Pasadena California Real Estate Insider

Monterey Hills Condo - Real Estate Companies - 90042

2012-01-30T06:48:00.000-08:00

When looking for a Monterey Hills real estate company to sell your condo, it's important to work with a real estate agent that is seeing results. With so many condos for sale up on the hill, you don't want your condo to sit on the market like most of the competition. Dave Knight is one of the top Realtors working at a successful real estate company.

Linda Vista Rose Bowl Pasadena - Entertainer's Dream House

2011-10-30T14:49:00.000-07:00

See Rose Bowl and Linda Vista Homes for Sale

"Like most families our home is one of our greatest assets. When we decided to sell our home which we spent years on customizing to our liking we needed a person who could represent our home and us. Fortunately we found Dave and his team. From our initial meeting all the way thru months after our close Dave has always been there for us. Not only was Dave compassionate about the personal elements that go into selling a home he was a forward thinking realtor that sold our home fast. It was very apparrent from the brokers and people Dave brought in to look at our home his reputation meant something in the community. To this day my wife and I know we would not have sold our home in the time frame and price we received if it were not for Dave's hard work and strong reputation. If you are considering selling your home I suggest giving Dave a call. He will be open and honest with you and get you the results you need."

David & Lindsey Guest

Glendale Luxury Home for Sale

2011-04-14T09:39:00.000-07:00

This sprawling 2-story treasure in Glendale was custom built in 1991 and balances classic details with designer finishes. With an expansive outdoor patio and panoramic views of both Glendale and downtown LA, this hilltop getaway can accommodate a quiet retreat as well as gatherings both intimate and elaborate. In the kitchen, a welcoming breakfast bar compliments the 48'' Wolf stove, Sub-Zero refrigerator, and granite counter tops. Adjacent to the kitchen is the dining room with views of the valley. Each of the 4 bedrooms has its own private bath, with the Master bed/bath wing featuring double designer sinks, walk in closet and a private balcony that can have views of Catalina Island on a clear day. This gorgeous and well-maintained home was remodeled in 2006, and offers a wide range of imaginative possibilities with elegance and comfort.

VIRTUAL TOUR - 619 Bohlig

Altadena - The Meadows Community

2010-11-03T20:03:00.000-07:00

Altadena The Meadows

Located in the foothills of Altadena is one of the most unique communities in Northeast Los Angeles. For the homeowner that wants the convenience of living near the city but the feel of a rural mountain community, the Meadows coummunity in Altadena is a must see!

Get the Hot List of homes for sale in the Meadows Neighborhood.

I personally love selling homes in the Meadows because it allows me the chance to get away and breath the fresh air throughout my week. Last week I had to meet a handyman at one of my listings. I took my two-year-old son to the property in the evening. As we waited for the handyman my son played on the back patio as we watched the sunset and felt the breeze. What a beautiful evening! Below is a picture of the home I'm selling. Currently it is in escrow!

If you're looking to sell your home in the Meadows, check out Dave Knight's website page on the Meadows - Altadena.

The streets in The Meadows of Altadena include: Aralia, Rising Hill, El Prieto Rd., Canyon Crest, Gravelia, Cloverhill, Sunmore.

San Marino Home - For Sale by Owner on San Gabriel Blvd

2010-05-20T12:49:00.000-07:00

Should you try to sell your home on your own?
Ricky and his mother Hui tried to sell their San Marino home "for sale by owner." After advertising it on various websites they became frustrated with the fact that they weren't getting qualified buyers through the doors but only calls from annoying real estate agents. The problem was that all the agents that called were promising to bring buyers but at the end of the day they were only using that promise as bait for an attempt to get a signed listing agreement.

There are great financial benefits to hiring a realtor as opposed to selling the home on your own. The problem is that most realtors don't know the value they have to offer. Ricky and Hui weren't looking for a pushy salesperson to force them into signing a contract. They were looking to make the best financial decision for THEMSELVES, which is what we all do when making business decisions.

It took me 20 minutes to show Ricky and Hui how I could net them more money at the end of the day than if they sold the home on their own. It made sense to them and they hired me. Within two weeks we had the property in escrow over asking price. It officially closed escrow last week.

If you are considering selling your San Marino, Pasadena, Altadena, La Canada, La Crescenta, South Pasadena or Alhambra home on your own, call 626.204.3352 to set up an appointment to see IF it makes sense to hire me.

Surfwood Townhouses in Pasadena California on Blanche and Cordova Condos

2010-01-14T19:11:00.000-08:00

Surfwood Townhouses - Pasadena

There is a chance you have seen them, but maybe you haven't. If you are looking for a cape cod townhouse in Pasadena California then you can't get much better than the Surfwood complex off of Cordova, Wilson and Blanche street in Pasadena California.

There are a lot of condo and townhouse complexes in Southeast Pasadena. With the city college and Cal Tech there is a lot of activity and demand for housing.

These blue townhouses are at a great location. For more information on the Surfwood Townhomes Pasadena check out this site for information about selling or purchasing one of these units.

Why do I refer to these as condos? Well, they are actually townhomes but not many people know the difference between the two. The simple difference is that townhouses only share walls but with a condo you can have residents above or below your home.

Madison Heights Homes for Sale in Pasadena California

2009-10-08T10:27:00.000-07:00

Madison Heights

It is one of the top neighborhoods in Pasadena California. Located close to the Langham Hotel, this beautiful neighborhood has incredible homes for sale throughout the year.

Madison Heights boasts an impressive collection of luxury homes with spacious floor plans set on tree-lined streets. This lovely residential area maintains a sophisticated reputation in the city of Pasadena, and is one of the many neighborhoods possessing a long history. It’s oldest home still standing was built in 1890.

There is a strong Neighborhood Association in Madison Heights committed to advocating for issues affecting the area, as well as maintaining a high quality of life within the community. Madison Heights boasts delightful annual community events such as the 4th of July Parade and Allendale Christmas Tree Lighting. The Madison Heights borders are California Bl. to the north, Lake, El Molino and Los Robles to the east and south and Marengo Ave. to the west.

Lombardy road homes houses luxury estates

2009-06-11T13:30:00.000-07:00

Lombardy Rd. homes and luxury estates

How to sell your House

A Lombardy Rd home that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained.

From experience, Pasadena realtors also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is well maintained, they assume that what they can't see has probably also been well maintained. In readying your house or luxury estate for sale, consider:

how much should you spend to prepare your house for sale?
exterior and curb appeal
interior appeal

Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal.

See what Lombardy homes and estates are for sale

Get Pasadena home values for your Lombardy home

How Much Should You Spend to Prepare Your House for Sale?

When preparing your Lombardy Rd home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive polishes and touch-ups to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen.

A Pasadena Real Estate Agent is familiar with buyers' expectations in your neighborhood and can advise you specifically on what improvements need to be made and which improvements are most effective. Don't hesitate to ask for advice.

homes for sale pasadena california real estate

2009-06-10T15:40:00.000-07:00

Homes for Sale - Real Estate

Pasadena California

Estates Pasadena is a brand new development featuring luxurious 5 bedroom properties in Pasadena. If you are looking for new construction or would like the chance to customize your home, Estates Pasadena could be a great choice. Since these homes are still under construction, the builders can take into account buyers’ preferences on certain features of the properties. When I drove by today, I saw that the roofers were working on the roofs on some of the homes, so construction is definitely still progressing.

This new development is located near Hastings Ranch in the Northeast corner of Pasadena. There are nearby schools, businesses, shopping and restaurtants. People living in the Hastings Ranch have good community with annual events such as the Hastings Ranch Christmas light display in December. If you aren’t familiar with this area there is more information at the Pasadena real estate homes site.

Right now developers in Pasadena as well as the rest of the country have been greatly affected by the credit crisis. Their business is built on easy access to credit to fund their purchases and construction projects which can stretch for years. In the current economic environment credit has tightened up. I have heard from local developers that the combination of slowed sales of homes and stricter lending has squeezed them like never before. And even outside Southern California one local government supervisor confirmed that developers have all but shut down their projects in his area, as very few plans were submitted to his department for review.

So if newly constructed real estate is exciting to you, it’s a great time to buy. Estates Pasadena is one of the beautiful new developments in our area, and we can see the development bringing proud new buyers to the area.

We see this development becoming a well known community in Pasadena. Throughout the city of Pasadena there are several well known communities that have developed over the years. One example is Bungalow Heaven. For more information on these areas, visit the real estate Pasadena website.

Did you know it doesn’t cost you anything to use a real estate agent to find one of these great new homes? The agent gets paid only if they find you the right home, and best of all, you don’t pay. The seller’s agent pays the listing agent and the listing agent splits the commission with the buyer’s agent. It’s a free service to work with a Pasadena Real Estate Agent whether you are looking for houses or Pasadena Condos. Most people searching Pasadena Real Estate don’t know this.

Mentor Terrace new condos in Pasadena

2009-04-30T11:09:00.000-07:00

Mentor Terrace Condos

You probably drove by and saw the big Kotai Realty sign on Mentor Ave. in front of the Mentor Terrace condominiums and you're researching and trying to find out more about them, including the most important question....."How much are they?"

The reality is that the smallest units in this complex are for sale for $499k, and the most expensive are in the 600k's. This isn't too bad of a price for the kind of quality you are getting in a condo with tile, granite & nice amenities. But, the question is.....can you get them for less?

Here is a link to our Mentor Terrace Condos page that has information on how to get these cheaper than asking price. Because who wants to pay full price when you don't have to? Especially when we're talking about saving thousands of dollars.

120 and 130 South Mentor Ave. Pasadena CA 91106 - Near Lake Avenue and Green Street.

The Prado Condos on Lake Avenue in Pasadena 840 E. Green St.

2009-03-18T09:14:00.000-07:00

Don't miss the Prado on Lake Ave. This is an upscale condo development in the heart of the city of Pasadena. Located right off Lake Ave. and south of Colorado Blvd. these units are great for a business executive looking for a quiet place to live in the Lake Ave. area of Pasadena California.

This site has more information on this development and you can even sign up to receive the new condos for sale emailed to your inbox. It doesn't cost anything and it can be helpful if you are looking to buy. Just visit the Prado Pasadena website for more info.

Come again for more links to real estate resources in Pasadena. The Prado on Lake Ave. is just one of the many real estate opportunities that this great city has to offer. See you next time!

Siena Village on Allen Ave in Pasadena

2009-03-04T07:48:00.000-08:00

Siena Village

Have you seen these beautiful townhomes located on Allen Ave. in Pasadena 91106? A few days ago I went in to get a preview of these units and I was surprised and how well constructed they were, as well as the great layout. These townhouses were definitely better than the new Catalina Villas. Although I am biased when it comes to Mediterranean style construction!

Here is a blog that has pictures and prices of all Pasadena CA Condos for sale. Right now there are well over 100 units for sale including condominiums and townhouses.

One of the problems with a new development like Siena Village is the timing. Although the market can never be predicted, this is a bad time for new condos to be put on the market with the decline in value over the past year. Who knows, maybe these units will be nice enough to draw buyers and keep the prices higher than average. Only time will tell.

MLS Listing in Southern California

2009-02-17T23:36:00.000-08:00

MLS Listing in Southern California

There is a site that offers you free access to the Southern California MLS. The business is located in Pasadena CA and called Beautiful Pasadena Homes. Pasadena is a beautiful city that is the home of the well known Rose Bowl. The site referred to above allows you to search for any MLS Listing in Southern California by giving you access to the local MLS database. With real estate listings easily accessible from the computer, it is fun to sift through the MLS listings to see what is out on the market.

Office Space Pasadena CA

2009-02-16T13:57:00.000-08:00

Office Space Pasadena CA

If you are looking for office space in Pasadena California, here is a link to a site that will give you free listings of office spaces available in Pasadena (Pasadena office space). They will call and setup a personalized search for you for free that will give you free access to main services that cost an arm and a leg (like Loopnet and Costar). Doing this isn't as easy as it is with residential real estate, but they will set you up with property reports of local office space listings from major brokerages like Suave Riegel, KW Commercial, Coldwell Banker, MacVaugh and others. Most reports will have pictures. Pictures are a plus in today's economy because gas

Another option is going to Loopnet and paying for a monthly subscription, but who wants to spend money on something that is already paid for? Right now there are several office spaces available on main streets like Colorado Blvd. The overwhelming inventory has caused prices of Office Space Pasadena CA to drop over time.

Pasadena Commerial Real Estate

2009-02-05T11:43:00.001-08:00

Pasadena Commercial Real Estate

Multi-Family & Residential Income Investments

Check out these Properties!

If you've wondered what residential income properties Pasadena has to offer, we have the answer. Right now there are several good opportunities to get into the multifamily and residential income market in Pasadena California.

After listening to Robert Kiyosaki of Rich Dad Poor Dad, I have learned the basics of investmenting for cash flow and capital gains. His lessons on leverage and control are essential for investing in the current real estate market, especially in areas like Pasadena California.

Right now is a good time to buy. If you can get the financing, there will be several good options of multi unit residences for sale in the local area. Either check out the properties for sale above, or email daveknight@kw.com for FREE access to the Loopnet database.

Happy investing!

Sienna Village

2009-01-15T10:02:00.000-08:00

Sienna Village - Townhomes on Allen Ave. in Pasadena CA

Just put on the market. Click here to see the current units for sale at Sienna Village in Pasadena. These mediterranean townhouses are located on Allen Ave., just North of Colorado Blvd. but south of the 210 freeway.

Facts about these townhomes: There are 11. They have courtyard fountains, lush landscaping, and custom designed wrought iron accents. There are two & three story floor plans that include solid maple hardwood & marble flooring, granite counters, travertine stone tiled bathrooms, high density premium fiber carpeting, and expert finished smooth walls. To top it off, all units but one will have their own private one or two car attached garage, a private patio, in-unit laundry room, double-paned windows, and a cozy fireplace.

Fair Oaks Court

2009-01-13T18:13:00.000-08:00

Fair Oaks Court in Pasadena CA

See the current Fair Oaks Court Condos for sale

You may have read about this development in the January edition of Pasadena in Focus or you may have seen the development taking place of the past year. These units are located just North of the 210 Freeway on Fair Oaks Ave. in Pasadena California. All buildings are craftsman style and add a great element of beautiful to this part of the city.

These are a great opportunity for first time homebuyers wanted to live in a good community that is affordable. Its convenient location in the city, easy access to freeways and affordability are going to make these condominiums a great buy. For more information on these units, visit the link above.

Cordova Condos for Sale in Pasadena CA

2009-01-06T17:20:00.000-08:00

Cordova is a main street that goes East and West through Pasadena. Right now there are six Cordova Condos for sale. We have included this link so that you can see if they match the kind of condo you are looking for.

Cordova is a great street to live on in Pasadena. It is just south of the 210 freeway and located next to main schools and areas like: Cal tech, Pasadena City College (PCC), Lake Avenue shopping and Old Town Pasadena. There are good opportunities for students, first time homebuyers and investors looking for a good place to purchase in the buyer's market.

Granite Park Luxury Condos in Pasadena CA - New Development

2008-12-10T12:16:00.000-08:00

Granite Park - Pasadena CA

This is a video of the new development of luxury condominiums in Pasadena CA. For more information on this new development on Lake Ave., check out the Granite Park Pasadena Real Estate site where you can contact a Pasadena Real Estate Agent about buying one of these beautiful condos. If you are looking for other Pasadena Condos we also have information on the Pasadena Real Estate site.

Pasadena CA Condos - A Great time to Buy!

2008-12-05T08:30:00.000-08:00

Pasadena Condos

Have you been considering getting our of your apartment and buying a condo? Tired of wasting $1500 a month on rent and not getting anything for it?

If so, this is the time for you. It has been several years since it was possible to buy a condo in Pasadena and pay less....yes, you hear me.....less per month for a mortgage than you would pay rent in a two or three bedroom apartment.

I recently had a condo go into escrow for $170k. It is a studio, but the monthly payments will almost be identical to paying rent on a one bedroom apartment, and she only put 3.5% down! If interest rates drop any lower, it is only going to get better!

The value of getting into a Pasadena condo and paying a mortgage (even if it is a little more than rent) is in the equity. As the property appreciates and the market goes back up, you are leveraging the bank's money (at a low interest rate) to gain equity for yourself!

For more information on buying a Pasadena Condo, click on the link above, or check out these condos on main streets like: Del Mar Condos & Cordova Condos.

Kinneloa Mesa Pasadena

2008-11-11T17:06:00.000-08:00

The Kinneloa Mesa area is a great neighborhood in Northeast Pasadena. Located on a hill off of New York Blvd., the Kinneloa Mesa area is a great place to purchase a home.

The area was named after a man with the last name of Kinney. He was an early pioneer in Southern California. After building a two story home on the hill the people began referring to it as "Kinneloa," which means Kinney's hill in Hawaiian. After finding Kinneloa, Kinney went on to help develop and build Venice along the coast.

Today there are beautiful homes for sale in this area. If you are interested in learning more about the real estate possiblities in the Kinneloa Mesa area, send Dave Knight an email.

Latest Mortgage News and Updates

2008-10-30T16:57:00.000-07:00

Fed Funds Rate at 1%

The Federal Reserve continues to take drastic steps in reaction to the current economic situation. Banks have been trading preferred stock with the treasury for billions in cash which the treasury hopes will increase liquidity and ultimately ease lending for the consumer. The Federal Reserve also dropped the benchmark lending rate to 1% on October 29th. The rate is now equal to the lowest it has been since June 25th 2003 when a huge refinance boom was spurred on by low rates and easy lending.

Fed Rate History: http://www.federalreserve.gov/fomc/fundsrate.htm

Stock for Cash: http://www.bloomberg.com/apps/news?pid=20601087&sid=a1ysz59UAZnM&refer=home

What does all of this mean to you?

Lending may not be as easy as it used to but the good news is if you have a mortgage that you got into in 2003 that is adjusting soon, your rate very likely may not go up. In fact depending on your mortgage your rate may still be lower than current rates. While most people don't want to stay in an adjustable rate mortgage or loan that is only fixed for a year at a time, at least it gives a chance to refinance into a longer term fixed loan.

On the positive side this market is ripe with opportunities. You know what they say "Buy low, sell high"! Well if you are looking at purchasing whether it be a new home or business, now could be an incredible opportunity if you have the money. Many business savvy customers are pulling out cash now in preparation to buy up investments at pennies on the dollar.

In this market Cash is King! There is a reason the rich get richer and the poor get poorer in these markets. So we can all complain about the losses in this economic downturn or you can put your resources to use and take advantage of what is happening!

Bull markets don't go up forever and likewise bear markets don't go down forever.

Show me the money!

Their are plenty of half price deals out there. I had a bank owned home in good condition that went on the market two weeks ago in Altadena for $249k. We had 10 offers in the first two days. On an FHA loan with only 3% down ($7,470) your payment including taxes is $1,917 . Once you factor in an estimated tax savings of $464 a month (based on a 35% tax bracket/ $15,925 yearly mortgage interest write off) that gives you an effective payment of $1,453. Not bad for a property that just over two years ago was estimated at $520k according to Zillow. Now this market may be starting to look a little bit more appealing.

I have lists of these properties before they even hit the market. So if you would like me to keep you up to date just shoot me an e-mail and I will put you on a special list. Just remember you must have an approval letter from me in order to submit an offer on any of these. I handle all of the REO's/Bank owned properties in the area.

Special Programs and Pricing

-We have a "Super Credit" program for non-conforming loans (729k+). Rates are currently in the low 6% range on this program which allows some of the best rates we have seen in a long time on the larger loan amounts. ( 720 fico and <75%>
-High Balance conforming 417k to 729k still in effect until Dec 31st. Take advantage of lower conforming rates at higher loan amounts.
- 100% financing on VA loans for anyone who was in the military or a qualifying reservist.
-FHA Only 3% down required through the end of the year.

Now is the time to take advantage. Don't wait until its to late, many programs are only good through the end of the year. Have your friends, family members or borrowers give me a call for a pre-approval or evaluation at no cost to them.

As always feel free to contact me anytime!

Best Regards,

Steven Lazerus

Estates Pasadena Development

2008-10-16T16:54:00.001-07:00

This is a brand new development featuring luxurious 5 bedroom homes in Pasadena. If you are looking for new construction or would like the chance to customize your home, Estates Pasadena could be a great choice. Since these homes are still under construction, the builders can take into account buyers’ preferences on certain features of the homes. When I drove by today, I saw that the roofers were working on the roofs on some of the homes, so construction is definitely still progressing.

Developers in Pasadena as well as the rest of the country have been greatly affected by the credit crisis. Their business is built on easy access to credit to fund their purchases and construction projects which can stretch for years. In the current economic environment credit has tightened up. I have heard from local developers that the combination of slowed sales of homes and stricter lending has squeezed them like never before. And even outside Southern California one local government supervisor confirmed that developers have all but shut down their projects in his area, as very few plans were submitted to his department for review.

So if new construction real estate is appealing to you, it’s a great time to buy. Estates Pasadena is one of the beautiful new developments in our area, and we can set up an appointment for you to view the model home or any other Pasadena real estate that’s right for you.

To find the current availability for the Estates Pasadena development, search the Pasadena MLS for Cambridge Court or Avondale Road. The development is located at the intersection of Sierra Madre and Sierra Madre Villa in Pasadena. If you'd like to receive updates on Pasadena luxury homes, you can sign up for our Hot List, and we'll send info directly to your inbox.

Pasadena Townhouse - New Development in Pasadena

2008-10-10T11:25:00.000-07:00

Villa Verona is a new development of townhouses in Pasadena. These brand new mediterranean style townhouses are priced as low as $490,000! If you are looking for a Pasadena townhouse or Pasadena condo, these units deserve a look.
For a free detailed report of these townhouses using the Pasadena MLS or to schedule a showing, email a Pasadena Real Estate Agent.

Townhouse Features:

2-3 bedrooms, 1..75-2.75 baths
1472-1590 sq. ft.
2 car garage
Courtyard
Gated community with Intercom System
Italian Cabinets - "Scavolini Sax"
Bosch Stainless Kitchen Appliances
Designer wood floor and marble tile entry
detailed interior design with recessed lightings
crown moldings and dual pane windows
$197/mo association fee

Pasadena New Development - Catalina Villas

2008-10-09T07:35:00.001-07:00

There is a new development in Pasadena on the Southeast corner of the Catalina and Villa intersection. Or is it a new development? The Catalina Villas were built over a year ago and have been on the market ever since their completion. Right now there are at least 4 units that have still not sold. The price of these units has dropped nearly $100,000 over the past year! Currently they are priced in the high 300,000's and lower 400,000's, dependent on square footage and floor plan.

After visiting these condominiums I was very impressed. They offer a clean, gated condominium complex with creative floor plans that would be a great purchase for a first time homebuyer, student or investor. The only downside is that each unit is around 1000 sq. ft., but the floor plan makes the units feel bigger than they actually are.

For more information on this development email BeautifulPasadenaHomes.com

Local Market Statistics - September 2008

2008-10-08T10:31:00.000-07:00

Pasadena Home Sales - This data was compiled using the Pasadena MLS.

_____________________September _____Year to Date

# of Units sold: _____________97___________ 733
Dollar Value: ___________$64,852,800____$551,646,322
Avg. List Price: ___________$693,681______ $783,625
Avg. Sold Price ___________$668,586______ $752,587
Avg. Market Time: __________99____________ 82
Avg. Square Feet: __________1696__________ 1755
Avg. Price/Square feet: _____$394___________$429
% of List Price: ____________96.38%________ 96.38%

Has Pasadena Real Estate Reached "the Bottom"?

2008-10-07T16:33:00.000-07:00

The million dollar question right now is when will the bottom of the real estate market be? At what point will the decline in home values reach its lowest point and begin climbing again? In the minds of millions of buyers this is the most important question for their home search.

For Pasadena, CA real estate that time may be now. I’ve done some market analysis recently and discovered that median home prices have turned upward for the first time in over a year. The chart below shows the 90 day average price of homes for sale in Pasadena.

Even more interesting is the drop in inventory of active homes for sale that has happened in recent weeks for Pasadena. It’s basic capitalism that when supply drops and demand stays roughly the same that a price increase is soon to follow.

We’re keeping an eye on the market so we can provide the most current information to our clients so they can take full advantage of the great deals we find here in Pasadena.

Mortgage 101 in a Confusing World!

2008-09-29T09:11:00.000-07:00

Conforming, High Balance, Non-Conforming, FHA, VA? What is the best loan these days? What type of down payment is required in today's market?

The world of mortgage can seem a bit confusing, especially these days. Most people have heard a lot of the news from the recent Housing bill to the stimulus package and now the new $700 billion dollar "Wall Street Bailout" but what does it all mean for you!

There are a few different loan types to understand. Depending on your loan amount you will fall into one of three main categories.

1. Conforming 417k or less loan amount: If your loan amount is less than $417k you have access to the widest variety of loan options at the best rates available. For most people looking to purchase a home FHA is currently one of the most popular options and currently only requires a 3% down payment. If you are putting less than 10% down or have less than 10% equity in your home for a refinance this is currently the only option for most people. If you qualify for a VA loan you may be eligible for no down payment.
FHA: 3% Down (3.5% starting January 1st 2009) For owner occupied 1st time home buyer or refinances.
VA: $0 Down on purchases for qualifying active duty personnel or personnel with previous qualifying military service, reservists, national guard and coast guard personnel with qualifying service.
Conventional: 10% down in California

2. High Balance 417k to 729k loan amount until Dec 31 2008: This was put into effect with the economic stimulus package earlier this year and extends many of the conforming options up to 729k in most high cost areas including Pasadena and most of Los Angeles as well as other high cost areas. Rates are currently about the same as conforming and offer the best available rates.
FHA: 3% Down
VA: Loans over 417k will require some down payment
Conventional: 10% Down in California

3. Non-Conforming 729k+: Loans above $729k fall into this category. Rates are higher than conforming and the high balance loans. In markets labeled declining (all of California) a minimum 20% down payment is required. There are several ways to be creative and help avoid the non-conforming rates including taking a 1st mortgage of 729k under a high balance loan and putting the difference on a 2ND, a first trust deed equity line, etc.. etc. The best option will depend on several factors and each individuals situation. While rates are higher in this category the good news is the rates in this category are showing some signs of trending back down a little.
Conventional: 20% down

A few things to remember:
-If you put less than 20% down on any loan for any loan amount (or have less than 20% equity on a refinance), mortgage insurance will be factored into the payment.
-The high balance loan option will no longer exist as of Jan 1st 09. However the conforming limit will be raised to $625k in high cost areas including most of Los Angeles.
-The above loan scenarios apply to all loan types including bank owned properties (REO's), foreclosures etc..

Hopefully this simplifies the basics of the loan types. If you have further questions or specific scenarios feel free to post them here .

Regards,

New Granite Park Development of Luxury Condos in Pasadena

2008-09-27T07:28:00.000-07:00

Granite Park Pasadena is a new development that is located just to the Northeast of South Lake Ave. and California Blvd. in Pasadena. This luxury condominium development will consist of 71 high end condos ranging in price from 1 million to 2.5 million dollars. The Granite Park condos will consist of:

1,400 s.f. terraces

24 hour security

Viking Appliances

Kohler Fixtures

Underground parking

Architecture inspired by Irving Gill

Photo gallery in the lobby

Beautiful landscaping, private walkways, gardens & meditation areas

Pool and Spa

BBQ area

Putting green

Incredible location (located next to shops & restaurants)

The Granite Park Pasadena condos are not yet listed on the Pasadena MLS. In order to have an opportunity to purchase one of these luxury condos, you need to schedule a viewing of the show room and put down a fully refundable deposit. In order to do this, visit our Granite Park Pasadena Luxury Condo site and schedule a time to see the sales gallery which has a model condo.

Time to Trade Up!

2008-09-23T11:33:00.001-07:00

With so much negative media about real estate and the economy, it’s easy to think we should all just put our money in our mattresses and forget about buying or selling any time soon. But this real estate market actually presents a great opportunity for trading up to a better home. Here’s how:

If prices are down 20% in Pasadena, then that means that a home that was $400,000 would now be $320,000. And a home that was $800,000 is now $640,000. If you had a $400,000 home and wanted to move up, your first instinct is that it’s a bad time to sell because you’ll only get $320,000 for it and you don’t want a loss. But in fact, even if you lose $80,000 on the purchase of your current home, you’ll save $160,000 on your new home of $640,000. You actually save money by selling and buying something more expensive.

We’re finding that it’s a great time to trade up in Pasadena right now. There are REOs and short sales that have brought the price down even on Pasadena luxury homes. If you want to take a look at what kind of deals are available right now, you can sign up for a Hot List and let us know what you’re looking for, and we’ll send the information to your inbox. And when it’s time to start looking, you’ll want to get pre-approved for a loan so you can demonstrate to sellers that you can complete the deal.

Pasadena still flooded with foreclosures

2008-09-22T08:05:00.000-07:00

The city of Pasadena is still flooded with foreclosures, Real Estate Owned (REO) and bank owned properties. Right now there are over twenty bank owned properties for sale in the market right now. These foreclosed homes can be picked up by first-time homebuyers, investors, or buyers looking to upgrade to a bigger house. Most of the homes range between $400,000 and $600,000, dependent on the size, location and condition. However, there are a few below that price range and a couple homes above that price range in Pasadena. Often these homes are priced below market value because the banks have no interest in holding on to them. It is in their best interest to get them sold.

What should we expect when looking at foreclosures? As a buyer looking to buy foreclosures, one thing we have noticed about several of the Pasadena properties is that they often need a little work or cleaning before moving in. The people leaving these homes were not worried about reselling them, so they often leave a little work behind. If you're okay with putting in a little work (or hiring someone to do it for you), you can often times save thousands of dollars.

BeautifulPasadenaHomes.com has Pasadena Real Estate Agents that are specializing in finding good foreclosures for buyers. If you would like a hot list of foreclosed homes in Pasadena, sign up for the REO - Foreclosure - Bank Owned List and be the first to get an email with pictures when a new bank owned property goes on the market.

2008-09-17T14:51:00.000-07:00

This blog is going to be used to convey Pasadena California Real Estate information.