The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.  First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500.  Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years.  The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively.  The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers.  According to C.A.R. (California Association of Realtors) research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was “the most important” or a “very important” factor in their decision to buy a home.

According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

“Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.

In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association – applications to purchase a home were at the strongest pace since the beginning of 2009.

Read More:  When Opportunity Knocks Are You Listening?

To see the current, local real estate trends, take a look at September’s real estate report for Pasadena California here.   Otherwise, enjoy the following articles.

San Francisco Chronicle

Signs of hope housing market may be stabilizing

Sales of existing homes increased a larger-than-expected 7.2 percent in July compared with the previous month, according to the NATIONAL ASSOCIATION OF REALTORS®.

To read the full story, please visit Signs of Hope – housing market may be stabilizing.

The Wall Street Journal

The foreclosure pain may drag on for years…

Delays in dealing with home foreclosures are stretching out the pain for the U.S. housing market.  That has stirred lots of debate over whether it is better for the nation to face the pain of millions of foreclosures immediately—to get it over with fast—or to draw the process out over several years in hopes that the economy and housing demand will recover.

To read the full story, please visit Foreclosure pain may drag on for years article.

San Francisco Chronicle

First-time home buyer tax credit set to expire

The $8,000 federal tax credit for first-time home buyers is soon to expire, causing anxious house hunters to hustle and prompting a debate in Congress over extending a program that some say is central to the fragile real estate recovery.

To read the full story, please visit Home Buyer Rebate is Expiring.

Los Angeles Times

Too many palatial homes, too few princely buyers

As more sellers decide to cut their losses and move on—or are compelled to do so by their lenders—the most expensive homes could slip from their perch at the top rung of the market.

To read the full story, please visit the full article here.

For those of you interested in buying a Pasadena home or are just curious about Pasadena property for sale, please take a look at the Pasadena homes for sale below. Feel free to sign up for a FREE membership to the MLS (Multiple Listing Service) listings by creating a VIP accounts below.

For details on any of the above Pasadena homes, please visit Pasadena homes for sale.

Read More:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit

Homes for Sale Information:

South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

If you are thinking of buying or selling your Pasadena home, condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439

IRINA NETCHAEV

Pasadena Real Estate Agents

Pasadena, California

(626)629-8439

California median home price

- August 09: $292,960 (Source: C.A.R.)

California highest median home price by C.A.R.

(California Association of Realtors) region August 09: Santa Barbara So. Coast $828,750 (Source: C.A.R.)

California lowest median home price by C.A.R.

(California Association of Realtors) region August 09: High Desert $111,770 (Source: C.A.R.)

California First-time Buyer Affordability Index

- Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates

- week ending 10/01/09 30-year fixed rate home loan: 4.94% Fees/points: 0.7% 15-year fixed home loan: 4.36% Fees/points: 0.6%

1-yr. adjustable: 4.49% Fees/points: 0.5% (Source: Freddie Mac)

If you are interested in local Pasadena real estate statistics and results, please visit Pasadena Real Estate Market Reports for the latest information on Pasadena California and surrounding cities.

You may also want to sign up to receive weekly emails of the latest real estate data here.  This service is FREE and is provided to my readers as a courtesy through a subscription with Altos Research – a premier real estate statistics service.

To search for homes for sale throughout Southern California, please visit Search MLS for FREE or start your home search below.

California highest median home price by C.A.R. region July 09: Santa Barbara So. Coast $885,000 (Source: C.A.R.)

California lowest median home price by C.A.R. region July 09: High Desert $110,650 (Source: C.A.R.)

California First-time Buyer Affordability Index – Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates – week ending 9/17/09 30-yr. fixed: 5.04% Fees/points: 0.7% 15-yr. fixed: 4.47% Fees/points: 0.6% 1-yr. adjustable: 4.58% Fees/points: 0.5% (Source: Freddie Mac)

Interested in seeing how Pasadena homes for sale statistics compare to California’s median statistics? Read Pasadena Real Estate Home Statistics for August 2009.

READ MORE:
Pasadena Dusty Deals™

1750 Palisades Drive, Pacific Palisades, CA  90272

SOLD

OPEN HOUSE:  October 11,2009 – 1 pm to 4 pm

BROKER OPEN HOUSE:  October 13, 2009 – 11 am to 2 pm (everyone welcome)

List Price:  $650,000

MLS#: 22129972

Year Built:  1978

Bedrooms/Bathrooms:  2 bedrooms and 2.5 baths

Interior Square Footage – Data per Assessor:  1,568

HOA (Home Owner Association) Dues - $431

Parking - 2 car attached garage

Amenities - Pool, Spa, Gym, Tennis Courts, Large Balcony with Mountain Views, Two Patios, Cedar Lined Closet, Lots of Storage, Private Security Company patrolling Complex.

Offered for sale by Irina Netchaev, Real Estate Agent

This hard to find, view townhome offers you the best of both worlds. Set in the micro-climate of Pacific Palisades Highlands, this corner unit offers an incredible opportunity to buy in a private, tranquil setting and be next to the beach, Topanga Hiking Trails, Gladstones Restaurant, Self Realization Fellowship Lake Shrine and just minutes away from the fine dining and shopping of the 3rd Street Promenade in Santa Monica!

Set in a tranquil and peaceful environment with winding pathways, lush greenery, pool & spa, sauna, gym, and tennis courts. This oasis is just minutes from the beach, 3rd Street Promenade and hiking trails.

Light and bright, this home offers a living room with cathedral ceilings, a fireplace and balcony where you can enjoy mountain views. A formal dining room leads to the kitchen with its own breakfast area and a slider opening to a private patio. A huge master bedroom suite with a cedar lined walk-in closet, full bath and a sitting area. A wonderful patio connects the Master Suite with the second bedroom serviced by a 3/4 bath.

Incredible views and modern architecture! This corner unit is 2 bedrooms and 2.5 baths, perfect for enjoying California living with over-size patio and balcony.

For additional questions about this Pacific Palisades townhome for sale or to request a private showing, please call Irina at 626-629-8439

To search all available homes for sale in the Greater Los Angeles area, please visit www.SearchMLSforFREE.com

Sabine on South Lake

633 South Lake Avenue, Pasadena California

If you love having Starbucks, Pete’s Coffee and Noah’s bagels right around the corner, this IS the complex for you.  Sabine markets itself as “An Exceptional Place to Live” and it sure is.  The location is next to some of the best restaurants and shopping in Pasadena.  You really do not need a car and can easily walk everywhere.

The units themselves are beautiful – 12 in total and are starting at $1.275,000.  As I was walking through these homes, the finishes and touches in each one were beautiful.  Crown moldings and wide plank (dark) hardwood flooring gave the living space a luxurious feel.

I loved the outdoor terraces looking out into the beautiful central courtyard with lush landscaping and the sound of water fountains permeating the air.  Some of the units have rooftop terraces with an outdoor fireplace perfect for a relaxing evening.

The townhomes are two or three story high depending on the model and are over 2,000 sq. ft.  Some have an in-home hydraulic elevator.

All Sabine residences have:

High Ceilings – 9ft  to 10 ft

Hardwood Floors

Energy Efficient Dual Pane casement Windows and Doors.

Fornt and Back Terraces

Fireplace in the Living Room and the Master Suite!

Professional Grade viking Appliances and Travertine Floors grace the Kitchen.

Lots of Closet Space.

White Marble  bathroom floors and Tub Decks and Travertine Showers.

Master Bathroom has heated floors – nice!

Private Garages

Pre-Wiring for Home Audio & Video, Cat5e

Inside Laundry

Delacey Place

Marketed as the “Ultimate Address – Downtown Pasadena!”

Delacey Place opens in Old Pasadena featuring European architecture and design.  Built by Mike Balian, it has been carefully “value-engineered” for maximum efficiency and elegance.

Delacey Place Features:

• 24 hour concierge service
• Pool and spa on second level with translucent sections of German glass that allos natural lighting into the lobby below.
• Wine cellars
• State of the art gym
• Spacious private parking
• Storage areas

Delacey Place Interior:

3 to 4 bedrooms with imported Italian woods, tile and stone.  Gourmet kitchens with sleek state ofthe art Eruopean appliances from Bertazzoni and Gaggeau.

Delacey Pricing: Starting around $800,000 and up

Delacey Place sales are under way.  Please make sure that you get proper representation and do not go directly to the developer.  If you need additional assistance, please do not hesitate to contact us at 626-629-8439 or via email at sales(at)PasadenaViews.com

Granite Park

This Pasadena condo developer bills this complex as “A luxurious way of living – coming to Pasadena” and they are right. In the heart of the South Lake Avenue shopping and restaurant district neighborhood, Granite Park offers an unparalleled lifestyle. It could be a great weekend getaway and is perfect for vacation home owners that love everything that Pasadena has to offer – museums, hiking, restaurants and boutiques.

The Granite Park complex will feature a concierge and valet service to see to your daily needs. There will also be a professional landscaping staff, someone to arrange catering and help you plan a party or just put together a day of sight seeing and historical outings.

If your car needs attention, detailing services will be available. And, let’s not forget laundry service.

There are two distinct design packages to choose from when selecting the interior finishes of your lusurious home.  They are Granite Park Traditional or Granite Park Contemporary.

71 Exclusive Private Residences

• Large Private Terraces up to more than 1,400 sq. ft.
• Concierge Service with 24 hour security
• Viking Professional Series Appliances
• Premium Kohler Fitures
• Secure Underground Side by Side Parking
• Irving Gill Inspired Architecture
• Dennis Hopper curated photography gallery in the Lobby
• Lush & Evocative Old California Style Landscape
• Private Walkways, Mediation Areas, and Gardens
• Resort-Style Pool and Spa
• Barbeque Area
• Putting Green

Granite Park Pricing:

Pricing starts from $1 million to over $2 million for 2 to 3 bedroom residences.  Work/Live unit is also available at around $800,000.

Projected Move-Ins:  Fall of 2009

Granite Park sales and reservations are under way.  Please make sure that you get proper representation and do not go directly to the developer.  If you need additional assistance, please do not hesitate to contact us at 626-629-8439 or via email at sales(at)PasadenaViews.com

Read Also:  Luxury Pasadena Condos coming to Pasadena – Granite Park in South Lake District

See all condos for sale in Granite Park below:
(Feel free to click on the slider and it will take you to a detailed page with price history, google map, mortgage info, and detailed information on each of these luxury condos for sale”

Hudson Terrace

Another Mike Balian development and a Toledo Homes project.  Hudson Terrace is right next to South Lake Avenue and is billed as “One Square Mile Living!”  ONE block to work; One block to shopping; One block to entertainment and One block to fitness.

A homage to Bauhaus design, Hudson Terrace is defined by large custom glass elements set between massive towres.  The structure’s 21st century rain wall technology allows the building to breathe while assuring water tight integrity, high efficiency, dual-glazed custom-made metal framed casements adn awnin windows allow for natural ventilations.

Community Features

• Subterranean parking with 2 parking spaces per unit
• Private storage rooms in garage
• 80 foot long water feature traversing the contemporary landscaped courtyard
• Eco-friendly rainwater recycling and storage system provides irrigation for landscaping

20 Residences Featuring:

• Private patios
• Fireplaces
• Recessed lighting throughout
• Surround sound system wiring with high quality speakers in living room and master bedroom
• Italian closet systems designed Dall’Agnese
• Gourmet kitchens with Bosch refrigerator, Bosch dishwasher and microwave, Bertazzoni stainless steel wall mount hoods or Bosch island hoods; Bertazzoni stainless steel ranges, cabinetry from Italy.

Lake@Walnut

I have written several posts about Lake@Walnut and still strongly believe that it’s one of the best priced, best built new construction condo complex in downtown Los Angeles.  The selection of units is quickly dwindling since condo buyers are realizing what a great deal this condo development is.  When I was there yesterday, October 1st, Lake@Walnut had only 4 2-bedroom, 1-level condos available.  They still have a nice choice of bi-level 2 bedrooms with fantastic views and some fairly large 1 bedrooms available.

Lake@Walnut built by Pacific Standard Homes bills itself as the Hip Urban Oasis since it’s truly in the heart of Pasadena.  This development is right next to the Playhouse District,  about a 1/2 mile away from the South Lake Avenue District.  They are next to the Gold Line Metro Station, Ralph’s is right across the street, Pasadena’s Central Park and Old Town are a bit to the West and Paseo Colorado is pretty walkable.

Lake@Walnut Amenities:

• Club Room
• Gym
• Gated and Assigned Parking
• Ground Level Retail Stores
• Beautiful Courtyard with a BBQ Grill, Fountains and an Outdoor Fireplace
• Security Building
• On-Site Builder Management for 1 Year to take care of any Warranty Items

Lake@Walnut Interior Features:

• Energy efficient, dual glazed windows
• hand-set ceramit tile flooring at entry, kitchen, baths and laundry
• Plush carpeting throughout living and bedroom areas (if you are on the first two levels – hardwood selection is available as another flooring option)
• Laundry area in all units (high appliances are standardly included in price)
• Recessed and soffitted lighting
• Central A/C and heating systems
• Kitchens include granite countertops with decorative tile backsplashes.
• KitchenAid® Architect Series II Appliance Package in Stainless Steel including gas cooktop with four sealed burners, electric self-cleaning oven, builtin microwave, energy efficient, multi-cycle dishwasher.
• Kitchen cabinetry,  all wood Shaker-style,  come in three different colors – java, nutmeg and natural.
• Each condominium comes with in home alarm system and multimedia outlets in livign areas, bedrooms and office/tech areas.

Lake@Walnut Pricing:

With 12 floor plans or residences to choose from, there’s a nice variety of homes available starting at $399,000 and going up to over $1 million

If you have been looking to buy your first home in South Pasadena, this condo is for you. It is priced for a quick sale and offers great schools for your kids.

This is a short sale and needs bank approval.

Contact Irina Netchaev & Associates, your South Pasadena real estate agents for more information at 626-204-3340.

READ MORE:

South Pasadena City Guide

Pasadena Real Estate Guide

Incredible Value in South Pasadena

1801 Fair Oaks Avenue #F, South Pasadena, CA 91030 View Map

A cozy, bright unit in a well maintained building with wood floors and large windows throughout. Situated in the back of the complex on the ground floor and offering a quiet garden like setting. A wonderful opportunity to buy a condo with South Pasadena schools. Complex has a pool and shared laundry area. 1 car port parking space and additional storage space.

Details

Asking Price:

$225,000

MLS:

22127874

Sq. Feet:

768

Bedrooms:

2

Bathrooms:

1

# of Floors:

1

HOA/Maintenance Fees:

$220

Garage Size:

1 carport

Year Built:

1953

Property Amenities

- Range/Oven

- Sink Disposal

- Full Refrigerator

- Hardwood floors

- Laundry area – garage

Community Amenities

- Covered parking

- Swimming Pool(s)

Contact Info

Irina Netchaev

Broker Associate

 

Cell 626.627.7107

Dir 626.629.8439

Email | Website

All information is deemed reliable but is not guaranteed.

There has been a lot of talk about social networking in the media recently.  When I was talking to my friends and family about Twitter last year, I’d get the weirdest looks.  Twitter, what’s that?  Now… it seems like every time you turn on the news, there’s a rolling banner of tweets on the side.  What’s the fascination?

Facebook is one of the social networks initially focused on reconnecting with friends, school mates and family, and just generally staying in touch and updating your sphere about your personal activities.  Now, facebook is geared more towards business professionals where fan pages are created with personal URLs (web addresses) that allow real estate and other professionals to promote their home listings or business ideas.

Users do this by creating postings, uploading photos and sharing links and videos. With over 200 million members worldwide, Facebook truly is a global market. And it’s not just people who have profiles and networks. Places, products, companies, services, stores, restaurants, etc., also have profiles and networks. For example, Starbucks Coffee Company has a profile and a network with 3,385,090 fans; Lamborghini has 807,270 fans.

LinkedIn is an interconnected network of experienced professionals from around the world, representing 170 industries and 200 countries. You can find, be introduced to, and collaborate with professionals who you need to work with to accomplish your goals. LinkedIn also has some proprietary business tools. Polls is a market research tool that allows business professionals to collect data from your connections on LinkedIn. Results to research questions can be broken down by company size, job function, age and gender.

So what is this about Social Networking and Real Estate?  Why is it important that your real estate agent has a strong presence on these and other social network sites?  Simply said – EXPOSURE.

Selling a home is ultimately all about getting as many “eyeballs” to look at your home.  Of course, you need to prepare a home for sale, price it correctly, analyze the current real estate trends, understand your competition and more…  BUT to give it that extra, special nudge, your realtor also needs to have an established presence on these and many more social network sites.

READ MORE:

Pasadena Real Estate Guide – everything you ever wanted to know about buying or selling your Pasadena home.

This is an additional marketing avenue.  This type of marketing exposes your home to international buyers, other real estate agents that are local as well as the ones that have clients relocating to your area, and the computer literate new generation with deep pockets.

So… when it comes time to interview your Pasadena Real Estate Agent include the following question – Which social network platform do you participate in and how many followers do you have?

And, if you are on any of these following social networks, please connect with me, I’d really like to get to know you!

Connect with Irina on the following networks:

Irina Netchaev on Twitter

Irina Netchaev on Facebook

Irina Netchaev on Flickr

Irina Netchaev on LinkedIn

Irina Netchaev on Google

Irina Netchaev on Trulia Real Estate Voices

FriendFeed

Irina Netchaev on Utterli

Irina Netchaev on Realtor.com

Irina Netchaev on Plaxo

Irina Netchaev on Technorati

A big welcome to Matt Milmeister, author of Mastering the Art of Foreclosure Investing: A Blueprint on How to Enter the Inner Circle of Foreclosure Investing.

If the rash of foreclosures hasn’t touched us directly, it’s likely that we are – as investors or potential investors – feeling the effects of this melt down. The losses sustained from bad mortgages will mean a significantly lower likelihood that those homeowners and investors who are good credit risks will be able to get loans they need. 

And that’s not all: mortgage holders are hit hard by high foreclosure rates and in some cases trusted financial institutions will disappear or require significant restructuring simply to survive the current financial crisis. We’ve all seen this first hand. Maybe it’s happened in our neighborhood to people we know, or at the very least it’s been brought into the collective consciousness by the media.

I’m not trying to scare off investors or make the idea of foreclosure investing seem even more insurmountable. Quite the opposite – in these types of dire situations, the country needs investors. Now more than ever!

Foreclosures result in lower property values for all of us, and depresses growth in our local and national economies.  Communities, state and federal governments all suffer losses as tax revenues decline, affecting the overall citizenry by reducing public services most of us have taken for granted.

When people lose their homes, many lose faith in the system they put their trust in.  They feel as if their essential social contracts are broken.  We need only to look to the recent demonstrations in New York City against foreclosure auctions in the tri-state area are a good example of how the financial problems wrought by foreclosure can affect people.  Feelings run high when people lose their homes seemingly overnight.

Home ownership is a bedrock principle of the American Dream, and whenever our fellow citizens lose out in this way, we all suffer with them. As I am not trying to scare away potential investors, I’m also not trying to gloss over the pain that this type of loss costs people. But again – investors are the way out of these feelings of depression.

In fact, for many who lose their homes today through foreclosure, it will be the foreclosure investor whose investment will drive the economy forward and ironically provide them indirect or even direct benefits as rising tide raises their boats too. 

The best way to help those who have had misfortune in the current economic downturn is to get the economic engines moving again.  Investors are a necessary and critical component of that process.

Matt’s book can be purchased at Amazon by following this link.

READ MORE: 

Steps of a Foreclosure Process

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List