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RESOURCES
California Solar Center
The California Solar Center has compiled a list of financial incentives offered for using alternative energy sources.
Reuse Building Materials
Discover how you can help recycle construction and deconstruction products.
New Fannie Mae Guidelines
Effective March 1, 2009, Fannie Mae will start once again financing up to 10 properties for investors in order to help with lending recovery. Find out what this means for you.
Wall Street Journal
National and International Real Estate trends and news.
Go Green
Everyone has ideas about greening residential real estate, but what about commercial investment property going green. Share your experiences or questions…comment here!
Keeping Property Hot in a Cooling Market
Start with a good accountant. An accountant will let you know the tax benefits of various holding entities (corporation, LLC, TIC, trust) as well as what is deductible, tax savings, special considerations such as how to report payments to vendors who are not incorporated, etc.
- Maximize Rents. This doesn’t mean you always have to raise rents at precise annual anniversary dates. There may be a reason to keep a good Tenant who will go elsewhere rather than pay an increase. Sometimes Landlords are afraid to raise rents because of a bad experience with a Tenant and they now have someone who pays on time and they are afraid to lose them; so they don’t raise the rents even though the tenant has been on a month to month lease for over 6 months. Remember that the income determines the value or sales price of your building and even a modest increase factored into the annual revenue increases the overall value incrementally.
- Keep up with new regulations regarding rental regulations. At the beginning of 2006, the 60 day notice requirement reverted back to a 30 day notice, but some Landlords were unaware and continued to use outdated forms to serve notice on tenants to vacate. Now in 2007 we are back to the 60 day notice, so keep current.
- Track Zoning changes and regulations, even if you have no intention of selling in the near future. You may notice an opportunity to expand, change the use, or act sooner than later if you hear about proposed downzoning.
- Know your neighbors. If one of your neighbors is looking to acquire adjacent property to expand you may be in a better position to create more value than if you develop the lot on your own or opt out and lose the opportunity.
- Keep the property looking neat and attractive. Unless the site is a tear-down and you are selling it for land value, the psychological value of curb appeal shouldn’t be underestimated.
- Develop a strong marketing campaign to attract qualified tenants. Advertising on websites, local papers, and flyers should all be professional and clear and steer clear of any verbiage that could be construed as offensive or discriminatory.
- Ask your Realtor® to keep you informed about activity in your area, so that when you are ready to sell you will already have some knowledge about the Real Estate Market and can better plan for your future.
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REAL ESTATE
West Hollywood 3 Bedroom
Cute cottage with lovely front and backyards at 362 Huntley Drive. This charming 3 Bedroom, 2 Bath is located on a cul de sac between La Cienega and San Vicente. $773,000. See the MLS for more info
Development Opportunity or SFR on Culver Blvd
New Listing in Culver City at $549,000. Great Starter House… Priced Right With Nice Backyard & Mature Trees. Across From Bike/Pedestrian Path. Close To Freeways, Shopping, Public Transportation. Or Hold & Develop This R4 Property Later (Buyer To Confirm Current Zoning W/City). Court Confirmation Not Required
Santa Monica Extends Smoking Ban into Residential Territory
February, 2009- Santa Monica is known for its already severe anti-smoking legislation. City Council has passed further measures to safeguard residents against secondhand smoke. The new law regulates smoking in common areas of multi-family residences including apartment buildings and condos. Victims of secondhand smoke can file a civil action which can award them up to $100 in damages or order legal injunction. It is necessary that the victim of secondhand smoke attempts to reach a solution with the smoker and provides written notice before these matters are brought to court. Some tenants rights organizations feel that this bill goes too far into regulating residents lives, while some health organizations feel that these anti-smoking measures are too soft. This reaction is par for the course with the polarizing smoking issue.
Beverly Glen Condo on the Market
The Listing Price for 2175 Beverly Glen #203 is now down to $529,000.
This extra large bright unit offers great flow for entertaining and you can’t beat the location. For more pictures of the unit visit 2175BeverlyGlen.com or call Phyllis Miller at 213.999.2425 for a private showing. The condo is centrally located near bus stops, and minutes from the Rancho Park Golf Course, recreation center, Westfield shopping malls (Westside & Century City), movie theaters, Westwood Village, UCLA, and a variety of neighborhood restaurants, shops and services. Huge living room with wet bar & fireplace opens up to huge seating area, separate dining area, and adjacent kitchen. Building offers controlled access, elevator, pool, and spa.
[Read More...]Federal Pool and Spa Safety Laws
In December, 2007, the Virginia Graeme Baker Pool and Spa Safety Act, 15 USC 8004) (the “Act”), was signed into law by President Bush. The main purpose of the Act is to increase the safety of pools and spas in the United States by requiring certain safety devices to prevent the tragic and hidden hazard of drain entrapments and eviscerations in pools and spas.
To this end, the Act requires that, among other things, by December 20, 2008:
1. Each public pool and spa must be equipped with anti-entrapment drain covers.
2. Each public pool and spa with a single main drain (other than an unblockable
drain) must also be equipped with a device or system designed to prevent
entrapment, such as a safety vacuum release system.
Finish this article by Michael W. Rabkin Esq.
[Read More...]Investment Opportunities in Corona del Mar
There are uniques opportunities in this upscale community where duplex/condo conversions provide investment opportunities for the small investor. Corona del Mar is a fashionable beachside Orange County community with dazzling residential properties as well impressive shopping and entertainment options. Explore Corona del Mar
Grant Funded Through ‘The Recovery Act’ to Increase Jobs and Provide Boost to Local Housing Economies
May 9, 2009-As part of an innovative partnership aimed at job creation and easing the pressures on the housing market, the Department of the Treasury and Department of Housing and Urban Development (HUD) jointly announced programs that will provide billions of dollars in recovery funds to spur the development of thousands of affordable housing units in states around the country. Funded through the American Recovery and Reinvestment Act (The Recovery Act), the programs together will provide approximately $5 billion for states to finance the acquisition and construction of affordable housing for working families. Read the rest of this article at RIS Media
Interest Rate Even Lower
The Federal Reserve has slashed interest on federal funds to 0.25%. In October rates fell to 1 percent, the lowest they had been since 1958. Since then there has been speculation that the central bank might reduce the rate even more if they fail to achieve the desired results but no one was sure how low they could go. This decrease is yet another attempt to jump-start the ailing economy and encourage credit and lending.
Hot Weather is Here and You can Help your Tenants Save Money and the Environment
1. To be eligible for the rebate: (a) I must be a Southern California Edison customer on a residential, GS-1 or GS-2 rate, and (b) the service(s) I have completed must (i) qualify for the rebate, (ii) be performed at a single-family residential dwelling, or (iii) at a business less than 200kW, fully constructed and occupied, within SCE’s service area. I understand I must complete and submit an Application for each service at each address where a qualifying service has been performed. For small business customers, the program is limited to the building owner or the entity responsible for purchasing and maintaining the air conditioning. Tenants who wish to participate must have the building owner’s permission.
2. The A/C Tune-Up Program term is April 1, 2008 through July 31, 2008, yet may end sooner if allocated funds are depleted. Any service(s) performed prior to April 1, 2008 or after July 31, 2008 will not qualify for a rebate. Limit two (2) rebates per residential service account.
3. Funds are limited. Applications are accepted on a first-come, first-served basis. The A/C Tune-Up Program may be modified or terminated without prior notice. In the event that rebate amounts change, the service date will be used to determine eligibility and the Application postmark date will be used to determine rebate amount, if any.
4. A signed and dated Application, and a copy of the contractor’s invoice, must be sent to Southern California Edison A/C-Tune-Up, PO Box 800, Rosemead, CA 91770 and postmarked no later than August 31, 2008 to be considered eligible for a rebate. After SCE receives a submitted Application, determines that it is complete and accurate and approves it for payment, a bill credit (Policy Adjustment) will appear on the customers’ SCE monthly bill statement within six to eight weeks at the address on record for the service account. SCE reserves the right to select any Application for verification, or reject any incomplete Application(s). If an Application is selected for verification, additional time may be required before the bill credit (Policy Adjustment) is applied.
5. I will allow, if requested, SCE’s and/or the California Public Utilities Commission’s (CPUC) representative(s) reasonable access to my home or business to verify completion of the qualifying service I have purchased, prior to payment of a rebate. I understand that a rebate will not be paid if I refuse to participate in any required verification. I understand that if I refuse to participate in or fail any required verification after receiving a rebate, I may be required to repay to SCE the amount of any rebate received. The verification of service must be scheduled within 30 days of customer contact by SCE. I understand that SCE may contact the qualifying service provider to verify service performed and may provide my name and/or address to complete this verification.
6. The qualifying service(s) must be performed by a company licensed and able to perform air conditioning maintenance services as evidenced by a valid California C-20 contractor’s license. License status can be confirmed at www.clsb.ca.gov. I understand that I cannot receive a rebate for the same product from more than one California investor-owned utility or third party energy efficiency program offering rebates, financing or other incentives funded with CPUC Public Goods Charge funds.
7. I agree that the selection of qualifying service(s), selection of licensed contractor(s) and purchase of the qualifying service(s) referenced in this Application are my sole responsibility, and the provider of these services is not an agent or representative of SCE.
8. I understand that SCE makes no representations regarding contractors, materials or workmanship. I ALSO UNDERSTAND THAT SCE MAKES NO WARRANTY WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, USE, OR APPLICATION OF THE PRODUCTS.
9. I agree that SCE has no liability whatsoever concerning (1) the quality, safety and/or installation of the service(s), including their fitness for any purpose, (2) the estimated energy savings of the services, (3) the workmanship of any third parties, or (4) any other matter with respect to the 2008 A/C Tune-Up Program. I waive any and all claims against SCE, its parent companies, affiliates companies, directors, officers, employees, or agents, arising out of activities conducted by or on behalf of SCE in connection with my Application for any rebate(s) under the 2008 A/C Tune-Up Program. Without limiting the generality of the foregoing, none of such parties shall be liable hereunder for any type of damages, whether direct, or indirect, incidental, consequential, exemplary, reliance, punitive or special damages, including damages for loss of use, regardless of the form of action, whether in contract, indemnity, warranty, strict liability or tort, including negligence of any kind.
10. I am responsible for meeting all 2008 A/C Tune-Up Program requirements and complying with my state/county/city governments, property owner and/or homeowners association requirements (if any) in my area regarding local conditions, restrictions, codes, ordinances, rules, and regulations concerning this service(s).
11. SCE is not responsible for items lost or destroyed in the mail/transit.
12. You certify that the information you have provided is true and correct, and that the service(s) for which you are requesting a rebate meet(s) the requirements in this application.
This program is funded by California utility ratepayers and administered by SCE under the auspices of the California Public Utilities Commission. Funding for this program is limited and is available on a first-come, first-served basis until allocated funds are exhausted, or July 31, 2008, whichever comes first. This program may be modified or terminated without prior notice.
Realtors Mobilize to Prevent Additional Costs to Real Estate Transactions
California Association of Realtors initially OPPOSED AB 2678 (Núñez) because it effectively would have required, among other things, that ALL homes and commercial property in California have an energy audit at point-of-sale, and that mandatory energy efficiency investments be made. While C.A.R. appreciates the goal of energy conservation, C.A.R. strongly opposes point-of-sale requirements because they are ineffective and because such mandates will weaken the housing market. If enacted as introduced AB 2678 could have added even tens of thousands of dollars to the cost of purchasing a home.
After thousands of REALTORS® called their legislators in opposition to the bill and thousands more lobbied against the bill in person last week at Legislative Day, the bill’s author amended AB 2678 to remove the point-of-sale requirement. The bill was further amended at C.A.R.’s request, to ensure that energy audits or improvements are not required as a condition of sale. With these changes, C.A.R. SUPPORTS AB 2678.
[Read More...]