Internet Bargain ( or maybe not)

ONLINE

I found this, or rather, one of my clients found it, which brought it to my attention. I'm always amazed at what my clients find searching our ZIP Realty Website. The market is currently chock full of opportunity, and interest rates haven't been this low since post war America, and by that I mean post WW1!
So, back to this place: looks pretty neat, huh? The price is 50k under the market in that neighborhood. I get pretty excited. Then I visit there. Ho-ly shit. I'm not sure what kind of filter the guy that took these pictures used, but I want one. The place was a hodgepodge of poorly done and mismatched improvements, the floor reminiscent of the haunted miners shack in Knotts Berry Farm. There were roaches and spiders scurrying everywhere. That garage looking thing back there? Bootleg guesthouse. The bones of this house are 1941 vintage, but I suspect it was more of a bunkhouse back then; there were several large ranches it could have been a part of in that era. The exterior paint was amateur and the wood peeling everywhere. Major termite damage was visible just upon casual inspection. I told my client who was looking at it (her hands were drawn up tightly together at her chest, body language tells all!)that it would never do for her. There's another guest unit behind the bootleg one, which purports to be permitted. So there's kind of upside if you can save that roof, bring back the garage and get rid of all the termite infested siding. In the home, you'd better plan on jackhammering the slab, and repouring it. While you're at it, add on another bedroom/bath. The tab for all this would probably be about 50k. That makes it even with the neighborhood comps, and you could probably use it as income property.
But the condition in person vs the photo online was like night and day. I imagine internet dating is a lot like this.
The moral of this tale? BUYER BEWARE! ALWAYS SEE THINGS IN PERSON.
REALITY

Santa Monica, walk to beach, Seller problems, = way under market!

This 4 BR 6 BA 3000 sq.ft. plus guest house home is up a canyon not far from one of my favorite stretches of coastline. You literally can walk down to the beach, it's about four blocks by my estimation. The Seller was re-doing and during the course of remodeling, became severely ill and must now live elsewhere.

It's almost done, so you can still pick your own appliances and floor treatments.
I love the beach here, it's long and sandy and used to be a favorite surfing spot of mine back in the day. We called it Chautauqua after a signalized street nearby and it used to have a great point break similar to Malibu. Sometimes the waves got huge- over 20 feet, as it was a south facing beach. They still get huge, but not like back then. A monster storm in '69 completely obliterated most of the point, and the beach bottom took on way more sand, so giant waves so longer break here. But the canyons still have the ancient Sycamores and Oaks. This home is built around one. Looks like it's priced around 700k under the market per the seller's broker, and I agree.
$ 2,499,000. Call me to view this home or other coastal properties.
Skylights, lots of them!You can get a glimpse of the ancient Sycamore through that window

The Tax Credit Makes a Comeback

Call it the temporary tax credit that just won’t end.

Congress approved late Wednesday an extension to the June 30 closing deadline for the home buyer tax credit, hours before it was set to expire. The move will give would-be buyers who signed a purchase agreement by April 30 more time to close on those deals and receive the credit that is worth up to $8,000. The new deadline is Sept. 30.

The Senate approved the measure unanimously on Wednesday, one day after the provision sailed through the House of Representatives with little opposition. The President is expected to sign the measure soon.

The Senate had failed to pass the provision last week when it was included in a bigger package that would have extended jobless benefits, among other measures. On Wednesday, an effort to reinstate unemployment insurance failed, and the Senate opted to pass the tax credit provision by itself.

In recent weeks, lenders and real-estate companies have warned of bottlenecks that could lead thousands of potential buyers to miss out on the credit that they thought they were getting. The probably is particularly acute for short sales, where a lender allows a home to sell for less than the amount owed. Banks and the federal government have stepped up efforts to encourage short sales as an alternative to foreclosure, but the deals take longer to approve because they require noteholders to reconcile losses.

Congress first created a tax credit for homeowners in 2008. It was extended and expanded twice during 2009. The last extension, approved last fall, said that house purchase contracts would have to be signed by April 30, and home buyers would have until June 30 to close on those sales. The extension is only good for those buyers who were under contract by April 30. Someone who signed a contract after April 30 and buys a home by Sept. 30 isn’t eligible for the tax credit.

The Senate also passed an extension of the federal flood insurance program until Sept. 30. The change is retroactive to June 1, when the program had lapsed.

Mortgage rates sink to record all-time low

Via Associated Press today:

Mortgage rates sink to record low
National average for a 30-year fixed loan dips to 4.69 percent


Mortgage Rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancings.

Mortgage Company Freddie Mac said Thursday that the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week.



That's the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.

Mortgage rates have fallen over the past two months. Investors wary of the European debt crisis and the turbulent stock market have shifted money into the safety of Treasury bonds, driving down yields. Mortgage rates tend to track the yields on long-term Treasury debt.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

Rates on 15-year, fixed-rate mortgages fell to an average of 4.13 percent, the lowest on records dating to September 1991 and down from 4.2 percent a week earlier.

Rates on five-year, adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac's records, which only date back to January 2005.

Average rates on one-year, adjustable-rate mortgages fell to 3.77 percent from 3.82 percent. That was the lowest average since May 2004.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year, 5-year and 1-year loans. The average fee for 15-year loans was 0.6 of a point.

WOW!

Steal this Ranch- Bank Owned Horse property-559k

Off the Ojai Road, about fifteen minutes out from Ojai, about as far out of Santa Paula as you can be and still have a Santa Paula Address lies this two and a half acre ranch with barn, greenhouses, groves and a 2400 sq ft 3/3 home. I love the country up here, you're in avocado and lemon country and the fragrant blossoms perfume the air this time of year. In the winter, you can expect snow. The trails go on forever, and at night you can actually see the stars- all of them. The house needs some work (of course), but come on, where's your cowboy spirit?

I think if I owned this I'd raise baby greens, chickens, and rotate some hops and timothy grass on an acre! And plant some Syrah grapes! Oh, and there's plenty of room for Alpacas! Plus some goats for goat cheese! Plenty of chores to do as you can see.


See this and other equestrian-oriented bargains- give me a call!

“Mars vs. Venus” Differences Hold True for Home Hunters, According to ZipRealty Survey

VENUS


MARS




New survey from national brokerage reveals top must-haves and biggest turn-offs in a home for buyers


EMERYVILLE, Calif., June 10, 2010 – Forget that “man cave” or home theater room: what men crave more than women in a new house is a luxurious bathroom, a guest bedroom, a dining room and views. On the other hand, female house hunters value a home office more than a kids’ playroom, dining room or luxurious bathroom. These are just a few of the more surprising findings of a recent survey of 1,000 house hunters released today by real estate brokerage ZipRealty (NASDAQ: ZIPR, www.ziprealty.com ).

Other survey highlights:

· Both men and women home hunters rated green features higher this year compared to 2008, with 27 percent of this year’s respondents ranking a green home high priority.
· The percentage of home shoppers ranking a home office as a high priority is up from 35 percent in 2008 to 39 percent in 2010.
· The three biggest turn-offs when viewing a home in person are structural damage, bad odors, a busy street and an awkward floor plan. While searching online, lack of parking and few or no photos and low square footage are the biggest deal-breakers.



Male versus Female House-Hunting: Must-Haves and Deal Breakers Differ


“Overall, the same things you would always expect to top the list of ‘must-haves’ and ‘deal breakers’ for house hunters still show up, but it is interesting to see men place a higher priority than women on things often characterized as stereotypically female priorities, such as a luxurious bathroom and a dining room,” said ZipRealty Vice President of Marketing Leslie Tyler. “Also, women’s growing desire for a home office may speak to the fact that more women are working from home these days.”


· A higher percentage of women reported ample storage and a large yard as a high priority compared to men, and reported that when viewing a home in person they would be turned off by small bedrooms and a lack of common space more often than male respondents. In fact, 60 percent of women compared to 49 percent of men reported they wouldn’t consider a home with small bedrooms.
· Forty-four percent of men rated a home with a view as a high priority, compared to only 33 percent of women, while 28 percent of men reported a luxurious bathroom as a high priority, compared to only 23 percent of women, and more than 70 percent of men indicated a guest bedroom as a must-have, compared to only 63 percent of women.
· A higher percentage of men reported when searching for homes online disdain for outdated furniture or paint and unkempt landscaping compared to women – and men reported more often than women in person, they’re more likely to be turned off by a lack of curb appeal than women are.

About This Survey
This report is prepared by ZipRealty, Inc. as of May 2010, based on a survey of approximately 1,000 ZipRealty.com registered users. While ZipRealty believes the survey is reasonably representative of typical homebuyer interests and preferences, the results reflected in this survey and our statements throughout this report are not a representation or warranty of any kind. ZipRealty does not assume, and expressly disclaims, any liability associated with a potential homebuyer’s or homeseller’s use of this information. This report and all of the statements, pictures, and results of our survey are ZipRealty, Inc. information.



About ZipRealty, Inc.
ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly Web site and employee real estate agents to provide home buyers and sellers with high-quality service and value. ZipRealty's Web site provides users with access to comprehensive local Multiple Listing Services’ home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers. Founded in 1999, the company operates in 35 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.

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"There's something you don't see every day"

I sell a lot of high end Real Estate, in addition to horse properties , condos, lots, you name it. I mention this because every time I think I've seen it all in home features, something NEW pops up.

Have any of you ever seen a TV In an outdoor BBQ? I confess, this is a new one for me. How does this work? Certainly the grill part can't still operate? If I see one locally I'll let you know. This one is in Palm Desert.