie Mac. At the start of 2002, before the housing boom got going, the two agencies’ market share accounted for almost 54 percent of all mortgage debt. By summer 2006, the bubble’s apex, their share had fallen to only 40 percent. It is difficult to see how the agencies could have been responsible for inflating the housing bubble at a time when they were losing a full 14 percentage points of market share. Indeed, the opposite was true, as their position in the housing market rapidly diminished.

It wasn’t that Fannie and Freddie made a prescient strategic decision to stay clear of the housing frenzy. They couldn’t have participated even if they had wanted to. The two agencies had committed various accounting irregularities earlier in the decade, and their regulator forced them to rein in their growth.

Moreover, Fannie and Freddie couldn’t compete with rapaciously expanding private lenders. Securitization was in full swing, enabling private lenders to offer low rates and increasingly aggressive terms to borrowers. In 2006, almost half the loans made by private lenders required no down payment and no documentation. Fannie and Freddie simply couldn’t play in that league, even though Congress had given them aggressive lending targets to help boost homeownership among lower-income and minority households.

Fannie and Freddie did play a significant part in the financial panic. As financial conditions began to weaken in 2007 and the private mortgage industry pulled back, the agencies partially filled the void. This was their chance to get back in the game. The memory of their accounting scandals had faded, and policymakers hoped the agencies could keep the housing market from unraveling. Fannie’s and Freddie’s originations of sketchy loans actually peaked near $160 billion in 2008, the year regulators placed them into conservatorship. The two agencies had jumped back into the housing market at precisely the wrong time.

The government’s takeover of Fannie and Freddie arguably ignited the global financial panic. The Treasury Department’s decision to wipe out shareholders of Lehman Brothers and Bear Stearns, two of the largest financial institutions on the planet, sent a shock wave through markets as it became apparent that no institution was safe any longer. Investors ran for the door, sending Lehman Brothers into bankruptcy one week later; a string of failures at other venerable institutions followed.

Despite Fannie and Freddie’s role in the panic, it is wrong to blame them for creating it; that distinction belongs rightly to the private mortgage market. Understanding this is critical to creating a stable, efficient mortgage finance system for the future. While Fannie and Freddie themselves deserve to pass from the scene, given their numerous past missteps, it is equally clear that the government needs to remain an important player in housing finance, providing consistent regulatory oversight and a backstop in case the private market collapses again.

Mark Zandi is chief economist at Moody’s Analytics, a subsidiary of Moody’s Corp. He is the author of “Financial Shock,” an book about the financial crisis. His column will appear regularly.

More analysts say housing market has hit bottom

2012-01-22T11:00:00.000-08:00

Add another voice to those saying the housing market will really, truly, finally hit bottom in 2012.

"We have seen the worst. We are at the bottom. We may hug along the bottom for a while, but we are at the bottom," Jamie Dimon, CEO of JPMorgan Chase, told Maria Bartiromo in a Q&A published in USA Today.

That doesn't mean that happy days are here again, he cautions, but there is light at the end of the tunnel.

"Supply and demand are rapidly coming in balance," he said. "Renting is now more expensive than buying in half of America. We're adding 3 million Americans a year … 2 million jobs, and all this shadow-inventory stuff will be getting better, not worse. And it's the rate of change which is important, not the absolute level."

He added: "It's still terrible, by the way. But we think it's going to get better over time."

Make-believe and the real world meet in Beverly Hills

2012-01-21T20:24:00.000-08:00

Try to look like you belong and enjoy the eye candy

Via Michael McCarthy, Postmedia News

On the southern edge of Los Angeles, Disneyland presents a world of pure make-believe for children and families. At the other end of town, discerning travellers with more adult tastes might find the fantasy world of Beverly Hills more to their liking. The major difference is that one fantasy is real and the other isn't. A visit to Beverly Hills is like stepping into a dream.

Movies aren't made on Hollywood movie lots anymore, but many Hollywood stars still live, shop, dine out and party in nearby Beverly Hills. They can be seen in high-end restaurants and boutiques around the "Golden Triangle" centred on Rodeo Drive. A stroll along the Drive will prove that the beautiful people of Beverly Hills (and not just the movie stars) are as gorgeous in real life as they appear to be on the screen.

Beverly Hills has been home to the stars and the ultrarich producers and promoters who can also afford to live there, since the original Beverly Hills Hotel was built in 1912 in the middle of an apple orchard. The hotel is still located on Sunset Strip, with its 204 rooms and suites and 21 unique bungalows. Now the sultan of Brunei owns the hotel, and stars still party at the famed Polo Lounge, but if it's fantasy you're after, then it's Rodeo Drive you need to explore.

Rodeo Drive has evolved into the premiere shopping district for the entire world, and every major brand, from Faberge to Versace, operates a swank signature store here. But don't expect to waltz into every boutique, unless you are properly attired or have made an appointment.

There are large, welldressed and handsome doormen standing in many doorways, and they decide whether you look like a shopper or a gawker. Leave the scruffy blue jeans at home.

In Beverly Hills, the experience of rubbing elbows with the gorgeous and fabulously wealthy is totally free, but it's best to be rather circumspect with your camera, if you want to enjoy yourself. Even waiters and clerks look like movie stars.

One of the hottest restaurants in Beverly Hills these days is Crustacean, a delicate fusion of French and colonial Vietnamese cuisine. When our party was escorted to a booth, we saw David Caruso from the TV series CSI sat down at the table next to us. Standing at the bar were several other familiar-looking faces from TV and movies. And, the lobster, king crab and prawns served with garlic noodles were delicious.

The dress code at Crustacean is "relaxed," which means you don't need an evening gown or suit. Make a reservation well in advance. Just give them the phone number for the Hilton and you'll be fine.

Be sure to check out the Aquastar pool at the Beverly Hills Hilton (note: reasonable room rates, too) for hot young stars and starlets sunning themselves in deck chairs. The Hilton's spa treatments are also reputed to be the best in town, so make sure you misplace your chequebook before checking in.

Actors such as Jack Nicholson are reputed to enjoy the occasional beverage at the Hilton's Trader Vic's lounge. The downside is that you will feel like a B-movie extra compared to the gorgeous creatures who live and work here, but you can cheer yourself up by saying to yourself, "It's not real." Only it is real, and that's what is truly amazing.

If You Go

Where to stay: Splurge, and stay at the Beverly Hills Hilton (www.beverlyhilton. com).

Where to eat: Dress well and make a reservation at Crustacean (www.houseofan.com).

What to do: Walk around Rodeo Drive and try to see how many shops will let you in. Ride the trolley tour, or check out other attractions on the city's website (www. beverlyhills.org).

Rising Rents Make Home Buying a Better Choice

2012-01-21T20:15:00.000-08:00

Via Realtor Magazine

Fallen home prices and record-low mortgage rates have pushed housing affordability to a 40-year high. Meanwhile, rental prices are continuing to rise at a fast pace, according to a new report released by Hotpads.com, a rental listing service.

Rental prices in 20 of the largest metro areas increased 3.75 percent in 2011, and prices are expected to continue to rise in 2012. Meanwhile, home prices fell by 1.83 percent in 2011, according to the report.

"In a lot of cases it's getting to a point where it makes more sense for people to buy because rent has been going up significantly faster, while home prices have been falling," Paul Gleger, author of the report, told AOL Real Estate.

According to the report, New York has the highest rental prices, with a two-bedroom apartment’s median rent at $2,653. Other cities posting some of the highest median rents in the country: Boston ($1,929), Miami ($1,748), San Francisco ($1,607), Los Angeles ($1,717) and Chicago ($1,552).

Source: “U.S. Rental Market Stays Hot in 2011,” Hotpads.com (January 2012) and “Rental Prices Climb, Buying Remains More Affordable,” AOL Real Estate News (Jan. 18, 2012)

HOLMBY HILLS BEST REAL ESTATE OPPORTUNITY

2012-01-18T19:34:00.000-08:00

LA VILLA CONSOLATA

Neighboring the beautiful Los Angeles Country Club and a few doors away from Candy Spelling's former sprawling mansion in Holmby Hills that just recently sold for $85 Million is one of the most elegant spectacular estates ever built in Los Angeles.

Over 27,800 square feet of the utmost quality and luxury on over an acre. Enormous impressive domed entry, several sitting rooms, formal dining room, one of a kind gourmet kitchen, breakfast room, many fireplaces, high ceilings throughout, patios overlooking gardens and views. Indoor and Outdoor pools, gym, massage room, game room, two level library. Underground disco and guard house.

Located in the Holmby Hills area which is a prime location, 5 minutes from Rodeo Drive in Beverly Hills.

Status: Active
Property Type: Residential
Year Built: 1993
Bedrooms: 6
Baths: 13.5
Living Area 27,816. Sq. ft.
Lot Size: 51,400. Acres

PHOTO/VIDEO TOUR

Spelling, widow of legendary TV producer Aaron Spelling, put the 4.7-acre Holmby Hills residence up for sale years ago at $150 million. The Manor sold in the Summer of 2011 for a reported $85 million.

Florence Mattar

Coldwell Banker Beverly Hills North

301 North Canon Drive, Suite E

Beverly Hills, California 90210

310.927.2777

Foreign Buyers See Big Bargains in U.S. Real Estate

2012-01-18T19:28:00.000-08:00

Via Daily Real Estate News

Foreign investors are finding plenty of deals in the U.S. when it comes to real estate, and, as such, more international investors are flocking to key states to buy their piece of the American Dream.

Mexico is the top country of origin for foreign buyers purchasing U.S. homes, according to a recent study by Credit Sesame, which used National Association of REALTORS® data for its findings.

“In this period of tremendous uncertainly globally, real estate here is a safe haven,” Susan Wachter, professor of real estate and finance at University of Pennsylvania, told MSNBC.com.

The top destinations of foreign investors for U.S. real estate purchases are:

1. Florida: Thirty-one percent of all home purchases in that state are made by foreign buyers, with most coming from Cuba, Haiti, and Colombia.

2. California: 12 percent of all home purchases (most coming from Mexico, the Philippines, China, India, and Vietnam)

3. Texas: 9 percent of all home purchases (most coming from Mexico, India, Vietnam, China, and the Philippines)
Source: “Housing More Affordable Than Ever ... for Foreign Investors,” MSNBC.com (Jan. 13, 2012)

Investors flood Southern California housing market in December

2012-01-18T19:20:00.000-08:00

Home sales and prices slumped in December. (Genaro Molina / Los Angeles Times)

By Alejandro Lazo

January 17, 2012

A record number of investors and second-home buyers flooded the Southern California real estate market in December, though not enough to give sales in the region a bump over the same month a year earlier.

With the investor dominance, low-cost homes reigned. That helped push the region’s median home price back down to its lowest level in 12 months, according to San Diego real estate firm DataQuick.

Sales fell 1.4% from the same month a year earlier, with a total of 19,247 homes bought throughout the six-county region. Sales fell the most in San Bernardino, down 7.2% from the same month a year prior.

The region’s median home price -- the point at which half of the homes in the region sell for more and half for less -- fell 6.9% to $270,000.

Beverly Hills takes steps to preserve architectural treasures

2012-01-18T19:12:00.000-08:00

Via The Los Angeles Times

In response to the demolition of several famous buildings, the City Council approves rules for tearing down or altering structures older than 45 years and designed by important architects. It also establishes a Cultural Heritage Commission.

By Martha Groves, Los Angeles Times

January 12, 2012

Responding to the demolition of such local icons as the Friars Club, Pickfair and John Lautner's Shusett House, the city of Beverly Hills has adopted a historic preservation ordinance that seeks to protect noteworthy structures.

Prompted in part by an aborted plan to raze Richard Neutra's Kronish House, the City Council voted unanimously Tuesday to approve new rules for demolishing or altering structures at least 45 years old and designed by a city-recognized architect. The council also approved the creation of a landmark designation process and a five-person Cultural Heritage Commission.

Beverly Hills Councilwoman Lili Bosse was among many who said the ordinance was long overdue. "For me, it was one of the most important nights in Beverly Hills history," she said in an e-mail.

PHOTOS: Beverly Hills preservation ordinance

Planning Commission members, who proposed the changes, said they and city staff worked hard to balance the rights of property owners with residents' desire to save architectural and cultural treasures. As in Los Angeles, landmark designation would not necessarily protect a building from demolition or drastic alteration, but it would trigger a longer permitting process.

"This is something the city has wanted for quite a while," said Brian Rosenstein, a planning commissioner who helped craft the ordinance with guidance from the Los Angeles Conservancy.

He mentioned houses by architects Wallace Neff, Paul Williams and Neutra, along with Greystone Mansion, the Beverly Hills Hotel, Robinson Gardens and the Beverly Wilshire Hotel. Some properties are already state or national landmarks, but the new Cultural Heritage Commission would probably designate them locally as well, so that owners could receive tax breaks under the state's Mills Act.

Photos: Ordinance seeks to protect noteworthy structures

The City Council would have the final authority to approve any designation. It named Noah Furie, a longtime planning commissioner who also helped write the ordinance, as the heritage panel's chairman.

The ordinance would expand the notice period for a demolition permit to 30 days from 10 days for any structure at least 45 years old that was designed by a locally important architect, designer or builder or a "master architect." The city will compose a list of architects of known fame and local architects who have designed buildings important to the city's history. In a bow to property-rights advocates, the ordinance prohibits designation based solely on who lived in a residence.

Under the ordinance, anyone who altered or demolished a historically significant building without permission would be subject to a five-year moratorium on developing the property.

Previous surveys have identified as many as 200 potentially significant properties. "Not all will be landmarked," Rosenstein said. "We really want to save the best of the best."

"The city has demonstrated a real commitment to the historic places that make Beverly Hills unique," said Linda Dishman, executive director of the L.A. Conservancy.

Hamid Gabbay, designer of many Beverly Hills residences, expressed concern that landmarking could dampen real estate values.

But Michael Libow, a real estate agent, disagreed. Libow spent years restoring the Witch's House, a 1921 storybook building created as a movie studio office.

"I've had calls from people who were shocked I was in favor," Libow said. "I actually feel there will be more value to be able to market a property as a landmark. There's a certain cachet to having a landmark status home."

LA is Most Popular City For Europeans Looking to Move to US

2012-01-17T19:54:00.000-08:00

via Curbed Los Angeles

Moving from Europe to LA: it's not just for interwar intellectuals like Bertolt Brecht and Arnold Schoenberg anymore! Trulia, which previously found that Angelenos are secretly all yearning to move to Riverside, has crunched the numbers on house searches coming out of the European Union and found that LA was the number one place EUers were looking to move in the fourth quarter of 2011. (Trulia actually set out to find if EUers were still looking to move to the US as their economy collapsed around them--they looked at first quarter 2011 data vs. fourth quarter 2011 data and found that interest went up in a lot of countries. Greece, the most troubled of all, had the biggest increase in US househunting.) The UK and Germany were the top searchers, but apparently Austrians love SoCal and "Several Southern California cities made it on their top list, including Los Angeles, Orange County, San Diego and Riverside."

List of top countries>>

CELEBRATING THE YEAR 2011: EVENTS, NEWS AND REAL ESTATE FROM BEVERLY HILLS

2011-12-29T10:53:00.000-08:00

As we look back at the past year and forward to 2012, I want to thank my family, friends and valued clientele for their support this past year! Thank you for your continued trust and confidence in my personal and professional efforts. I am very proud of my real estate accomplishments this year and specialized focus that has built an incredible group of relationships and network of referrals for which I am truly grateful.

This year has been a year of highs and lows in the marketplace but 2012 already appears promising and I look forward to a far more positive outlook in the financial and real estate sectors!

Early 2012 is the time to start considering your next purchase or sale. I am prepared to guide you through the process and look forward to assisting you in planning and successfully bringing your goals to fruition.

May your 2012 bring you many blessings and joy!
Here is a look back at some of the highlights of 2011

CHRISTMAS AT MCCLANEY ESTATE

AN EVENING WITH THE JOFFREY BALLET'S PERFORMANCE OF "THE NUTCRACKER" AT THE DOROTHY CHANDLER PAVILION IN DECEMBER 2011

Held on September 17, 2011, the Los Angeles Opera House's "White Night" Celebration opened the season in style.

A lovely pre-performance dinner, a very creative offering of champagne and the performance of "Eugene Onegin" made it a beautiful evening. I was honored to attend the evening hosted by Placido Domingo and Actress Emmy Rossum.

AT THE LOS ANGELES OPERA'S OPENING "WHITE NIGHT" CELEBRATION

THE OPENING OF "BLUES FROM AN ALABAMA SKY" AT THE PASADENA PLAYHOUSE

Celebrating the 68th Anniversary of the Independence of the Republic of Lebanon in Los Angeles

Glenda Wina, our hostess the Consul General of Lebanon, Mrs Madonna Aoun Ghazal and I celebrated the 68th Anniversary of the Independence of the Republic of Lebanon in Los Angeles

On Sunday, November 20, 2011, it was my great privilege to take part in the 68th Anniversary of the Independence of the Republic of Lebanon in Los Angeles. It was a wonderful event arranged by the consul general of Lebanon, Mrs Madonna Aoun Ghazal.

COLDWELL BANKER BEVERLY HILLS NORTH IS RANKED #1 OFFICE THROUGH OCTOBER OF 2011

Coldwell Banker Beverly Hills North is yet again ranked #1 among Coldwell Banker's offices through October of 2011! It is an honor to be among the real estate professionals associated with the success of this office and its prestigious ranking!

Florence Mattar
Coldwell Banker Beverly Hills North
301 North Canon Drive, Suite E
Beverly Hills, California 90210
310.927.2777
The Nation’s Top-Producing Office
Beverly Hills North is a proud member of America's oldest and most prestigious residential real estate organization and has the distinction of being the most successful branch office of Coldwell Banker's 100-year-old corporation.

HOLMBY HILLS BEST REAL ESTATE OPPORTUNITY

Holmby Hills
LA VILLA CONSOLATA

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Over 27,800 square feet of the utmost quality and luxury on over an acre. Enormous impressive domed entry, several sitting rooms, formal dining room, one of a kind gourmet kitchen, breakfast room, many fireplaces, high ceilings throughout, patios overlooking gardens and views. Indoor and Outdoor pools, gym, massage room, game room, two level library. Underground disco and guard house.
Located in the Holmby Hills area which is a prime location, 5 minutes from Rodeo Drive in Beverly Hills.

Status: Active
Property Type: Residential
Year Built: 1993
Bedrooms: 6
Baths: 13.5
Living Area 27,816. Sq. ft.
Lot Size: 51,400. Acres

Spelling, widow of legendary TV producer Aaron Spelling, put the 4.7-acre Holmby Hills residence up for sale years ago at $150 million. The Manor sold in the Summer of 2011 for a reported $85 million.

SOLD! 1920'S AUTHENTIC SPANISH HOME IN LARCHMONT VILLAGE!

Three Bedrooms

Two Baths

2,012 Square Feet

108 South Larchmont

$908,000

Legendary boxer Jack Dempsey was one of the great figures in the "Golden Age of Sports", the 1920's. He lovingly purchased this charming Spanish home for his mother.

Ideally located in one of the most historically significant neighborhoods, Larchmont Village, a picturesque haven of sidewalk cafes and shops, this one-story character-rich charmer awaits a loving touch.

Living Large: Trulia’s Most Massive Estates for 2011

2011-12-28T11:45:00.000-08:00

Have Americans completely renounced their love for McMansions?

Well, if you were to do a national consumer survey (which we did), only 6% of Americans would actually say that their ideal home size is bigger than 3,200 sqft. Given this, you would expect smaller homes to be more popular than bigger homes on Trulia.com - surprisingly, this wasn’t the case. Super-sized homes actually got 27% of all the eyeballs looking for homes on Trulia (more than any other sized home). Say what?!? That’s right - U.S. house hunters still love to look at ginormous real estate eye-candy.

Knowing this, we decided to close out the year with a little belated holiday gift. Below we’ve compiled a list of the most colossal estates for sale based on square footage. For most of you, this will be eye candy, but for the head honcho buyers among you, here are few homes to consider if you want to live large in 2012. *wink, wink, nudge, nudge*

30,000 square feet – Beverly Hills, CA. (above)

Price: $63 Million

Bedrooms: 10

Bathrooms: 13 full, 9 partial

Lot: 19.75 acres

Lavish layout includes: 9 fireplaces, an elevator, a motor court to fit 27 cars, game room, wine cellar and separate staff quarters offering 3 bedrooms and full kitchen, etc.

See more pictures of this massive estate.

See more homes for sale in Beverly Hills, CA.

2. 30,000 square feet – Alpine, NJ. (above)

Price: $56 Million

Bedrooms: 12

Bathrooms: 15 full, 4 partial

Lot: 261,360 square feet

Lavish layout includes: smart phone capabilities enabling remote operating from an iPhone, in-home fitness center, pool house with full kitchen and two baths, 65 foot pool and tennis court, 6 garages, indoor basketball court, etc.

See more pictures of this massive estate.

See more homes for sale in Alpine, NJ.

3. 30,000 square feet – Indian Creek Village, FL. (above)

Price: $60 Million

Bedrooms: 10

Bathrooms: 10 full, 4 partial

Lot: 1.84 acres

Lavish layout includes: ocean access, certified green house, rooftop lawn and Jacuzzi, panic room, chromo therapy spa and massage room, elevator, etc.

See more photos of this massive estate.

See more homes for sale in Indian Creek, FL.

4. 30,000 square feet – Barrington, IL. (above)

Price: $8.9 Million

Bedrooms: 8

Bathrooms: 8 full, 4 partial

Lot: 70 acres

Lavish layout includes: fish stocked lake, pond with waterfall, 2 golf holes, full size gym, arcade, English pub, etc.

See more photos of this massive estate.

See more homes for sale in Barrington, IL.

5. 28,893 square feet – Tampa, FL. (above)

Price: $14.9 Million

Bedrooms: 10

Bathrooms: 10 full, 3 partial

Lot: 5.9 acres

Lavish layout includes: 17^th century British royal palace architecture and design, formal ballroom, 14 fireplaces, elevator, wine cellar, private basketball court, etc.

See more photos of this massive estate.

See more homes for sale in Tampa, FL.

6. 28,469 square feet – Post Falls, ID. (above)

Price: $15,995,000

Bedrooms: 13

Bathrooms: 13

Lot: 2 acres

Lavish layout includes: river views, guest house, cabana, inground pool, etc.

See more photos of this massive estate.

See more homes for sale in Post Falls, ID.

7. 27,816 square feet – Los Angeles, CA (above)

Price: $27.5 Million

Bedrooms: 6

Bathrooms: 7

Lot: 1.15 acres

Lavish layout includes: multiple fireplaces, indoor and outdoor pools and gym, massage room, game room, etc.

See more photos of this massive estate.

See more homes for sale in Los Angeles, CA.

8. 27,355 sqft – Palm Beach, FL (above)

Price: $74 Million

Bedrooms: 9

Bathrooms: 17

Lot: 2.5 acres

Lavish layout includes: waterfront location, sculptured gardens and fountains, guest house, French inspired design and décor, etc.

See more photos of this massive estate.

See more homes for sale in Palm Beach, FL.

9. 27,163 square feet – Beverly Hills, CA (above)

Price: $55 Million

Bedrooms: 8

Bathrooms: 12 full, 1 partial

Lot: 2.11 acres

Lavish layout includes: 400 foot long winding cobblestone driveway, motor court accommodating 25 cars, etc.

See more photos of this massive estate.

See more homes for sale in Beverly Hills, CA.

10. 26,415 square feet – Greenwich, CT

Price: $25 Million

Bedrooms: 8

Bathrooms: 10 full, 8 partial

Lot: 8.79 acres

Lavish layout includes: 42-foot indoor pool, indoor basketball court, dog washing facility, steam showers, playroom, home theater, wine cellar, etc.

America's Biggest Mansions for Sale

2011-12-28T10:54:00.000-08:00

By Morgan Brennan, Forbes.com

December 23, 2011

Since World War II, America’s homes have gotten bigger. In 2010 the average size of a newly completed single-family home was 2,392 square feet, according to the U.S. Census Bureau. That’s roughly 45% larger than the homes built in 1973, and roughly double the size of homes built during the 1950s.

As middle class Americans have steadily upsized their digs over the years, so too have the country’s richest. Starting in the 1990s, billionaires like Ira Rennert, John Kluge and Michael Dell began erecting monster mansions encompassing tens of thousands of square feet. Even in the recent economic downturn, as millions of homeowners have struggled with the burden of underwater homes, the world’s richest have been buying some of the biggest abodes in the country.

Slideshow: America's Biggest Mansions for Sale

Turns out there are many more still up for grabs. The folks at Trulia.com, a San Francisco, Calif.-based real estate listing site, helped us whip up a list of the 15 biggest single-family homes currently listed publicly on the market. Every home we included in our roundup peddles a staggering 25,000 square feet of living space or more. All of them boast outrageous amenities and an assortment of specialty rooms you might not have thought could even exist in a private residence.

Some of the market’s most gargantuan homes were actually built by real estate developers on speculation. Spotting a niche market comprised of billionaire and multimillionaire home buyers, these builders secured tens of millions of dollars in funding — in most cases before the economic downturn — and set to work on dream designs they have hoped would snag moneyed real estate aficionados.

One such property is a $60 million vacation home in Indian Creek Village, Fla. Built by Shlomi Alexander of Bal Bay Development, the manse boasts 30,000-square feet of living space including a chromotherapy spa, a recording studio, a panic room and a 7-limo garage. “He didn’t want it to feel like a house, he wanted it to feel like a 30,000-square foot contemporary resort,” explains Oren Alexander, the property’s Prudential Douglas Elliman Real Estate co-listing agent, and the developer’s son. The Miami-area “resort” has been on the market since 2010.

The priciest property in tony Alpine, NJ, America’s most expensive zip code, is another example of developer dreams. The Stone Mansion at Frick Estate listed in 2010 for $68 million, before price chopping to $52 million earlier this year and then price-hiking back up to $56 million, where it currently stands today. The 30,000-square foot, four-level construction behemoth took more than three years to build with a 60-person crew. It touts 12 bedrooms, 19 bathrooms, a ballroom with coat check closet, and an indoor basketball court equipped with locker rooms and scoreboard.

Richard Kurtz, chief executive of Kamson Corp., originally planned to build the home for himself and his wife. But in a video interview with Forbes, he explained that as he added more amenities to the design the size became too large for his purposes. “It’s just too big for us. We would have to use cell phones just to find each other!” he jokingly had remarked.

Here are America's five biggest mansions for sale - all of them at least 25,000-square-feet in size:

No. 5 - Palm Beach, FL
List Price: $74 Million1120 S. Ocean Blvd.
Home Size: 27, 355 sq. ft.

No. 5 in Palm Beach, FL is the most expensive manse on the list.
Photo: Zillow

This 'Billionaire's Row' spec home has parking capacity for 50 cars and gardens designed for sculpture displays. The master bedroom suite is significantly larger than most people’s whole houses, encompassing 4,000-square feet of his-and-her baths, closets, dressing areas, even libraries.
No. 4 - Los Angeles, CA
List Price: $27.5 Million330 S. Mapleton Dr.
Home Size: 27,816 sq. ft.

No. 4 is a $27.5 million manse in the Holmby Hills part of Los Angeles, CA.
Photo: Trulia.com

This Holmby Hills estate boasts a two-story library, indoor and outdoor pools, a gym, a massage room, even an underground nightclub.
No. 3 - Alpine, NJ
List Price: $56 Million
Home Size: 30,000 sq. ft.

The four-level home took more than three years to build with a 60-person crew. It touts 12 bedrooms, 19 bathrooms, a ballroom with coat check closet, and an indoor basketball court equipped with locker rooms and scoreboard

.
No. 2 - Indian Creek Village, FL
List Price: $60 Million3 Indian Creek Dr.
Home Size: 30,000 sq. ft.

No. 2 is a $60 manse in Indian Creek Village, FL.
Photo: Zillow

Built by Shlomi Alexander of Bal Bay Development, the manse boasts 30,000-square feet of living space including a chromotherapy spa, a recording studio, a panic room and a 7-limo garage.
No. 1 - Beverly Hills, CA
List Price: $63 Million
Home Size: 30,000 sq. ft.

No. 1 is $68 million in Beverly Hills, CA.
Photo: Trulia.com

The 20-acre Beverly Hills compound includes seven bedrooms, 18 bathrooms, a media screening and projection room and a 17-car garage. There’s also an elevator to get you from one floor to another more effortlessly.Click here to see more of America's Biggest Mansions for Sale.

Florence Mattar

Coldwell Banker Beverly Hills North
301 North Canon Drive, Suite E
Beverly Hills, California 90210
310.927.2777

More parents helping kids buy homes

2011-12-28T10:20:00.000-08:00

NEW YORK (CNNMoney) -- Hey, baby boomers! Pondering what gift to get your kid who's all grown up? For many of your peers, the answer is a house.

One in five baby boomer couples have already given at least one of their children the means to purchase a home -- either buying it outright, furnishing the down payment or co-signing the loan,
And more than two-thirds (68%) of respondents said they expect to provide financial support to their children or grandchildren in the future to help them afford homeownership.

Many real estate agents around the country have observed this trend gain steam since the housing bust began.

"Parents want to see their kids in a stable living situation," said Chayah Masters, a Coldwell Banker Residential agent in Los Angeles. "Plus, property values have come way down. Why not help the kids while they are so low?"

The typical U.S. home now costs about the same as it did back in 2003. In some markets, like Phoenix, Orlando and Las Vegas, prices haven't been this reasonable since the late 1990s. And low interest rates make homebuying an even more affordable investment.

In New York City, according to real estate agent Chazz Levi, many foreign nationals are buying apartments for kids going to college in town.

"I think it's a smart thing to do right now," she said.

Why kids need help

Some of the kids have good jobs and enough income to afford a home on their own except for one thing: too little cash.

Cash is king right now. Cash buyers get the best deals on homes like bank-owned foreclosed properties or short sales. Even ordinary sellers prefer it because sales are more likely to go through and close quickly.

Buyers also need a nice bundle to fund 20% down payments so they can get favorable mortgages. For a median priced home -- about $160,000 right now -- that comes to $32,000 up front. Many young people just don't have that much saved.

One such buyer was a client of Brooklyn-based real estate agent Nick Ferrone. The buyer got a $175,000 cash infusion from his folks. That covered his down payment and enabled him to land a bargain interest rate of just over 4%.

Many young people in this hardscrabble economy also face trouble getting a mortgage approved because they have the wrong kind of income.

They cobble together earnings from freelance and part-time jobs but those income sources may be too unpredictable for lenders. Underwriters prefer steady paychecks from employers.

Pitfalls

While it can be a good thing for all involved when parents help their kids get homes, it can also get complicated.

The first question parents should consider is how much help they can realistically provide, said Ted Beck, CEO of the National Endowment for Financial Education, a Denver, Colo.-based nonprofit.
"Sit down and figure out what you can really afford to do," he said. "You should never put your own budget or your retirement plans at risk."

Just as important is determining just what the child can afford once mom and dad set them on the path to homeownership. If the parents just want to help with a down payment or co-sign the loan, will the kids be able to afford the monthly bills?

Follow the old rule of thumb that the child's housing costs should not exceed 28% of gross income, said Beck. When other debt like students loans are factored in, the total shouldn't exceed 36% of their income.

Also keep in mind that there are many additional costs new homeowners have to expect. Sooner or later roofs have to be replaced, plumbing repaired and heating systems updated.

Another all-too-common pitfall, according to Beck, is a misunderstanding about the form the help takes. He said it's common, for instance, for parents to look on their contributions as loans but the kids to believe they are gifts.

He advised making sure all the arrangements are made crystal clear to everyone from the onset. If it is a loan, put it in writing. Otherwise, Thanksgiving dinners can get pretty uncomfortable.

Beck said that confronting the issue head-on from the beginning can be a positive thing for both parents and kids. Outlining their responsililties and obligations doesn't have to be a chore.

"This can be a good time to sit down with the kids and have an adult conversation about money," he said.

NAR: First-time buyers make up smaller share of market

2011-12-28T10:09:00.000-08:00

Demographics shift to older, wealthier buyers

By Inman News

The share of first-time homebuyers dropped to less than 4 in 10 of all home sales from July 2010 through June 2011, after hitting a record high of 50 percent the year before, according to an annual National Association of Realtors survey of buyers and sellers.

The share of first-timer buyers, 37 percent, is the lowest rate since 2006 at the height of the housing boom. The South and Midwest had the smallest share of first-timers, 34 percent, while the Northeast had the biggest share, 43 percent. The West had a share of 42 percent in the 2011 report.

HOLMBY HILLS BEST REAL ESTATE OPPORTUNITY

2011-12-20T13:49:00.001-08:00

Holmby Hills

LA VILLA CONSOLATA

Located in the Holmby Hills area which is a prime location, 5 minutes from Rodeo Drive in Beverly Hills.

Status: Active
Property Type: Residential
Year Built: 1993
Bedrooms: 6
Baths: 13.5
Living Area 27,816. Sq. ft.
Lot Size: 51,400. Acres

PHOTO/VIDEO TOUR

Florence Mattar

Coldwell Banker Beverly Hills North

301 North Canon Drive, Suite E

Beverly Hills, California 90210

310.927.2777

Last-Minute Gift Ideas for Savvy Shoppers

2011-12-20T13:41:00.000-08:00

via U.S. News and World Report
December 19, 2011

Last-minute purchases might tend to cost more, but that doesn’t stop procrastinators: Four in 10 shoppers make purchases in the last three days before Christmas, according to a recent PriceGrabber survey. The good news for stragglers is that good deals are still available. Not only are retailers offering last-minute discounts, but some of the best gifts require no shipping at all. Here are eight ideas to help you cross off the rest of your shopping list:

1. The basic Kindle: Amazon’s new Kindle Fire might have grabbed the limelight this year—and justifiably so, as the first tablet under $200—but the basic Kindle, now starting at $79, also makes a great gift. Just be sure the recipient has access to Wi-Fi, because the least-expensive Kindle requires it for downloading. Also, e-books make great related gifts.

2. Cooking apps: Giving apps is easy and immediate, and some of the new, top-notch cooking apps will also help the recipient save money on food in the new year. Mark Bittman’s How to Cook Everything (or the vegetarian version) both cost $4.99, and they are very easy to use. The new Food52 app, available for $4.99, is also beautiful and useful—perfect for the budding cook.

3. Amazon’s daily deals: Amazon features deeply discounted items every day, from electronics to jewelry. The daily deals can provide inspiration for those still looking for gift ideas, even if shoppers end up purchasing them elsewhere. Recent highlights include cameras, watches, and magazine subscriptions.

4. RedEnvelope.com gift suggestions: Even if you don’t purchase from the site itself, RedEnvelope.com offers personalized gift suggestions that are surprisingly original, from a beer holster for the man in your life to customized jewelry for moms. If you discover an idea you like, try some quick comparison shopping online before making the final purchase.

5. Savings Spree app: Susan Beacham, creator of the Money Savvy Pig, which helps kids learn about personal finance by helping them divide their money into savings, spending, donating, and investing, recently released a new app for children ages seven and up. The $2.99 app encourages kids to learn how to save through a fun game.

6. Charitable gifts: The World Vision gift catalogue makes it easy to find a creative donation to make in someone's name, from $30 for five ducks for a family to start a duck farm, to $500 for a dairy cow to help feed a family in a developing country. Family fish kits start at $40 and job training for women starts at $25. You can also sponsor a child for $35 a month.

7. Herb garden: This gift, which starts at around $20, works even for people without a backyard, because they can care for it inside. More hands-on givers can create the garden from seedlings and present the final product. If you’re giving it to a crafty person, you can provide all of the supplies and let them do the dirty work. Again, you’ll be helping them save money throughout the year, since fresh herbs are expensive.

8. Daily deal sites: Groupon and LivingSocial continue to host daily deals throughout the holiday season. In fact, PriceGrabber’s survey found that 27 percent of shoppers will use the daily deal sites for last-minute purchases.

Here's What $1 Million Will Buy In Housing Markets Around The U.S.

2011-12-20T12:32:00.000-08:00

via The Business Insider

Abby Rogers

You'll get 0.23 acres and a pool in California

In suburban Ohio, $1 million secures a megamansion complete with library, walk-in closet, and vaulted ceilings.

But in New York, that much money will only get you a one-bedroom, one-bath apartment.

What might sound like a ton of money in one region's real estate market is barely enough to keep up with the Joneses just a few states away.

Our friends at Zillow helped us figure out what a home buyer can get for around $1 million in real estate markets across the country.

Click here to see how far $1 million will go >

Eco-Friendly Communities are Surprisingly Retro

2011-12-20T12:12:00.000-08:00

A family bikes in Issaquah Highlands in Washington, one of America's greenest residential communities.
Photo: Issaquah Highlands

The decision to live in one of America’s emerging eco-friendly housing developments isn’t strictly about reaping energy savings or protecting the environment.

Surprisingly, what a growing number of eco-friendly housing developments share is an old-fashioned sense of community: homes with welcoming front porches that encourage neighborliness, roads and sidewalks that are pedestrian and bicycle friendly. Locals gather on village greens and frequent farmers’ markets, local restaurants and shops.

As the demand for greener, more energy-efficient homes and sustainable living swells, home buyers from gen X to baby boomers are opting to live in eco-friendly communities, whether they are downtown infill projects, walkable suburban retrofits, smart growth projects, transit oriented developments or sustainable communities designed to quell ex-urban sprawl.

"Green is something consumers really want and is the emerging trend of how people are going to live," says Ben Schulman, communications director for the Congress for the New Urbanism, an organization that promotes eco-friendly communities. "These communities tend to keep their value more than ex-urban sprawl."

Feeling Centered
“Even in a suburban setting, you can have a real town center that people can use and walk to versus a strip mall,” says Scot Horst, a senior vice president of the United States Green Building Council (USGBC).

“If you find a place like that, people are happy,” Horst says. “Buildings and neighborhoods are spaces that define who we are.” In 2010 the USGBC created a checklist for sustainable or green communities, LEED for Neighborhood Development, with 155 communities registered. Another 101 participated in a pilot program.

From a development called Mueller in Austin, TX to Serenbe outside Atlanta, in many ways these smartly planned, transit-oriented, eco-conscious communities are raising the bar on quality of life. Some are urban-infill projects, built on repurposed rail yards, Navy yards and defunct airports; many are geared to affordable housing.

Mueller used to be a place to catch a plane. Now you can live, work and play there. The former municipal airport’s 700 acres are being redeveloped and transformed into a pedestrian-friendly urban village with a town center, parks, hundreds of LEED-certified buildings and a green hospital. Its 660 energy-efficient homes have diverted 9,002 tons of construction waste from landfills and saved more than 900,000 annual kilowatts. Reclaimed water is used to sprinkle lawns. Mueller’s public art includes solar–collecting sculptures that return energy to the grid.

Thirty minutes from Atlanta, the hamlet of Serenbe has 200 homes, a 20-room inn, art galleries, boutiques, three restaurants and a 30-acre organic farm that feeds a thriving Community Supported Agriculture program and Saturday farmers’ markets.

Tucker Berta, a spokesperson, said the 40,000 acre community, including at least 70 percent preserved open space, “was built because of a concern for urban sprawl and traditional development” swallowing more land. When complete, Serenbe will have “1,000 rooftops.”

Echoing small towns of times past, the 7,000 residents of Issaquah Highlands in Washington State, one of the greenest residential communities in the United States, live on narrow, tree-lined streets designed to encourage walking.

“At its heart, it set out to recapture the sense of community life prevalent when most Americans lived in small towns along quiet streets, waved to their neighbors on their front porches, and walked to the store, school and diner,” said Chris Hysom, director of community affairs for Port Blakely Communities, the developer. Its newest 10 “zHomes” incorporate “zero impact living” with technologies that are “cost effective, practical and deep-green.”

Eco-sensitive homebuyers aren’t just seeking solar homes with energy efficient appliances, bamboo flooring and electric car chargers. Many also want to live in like-minded communities. Following are five standout sustainable green communities.

Community: Mueller
Location: Austin, TX
Number of Homes: 660
Green Features: Industrial brownfields turned urban infill project. Sustainable, LEED certified, environmentally friendly infrastructure, parks, open space, green-building practices.

Mueller, in Austin, TX, was converted from an airfield into green community.
Photo: Garreth Wicock | flickr

The runways, parking lots and industrial brownfields of the former Mueller municipal airport in the midst of Austin, TX were transformed into a pedestrian, bicycle and mass transit- friendly urban village with a town center, 660 green homes, a green hospital and hundreds of LEED-certified buildings. The town’s public art sculptures double as solar collectors.

Community: Serenbe
Location: Chattahougee Hills, GA
Number of Homes: 200
Green features: Land preservation, organic farm, energy efficiency, green building, walkability, sense of community

Serenbe in Chattahougee Hills, GA is an innovative 200-home community.
Photo: Serenbe

To stem urban sprawl outside Atlanta, Serenbe is the first hamlet in the 40,000 acre city of Chattahougee Hills, where at least 70 percent of the land is dedicated to preserved open space. Among the 200 green homes are 15 new tiny solar “nests” with geothermal heating and cooling. Trash from each household is recycled as compost for the community’s 30-acre organic farm.

Community: Issaquah Highlands
Location: Washington
Number of Homes: 3310
Green features: Sustainable, LEED-certified, green building, land preservation, walkability, and sense of community

A woman reads in an Issaquah Highlands park.
Photo: Issaquah Highlands

Two decades ago, five-acre lots for single-family homes sprawling across 2,200 acres were the initial blueprints for the community now known as Issaquah Highlands. Instead, Port Blakely Communities, the developer, created a high-density urban village that now has, concentrated on 780 acres, 3310 green homes with another 440 to be built, a shopping and commercial district, more than 10 miles of hiking and biking trails and more than 20 planned parks. Two thirds of the land is permanently dedicated open space. The high density and proximity to schools, shopping and the YMCA help reduce car trips – and gas emissions.

Community: Prairie Crossing
Location: Grayslake, IL
Number of Homes: 359 single family homes; 36 condominiums
Green Features: Land preservation; green building, organic farm, sense of community

Prairie Crossing in Grayslake, IL. is one of the nation's first eco-friendly communities
Photo: Prairie Crossing

Started in the 1990s, Prairie Crossing is one of the nation’s first conservation communities. It includes a wind turbine-powered 100-acre organic farm where residents buy vegetables, eggs, flowers and honey as well as volunteer and send their children to farm camp. Though the architectural style is traditional, its 359 single family homes, many with neighbor-friendly front porches, were built with green construction techniques and sited to protect the environment, native vegetation and wildlife of the Midwest. Thirty-six condominiums are set around a town square, near shops and steps from commuter train lines to Chicago. More than 60 percent of the 677-acre community is protected open land, with 10 miles of trails. With emphasis on a “sense of place” and “sense of community” the renovated century old Byron Colby Barn functions as a community center, concert and social event space.

Community: Pringle Creek
Location: Salem, OR
Number of Homes: 130
Green Features: Net zero energy residences, LEED-certified shops, work spaces, parks, porous asphalt street system to manage rainwater; car sharing, edible landscaping, sense of community.

Pringle Creek, near Salem, OR is tiny now but has big growth plans.
Photo: Pringle Creek

Started five years ago on 32 redeveloped acres in the Willamette Valley, three miles from downtown Salem, Pringle Creek now has 16 residents but plans to grow to 300. A ground source geothermal loop will eventually heat and cool 70 homes, the community center and café. Blueberry bushes and 300 apple, pear, cherry, plum, peach and cherry trees fill two acres of orchards and community gardens contribute to creating an abundance of food through edible landscaping.

Housing starts surge to a 1-1/2 year high

2011-12-20T11:36:00.000-08:00

Matt York / AP

Builders frame a new home in Queen Creek, Ariz.

By msnbc.com news services

Housing starts surged to a 1-1/2 year high in November and permits for future construction were the highest since March 2010 as demand for rental apartments rose, offering hope for the weak housing market.

The Commerce Department said on Tuesday housing starts jumped 9.3 percent to a seasonally adjusted annual rate of 685,000 units, the highest since April last year.
October's starts were revised down to a 627,000-unit pace from a previously reported 628,000 unit rate.

Economists polled by Reuters had forecast housing starts rising to a 635,000-unit rate. Compared to November last year, residential construction was up 24.3 percent.

Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.

Over the past year, apartment permits have surged roughly 63 percent. Single-family permits have increased just 6.6 percent in that time.

Earlier, Oliver Chang, Morgan Stanley’s head of U.S. housing strategy, appeared on CNBC to discuss the outlook for the housing market:

Home construction and sales are in the midst of one of its worst years ever. Demand for new homes is weak. Record-low mortgage rates and plunging home prices have done little to help.
Builders are struggling to compete with deeply discounted foreclosures and short sales. Short sales occur when lenders allow homes to be sold for less than what's owed on the mortgage. Few homes are selling.

After previous recessions, housing accounted for at least 15 percent of U.S. economic growth. Since the recession officially ended in June 2009, it has contributed just 4 percent.
In October, sales of new homes rose slightly, largely because builders cut their prices in the face of weak demand.

Renting has become a preferred option for many Americans who lost their jobs during the recession and were forced to leave their houses.

Another reason sales have fallen is that previously occupied homes have become a better deal than new homes. The median price of a new home is about 30 percent higher than the median price for a resale. That's nearly twice the markup typical in a healthy housing market.

The homebuilders' trade group said this week that its survey of industry sentiment rose in December to 21, the highest level since May 2010. Still, any reading below 50 indicates negative sentiment about the housing market. The index hasn't reached 50 since April 2006, the peak of the housing boom.

Saudi prince buys $300 million stake in Twitter

2011-12-20T11:33:00.000-08:00

Saudi prince buys $300 million stake in Twitter

Mourad Haroutunian,Jonathan Browning, Bloomberg News

via San Francisco Chronicle

Saudi Prince Alwaleed Bin Talal has invested $300 million in Twitter.

Twitter received a $300 million investment from Saudi Prince Alwaleed bin Talal as it pushes through a redesign of its site to attract advertisers.

Alwaleed, who leads the 2011 Arab Rich List, and his investment company agreed to buy a "strategic stake" in Twitter, Kingdom Holding said Monday. A strategic holding means more than 3 percent, Ahmed Halawani, a Kingdom Holding director, said. That would give the San Francisco microblogging company a valuation exceeding $10 billion.

The investment by Alwaleed, the largest individual investor in Citigroup and owner of a stake in News Corp., may give Twitter more time to pursue growth before selling shares in an initial public offering, a path that's likely to be pursued by rival Facebook. Twitter, which lets its 100 million users send 140-character messages, is revamping the site to make it faster and simpler to navigate.

"They are looking to give themselves some more running space," said Jeff Mann, an analyst at Gartner in Amsterdam. "Their strategy has always been first get big. They're still holding reasonably close to that. Having a big audience is more important than a short-term revenue stream."
Twitter confirmed the investment in an e-mail, declining to give additional comments.

Social-media IPOs

Demand for technology IPOs reignited in November after a summer lull, setting the stage for San Francico's Zynga, the largest maker of games for Facebook, Groupon and Angie's List to go public. Facebook may file for an IPO, a person with knowledge of the matter said last month. The sale may value the company at more than $100 billion, twice as high as it was in January, when the company announced a $1.5 billion investment from Goldman Sachs Group Inc. and other backers.

DST Global, the technology fund managed by Russian billionaire Yuri Milner and an investor in Facebook, led an $800 million financing round in Twitter in August. That investment valued the short-messaging service at $8 billion, people with knowledge of the plan said at the time.

"Twitter is seen as a strategic asset within the social-media space, given its large user base," said Jack Neele, a fund manager at Robeco Groep NV, which had about $194 billion under management at the end of June. "But the business model in its current form isn't ready for the public market."

The investment followed "several months of negotiations," Kingdom Holding said in a statement. The Riyadh company, controlled by Alwaleed, a nephew of Saudi Arabia's King Abdullah, jumped as much as 8.9 percent and closed 5.1 percent higher at 8.25 riyals in Riyadh.

"The company believes that social networking will change the fundamentals of the media industry," Halawani said, adding that Alwaleed and Kingdom Holding bought the shares from founding shareholders. "I expect Twitter does not need further funding before going public."

In a separate interview with Al Arabiya, Halawani said Twitter will probably hold an IPO in two years.

Twitter revamping

Twitter is seeking to speed up the rollout of advertising features, its main source of revenue. The service's revamp includes tabs at the top of the screen that let users more easily access their home pages, connect with others and discover new content. EMarketer cut its estimate for 2011 ad revenue to $139.5 million from $150 million in September because Twitter has been slow to roll out some services.

Twitter may boost ad revenue by 86 percent next year as it attracts more international advertisers, according to eMarketer.

Alwaleed, whose other investments include holdings in Apple and General Motors, was ranked the richest Arab businessman this year by Arabian Business magazine with assets valued at $21.3 billion. Kingdom Holding, 95 percent owned by the prince, is building the tallest tower in the world in Jeddah at a cost of $1.2 billion.

Alwaleed "is a savvy investor and the hot thing in the IT world is social networking," said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi.

Recent Visit to Bouchon Bistro in Beverly Hills

2011-12-12T17:34:00.000-08:00

235 N. Cañon Dr., 2nd fl. (bet. Dayton Way & Wilshire Blvd.)

Beverly Hills, CA 90210

www.bouchonbistro.com

310-271-9910

If you're ever in Beverly Hills, you cannot miss dining at Bouchon. Thomas Keller's bistro is situated across from The Montage and alongside the beautiful courtyard where they often have live music or performances (especially during the holidays). The ambiance inside the bistro is very elegant and warm, the hostesses are friendly and the food is exquisite, fresh and presented beautifully. It's a perfect choice for a special evening and my recent visit did not disappoint. Also, make sure you try their Chicken Dinners!

Real Estate As Part of Long-Term Financial Strategy

2011-12-12T17:07:00.000-08:00

From Coldwell Banker Residential Brokerage

A home is a place for family gatherings, a warm bed at night, and for most, a significant financial investment. It’s important to look at a home purchase with a long-term perspective. Today’s housing market, a variety of inventory coupled with historically low mortgage rates, provide more options for would-be home owners.

“Investing in real estate enhances your total financial portfolio; it offers a unique way to diversify your finances,” said Fran Broude, president and COO for Coldwell Banker Residential Brokerage. “Even though the market has its ups and downs, a home purchase has proven to be an appreciating asset. Most stocks don’t offer the consistent track record housing does.”

Maximize your real estate investment with these tips:

Think years into the future. Current market conditions make it a great time to invest in real estate for the long haul. If you see yourself in the home years down the road, an investment now—especially with interest rates dropping and an abundance of homes from which to choose—will likely pay off big in the future.
Do your research. It’s important to know the area’s appreciation record so you can gauge potential values down the road. Many communities, urban or suburban, are still growing and seeing appreciation. Work with your Realtor to learn more about the community’s history before you buy.

Plan for the future. Your real estate investment can have a lasting impact. Empty nesters downsizing from a larger family home can generate a cash profit to use for other investments or retirement. Work with your Realtor, broker and financial planner to address the timing of buying and selling a home as well as any tax implications associated with all of your real estate decisions.

Florence Mattar
Coldwell Banker Beverly Hills North
301 North Canon Drive, Suite E
Beverly Hills, California 90210
310.927.2777

Beverly Hills Santa Claus: Sparkle 90210

2011-12-12T12:25:00.000-08:00

Santa Claus Visits Via Rodeo
December 2 - 23, 2011, Friday from 4:00 - 8:00 pm

Santa and Mrs. Claus will greet Beverly Hills visitors from his crystal encrusted throne this Friday, December 16th and Friday, December 23rd from 4 - 8pm at Via Rodeo (Rodeo Drive and Dayton Way). While you're there, make sure to stop by see Sparkle 90210 from Swarovski Elements before the installation leaves Beverly Hills!

Thursday, December 1 and Fridays December 2, 9, 16 and 23
Two Rodeo
Rodeo Drive & Dayton Way
Beverly Hills, CA 90210
(310) 247-7040

For More Information on Sparkle 90210
http://www.hauteliving.com/2011/11/bevery-hills-and-swarovski-team-up-for-sparkle-90210/