Where do the rich and famous go to get away from it all? …. the Malibu hills of course!Jack Nicholson just listed his 70-acre retreat in West Malibu for a cool and breezy $4.25 million.The main house is a modest 2,300 square feet but the compound features a tennis court, swimming pool, large spa, putting green and great views.  Feast your eyes on this inviting Malibu retreat HERE.I say, “This is the life! Why would anyone want to leave it?” (But he does so give me a call if you’d like a showing.)What’s YOUR view?

If you’re like me, you’ve been a big fan of Billy Dee Williams long before his Star Wars role.

Now he’s reaching for the stars again by listing his  5,295-sq ft  home in Trousdale Estates for a whopping $4,499,000.

Built in 1961, the updated home on a half acre boosts an open interior surrounded by lush grounds. According to public records, he paid $553,000 so he stands to make a profit that’s a bit out of this world in today’s market.

I say, “May the force be with him.”

Take a look at his not-so-humble abode here.

What’s YOUR view?

This weekend œ60 Minutes presented an authoritative segment on the mortgage mess and clearly illustrated what the banks allegedly have done.Will the real Linda Green please stand up? To make their point, 60 Minutes went on a search for Linda Green, whose signature appeared as a bank vice president on thousands of loan documents used in foreclosure cases.What they found was shocking. Linda Green signed as vice president of 20 different banks in the same time period, and her signature changed dramatically from document to document. As it turned out, “Linda Green” was simply a name signed by hourly workers at a document mill including a guy named “Chris,” who signed 300 or more documents an hour so the banks could produce the needed paperwork to foreclose.The solution?  The head of the FDIC says BILLIONS of dollars in a clean-up fund are needed to fix the mess. What that says to me is this:  Homeowners would have to give up their due process rights for a cash settlement as part of the foreclosure proceedings. Hmmmmmm. Click HERE to watch the 60 Minutes’ report.What’s YOUR view?

…So says Dr. Steve Sjuggerud and he has some interesting data to back up his claim. His charts show that:

  • Mortgage interest rates are at historic lows.
  • Similar low rates after WWII were followed by a long-lasting housing boom.
  • Houses are more “affordable” than they’ve been in 40 years.
  • Home prices have fallen by a third nationwide.

See the charts and full article.

California protects home buyers by mandating disclosure of any natural hazards that may impact the property. Unfortunately, the disclosures are costly and generally aren’t obtained until AFTER an escrow is opened. A new government website, however, lets you see some of the risks BEFORE making a decision to purchase (or sell).  Both existing and prospective homeowners will appreciate the interactive hazard maps available at http://www.myhazards.calema.ca.gov.  Simply enter your address in the search window and pull up colored maps that show whether the property faces danger from fires, floods, and earthquakes. Exercise caution when interpreting the results, however, since the service uses a “search radius” rather than pinpointing a house precisely. My property got tagged as a liquifaction hazard, because it sits atop a solid knoll bordering a lake. A professional geologist explained to us that the house sits “on solid ground,” but the nearby lake could pose a flood danger to the roadway below the house. It’s always best to consult appropriate professionals for a specific threat assessment. Still this website gives you valuable food for thought as long as you chew it well. Now what’s YOUR view?

Falling in love too fast can cause first-time buyers to turn a blind eye or gloss over problems that might be deal-breakers to experienced buyers.  Missing a structural defect is an obvious pitfall for any buyer, but the following seven dangers often plague first-time buyers.

1.             Not ask the right questions.  Along with the final œsin, this one is key. First-time buyers may fail to discern what is important and what is not. The œfeel you get when walking into a home may be less important than other factors since it comes largely from staging and good decorating choices. Buyers need to look past the pretty face and ask the important questions about unseen issues:   Is the infrastructure (water source, pipes, utilities) sound and reliable? Are there easements through the property? What are the property boundaries? Any nuisances nearby such as noise or air pollutants? Are any changes pending for the neighborhood?

2.             Underestimate costs to repair or improve. Unless you call up several contractors and get written estimates, you may not realize what it will cost to make repairs to improve the property. It™s cheaper in the long run to pay inspectors and other building professionals to give estimates before buying a property. One of the most savvy and experienced buyers that I™ve ever represented as a Realtor conducted the most studies and investigations of a property during the escrow process. My file was nearly a foot and a half thick! They did an in-depth home inspection, on-site mold testing, geological drilling, water testing, and more. They had virtually all systems professionally inspected:   a roofing contractor came out to inspect the roof, an electrician tested the electrical system, a plumber checked the plumbing etc. Before they made a final decision to purchase, those buyers knew everything about the property including what it would cost to fix and improve it.

3.             Take permit issues too lightly. Does the property have a permit violation? Many sellers have modified their homes œwithout the benefit of a permit. In some localities, officials could make a buyer take out or tear down unpermitted improvements. A trip to the building department to pull copies of a home™s permits is time well spent. Or you can pick up the phone and order these documents from a permit search service…for a fee.  

4.             Fail to renegotiate the deal. Getting an offer accepted is just the first step in the negotiation. As a buyer investigates the property and becomes aware of its flaws and drawbacks, and every home has some negatives, he or she is in a much better position to negotiate with the seller.   Asking for repairs or a credit in lieu of repairs is not uncommon. Of course, a seller does not have to agree, but first-time buyers shouldn™t hesitate to renegotiate.

5.             Misjudge the impact of regulatory agencies. The California Coastal Commission may be the most notorious agency as it holds sway over properties five miles inland from the Pacific coast. A first-time land   buyer recently received the bad news that œCoastal as it™s called did not approve his application to build a home on the upper level of a two-acre lot that sits about five miles inland since building there would have disturbed a small portion of native brush in the 200-foot circle of influence around the home. The agency required that the home be built on the lower portion of the lot right next to a street, which meant the owner had to give up the more private location back from the street along with a glorious 180 degree ocean view. Worst of all, Coastal had approved the upper building site years earlier so the buyer assumed the agency would issue such a permit again.

6.              Ignore location, location, location. Location refers to more than the neighborhood.  Experienced buyers consider how a property is located within the neighborhood”at the end of the cul du sac (good), right below a large water tank (bad), next to a vacant lot or open field (could be good or bad, depending). It also matters how the house is located on the lot. Many buyers, for example, prefer a home that sits above the street and affords more privacy while avoiding water runoff issues.

7.             Miss the big picture. Unlike first time buyers, experienced pros such as real estate agents quickly size up a property in terms of its strengths and weaknesses. First-time buyers fall for the hype:  the sizzle rather than the steak. They respond to the tidy and well-staged small model home over a larger well-built custom home full of clutter and mismatched old furniture.

Personally, I like to hunt for a property during the winter months when the weather is bad, and buy a well-located distressed property that needs cosmetic repairs and a good cleaning after I’ve thoroughly checked out the property and the neighborhood.

What’s  YOUR view?

Tired of hearing all the naysayers about California?  Invest a couple minutes reading this great Time article  that tells the TRUTH about California. It’ll remind you why you decided to live here in the first place.

 Click here for Time.com article

What’s YOUR view?

You don™t have to own a fancy mansion close to Hollywood to generate cash from film location rentals. Properties across the nation garner big bucks to host feature films, made-for-TV movies, commercials, reality TV shows, and photo shoots. Here™s the good, the bad, and the ugly of location rentals compared with conventional summer rentals.

Good:   Make more money per day. Reality TV shows often pay $500 to $1000 per day or more for a rental, commercials and feature films pay even better. Unless you have a mansion in a desirable area, you probably can™t rent your place for $15,000 to $30,000 per month for a summer rental.

Better:   Eliminate the risk of tenant-landlord disputes. Film location rentals don™t invoke tenant-landlord legal issues that seem to be skewed toward tenants™ rights in many states. You avoid all hassles related to unlawful detainers, evictions and such. Risks are covered by a liability policy of $1 to $2 million that names you as a third party.

Best:   Receive every penny upfront!   Before the trucks drive up and anyone steps a toe onto your property, you receive a check for the entire duration of the rental. Unlike summer rentals to private parties, you take virtually no risk that the tenant won™t pay the rent.

Bad:   Being œhomeless during the rental. Film rentals often require a complete œtakeover so you™ll have to move out. But, hey, it™s a great time to take a trip or kick back at your favorite low-cost resort. Many production companies pay a œrelocation fee of a hundred dollars or more per day toward your temporary housing”all paid up front, of course.  

 Worse:   Not doing a thorough final walkthrough.   Don™t count on being told about damage; you have to check your property very carefully.   On the surface, it may look clean and back in its original condition per the contract, but is it? Here are a few œgotcha™s from my own experience:   a cracked granite countertop that was fixed so well we missed it at first, broken sprinklers, damage to the lawn, a chipped mirror hidden behind a leafy plant, two hanging light fixtures reattached only with glue (almost fell on us), and the list goes on.  

Ugly: Failing to have (or read) a contract through a reputable agent. The contract is generally short, just a few pages, but failing to have one, or to read it, can cost you plenty and get downright ugly.   Without it, a production company could walk away without fixing damages that they caused. Heaven forbid if anyone gets hurt without   proper insurance. So when your friends want to shoot their next YouTube video at your place, refer them to your friendly agent to draw up a location rental contract, show you the money, and have a beautiful experience!  

Learn more about location rentals and dozens of other ways to generate cash from your property in my upcoming book CashCow Casa due out later this summer.

This week, I’m driving around with my new iPhone in hand, checking out home values and pulling up data for recently sold homes. Yes, “there’s an app for that.” A free download from Zillow.com uses  the phone’s GPS technology to pinpoint my location. Then an interactive map of nearby homes displays on the screen that I can tap for more info. Hey, I can drive by your house, see how many beds and baths you have, and find out what you paid! Just a couple years ago, I spent several grand trying to get this type of on-the-go data but  gave up  since it was just too slow and cumbersome. Now it’s a snap and you don’t have to be a geek to get it. Isn’t technology great!

Last week, I grappled with my 13-year-old son’s little cell phone after losing mine, awkwardly trying to get it connected  through  my car’s speaker via Bluetooth  (which never worked). I recorded a central system  message  to allert  callers, “You have reached Kathryn’s currently LOST cell phone; please leave a message.”  My previous first-generation iPhone and I never hit it off. Perhaps  it had to do with the fact that  I dropped it three or four times a day on average until I bought one of those silicon skins that turned it from  a slippery bar of soap into a usable  hi-tech device.

Today, I’m enjoying my fast new 3G. I see more and more folks around greater Malibu with shiny new iPods and iPhones.  But I have to admit that I downloaded a 99-cent “flashlight” app so I could search just one more time under the car seats for my old cell phone with its many dents and cracked screen that spent thousands of hours by my side like a trusted friend.

What’s YOUR view?

Check out this idea if you are facing foreclosure. There are many helpful resources available.

œProduce the Note – 3 Little Words to Save Your Home

April 24, 2009

By Angie Moreschi:

Using the œproduce the note strategy is something all homeowners facing foreclosure can do. If you believe you™ve been treated unfairly, fight back.  We have created templates for a legal request, a letter to your lender and a motion to compel to help you through the process.  Read more and see videos here…

1 | 2 | 3 | Next >