California Prop 90 Update!
California’s Prop 90 allows a home owner in California to sell their home, buy a replacement property in a participating county, and move a lower prop 13 based tax value from their old home to the new county for the purpose of home tax assessment. It allows the adjusted base year value of the original (sold) property to be transferred to the newly purchased or constructed home if eligibility requirements are met.There are some restrictions like the claimant or claimant’s spouse must be at least 55 years of age. The replacement property must be your principal residence and must be eligible for the homeowners’ exemption.
Participating counties are Alameda, Orange, San Mateo, Ventura, Los Angeles, San Diego, Santa Clara and now, El Dorado County.
There are also purchase price restrictions on the new replacement property. Read more
Brisbane – Missing the Boat…
Many home buyers and Realtors are missing the boat when it comes to a nearby town that offers great weather, lots of amenities and darned good real estate prices. I’m talking about the little community of Brisbane. It is located 10 minutes (or less, if you drive like me!) from the airport and is only 10 minutes to downtown San Francisco. Yet, hardly anyone even knows of it’s existence.
Brisbane is a hidden gem here on the Peninsula. It is located on the side of San Bruno Mountain between San Francisco and South San Francisco. There are only 3,597 residents, which makes it one of the smallest communities in the area. It is very unlike your typical suburb in that it has a hodgepodge of all types of architecture, from shacks to mansions, with very few ranch style homes. Many of the homes have great views of the Bay and downtown San Francisco.
The people of the community are almost as diverse as the architecture. Living in the town are world renowned film makers, rocket scientists, artists and musicians…all living happily amongst all of us regular folks. Brisbane is known as the “City of the Stars” because for over 65 years the residents have put up stars on their homes during the holiday season and even have a “Festival of Stars” each year. Read more
Now is the time to pay up to trade up
There was an interesting article about trading up in the Chronicle today. Check it out.
http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=69044&tsp=1
With the vaules I see and the interest rates… this could be one of the best times to buy a home in years…. whether you are trading up or not.
Dean Rizzi
www.deanrizzi.com
12 Hidden Costs of Homeownership
Hi everybody! I know, it’s been awhile..but here’s an awesome article I found earlier this year that would benefit first-time home buyers especially!
-via Luke Mullins, USNews.com (April 8, 2010)
As the selling season gets underway, many Americans will be looking to take advantage of the lower real estate prices, attractive mortgage rates, and federal tax credit by purchasing a home. But remember: Not all of the costs associated with homeownership are reflected in the listed price. Indeed, many buyers — particularly first-time buyers — may be surprised by the amount of cash they’ll need to set aside for housing-related expenses that they hadn’t previously considered. These often-overlooked expenses can include everything from title insurance to lawn mowing. To give would-be home buyers a better sense of the budget they’ll need to buy and maintain a home, U.S. News spoke with a handful of real estate experts and compiled a list of 12 hidden costs of homeownership:
1. Home inspection. Since a home purchase is likely to be the largest financial investment of your life, it’s a good idea to have it professionally inspected beforehand. A home inspector can point out areas of the property that may need repairs. Buyers can use this information as leverage during home-price negotiations or simply to determine whether or not the property is worth purchasing. “It’s not required, but certainly I recommend it to buyers,” says Judy Moore of Re/Max Landmark Realtors in Lexington, Mass. “It is actually very helpful in that [buyers] learn about the property and how to maintain it and it also alerts them to any potential issues that may be coming up in the near future or need to be taken care of.” The cost of a home inspection, which can run several hundred dollars or more, is typically incurred by the buyers before they go to closing, Moore says. Read more
San Bruno Music in the Park 2010
It’s almost that time again! We San Brunans love the summer music series at San Bruno Park! It’s held every Friday in August. It begins at 6:00 and ends around 8ish!
Every year my kids sell bags of my homemade, gourmet popcorn. It’s freshly popped in a pot, salted, buttered and parmasian “cheesed”! The kids walk around with a metal bucket full of bags, come back to refill, and they run out every time! Usually, kids of all ages play “sand lot” style baseball at the diamond behind the crowds of adults listening to their old 60′s, 70′s and 80′s favorites!
The concerts are FREE and a really great way to meet people or enjoy a group of old friends! Many of us bring bread, cheese, and other snacks. Some have pizza and some bbq at the picnic tables beforehand and then walk over to the concert! Here’s the schedule for this August 2010:
Aug. 8: Double Funk Crunch(Disco and 80′s)
Aug. 13: City Rocks (60′s-80′s SF Rock)
Aug. 20: The Refugees (Tom Petty Tribute Band)
Aug. 27: Just For Kicks (Classic Rock & Roll and R & B)
I love forward to seeing you there! Enjoy the rest of your summer!
To Some Low Interest Rates are Better than the iphone 4
Low interest rates also have apps. 30 yr., 40 yr., 15 yr., conforming, adjustable, 1 yr, 5 yr jumbo and more. Oh they are getting the best reception in years.
You may not see the lines out the door but look at the stack of files on the loan agents’ desks. We are in record low territory. Rates have never been this low in the 50 years of record keeping. How low? Below 5% fixed for the next 30 years. 3.75 fixed for the next 15 years. That’s how low. If you are buying you must understand these are not normal times. Take advantage. Jump in. What other industry will fix their price for the next 30 years. Ask the gas station on the corner, if you would commit to buying your gas there for the next 30 years, will they hold today’s price.
Homeowners, no matter when you re-financed last review the situation again with your loan agent. If you do not have one I can recommend some I work with.
A note to both homeowners and home buyers: Read more
Loan Modifications – They Can Be Done! Lots of Patience Required!
I haven’t blogged in a long time, partially because I’ve been super busy with work, but also because I’ve been so wrapped up and worried about a loan modification that I had been trying to get on my house since 2008. Yes… I said 2008!
This has been one of the most frustrating and stressful experiences of my life. As mentioned, I started talking with the bank in late 2008. Around July of 2009, they told me that I had qualified for a certain type of loan modification. They gave me my new payment amount and I started paying that amount. I paid them faithfully every month thereafter. I was concerned, however, because I never received any formal paperwork and, because real estate is my job, I knew something had to be wrong. I called them constantly and they kept telling me there was no problem, everything was “in process.”
I believe it was in January this year that I returned home to find a letter from the bank in my mailbox. The letter indicated that I was in default and that if I didn’t pay them $35,000 by a certain (very near) date, they would start foreclosure proceedings. Needless to say, I freaked out. Read more
Funny Real Estate Jargon
"Great starter home"
Have you ever looked at a real estate ad and wondered if they were exagerating a little bit? Here are some funny descriptions and translations of some ads that makes one wonder….
Cute- small
Cozy- see cute
Charming-see cute, cozy then throw in “old”
Good starter- fixer upper
Old World Charm- OLD
Period details- OLD
Close to transportation- noisy trains and busses nearby
Low maintnance yard- no grass, no flowers, no trees Read more
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Recent Posts
- California Prop 90 Update!
- Brisbane – Missing the Boat…
- Now is the time to pay up to trade up
- 12 Hidden Costs of Homeownership
- San Bruno Music in the Park 2010
- To Some Low Interest Rates are Better than the iphone 4
- Loan Modifications – They Can Be Done! Lots of Patience Required!
- Funny Real Estate Jargon
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