How to Cope with the New Rules for Appraisals
December 10th, 2009 Categories: Real Estate News
You may not be aware of the new appraisal requirements for a home purchase and how they’ve impacted the residential real estate market over the last few months. As a result of the new HVCC federal requirements, when a buyer applies for a loan to purchase a particular property, the appraiser for property must be chosen by a third-party appraisal service. In many instances, the appraiser assigned to the property is from outside the area and has no firsthand knowledge of the market being appraised. Those of us who live and breathe residential real estate are well aware of the adverse effects this process can produce for both buyers and sellers, and how much more difficult it can make a successful close of escrow. One of the key problems is the lack of knowledge these outside appraisers have on local residential markets. This brings into question: who really understands the true value of a home? Is it the experienced real estate agent, the buyer making the offer, or the appraiser crunching numbers based solely on statistics, who has never seen comparable properties? Does the appraiser know how to take into account the condition of the property, whether it’s been recently remodeled, the amount of flat land, the views, or the better location? If you knew that when you bought or sold a home after May 1 of this year that your real estate agent was not allowed to speak to the appraiser, wouldn’t you be concerned? Isn’t it important for our professions to be working together and sharing important information about the market and home values? I’ve seen a number of deals fall through lately — at the last minute — because an appraiser who usually works in the Valley or Orange County turned in an appraised valuation that was far off the escrow sale price. As you can imagine, this can cause a deal to fall apart. As professionals we were all on the same team until this change came along — make your concerns heard! CAR is supporting legislation that would put an 18-month moratorium on this new procedure, and I encourage you to contact your local legislators and ask them to do the same. Here’s to all of our success! Read the rest of the story at the Valerie Fitzgerald Group. The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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Pace of U.S. Home Resales Jumps
November 24th, 2009 Categories: Real Estate News
Home buyers last month snapped up previously owned properties at the fastest pace in more than two years, a Realtors group said Monday.
Home resales increased 10.1% to a seasonally adjusted annual rate of 6.1 million units in October from a downward-revised pace of 5.54 million in September, according to the National Assn. of Realtors in Washington. The October figure was up 23.5% from the seasonally adjusted annual rate of 4.94 million units a year earlier. The last time the sales pace was that swift was in February 2007.
The buying was motivated by low interest rates, a credit for first-time buyers and cheap housing, the association said. The national median home price — the point at which half the homes sold for more and half for less — was $173,100 in October, down 1% from September and off 7.1% from October of last year. Whether the stabilization of the housing market will continue remains a subject of debate among housing analysts and economists.
In a note to clients Monday, Patrick Newport, U.S. economist for IHS Global Insight, predicted a sales plunge in December, with mortgage loan volume tracked by the Mortgage Bankers Assn. recently dropping to a level not seen in 12 years.
“This surge may last one more month” into November, he wrote.
Read the rest of the story at Valerie Fitzgerald Group.
The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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The Carlyle Residences Video Showcase
November 19th, 2009 Categories: Real Estate News
The Carlyle Residences is a brand new 24-story crescent-shaped luxury condominium tower that’s located at the center of Wilshire Corridor’s “Golden Mile” in Los Angeles, CA. Built by ELAD Properties and developer of New York City’s Plaza Hotel, the building has 78 private luxury residences ranging in size from 2,700-5,000 square feet, each with its own private elevator entrance for residents privacy and security.
Whether you are looking for a solid real estate investment, need a residence in Los Angeles as your U.S. home base when you visit family, children and clients, or seeking a maintenance free primary or secondary home with the most modern amenities and 24-hour concierge access/valet/doorman…The Carlyle Residences are the answer.
The high rise luxury condominium offers its residents 24-hour white glove concierge modeled after a luxury hotel, and amenities including a fitness center designed by The Sports Club L.A., a private wine cellar and dining room, club room, a custom designed Chihuly glass sculpture and furnishings by Fendi Casa, as well a separate staff quarter units so they can also live on the property. Watch these videos to catch a glimpse of what living at The Carlyle is like. For the rest of the videos visit The Carlyle Residences on YouTube.
The Exterior
The Lobby
The Pool
The Carlyle Residences are represented exclusively by Valerie Fitzgerald, a Beverly Hills real estate broker who has more than 20 years luxury real estate experience in the West Los Angeles area. For more information visit The Carlyle Residences. The Carlyle Residences 10776 Wilshire Boulevard Los Angeles, CA 90024 Model Residences Open: Monday to Friday 10 a.m. to 5 p.m. and Weekends 12 to 4 p.m. To Schedule an Appointment Call: 310-209-0000. The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author ofHeart and Sold: How to Survive and Build a Recession-Proof Business.
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You May Qualify For A Home-Buyer Tax Credit | Valerie Fitzgerald | Beverly Hills & West L.A. Real Estate
November 11th, 2009 Categories: Real Estate News
Millions of additional people may be able to take advantage of the new and improved first-time home-buyer tax credit now, and it’s not just for first-time home buyers anymore. You may qualify. President Obama signed legislation Friday to extend unemployment benefits to American workers. The law also includes provisions that vastly expand the number of people eligible for home-buyer credits by boosting the income eligibility limits, giving buyers more time, creating a $6,500 credit for longtime homeowners and launching more-accommodating rules for members of the military. Here are the details. The $8,000 creditIf you were locked out of the first-time home-buyer credit in the past simply because you earned too much, there’s good news. Now you can qualify for the full $8,000 first-time home-buyer credit with a single income of up to $125,000 and married income of up to $225,000. Those who earn more will be phased out. Read the rest of the story at Valerie Fitzgerald Group.From the Los Angeles Times.The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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Experts talk on adapting homes to reduce wildfire risk
November 7th, 2009 Categories: Real Estate News
November 6, 2009 | 3:09 pm
Two of the region’s most respected experts on wildfire, local ecology and post-fire regeneration — Richard W. Halsey, director of the California Chaparral Institute, and Jon E. Keeley, research ecologist with the U.S. Geological Survey — will discuss “Southern California Wildfires: Protecting Our Homes and the Natural Environment” on Saturday.
This free discussion, co-hosted by the Theodore Payne Foundation for Wildflowers & Native Plants and the Glendale Department of Public Works, will address how communities can adapt to fire-prone environments and the importance of nature education. The event’s hosts also have invited local fire officials.
The talk runs 6:30 to 8:30 p.m. at the Clark Magnet High School auditorium, 4747 New York Ave., La Crescenta.
– Los Angeles Times Lisa Boone
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Global Rebound in Economic Growth Fuels High-End Luxury Sales
November 4th, 2009 Categories: Buying a Home, Real Estate News
As strong market reports on manufacturing, construction and contracts to buy new homes show renewed optimism, The Carlyle Residences, a development of The Elad Group of New York’s Plaza Hotel, sees an influx of international buyers contributing to analysts’ reports. “The building appeals to many demographics,” says Tom Elliot COO of Elad Properties West, “and a high percentage of recent sales have been with foreign buyers.” The latest figures from the National Association of Realtors show that existing home sales were strong in September, which means that conditions have improved for five of the past six months. Last month, sales were up 9.4 percent from the level recorded in August, and also 9.2 percent higher than the figures recorded in September 2008.
Read the rest at Valerie Fitzgerald Group website.
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U.S. Home Prices Appear to Have Bottomed Out
October 28th, 2009 Categories: Real Estate News
U.S. home prices appear have to scraped a bottom, with a leading national index showing three consecutive months of gains this summer.
The Standard & Poor’s/Case-Shiller index of home prices in 20 metropolitan areas showed a 1% increase in the seasonally adjusted median price of homes from July to August. The index has posted month-to-month gains since June.
“I think we have reached some kind of bottom,” David Blitzer, chairman of S&P’s Index Committee, said. U.S. home prices continued to decline in August, falling 11.3% when compared to the same month a year earlier, though not as steeply as past months, according to the data released this morning.
From the L.A. Times <a href=”alejandro.lazo@latimes.com”>alejandro.lazo@latimes.com</a>
For the rest of the story click here.
The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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Home Buyers Returning to the Real Estate Market
October 26th, 2009 Categories: Real Estate News
Consumers have been increasingly flocking to the real estate market in recent months, driven by improving economic conditions and a popular government tax credit.
The latest figures from the National Association of Realtors show that existing home sales were strong in September, which means that conditions have improved for five of the past six months. Last month, sales were up 9.4 percent from the level recorded in August, and also 9.2 percent higher than the figures recorded in September 2008.
“We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy,” said NAR chief economist Lawrence Yun.
From Credit.com
Read the rest of the story at Valerie Fitzgerald Group.
The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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Join Valerie Fitzgerald Thurs, Nov 5: Marketing with Social Media
October 22nd, 2009 Categories: Real Estate News
Valerie Fitzgerald is pleased to announce the next segment of her Heart and Sold Mentoring Program. Thursday, November 5, 2009 – 9:00 a.m. PST – Marketing with Social Media On this call you will learn how Valerie is using social media and how you can:
Valerie will share the success she’s had using FREE social media tools like Facebook, Twitter, and LinkedIn. She will explain how she incorporates the maintenence of social media into her day and what loop holes to stay clear of.
***With special bonus call with Lisa Loeffler of Genuine Media*** Tuesday, November 10th @ 9:00 a.m. PST Hear from the person guiding Valerie’s on-line social media success! Lisa will tell you the best tested strategies and things you need to be doing, today, to increase you visibility, productivity, and efficiency.
This program is an authentic transformative mentoring experience designed to help you move your business forward using proven strategies that are effective and efficient that Valerie has developed and implemented over the last 20 years. For the rest visit Valerie Fitzgerald Group.
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Seeking Real Estate Bargains? Try Looking at the High End
October 15th, 2009 Categories: Buying a Home
Falling real estate prices are becoming as much a feature of high-end neighborhoods as ocean views, infinity pools and four-car garages.While the latest data suggests prices for mainstream homes may be stabilizing after several years of pain, the news for luxury homes isn’t looking as good. That’s bad news for sellers, naturally, but anyone in the market for a home listed for $2 million or more will find deeply discounted asking prices—and may be able to command even lower prices.Last week, data from the Federal Housing Finance Agency showed that average home prices ticked up 0.3% nationwide between June and July, including a 1.6% bounce on the west coastThe gains are modest, and they are partly influenced by the season—higher-end homes tend to sell better in late spring and early summer, as families try to move before the school year. Analysts are disappointed the rise was not higher.Read the rest at The Valerie Fitzgerald Group. The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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