What is a Mello-Roos District?
Ever wonder what the Mello-Roos assessment is about on your property tax bill? How is the tax calculated? Mello-Roos taxes are typically based on development density, construction square footage, or flat acreage. However, assessment methods may vary depending on local agency procedures. How much will the Mello-Roos payment be? The amount may vary from year to year, but may not exceed the maximum amount specified in the public report when the district was created. The Resolution of Formation will specify how taxes are assessed in your community and will give you enough information so that you can estimate the maximum amount you ...
Playa Vista Phase II Approved
Playa VistaApproval of the Village draws applause as well as praise and criticism of Councilman Rosendahl Taken from Argonaut Newspaper, BY GARY WALKER, Nearly six years after the second stage of development was first approved and after facing a jarring setback from a state appellate court with the recirculation of the environmental impact report, Playa Vista residents have cause for celebration. The Los Angeles City Council approved the second phase of the planned community’s 111-acre mixed-use component March 26th by a 12-2 vote before a packed council chambers. The Village, which the council greenlighted in 2004, will feature 2,600 residential units, 175,000 square ...
Will the April 30th expiration of the $8,000 homebuyer tax credit cause your property value to slump again?
Will the April 30th expiration of the $8,000 homebuyer tax credit cause your property value to slump again? Many of my buyers are scrambling to buy before the tax credit ends. Even my own brother is racing towards this goal. So it is definitely spurring people to buy. To qualify, a buyer must be in escrow by April 30th. What will happen to your property value AFTER April 30th? Some say that the tax credit will be extended for a second time. Others say the economy has sufficiently recovered and it won't. Even more say that the market will slump ...
California’s Resale Housing Market in December
The California Association of Realtors (CAR) recently released their December 2009 report for existing home sales and prices in California. Statewide, sales of existing single-family homes rose by +1.7% (compared with December 2008) to 558,320 units (seasonally adjusted, annualized rate) while the median price increased by +8.4%. The was the second consecutive year-over-year price increase (in November prices rose by +4.7% for the first time since August 2007) and was the largest year-over price increase in three years. On a month-over basis, December marked the tenth month in a row to see an increase in median price (+0.8%). In Los ...
Why You Should Hold Title To Your Home in a Living Trust
After months of dealing with the complex process of buying a new home – from selecting an agent, to viewing properties, to securing a loan, to negotiating a purchase price –homebuyers often think that once the ink is dry on the escrow papers, the deal is done. However, taking the extra step to determine how best to hold title to your home can potentially save thousands of dollars in fees and taxes, and prevent costly title defects that can hinder your ability to sell the property. Holding title to your home in a living trust - as opposed to “community ...
Indications of an emerging rebound of housing in the Playa/Marina condo market
Just read the article below and thought it definitely applies to anybody currently shopping or selling in the Playa Vista, Marina del Rey or Playa del Rey condo markets. Condos in a failed Marina del Rey complex built during the height of the real estate boom were auctioned at a discount Sunday with buyers spending $20.5 million for 41 units in two competitive hours of bidding. The complex, called Element, at 4141 Glencoe Ave. was built by John Laing Homes and intended to appeal to young, single buyers, according to a report in The Times in early 2008. At that time, the ...
Latest News on the Village!
Playa Vista's long-awaited village delayed for more than two years because of a court ruling will get another look this week from the Los Angeles City Planning Commission. Developers hope the panel on Thursday will recommend that the City Council approve a new environmental analysis and package of land-use entitlements that could push the second phase of Playa Vista a step closer to completion. But even then, it will likely face challenges from determined opponents. The Village is planned for 111 acres within the master-planned development, bringing 2,600 new homes, 150,000 square feet of retailers, 175,000 square feet of office space and ...
Create Life Changing Wealth-Learn to build your own million dollar real estate portfolio
Lately I’ve been asked if now is a good time to invest, and my answer is always the same – YES! Now you might be saying to yourself that this sounds like optimistic broker speak, but it’s not. The reality is that we’re in the midst of a perfect storm and there are 3 great reasons that you should be investing in income property right now. Cheap Debt – interest rates are still at historic lows and you can get a 30 year fixed, non-owner occupied investment loan on a 3-4 unit property in the 6.0% range. That is fantastically cheap ...
FHA Changes Rules On Condo Financing
In a move designed to shift risk from the US Department of Housing and Urban Development (HUD) to lenders, the Federal Housing Administration (FHA) is changing the way condominiums are financed. FHA has issued new guidelines for lenders underwriting loans secured by any unit located in a condominium project. Effective October 1st, lenders will be required to review project documentation and determine if the project meets eligibility requirements. (See HUD Mortgage Letter 2009-19 for more details.) Previously, HUD maintained a list of approved condo projects, which streamlined the underwriting process for lenders. However, the struggling condo market led HUD to ...
5 Things to Know About the First-Time Home Buyer Tax Credit
The $787 billion stimulus bill that President Barack Obama signed into law includes a measure designed to help revive the real estate market. Here are five things you should know about the recently enacted $8,000 first-time home buyer tax credit. 1. $8,000 for new buyers: This tax credit is equivalent to 10 percent of the purchase price of the home with a maximum credit of $8,000. This credit applies only to first time home buyers and principal residences. Unlike the $7,500 home buyer tax credit from 2008, this one does not have to be repaid. 2. Definition of a first time buyer: For the purpose of this ...
What is a Mello-Roos District?
Ever wonder what the Mello-Roos assessment is about on your property tax bill? How is the tax calculated? Mello-Roos taxes are typically based on development density, construction square footage, or flat acreage. However, assessment methods may vary depending on local agency procedures. How much will the Mello-Roos payment be? The amount may vary from year to year, but may not exceed the maximum... [Read more]
Playa Vista Phase II Approved
Playa VistaApproval of the Village draws applause as well as praise and criticism of Councilman Rosendahl Taken from Argonaut Newspaper, BY GARY WALKER, Nearly six years after the second stage of development was first approved and after facing a jarring setback from a state appellate court with the recirculation of the environmental impact report, Playa Vista residents have cause... [Read more]
Will the April 30th expiration of the $8,000 homebuyer tax credit cause your property value to slump again?
Will the April 30th expiration of the $8,000 homebuyer tax credit cause your property value to slump again? Many of my buyers are scrambling to buy before the tax credit ends. Even my own brother is racing towards this goal. So it is definitely spurring people to buy. To qualify, a buyer must be in escrow by April 30th. What will happen to your property value AFTER April 30th? Some say that the tax... [Read more]
California’s Resale Housing Market in December
The California Association of Realtors (CAR) recently released their December 2009 report for existing home sales and prices in California. Statewide, sales of existing single-family homes rose by +1.7% (compared with December 2008) to 558,320 units (seasonally adjusted, annualized rate) while the median price increased by +8.4%. The was the second consecutive year-over-year price increase (in November... [Read more]
Why You Should Hold Title To Your Home in a Living Trust
After months of dealing with the complex process of buying a new home – from selecting an agent, to viewing properties, to securing a loan, to negotiating a purchase price –homebuyers often think that once the ink is dry on the escrow papers, the deal is done. However, taking the extra step to determine how best to hold title to your home can potentially save thousands of dollars in fees and taxes,... [Read more]
Indications of an emerging rebound of housing in the Playa/Marina condo market
Just read the article below and thought it definitely applies to anybody currently shopping or selling in the Playa Vista, Marina del Rey or Playa del Rey condo markets. Condos in a failed Marina del Rey complex built during the height of the real estate boom were auctioned at a discount Sunday with buyers spending $20.5 million for 41 units in two competitive hours of bidding. The complex, called... [Read more]
Latest News on the Village!
Playa Vista’s long-awaited village delayed for more than two years because of a court ruling will get another look this week from the Los Angeles City Planning Commission. Developers hope the panel on Thursday will recommend that the City Council approve a new environmental analysis and package of land-use entitlements that could push the second phase of Playa Vista a step closer to completion.... [Read more]
Create Life Changing Wealth-Learn to build your own million dollar real estate portfolio
Lately I’ve been asked if now is a good time to invest, and my answer is always the same – YES! Now you might be saying to yourself that this sounds like optimistic broker speak, but it’s not. The reality is that we’re in the midst of a perfect storm and there are 3 great reasons that you should be investing in income property right now. Cheap Debt – interest rates are still at historic... [Read more]
FHA Changes Rules On Condo Financing
In a move designed to shift risk from the US Department of Housing and Urban Development (HUD) to lenders, the Federal Housing Administration (FHA) is changing the way condominiums are financed. FHA has issued new guidelines for lenders underwriting loans secured by any unit located in a condominium project. Effective October 1st, lenders will be required to review project documentation and determine... [Read more]
5 Things to Know About the First-Time Home Buyer Tax Credit
The $787 billion stimulus bill that President Barack Obama signed into law includes a measure designed to help revive the real estate market. Here are five things you should know about the recently enacted $8,000 first-time home buyer tax credit. 1. $8,000 for new buyers: This tax credit is equivalent to 10 percent of the purchase price of the home with a maximum credit of $8,000. This credit... [Read more]
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About Us
As one of L.A.'s newest and most exciting communities, Playa Vista offers quality of living, all around convenience and much more than just a beautiful place to live. The Flexner Group invites you to explore and become part of a community where you'll truly feel at home. Read more...