Sellers that short sale Los Angeles Real Estate no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law April 12th 2010, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially…

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New Office Address:

3745 Long Beach Blvd
Suite 200
Long Beach, CA 90807

 

Old Office Address:

4425 Atlantic Ave.
Ste B21-A
Long Beach, CA 90807

 

We moved but not far, per Microsoft Streets & Trips (Great mapping program) we're only 1 mile from our previous location.

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www.yele.org 

www.google.com/haitiearthquake

unicef.org

redcross.org

doctorswithoutborders.org

The following organizations are accepting SMS donations in the US only:

  • SMS text “HAITI” to 90999 to donate $10 to Red Cross relief efforts
  • SMS text "YELE" to 501501 to Donate $5 to Yele Haiti’s Earthquake Relief efforts

 

Prisons have collapsed, prisoners have escaped.  Country had minimal infrastructure before earthquake.  Early Estimates are reporting that the death toll could be > 100,000.  To put this number into perspective, less than 4,000 people died in the horrible attacks that took place September 11th 2001 in New York, so the death toll is on a magnitude nearly 30x greater.  After shocks have been reported between 5.5-6.0 on the…

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Click to open pictures in new window

Element Building Marina Del Rey Loft Auction Panoramic Views

Panoramic View from the balcony of Penthouse Unit 501
unit 501 panoramic element-auction

Northwest facing view from penthouse unit # 512
northwest view from 5th floor balcony

Southwest facing view from penthouse unit # 512
south west view from unit 512 balcony

View North from 5th Floor
north view from 5th floor

View of Common BBQ area from the 5th Floor
commone BBQ area from 5th floor

The turnout for this auction should be good, at my first info session 11/28/09 the classroom was only 30-40% full.  When I went back 12/6/2009 the auction company had moved the class to a bigger unit and people were lined up out the door...

auction seminar packed

Auction is in 4 days, if you want to participate better register now!!

For information on how the auction is going to run see my previous post

View all photos of Element Auction Marina Del Rey

…

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Whittier California: Even in Winter, a Wonderfully Liveable Community

The holiday season is a great time to enjoy Whittier's own brand of winter cheer; and in keeping with the trends in real estate over the last few months, a choice time to buy Whittier area property.

Sales of single family homes in October 2009 in Whittier added up to 117, with the average sales price hovering around $370K. While the majority of homes sold for prices between 3% and 20% lower than those of a year earlier--October 2008--homes sold in the 90601 and 90602 zip codes actually showed a sharp increase in price, certainly great news for Whittier area home sellers!

The average listing price among Whitter area homes for sale at the end of November was $453K , with some 350…

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Seller wants to accept offer by 12/9/09 and open escrow 12/11/09

   
 

 

The Library Court is a modern building in downtown Los Angeles.  The unit is a 1 bedroom 1 bathroom.  The Library Court Building was originally built in 1955 and renovated in 2004 by the Greystone Group.  The unit has hardwood floors, Granite Counters & floor to ceiling exterior windows.  HOA amenities include 24 hour study area, workout room and business center.  On the ground floor of the building there is a Wolfgang Puck Express and a popular watering hole called the Library Bar.  The Library court building is across the street from the downtown Standard hotel.  This is a great Location in heart of financial district.  There has only been 1 owner of this unit since the…

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Because Los Angeles has a Rent Stabilization Ordinance (RSO), raising rent can be tricky if you are not familiar with RSO’s regulations. It is important for Los Angeles real estate agents to understand the type of dwellings that are included in RSO, and the structures that are exempt from its statutes. In addition it is important to know under which circumstances a tenant can be legally evicted. When realtors understand the law, they can knowledgably advise their clients, the Los Angeles real estate investors.

The ordinance’s aim is to protect tenants from unscrupulous landlords who would unjustly raise rent while failing to maintain their properties. Further it seeks to protect occupants from owners who would use coercion and bullying to make their…

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If you've found this blog post you are most likely already interested in the Element Lofts developed by the now bankrupt John Laing homes.

Element-Auction-Marina-Del-Rey

I spent all day saturday 11/28/09 with clients looking at all the different floorplans and learning about how the auction (run by IntelliMarket) is going to be run.

  1. Intellimarket runs auctions unlike any other Real Estate Auction company.  They run a simultaneous auction which means all properties are auctioned at the same time.  The entire auction is put on a 4 minute timer, every time a new bid is received the auction clock re starts, the auction isn't over until the 4 minute clock expires with no one bidding.  Auction Manager Collen Lakshin said Intellimarket anticipates the auction to last ~ 1.5-2 hours…

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