Common Real Estate Terms Defined

You're all excited,  you're getting ready to purchase a new home, but then all of a sudden you find yourself in unfamiliar territory.  Sure, you may have done this before but who can remember all of that realtor lingo.  So what does all of that jargon really mean?  Well, not to worry because that is what we are here to iron out for you.

Here are some of the most commonly used real estate terms and what they really mean.

1.  REO - Real Estate Owned - these are homes that have been foreclosed on and have been repossessed by the bank

2.  S/S - Short Sale - this is a home that the seller owes more than its current market value and they need bank approval to sell their home for less than they owe

3.  BOM - Back On The Market - this is a home that was in a contract but for whatever reason, is now back on the market not necessarily due to any fault of the house or the seller.  The buyer could have simply backed out

4.  DPA / DAP - Down Payment Assistance / Down Payment Assistance Program

5.  FTH / FTB - First Time Home Buyer / First Time Buyer

6.  OO / NOO - Owner Occupied / Non Owner Occupied

7.  Motivated Seller - this is a seller that is flexible in their pricing or timing.  Signifies a sense of urgency

8.  Coveted - this usually means Expensive!  This is usually due to a fantastic view, the location of the home or a particularly popular floor plan or some other extremely popular feature

9.  Contingent With No Kick Out - this means that an offer has been presented to the seller with some contingencies and if those contingencies are not met then the seller may take an offer from another buyer

10.  CMA - Comparative Market Analysis - this is used to gauge the competition and determine a correct price for your home

Well, there you have it.  These are some of the more common terms; however, there are literally thousands of real estate terms that are utilized daily and it would take a 1000 page novel  to list them all!

If you should come across any real estate terms or some lingo that you are not familiar with,  please call your real estate agent right away and they will happily go over their meanings with you.  Don't worry about having to remember everything, that is what your realtor is there for.

Just sit back and relax and the next thing you know, you will be living in your new home and enjoying your new life.  Home ownership is the most satisfying feeling in the world and having a realtor guide you  is the key to finding that perfect home and making the process flow flawlessly from the application to the contract right on through to the closing.

10 Great Kitchen Appliances for Entertaining

Kitchen Appliances for Entertaining: Looking forward to hosting family, friends and guests at your home? Then you'll definitely want to know about the top appliances that are fantastic party tools for any special event.

These devices -- from basic food prep gadgets to larger catering-style machines -- help you save time in and out of the kitchen, so you can get back to the important task of enjoying your company.

A built-in ice maker is a great help if you entertain frequently.

1. Ice Maker: It's always a pain to run out of ice in the middle of a party, so why not make your own? A dedicated ice maker does that for you, so you'll never have to step out to grab ice from the store. Unlike your fridge, an ice maker has more than enough capacity to make enough ice to satisfy guests and then some.

2. Wine Fridge: For those who entertain guests frequently with the finest wines available, a wine fridge is definitely a must-have. In addition to quick access, your wines will stay at a cool pre-set temperature. Dual-zone units are available for keeping a wider variety of wines around.

Available in various capacities for unique storage needs, a wine cooler makes a great addition to a kitchen island, if you have the space for it.

3. Food Processor: It takes time to slice, chop, knead and shred those ingredients you need for party appetizers and the like. Why waste time on that when a food processor gets the job done in a fraction of the time? A food processor with a strong motor will last you through countless special events while the variable speeds let you chop, slice and mix almost any food you could think of.

4. Meat Thermometer: Okay, the last thing you want to do is poison your guests! Take all of the guesswork out of cooking chicken, beef or pork with an accurate and highly reliable meat thermometer. The most popular types of meat thermometers include the "ovenproof" thermometer, which remains in the food throughout the cooking process and the instant-read thermometer with a probe that measures internal temperatures quickly.

5. Blender: While food processors deal with chopping, grinding and mixing foods, a blender is the perfect tool for making delicious fruit smoothies, margaritas and even condiments like salad dressings. Don't be afraid to have the two side-by-side during dinner parties.

6. Stand Mixers: When you have guests coming over, prep time is in short supply. Having a mixer in the kitchen makes for a great time-saver, plus it saves you from having to wrestle with a whisk or a spoon. You can use a stand mixer to your advantage for whipping potatoes, beating batter and kneading dough or use a portable hand-held mixer to fluff eggs and mix lighter foods. Don't be afraid to have both types around, as each one has its own set of advantages in the kitchen.

Save time and elbow grease with a stand mixer. This one is built onto a mechanized cabinet lift.

7. Crockpot: Having a crockpot on hand is a quick and fun way of cooking those delicious appetizers. From nachos to chili, beans and meatballs, you can whip up a wide variety of appetizing dishes for your guests in little to no time at all. As a bonus, crockpot cooking gives your dishes that delicious slow cooked taste. At our family parties, a triple crock pot server is a huge hit, and a consistent source of compliments.

8. Fondue Pot: A fondue pot is a fancy and fun way to serve up desserts, entrees, and hors d'oeuvres. Make delicious cheese dips for bread sticks, or try decadent chocolate dessert fondues. If you're going all out for a wedding reception or fancy gathering, take desert a step further with a chocolate fountain!

9. Electric Griddles: No report on appliances for entertaining is complete without mention of the wide array of specialty electric griddles, from full-sized grills to specialized quesadilla makers, hot dog machines, pretzel makers, and waffle irons. You can leave these out on a table or countertop for friends & family to informally serve themselves, or use these griddles in advance to more quickly mass-produce your party food.

10. Ice Cream & Popcorn! It's not just the kids who love a good old fashioned ice cream for dessert. You can wow and impress friends, family and guests by making your own homemade ice cream or frozen yogurt with easy-to-use machines. The best thing about having your own ice cream machine is the boundless creativity; you can make any flavor of ice cream you want in as much quantity as your dinner guests desire. For kids' summer parties, a snow cone maker is a fairly popular choice. 

If you're going all out, give your guests the full Disneyland Main Street experience by also adding a cotton candy maker or popcorn maker to the scene. From simple countertop models to old-fashioned carnival style circus carts, nothing makes a party hop like a popcorn machine. While they aren't exactly appropriate for a formal dinner gathering, carnival-style popcorn machines are perfect for kid-friendly summer parties and wedding receptions.

Get the Party Going

It's not always easy to keep friends and family entertained during those special events. Fortunately, these appliances really make the difference when it comes to throwing that perfect brunch or dinner party. These and other catering-style food prep machines are surprisingly easy to find at various department stores and specialty cooking outlets.

What do you think? Can you suggest any more great appliances for entertaining? Let us know in the comments below, or shoot us an email on our contact page. With a little prep, and a great tool set, your home can be host to some fantastic gatherings!

Read more: http://www.kitchen-design-ideas.org/kitchen-appliances-for-entertaining.html#ixzz2dDPvfm00

Is It The Right Time For Me To Buy A Home?

Are you going to rent or buy, that is the question.  Many people struggle with this question each and every day.  It is a hard one but there are ways to determine if now is the right time to buy.   Here are just a few facts that will help you make an educated decision about your home buying quandary.

Fact #1 - Mortgage Rates Can Go Up In A New York Minute.  If you keep telling yourself that you are going to wait until the rates go a little lower then you may be in for a rude awakening.  Interest rates can and do go up at a moment's notice and if you have not committed to your decision to buy a home now, it could ultimately cost you thousands of dollars in interest over the next 30 years!

Fact #2 - Rental Prices Keep Rising.  The longer the housing market is in a slump the higher it drives prices on all rental properties. No matter whether it is a rental home or an apartment you are going to pay dearly for that rental that you don't really like all that much.  Talk about throwing your money away each month.  Wouldn't you rather put all of that money into your home (and pocket) instead of someone else's?

Fact #3 - You Have A Stable Career.  Buying a home is a long term endeavor and you should estimate that you will be staying in the same geographic location for the next seven to ten years before deciding if now is the right time for you to buy a home.

Fact #4 - Do You Have Enough Time At Your Current Job?  Most lenders will require that you have been at your current job for two years or at least in the same industry.  However, that is the bare minimum of what you will need.

Fact #5 - Plan Ahead.   You should look to the future when buying your next home.  Since you will be in that home for approximately seven to ten years you will need to think about what your needs will be in the future.  How much space will you need?  Leave yourself enough room to grow.  Can you afford to buy a home that will suit your needs now and in the foreseeable future?

Buying a new home is a huge decision that will require you to really think about your long term financial and lifestyle future.  When you get to the place in your life where you can realistically project your financial goals and personal needs seven to ten years out then this might be the perfect time for you to buy your dream home.
 

Big Blue Whales Spotted off South Bay & Long Beach Coasts

There’s nothing unusual about some of the world’s largest and most endangered whales passing by the South Bay and Long Beach coasts.

Each winter, hundreds of pregnant 40-ton gray whale mothers and potential mates schlep past Southern California on their annual migration to their long-held birthing and mating grounds in Mexican lagoons — as they’ve done for at least a century.

About a decade ago, 100-ton blue whales discovered that the San Pedro Channel and surrounding coastal waters aren’t just a convenient highway to cooler or warmer water, but also offer a veritable buffet of their favorite prey.

The late-summer visits from blue whales have taken hold in the South Bay so much that a new festival is planned in their honor at the Redondo Beach Marina on the afternoon of Sept. 8. The Big Blue Whale Bash will feature a life-sized inflatable blue whale — a display that highlights the blue whale’s most impressive feature: It is the largest mammal ever known to live on Earth.

“The Big Blue Whale Bash was designed to connect our community with the magnificent, but endangered, blue whales that have become regular visitors to our coastline,” said Diane Alps, president of American Cetacean Society’s Los Angeles chapter. “We hope to inspire awe and fascination, along with respect and safety.”

ACS-L.A. is hosting the festival, which will include arts and crafts, live music and information about safely watching blue whales, Alps said.

But the only local regular whale-watching trips now are on boats out of Long Beach, where Harbor Breeze Cruises has cornered the market in observing marine mammals. Since July 11, Long Beach boats have spotted at least one blue whale per trip each day.

By Friday afternoon, passengers on the Triumphant, a new Harbor Breeze Cruises 90-foot catamaran, had seen four blue whales just off of the Palos Verdes Peninsula in eyeshot of Trump National Golf Club and the Point Vicente Lighthouse, Capt. Dan Salas said.

“There’s no comparison to a blue whale sighting,” Salas said. “It’s just incredibly big. Gray whales are awesome but (blue whales) just take it to another level.”

Blue whales can be found in oceans around the world in areas where there are high concentrations of krill — their main diet, a kind of small red shrimp. There are believed to be about 10,000 living blue whales worldwide, with the largest concentration of roughly 2,000 off the west coast of the United States. These whales numbered in the hundreds of thousands until whaling decimated their populations. They were given protection in 1966 from whalers and, since then, the population has been rebuilding very slowly.

“They need to consume massive amounts of krill to support their large size,” Alps said. “Therefore they need to follow the prey wherever it is. While krill is seemingly quite abundant, it is patchy in distribution.”

One of the purposes of the Blue Whale Bash is to educate the public about ways to safely observe whales because of recent incidents in which kayakers, paddleboarders and people on personal watercrafts have been photographed approaching within feet of the animals.

“Whales, especially blue whales, also have very large, powerful tales,” Alps said. “They are wild animals. There is no doubt that a close encounter with a whale would be thrilling but they should be viewed with caution and respect. For your safety and their health, give them space.”

By Sandy Mazza, Daily Breeze

How To Buy A Home That Has Resale Value

Buying a home, for most people, is one of the largest investments they will make in their lifetime.   So it only stands to reason that you choose a home that is going to give you a good return on your investment when it's time for you to move into another home.  A home that's more suited to your growing family or changing lifestyle.   By the time you are finished reading this article, you will have a good idea of what to look for in a home and neighborhood.  Things that indicate you have found a home that will increase in value.

1.  Smaller and mid priced homes generally have a better resale value than large homes.

2.  Location, location, location.  How many times have you heard that?  Probably because it's true.  Buy a home in a location that is convenient to major thoroughfares, necessities and conveniences.  Important things such as easy access to a highway, a popular grocery store, gas stations, childcare, banks, dry cleaners and plenty of watering holes where people like to hang out.
3.  A good school district is
 another huge deciding factor for many people.

4.  Research the area and neighborhood crime.  A safe environment  is very important.  Talk with the police and some of the people in the neighborhood to see if they like living there and feel safe.

 5.  The house must have a good, workable floorplan.  One that's not choppy and claustrophobic.  A floorplan that will easily fit most reasonable furniture.  A house that's not dark and has lots of sunlight is also important.

6.  Try to find a home with a minimum of three bedrooms and at least two full bathrooms.   Homes that are smaller than that generally don't resell as well, depending on where you live and if the other homes in that neighborhood are all similar in size and layout.

7.  How are the amenities?  Everyone wants amenities.  Does it have lots of cabinet space, big closets, plenty of storage, etc?

8.  Most people prefer a home with at least a two car garage.

9.  How high are the property taxes for that neighborhood?  Try to find a neighborhood with the lowest possible property taxes.  The higher the property tax, the higher the mortgage payments will be.

10. Is the neighborhood in decline?  Look closely and talk to your realtor for advice.  The neighborhood may look ok but there may be some subtle indications that it's in a slow decline.  You want to buy a home that is in an up and coming neighborhood, otherwise you will lose money when it comes time to sell.

Let your realtor know what your needs are and  what type of area and neighborhood you would like to live.  Your realtor has the experience it takes to recognize a good neighborhood from a declining neighborhood and will guide you in the right direction.

Five Steps To Selling Your House Quickly

Are you thinking about selling your home?  Do you need to sell it quickly.  Selling your home quickly can be done.  You just have to know how to go about doing it correctly.   Today we are going to talk about the best ways to get your home sold in record time.   Once you have finished reading this article, you will have some great tips on how to get this done.

Probably the most important thing you should know about selling your house quickly is to hire a qualified real estate agent.  Some homeowners try to cut corners and sell their house themselves; however, this is not the best route to go.  A realtor has access to state of the art tools and to the MLS system database in which only licensed realtors can utilize.

Finding just the right real estate agent is critical.  You will need to interview your prospective agent and ask them to show  you the homes that are comparable to yours that they have sold recently and how quickly they sold them.  You can also ask to contact the sellers with whom your prospective realtor has worked with to see if they were satisfied with the process.

Additionally, you should shop the area for other homes he is currently trying to sell.  Take some time to visit the realtor's office to see how many people are working and how you are treated.   Check their website to view their other listings and to see how professionally they handle their ads.   Request some copies of the flyers and advertising packets they have on their other listings to determine if they are of good quality and include all of the necessary detailed information needed to influence a sale.

Another factor in selling your house quickly is how easy you make it for potential buyers to view your home.   Be ready at a moment's notice to do a quick clean up and leave the house long enough  for the buyer to view your home, even if it's inconvenient for you.

Talk to your realtor about setting up an open house.  Ask them to send personalized invitations to all of their potential buyers and everyone on their mailing list.  Your realtor should be trying to do everything they can to create a buzz about your open house and to encourage a scenario of competition to encourage higher offers.

Sometimes offering your agent an incentive if they sell your house within a specific time frame will give them that little extra boost needed to get the job done more quickly.   However, you will need to check the laws in your State to determine what types of incentives they are allowed to accept.  Some States restrict the types and the amount of the incentives they are allowed to receive.

Your realtor will be familiar with many different ways to sell your home quickly.  And he will do everything in his power to make the process go as smooth as possible from start to finish

Do You Really Need A Home Inspection?

Buying a home can be a very exciting time, but get one thing wrong and it can turn your life upside down.   Performing a home inspection is one of those things that some buyers think they can forego.  However, the home inspection is a vital part of knowing that you are getting a quality home with as few defects as possible versus getting a money pit.

The only way to know if you are getting a good solid, quality home is through the home inspection report.  The home inspection report will help give you an accurate picture of the maintenance required to preserve the home, as well as, what may need to be repaired before you can move in.  Alternatively, it could give you an "out,"  without forfeiting your earnest money, if the inspector uncovers any major flaws in the home.

Always use a licensed home inspector and not your best friends cousin who is a handyman and thinks he is a home building specialist.  A licensed inspector is required to attend classes and pass a test before he is able to become licensed.

Generally, the home inspection only takes a few hours and will cost between  $200-$400 dollars.  The inspector will start by checking the physical  condition of the exterior by looking for cracks in the walls and any signs of water damage, etc.  He will then inspect the electrical, HVAC, plumbing, appliances, water heater and any other features of the home for damage or potential problems.

The home inspector will then report any visible defects; however, they usually don't notate the condition of things like buried pipes, etc.  Although, they will notate if they see any standing water in the yard  that could indicate an underground leak in one of the underground pipes.

The home inspection report will allow the buyer to request that the seller fix the items found on the inspection report before the sale of the home has been completed.   The seller, however, has the option of refusing the repair request and offering the home on an "as is" basis or lowering the price of the home to compensate for those repairs.   If the repairs discovered through the home inspection process are major, it's generally advisable that you walk away and find another more suitable home for you and your family.  Otherwise, you may be looking at bigger problems later on down the road as the problem grows.

If you don't want to start the entire home search over again from scratch, you could opt for a 203K loan or something similar to have those repairs fixed.   Talk to your realtor about what he recommends.  Your realtor may know of another property that would be perfect for you versus going through the time and hassle of any major repairs that are needed on the current home you are interested in.

San Pedro Waterfront Enhancemenet

The San Pedro Waterfront Enhancements Project Consist of:

• The Improvement of existing and construction of new pedestrian walks and plazas (4 acres)
• Green Public Open Spaces (10 acres)
• Associated Parking (approx. 11 acres)
• Two upland pedestrian linkages
• Landscaping between port waterfront attractions
• Streetscape and street intersection improvements
• installation of a pedestrian rail crossing

Planning for the revitalization of San Pedro’s waterfront has been ongoing for many years. Most recently, LAHD has proposed the San Pedro Waterfront and Promenade Master Development Plan from the Bridge to the Breakwater (Bridge to Breakwater Plan), which the Los Angeles Board of Harbor Commissioners (Board) received for consideration in September 2004. The Bridge to Breakwater Plan encompasses 7 miles of San Pedro’s waterfront, from the Vincent Thomas Bridge to the Federal Breakwater at Cabrillo Beach.

The San Pedro Waterfront Enhancements Project is a continuation of LAHD’s effort to improve existing pedestrian corridors along the waterfront, increase waterfront access from upland areas, create more open space, and improve vehicular safety.

Downtown Plaza 
The overall goal of the improvements at the Downtown Plaza is to create a revitalized, attractive, and easily accessible pedestrian-oriented plaza in front of the Maritime Museum and to enhance the pedestrian connectivity throughout the area. The plaza would create a town-square feel in front of and adjacent to the Maritime Museum. Sidewalks would be widened by approximately 5 feet along Sampson Way between 5th Street and 7th Street. Existing pedestrian walkways in the downtown area would be improved with new concrete treatments, and the surrounding hardscape would be removed and replaced with new landscaping.
Other related improvements along the waters’ edge include replacing the existing railing and shrubs next to the waterline with a fence design that would reflect the character of the Port. A portion of the pathway in this area may be made of decomposed granite to enhance the attractiveness of the area and encourage foot
traffic to areas offering view opportunities. Additional project elements in this portion of the project area include painting the existing topsail building, upgrading portions of the surrounding fence, re-grading surrounding hardscape, and installing a graphic display.

Ports O’ Call 
Enhancements within and near the Ports O’ Call area are designed to improve  pedestrian access and the attractiveness of the area. One project element includes formalizing the existing trail near Bloch Field on the
bluff across 13th Street and Sampson Way, as well as expanding the existing park area at the south end of Ports O’ Call. All project components are intended to increase public access to the waterfront, Red Car lines, viewing opportunities, and passive recreation areas. Enhancements in this area would require the
relocation of 275 parking spaces from Ports O’ Call. Other project components in the Ports O’ Call Village area include the removal of the bus pad, undergrounding of existing overhead utility lines within the
Fishermen’s Park area, and removal of the low wall that surrounds the Ports O’ Call Village parking lot.

Approximately 2,275 parking spaces serve the Ports O’ Call area. A total of approximately 275 of these spaces would be relocated. Removal and relocation of parking is needed due to the realignment of Nagoya Way, the Fishermen’s Park expansion, and the extension of 13th Street through the Ports O’ Call parking
lot to Red Car Station No. 3. The parking spaces would be relocated to a currently dirt and gravel parking area at Sampson Way and 22nd Street that is used for event parking. The unimproved lot would be upgraded and would provide approximately 700 parking spaces. The additional 425 spaces included in the parking area would serve as available event parking and would accommodate Ports O’ Call patrons on weekends, when parking demand is high.

Paseo
The Paseo, a multi-surfaced pedestrian pathway, would be extended on the west side of the existing shops within Ports O’ Call Village. The Paseo would require removal of approximately 187,000 square feet of asphalt and concrete to a depth of 4 inches. Landscaping themes along the Paseo would be consistent with other Ports O’ Call Village improvements and other planting patterns along the promenade.

To facilitate the Paseo, Nagoya Way would be relocated and realigned 20 to 40 feet west into the existing parking lot. The street would be re-striped and would require the removal of approximately 75 parking spaces (the first portion of the 275 spaces to be relocated as noted above). The surface would not require
substantial grinding or repaving. Storm drains would be relocated to the new Nagoya Way and curbs may be replaced. The existing north restroom building would be remodeled and upgraded, and the southern restroom would be removed and replaced by four additional restroom buildings along the Paseo.

7 Steps to a Kitchen Color Scheme

Choosing from an infinite number of kitchen color schemes can be both exciting and daunting. How do you decide?

From a simple black and white kitchen to every other grouping of possible hues, picking the right combination will be easier if you follow our step-by-step guide.

There are seven essential steps to take when selecting colors for your kitchen remodel. While often helpful, it is not necessary to follow these steps in order.

1. Choosing cabinet colors: Kitchen cabinets typically take up 50% of your budget and occupy about 40% of the visual space in your kitchen. For these reasons, it's best to start out by choosing a cabinet color that fits your personality and your home's style before deciding the other colors in your kitchen.



2. Choosing appliance colors: Your cabinetry order cannot be finalized until you know which appliances you intend to buy. As focal points, your sink and appliances can have a big impact on your kitchen color scheme.



3. Choosing countertop colors: Your kitchen countertops are close to eye level and will occupy a large portion of your visual space. Be sure to bring a sample of your cabinetry color to help you choose a coordinating countertop color.



4. Choosing flooring colors: When selecting a kitchen floor color, be sure it coordinates well with the cabinets, countertops, and appliances, as well as with the floors in adjoining rooms.



5. Choosing a backsplash color: By now your kitchen color scheme is nearly complete. There are many backsplash options that can either coordinate or clash with your color scheme, so if you need extra help, don't hesitate to enlist the services of a designer when selecting a backsplash.



6. Choosing a wall color: Often the forgotten backdrop to an overall color scheme, your walls can still play a vital role. While the walls are often obscured by cabinets, pick a color that balances well with the floors, cabinets, and backsplash.



7. Choosing hardware colors: Your faucets and cabinet handles are installed later, after the cabinets and granite have been completed. While it is common to coordinate the faucets and handles colors, it is not required.

Read more: http://www.kitchen-design-ideas.org/kitchen-color-schemes.html#ixzz2c5JUj39a

How To Properly Maintain Your Deck All Year Around

Having a deck or installing a new one can increase the value of your home and will give you about a 77% return on your investment when it comes time to sell.   So it's important that you take the time necessary  to properly care for your deck all year around.

Here is a deck maintenance schedule you should adhere to in order to protect your investment.

If you have a wood deck, you should clean and seal it once every year.  If you have a vinyl deck, you should clean it once every year.  Make sure you cover your plants, bushes or any foliage you have with plastic sheets before you begin.

Spring:
• Wash your deck to remove any mold and debris that has gotten into the wood.  You will  need to scrape out the debris between the boards as well.  For a wood deck you can use any general deck cleaner or if you prefer, you can use a half bleach and half water solution .   If you have a vinyl deck, you will need to purchase a deck cleaner that is specifically designed to clean composite materials.  Then use a soft brush to gently scrub it clean; however,  you should never powerwash a vinyl deck as you may damage the material and void the warranty.
• Seal your wood deck if it needs it.  You can test your deck using water to see if it needs to be resealed or not.  Hose your deck down with water and if the water beads up you don't need to seal it.  If the water soaks into the wood, it's time to reseal.
Summer:
• Inspect your deck visually to check for potential hazards.  Check for loose boards and if you can access the underbelly of your deck, check the posts, joists and beams for rot or structural damage.  Additionally, you should check for any potential pest problems and address them if needed.

Fall:
• Look for any nails that have started to come up.  If the nail is only slightly raised, just hammer it back down.  However, if it has raised substantially, you should pull out the nail and then re-install a screw that is longer than the nail you just removed.
• Trim any bushes or foliage away from your deck to help prevent rotting.  You should also move around any pots, chairs and tables you have on your deck to help prevent discoloration.
You should sweep your deck periodically to remove any debris that has piled up around the area.

I hope you have found this information helpful.  If you are thinking about buying or selling a home, call your realtor, he would be more than happy to help you with the entire buying and selling process from start to finish.

Real Estate benefits eyed amid tax reform

The home-mortgage interest deduction is among the possible targets for cuts. Since Congress has taken off on its annual summer recess, you might assume that nothing is happening on Capitol Hill that could affect the taxes you pay on your home. Quite the reverse.

Staff members of the house and Senate tax-writing committees are busy putting together legislative drafts that may determine the fate of real estates most prized tax benefits --first and second home mortgage interest deductions, property tax write-offs, capital gains, exclusions and others.

Both committees chairmen have promised major tax reform proposals this fall. They've been evaluating deductions, credits, and loopholes in terms of revenue costs and economic benefits, including the $70-billion+ yearly expense of the mortgage interest write off. The process that underway represents the most serious effort to simplify and reorganize federal tax law since the Tax Reform Act of 1986.

On the Senate side, Finance Committee Chairman Max Baucus (D-Mont.) asked colleagues in both parties to submit recommendations on which tax preferences should be preserved, starting from a "blank slate" where all current benefits are eliminated. To provide senators political cover and deniability, the committee put all recommendations under a 50-year top-secret classification, and restricted access to them to just 10 staff members.

On the House side, Ways and Means Committee Chairman Dave Camp (R-Mich.) instructed staff to move ahead with drafts during the recess, allowing the committee to consider a final tax reform bill in October. That would tee up the legislation for a possible full House floor vote.

So what's really on the chopping block? Is there a possibility that as part of a comprehensive tax reform bill, preferences for homeownership could be reduced or phased out?

Here's a quick overview: The House bill under construction seeks to reduce individual and corporate marginal tax rates across the board. Camp has said he wants to clear out deductions, exclusions and other longtime tax code subsidies enough to lower individual taxes to a top marginal rate of 25%, down from the current 39.6%. He also wants to eliminate the alternative minimum tax and slash corporate tax rates.

The problem, though, is that lowering tax rates to these levels would cost trillions of dollars in lost revenue over the coming decade and would only be partially paid for by eliminating or cutting the vast majority of current tax preferences, including for homeowners. Lowering the top marginal rate for individuals to 28% — instead of the proposed 25% — would help, some analysts say, but still might not close the lost-revenue gap.

Another complication: Major tax benefits that have been in existence for decades, such as the mortgage interest and property tax deductions, are so welded into the system that eliminating them, or sharply reducing them, would send shock waves throughout the national economy.

The Tax Foundation, a Washington think tank that describes itself as nonpartisan, released a study at the end of July projecting that an elimination of the mortgage interest write-off would cut the gross domestic product by $254 billion based on incomes in 2012, and would result in the loss of 659,000 jobs. In a separate study, the Tax Foundation projected that elimination of homeowner property tax deductions would lower GDP by $94 billion and trigger the loss of 216,000 jobs.

Findings such as these lead housing proponents to believe that neither the House nor the Senate bill can afford to make drastic reductions to long-standing homeowner tax benefits. Jerry Howard, chief executive of the National Assn. of Home Builders, said in an interview that the Tax Foundation's study "helps drive home the points we've been making [on Capitol Hill] about the value and importance of housing incentives" to the entire economy.

Other industry analysts aren't so sure. Not only did the Ways and Means Committee hear a panel of prominent economists slam the housing write-offs as inefficient and heavily tilted to benefit higher-income taxpayers, they note, but Camp's own make-or-break income tax cut targets could take precedence over retaining current deductions. On top of that, Democrats in the Senate want to raise revenue through tax reform, not cut it.

If that's the case, something's got to give. And that might require lower write-offs for housing — unpalatable politically as they may be a year before congressional elections. Whether tax reform legislation that does that could pass either house, however — in a year where Republicans and Democrats can't even pass a budget to fund the government — is much in doubt.

Housing inventory crunch seems to be easing up

A home is sold in Los Angeles. The Los Angeles-Long Beach market inventory climbed 7.8% from June and was 6.8% higher than July 2012, according to data from Realtor.com. (Reed Saxon / Associated Press / August 15, 2012)

The persistent inventory crunch helping boost home prices rapidly higher may be fading, according to a new report.

The nation saw a 5.2% decline in inventory last month — the second straight month of single-digit yearly drops, according to a Realtor.com report released Tuesday. In May, inventory fell 10% over the year. 

“Dramatic national year-over-year inventory declines have evaporated,” Move Inc., which operates Realtor.com, said in a news release.

The number of listings rose 1.4% from June — the fifth consecutive monthly rise. Last year, inventory declined from June to July. 

In some markets, the number of homes listed for sale has started to increase compared with last year. Twenty-five markets posted yearly inventory gains of 1% or more last month. Only seven markets saw such growth in April.

Tight inventory, investor demand and historically low interest rates have helped boost prices lately — especially in markets such as Los Angeles and Phoenix that fell hard during the bust.

Those price increases could be spurring more home owners to list their houses for sale — a decision many economists say should help moderate fast-rising home values.

The Los Angeles-Long Beach market inventory climbed 7.8% from June and was 6.8% higher than July 2012, according to data from Realtor.com. The median list price in the L.A. region was $440,000 in July, basically flat from June, but 29.4% higher than last year.

In Riverside and San Bernardino counties, inventory rose 3.2% over the month and jumped 26% from last year — the largest yearly gain in the country. The median list price in the Inland Empire was  $252,200 in July, nearly 1% more than June and 23% more than July 2012.

Inventory in Orange County rose 8.4% last month, but still remains 2.3% below last year. List prices there rose 34% over the year and 1.8% from June to hit $575,000.

Nationwide, the median list price was $199,900 in July, a 5.3% rise from last year and flat from June.

LA Times

By Andrew Khouri

LA city Leaders break ground on San Pedro Waterfront project

The Port of Los Angeles is putting its best face forward.

A brand new waterfront revitalization project has broken ground in San Pedro, and with it comes restaurants and a full promenade.

Newly elected city councilman Joe Buscaino, whose district includes the Harbor area, compared the construction effort to another big project that broke ground a few years ago, L.A. Live.

"[L.A. Live]'s weeded out poverty," insisted Buscaino. "It's put people back to work and made the great downtown Los Angeles a destination.”

Buscaino joined Mayor Antonio Villaraigosa, U.S. Rep. Janice Hahn and others at the Port of Los Angeles as they tossed dirt with gold shovels, fire boats spouting water behind them.

Leaders say capital improvement investments worth over a billion dollars will bring more than an acre of waterfront real estate to life over the next several years. The plan will create about 20,000 jobs, many set aside for Angelenos in surrounding areas.

Councilman Buscaino said the project hits home.

“My dad worked the fishing boats, the docks, the Sea Queen, the Southern Monarch," recalled Buscaino. "This is a port where I grew up as a kid.”

Leaders plan to choose a developer this summer. The $35 million project should be completed by 2014.

by: Corey Moore | Follow @KPCCcorey on Twitter

Every Tuesday look for more Local Real Estate News for the South Bay

Kitchen Lighting

Beautiful and functional kitchen lighting breaks down into three categories: Ambient, Task and Accent lighting. Incorporating all three into your kitchen layout will provide you with a well-lit and attractive space. Considering how much money goes into outfitting a kitchen with cabinets, counters, sinks, appliances and flooring, it's a wise to approach the task with a solid grasp of kitchen lighting options.

Ambient lighting
Ambient lighting is the overall background lighting of a room. The obvious benefit is that it enables you to navigate the room without bumping into things, but when put on a dimmer it can also serve as mood lighting for entertaining. Here are some popular kitchen ambient lighting options:
• Drum chandeliers are the hottest kitchen-lighting trend. These playful lighting options look like giant, illuminated lampshades suspended from the ceiling.
• Casual chandeliers add drama, style and function in larger kitchens that have a ceiling height of nine feet or higher.
• Ceiling fixtures add style and function in smaller kitchens with a ceiling height of eight feet or lower.
• Recessed lights spaced evenly through the kitchen.
• Up-lights tucked behind decorative objects on top of the cabinets.
• Rope lighting tucked behind crown molding or beneath the upper cabinets. These lights will illuminate softly and cast a glow over the kitchen, which looks particularly elegant for evening entertaining.

Task Lighting
Task lighting is exactly what it sounds like: lighting to help you accomplish the tasks you set out to do in your kitchen. Whether it's preparing meals, washing dishes, paying bills, or helping kids with homework, all of these jobs would be difficult to complete with poor lighting. Task lighting sources include:
• Recessed or "can" lights -- there should be one over the sink, one for every four feet of counter space (at a minimum), and also over the island, if not using pendant lights.
• Pendant lights over the kitchen island serves three purposes -- they provide task lighting, make a design statement, and serve as a visual distinction between the open spaces.
• Under-cabinet lighting, in the form of compact fluorescent lights, is another great option for task lighting in the food preparation areas.

Accent Lighting
Accent lighting is used to draw attention to the unique details of your kitchen. Accent lighting sources include:
• Puck lights to illuminate glass front cabinets, much like in a curio or china cabinet.
• Toe-kick lights to focus attention on flooring with a unique texture or design. They are also helpful to those who like a midnight snack but don't want bright overhead lighting waking them up.
• A table lamp on the counter adds a warm glow to visually soften the hard surfaces of a kitchen. This looks particularly attractive near the desk area of the kitchen, keeping it away from the prep stations and kitchen sink.

One final recommendation: Put each light source on a separate control and a dimmer. This gives you infinite options for creating the perfect ambiance for any situation.

Home Buyers Willing to Pay More for Good Schools

Would you rather live in a home with a pool or a home near good schools? Most home buyers say they would be willing to give up amenities and pay more for a home to live in their desired school district, according to a Realtor.com survey.

Three in 5 homebuyers in the survey said school-district boundaries will affect their home-purchasing decision, and the majority would be willing to go above their budget to afford a home in an area with good schools.

"While the back-to-school survey results did not surprise me, they did confirm the impact school boundaries have on families looking for a home," says Leslie Piper, consumer housing specialist at Realtor.com. "It is never too early to think about the importance of your child's education."

They'll Even Exceed their Budgets
The survey was based on answers from 981 participants who plan to buy a home in the next two years.
More than 44 percent of respondents say they would go over budget by up to 10% to live in a highly rate school district. About 9% of the respondents say they would be willing to pay as much as 20% above their budget. Potential homebuyers need to determine their buying power before moving forward with a home search, Piper says

"Don't bite off more than you can chew," she says,"If a home within certain school-district boundaries is a must, then they must know what price range they are comfortable with and what they would be willing to sacrifice."

What Buyers Are Willing to Give Up
These dedicated parents are willing to sacrifice a lot, including giving up on some highly desirable home features.

• More than 60% would give up having a pool or spa.
• More than half would give up accessibility to shopping
• About 43% would pass on a bonus room
• About 42% would give up on having nearby parks and trails

* Daily Breeze, by Polyana da Costa

What You Should Know Before You Consider Refinancing

If you have a high interest rate, you may have considered refinancing .  However, you should do some research to learn all you can about refinancing before you proceed.

Here are a few things you should know before you consider refinancing.

1.  Often times the cost of refinancing can offset the savings you were expecting to get .  The average fees range from $1900 to $3650 and this doesn't include the loan origination fees, PMI or discount points.

2.  In some states, if you refinance your home, your new loan is then considered a "recourse product."  That means if you default on your loan and the sale of your home doesn't completely cover what you owe, the bank can seize your other assets.

3.  Your current loan may include a prepayment penalty.  So you will need to consider the prepayment penalty fees you will incur to determine if refinancing your loan is really worth it.

4.  If you refinance your mortgage, you will need to make sure you are able to stay in your current home for at least two to five years to recoup the cost of the refinance; otherwise, you could lose money.

5.  If you have recently refinanced your mortgage and you are considering refinancing your loan again, you will not see much if any savings at all.  It's not a good idea to refinance unless you can drop your interest rate by at least a point and a half - two points or more is preferable.

6.  Qualifying  for a loan is even more difficult than ever due to the recent housing market debacle.  Therefore, you will need a credit score of at least 720 to get a reasonable interest rate.  Anything less than that will earn you a higher interest rate and it's possible you may not even qualify at all.  Not to mention the mounds of paperwork you will have to wade through and a long drawn out couple of months to get through the approval process.

Before you consider refinancing, you should talk to your realtor.  In the state of the current housing market, your realtor may be able to find you a more suitable home for less money than it would cost you to refinance your existing home.

Additionally, if you have equity in your home, you could use that as a down payment on your new home, which will better your chances of getting your new mortgage approved.

Looking back through 125 years of San Pedro History

Every Tuesday we will post a new blog about the History of San Pedro, California!

1888-1889

• March 1, 1888- The city of San Pedro was officially incorporated. The first Board of Trustees, sworn in four days later, included president E.W. Webster, J.A. Dufresne, N.O. Anderson, E.M. Phelps and Alex Oleson.
• The newborn city began to take shape as new groups and societies were organized.. Fifth Street School was established during this decade as well as the citys first library and the volunteer Fire Department.
• In May of 1888, Augustus Timms donated the land for Harbor View Cemetery (22nd & Grand) on the condition that the center plot be aside for him. He claimed that spot only two months later, upon his death. 
• In September of 1888, President Grover Cleveland designated the land for a military reserve that would be the future location of Ft. MacArthur.
• Seaside Pharmacy, arguably San Pedro's longest running business, opened its doors in 1889. It remains in operation today at 599 W. 7th St.
• Plaza Park is dedicated July 31, 1889. The park pavilion would be added in 1892, many celebrations and musical performances would be conducted from the gazebo in the years ahead. 

More to come on the History of San Pedro next Tuesday!

*San Pedro Today Magazine

Home Prices Still Rising at a Torrid Pace

Key gauge surges 12.2% from a year earlier the largest gain since March 2006.

Home prices shot up in Americas largest cities in May, rising at a pace not seen since the bubble days, according to a closely watched gauge.  The Standard & Poors Case-Shiller index of 20 large U.S. cities released Tuesday, rose 2.4% from April and 12.2% from May 2012- the largest year-over-year gain since March 2006.

Average home prices across the 20 cities have now reached their spring 2004 level. For the first time, two cities- Denver & Dallas  surpassed the peaks they reached before the 2008 financial crisis. All cities tracked by the index saw prices rise from a year earlier and the previous month.

"The long-awaited housing recovery is in full swing," Senior Economist Erik Johnson of IHS Global Insight wrote in an emailed analysis. "We expect housing to remain a key driver of growth for at least the next couple of years."

Low mortgage rates, a shortage of homes for sale and heavy investor demand have sent home prices sharply higher this year, providing an economic lift but also sparking concerns that some markets are overheating.

Las Vegas and Phoenix, two cities where prices fell hard during the bust, have come roaring back, in large part because investors have scooped up many foreclosed properties to flip or rent out. Year-over-year prices rose 23.3% in Las Vegas and 20.6% in Phoenix. Those gains were surpassed only by the San Francisco market, a tech mecca where prices skyrocketed 24.5% from May 2012. Southern California price increases maintained their breakneck pace in May. Prices rose 19.2% in the Los Angeles region over the year and 17.3% in the San Diego area.

"The market is on fire right now," said Max Nelson, a senior partner at Deasy/Penner & Partners Beverly Hills office. Nelson said his company has already received  multiple offers for a Pacific Palisades home it placed on the market Friday for $1.65 million--- before even holding an open house. Those gains are rapidly eating away at affordability, further hampering the efforts of first-time home buyers who often must compete with all cash investor offers in many markets. Stuart Gabriel, director of UCLAs Ziman Center for Real Estate, said the recovery is pricing out some home buyers--- a disconcerting trend.

"The rebound has been striking," he said.

The median home price in the six-county Southland rose 28% in June to $385,000, a record year-over-year gain, according to research firm DataQuick. The median is the point at which half the homes soold for more and half sold for less, so it reflects the mix of homes selling as well as rising values.

- Andrew Khouri

L.A. Planners to take up Ponte vista proposal

Long-stalled development plans for the former Navy housing property in San Pedro move to the Los Angeles Planning Commission on Tuesday, when the latest vision for the Ponte Vista project will be reviewed.

A hearing on the city's final environmental impact report , released June 27, will be held during the commissions 10 am meeting at the Port of Los Angeles Administration Building at 425 S. Palos Verdes St. in San Pedro.

While the new Ponte Vista plan calls for developing 830 homes- much smaller than earlier proposals that went as high as 2,300 homes- there remains strong opposition among those who want the 61.2-acre property to remain R-1, which would cut the numbers back even further.

Board members of the Northwest San Pedro Neighborhood Council continued to express "serious concerns" about the proposal in its July 8 resolution. Those concerns include a lack of traditional single-family housing and not enough public open space.

Supporters, including the San Pedro Chamber of Commerce, believe the project will work in concept.
Developing the entire parcel at 26900 S. Western Ave. with detached single-family homes would not be financially feasible, according to iStar, which currently owns the property.

Supporters also say its time to move forward on the project after nearly a decade of discussion. As originally planned in 2005, Ponte vista called for building 2,300 homes on a long-vacant and dilapidated site still dotted with old Navy homes.

The proposal encountered wide-spread opposition from residents who said it was too dense and would cause more traffic congestion in the area. The project went through numerous revisions after that as the property also changed hands. It was purchased by iStar Financial in 2010.


Daily Breeze