Maureen Megowan, Realtor, Palos Verdes, South Bay Real Estate, DRE #01368971

Outdoor Ice Skating at Seaside Lagoon in Redondo Beach

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 27 Nov 2009 14:50:58 -0600

An outdoor ice skaing rink is now open at the Seaside Lagoon in Redondo Beach. The skating rink attraction will have a slightly longer season that packs in more promotions, themed skate nights and community events.

Planned events include a 50th anniversary celebration for King Harbor, '80s nights, an arts and crafts festival and promotions with nearby Ruby's Diner, where on certain days children can eat and later skate for $14(Adults would pay $18 for Dine & Skate nights - $4 more than the usual price to skate).

The temporary rink, which last year drew national attention, is set up on the sand adjacent the city's saltwater lagoon at 200 Portofino Way, Redondo Beach King Harbor (site of Seaside Lagoon).

Open Daily: November 10, 2009 through January 18, 2010. Subject to change.
OPEN ALL HOLIDAYS: Thanksgiving, Christmas, New Year's

Public skating sessions during the following hours:

Monday:	2:30pm - 9:30pm (11am on school holidays)	Public skating - Monday Fun Day - skate all day for the same price
Tuesday:	2:30pm - 9:30pm (11am on school holidays)	Public skating Ruby's Dine & Skate available all day
Wednesday:	9:00am - 10:30am	Best Western Sunrise Skate (includes coffee & pastry)
	10:30am - 11:30am	Parent & Me Skate (for price of 1 adult session)
	12:00pm - 9:30pm	Public skating
Thursday:	2:30pm - 9:30pm (11am on school holidays)	Public skating - Thursday night is 80's night
Friday:	2:30pm - 11:00pm (11am on school holidays)	Public skating
	7:45pm - 11:00pm	Friday Night Fever
Saturday:	10:00am - 11:00pm	Public skating (check Calendar for special events)
Sunday	10:00am - 10:00pm	Public skating (check Calendar for special events)

Extended School Holiday weekday hours (Nov 23 - 27, Dec 21 - Jan 1):

Monday-Thursday:	11:00am - 9:30pm
Friday	11:00am - 11:00pm

More information may be obtained at http://www.seasideice.com/

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Interest Rates Are Great !!

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 27 Nov 2009 14:10:04 -0600

Interest rates are at record lows !!!!

Here are some loan programs currently being offered by Ron Goodli of Coast Capital Group at 310-798-5514 :

Rates available at a 1pt origination fee plus standard closing costs. Rates based on fico score ">740", impound account, loan to value "<60%" and lock period "30 days"...

Loan amounts from $150,000-$417,000:

30yr fixed loan 4.375% (4.48% APR)

10/1 ARM fixed 4.125% (4.22% APR)

5/1 ARM fixed 3.375% (3.45% APR)

Loan amounts from $417,000-$729,750..Program has been extended for 2010..

30yr fixed loan 4.75% (4.89% APR)

10/1 Arm fixed 4.5% (4.68% APR)

7/1 ARM fixed 4.0% (4.125% APR)

5/1 ARM fixed 3.625% (3.83% APR)

Loan amounts from $729,750- $2,000,000

These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score, loan to value, lock period and potential banking relationship... Potential for Interest only payment..

30yr fixed 5.375% (5.52% APR)

10/1 ARM fixed 5.25% (5.45% APR)

7/1 ARM fixed 5.0 (5.29% APR)

5/1 ARM fixed 4.625% (4.87% APR)

3/1 ARM fixed 4.375% (4.56% APR)

Loan amounts from $2,000,000- $10,000,000:

These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score, loan to value, lock period and banking relationship... Potential for Interest only payment..

10/1 ARM fixed 5.625% (5.75% APR)

7/1 ARM fixed 5.25% (5.369% APR)

5/1 ARM fixed 4.875% (5.128% APR)

3/1 ARM fixed 4.625% (4.75% APR)

6 month arm 3.0% (5.125%APR)

The following are interest rate quotes from Al Hermann of American/California Financial Services

30 Yr Fixed FHA
Rate	APR
4.500%	4.652%	Details

Conforming 30 Yr Fixed up to $417000
Rate	APR
4.375%	4.525%	Details

Conforming Jumbo 30 Yr Fixed $417001 - $625500
Rate	APR
4.750%	4.896%	Details

Conforming Jumbo Fixed $625000 - $729750
Rate	APR
4.750%	4.894%	Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate	APR
4.990%	4.042%	Details

Now is the Time to Buy a Home in Palos Verdes and the South Bay

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 26 Nov 2009 17:02:42 -0600

More and more of the signs are pointing the way to the fact that now may be the best time in a generation to buy a home on the Palos Verdes Peninsula and the South Bay of Los Angeles. As noted in my post below, home prices in the area appear to have stabilized, and in most areas are increasing on a month to month basis compared to the prior month.

Today,, it was reported that interest rates have dropped to an historical low. The average rate on a 30 year fixed rate mortgage dropped to 4.78% in the week that ended Wednesday , tying a record set in April, home loan buyer Freddie Mac said. This is based on a survey of borrowers who have good credit and at least a 20% down payment. Points were an average 0.7%.

Bankrate.com also reported that the average rate for conventional mortgages offered by large lenders surveyed by the firm drooped this week to 5% last week, a record low for the 24 year old survey.

Buyers looking to buy a home at this time of the year will find that sellers tend to be very serious about negotiating a deal or they would not be attempting to sell their home during the holidays. Sellers also recognize that buyers looking to buy a home now are also serious buyers or they too would not be in the market at this time.

The combination of record low interest rates and motivated sellers make this the ideal time to purchase a home. The extension of the Federal home buyers tax credit for sales contracts signed prior to April 30th of next year also provides a strong motivation to buy a home today.

I look forward to helping you find your ideal home.

South Bay Home Prices Stabilized

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 26 Nov 2009 16:35:40 -0600

The median price of all local homes sold in October in the South Bay of Los Angeles- excluding the Palos Verdes Peninsula and Carson - was $519,500, up 0.9 percent from the same month a year earlier, according to a report released Wednesday by the Los Angeles-based California Association of Realtors.

The Palos Verdes Peninsula also saw an annual rise in October, up 0.5 percent to a median of $955,000.

The median home price for most of the other beach communities in the South Bay decreased over the prior year, but all appear to have stabilized. "The South Bay housing market appears relatively stable, despite ongoing reduced prices in some submarkets," said Sheri Fejeran, president of the South Bay Association of Realtors, in a statement. "Inventories are way down compared to last year, and properties for sale are spending less time on the market. Condominiums under contract are up significantly, suggesting a recent increase in sales activity."

"Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market," CAR President and Manhattan Beach Realtor Steve Goddard said. "However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010."

Happy Thanksgiving

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 26 Nov 2009 02:35:04 -0600

HAPPY THANKSGIVING !!!

I HOPE THAT YOU AND YOUR FAMILY HAVE A WONDERFUL THANKSGIVING DAY

Thanksgiving day is a wonderful opportunity for all of us to step back and be thankful for the truly important things in our life such as family and friends. I am thankful that I live in a country where my children can make of themselves what they will. I am thankful that we live in a country where we can worship freely in our own way without the fear of reprisal or attack. I am thankful that I live in a country where people respect other peoples right to their opinions and thoughts. i am thankful to be an American.

Partitioning of the Original Rancho de los Palos Verdes Land grant

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Tue, 24 Nov 2009 20:39:46 -0600

For approx. 49 years, the Dominquez and Sepulveda families fought over the ownership rights to the Palos Verdes Peninsula. Final title was conveyed in an 1858 land patent, signed by then-President James Buchanan settling the long running dispute between the Dominquez and Sepulveda families. This land patent ceded the Rancho San Pedro totaling approx. 43,000 acres to the Dominguez family, and 31,000 acres of the Palos Verdes Peninsula to the two oldest Sepulveda brothers as the Rancho de los Palos Verdes.

The Partitioning of Rancho Los Palos Verdes

Beginning in 1840, the Sepulveda family began to sell or mortgage a large portion of their interest in Rancho de los Palos Verdes.

Watercolor of Jose Diego Sepulveda home by John Victor Carson., courtesy of CSU Dominquez Hills Archives

During the ten year period from 1855 to 1865, the Sepulvedas incurred significant financial difficulties, including a severe drought in 1862-1864 which wiped out most of their cattle herd. During this time, the Sepulvedas began to incur significant debt.   On May 11, 1855, Juan Capistrano Sepulveda mortgaged his share of the Rancho for a loan of $2,962 at an interest rate of 6% per month! In 1856, he then sold his interest in the Rancho to a man named Lamalfa, who then mortgaged the property, which then went into foreclosure, which was then purchased by Jose Diego Sepulveda, Juan's brother, for $3,000 in 1858. Jose Diego Sepulveda then deeded 12 acres of land to his brother Juan Capistrano Sepulveda, upon which Juan's house stood.

in 1869, Jose Diego Sepulveda died, and left his interest in the Rancho to his sons, Aurelio, Roman, and Rudecinda. Parts of the Rancho were sold or encumbered by loans, with Jotham Bixby involved in many of them. Numerous additional lawsuits were filed in the mid-1870's disputing ownership of the land making up the Rancho de los Palos Verdes and requesting partitioning of the land, and from 1878-1882 the land was held in receivership, even though an additional land patent was issued to the Sepulvedas on June 23, 1880, signed by Rutherford B. Hayes. Sadly, Jose Loreto Sepulveda (who had sold or mortgaged his entire interest in the Rancho) died in 1881, a broken man. Numerous parties claimed an interest in the Rancho, based upon the transactions discussed above, many of them with conflicting claims, sometimes buying or selling the same claimed interest in the Rancho. During the period from 1865 to 1880, the Sepulvedas were engaged in 78 lawsuits, six land partitions suits, and12 suits over eviction of squatters.

At the conclusion of these complicated law suits on September 25, 1882, Rancho de los Palos Verdes was partitioned into seventeen portions . The largest share, the 17,031 acres which constituted the Palos Verdes Peninsula, was awarded to Jotham Bixby, with only about 12 acres awarded to Juan Capistrano Sepulveda (who died in 1896), and approx. 4,399 acres (most of the town of San Pedro)awarded to the family of Jose Diego Sepulveda (A.W.Sepulveda), his brother.

Partition Map of the Rancho Los Palos Verdes, September 25, 1882---Courtesy of John G. Nordin


             Jotham Bixby 1905

The Bixby family retained ownership of the Palos Verdes Peninsula until they sold the property to Frank Vanderlip in 1913,

For more information about the HISTORY OF THE SOUTH BAY OF LOS ANGELES , visit my website at http://www.maureenmegowan.com

Palos Verdes High Wins Two CIF Southern Section Championships

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Tue, 24 Nov 2009 20:06:57 -0600

Palos Verdes High School recently won two different CIF Southern Section Championships .

The Palos Verdes boys won the Division III title with 52 points, St. John Bosco of Bellflower was second with 62 and Golden Valley of Santa Clarita was third with 124. South Pasadena junior Samuel Pons won in 14:57, Palos Verdes had sophomore Jonah Diaz (14:58) and senior Chase Zukerman (15:00) finish second and third, respectively.

Palos Verdw High Sea Kings also captured their first Division IV CIF water polo title with a 6-5 victory over Mira Costa High of Manhattan Beach at William Woollett Jr. Aquatic Center in Irvine. This was the fourth time that Palos Verdes had beaten its Bay League rivals.

Chris Richardson, from left, Paul Mitre and Connor Virjee are three of Palos Verdes four All-CIF returners from last season. They are all seniors. (Brad Graverson, Daily Breeze Staff Photographer)

Congratulations to Palos Verdes High on its great achievement

Progress for Palos Verdes Peninsula Dog Park made at Rancho Palos Verdes Council Meeting

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Wed, 18 Nov 2009 15:19:05 -0600

Last night, plans for the development of Grandview Park in the Montemalaga neighborhood and Lower Hesse Park in Rancho Palos Verdes were discussed at the City Council Meeting for Rancho Palos Verdes. The evening was a great step forward in getting a dog park constructed on the Palos Verdes Peninsula.

Approx. 12 people spoke on the City's preliminary design of the parks at Grandview and Lower Hesse Park ( Note: Click on the link and when the plan is displayed, click on the picture to enlarge it ). Most of the speakers were immediate neighbors of the park concerned with traffic and noise. My husband Bruce and Ruth Shaffer spoke in favor of the dog parks. She emphasized the fact that dog parks are great for drawing people out of their homes and getting together as a community. This comment seemed to resonate with several of the council members. Bruce presented the council with copies of our petitions that included 814 signatures in favor of a dog park on the Peninsula, with 359 of the signatures being from residents of RPV. He also commented on the fact that the proposed dog parks seemed to be too small and not the optimal size as recommended by several sources which we had read on the Internet, which was 3 acres in size ( 2 acres for large dogs and 1 acre for small dogs).

After all of the public comments were over regarding Grandview and Lower Hesse Park, Mayor Larry Clark gave a presentation on how the other cities on the Peninsula are now actively working together to construct dog parks on the hill. He said that at a recent meeting of all of the mayors of the 4 Peninsula cities, that they were unanimous in their support for constructing one or more dog parks on the Peninsula. The RPV City Manager also commented that all of the city managers are also supportive of the idea. Mr. Clark then showed the large stack of dog park petitions Bruce had given him and he submitted them to the city clerk as evidence of the demand for a dog park on the Peninsula. Several of the council members mentioned the large number of emails that they have received over the last 18 months from our supporters.

Each of the other council members then commented, and they all seemed in support of a dog park on the hill, although a couple were firm that certain negative impacts of the dog park ( noise, traffic , etc. ) would need to be mitigated or addressed by staff for a dog park to be constructed at Grandview Park or Lower Hesse Park. They also directed staff to consider doing a survey of other locations within the city that may be appropriate for a dog park location.

One thing that all of the council members emphasized was that these two parks were city parks, meant for active recreational uses for all of the city residents, and were not just local parks meant for the immediate residents, and that although their concerns would be addressed and attempts to mitigate them made, that they all purchased their homes knowing that this was a city park in their immediate neighborhoods. They also stated that although several of the residents commented that they would like to see Grandview Park left in its natural state, that the city currently has over 1,500 acres of nature preserve and dedicated open space, and that this land was purchased years ago by the city for an active city park, and that it should be developed as such.

The city authorized $50,000 to be spent on hiring a designer who would flesh out the proposed design. They also plan to have future public workshops to discuss the proposed designs. The council members emphasized that this is a first step and that authorizing design work did not mean that the council was endorsing or approving the current design.

We are also continuing to work with the City of Rolling Hills Estates on the possiblity of constructing a dog park on the former Palos Verdes landfill site or at another suitable location within their city. At the RHE Parks and Activities meeting last night two potential locations within RHE for a dog park (which did not include a discussion of the former Palos Verdes landfill site ) were unfortunately voted down. The Palos Verdes landfill site was not discussed, however, and this site will hopefully be put on the agenda for the next committee meeting to discuss.

If you would like to support our efforts to get a dog park constructed on the Palos Verdes Peninsula, please email me at mmegowan@cox.net .

Interest Rate Update

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Mon, 16 Nov 2009 18:43:04 -0600

The following are interest rate quotes from Ron Goodlin at Coast Captal Group at ron@coastcapitalgroup.com :

Loan amounts from $150,000-$417,000

Options:These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score ">740", impound account, loan to value "<60%" and lock period "30 days"...

30yr fixed loan 4.50% (4.64% APR)

10/1 ARM fixed 4.0 % (4.22% APR)

5/1 ARM fixed 3.625% (3.75% APR)

Loan amouts from $417,000-$729,750..Program is GONE by the end of the year....

Options:These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score ">740", impound account, loan to value "<60%" and lock period "30 days"...

30yr fixed loan 4.75% (4.89% APR)

7/1 ARM fixed 4.0% (4.125% APR)

5/1 ARM fixed 3.625% (3.83% APR)

Loan amounts from $729,750- $2,000,000

Options: These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score, loan to value, lock period and banking relationship... Potential for Interest only payment..

30yr fixed 4.875% 1.75Pt's (5.56% APR)

10/1 ARM fixed 5.5% (5.75% APR)

7/1 ARM fixed 5.125 (5.29% APR)

5/1 ARM fixed 4.875% (4.98% APR)

3/1 ARM fixed 4.5% (4.65% APR)

Loan amounts from $2,000,000- $10,000,000:

10/1 ARM fixed 5.625% (5.75% APR)

7/1 ARM fixed 5.25% (5.369% APR)

5/1 ARM fixed 4.875% (5.128% APR)

3/1 ARM fixed 4.625% (4.75% APR)

6 month arm 3.0% (5.125%APR)

Palos Verdes Dog Park - Some Good News !!

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Sun, 15 Nov 2009 17:50:31 -0600

I have some exciting news about the possibility of constructing a dog park on the Palos Verdes Peninsula.

At the next regularly scheduled Rancho Palos Verdes City Council meeting next Tuesday night November 17th at 7:00 pm at Fred Hesse Community Park at 29301 Hawthorne Blvd , the city council will be reviewing a staff report on improvements proposed for both Grandview Park and Lower Hesse Park in Rancho Palos Verdes which would include a fenced dog park for both large and small dogs. ( see staff report at http://www.palosverdes.com/rpv/citycouncil/agendas/2009_Agendas/MeetingDate-2009-11-17/RPVCCA_SR_2009_11_17_12_Conceptual_Designs_Hesse_Grandview1.pdf ) . Mayor Larry Clark, in support of our previous presentations to the city council for a dog park on the Peninsula, has been instrumental in proposing a dog park at these two locations and has requested that as many dog park supporters as possible attend this meeting to show community support for the dog park component of these plans.

Your attendance at this meeting is very important and may be instrumental in getting a dog park constructed on the Palos Verdes Peninsula.

I had previously sent out an email regarding a meeting of the Rolling Hills Estates Park and Activities committee also scheduled for next Tuesday night at 7:30 pm at which meeting proposed locations of a dog park in RHE would be discussed, and which I asked everyone to attend. Given the importance of the RPV City Council meeting discussed above, I would encourage you to attend the RPV City Council meeting instead. We will continue to encourage RHE to pursue a dog park within their city limits including our previously recommended location of the former Palos Verdes Landfill site.

Picture of my miniature Australian Shepherd "Pepper "

My husband and I also attended the City Council meeting of the City of Palos Verdes Estates last week, and although the council members have indicated that they do not see a viable location for a dog park within their city limits, that they would consider adding this issue as an agenda item in a future meeting of the city council to discuss what they can do to support the construction of a dog park elsewhere on the Palos Verdes Peninsula.

We are starting to make some real progress on getting a dog park on the Palos Verdes Peninsula, and hope that you will show your support for this by attending next Tuesday nights RPV city council meeting.

Original Palos Verdes Project Plans called for additional commercial plazas

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 13 Nov 2009 16:35:55 -0600

The original master plan envisioned three major business centers in Malaga Cove, Valmonte, and Lunada Bay, with minor business centers in Margate, Miraleste, and Montemalaga. The Lunada Bay Plaza area was originally going to be constructed at Via Mirola and was to be a grand plaza with several large buildings, but was ultimately constructed on a scaled down basis a bit north at Yarmouth Road.

1920's advertisement for Lunada Bay (Picture Courtesy of Palos Verdes Peninsula Library District). Thisd was the original plan for the Lunada Bay Plaza to be built on Via Mirola.

The only business centers originally planned for the Palos Verdes Project which were constructed were at Malaga Cove, Lunada Bay, and Miraleste.

Original plans for Valmonte Plaza (Picture Courtesy of Palos Verdes Peninsula Library District)

In addition to the early planned districts of Valmonte, Malaga Cove, Margate, Lunada Bay and Miraleste, located in the current City of Palos Verdes Estates,there were several other planned districts, now part of Rancho Palos Verdes, called "Telarana" (near the Point Vicente lighthouse), "Taravel" (near Long Point), "Cabrillo" (near Portuguese Bend) and "Altamira" (near the Peninsula Center shopping center).

For additional information aboutr the history of Palos Verdes, go to HISTORY OF PALOS VERDES ESTATES

Property tax Exemptions to Reduce your Property Tax Bill in South Bay of Los Angeles - 3rd in a Series

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 12 Nov 2009 19:48:11 -0600

MAINTAINING YOUR EXISTING PROPERTY TAX BASIS IF YOU ARE 55 OR OLDER AND SELL YOUR PROPERTY
Proposition 60, passed in 1986, and modified by Proposition 90, passed in 1988, allows "qualified" individuals over the age of 55 to transfer the base year assessed valuation from a former residence ("original property") to a replacement residence, of equal or lesser value and that meet other certain conditions. Link: http://www.smcare.org/library/pdfs/Broch-Props_60-90-110_v_BG-PK.pdf which discusses this issue in detail. Effective January 1, 2007, claims must no longer be filed within 3 years, however if the claim is filed after 3 years, relief will be granted beginning with the calendar year in which the claim was filed. In addition, any upgrades paid by the buyer outside of escrow and not reflected in the sales price must now be reported on the Preliminary Change of Ownership Report so as to be included in the determination of the "equal or lesser value" test.

HOMEOWNER'S EXEMPTION ON PROPERTY TAXES
If you own a home and occupy it as your principal place of residence on January 1, you may apply for an exemption of $7000 off of your assessed value. This will save you over $70 a year on your property taxes. All you need to do is file a simple one page form with the county tax assessors office. For information click on this link at the L.A. county assessors office: http://www.lacountyassessor.com/extranet/guides/exemptions.aspx . For a copy of the form to be filed you must call the L.A. County Tax Assessors office at (213) 974-3211 and request that a form be mailed to you. The form is not available on the internet. If you do not know if you have a homeowners exemption on file, go to the assessormap link in the first paragraph above, and review the property tax information for your property.

PARENT TO CHILD TRANSFER EXEMPTION
Under Propositions 98 and 193, property transferred between parents and children (Proposition 58, effective 1986) and from grandparents to grandchildren (Proposition 193, effective 1996) is not reassessed for property tax purposes. In order to take advantage of this, however, a claim must be filed with the county tax assessors office. The exemption to reassessment is 100% of the assessed value for the parents/grandparents principal residence plus the first $1,000,000 of assessed value for other property transferred. This is, of course, only for California property.See http://www.lacountyassessor.com/extranet/guides/prop58.aspx for additional information on filing this claim. For estate planning purposes, it is important to understand the details of this exemption. For instance, a family home left to several children as tenants-in-common would be eligible, however if some of the children sell their interest to the other child, the property would be reassessed for this interest sold. The exemption is only for parent to child, not child to child. Therefore, it would be advantageous to leave a family home, with a low property tax basis, to one child, and to leave other assets of comparable value to the other children.

DISABLED VETERANS EXCLUSION
If you are a California veteran who is rated 100% disabled, blind, or a paraplegic due to a service-connected disability (or if you are the unmarried widow of such a veteran), you may be eligible for an exemption of up to $150,000 off of the assessed value of your home.

BUILDERS EXCLUSION
Certain new construction may be excluded from supplemental assessment. The property must be for sale and the builder must file the necessary claim form with the Assessor's Office prior to or within 30 days from the start of construction. If the form is not filed, a supplemental assessment is sent to the builder upon completion of construction.

SEVERELY AND PERMANENTLY DISABLED EXCLUSION
A severely and permanently disabled person, who buys a new home, may be able to have his/her old assessed value transferred to the new home. You must file a claim.

DISASTER RELIEF
If a major calamity, such as fire or flooding, damages or destroys your property, you may be eligible for property tax relief. In such cases, the Assessor's Office will reappraise the property to reflect its damaged condition. In addition, when you rebuild it in a like or similar manner, the property will regain its pre-damage valuation basis for tax purposes. To qualify for property tax relief, you must file a Misfortune or Calamity Claim with the Assessor's Office within 12 months* from the date the property was damaged or destroyed. In addition, the loss must exceed $10,000* of current market value.

For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes

Appealing Your Property Tax Assessment in the South Bay of Los Angeles - 2nd in a Series

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 12 Nov 2009 19:41:02 -0600

The following are the steps to appeal your property tax assessment valuation in Los Angeles County:

1) Request the "Application for Changed Assessment" form.

2) You may select to see a Hearing Officer which expedites the appeal process or you may meet directly with the Appeals Board.

3) Mail the Completed Form to:
County of Los Angeles
Assessment Appeals Board
P.O. Box 53596
Los Angeles, CA 90053-0596

4) The Assessment Appeals Office reviews the application.

5) An appointment card will be mailed to you.

6) The Assessment Appeals Board recommends you attend a Public Education Seminar to help you with the Appeals process

6) Bring relevant evidence to support opinion of value.Hearings are conducted on a first come first serve basis. Feel free to contact me to obtain a current comparative market analysis of your property indicating its current value.

7) If you do not agree with the Hearing Officer's Recommendation, you can request a Board hearing within 14 days of the Hearing Officer's hearing date

8)The Board makes final assessment decision and approves or rejects Hearing Officer's Recommendations.

I would be happy to speak with you regarding the appeals process and to help you present your case for a reduction in property valuation. For more info on the appeals process, go to http://bos.co.la.ca.us/categories/propertytaxappeals.htm#

For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes

Property Taxes in the South Bay of Los Angeles - First in a Series

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 12 Nov 2009 19:21:33 -0600

Property Taxes in the South Bay of Los Angeles County are computed by the standard 1.0% of the property's assessed valuation (in accordance with Proposition 13, a property's assessed valuation is the original purchase price, plus the cost of improvements, based on the value of permits pulled, plus an increase in valuation of 2% per year) plus additional tax rates for voted bonded indebtedness, plus direct assessments such as school parcel taxes. Copies of building permits are sent to the Assessor. New buildings, additions, and other structures require an appraisal. Structural repairs and/or replacement are not appraisable in most situations. The assessed valuation of a property may also be decreased for one or more exemptions.

The following is the property tax rates and direct assessments for the cities in the South Bay: of Los Angeles

Palos Verdes Estates: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $1,400-$1,600 per parcel for such items as school parcel taxes, fire suppression fee, emergency services tax, sewer fees and flood control.

Rancho Palos Verdes: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $700-800 per parcel for such items as school parcel taxes, etc.

Rolling Hills Estates and Palos Verdes Peninsula: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $600-700 per parcel for such items as school parcel taxes, etc.

Rolling Hills: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $1,700-2,000 per parcel for such items as school parcel taxes, etc.. There is an additional assessment for the Homeowners Association for the City of Rolling Hills of ,2% (two/tenths of one percent) of the assessed value of the property which is billed separately by the Association, with installments due on 12/10 and 4/10. This assessment goes to maintain the private roads, the guard houses and personnel, and other city amenities within this private gated community.

El Segundo: The property tax rate for the fiscal year 2009-2010 is 1.075655% plus direct assessments of anywhere up to about $200-$300 per parcel for other misc. local taxes.

Manhattan Beach: The property tax rate for the fiscal year 2009-2010 is 1.059263% plus direct assessments of approx. $500-700 per parcel for such items as school parcel taxes, etc..

Hermosa Beach: The property tax rate for the fiscal year 2009-2010 is 1.036418% plus direct assessments of approx. $200-$300 per parcel for such items as school parcel taxes, etc..

Redondo Beach: The property tax rate for the fiscal year 2009-2010 is 1.074359% plus direct assessments of approx. $500-$1,600 per parcel for such items as school parcel taxes, etc..

Torrance: The property tax rate for the fiscal year 2009-2010 is 1.075651% plus direct assessments of approx. $300-400 per parcel for such items as school parcel taxes, etc..

San Pedro: The property tax rate for the fiscal year 2009-2010 is 1.220441% plus direct assessments of approx. $100-$200 per parcel for such items as school parcel taxes, etc..

Lomita: The property tax rate for the fiscal year 2009-2010 is 1.179221% plus direct assessments of approx. $400-$500 per parcel for such items as school parcel taxes, etc..

Taxes are assessed for the fiscal year running from July 1st through June 30th, with property tax bills payable in two installments on December 10th and April 10th. If a property changes ownership during the year, a supplemental tax bill will be prepared prorating the tax increase due to a change in valuation over the remainder of the fiscal year. If a change in ownership occurs between January 1 and May 31 this will result in two supplemental assessments and two supplemental tax bills. The first supplemental bill is for the remainder of the fiscal year in which the event occurred. The second supplemental bill is for the subsequent fiscal year.

ACCESSING PROPERTY TAX ASSESSMENT INFORMATION ON PROPERTIES
Click the link below to visit the L.A. County tax Assessors office web site. Enter an address (or if an address doesn't work, choose two cross streets near the address) and then click on the map parcel to see that parcel's assessed valuation. Then click on the tab for the 2004-2005 property tax bill. Link: http://assessormap.co.la.ca.us/mapping/viewer.asp

For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes

Terranea Resort to Offer Camps for Kids

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 12 Nov 2009 14:43:07 -0600

The Terranea Resort in Rancho Palos Verdes is offering camps for kids in various themes including movie production, video game creation, fencing, and Jedi training. Dates for these camps include the following: 2009 Camps: December 19- 23, December 26-30 (no Jedi or Fencing Camp 12/26-30) 2010 Camps: April 5-9, April 12-16, June 14-18 and June 21-25. The camps include the following:

Movie Production (Grades 7-10)
Film camp in California is perfect for anyone interested in making their own movies. Coordinated by Planet Bravo, students work in small production groups to plan, produce, edit and package their own short movies. All students leave camp with a DVD of their movie. Cost: $495 per student.

Video Game Creation (Grades 4-6):
Also coordinated by Planet Bravo, this camp teaches students how to make their own interactive video game. In a few simple clicks, they assign behaviors and conditions to their objects, and the game comes to life. All students leave this video game camp with their games online and on a USB drive. Cost: $495 per student.

Jedi Training Camp
In partnership with Swordplay Studio in Burbank, Terranea presents Jedi training camp for children ages 4-12. Campers create their own Jedi character and develop their balance and coordination through fun Jedi training games, and lessons in how to wield a light saber. Surprise visits from some of the favorite Star Wars characters, as guest instructors, make this an experience of a lifetime. Cost: $500 per participant.

Fencing Camp
Campers are introduced to one of Hollywood's favorite art forms- fencing! Students receive instruction in footwork and technique, take part in fencing drills and games, learn about the history of fencing and even compete in an in-class fencing tournament. Cost: $380 per participant.

A stay at this Southern California resort is not required to participate in the camps and no experience is necessary. A special $195 per room rate will be offered to all participants during the camp dates. Cost for the camps includes a buffet lunch each day. Reservations can be made at http://www.terranea.com/california-family-vacations.php or by calling (310) 265-2800.

South Bay Galleria Unveils Remodel Plans

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 12 Nov 2009 14:29:50 -0600

The South Bay Galleria Shopping Center, located west of Hawthorne Boulevard and south of 177th Street unveiled plans for a $32 million renovation of the southern part of the shopping center.

The 11 acrea area today is home to the discount Cinema 3 theater, a Bank of America branch and a building that once housed Thrifty Drug and CompUSA stores. A fenced-off dirt lot behind the theater is all that's left to show of an old bowling alley demolished a few years ago. The owner of the center, South Bay Associates, a subsidiary of Galleria owner Forest City Commercial Group, explained that the renovation will include a nearly 110,000-square-foot complex that incorporates three anchor tenants and six to seven smaller retailers.

for Daily Breeze

The company's goal is to start work in the second quarter of 2010 and open the new center in the third quarter of 2011, Lee said.

As the SouthBay South project heads through the approval process, Redondo Beach is eager to see the transformation of another nearby retail site: the large building abandoned earlier this year by the closure of the Expo Design Center.

That tract is owned by Home Depot, which is looking to either lease or sell all of its former Expo properties, a company spokeswoman said.

An artist's rendering of the South Bay Galleria remodel.

Rocky Point to remain open to Fisherman

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Wed, 11 Nov 2009 14:23:24 -0600

The kelp beds of Rocky Point off of the Lunada Bay area of Palos Verdes Estates will remain open to fisherman based on a decision of a state panel selected to enforce the Marine Life Protection Act . The panel had selected a compromise plan that had taken into consideration proposals from groups representing both the fisherman as well as conservation groups.

The popular fishing area near Rocky Point would remain open under the latest Blue Ribbon Task Force proposal. (Steve McCrank/Daily Breeze Staff Photographer)

The panel did vote to include areas including portions of La Jolla, Swami's Reef, Malibu and Santa Catalina Island, Rocky Point was excluded . Rocky Point is a productive area and receives significant fishing pressure, but closing it to fishing would have dealt an economic blow to Redondo Sportfishing and other landings, and might have caused private fishing boat owners to pull their vessels from King Harbor.

for Daily Breeze

Additional information on this issue may be found at www.easyreadernews.com/story.php?StoryID=20035366 . The plan still must be approved by the California Fish and Game Commission, which will convene on the issue next month.

Congress Extends Loan Limits for Government funded loans

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Sun, 08 Nov 2009 17:50:06 -0600

The Congress recently passed an extension of the increased loan limits passed last year, which increased the limits on the amount of a loan funded or guaranteed by the FHA or Fannie Mae and Freddie Mac in certain high cost areas such as California from the previous $625,500 limit to $729,750. These limits are based on 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The new limits have now been extended through 2010. The higher limits had been set to expire at the end of 2009 returning back to $625,500.

These increases created a new range of loans called "Super Conforming Loans" or " Conforming Jumbos" from $417,000 to $729,750 (in some cases limited to an upper limit of $625,500). These loans are generally priced only an eighth of a point higher than conforming loans under $417,000.

Jumbo loans in excess of these limits are currently available at rates of aprox. one half point higher.

Interest rates for conforming and jumbo conforming loans are now available for rates of less than 5%.

President Signs Extension of First Time Home Buyers Credit and New credit for current owners buying a home

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Sun, 08 Nov 2009 17:14:52 -0600

The President has signed into law an extension of the $8,000 first time home buyers credit which also added a new $6,500 tax credit for existing homeowners buying a new principal residence. The details of the new law are as follows:

For homes purchased between between January 1, 2009 and April 30, 2010:

1) The credit is 10% of the homes purchase price, limited to $8,000, and does not have to be paid back (unless the property is sold within 3 years - See #7 below).
2) The credit is limited to first time home buyers and principal residences. Any home that will be used as a principal residence will qualify for the credit, provided that if the home is purchased after November 6, 2009 it must be for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.
3) The definition of first time home buyer is someone who did not own a principal residence within 3 years of the date of closing of the new purchase.For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
4) The credit is only for a limited time. The contract date of the sale must be between January 1, 2009 and April 30, 2010. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
5) Income limits for phase out of Tax credit
a)To receive the full credit, for sales through November 5, 2009, single taxpayers must have earned (modified adjusted goss income) less than $75,000 and married taxpayers must have earned less than $150,000. The tax credit is phased out proportionally for taxpayers who exceed these income limits by up to $20,000. The credit is zero at an income level of $95,000 for single taxpagyers, and $170,000 for married taxpayers.To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
b) For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
6) The credit is a "refundable credit", which means the credit is deducted from the taxes owed, and if the net result is less than zero, the amount is refunded to the taxpayer. Therefor, even if you pay no taxes, you will receive the credit which will be paid to you. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.
7) The buyer must hold the property for at least 3 years or the tax credit wil have to be returned (exceptions are for sale due to death or divorce ).
8) Those people who took advantage of the $7,500 first time home buyers credit in 2008, must still pay the credit back over a 15 year period.
9) Two unmarried individuals buying a principal residence may allocate the credit "in any reasonable manner"
10) The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year´s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this. Therefor, you can choose the year that yields the largest credit amount.
11)Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.

Federal Tax Credit for qualified move-up buyers ( not first time home buyers):

1) The tax credit is for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).and is equal to 10 percent of the home´s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
2) The law defines a tax credit qualified move-up home buyer ("long-time resident") as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
3) The income limits are the same as for the $8,000 first time home buyers credit described above for homes purchased after November 6, 2009.
4) The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year´s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this. Therefor, you can choose the year that yields the largest credit amount.
5)Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.

**NOTE: The information contained at this site is for educational purposes only and is not intended for any particular person or circumstance. A competent tax professional should always be consulted before utilizing any of the information contained at this site.**

House and Senate Vote to Extend and Expand 1st Time Home Buyers Tax Credit

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 05 Nov 2009 16:44:59 -0600

The California Association of Realtors has just released the following good news for first time homebuyers:

"Following the Senate's favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.

As it now stands, the federal 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 be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases 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 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation 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."

This is excellent news and will help all first time home-buyers realize their dream of home ownership.

3rd Quarter 2009 South Bay and Palos Verdes Real Estate Market Report

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 05 Nov 2009 16:15:04 -0600

The real estate market for the Palos Verdes Peninsula and Beach Cities picked up substantially in the third quarter 2009. Both buyers and sellers stepped up to buy and sell. Properties that were sitting for many months sold at all levels of the market. High end properties are selling as jumbo loans have become more available. Buyers who can get financing are actively looking and aggressively offering where they see a deal. Sellers who are motivated to move are pricing their homes to sell.

I have also posted below in separate web blog posts detailed market reports for each of the neighborhoods on the Palos Verdes Peninsula which lists the homes sold in each neighborhood during the 3^rd Quarter of 2009

News reports are mixing in some good economic news in addition to the doomsday reports favored by the media. Lower priced homes are moving briskly with buyers taking advantage of significant discounts and record low interest rates. New tax credits are also giving great incentives to new buyers. Today, the Senate agreed to extend the $8,000 first time homebuyers tax credit that was scheduled to expire at the end of November to the end of next April, with the Housed expected to agree to extend the credit.

PRICE CHANGES - Properties, on average, in the South Bay are selling for approx. 96% of list price. The average price per sq. ft. for homes sold in the third quarter 2009 compared to the third quarter 2008, has fallen much less in the South Bay Beach Cities, however, than in most markets in Southern California. Recent news reports have indicated that prices may be stabilizing in Southern California. The median price of homes in Los Angeles County has also been increasing lately due to an increase in the number of more expensive homes being sold because of the improving market for jumbo loans.

Quarterly changes in sales volumes in the beach cities compared to last year varied widely, with some strong increases in sales volumes on the Palos Verdes Peninsula and San Pedro, but flat sales in Torrance and Manhattan and Hermosa Beach or decreases in sales in Redondo Beach.

Location	2009 3rd Qtr. Sales	2009 3rd Qtr. Sales	% Change 3rd Qtr. 2008	% Change 3rd Qtr. 2008
	Sales Price Per Sq. Ft.	# of Houses	Sales Price Per Sq. Ft.	Sales Volume	Days on Market	Months Inventory
Palos Verdes Estates	$552	42	( 22% )	62%	84	6
RPV, RHE & PVP	431	99	(15%)	11%	71	4
Rolling Hills	644	6	(11%)	100%	120	10
Manhattan Beach/Hermosa	606	113	(11%)	(3%)	72	5
Redondo Beach	450	70	(3%)	(17%)	57	4
Torrance	366	227	(3%)	0%	45	2
San Pedro	323	90	(4%)	22%	99	3

Inventory - The total inventory of single family homes for sale in the cities listed above has decreased significantly during the last quarter, except for the more expensive area of Rolling Hills.

Inventory History -For most of the last two decades, L.A. County has averaged an 8 month inventory. The number of months of inventory of homes in Redondo Beach, Torrance and San Pedro has shrunk significantly in the last 3 quarters. Homes in the lower end of the price range in the higher priced market of the Palos Verdes Peninsula and Manhattan Beach have been also selling faster than the higher priced homes, yet as previously, luxury home sales on the PV Peninsula increased in the third quarter.

What is a Short Sale?

CDPE - Certified Distressed Property Expert

Short Sales are a sale of a property where the sale proceeds are not adequate to pay off the existing loans, requiring the lender to agree to accept less than full payment of their loan. At this time, the fastest growing segment of the distressed property market is the luxury market. I am a Certified Distressed Property Expert, and those realtors that have this designation have a success rate of 85-90% closing short sales, compared to a national average of 8-10% successful closings. Whether it is caused by relocation, loss of a job or increased mortgage payments, everyone at some point has been touched by the worldwide economic downturn. If you know someone who may need some help lease don't hesitate to call or refer our services.

IT'S ALL ABOUT THE INTERNET. We invite you to visit our award winning website at www.maureenmegowan.com. Our website achieves extremely high placement on search engine results, such as "Palos Verdes Real Estate" and "South Bay Real Estate" on Google, for people using the internet to buy a home in Palos Verdes or the South Bay beach communities. This has made us a leader in serving relocation clients.

TAX INCENTIVES: The Federal government's $8,000 tax credit for first time home buyers is scheduled to expire November 30^th, but may be extended by Congress. There are also substantial tax credits for qualifying energy saving expenditures. For more info, visit the following link on my website : Income Tax Issues

BUYERS AND SELLERS TAKE HEART! There is financing available for well qualified buyers due to the Federal Reserve's aggressive action in purchasing Fannie Mae and Freddie Mac securities. Funds for this program are expected to run out by the end of the 1^st quarter of 2010 and interest rates may move up by upwards of a half point in the early part of next year. There are new guidelines for Fannie Mae and Freddie Mac loans, and 3.5% down payment loans are available with tight restrictions.

BUYERS with good credit, an adequate down payment and 2 years or more employment history will qualify for Full Documentation loans. There are no Stated Loans ( no documentation) offered now. If the property will be your home, not a speculative investment, you should be buying for the long term. Today's market gives buyers and sellers the opportunity to negotiate a reasonable deal for both parties.

Conforming Loans (loans of less than $417,000) are at approx. 4.9 %. Rates for loans between $417,000 and $729,750 (conforming jumbos ) are about one-eighth to one quarter of a percentage point higher. Conforming loans generally require a 10% to 20%down payment (less for FHA or VA loans)

Interest rates on Jumbo 30 year fixed rate mortgages (loans in excess of $729,750) have decreased substantially over the last several quarters to an average rate of approx. 5.75-6.25%. The interest rate spread between conforming loans and Jumbo 30 year fixed rate loans are approx. 75 % to 1.25 % higher than 30 year fixed rate conforming loans. Jumbo loans also require a much higher down payment of 25 to 30%. This large spread between jumbo loans and conforming loans is amazing considering that prior to the mortgage loan melt down, spreads between conforming and jumbo loans were only approx. two-tenths of a percentage point. 7 year variable rate loans are available for jumbo loans at rates of approx. 5.4%.

All rates quoted above are as of 10/22/09 with usually FICO Scores of at least 740.

Thanks for reading this. We hope it helps your decision making. Call us for more in depth help for your property.

Your feedback and referrals are greatly appreciated. Referrals are the backbone of our business. If you agree that we are knowledgeable professionals, with your best interest at heart, we would appreciate your referral to friends, family and colleagues. We treat all our clients like family, building lifelong relationships.

Court Preserves right of Palos Verdes Estates to Review Cell Towers

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 05 Nov 2009 12:57:37 -0600

Last month, the U.S. 9th Circuit Court of Appeals sided with the City of Rancho Palos Verdes supporting the city's contention that it had the right to review the aesthetics of proposed cell phone transmission towers within the city limits.

Typical cell phone tower with no provision for aesthetics

In the court's opinion, they stated "The experience of traveling along a picturesque street is different from the experience of traveling through the shadows of a WCF [wireless communications facility], and we see nothing exceptional in the city's determination that the former is less discomforting, less troubling, less annoying and less distressing than the latter," the panel observed in the ruling. "After all, travel is often as much about the journey as it is about the destination."

Sprint had argued that the city's rejection of two wireless construction projects on aesthetic grounds violated the 1996 Telecommunications Act, which bars municipalities from action that constitutes "a prohibition on the provision of wireless service."

Example of cell phone tower designed to blend in

The appeals court panel disagreed, pointing to the company's own assertion that it already serves some 4,000 customers in the affluent city. Sprint had refused to make the changes to the proposed towers that the city had recommended to make it more compatable with the neighborhood.

St. John Fisher Catholic Church in RPV set for expansion

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Wed, 04 Nov 2009 14:35:17 -0600

The City of Rancho Palos Verdes has settled a lawsuit brought by local residents opposed to the expansion plans of the St. John Fisher Catholic Church which now clears the way for the Church to commence their expansion plans.

(Paul Penzella/Staff Artist)

The settlement resulted in only minor changes to the planned expansion, including moving the main sanctuary building 20 feet away from the adjacent street. The church will construct a 17,000-square-foot sanctuary with a 74-foot lighted cross. The current sanctuary will be turned into an athletic and activity center, and several other buildings will be torn down or modified. The expansion is expected to cost approx. $20 million.

St. John Fisher Catholic Church administrator David Kurt shows a model of the proposed new sanctuary in Rancho Palos Verdes. (Steve McCrank/Daily Breeze Staff Photographer)

Interest Rate Update

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 23 Oct 2009 18:16:57 -0500

The following are interest rate quotes from Al Hermann of American/California Financial Services :

30 Yr Fixed FHA
Rate	APR
4.750%	4.904%	Details

Conforming 30 Yr Fixed up to $417000
Rate	APR
4.875%	5.030%	Details

Conforming Jumbo 30 Yr Fixed $417001 - $625500
Rate	APR
5.000%	5.149%	Details

Conforming Jumbo Fixed $625000 - $729750
Rate	APR
5.000%	5.146%	Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate	APR
5.375%	4.324%	Details

For more information about Financing your purchase of a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

Eastview Area of Rancho Palos Verdes 3rd Quarter 2009 Real Estate Market Report

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 22 Oct 2009 14:29:10 -0500

The Eastview area of Rancho Palos Verdes ( area 177 in map below) had the following real estate market activity for single family residences during the 3rd Quarter of 2009 :

Properties Sold: 9

Address Sales Price BR BA Sq.ft. $/Sq.ft Yr.Blt. MLS# Sold Date Days on Mkt.

2021 Caddington DR $580,000 3 2.00 1,274 $455 1956 P677603 7/02/09 113

1902 Caddington DR $605,500 3 2.00 1,248 $485 1955 S09060751 8/28/09 97

29012 S Highmore AV $629,900 6 3.00 2,800 $225 1950 W09072453 9/15/09 31

28723 N Enrose AV $689,000 3 2.00 1,274 $541 1956 S09056247 7/10/09 11

27847 S Montereina DR $700,000 3 2.00 2,084 $336 1959 P690034 7/24/09 51

2064 Noble View DR $703,000 3 3.00 1,824 $385 1956 V09070188 8/13/09 1

2102 W Macarthur ST $735,000 4 2.00 2,000 $368 1955 S09073475 9/16/09 36

1978 Caddington DR $765,000 4 3.00 2,202 $347 1956 V09038764 8/22/09 130

2403 Sparta DR $810,000 3 2.00 2,533 $320 1964 V08049761 9/24/09 537

Properties for Sale as of 9/30/09: 11

Average List Price at 9/30/09: $ ,7 million

Average Sales Price of homes sold during 3rd quarter: $ .7 million

Average Price per Sq. Ft. for Properties Sold during 2nd Qtr: $ 382 per sq. ft.

Properties sold at an average of 98% of List Price

For more information on buying or selling real estate in the Eastview area of Rancho Palos Verdes visit my website at http://www.maureenmegowan.com