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.    

The purchase price of the new home can be:
100 percent of the full cash value of the original property as of the date of sale, if the replacement dwelling is purchased or newly constructed prior to the date of sale of the original property,
105 percent of the full cash value of the original property as of the date of sale, if the replacement dwelling is purchased or newly constructed within the first year following the date of the sale of the original property, or
110 percent of the full cash value of the original property as of the date of sale, if the replacement dwelling is purchased or newly constructed within the second year following the date of the sale of the original property.

So if you have been putting off buying that retirement home in the gold country because you weren’t sure you could afford the property taxes… now is the time.

Mark Hasha
www.markhasha.com
Mark is a Seniors Real Estate Specialist helping buyers and sellers in San Mateo County.

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.     

We have great weather, too!    This has been a tough summer for every community, but during normal years, it’s almost always sunny in Brisbane just about all year long.   Even when San Francisco, South San Francisco and Daly City are shrouded in fog, it rolls up to the top of San Bruno Mountain and just sits there, leaving Brisbane bathed in sunshine.

Brisbane offers many amenities, as well.    There are beautiful parks, a terrific park-like Marina, dog and skate parks, library and tons of trails for hiking and biking.     About the only thing we don’t have are gas stations or chain stores.   The only chain that has managed to make it’s way into Brisbane is Subway and it’s been there for years.

We have a good little general store, with an excellent meat market and a few pretty darned good restaurants.   In fact, I just learned today that one of our restaurants, Mangiare, is going to be where KNBR Radio airs all 49′er post games shows this year, so it will be a great place to watch the game and have some terrific food.

Most Realtors know that Brisbane exists, but when they do their MLS searches for properties they always forget about it and I think that you, their clients, are missing out.     It certainly isn’t for everyone, but every home buyer should take at least one drive into the town to look at a few properties.    It may just turn out to be the place for you.   Schools are walking distance from most homes, friendly people and great weather…what more could you ask for?

Let your Realtor know that you want to check out Brisbane!

Kathy Wall
www.michaelandkathy.com
(415) 608-4168

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.      

After my initial panic, I went back to making my constant calls to them, re-submitted all of my paperwork and kept waiting to come home and find a foreclosure notice on my door or to find my house on the list of defaults that we get every week.   It was a terrible time.    

Luckily, in my case, after an incredible amount of phone calls I finally got an actual loan modification (notarized paperwork and all), dropping my mortgage interest rate to 2% for the first year, 3% the following year, capping out at 5% in 5 years.  

What troubles me is that I am a professional and knew who to call and that I had to be tenacious, yet I was at the end of my rope.   I can’t imagine how difficult it must be for those who are not in this business and don’t have the skills or tenacity to keep fighting.    Heck, or those who have regular jobs where they can’t sit on hold for 30 minutes every day waiting to talk to someone who actually knows nothing, repeating your story over and over for months (in my case a year and a half!)   

All I can say is, that if anyone out there is trying to get a modification….don’t give up.    Call them regularly, take notes from each call that you make and, to use my favorite quote from Winston Churchill…”Never, never, never give up.”

Kathy Wall
(415) 608-4168

Shokoofeh Nowbakht
www.shokoo.com

As the premiere real estate company in the area, Prudential Ca. Realty San Bruno realizes the importance of schools.  Prudential California Realty recently awarded grants to local teachers from Brisbane, South San Francisco and Daly City. With school fiancés drastically cut this year these grants were greatly appreciated. The grants are awarded to teachers whom made an exceptional contribution to their students last year.

My wife is a teacher and I know that most teachers contribute to their students. Unfortunately we can’t reward all of them. I will say all teachers are appreciated.
This year the following teachers were awarded grants:
Brisbane        Lynn Howe                 Brisbane Elem.
Daly City       Jane Chang                Junipera Serra
SSF              Feleciana Stevenson   El Camino High
                   Ray Galela                 El Camino High
                   Meg Milana                SSF High
                   Joslyn Negherbon       Westborough Mid.
                   Cheri Howard            Westborough Mid.
Congratulations to the winners and Thank You to all teachers.

When thinking about Real Estate contact the Local company that gives back locally.

Click or copy and paste the link to read more. http://www.prurealty.com/ssc/company_information/press_releases/Ed%20Foundation%20Release%20-%20San%20Mateo%20County%20-%202010.pdf

I write this post to encourage those, who would like to have a successful career in real estate AND have a family, to give it a try. It can definately be done!

December 20, 1999 was the day my first child was born! I lived in a studio condo that my husband and I had recently bought in San Bruno. He worked in a hotel as a waiter and worked most evenings and weekends! I was a new real estate agent with just one year in the business. I wondered how I was going to pull off a successful career with a newborn!

I made a pit stop at my office in San Bruno on the way home from the hospital to pick up a cradle for the new baby boy. He was a month early so I hadn’t even made a nest! Luckily, I had a friend who brought me her hand me down cradle for him to sleep in. I looked pretty funny walking in my office to pick it up in a hospital gown and bracelet still on my wrist! That was the day that I realized that I was going to make it in this business, baby or no baby! I could take the ridicule of looking funny and winging it when time didn’t allow preparation as long as I kept moving forward.     

On week two, I discovered: A newborn fits comfortably in a desk drawer with fluffy blankets and a pacifier. I got some funny looks but we were fine. We were ready to hustle and nobody was going to stop us.

We would drive across town to meet first time buyers, write contracts, and show property! I kept him in a snuggly front pack and never used a carrier. I always had a trendy diaper bag stalked with bottles, baby food, and of course, diapers. I had 13 sales in the first few months of motherhood!

My first tip as a new mother with a real estate career: If the baby fits in a desk drawer, make sure you pad it with fluffy blankets!

Stay tuned for Part 2…I have more fun stuff and tips to share!

www.KarinCunningham.com

www.Facebook.com/SanBrunoLife

Home Buyer’s Delight
You can still get the federal Home Buyer Credit of $8000 for the first time buyer or $6500 for the move up buyer. You must be in contract by the end of April and close by the end of June.
For additional information:  http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Because California Home Buyers are special Governor Schwarzenegger signed into law a State credit for home buyers. I personally think this program is great. It helps many people purchase their first home and it puts people to work. A Win-Win!!!
Under the provisions, the bill:           

• Provides a 5% tax credit, up to a $10,000 limit, to all buyers of new, never-occupied homes.
• Provides a 5% tax credit, up to a $10,000 limit, to first-time buyers of existing homes.
• Sets aside $100 million for each program, for a total of $200 million.
• Requires buyers to close escrow between May 1 and Dec. 31 to qualify. New-home buyers have until Dec. 31 to sign a purchase contract, and then must close escrow by Aug. 16, 2011.
• Requires buyers to live in the home for at least two years.
• Provides for the tax credit to be paid in thirds over a three-year period.
• Sets no income limitations on buyers.
• Requires buyers to repay the tax if they fail to live in the home for two years or fail to close escrow on a new home by Aug. 16, 2011.

For additional information: http://gov.ca.gov/

http://www.mercurynews.com/news/ci_14758523?nclick_check=1

Bay Area Home prices increase 20%
The number of home sales in the 9 County Bay Area were down for Feb. 2010 as compared to 2009 but the median home price increased more than 20%. I wish I can tell you that your home went up 20%. What I can say is that the higher priced homes are beginning to sell after months of being stagnant.
For more details:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/03/19/BUG81CHVGJ.DTL

Having trouble making payments? Have no fear help is finally on the way.

Bank of America has announced a program for a select group of Countrywide loans where they will forgive the principal. Yea! Let’s hope others will follow.
Please click on the link for the details. http://www.bankrate.com/finance/mortgages/bank-of-america-offers-home-loan-forgiveness-1.aspx

HAFA –Home Affordable Foreclosure Alternatives
The federal government has recently announced a new program to take effect April 1 2010. It will make the loan modification and short sale process easier and more systemized.
For additional information: http://www.realtor.org/government_affairs/short_sales_hafa

Just yesterday Obama announced and even newer program focusing on people owing more than their home is worth, people underemployed or unemployed. Stay tuned. The details of that are not out yet.

All these programs are great but my solution I think is more of a Win-Win. I propose to reduce the principal to market value and then the bank and owner should share in any equity build up when the home is sold. Under the Lee’s Act, the homeowner stays in their home, we maintain home pricing by putting a stop the deluge of short sales and foreclosures and the banks and homeowners have a chance to make some money down the road. Everyone wins; Homeowner, bank and neighbors by stabilizing home prices and avoiding blight!

Tax Relief for Debt Forgiveness
State Tax Relief for those who incurred debt forgiveness from a lender through the loss of their homes to foreclosures and or short sales is still up in the air. I believe the IRS is ok with it until 2014 but California is still up in the air. Governor Schwarzenegger is asking for a proposal before April 15.
Click the link for additional information. http://www.sacbee.com/2010/03/16/2609494/california-tax-relief-for-forgiven.html

Homeowner Savings
Are you considering purchasing a new appliance. The California’s “Cash for Appliances” begins on Earth day, April 22, 2010 and runs only for a month. Purchase a new energy efficient appliance and recycle your old one and you are eligible to get up to $100 per appliance.
The program highlights are:
Purchases starting Apr 22, 2010 until May 23, 2010

· Claim within 30 days of purchase

· Claim by Jun 22, 2010

• May be combined with other rebates
• Must recycle existing appliance
• State resident

Click on the link for the real details. http://www.energy.ca.gov/recovery/energystar.html or http://www.kcra.com/cash-for-appliances/21363879/detail.html

and More Energy Efficient Savings:
Our federal government still offering a credit if you purchase an energy-efficient product or renewable energy system for your home. You may be eligible for a federal tax credit if you replace water heaters, solar energy, windows, doors, heating and cooling systems and more.
You will find an overview of the federal tax credits for energy efficiency by clicking on the link: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

Capital Gains Tax
If congress does not act Capital Gains tax will be increasing by 5% in 2011. They could propose to increase it even more. Due to the economy it is doubtful for them to maintain the current capital gains rate OF 15%. If you are considering selling an investment property today might be the right day. Call me toll free at 877-Lee-Sells. http://money.cnn.com/2010/02/01/pf/taxes/obama_budget_tax_changes/index.htm

So there you have it in a nut shell. Hope you found it enjoyable and helpful. Please, I encourage you to share your good news, comments, updates and questions.  If clicking on the links do not work please copy and paste.

Please visit me at:  www.leesellsmore.com

Save Our Schools Daily Journal Pic

I attended an insightful meeting the other night of PTA/PTO Presidents in San Bruno. I learned that ALL of the public schools in California are expecting a lot of teacher and counselor layoffs next week. San Bruno’s only middle school, Parkside Intermediate will possibly have the most layoffs cutting out music (they have an awesome marching band), art, leadership, counseling, and more. Our elementary schools will have no art, music, PE, large classroom sizes of 30+ kids per class, no English tutoring, GATE programs, loss of funds to improve libraries and to supply instructional material like BOOKS and one school, I hear, will loose up to 7 teachers, leaving them with 4!!

On March 4th, 2010, our PTA/PTO’s organized a peaceful rally along El Camino Real and at San Bruno’s City Hall. All of our public schools participated by holding signs that said “Save Our Schools!” Our guest speakers included students from Rollingwood Elementary School, Assemblyman Jerry Hill, and our Mayor Jim Ruane.

Even if one doesn’t have children or children in school, communities are affected! The governor’s proposed budget cuts to education changes the whole dynamics of a school and the city it’s in. I even heard that in this challenging economy, there are some people who can’t afford to keep their kids in private schools and are depending on public schools to be there! If schools struggle our property values will go down because some won’t want to live near a school in trouble! Crime will go up and residents will get nervous! It could potentially be a BIG change in our lives and not for the better, either.

We are so proud of our public schools! Parents, teachers, and friends spend a lot of time and energy working together to keep our children’s schools a safe and fun learning environment for this to happen! We want our children and our cities to thrive, not be suppresed.

A date to remember are Wednesday, March 17, 7:00 Crestmoor Elementary School – A follow up budget meeting where decisions will be made to determine the future of our schools. 

Feel free to pass on this link to other people you know who might find this news interesting.  The website below is the California Teacher’s Association website that talks a lot about what’s going on with the budget cuts.

http://www.cta.org/Issues-and-Action/Budget-Crisis/Index.aspx