Nancy\’s Blog

According to the NAR, sales of vacation homes rose 7.9% in 2009 for a total of 553,000 units, up from 513,000 in 2008.   These buyer/investors said that they would use the home for family vacations.   A total of 26% said that they intend to use it as a primary residence some day.

For the complete article click on:   http://www.realtor.org/press_room/news_releases/2010/03/invest_vac_2009

Could be a good time for you to buy a vacation home in the S. California mountain communities.   There are some good deals out there today!

Here’s a good example for $115,000:

Great investment property in Fontana, California:

Single-family

3 bedrooms, 2 baths

1.354 sq. ft.

8,400 sq. ft. lot

Built in 1976

Price:   $149,500

Down Payment (20%):   $29,900

Amt. Financed:   $119,600

Principal + Interest:   $796

Insurance (est.):   $50

Taxes (est.):   $208

Total expenses:   $1,054

Est. rent:   $1,295

  “Out looking for good investment properties.”

Some green Twitterers to follow.   See the article at http://bit.ly/greentweeters.

I am following these:

@sheagunther

@derekmarkham

@oliviazaleski

Here are others:

@dothegreenthing

@litegreen

@ethicurean

@kate_sheppard

@swimwithswain

@greendig

@climatehaiku

Please suggest your favorites.  

    “See you around!”

According to a study done by Zillow, here are the top 10 markets with negative home equity, and the percentage of homeowners in each city who owe more than their home is worth:

(And the Inland Empire is not one of them.)

1.   Las Vegas — 81%

2.   Merced — 64%

3.   Phoenix — 62%

4.   Orlando — 58%

5.   Greeley, CO — 45%

6.   Bend, Oregon — 41%

7.   Minnesota/St. Paul — 39%

8.   Memphis — 33%

9.   Cleveland — 32%

10.   Grand Rapids — 29%

See the entire article at:   http://finance.yahoo.com/real-estate/article/109131/americas-most-underwater-housing-markets

My awesome Keller Williams network has agents in all these cities!

Need  a referral?     Call me today.

Today’s LA Times front page:   “Why They Walk Away.”   Here’s a link to the whole story:   http://shar.es/mWvOA.

We in the real estate business are running into homeowners every day who are totally discouraged about the drop in their home’s value.   And understandably so!

But, do you know your options?   Do you know the consequences of a strategic default, or a default on your mortgage even if you are up-to-date on your payments and can afford the payment?

I cannot give you advice about what to do in your particular situation because that amounts to practicing law without a license.   One option is a short sale.   Another might be to turn the home into a rental and hold until the value goes up.   To know what works best for you, please seek the advice of a good real estate attorney and a good CPA.   Then, you can make a well-informed decision.

I attended the California Association of Realtor’s Home Buyer’s Fair at the LA Convention Center today.   I was interested in two sessions — one on Real Estate Investments and the presentation by CAR economist, Leslie Appleton-Young.   I was especially curious about how anyone could present any kind of investors information that  could be useful in just 45 minutes.   Well, the speaker was one of my favorites, Bruce Norris, The Norris Group, (I had no idea he was the presenter) and he focused on market timing, and got it all done in perfect time. You can find his presentation at www.tng.com.   I spoke with him before the presentation and got some really good advice about holding vs. selling my Texas rental home.  

Leslie Appleton-Young updated a large crowd on the California market.   The median price has risen for the past few months, but largely because  sales have been in a higher price range.   We will continue to have foreclosures and those will keep median prices low.   Unemployment will have a huge impact on our market.   And many, many more facts and observations about our market.  

Some take-aways:   many homeowners owe more than their home would sell for; tough market for sellers for the rest of 2010.   Great market for buyers due to low prices and low interest ratees.   Investors can get cash flow for their properties, a very  rare situation for California!

I really enjoyed these presentations.   Also, met a LEED certified Interior Designer, who wants to be part of the “greening” of the Inland Empire.   My green team is becoming a reality!

    “Conference day; out gathering information for buyers and sellers.”

Read about this extraordinary home in Coachella Valley Green, (http://coachellavalleygreen.com/index.php?option=com_content&task=view&id=134&Itemid=26

The home earned a LEED Platinum designation for energy and water efficiency, air quality, eco-friendly construction and materials.   In the heat of summer, the electric bill was a large $8.00!! and sometimes zero.

See the home April 11 at the 5th Annual Desert Garden Tour.

  “Working to meet your real estate needs.”

More single-family homes for sale.   All potentially cash-flowing properties with the right loans, or cash:

Price:   $149,000         3/2         1,400 sq. ft.         7,405 sq. ft. lot         built in 1978         REO  

        Est. rent:   $1,295         Walk Score:   43

Price:   $119,000         3/2         1,314 sq. ft.         4,791 sq. ft. lot         built in 1984         REO

        Est. rent:   $1,200         (Property is a Fannie Mae HomePath property and is eligible for special financing.)

Price:   $124,000         4/2         1,439 sq. ft.         7,405 sq. ft. lot         built in 1983         REO

        Est. rent:   $1,200        

Need more information?   Call or e-mail, nancy@nancyyavorsky.com

    “Out looking for more good income properties.”

A featured home in Victorville, CA.   (Contract Pending 3/11/10, courtesy MRMLS)

Bank-owned; single-family; 2-stories; 4/2; 2,747 sq. ft.; 9,476 sq. ft. lot; built in 2005

Price:   $137,700

To purchase:   7%, 30-year fixed loan, 20% down ($27,540), loan amount:   $110,160.

P & I:   $733

Est. operating costs:

Insurance: $50.00

Taxes:   $260

Maintenance:   $28

Management fee:   $113

Vacancy:   $71

Total costs:   $1,255

 Estimated rent:   $1,415

Estimated cash flow:   $160.00

Several more on the market.   Call or e-mail for more information!

According to Realty Trac, California’s Inland Empire ranked 4th in the nation in numbers of foreclosure filings in February.   Las Vegas was number 1, followed by the other top five, Cape Coral-Fort Myers, Florida and Modesto-Stockton, California.   One in 113 in the Inland Empire (San Bernardino-Riverside Counties) received a foreclosure notice.   The banks and mortgage companies are actively trying to prevent foreclosures by loan modifications, so the number of distressed homeowners is still very large.   No one knows the extent of the problem, but we are watching the situation every day.  

See the whole article in today’s LA Times at http://www.latimes.com/business/.

“Checking the news for updates on the market.”