West Coast Real Estate Blog

Fannie Mae Opens CA & FL Offices to Dispose of REOs

Howard Wilson (Wilson Than Real Estate) — Thu, 14 Aug 2008 05:44:37 -0700

The impact of the foreclosure crisis has led Fannie Mae to the conclusion that it needs to have a presence on the front lines. The company will be opening offices in California and Florida to be close to the areas with large inventories of foreclosed properties. From the August 8, 2008 Fannie Mae conference call transcript, Daniel Mudd said: “We're opening on-site offices in two of the more challenging states - Florida and California - with the intention of reducing defaults and managing our REO in those states. Real estate is at some level local it makes sense to be local.” There are links on the Fannie Mae site if you’re interested in working with the company as an employee or as a contractor. If you’ve had experience in working with Fannie Mae REO listings (either side of the transaction), please share your stories!

Window Wisdom Wins Walk-ins

Howard Wilson (Wilson Than Real Estate) — Wed, 13 Aug 2008 07:35:17 -0700

When a person stops to look at the information you've posted on your window, you've piqued the interest of someone who wants to know more about real estate. That person may end up being your next client. So what are you posting on your office window to attract the potential buyer or seller? We've had amazing results at one office with flyers on the window highlighting: First Time Home Buyer Programs; Deals under $200,000; and, Short Sales and Bank Owned Properties. The media coverage of the real estate market right now makes everyone wonder, "When will the market bottom?" Needless to say, information about short sales, foreclosures, and REOs have had the best "stop and look" response. Everyone who has stopped at our front door has been approachable with a polite "Please let me know if you have any questions." Without asking for information, most people are very forthcoming because their interest is rooted in a need. "I'm looking for my cousin." "I'm in foreclosure myself." We can now help that person and establish the foundation of a good relationship.

New WSOP Main Event Format - Loathe it or Hate it?

Howard Wilson (Wilson Than Real Estate) — Tue, 12 Aug 2008 04:53:37 -0700

Excuse my rant, but what are the upper echelon at Harrah's thinking with this new format? "So when we're down to the final table, let's WAIT for months, document the lives of the players in the meantime, and THEN start up again. It's new. It's fresh. It's happening. The kids will love it!" Huh? What nonsense is this? Is anyone else seeing this as an industry's weak grasp to bring sensation back to what was, for some, a temporary fad and which was dealt its deathblow when Internet play was almost completely squashed back in 2006 and 2007? I'm all for the opportunity for ESPN to create featurettes about the players whose names and faces aren't as familiar as those of Phil Hellmuth, Doyle Bruson, Chris Ferguson, Daniel Negreanu, and Phil Ivey. However, I do not believe that we'll be seeing many of these new faces again on any professional level with the regularity of those professionals mentioned. The huge number of entrants into the Main Even has introduced an unprecedented level of randomness into the play and the value of time to payout keeps many professionals out of the game or encourages them to play very aggressively at the start -- they can be making more money at the cash games. And what random act of life could occur between the determination of the final table and the resumption of play? I suppose all those notes about how the other players played can be thrown out since they'll likely change up style in the meantime. Anyone else want a "champion" crowned within a month of the start of play?

Freddie Mac: "Fixed Rate" is the new Black

Howard Wilson (Wilson Than Real Estate) — Tue, 12 Aug 2008 04:04:50 -0700

It might not be a new fashion trend, but Freddie Mac has issued a press release on August 11, 2008 stating: "in the second quarter of 2008, 97 percent of prime borrowers who originally had a 1-year conforming adjustable-rate mortgage (ARM) chose a new conforming fixed-rate mortgage when they refinanced and 87 percent of prime borrowers that initially had a conforming hybrid ARM refinanced into a conforming fixed-rate loan as well." It's as though borrowers are saying that the phrase "Keep is simple, stupid" applies to mortgage products as well as anything else. It may also point to the functionality of the free-market economy. With the likely perception that adjustable rate products have contributed to the current foreclosure landslide burying the financial industry, borrowers appear to view ARMs as anathema. The predictable trumps the unpredictable. A recent trend fades away and fixed rates are back in black!

Good news! Your home value dropped!

Howard Wilson (Wilson Than Real Estate) — Tue, 12 Aug 2008 03:09:51 -0700

Okay, okay! Maybe not the best news, but silver linings are surely everywhere since so many of us are hunting them down. Here’s one that may be common sense to many, but is often overlooked. Current homeowners may be disappointed with declining home values in their areas, but they can take solace in the solid argument to county tax assessors that they should be paying LESS in taxes. Here in California, Proposition 8 (passed in 1978) allows for a temporary reduction of the property’s taxable base year value due to declining values in the target property’s area. Check with your local county assessor’s office for the proper procedure to request a reduction. There will be paperwork involved, but in some areas, the tax savings will be well worth it!

Perspective Shift: Single Family Residence to Condo

Howard Wilson (Wilson Than Real Estate) — Sun, 10 Aug 2008 05:19:30 -0700

I’ve been working with a client who seemed adamant about owning a single family residence. As we went through his selection criteria, he was a bit hung up on avoiding a condominium. A lot of people do not want to consider the prospect of owning a condominium for a variety of reasons: HOA fees which can go up at the whim of the board, shared walls, no or little yard. But as I explained what HOA fees covered in many complexes and the overall affordability of condos, and with his admission that he didn’t really want a lawn to maintain, I could see his expression change as the light bulb over his head went on. So now condominiums are very much on the list. With today’s market, affordability and location have again risen in the ranks of home buying priorities. Owning the next McMansion isn’t (really) at the top of every buyer’s wish list these days.

Getting Involved: Riverside – Help Build a Home

Howard Wilson (Wilson Than Real Estate) — Sun, 10 Aug 2008 04:44:20 -0700

There can be nothing more satisfying than helping out a stranger in need. If you didn’t know it, there is a local Riverside chapter of Habitat for Humanity. According to the International foundation’s main website, “Habitat for Humanity International seeks to eliminate poverty housing and homelessness from the world, and to make decent shelter a matter of conscience and action.” Action on a local basis can be taken by helping build affordable homes. If you’re handy with a hammer and saw, or maybe a paintbrush is more your thing, you can help bring the dream of home-ownership into reality for deserving families by volunteering. Visit the Riverside chapter’s website for more information about making a contribution of your time and energy (monetary donations are accepted, too).

For Sale: Howard Hughes’ Historic Hanger for H-4 Hercules

Howard Wilson (Wilson Than Real Estate) — Fri, 08 Aug 2008 06:24:59 -0700

I found this upcoming listing very newsworthy. The former home of the Hughes H-4 Hercules, best known as the “Spruce Goose,” is coming up for sale in the Playa Vista/Marina Del Rey area. Reports say the price tag of the large hangar which is adjacent to the Playa Vista condominium development will be top $60,000,000. The entire Playa/Marina area has seen some amazing growth in the past ten years. The nearby business and condo developments have become a mini-city. It would not be very surprising to see a major studio or production company buy the hangar and revamp it into soundstages (though it seems that the price tag for that will be extremely high).

Let the games begin!

Howard Wilson (Wilson Than Real Estate) — Fri, 08 Aug 2008 04:17:21 -0700

The 2008 Summer Olympic Games begin today. Though there will be the non-stop coverage of the tiniest squabbles related to political differences, the spirit of the games will rise above philosophical differences so we can celebrate the world's top athletes competing for their countries. Southern California athletes are ready to compete in Beijing. Some of the Olympians who have So Cal ties are: Brooke Abel - Synchronized Swimming Charlotte Craig - Tae Kwon Do Lindsay Davenport - Tennis Maurice Edu - Men's Soccer Torri Edwards - Track and Field Valerie Gotay - Judo Ryan Hall - Marathon Sarah Hammer - Cycling Chaunte Howard - Track and Field Meghan Kinney - Synchronized Swimming Lynette Lim - Swimming Josiah Ng - Cycling (former So Cal resident competing for Malaysia) Brenda Shinn - 10-Meter Air Pistol Marcie Van Dusen - Freestyle Wrestling If I've left out anyone, please let me know. I hope you'll join me in cheering on these and all members of the U.S. team. Everyone ready, and... "U.S.A.! U.S.A.!"

There's nothing wrong with it! Except one thing…

Howard Wilson (Wilson Than Real Estate) — Mon, 04 Aug 2008 07:40:42 -0700

It goes without saying that we're all facing a number of challenges in the market right now. Sellers think their homes are still worth prices paid in 2005 & 2006. Buyers think home prices will keep dropping and, thus, make them more affordable. But one reaction to current market prices makes me scratch my head a bit before I reply. An associate and I were just talking about showing potential clients various listings in price ranges which would be very affordable to them. In several instances, if the price of a property had fallen recently, the client would say, "Oh, well, something must be wrong with it." Sure, something was wrong with it...the price! I don't explain the price change with such curtness, but I do take a moment to explain that overinflated home prices have to fall to levels acceptable to the market. Trying to explain pricing dynamics in a simple way can be a challenge when you want to describe all the economic factors at work right now. I hope that if you've had a moment to read my blog entry today, you'll share your experiences with clients who need a little education with these market dynamics.

City of Riverside – Free Computers for Qualifying Households

Howard Wilson (Wilson Than Real Estate) — Sun, 29 Jun 2008 20:34:06 -0700

Riverside is really making strong efforts to support its residents. As part of its SmartRiverside "Digital Inclusion" program, the City of Riverside's Parks, Recreation and Community Service Department is making "community computers" available to households which qualify. In order to qualify, the household members must have a total annual household income of less than $45,000, and, after application to the program, they must complete 8 hours of free computer classes. The computer is a refurbished PC with the following features: Operating system: Microsoft Windows 2000; Applications: Office Suite; and, Internet ready. The computers are available on a first come, first served basis, so if you or someone you know can benefit from this program, please act soon. For more information about the SmartRiverside "Community Computer" program and all the excellent programs the city is offering, please check out www.smartriverside.com.

Riverside County July 2008 Fireworks Shows

Howard Wilson (Wilson Than Real Estate) — Sun, 29 Jun 2008 07:39:50 -0700

Riverside County law enforcement agencies will be out patrolling in force this year for illegal fireworks. Ordinance 858 prohibits the use of fireworks in Riverside County. Please enjoy public displays this Independence Day! Below is a schedule of public fireworks shows for the week of July 4th. Although confirmed through many sources, please double check the times and locations before attending since various factors may lead to rescheduling or cancellation of shows.

Date	Time	City	Location
July 1	9:00 PM	Riverside	Patriot High School
July 3	9:00 PM	Thermal	Coachella Valley High School
July 3	9:00 PM	San Jacinto	Soboba Casino
July 3	8:00 PM	Riverside	Riverside National Cemetery
July 4	9:15 PM	Lake Elsinore	Lake Elsinore Storm Stadium
July 4	9:00 PM	Palm Desert	College of the Desert
July 4	9:00 PM	Hemet	Valley Wide Park
July 4	9:00 PM	Temecula	Rancho California Sports Park
July 4	9:00 PM	Beaumont	Stewart Park
July 4	9:00 PM	Lake Elsinore	Levee Lake
July 4	9:00 PM	Banning	Nicolet Middle School
July 4	9:00 PM	Indio	Indio Fairgrounds
July 4	9:00 PM	Moreno Valley	Morrison Park
July 4	9:00 PM	Desert Hot Springs	Mission Springs Park
July 4	9:00 PM	Riverside	UCR Sports Complex
July 4	9:00 PM	Riverside	La Sierra Park
July 4	9:00 PM	Riverside	Mount Rubidoux
July 4	9:00 PM	Riverside	Fairmount Park
July 4	9:00 PM	Perris	Perris Auto Speedway
July 5	9:00 PM	Anza	Cahuilla Creek Casino
July 5	9:00 PM	Temecula	Vail Lake

Home Improvment Shows: Any Good Lessons Learned?

Howard Wilson (Wilson Than Real Estate) — Sat, 28 Jun 2008 08:22:37 -0700

As I ponder the interesting tips and tricks I've learned through my extensive research of (ahem, addiction to) home improvement shows on the likes of HGTV and TLC, I can think of no tip that has worked better than one that I saw on BBC's "How Clean is YOUR House?" The trick: To keep your bathroom mirror from fogging, apply a small amount of shaving cream to the entire surface, and wipe (don't wash) it off. Your mirror stays moisture free for about a month (unless you wash or wipe it clean frequently). I have personally tried this and can't recommend it enough; probably to the dismay of my friends. Any other home improvement show addicts out there who have a favorite tip or trick they've learned from a "few" hours of watching?

Nothing down = Nothing to lose

Howard Wilson (Wilson Than Real Estate) — Thu, 26 Jun 2008 05:06:33 -0700

As we're faced with a seemingly unending supply of foreclosure news and REO listings, I wonder if we're not reminded AGAIN that the "old school" thinking of, say, 20% down does have value. While visiting some broker opens recently, one of my associates said she was talking to an aquaintance who was ready to "just walk away" from his house because he was upside down in it. (How many clients who purchased in 2004 to 2006 are now in the same situation?) She could not believe this person's willingness to abandon a contractual commitment. "When I grew up, your word was your bond. Especially on a contract. You honor it!" Another friend told me about someone who's ready to let his house go to the bank. His home, purchased with no money down, has lost about one-third of its value. Even with 20% down he would have no equity. But with 20% down, would he have had some "perceived equity" in the property? Please note, in neither of these instances have the owners been hit with outrageous rate resets. I play poker. I played long before it rose to its current level of popularity. Here comes the obligatory analogy: when first learning to play poker, you find that it is far tougher to lay down a hand when you have money in the pot than when you have no money in the pot. Even when my poker hand might not be a winner AND I know that fact, if I've already put some money in there, I still perceive that my hand has value. If you're a fan of Texas Hold'Em, then you may recognize that it's easier to fold a hand before the flop (before any money goes in) than after the flop (when you have had to put money in the pot). This perception carries over to any investment. Why else would people hold on to stocks that drop and drop in value? They've put money in. I'm not saying that a home in this market is like a losing poker hand or a sinking stock. And I'm not trying to justify the abandonment of a contractual obligation. But it is far easier to understand the "walk away" mentality when we consider the presence or lack of actual and perceived equity someone has in a commitment.

ANTS! A natural way to handle these pesky pests

Howard Wilson (Wilson Than Real Estate) — Wed, 25 Jun 2008 09:10:04 -0700

A friend recently asked me to pick up some ant killer to tackle a line of ants marching into his apartment. Though there are a number of natural sprays available, I instead suggested spreading paprika on the spot where the little pests were finding their way in. Along with paprika, chili powder, cayenne pepper, and cinnamon are spices which ants won't cross if spread in their way. Be careful, though, because colorful spices can stain surfaces when wet.

Hello, ActiveRain!

Howard Wilson (Wilson Than Real Estate) — Wed, 25 Jun 2008 08:58:01 -0700

My business partner Joe Than and I are really excited to be a part of the Southern California real estate community and now the ActiveRain network. We're real estate brokers who serve our clients with enthusiasm and respect. We enjoy working with everyone interested in the market from first time homebuyers to seasoned investors. From the beaches to the desert, our team is ready to help you with your real estate needs. We look forward to interacting with you here, and hopefully meeting many of you in person.