Homes for sale in Rancho Palos Verdes near Trump National & Terranea

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“Beauty and the Beast”

The author of this article I ready today about the landslide area in Portuguese Bend, Rolling Hills etc couldn’t have named the article any better.  This is an area that is one of the most beautiful areas between Santa Barbara and San Diego and while many areas within the South side of the Peninsula are “safe” from movement, including perhaps Zone 2 sections of Portuguese Bend (you can read more here … http://www.facebook.com/permalink.php?story_fbid=225573987477111&id=126283734095981), the landslide areas have kept this section of town one of the most tranquil and beautiful in all of California.

There really is a silver lining to every cloud!  And I know that many people are detrimentally effected (past, present and future); I’m very sensitive to this.  That being said, I hope you can enjoy and appreciate the “Beauty” within this “Beast”.  Let me add – Portuguese Bend is an area in which my wife and I have aspired to own a home for a long, long time … whether in the slide zone (contact me regarding mitigating strategies) or not … I can only describe it the way Ray Liota and Kevin Costner did in “Field of Dreams” … “Is this Heaven? No it’s Portuguese Bend!” … well Costner said Iowa, but you catch my drift …

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Palos Verdes homes for sale on the South Side of the Palos Verdes Peninsula

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

George Fotion, HomeIsPalosVerdes.com

When NOT to list your home for sale in Palos Verdes

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For more information on just one of the hi-tech venues in which I market my seller’s homes, just visit the link profiled in the yellow tab below.

 

Meanwhile, who do you know that is looking to move in, out or around the South Bay – your referrals will ALWAYS be cherished!

George Fotion, HomeIsPalosVerdes.com

 
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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

For Palos Verdes Home Buyers

 

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

George Fotion, HomeIsPalosVerdes.com

Palos Verdes Real Estate Website

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What’s happening with www.homeispalosverdes.com?

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For more information on homes for sale in Palos Verdes, Palos Verdes real estate, palos verdes homes for sale, palos verdes foreclosures, palos verdes real estate market information as well as quality information on homes for sale in Rancho Palos Verdes, Palos Verdes Estates homes for sale, Manhattan Beach real estate, Hermosa Beach real estate, Redondo Beach real estate, Torrance real estate, Palos Verdes real estate trends, and real estate trends throughout the Beach Cities, Palos Verdes Estates and the South Bay, visit www.homeispalosverdes.com 

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George Fotion, HomeIsPalosVerdes.com

 
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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Foreclosure Report

 

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Real Estate Market Changes

Play video to see what’s happening in the market.  You can click the charts to see larger, more readable versions and use the link below to get more insight into the Palos Verdes real estate market


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In every Palos Verdes home market except for Malaga Cove, the absorption of inventory has improved.  The largest absorption improvement is found in the PVDS, Valmonte, Mira Catalina and La Cresta real estate markets.

To dig a bit deeper into the numbers we really need to understand why the absorption numbers have improved so much in the last 12 months.  Is it because demand (pending sale volume) has increased?  Are there more buyers in the Palos Verdes home market?  Or is it because supply (new listing volume) has dropped?  Are there fewer sellers in the market?  Or is it a combination of both factors.

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What we’re finding is that nearly for all Palos Verdes homes market areas, inventory, ie SUPPLY, has dropped immensely.  And at the same time, in most of the markets, demand has increased.  Some areas experienced decreases in demand (pending sale volume); however, in these areas, supplies dropped off by a greater percentage making a net result of an increase in the absorption patterns.

Bottom line, the market is firming up, prices are gelling and while no one can predict the future, this positive change is a welcome one for the Palos Verdes real estate market.

For more information, please visit www.homeispalosverdes.com

Here’s a great home for sale in the La Cresta area; one of the hottest markets now on the Palos Verdes Peninsula:

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Foreclosures June 2012 Report

http://www.homeispalosverdes.com

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Click the map to use the Palos Verdes Distressed Homes search tool

 

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Real Estate Market Influenced By International Buyers

Do International Buyers effect the Palos Verdes Homes Market?image

Due to low prices and the relative weakness of the dollar, international buyers continue to identify the U.S. as a desirable place to own property and make a profitable investment.

According to the National Association of REALTORS®’ 2012 Profile of International Home Buying Activity, total residential international sales in the U.S. for the past year ending March 2012 equaled $82.4 billion, up from $66.4 billion in 2011. Total international sales were evenly split between non-resident foreigners and recent immigrants. The survey asked REALTORS® to report their international business activity within the U.S. for the 12 months ending March 2012.

“Today’s advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signaling how desirable and profitable owning property in this country can be,” said NAR President Moe Veissi, broker-owner of Veissi & Associates, Inc. in Miami, Fla. “Low housing prices, a good inventory condition and increased buying power with today’s exchange rates help attract international clients. Foreign buyers also have the advantage of working with a REALTOR®. REALTORS® who specialize in serving international clientele have a truly global perspective; they know what hurdles foreign buyers  face when purchasing property in the U.S., and have the expertise and knowledge that comes from working with clients from different cultures and real estate practices.”

International buyers bought homes throughout the country, but four states accounted for 51 percent of the purchases – Florida, California, Texas and Arizona. Florida has been the fastest growing destination of choice, accounting for 26 percent of foreign purchases. California was second with 11 percent and Texas and Arizona accounted for seven percent. Proximity to the home country, the presence of relatives and friends, the convenience of air transportation, and climate and location are all important considerations to prospective foreign buyers. Locations on the East Coast generally attract European buyers, while Asian buyers tend to purchase on the West Coast, particularly California. Florida attracts a diverse set of international buyers including South Americans, Europeans and Canadians. Meanwhile, Texas remains popular among Mexican buyers. Within markets in an individual state, it is not unusual to find concentrations of people grouped by nationality.

“Foreign buyers recognize that owning a home in the U.S. has many benefits, both financial and social,” said Veissi. “Many purchase property as an investment, vacation home, or to diversify their portfolio. In addition, many recent immigrants view homeownership as an important accomplishment. They believe that being a homeowner is one of many ways they become established in the U.S. and attain stability, security, and a sense of community.”

International buyers came from all over the globe, but Canada, China (The People’s Republic of China including Hong Kong), Mexico, India, and the United Kingdom accounted for 55 percent of all international transactions (continue below to see local Palos Verdes Homes results), according to the survey. Canada and China remain the fastest-growing home countries. Canada accounted for 24 percent of international sales while China accounted for 11 percent, up from nine percent in 2011. Mexico was third with eight percent of sales and India and the U.K. both accounted for six percent.

Forty-five percent of international purchases were under $250,000. In addition, there appears to be a gradual increasing trend toward purchases in the $250,000 to $500,000 price range. In 2012 this range accounted for 30 percent of purchases, up from 28 percent in 2011. The average price paid by an international buyer was $400,000 compared to the overall U.S. average of $212,000. Several reasons account for why the average international home price is higher than the average overall price. The international client is typically wealthier than the domestic buyer and is looking for a property in a specialized niche, for example, a larger property suitable for multi-generational living, or a property that establishes the individual’s presence and standing in the community.

Many homes purchased by foreign buyers are used as a primary residence. Vacation and rental use are also major reasons for a purchase. More than half – 66 percent – of survey respondents reported international buyers purchased detached single-family homes. About half of international buyers, 52 percent, preferred to buy in a suburban area and about a quarter, 23 percent, bought in a central city/urban area.

Sixty-two percent of international purchases were all cash, which has increased since 2007. International buyers still experience many financing challenges when purchasing a home in the U.S. In fact, among transactions that failed, REALTORS® reported that in 26 percent of the cases financing issues were the problem. The difficulties facing foreign buyers in trying to obtain a mortgage include lack of U.S.-based credit history and hurdles in meeting mortgage requirements. Other reasons for not purchasing properties were cost/taxes/insurance and immigration laws.

Twenty-seven percent of REALTORS® reported having worked with international clients this year. Fifty-two percent of REALTORS® reported that international transactions accounted for one to 10 percent of their total transactions, while 27 percent reported that they made up more than 10 percent of total transactions. REALTORS® specialization on the buyer’s side of the market – such as foreign language capabilities, cultural affinity or orientation with the prospective purchaser and experience in explaining the U.S. real estate – appear to be important in working with foreign buyers.

So when it comes to Palos Verdes real estate, is there a way to track international buyers?  In fact there is*; reviewing the websites where I’ve recently promoted and sold one of my clients homes, I discovered the following …

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*If your Realtor does not know how to do this, you’re missing a big part of successfully getting your home marketed to sale.  You’re welcome to contact me for more information

I’m finding that most popular are the Palos Verdes Homes with Ocean Views … like this one…

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However, no matter what type of home you have, contact me to get (1) an objective opinion on what the market is likely to pay for your home AND (2) get more ideas on how to best get your home marketed (such as marketing to the international buyers) for top dollar in an efficient time period.  Even folks that already have an agent, find it good common business sense to meet with me so that they can capture those two benefits.  I’m here to help. 

 

 
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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Short Sale Homes Information

Palos Verdes Short Sale Major Update

Even if a short sale doesn’t apply to you, chances are you know someone for whom a short sale might be a good idea.  And if you do, there are two very critical issues that such a person must know about to help with their Palos Verdes short sale or South Bay short sale.

First of all the the Mortgage Debt Relief Act expires on December 31, 2012.  Prior to the passage of this Act, debt relief resulting from a foreclosure or a short sale was considered income by the IRS.  For example, let’s say the loan on the house was $1,000,000 but the house was sold as a short sale for $850,000.  That difference of $150,000 was a taxable event to the homeowner!  However after passage of the Act, both the State of California and the Feds caused this “gift” to not be a taxable event.  Unless it is extended, this benefit expires very, very soon so the very real benefits to doing a short sale, will disappear!

So if you are considering a short sale or if you know someone that should, time is of the essence!image

Now the second piece of information is really exciting!  Breaking news: June 1, 2012, the 3 major credit reporting agencies have announced they will change the impact of short sales on a borrower’s credit (assuming they missed no payments and weren’t late) to a ‘neutral’ . Meaning little to no negative credit ramifications.

This is HUGE. 

Quoting from the Harris Real Estate Training Center:

Q. Can I do a short sale even if I am current on my payments and can afford the payments?
A. The quick answer is Yes. 
Can you short sale your home even if you are not late on your mortgage and may be able to make the payments. In the industry that is called a ‘strategic short sale‘ A short sale happens just like any other home sale. A Realtor lists the home, an offer is received, and you (the seller) decide if you want to accept / reject or counter the offer. Once terms are finalized the home is pending/ in contract just like a normal sale. You and the buyer sign the contract. YOU DON’T NEED PRIOR APPROVAL FROM YOUR LENDER TO DO A SHORT SALE. A short sale will require the additional step of lender approval.  Note: Please be clear. A short sale may not be the best option for you. You need to seek advice from your Accountant and/ or attorney.  A vast majority of the time a short sale IS the overwhelmingly best solution for underwater owners. You DO NOT need to be late on your mortgage to do a short sale. In fact, there is an advantage now in remaining current on your payments.

Breaking news: June 1, 2012, the 3 major credit reporting agencies have announced they will change the impact of short sales on a borrower’s credit (assuming they missed no payments and weren’t late) to a ‘neutral’ . Meaning little to no negative credit ramifications.

Translated: If you didn’t miss any payments prior to the short sale you won’t have a credit hit. Even better, the standards to obtain a mortgage following a short sale have changed dramatically. If you didn’t miss ANY payments prior to the short sale it is possible to get another mortgage immediately. Yes, you read that correctly. Short Sale today…buy today.  Generally speaking, if you did miss payments prior to your short sale you will have to wait as little as 18-24 months before securing another mortgage.
It gets even better. Many lenders will literally PAY YOU to do a short sale. Most recently Bank of America announced a new short sale program that pays qualifying owners up to $30,000 to do a short sale. You read that right. You are being PAID to short sale your home. In most cases lenders are even waiving deficiency judgments.  (A deficiency judgment occurs when the lender pursues the former borrower for the loss from the sale. For example, the home sold for $300,000 but the mortgage balance was $400,000. In some states with certain types of mortgages a lender could obtain a judgment against that former borrower for their loss…in the prior example, $100,000)Want more motivation to do a short sale? There is a tax law that expires at the end of this year that allows most owners to not pay any taxes on the forgiven debt. Prior to this temporary tax law change the forgiven debt was treated as regular income! Strong word of caution: 1) Talk to your account to make sure you qualify. 2) This tax law expires at the end of 2012. Unless extended those closing their short sales in 2013 may be subject to taxes on the forgiven debt. Bottom line, yes a short sale is your best solution if you are ready to get out of your underwater home.

So, bottom line, the time to act is now.  When you have questions, give me a call and let’s talk about this AND if you are interested in understanding the benefits as an INVESTOR in the short sale arena, let’s set an appointment to discuss this.  You can use the article in the yellow button below to start thinking about this. 

For more general real estate information, please visit http://www.homeispalosverdes.com To view listings of distressed properties in Palos Verdes, please scroll down to below my website logo and click the image of the map

 
Homes for sale in Palos Verdes Estates
Homes for sale in Rolling Hills Estates
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Homes for sale in Rolling Hills
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Manhattan Beach homes for sale
South Torrance homes for sale
George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Foreclosures – Down or Up?

Palos Verdes Estates Foreclosure Report 4/12/2012

It was reported today in RealtorMag.org that foreclosures are now down to 2007 levels.  Of course what is happening nationally doesn’t necessarily apply to Palos Verdes or any local real estate market.  Next to the old saying of “Location, Location, Location”, the next oldest saying is …

“Real Estate Is All Local”  Here’s the article … but please keep reading below to find out what’s happening in the 90274 zip code with Palos Verdes Foreclosures.  And, if you would like a free resource that allows you to search for foreclosures, bank owned homes, auctions anywhere in California and of any property type (apartments, houses, condos, land, commercial property etc), go to the yellow button below.

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For more information on foreclosure discounting and other statistics, go to my Palos Verdes Foreclosure website (link in the button below)

 
Homes for sale in Palos Verdes Estates
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Manhattan Beach homes for sale
South Torrance homes for sale
George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com