Thursday, October 22, 2009
Tuesday, July 14, 2009
Luxury La Jolla Home Sales Picking Up Steam!
Well, the past few weeks La Jolla has seen lots of activity from higher-end buyers.
Consider these homes that recently went into escrow:
8475 Paseo Del Ocaso ~ $3,495,000
8436 Westway ~ $3,900,000
8335 el Paseo Grande ~ $4,445,876
1761 Colgate Circle ~ $4,990,000
6204 Camino de la Costa~ $12,250,000
SOLD in the past 2 months:
1683 El Paseo Real ~ $2,700,000
7934 Prospect Place ~ $3,550,000
347 Vista de la Playa ~ $3,470,000
6115 Terryhill Dr. ~ $2,700,000
2485 Calle de Oro ~ $4,300,000
Note that most of these sales were by all CASH buyers. And the majority of these high end homes that sold were within walking distance to the beach, or downtown Village area. Great news for the higher end La Jolla real estate market that had been stagnant as of late.
Consider these homes that recently went into escrow:
8475 Paseo Del Ocaso ~ $3,495,000
8436 Westway ~ $3,900,000
8335 el Paseo Grande ~ $4,445,876
1761 Colgate Circle ~ $4,990,000
6204 Camino de la Costa~ $12,250,000
SOLD in the past 2 months:
1683 El Paseo Real ~ $2,700,000
7934 Prospect Place ~ $3,550,000
347 Vista de la Playa ~ $3,470,000
6115 Terryhill Dr. ~ $2,700,000
2485 Calle de Oro ~ $4,300,000
Note that most of these sales were by all CASH buyers. And the majority of these high end homes that sold were within walking distance to the beach, or downtown Village area. Great news for the higher end La Jolla real estate market that had been stagnant as of late.
Tuesday, June 9, 2009
LA JOLLA COVE 4th of July FIREWORKS!!
In case you haven't heard, George's at the Cove canceled sponsoring this years 4th of July Fireworks at La Jolla Cove.
Read more here and be sure to donate to make sure the show is kept alive!!
http://www.savelajollafireworks.com/
Donate here:
https://www.paypal.com/us/cgi-bin/webscr?cmd=_flow&SESSION=xZypMS5pLFYgr8FMSd5mA26M627odU_8FPPggWx5GUHj5kBRMD-vcFeU6lC&dispatch=5885d80a13c0db1fb6947b0aeae66fdbfb2119927117e3a6765c403f4977abcf
Read more here and be sure to donate to make sure the show is kept alive!!
http://www.savelajollafireworks.com/
Donate here:
https://www.paypal.com/us/cgi-bin/webscr?cmd=_flow&SESSION=xZypMS5pLFYgr8FMSd5mA26M627odU_8FPPggWx5GUHj5kBRMD-vcFeU6lC&dispatch=5885d80a13c0db1fb6947b0aeae66fdbfb2119927117e3a6765c403f4977abcf
Saturday, February 14, 2009
American Recovery and Reinvestment Act of 2009 PASSED by the Senate
Friends,
Late evening on Friday the 13th of all days, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion. On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years.
It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit. C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.
The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.
Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.
**Originally posted by James Liptak; 2009 President of C.A.R
Late evening on Friday the 13th of all days, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion. On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years.
It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit. C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.
The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.
Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.
**Originally posted by James Liptak; 2009 President of C.A.R
Friday, February 13, 2009
Just What Does the Stimulus Bill Mean for Buyers and Sellers....
So here's what we Realtors have achieved with regard to the Stimulus Bill:
1) Loan limits will be raised to $727,000 in high cost areas,
2) The tax credit will be raised to $8,000 with NO payback (a true credit!)
3) Interest rates have come down 125-150 basis points
4) The Stimulus bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we already have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
So hopefully this will be a great start for our housing market turnaround.
1) Loan limits will be raised to $727,000 in high cost areas,
2) The tax credit will be raised to $8,000 with NO payback (a true credit!)
3) Interest rates have come down 125-150 basis points
4) The Stimulus bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we already have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
So hopefully this will be a great start for our housing market turnaround.
Thursday, January 29, 2009
Economic Recovery Package NEWS!!!
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS® :
Jan. 29, 2009
Last evening, the U.S. House of Representatives passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. Amid all the negative economic news we’re hearing on a daily basis, this is good news, as the bill contains a number of issues critical to REALTORS® and the industry, including extending all 2008 Metropolitan Statistical Areas’ (MSAs’) Fannie Mae, Freddie Mac, and FHA loan limits through the end of this year.The extension prevents an MSA’s 2008 loan limit from being reduced in 2009 for Fannie Mae, Freddie Mac and the FHA. Language in the bill also specifies that if an MSA’s loan limit is set to change, it can increase, but is prohibited from declining.
The proposed legislation also will eliminate an existing payback requirement on the first-time home buyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008, and July 1.Congress included these provisions as a direct result of the grassroots efforts put forward by REALTORS®, and the advocacy efforts of both NAR and C.A.R. Congress elected not to include numerous housing provisions beyond those previously mentioned. It looks like Congress will begin to address other housing issues next week when the Financial Services Committee meets.The legislation also contained a laundry list of appropriations for various affordable housing programs, neighborhood stabilization programs, and other housing and/or real estate-related issues, including:
Public Housing Capital Fund
Native American Housing Block Grant
Home Investment Partnership Program
Self-help & assisted homeownership
Elimination of lead paint in homes
Repairing leaking underground storage tanks
Low-income home energy assistance
Rural Housing Insurance Fund
In addition to tax credits for individuals and married couples, other provisions in the bill include funds for increasing access to high-speed and broadband Internet; highways and roads; railroads; alternative energy incentives; unemployment insurance; Medicaid insurance; health care technology upgrades; childcare; education; and low-income and affordable housing programs.
The Senate now is working on its version of the stimulus legislation, and is expected to vote on it next week. Congress would like to get a bill to the President’s desk by President’s Day, Feb. 16.
C.A.R. e-Blasts are published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing nearly 200,000 REALTORS® statewide.
Jan. 29, 2009
Last evening, the U.S. House of Representatives passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. Amid all the negative economic news we’re hearing on a daily basis, this is good news, as the bill contains a number of issues critical to REALTORS® and the industry, including extending all 2008 Metropolitan Statistical Areas’ (MSAs’) Fannie Mae, Freddie Mac, and FHA loan limits through the end of this year.The extension prevents an MSA’s 2008 loan limit from being reduced in 2009 for Fannie Mae, Freddie Mac and the FHA. Language in the bill also specifies that if an MSA’s loan limit is set to change, it can increase, but is prohibited from declining.
The proposed legislation also will eliminate an existing payback requirement on the first-time home buyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008, and July 1.Congress included these provisions as a direct result of the grassroots efforts put forward by REALTORS®, and the advocacy efforts of both NAR and C.A.R. Congress elected not to include numerous housing provisions beyond those previously mentioned. It looks like Congress will begin to address other housing issues next week when the Financial Services Committee meets.The legislation also contained a laundry list of appropriations for various affordable housing programs, neighborhood stabilization programs, and other housing and/or real estate-related issues, including:
Public Housing Capital Fund
Native American Housing Block Grant
Home Investment Partnership Program
Self-help & assisted homeownership
Elimination of lead paint in homes
Repairing leaking underground storage tanks
Low-income home energy assistance
Rural Housing Insurance Fund
In addition to tax credits for individuals and married couples, other provisions in the bill include funds for increasing access to high-speed and broadband Internet; highways and roads; railroads; alternative energy incentives; unemployment insurance; Medicaid insurance; health care technology upgrades; childcare; education; and low-income and affordable housing programs.
The Senate now is working on its version of the stimulus legislation, and is expected to vote on it next week. Congress would like to get a bill to the President’s desk by President’s Day, Feb. 16.
C.A.R. e-Blasts are published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing nearly 200,000 REALTORS® statewide.
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