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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.
For more information:
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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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3. August 2008 by Ana Connell.

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
|
|
5,057 |
$415,000 |
$548,000 |
-24.27% |
|
AGOURA HILLS |
20 |
$763,500 |
$752,500 |
1.46% |
|
|
66 |
$544,500 |
$631,000 |
-13.71% |
|
CALABASAS |
18 |
$1,435,000 |
$1,020,000 |
40.69% |
|
|
59 |
$395,000 |
$479,900 |
-17.69% |
|
CHATSWORTH |
25 |
$395,000 |
$588,000 |
-32.82% |
|
ENCINO |
55 |
$575,000 |
$699,500 |
-17.80% |
|
|
79 |
$645,000 |
$730,000 |
-11.64% |
|
LA |
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% |
|
|
64 |
$380,000 |
$577,500 |
-34.20% |
|
|
57 |
$700,000 |
$782,500 |
-10.54% |
|
|
26 |
$970,500 |
$1,001,000 |
-3.05% |
|
|
21 |
$309,000 |
$494,500 |
-37.51% |
|
TUJUNGA |
21 |
$417,500 |
$499,000 |
-16.33% |
|
|
9 |
$435,000 |
$714,000 |
-39.08% |
|
WOODLAND HILLS |
51 |
$535,000 |
$735,000 |
-27.21% |
|
|
865 |
$400,000 |
$555,000 |
-27.93% |
Posted in Seller Information, Buyer Information, Housing Information/Stats, Blogroll | Print | No Comments »
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 $) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
=
Posted in Seller Information, Buyer Information, Housing Information/Stats, Blogroll | Print | No Comments »
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 $) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
Posted in Seller Information, Buyer Information, Housing Information/Stats, Blogroll | Print | No Comments »