New Condo for Sale - 910 S. Holt Ave., #104

OPEN HOUSE SUNDAY 4/26 from 2-5pm!!!

Large and Spacious 2bed/2bath
Year Built 1970 Sq Footage 1,412 Bedrooms 2 Bathrooms 2 full, 0 partial Floors 1 Parking 2 Car garage HOA $240/month

Extremely spacious and bright unit in a highly sought after Beverly Hills Adjacent location. Incredibly low HOA dues at only $240/month! Unit features over 1,400 sqft with new carpets, gorgeous stone fireplace, large bedrooms, wet bar, balcony and tons of storage space. EZ to show and great location near La Cienega park, shops, places of worship and restaurants.

New Condo for Sale - 910 S. Holt Ave., #104

Rachel & Joseph Shamash | Landmark Realtors | shamashteam@gmail.com | 310-435-6832 910 S. Holt Ave., #104, Los Angeles, CA ***JUST LISTED!!! INCREDIBLY LOW HOA DUES!!!*** OPEN HOUSE SUNDAY 4/26 2-5pm 2BR/2BA Condo offered at $535,000 Year Built 1970 Sq Footage 1,412 Bedrooms 2 Bathrooms 2 full, 0 partial Floors 1 Parking 2 Car garage Lot Size Unspecified HOA/Maint $240 per month DESCRIPTION Extremely spacious and bright unit in a highly sought after Beverly Hills Adjacent location. Incredibly low HOA dues at only $240/month! Unit features over 1,400 sqft with new carpets, gorgeous stone fireplace, large bedrooms, wet bar, balcony and tons of storage space. EZ to show and great location near La Cienega park, shops, places of worship and restaurants. see additional photos below PROPERTY FEATURES Central A/C Fireplace Walk-in closet Living room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Laundry area - garage Balcony, Deck, or Patio COMMUNITY FEATURES Garage parking Clubhouse Laundry on-site Storage space(s) Secured entry Elevator Wheelchair access OTHER SPECIAL FEATURES wet bar new carpets ADDITIONAL PHOTOS Photo 1 Contact info: Rachel & Joseph Shamash Landmark Realtors shamashteam@gmail.com 310-435-6832 For sale by agent/broker Equal Opportunity Housing Posted: Apr 23, 2009, 3:40pm PDT

The Stimulus Package and You

So Obama and Congress just passed a historic stimulus package to boost our economy but what does it mean for the real estate industry and prospective buyers?

Well one of the key components to the package was injecting $50 billion to stem foreclosures. Just to give you a relevant statistic, 2.3 million homeowners faced foreclosure proceedings in 2008, up 81% from 2007.

The scary thing is that some analysts believe that number could reach as high as 10 million Americans!

Another step in the right direction was the passing of an $8,000 tax credit (originally was $15,000) for first-time home buyers who buy before December 1, 2009 and occupy the home. That's 8 grand that you will not have to pay back and comes out of the taxes you pay!

Also integral, especially for our expensive Los Angeles market, is the increase in loan caps from $625,000 to $729,750 generated from FHA, Freddie and Fannie Mae.

Combine these incentives with tax credits for most wage earners ($400 for individuals and $800 for couples), plus still falling home prices and you've got a better reason to consider buying a home!

New Condo Listing - 353 S. Reeves Dr. #202 Beverly Hills

Don't miss this opportunity to own a gorgeous French style custom decor condo in a great Beverly Hills location!!!

Unit features include:
- 3 bedrooms and 3.5 baths
- 1807 square feet of living space
- Large living room with sleek hardwood floors, fireplace and multiple balconies
- Master suite has its own fireplace
- All bedrooms have their own bathroom
- Washer/Dryer
- 3 Side by side subterranean parking
- High ceilings
- Central A/C & heat
- Complex has a huge sundeck
- Close to Rodeo Dr, shops, restaurants & places of worship.

SELLER FINANCING IS AVAILABLE!!!

EZ to show call Joseph at 310-985-4746.

The Economic Downturn and You...

As I was listening to NPR yesterday, they aired a short segment where the journalist was trying to figure out a name of our current economic state.

At first it was called "The Subprime Meltdown" or "The Credit Crisis" and after months of denial by the Bush Administration, they formally announced that our country is in a recession in midst of the presidential campaign.

Now many of our politicians and economists agree "we are in the worst economic downturn since the Great Depression," and according to President Obama, "it's likely to get worse before it gets better."

So where does that leave us with our current real estate market?

Well unless you've spent the last 6 months under a rock in South East Asia (wow, that sounds like so much fun), you've probably noticed that prices are coming down...

EXPECT PRICES TO CONTINUE TO FALL!

- NINJA (No Income No Job or Asset) loans, yes they actually called them that, are just beginning to go into default. These loans were mostly prevalent in vacation/2nd home or investment purchases in areas like Miami Beach or Las Vegas and subsequently have destroyed those markets.

- According to another source, 70% of all foreclosed properties in Los Angeles are yet to hit the market.

- Group that with mounting unemployment, the lowest consumer confidence in history and the fact that over 11 million homeowners (roughly 1/7) no longer have equity in their homes. It is safe to say that prices are likely to come down even more.

But wait, there is good news too...

Especially for first time home buyers who are looking to stay at their current residence for at least 3-5 years and can ride out the wave.

- First time home buyers can access a $7,500 credit from the federal government (that must be paid back over 15 years) to be used for a downpayment. Plus, you can withdraw money from your 401k with NO penalty charge, though tax implications still apply (Be sure to consult with a tax professional for all details).

- According to the National Association of Realtors (NAR), existing home sales during the month of December increased 6%.

- Interest rates are at a record low: Conforming Loans (under $417,000) can be found at 4.375%.

So for those still on the fence, who have stable jobs and good credit, save your money for that downpayment and give us a call when you're ready to buy that house! Once the LA real estate market bounces back, you'll most likely never be able to buy a house at these prices again...

New Listing for the New Year!

535 N. Detroit St., Los Angeles, CA 90036

Amazing location in Miracle Mile one block West of La Brea and North of Beverly!

Walking distance to restaurants, shops, schools and places of worship! Exquisite Spanish 3bd + 2ba + family room or 4th bedroom. Nearly 1,900 square feet of living space on a large lot (6,600 sqft). Features: Central hall floor plan, spacious living room with fireplace and hardwood flooring. Formal dining room. Updated kitchen and breakfast area including two dishwashers. Master suite with walk-in closet and private bathroom with double sinks leads to beautiful backyard!

This is a SHORT SALE!!!

Offered at $895,000

Help is on the Way!!!

Good news for former Washington Mutual loan holders:

Today, JP Morgan Chase, who recently bought WAMU in the largest bank failure in United States history, announced they will hault foreclosure proceedings for 90 days for eligible homeowners.

The move comes at a critical point in the housing sector and is a win-win for both struggling homeowners and banks. An estimated 400,000 homeowners could avoid foreclosure and stay in their homes by renegotiating interest rates and loan terms amounting to roughly $70 billion.

The programs will apply to people who live in their homes and have sub-prime mortgages, pay-option mortgages or negative amortization loans. The company said these loans could be changed to 30-year loans, fixed rate loans or even interest only loans, depending on each individual situation.

Look for other banks to follow suit:

With Chase setting the example, look for Bank of America who purchased Countrywide and Wells Fargo who bought Wachovia (both of which held high levels of bad sub-prime debts) to make similar programs available for their clients.

Keeping foreclosure rates low is a key step to stabilize the struggling real estate market and help the banks reduce their bad debts and reestablish good lending practices.

It's a step long overdue by the banks but will soon be certain to many, extremely necessary!