Don’t Pass Up The Fixer Homes…

By: Rob Jordan

The FHA 203k loan is an often overlooked option for buying a home that needs some work, or for refurbishing your existing home. Here’s how it works.

Let’s say you find a house you love, but it needs some work. You’ve saved the money for the down payment, but you don’t have the extra $10,000 or $20,000 or $50,000 or $100,000 that is required for repairs and rehabilitation. Or let’s say your existing house needs some work, and you want to remodel and refinance. Well, you can borrow the repair money from the FHA, and roll it all into one regular home loan!

The FHA 203k loan program is specifically for homeowners who want to buy a property that needs some rehabilitation and repair, and they want to borrow the money for the repairs with the home loan. It’s basically a home improvement loan rolled into your typical home loan.

This program can be used to accomplish rehabilitation and/or improvement of an existing home in a couple of ways:

• You can purchase a home that needs some work and rehabilitate it.

• You can refinance your existing home and build in repair and rehabilitation funds into the loan!

For example, suppose you find a nice house listed for $500,000, but it needs some work. A new roof, new flooring, new appliances, new kitchen cabinets (or a whole new kitchen), new bathrooms. You can use the money for just about anything except a luxury item like a pool. You estimate the repairs at $50,000. The value of the home when fixed up is $600,000, based on comparable homes in the neighborhood.

The FHA will loan you the whole $550,000, and work with you and your contractors to help get the work done. They help you find the contractor, itemize the repairs, develop a schedule, and release funds to pay the contractor, tradesman and material providers as the work is done.

For improvements or repairs LESS than $35,000 – called a streamlined rehab – it’s even easier. The money is advanced to you up front, without a progressive release schedule.

Is the house so bad you can’t move in for a bit? Well, you can even finance the first few months payments to cover the time period during which you’re doing the work. So you’re not making payments on a house you’re not living in.

The program is similar for existing homeowners who want to fix up their homes, but haven’t saved up the necessary funds.

And, you can even do some of the work yourself if you are capable.

FHA rates and qualifying criteria are very competitive, and you won’t be paying a big, over market premium for these loans.

So when searching for a home (or want to fix up your existing house) don’t pass up on the ones located in great neighborhoods which “are in bad shape but have great potential”, just because you don’t have the extra funds to pay for repairs. Maybe the FHA 203k loan is just the thing for you!

For additional information, contact Rob Jordan, of Sotheby’s International Realty/Ewing & Associates. Rob specializes in Agoura, Oak Park and Westlake Village homes. He can be reached at 818.237.4425.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Rob Jordan

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“Bash” Mendes makes his mark

By: Denise Arledge

Sebastian Mendes, Agoura Hills surf star, is only 8 years old. But that hasn’t stopped the 60 pound surf rat from attaining a slue of famed sponsors like DVS, ValSurf, Matix and Body Glove. I’ve been watching this young star rip since he was 5 years old as I am close friends with the Mendes family. His father Anthony is the owner of Winner’s New York Pizza in Agoura Hills, one of Sebastian’s favorite restaurants.

Sebastian and the family visit the North Shore many times per year to expose Sebastian to some of the best waves in the world. He has spent time around Kelly Slater and other numerous surf legends. Sebastian is currently leading the under-9 championship for the Western Surfing Association. He leads by 2,752 points, a nearly insurmountable lead. I wish Sebastian luck in the years to come. He will undoubtedly be a successful surfer.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

denisearledge

Denise has over 19 years experience in real estate. She is a consistent top producer & has won numerous awards for her sales, listings & service. She is a resident of the Conejo Valley for over 22 years & specializes in fine homes and estates throughout the San Fernando & Conejo Valleys.

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BB King in Agoura Hills

By: Irma Haldane

Every so often we get the treat of an old classic right here at the Canyon Club in Agoura Hills.

[youtube]http://www.youtube.com/watch?v=gc4ktIFl7ww[/youtube]

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Irma Haldane

Irma Haldane, estate agent at Ewing & Associates Sotheby's International Realty, represents buyers and sellers throughout the West San Fernando, Conejo and Simi Valleys with specialization in Agoura, Thousand Oaks, Woodland Hills, West Hills, Camarillo and Westlake Village.

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Some good news for Westlake and Agoura Hills

By: Sher Hann

If you want to follow the trends, just follow the headlines. In the past two weeks we have seen headlines pointing to a more positive real estate market. From the Huffington Post and other news outlets, 30-Year Mortgage Rates Top 5%. Why is this positive? As interest rates creep up, sooner or later home buyers begin to notice. The sentiment that there is no hurry, that an even better deal will be there tomorrow, begins to slip away. As this article points out, if interest rates rise from 5% to 6% and the price of a home drops from $500,000 to $450,000, the actual cost of the home over 30 years will be $90,000 higher.

From the LA Times, California Luxury Home Sales Jump 21% (even the wealthy like a bargain). And the Wall Street Journal, Cash Buyers Lift Housing, cites data from the National Associations of Realtors indicating 28% of home sales last year were all-cash deals – double the rate in 2008.

Finally, from the LA Times again, Now May Be the Time to Buy a Home. Says the usually pessimistic economist Christopher Thornberg, principal with Beacon Economics in Los Angeles, “Certainly, we’re pretty sure we’re at the bottom” for home prices, as quoted in the luxury home sales article.

What does it all mean? If you are a home buyer, it may be time to step up to the plate. Stories of homes selling in multiple offers are not uncommon. This means you could soon find yourself paying both a higher interest rate for your mortgage and a higher price for your home.

If you are a seller who is buying up, now may be the time to pick up that dream home. And if you are selling because of a personal or financial situation, don’t wait for prices to rise dramatically unless you have a lot of time. During the 1990s, in the LA area,it took 9.5 years for home prices to regain their 1990 peak.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

sherhann1

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Hosted by the Olive Vineyard & Dos Gringos Food

By: Cindy Nexon

The Olive Vineyard in Agoura Hills has decided to host an hour and a half lesson on how to make and use fresh cheese. It’s a chance to support a local business that is always doing something interesting and creative. Drop by Friday, February 11th at 6:30 pm, to enjoy a tasting menu inspired by cheese. BBQ Pizza and seared Mozzarella with Olive Oil prepared by Dos Gringos Food using The Olive Vineyard’s Olive Oil.

Space is limited, so please call 818.292.8393 or email them by February 7th.

For the full brochure, click here to download.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Cindy Nexon

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The China Flat Trail in Cheeseboro Park

By: Denise Arledge

One the fabulous perks of living in Agoura Hills and Oak Park is the close proximity to the Cheeseboro trails. China Flat, one my favorite trails in the area, is the newest addition to the Cheeseboro Canyon/Palo Comado Canyon Site. It sits beneath the 3,000ft Simi Peak, the highest peak in the Simi Hills.

The China Flat Trail, which can be accessed from Old Agoura or Oak Park, is a steep hike with expansive, panoramic views of Simi Valley, Oak Park, and Agoura Hills. From the top, the trail follows the southern perimeter of China Flat.

denisearledge

Denise has over 19 years experience in real estate. She is a consistent top producer & has won numerous awards for her sales, listings & service. She is a resident of the Conejo Valley for over 22 years & specializes in fine homes and estates throughout the San Fernando & Conejo Valleys.

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Fountain Place Villas “Educator Townhomes”

By: Rob Jordan

60 or 70 local homeowners attended a workshop at Agoura High School on the evening of January 25 to listen to a presentation by the City of Agoura Hills regarding a low to moderate income condo development proposed for a one acre parcel of property on the Agoura High School campus. The workshop was hosted by staff members from the City of Agoura Hills. The project architect was present as well.

Called the Fountain Place Villas “Educator Townhomes” the project would be located at the end of Easterly Road along the east border of the school. The site is located in a Redevelopment District which gives the city certain latitude in deciding what type of a project might be suitable. 16 condos are planned, to be priced in the mid $200,000s. Buyers would need to qualify as low to moderate income households, earning between $40,000 and $82,000 per year. According to the terms of the Redevelopment District agreement, the City of Agoura Hills is required to build up to 40 low to moderate income housing units prior to 2014.

Nearly every speaker was opposed to the project.

Sandra Pope, a local teacher at Willow Elementary and Las Virgenes Educators Association president, spoke in favor of the development, which she said would allow low to moderate income teachers to “live in the district where they work.” Staff members pointed out that there is no guarantee that teachers would have priority to purchase the homes.

The homeowners opposition was centered around several recurring themes, including parking problems in the area, and many called it the wrong development in the wrong location.

Many speakers thought the parcel should be consider for a parking lot, citing the worsening parking situation in the area. The school has recently lost over 100 spaces due to the new performing arts center, and students are being forced to park in residential areas or on streets where parking is not permitted. Some parents said that students are receiving expensive parking tickets daily. Some residents of Annandale, the condominium development across from the school, said that finding street parking on evenings when there was a school event was nearly impossible.

You can’t discuss any development in the area WITHOUT addressing the parking problem was a theme that came up over and over during the evening. The City of Agoura Hills staff specifically said they could not discuss the parking problem, only the proposed development.

Many homeowners thought the idea of building 16 condo units on a one acre parcel was a bad idea, citing the rural nature of Old Agoura, and the one home per acre zoning for existing homes on Easterly. Some speakers pointed out that construction traffic up and down the narrow Easterly Road would cause even more traffic related issues.

Finally, several speakers and one realtor remarked that in the current housing market that there are dozens of low cost condos available for sale in the $200,000 to $300,000 range, and why not just buy some of those and turn them into subsidized low to moderate income housing.

In order to proceed, the Las Virgenes Unified School District which owns the parcel, is considering entering into a long term lease with the City of Agoura Hills, which would pay the school district $1,000,000 total over 65 years. One speaker remarked that it seemed like a bad idea to forever give up one acre of valuable land which might be needed for parking or additional classrooms.

Additional workshops and meetings are planned.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Rob Jordan

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What up with the price hikes?

By: Lauren Rauschenberg

There are some recent changes to the Bell Canyon Barn. First off, Bell Canyon recently welcomed new barn Manager Karen Adam. Substantial facility changes have taken place due to Karen who has upgraded staffing and procedures. The upper arena was reconstructed and the daily maintenanace is enhanced with the new drag and water truck, (which significantly reduces dust). Stalls throughout have been leveled and DG has been added. The lighting has been upgraded throughout the facility.

But possibly the most formative of changes is the price hike. Bell Canyon Equestrian Center has not had a price increase in three years and due to increases in the cost of feed, bedding, labor, fuel, water, utilities and waste removal, they have reached the inescapable conclusion that board rates must be increased. Here’s what you can expect as for February 1, 2011.

Box Stalls:  Residents: $610 –  Non-Residents: $660
Pipe Stalls:  Residents: $530  — Non-Residents: $580
Pipe Corrals:  Residents: $450 — Non-Residents: $500

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Lauren Rauschenberg

Lauren Rauschenberg, Estate Broker at Ewing and Associates Sotheby's International Realty, is a practicing civil litigator and emerging Realtor. With nearly 10 years of experience in real estate law and as a title company manager, Lauren discovered a broader demand for her estate expertise.

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Spotting the woman in lady face mountain

By: Cindy Nexon

I’ve lived here for 20 years and uncovering the “true” lady face mountain is difficult. I must say, never once have I truly seen it – at least not the way I imagined it to be. However, the Acorn recently ran an article on Ladyface Mountain in Agoura Hills that helps show the face of the mysterious mountain. Take a look at the photos below. They just may help you next time you are in the perfect spot to view Ladyface mountain.

Photos by Iris Smoot and Julien Belmond

Photos by Iris Smoot and Julien Belmond

Photos by Iris Smoot and Julien Belmond

Cindy Nexon

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