Article by Bob HowardÂ of GlobeSt.com
LOS ANGELES COUNTY
EAGLE ROCK, CA-The newly built Oxy Lofts condominiums at 4547-4555 Eagle Rock Blvd. have traded in a lender-assisted short sale in this week’s roundup of commercial real estate news in the West.Â Marcus & MillichapÂ executive vice presidentÂ Ron HarrisÂ and associate directorÂ Paul DarrowÂ in the company’s Downtown L.A. office, who represented both the buyer and the seller, tell GlobeSt.com that the buyer paid $8.6 million in the all-cash transaction. Harris and Darrow point out that the property, which includes 32 residential units and one commercial space, features loft and townhome style floorplans designed by architectÂ Jay VanosÂ to appeal to young professionals who have begun moving eastward to Eagle Rock from areas like Silverake and Los Feliz. â€œAlthough the units were individually parceled for condominiums, the buyer will lease the apartments and consider selling the units as condos in a future market cycle,” Harris said. Darrow noted that, “This is the second transaction that Eagle Rock has seen this quarter in which an institutionally profiled buyer purchased a site from a local developer.Â Continue reading “Vacant Condos Trade in Short Sale, Buyer to Lease Units”
September 1, 2011
Governor Brown Signs Bill Preventing Gouging of Condominium/Townhome Buyers
LOS ANGELES (Sept. 1) â€“ The CALIFORNIA ASSOCIATION OF REALTORSÂ® (C.A.R.) applauds Gov. Jerry Brown for signing AB 771, a bill that prevents home buyers in a common interest development (CID), such as a condominium or townhome, from being charged excess document fees. Continue reading “Gov. Brown signs AB 771”
August 23, 2011
Fewer distressed property sales in July; California pending home sales decline, C.A.R. reports
LOS ANGELES (Aug. 23) â€“ California pending home sales dipped in July, as did the share of sales of distressed properties, the CALIFORNIA ASSOCIATION OF REALTORSÂ® (C.A.R.) reported today.
Pending home sales:
Pending home sales in California fell 1.7 percent in July, according to C.A.R.â€™s Pending Home Sales Index (PHSI)*.Â The index was 117.0 in July, down from Juneâ€™s index of 119.0, based on contracts signed in July.Â The index was up 4.9 percent from July 2010.Â Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market. Continue reading “July Pending Home Sales”
August 15, 2011
LOS ANGELES (Aug. 15) â€“ California home sales fell in July but were up from the previous year, the CALIFORNIA ASSOCIATION OF REALTORSÂ® (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California dropped 4.1 percent to a seasonally adjusted 458,440 units in July, according to information collected by C.A.R. from more than 90 local REALTORÂ® associations and MLSs statewide.Â July home sales were up 4.5 percent from the 438,850 units sold in July 2010.Â The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the July pace throughout the year.Â It is adjusted to account for seasonal factors that typically influence home sales. Continue reading “July sales and price report”
July 11, 2011
AB 278 (Hill) DRE Citation and Fine AuthorityÂ â€“ Currently, real estate licensees subject to discipline for any violation must go through the Department of Real Estateâ€™s (DRE) administrative hearing process. Notice of discipline, no matter how minor the infraction, is published in the DRE bulletin, widely circulated among real estate agents. AB 278 would allow the DRE to issue a â€œcivil citationâ€ with a maximum fine of $1,000 for minor infractions. Licensees would be permitted to contest the citation through the current hearing process if they wish. The action would not be published in the DRE bulletin, unless there is a contested hearing and judgment, although it could still be discovered in the public record. Continue reading “C.A.R.-Sponsored Bills, 2011”
On Friday of last week the Governor signed C.A.R.-sponsored SB 458 (Corbett) into law! This measure, for any short sale transaction closing escrow after July 15, 2011, will prohibit deficiency judgments from being imposed after a short sale on sellers of one-to-four unit homes. Because the bill was â€œurgencyâ€ legislation, it took effect immediately upon signature.
Continue reading “CAR Blog – Once a Short Sale’s Done, it is Done!”
July 21, 2011
Short-sale process broken, pushing Central Valley families into foreclosure,
REALTORÂ® survey shows
Latest lender satisfaction survey highlights glaring issues in short-sale process
FRESNO, CALIF.Â (July 21) â€“ More than half of Central Valley REALTORSÂ® characterized closing short-sale transactions as â€œdifficultâ€ or â€œextremely difficult,â€ according to a Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORSÂ® (C.A.R.).Â The survey gauges REALTORSÂ®â€™ experience working with lenders in their most recent transaction.Â The majority of those surveyed dealt with short-sale transactions â€“ transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner. Continue reading “Short sale process broken, REALTOR survey finds”
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July 15, 2011
CALIFORNIA ASSOCIATION OF REALTORSÂ® applauds Gov. Brown on signing SB 458 into law
LOS ANGELES (July 15) â€“ The CALIFORNIA ASSOCIATION OF REALTORSÂ® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law.Â Â SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Continue reading “Gov. signs SB 458 into law”