Hill Section FSBO Really?

There is a modest For Sale By Owner sign in the yard at 800 N. Poinsettia Avenue, on the corner of Poinsettia and 8th Street, in the Hill Section of Manhattan Beach. This caught my attention as FSBO homes are rare in Manhattan Beach. While the owner of the home may not be officially using a real estate company to market the property (yet), interested buyers should be aware that online records indicate there are several licensed real estate brokers and agents in the family. In fact the phone number on the sign is for a relative who is a real estate broker at a property management company.

Maybe this is a new, low-profile approach to marketing in the Hill Section, where real estate company signs have been staying up for so long they have become part of the landscape.

If this is a home you may be interested in buying and would like representation by your own buyer's agent call 310-707-8762 or email Janie.Nagy@shorewood.com

Liberty Village Flip Flop Flip

The new listing at 1808 Wendy Way ($699,900 asking price) is an interesting, entry-level home for Manhattan Beach. The records indicate that the previous owner bought the 3 bedroom/1 bath Liberty Village home as a fixer for $880,000 in January 2006. After adding a half bath and making some nice improvements, the property was back on the market with an asking price of $1,199,000 three months later. After chasing the market down with multiple attempts to sell over the next 3 years, to a final list price of $899,000, the property went to foreclosure.

Enter the current flipper, who is looking for a quick profit after recently purchasing the home as a result of the foreclosure. Don’t know if the current asking price will generate a nice return on investment, or if it is intended to stimulate a bidding war. Either way it is worth taking a look at, and may be the perfect home for you in Manhattan Beach. But don’t try to get it with an FHA loan. FHA will not loan money to purchase a home that has been owned by the seller for less than 90 days.

Call if you would like to view this property 310-707-8762 or email to Janie.Nagy@shorewood.com

Tree Section Probate Auction Coming

1801 Elm Avenue in the Manhattan Beach Tree Section was listed today as a probate auction property. Don't be fooled by the low listing price. The Kennedy Wilson Auction Group says there is no minimum starting bid and no asking price. The open house is Saturday, November 28th from 12:30 – 2:30 PM and on Auction Day (December 6, 2009)  from 3:45 – 4:45 PM. See the Kennedy Wilson website (http://kwiauctions.com/probate_auctions.asp) for more information.

Looking Forward To Thanksgiving

Thanksgiving is a terrific holiday - unless you're a turkey! In addition to enjoying a special meal, we can pause a moment to think about all the things for which we are thankful, before making New Year's resolutions for the things that still need work.

At the top of my list each year is good health and family. This year I am also thankful for the opportunity to help people with their real estate needs in a place as nice as Manhattan Beach.

I hope you have many things to be thankful for as well.

20% MB Homes Sold Eligible For Tax Credit

Never mind the asking price, thought I’d check the MLS to see how many Manhattan Beach homes actually sold for $800,000 or less, making them candidates for the first time homebuyers tax credit extension.

There were 121 condos, townhomes and single family residences that sold (MLS status of sold, pending or backup) in Manhattan Beach from September 1, 2009 through today. Of those, 24 sold for $800,000 or less – a not-too-shabby 19.8%.

The 24 tax credit candidates consisted of:
• 2 condos (1 Hill Section, 1 Lib.Village/ Heights)
• 10 townhomes (3 Manhattan Village, 2 Lib.Village/ Heights, 5 Mira Costa Section)
• 12 single family residences (1 Sand Section, 3 Tree Section, 4 Lib.Village/ Heights, 4 Mira Costa Section)

If you narrow that down to homes that actually closed escrow during that time (70), the percentage of homes which sold for $800,000 or less (14) is 20%.

So if you want to take advantage of the extension of the first time homebuyer tax credit, you can find qualifying properties in Manhattan Beach.

Homebuyer Tax Credit Extended

It's official, the $8,000 first-time homebuyer tax credit has been extended through June 2010. Since it only applies to homes priced at $800,000 and below, it won't help many buyers of Manhattan Beach homes. But there are a few available in that price range and the way the market has been going, there may be more in the future. It could help sell homes in the neighboring cities, allowing those owners to move into Manhattan Beach.

There are other new features of the homebuyer tax legislation. Read the CNN article for more information.

Conforming Loan Limits for High-Cost Areas Unchanged for 2010

Good News for Mortgage Loans!

The conforming loan limits for high-cost areas (which include Manhattan Beach) will remain at $729,750 through 2010. Action last week by the federal government extends the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010. These limits were due to expire at the end of 2009.

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

Look Ma - No Wires

A few areas in Manhattan Beach have noticeably improved their appearance, by hiding unsightly utility wires underground. Homeowners have approved several Utility Undergrounding Districts in the Sand Section and one in the Hill Section. In these areas views are much improved and power poles are gone.

But the improvement has come at a price. Some homeowners have chosen to pay the bill right away. Others have elected to finance the expense as a tax lien or defer payment until the property is transferred to a new owner.

If you are planning to be the new owner of a home in one of the approved Undergrounding Districts, take care to address the issue of undergrounding costs in the purchase agreement.  Read More >>

Tree Preservation Ordinance

When looking for property in Manhattan Beach, do you see past the current home to what it could become with a major remodel or new construction? If so, make sure you are also looking for any mature trees on the property. If they are there, the vision of your dream home may need to be adjusted.

Manhattan Beach has a Tree Ordinance intended to preserve the tree canopy over most of the city. If you are looking in the Sand Section, don’t worry. The ordinance does not apply there.

Homeowners are expected to work around healthy trees of a certain size. It is probably less expensive to repair the root damage to sidewalks, walls, and pipes caused by older trees, and to pay for regular tree-trimming than to pay the hefty fine for illegally removing the tree.

So while a neighborhood full of big, old trees is lovely to look at, it is even nicer when the trees are not in the way of your plans for your property. Read more>>