Archive for the Buyer Information Category

Conforming Loan Limits For 2009

14. November 2008 by Ana Connell.

Are you aware that the conforming loan limits put into place by the Economic Stimulus Act of 2008 will be going away soon?

The Federal Finance Agency (FHFA) just announced that starting in 2009 loan limits may change depending on where you live. The new limit will be $417,000 for the majority of the country, high cost real estate areas such as Los Angeles, Burbank, Studio City, Toluca Lake, San Fernando Valley etc. will be capped at $625,000. This is important as the current conforming limit for these areas is $729,750.

Many had been wanting the higher limit to remain as the conforming loan limit determines the maximum size loan that Fannie Mae(FNMA) and Freddie Mac( can buy or guarantee. Additionally non-conforming loans usually offer higher interest rates than then conforming loans.

There is still a strong lobbying effort going on to have Congress make the higher limit permanent, we’ll see what happens.
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What is a transfer tax?

17. September 2008 by Ana Connell.

In certain cities and in the County of Los Angeles when a home sells  a transfer tax is levied upon transfer of the property.

LA County charges $1.10 per $1000 of purchase price, Burbank charges $ .55 per $1000 and City of Los Angeles charges $4.50 per $1000 or purchase price.

While the county tax is not a huge amount, the LA tax can add up.  For example……on a $400,000 home:

LA County Tax……………………….$  450

LA City Tax(if applicable) ………$1,800

In this example if you purchased a home in the city of Los Angeles both taxes would apply and add $2250 to your closing costs.

Normally the seller covers this cost.

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Housing Statistics for June 2008….Burbank Real Estate and Surrounding Areas!

3. August 2008 by Ana Connell.

houses-on-graph.jpg

As you can see the downward trend is continuing, but certain communities are doing better than others. Burbank real estate sales of condos and single family residences were down 13.71% for the month of June, while sales in neighboring Studio City were only down 3.05%.

Real estate is local, which is why it pays to have a knowledgeable realtor on your side!

Home Sales For June 2008

Los Angeles County

5,057

$415,000

$548,000

-24.27%

AGOURA HILLS

20

$763,500

$752,500

1.46%

BURBANK

66

$544,500

$631,000

-13.71%

CALABASAS

18

$1,435,000

$1,020,000

40.69%

CANOGA PARK

59

$395,000

$479,900

-17.69%

CHATSWORTH

25

$395,000

$588,000

-32.82%

ENCINO

55

$575,000

$699,500

-17.80%

GLENDALE

79

$645,000

$730,000

-11.64%

LA CANADA FLINTRIDGE

13

$960,000

$1,400,000

-31.43%

LA CRESCENTA

27

$610,000

$672,500

-9.29%

LOS ANGELES

592

$515,000

$571,000

-9.81%

MONTROSE

5

$500,000

$518,750

-3.61%

NORTH HOLLYWOOD

64

$380,000

$577,500

-34.20%

SHERMAN OAKS

57

$700,000

$782,500

-10.54%

STUDIO CITY

26

$970,500

$1,001,000

-3.05%

SUN VALLEY

21

$309,000

$494,500

-37.51%

TUJUNGA

21

$417,500

$499,000

-16.33%

VALLEY VILLAGE

9

$435,000

$714,000

-39.08%

WOODLAND HILLS

51

$535,000

$735,000

-27.21%

San Fernando Valley

865

$400,000

$555,000

-27.93%

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Studio City Home Sales June 2008

24. July 2008 by Ana Connell.

HOME SALES REPORT
Beginning Date: 6/1/08 Board Number: All Ending Date: 6/30/08
City: STUDIO CITY Area: All Price Range: $0 - ALL
Single Family Sales - Residential Other Statistics
Price Class Bedrooms
2 OR Less 3 4 Or More Condo Sold Residential Active Condo Active
$0 - $99,999 0 0 0   0 0 0
$100,000 - $149,999 0 0 0   0 0 0
$150,000 - $199,999 0 0 0   0 0 0
$200,000 - $249,999 0 0 0   0 0 1
$250,000 - $299,999 1 0 0   0 3 2
$300,000 - $324,999 0 0 0   1 0 4
$325,000 - $349,999 0 0 0   0 0 3
$350,000 - $374,999 0 0 0   1 0 1
$375,000 - $399,999 0 0 0   1 0 3
$400,000 - $424,999 0 0 0   0 0 4
$425,000 - $449,999 0 0 0   0 0 4
$450,000 - $474,999 1 0 0   1 0 4
$475,000 - $499,999 0 0 0   1 0 10
$500,000 - $549,999 0 0 0   3 1 7
$550,000 - $599,999 0 0 0   0 3 12
$600,000 - $649,999 0 0 0   0 3 3
$650,000 - $699,999 1 0 0   1 8 10
$700,000 - $749,999 0 1 0   1 9 6
$750,000 - $799,999 0 1 0   0 10 15
$800,000 - $999,999 1 3 0   0 19 7
$1,000,000 - $1,999,999 0 2 7   0 87 1
$2,000,000 and over 0 0 0   0 12 0
Totals 4 7 7 10 155 97
Average Price 567.9 1026.1 1394.3 498.7 1403.1 591.6
(In Thousands $)
Median Price 471.5 849 1300 477 1197.2 575
(In Thousands $)
 
Time on Market UNITS
1-30 Days 8
31-60 Days 4
61-90 Days 4
91-120 Days 5
121-180 Days 2
More than 180 Days 3
Total Units Sold 28
Average Market Time 72.9
Types of Financing UNITS
AITD 0
ASSM 0
CONV 25
CASH 2
FHA 0
CAL 0
LANDC 0
OTH 1
OWN 0
PRVT 0
TRUST 0
VA 0
NO FINANCING REPORTED 0
TOTAL 28

 Software Copyright © First American MLS Solutions, Inc. 1997 - 2008 All Rights Reserved v3.0
© Copyright SoCalMLS - Information deemed reliable but not guaranteed.
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer.   Fair Housing Notice.  Map Disclaimer.
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Burbank Sales Report June 2008

24. July 2008 by Ana Connell.

There are currently over 400 foreclosure properties in the Burbank area.  If you are interested in buying foreclosure properties, please call me at 818-795-8474.

HOME SALES REPORT
Beginning Date: 6/1/08 Board Number: B Ending Date: 6/30/08
City:Burbank Area: All Price Range: $0 - ALL
Single Family Sales - Residential Other Statistics
Price Class Bedrooms
2 OR Less 3 4 Or More Condo Sold Residential Active Condo Active
$0 - $99,999 0 0 0   0 0 0
$100,000 - $149,999 0 0 0   0 0 0
$150,000 - $199,999 0 0 0   2 0 0
$200,000 - $249,999 0 0 0   1 0 0
$250,000 - $299,999 0 0 0   3 0 3
$300,000 - $324,999 0 0 0   0 1 2
$325,000 - $349,999 1 0 0   0 0 4
$350,000 - $374,999 0 0 0   0 0 2
$375,000 - $399,999 2 0 0   2 0 2
$400,000 - $424,999 0 0 0   0 1 1
$425,000 - $449,999 1 0 0   0 4 3
$450,000 - $474,999 1 2 0   0 2 3
$475,000 - $499,999 0 1 0   0 8 2
$500,000 - $549,999 1 0 0   0 5 0
$550,000 - $599,999 0 3 0   0 13 5
$600,000 - $649,999 0 2 1   0 10 1
$650,000 - $699,999 0 3 0   0 12 0
$700,000 - $749,999 0 0 1   0 10 0
$750,000 - $799,999 0 1 0   0 14 0
$800,000 - $999,999 1 3 0   0 9 0
$1,000,000 - $1,999,999 0 1 1   0 15 0
$2,000,000 and over 0 0 0   0 1 0
Totals 7 16 3 8 105 28
Average Price 485.3 697.2 815.6 279.5 771.2 427.2
(In Thousands $)
Median Price 437 600 713.2 286 699 399
(In Thousands $)
 
Time on Market UNITS
1-30 Days 16
31-60 Days 4
61-90 Days 4
91-120 Days 2
121-180 Days 3
More than 180 Days 5
Total Units Sold 34
Average Market Time 74.1
Types of Financing UNITS
AITD 0
ASSM 0
CONV 27
CASH 4
FHA 3
CAL 0
LANDC 0
OTH 0
OWN 0
PRVT 0
TRUST 0
VA 0
NO FINANCING REPORTED 0
TOTAL 34

Software Copyright © First American MLS Solutions, Inc. 1997 - 2008 All Rights Reserved v3.0
© Copyright SoCalMLS - Information deemed reliable but not guaranteed.
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer. Fair Housing Notice. Map Disclaimer.

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