Real Estate Porn in the Hollywood Hills

I was out previewing properties with my protege in training Brandon in the Hollywood Hills yesterday and we came across the most beautiful modern home I think I have ever been inside. It is at 5699 Holly Oak Dr. in the 90068. Listed at $1.99m this 3+2 house is every bit the stunning modern architectural triumph. LA has quite a few breathtaking mid century modern homes and this is perhaps one of the finest specimens around. I'll quit yapping and let the pictures do the talking. For more information about this property contact Sky Minor at 310-709-8283

Want to know about how much mortgage you'd qualify for? Divide your gross salary by 0.2. That's it!

Now that interest rates are below 4% for a 30 year fixed mortgage, my phone seems to be ringing off the hook with people who want to see how much mortgage they can qualify for and how much house they can buy. (I know it's a recession, but in Los Angeles alot of people still have work). Always being a fan of brevity, I came up with this ultra simple mortgage qualification tool. It is only two steps:

1. Determine your household gross income if salaried or adjusted gross income if self-employed/business owner. (Line 37 on tax returns)

2. Divide this number by 0.2

The result is about how much mortgage you could qualify for at 4% interest. Now this is different (lower) than how much house you can afford because you will need to combine this mortgage money with a down payment-either 20% for conventional loans or as little as 3.5% for FHA.

Let's do an example: Joe and Jane Homelookers want to buy a house in Eagle Rock. Joe earns $95,000 salary at the widget factory and Jane has a cookie baking company with net income of $35,000 per year. Their combined household income is $130,000. Can they afford that gorgeous craftsman bungalow for $600,000?

130000\0.2 = $650,000. They can afford it. Let's write the offer up.

A review that made me blush.

My lovely clients occasionally Yelp me good reviews. For some reason Yelp does not post most of these reviews (possibly because I do not pay them), so no one sees them including me. Occasionally, I'll go through the two step security process to look at the filtered reviews and check if there is anything new. Today I did and I found this gem from a recent buyer in Atwater:

Filtered Reviews for Preferred Realty and Loan

Note: The reviews below are not factored into the business's overall star rating.

• 0friends
• 25reviews

• Tyler P.

Los Angeles, CA

7/21/2011

No one likes long Yelp reviews right?
I'll make it simple: if you're even THINKING about buying a house (especially on the East Side), give Sky a call. Just do it... thank me later.
If you have more time to read specifics, however...

Pros (in order of importance):

-Sky likes a good bargain (being active in real estate himself)... and that translates very well with investment savvy clients like myself. This is incredibly important. A lot of agents (95% of them) won't go the extra mile and take the risk and submit an offer for a dangerously low price because it means less commission for them, and it could cost them the deal. They'd rather just make excuses as to why the house is "worth" the ask price and not make an effort. Not so with Sky... he'll go to bat for you and has a talent for throwing around ball park numbers with the seller's agent to find out where the absolute floor is, ie where you're almost spitting in the seller's face. Sounds crude, but that's all potentially future money you'll be paying out of YOUR paycheck, right? We ended up taking 15% off the ask price after several negotiations, which is pretty good.

-Seems like the guy genuinely enjoys his job, and that he's done pretty well in real estate himself (owns multiple units), so there is a readily apparent feeling of "doing it for fun" that goes a long way towards not making you feel pressured to do anything you don't feel like doing because he's likely not THAT dependent on the commission. He's also genuinely fun to be around and has a redeeming sense of humor, not like other stuffy agents.

-A "knock your door down" professional across all levels. Half the time, my wife and I were done for the day, but he always had more suggestions to go look at. Even though we ultimately bought one of the first houses we saw, there were a few that we saw in the later stages that that very well could have been veritable backups had our primary fallen through. That means a lot to a buyer, to have options.

-Supremely more tech savvy than any other agent (which is important... up to the minute automatic updates on market moves and new listings in your exact desired market, and lightning fast with emails).

-Knows the market unbelievably well (I mean, laughably well... ie pointing out new trends in housing, and several houses that were done by same developer that look 100% alike, even though 10+ miles apart)

-Last but not least, free lunch 8)

Cons:

-None. Absolutely none.

I would advise you call him soon, though, because his weekends are starting to fill up.

-----

Many thanks to my buyers Ty + Pia for the Morel Orel Tshirt and for

being good sports while I drug them around to so many houses.

See you guys at Hugos Tacos!

Thanks!!

Mt. Washington-Mid Century home amidst the urban forest. 3581 Division St. 90065

9% Price drop! Now listed at $399,000!!

Mount Washington is a unique place. The hilly area in Los Angeles North of Silver Lake and South of Eagle Rock is a mecca for Yogis, Midwives, Outdoors Types, Old Hippies and generally progressive and intelligent people. Mount Washington has a zen like quality that draws people to it who never leave. There is a stillness, a universal calm in the air around Mount Washington that is indescribable here on a blog, one needs to experience it for themselves. Few places in this urban jungle of Los Angeles exist where people can be alone in a silent natural setting above and away from the noisy city life. This area reminds me of the forest moon Endor from Return Of The Jedi. Large trees, lush green hillsides and quiet serenity-and it's only a 15

minute drive to downtown Los Angeles or Pasadena and 10 minutes to Silver Lake or Glendale.

3581 Division st. is my new listing in this neighborhood. It is a well cared for mid century modern that is a standard sale. No waiting for short sales or dealing with the "REO mafia" bank foreclosures. This home is ready to move in.

The property was recently remodeled and features a new kitchen with gorgeous dark wood

cabinets and granite countertops+backsplashes.

There is a luxurious formal dining room which is rare for the area. The dining room has French Doors that lead to an outdoor living/dining area. The celebrity restaurateur selling this property had to make sure that his dinner guests would be well taken care of and the dining room is a focal point of the home.

The home has two bedrooms and one full bath above and a seperate in-law quarters below with a 3/4 bath and another bedroom area with storage. Additionally the house has a two car garage and street parking is never a problem in this quiet neighborhood.

Behind the house the terraced yard is a tranquil zen garden, ideal for an urban gardening project or a hiking enthusiast.

The house is beautiful throughout and shows very well. For an appointment to see inside 3581 Division st., contact Sky Minor at 310-709-8283. Listing Price $399,000.

Using an FHA loan to buy a flipped property? Here are the rules you'll need to abide by.

There is a lot of “mis information” regarding the financing of FHA flipped properties. Whether you an agent listing a “flip” or an agent representing a buyer….you need to know the rules. Contributing to the mis information is many investors have “overlays” (additional criteria) that hinder the property sale. Here are the minimum criteria for FHA flips. FHA Flip ≤ 30 Days since Seller Acquisition • Not allowed unless seller meets one of the following exemption criteria: • Sales by State and Federally chartered financial institutions and government sponsored enterprises (Fannie and Freddie). • Sales by HUD of its real estate owned. • Sales by Local and State government agencies. • Sales by Non-profits approved to purchase HUD REO properties. • Sales of properties acquired through inheritance – Must document seller’s inheritance of the property. • Sales of properties acquired by employers or relocation agencies in connection with relocations of employees. • Both lenders and property disposition firms they hire or with whom they are affiliated are temporarily exempt from the 30-day lock-out period. Temporary exemption is not permitted for private individuals, including land contract holders. • Documentation proving the selling entity is exempt is required. • If seller is a subsidiary or vendor hired by an exempt lender, the relationship between the two entities must be documented. • Individuals, companies or investors who purchase foreclosed properties and sell them are not eligible for this exemption. • For profit or non-profit entities that purchase abandoned or foreclosed properties using Neighborhood Stabilization Program funds are temporarily exempt from the 30-day lock-out period Seller must be a duly incorporated entity • A copy of the written agreement granting the seller NSP funds is required • Non-arms length transactions and transactions having an identity of interest cannot be sold until 91 days after the seller acquired the property. The borrowers must execute the sales contract 91 days or later after the seller acquisition date. 1 to 90 Days since Seller Acquisition • If the property is being sold within one and 90 days of the seller’s acquisition date and the new sales price is 20% or more higher than the seller’s purchase price, all of the following are required • A second appraisal ordered in compliance with FHA and Appraiser Independence Requirements - Both appraisals must support the value and/or provide evidence that repairs and/or renovations were completed And • A property inspection completed by an inspector who has no interest in the property or loan transaction. The inspector must be paid by the lender. The borrower may reimburse the lender at loan closing. And • A fully executed Property Inspection Certification prior to the loan closing. • The borrower may not be charged for the appraisal • The following sellers are exempt from the second appraisal required for properties being sold within 90 days of acquisition for 20% or more higher than the seller’s purchaser price: • HUD and other government agencies • State and local government agencies • State and federally chartered financial institutions • Government Sponsored Enterprises (GSEs) i.e. Fannie, Freddie Mac • Non-profit organizations approved to purchase and sell HUD REO SFR properties. • Employers and relocation agencies that purchased the property in conjunction with the relocation of an employee. • Sales of properties located in presidentially declared federal disaster areas. • Sellers who acquired the property through inheritance. 91 to 180 Days Since Seller Acquisition • If property is being sold between 91 and 180 days of the seller’s acquisition and the sales price increases by 100% or more, a second FHA,appraisal is required (this applies to all purchase transactions, regardless of seller’s property flipping exemption status). The following criteria apply to these second appraisals: • If property is a bank-owned REO, the selling bank may provide evidence of foreclosure amount. If new sales price is not 100% more. than the foreclosed amount, the second appraisal is not required. • The borrower may not be charged for the appraisal. • Maximum loan amount must be based on the lower of the two appraised values. • Appraisal must be ordered in compliance with FHA and Appraiser Independence Requirements. 12 Months since Seller Acquisition • If property was purchased within the previous 12 months and the new sales price increases by 5% or more, documentation to support,..the increased value including any rehabilitation or remodeling is required. A second FHA appraisal may be required at the underwriter’s discretion.

4060 Glencoe #114 90292 - Lowest priced condo in Marina Del Rey.

Sky Minor Fresh Listings

4060 Glencoe #114 is for sale at $329500. This designer 1+1 condo in a prime West side LA location is my newest listing. I love value in real estate and this listing is a great deal because it is by far the lowest priced condo in the area. I am a huge advocate of buying the cheapest property in a great area and this listing is exactly that. The building is very near the intersection of Washington and Glencoe, a very lively neighborhood on the West side which straddles Marina Del Rey, Venice and Culver City. The location doesn't get much better than this; there are no less than 30 restaurants, a full movie theater, shopping mall, Costco, grocery stores and all of the action on Washington Blvd within 1/3 mile stroll out the front door. "Nobody walks in LA" because they don't live here. Some nearby notable West Side attractions: From 4060 Glencoe 90292 it is 7 miles to UCLA, 1.5 miles to the beach, 3 miles to Loyola Marymount and 5.5 miles to LAX. The building has a Spanish garden paradise vibe to it, which is inviting and quintessential Socal. There are fountains and 30 foot bamboo stalks growing in the court yard.

The building has awesome amentities; Pool, Jacuzzi, Gym, Bike Parking Room, Movie Screening Room, Big Recreation/Party room, Dog Run, Ample guest parking spots in several different locations. The vibe here is warm and welcoming, neighbors were waiving to me the first time I went there.

The unit is particularly nice because it only has one neighbor above and one to the side. The floor plan is open and the ceilings are high, so there is a light and airy feel to the space. The private patio is the perfect place to grill up some Tacos after surfing nearby Venice Beach.

This is the lowest priced Marina Del Rey Condominium on the market at the time of publication. It is 690 square feet but good use of space make it practical for a couple. (The sellers were a married couple who lived there happily for years before they had a baby and needed more space). There is a huge walk in closet and a separate "Husband" closet. There is also stacked Washer/Dryers in the unit-no Laundry trips necessary. This standard sale unit is ready to find a new loving owner. You can bring your dog.

For more information or for a showing of 4060 Glencoe #114 please contact Sky Minor

LA walkability map. Green = Good.

This is a Predator style heat map showing the walkability a.k.a pedestrian friendliness of most of LA. On this map, the areas that are more walkable are green and the areas that are not are hotter/red. Predictably Hollywood, Downtown LA, Pasadena and Santa Monica are very walkable areas. Also walkable are Ventura Blvd, Burbank/Toluca Lake. Who says nobody walks in LA? (Click on the map to enlarge.)