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

Debt Forgiveness - Taxable Income for Federal Tax Purposes?

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Mon, 14 Dec 2009 14:53:42 -0600

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return

The Mortgage Debt Relief Act of 2007, however, generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home's value or the taxpayer's financial condition.

The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence. If you refinanced, the debt is eligible but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. If you take out additional equity, that debt does not qualify for this exclusion.For instance, home equity lines of credit must have been used to make improvements to the home, and if used to buy a car would not qualify.

If the debt forgiven is not for your personal residence, the forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent. You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. Publication 4681 discusses each of these exceptions and includes examples.

**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.**

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.

Santa Claus Coming to Rancho Palos Verdes

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Mon, 14 Dec 2009 13:11:55 -0600

Santa Claus is coming to Rancho Palos Verdes (weather permitting) between 5:30 to 9 p.m. from Dec. 15-20. This special visit is sponsored by and coordinated through the efforts of the personnel at the Lomita Sheriff Station. Children of all ages are invited to greet Santa and get a candy cane. A sheriff's patrol car will precede Santa's Sleigh, announcing his arrival. Rainouts will be made up on the following Monday or Tuesday nights.

Here's Santa's schedule:

Dec. 15: Dodson area.

Dec. 16: Caddington and Strathmore areas.

Dec. 17: Crestwood area.

Dec. 18: Mira Catalina area west of Crest Road (Vista Mesa area).

Dec. 19: Seaglen, Hightide, and Coolheights drives (Mediterranean area.)

Dec. 20: Raven, Schooner, Exultant, and Admirable drives (Seaview area).

For information, call Sgt. David Rozas at Lomita Sheriff's Station, 310-891-3227 or 310-539-1661 or e-mail dtrozas@lasd.org.

Right of First Refusal or Right of First Offer for Tenant Leases - A Discussion

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 11 Dec 2009 19:06:33 -0600

Rights of First Offer or Rights of First Refusal are sometimes used in residential leases when the tenant believes that they may be interested in buyingt the property they are leasing at a later date if the seller ever decides to sell while they are a tenant. Both are useful tools for the realtor, but they have significant differences.

The right of first refusal means that if the Landlord puts the property on the market for sale and is successful in selling the property, they must first offer the proerty for purchase to the tenant at the same terms and conditions as the accepted third party purchase offer. This is sometimes difficult for the Landlord to accept as it puts a significant negative issue which the Landlord must deal with in marketing their property as buyers are reluctant to spend the time to fully negotiate a purchase contract if they know that the Seller must still present it to the Tenant.

I think that most landlords are very reluctant to grant a right of first refusal to a tenant because it does severely hamper their attempt to market the property. I sometimes have had success in negotiating a right of first offer, which means that when the landlord wants to sell that he must first negotiate with the tenant, and if an acceptable price is not negotiated, then the landlord may then attempt to sell , but only for a price greater than the offer made by the landlord. Typical provisions include providing that the landlord is not required to resubmit an offer, once rejected by the tenant, except for specific threshold changes (such as a price reduction by more than "x"percent), and the reduced offer from the third party must be submitted to the tenant essentially as a right of first refusal at that point.

This often is much more palatable to a landlord, as after negotiating a potential sale with the tenant ( who the landlord should be willing to negotiate with first as they are the logical buyer for the property ) but with no sale agreed to, if the landlord believes that he can sell the property for more than the tenant is willing to pay, the landlord is free to market the property with the knowledge that he can market the property unencumbered as long as the price exceeds the last offer extended to the tenant.

It is important that anyone attempting to incorporate these rights in their lease carefully draft these provisions and to use an experience realtor to assist them.

The following is wording I have used for rights of first refusal:

1.Landlord hereby grants to Tenant the right of first refusal with respect to any sale of the Premises
2. Notice of Acceptable Offer. If at any time during the term of this right of first refusal, Landlord receives an offer acceptable to Tenant for the purchase of the Premises, then, Landlord shall forthwith forward a copy of such offer (the "Acceptable Offer") to Tenant.
3. Exercise by Tenant. Tenant shall have a period of 7 days after receiving such copy of the Acceptable Offer within which to notify Landlord that Tenant elects to purchase the Property on the terms contained therein (except for any terms not relevant to the Tenant's purchase of the property such as contingency clauses, etc.). Any such notice from Tenant shall be accompanied by any earnest money required under the terms of the Acceptable Offer, which shall then constitute a contract between Landlord and Tenant even though neither has signed it.
4. Waiver by Tenant. If Tenant does not notify Landlord within the 7 day Period mentioned in the preceding paragraph of Tenant's election to purchase such property, Landlord shall be free to sell such property to the person who submitted the Acceptable Offer (or to such person's permitted assigns) on the terms specified therein, and Tenant shall upon request execute and deliver an instrument in recordable form appropriate to evidence Tenant's relinquishment of its rights under this agreement with respect to such transaction. Notwithstanding any such relinquishment, Tenant's rights under this agreement shall remain in effect if the transaction contemplated by the Acceptable Offer fails for any reason to close, with respect to any subsequent offer to purchase the Premises covered by such Acceptable offer.
5. Term. The term of this right of first refusal shall coincide with the Term of the Lease including any extensions or renewals thereof
6) If Tenant exercises this right of first refusal, Landlord will apply one half of the rent paid by Tenant through the closing date of the Tenant's purchase against the purchase price of the Acceptable Offer, up to a maximum of one years rent.

Palos Verdes Estates provides Loaner Green Waste Barrels for Large Brush Clearance Projects

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 11 Dec 2009 18:36:59 -0600

Palos Verdes Estates has begun a program whergy Palos Verdes Estates residents may borrow up to 10 green waste barrels to recycle green waste for large brush clearance projects.

Residents can call the PVE City Hall Streets and Parks Department at 378-0383 and ask that up to 10 additional green waste barrels be delivered to their home. Once the barrels have been filled and picked up by Athens services on the resident's normal trash pick-up day, the resident can call Ciity Hall and the empty barrels will be picked up by City staff. The barrels can be borrowed for up to two weeks.

PV Transit to Provide Free Bus Service on New Year's Eve

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 11 Dec 2009 18:29:24 -0600

Once again, PV Transit will provide free bus service on New Years Eve to Palos Verdes Peninsula residents on New Year's Eve, December 31st, 2009.

The service will be provided from 6:00 pm on December 31st to 2:00 am on January 1st , 2010. Reservations (one way or roundtrip) may be made in advance starting on December 21st by calling 310-544-3710 between the hours of 9:00 am and 2:00 pm, Monday through Friday. Same day reservation service also will be provided on New Years Eve.

Rember to plan ahead for a safe New Years Eve!!

Palos Verdes Estates Christmas Tree Pickup

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 11 Dec 2009 18:21:23 -0600

Athens Services will provide Free Christmas tree removal from the curb of Palos Verdes Estates residences on their regular trash pick-up day from December 28th, 2009 through January 8th, 2010. Trees must have metal or plastic stands removed. After January 8th trees must be cut, bundled and placed netx to the green waste cans

Samta C;ais Coming to Malaga Cove Plaze

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 11 Dec 2009 18:11:40 -0600

Santa Claus will be visiting the children of Palos Verdes Estates at Malaga Cove Plaza at 6:00 pm on December 24th, Christmas Eve. Make sure your kids bring along their Christmas wish list to tell Santa Claus what they want for Christmas!!!

This is just one of the events held on the Palos Verdes Peninsula during the Holidays that make the Peninsula such a wonderful place to live !

Interest Rate Update

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 11 Dec 2009 13:59:47 -0600

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

30 Yr Fixed FHA
Rate	APR
4.750%	5.052%	Details

Conforming 30 Yr Fixed up to $417000
Rate	APR
4.625%	4.777%	Details

Conforming Jumbo 30 Yr Fixed $417001 - $625500
Rate	APR
4.875%	5.021%	Details

Conforming Jumbo Fixed $625000 - $729750
Rate	APR
4.875%	5.019%	Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate	APR
5.250%	3.873%	Details

A Christmas Carol is Playing at the Norris Theatre

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Thu, 10 Dec 2009 17:21:48 -0600

A CHRISTMAS CAROL

December 18, 19, 25 & 26 at 7:30 pm
December 20 & 27 at 2 pm

Charles Dickens' classic gets the Broadway treatment in this Alan Menken-Lynn Ahrens-Mike Okrent adaptation of A Christmas Carolat the Norris Theatre in Rolling Hills Estates. Alan Menken (Little Shop of Horrors) and Lynn Ahrens (Ragtime the Musical, Once on This Island) have collaborated on a score that is filled with beautiful melodies and emotional lyrics. In fact, their song "A Place Called Home" has become a Christmas standard. It's a holiday season treat that will fill you and your family with wonder and merriment

The Norris Theatre

27570 Crossfield Dr., Rolling Hills Estates, CA, 90274 (310) 544-0403 - Venue Website

The Norris Theatre provides wonderful presentations throoughout the year for residents of the Palos Verdes Peninsula.

Best Christmas Lights Display in the South Bay

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Mon, 07 Dec 2009 15:30:24 -0600

If you enjoy viewing neighborhood Christmas lights and decorations displays, the best in the South Bay is in the "Sleepy Hollow" area of Torrance. The best area is near Sharynne Lane and Doris Way, and some people believe that Reese Road is the best of the best. You can also enter the area off of Pacific Coast Highway near Calle Mayor or Robert Road.

For more information about the South Bay of Los Angeles, visit my website at http://www.maureenmegowan.com

King Harbor Christmas Boat Parade Dec. 12th

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Mon, 07 Dec 2009 15:26:53 -0600

The King Harbor Yacht Club sponsors its Eighteenth Annual Christmas Boat Parade on Saturday, December 12th from 5:30 to 7:00 p.m. The theme is "Hollywood Holiday".The parade is visible all along the harbor that has a view to the main channel. From King Harbor Marina to the Redondo Beach Pier and All the areas in between along the sea wall.

Best viewing locations will be any place with a view to the main channel of the harbor. Places with views include: Samba's, Polly's on the Pier, Portofino Hotel Lobby, Delzano's by the Sea, Lou -e-luey's, Cheesecake Factory (upstairs), Harbor Drive, Bluewater Grill (upstairs), Moonstone Park, Kincaids and the Redondo Beach Pier north end.

Santa is Coming to Lunada Bay!!!

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Mon, 07 Dec 2009 15:13:44 -0600

Santa's Visit
Lunada Bay Park
Thursday, December 10th • 4:00 - 6:00 am

Bring the kids and grandkids to Lunada Bay Park on December 10th from 4:00 to 6:00pm. Santa will be there with his helpers. There will be cookie decoration and plenty of opportunity for photos. Santa's making a list and checking it twice; be sure you are on it! Ho! Ho! Ho!.

Send a World War II Veteran a note of thanks today - The Greatest Generation"

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Mon, 30 Nov 2009 16:19:12 -0600

A friend of mine's father was a WW II vet who was dying and he asked some of his friends if they could send his father a short note thanking him for his service in the war and for being a member of "The Greatest Generation". I sent a handwritten note to his father, and my friend said that it thrilled his father to get it. Unfortunately he died a week later.

World War II Memorial

My father, who is 88, served as a marine captain in the Marines and served on Okinawa and Peleliu. He is proud to have been a Marine. His best friend, and best man at his wedding, is Lynn "Buck" Compton, who was made famous as the sargeant in the book and movie "Band of Brothers" ( his character was played by Neal McDonough ,

Most of the WW II veterans are now in their late 80"s or 90"s and are passing away at a fast pace.

We should all take the time to send a note of thanks to someone you know who fought in WW II. We owe them everything.

By the way, my father's name is Fred Donnelly and is address is c/o Tiffany Court
1866 San Miguel Drive Walnut Creek, CA 94596 if you would like to drop him a note

Palos Verdes High Cross Country Team Wins CIF State Championship

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Sun, 29 Nov 2009 15:32:06 -0600

The Palos Verdes High Boys Cross Country Team won the Division III State Finals Championshipyesterday. The Palos Verdes boys claimed their first state title Saturday by recording a Division III team time record for the second straight week. The team also qualified for for Nike Team Nationals next Saturday in Portland. Jonah Diaz led the time with a third place finish. Other team members included Chase Zukerman with a 19th place , Peter Cohen in 20th place, Justin Unno finished 22nd, and acob Paulson closed it out for Palos Verdes for a second straight week with a 31st-place finish.

Jonah Diaz, getting a hug from girls runner Caitlin Parke, led Palos Verdes to the Division III state title. (Kirby Lee, Correspondent)

Palos Verdes has enjoyed a banner season. It won the Nike Pre-Team Nationals in Portland. It swept all three Bay League races - including scoring a perfect 15 at the Bay League finals. And now it set Division III team time records at CIF and state.

The Palos Verdes High girls cross country team also gained a spot on the podium, with a third placefinish. Palos Verdes sophomore Rebecca Mehra won a Division III state title

Palos Verdes sophomore Rebecca Mehra

Congratulations to Palos Verdes High Cross Country team members for their great achievement

Great Newspaper Article about our Efforts to get a Dog Park on the Palos Verdes Peninsula

Maureen Megowan (Remax Palos Verdes Realty - DRE #01368971) — Fri, 27 Nov 2009 16:16:45 -0600

The following is a reprint of an aticle which appeared today on page 3 of the South Bay Daily Breeze regarding my husband's and my efforts to get a dog park built on the Palos Verdes Peninsula:

Couple works to fetch dog park for Hill

By Melissa Pamer Staff Writer Posted: 11/27/2009 12:45:37 PM PST

Knock on the door of the Palos Verdes Estates home of Bruce and Maureen Megowan and you will be greeted with nonstop wiggling, whining, jumping and rolling over.

This irrepressible display of enthusiasm comes from Pepper, the couple's 4-year-old miniature Australian shepherd, who cannot be calmed by soothing entreaties from the Megowans or even by a visitor's embrace.

"You can see why we need a dog park: She has a lot of nervous energy," said Bruce Megowan.

It's in part because of Pepper that the Megowans are on a mission to establish a spot for canines to play off leash on the Palos Verdes Peninsula, with the idea that it would serve all four cities on The Hill.

The two closest fenced-in, off-leash dog parks are a bit of a drive: on 190th Street in Redondo Beach and in northeast San Pedro at Knoll Hill.

Last year, Bruce Megowan began gathering the signatures of dog owners at local pet supply stores and veterinary offices. His petition garnered 814 supporters, he said.

He has since made presentations to the elected council of his own city, as well as those of neighboring Rolling Hills Estates and Rancho Palos Verdes. (Gated Rolling Hills has no public land and thus no space for a park.)

Though he has received some nods of support - especially for a location in a city other than the one in question - Megowan had not seen much in the way of action until earlier this month. At a Rancho Palos Verdes City Council meeting, officials presented plans for developments at two under-used city parks that would include off-leash areas for dogs.

"Now there really is movement," said Maureen Megowan, a local residential real estate agent.

South Bay dog owners struggled for years to create the park in Redondo Beach, which opened in 1993, and at the 7-year-old San Pedro location. So it's no surprise that selling the concept is not simple on the largely affluent Palos Verdes Peninsula, where residents

Bruce and Maureen Megowan, along with Pepper, have been crusading for over a year to get a dog park built on the Palos Verdes Peninsula. (Steve McCrank Staff Photographer)are extremely protective of their neighborhoods and are often resistant to change.

At the Rancho Palos Verdes meeting earlier this month, several residents said they did not want a dog park near their homes, citing concerns about noise and traffic.

But City Manager Carolyn Lehr said many residents already let their dogs off-leash regardless of regulations. The newly developed parks, she said, would create a space where that activity would be sanctioned.

It's an undeniable need, say the Megowans and their supporters. Pet dogs should be allowed to run off-leash for exercise, and they need to adjust to the company of other canines to be properly socialized, they say.

And pooches aren't the only ones who could benefit from dog parks.

"The thing about getting together with dogs is it's great for people, too. It's a social activity," said Bruce Megowan, who is retired from a career in commercial real estate.

The other parks in the South Bay are really too far to be a daily trip for many dog owners on The Hill, he said.

Another motivating factor has been the uncertain fate of the San Pedro location, which is on a temporary site on Port of Los Angeles property and was significantly reduced in size and relocated in 2007. (A port spokesman said there are no plans or impending deadline that would force the closure of the Knoll Hill dog park.)

The Megowans said their quest began several years ago when - after a resident's violent confrontation with a stray dog - the city of Palos Verdes Estates began cracking down on dog owners who illegally let their dogs off leash on city and school district property.

That left many residents with no place to let their pets run or play Frisbee.

They asked for a dog park in Palos Verdes Estates, but were told by officials in the manicured city that it was not feasible.

The Megowans came up with the idea of a dog park at the former Palos Verdes Landfill in Rolling Hills Estates. The subject of a lengthy battle over an unsuccessful proposal to convert the 173-acre site into a golf course, the landfill would make an excellent location for a dog park, the Megowans argue.

"I was seeking an area that would have the fewest number of complaints from neighbors," Bruce Megowan said.

Then, this month, the possibility of two dog parks in Rancho Palos Verdes unexpectedly came up.

Outgoing Rancho Palos Verdes Mayor Larry Clark said the phrase "dog park" incites a strong reaction in his city.

Clark and his fellow council members were bombarded by e-mails, calls and letters in September 2008, when the panel gave preliminary approval to the Annenberg Foundation to pursue plans for an animal-

focused educational center at Lower Point Vicente.

Residents "were excited about it (including) a dog park, but that's not part of the project," said Clark, the owner of two Welsh corgis. "It really showed, without any kind of encouragement, how pent up the demand is for that kind of facility."

Clark said the other mayors on Palos Verdes Peninsula had told him they support a dog park catering to all four cities.

"It frankly would be a no-brainer, an easy opportunity to show collaboration among the cities on The Hill," Clark said. "Then it becomes an issue of siting."

Clark plans to pursue the issue after he is out of office next week, including lobbying county Supervisor Don Knabe for a possible location at the county's Deane Dana Friendship Community Regional Park.

The Megowans said they'll continue to push for all sites.

"We're working on multiple fronts, hoping we at least get something," Bruce Megowan said.

Meanwhile, Pepper will be waiting very, very eagerly.

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/

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.