DENA LAND NEWS A MONTHLY NEWSLETTER BY LINDA LANE-WHITE—KELLER WILLIAMS REALTY SERVING MY HOMETOWN OF ALTADENA/PASADENA AND OUTLYING AREAS
April 2009
April is a month of exciting changes in housing! You could say April is the month of miracles, at least it is this year. In 2009, Passover and Easter fall in the month of April, two ancient religious holidays with miracles at the center of the celebration. But apart of the traditional celebrations, there are a lot of really wonderful things happening out there for people. For one thing, in
Linda Lane-White “Singing” Realtor ® CA Lic #01091347 Notary Public
my business we are seeing many happy buyers, people who are getting the bargain of their lives on wonderful properties. And the new stimulus, and mortgage assistance bills have given many people a new chance to own a home. If you are looking for your own April housing miracle, either to buy or sell, I hope you will give me a call. I can make it happen! …..Linda
Qualifying for Mortgage Assistance Under The Homeowner Affordability and Stability Plan
If your total monthly mortgage payments are greater than 31% of your monthly pre-tax income, you might qualify for relief. You must prove to your lender that your payments are greater than 31% of your income and that you might not be able to keep up your mortgage payments. In this case, the government is giving the lender incentives to reduce your interest rate. This could substantially lower your monthly payment. A loan with a 7.5% interest rate that costs you about $1,500 per month could get an interest rate reduction. This means your rate would be lowered to 4.4%, making your payments just $1,100 per month. You probably have to show that you could afford the reduced monthly payment. Even if your mortgage payments are not more than 31% of your income, you might qualify for another kind of mortgage relief. If your mortgage is owned by Fannie Mae or Freddie Mac (or a governmentbacked program), or if your mortgage is insured by them, you might be able to refinance, even if you owe more than 80% of what your house appraises for today. These new rules will make it possible to refinance up to 105% of your home’s value.
You probably have no idea whether your loan is owned or insured by a government agency. Your lender will know that but you probably will not even have to call the lender to find out. Lenders will be reviewing all of their loans to find out who possibly qualifies for mortgage assistance and then they will be sending out notices. You will not qualify for assistance on second homes or investment properties. But, if you have a duplex or an apartment building with up to four units, and if you live in one of the units, you can qualify for assistance.
CEEDUB CONSTRUCTION RESIDENTIAL & LIGHT COMMERCIAL
With over 30 years of experience, we work with you to achieve your dream. Call Today For A Free Estimate (Licensed/Bonded/Insured)
(626) 786-1229 CHRIS WHITE, OWNER Ca Lic #883002
www.ceedubconstruction.com
Owning a home is a keystone of wealth, both financial affluence and emotional security. Suze Orman
Dena Land News—Linda Lane-White • Keller Williams Realty (626) 786-1231 • www.lindalanewhite.com
MONEYWISE Lenders Struggle To Meet Demands of Refinancing Low mortgage interest rates are prompting a surge in refinancing. More than 85 percent of all mortgage activity in one recent week involved refinancing, according to the Mortgage Bankers Association. Because many lenders have reduced their staffs in the last couple of years, they are now lacking the manpower to quickly process refinancing requests. Mortgage Master, a lender in the Northeast, will hire up to 200 people in the next year. They say that, at this time, 90 percent of their mortgages are refinancings.
Emergency Plumbing Calls The editors of This Old House magazine say you should know how to turn off the water in your home or condo. If you do, there is no such thing as a plumber's tripleovertime emergency repair. If you don't know how to turn off the water main, call the plumber and have him walk you through it. Then you can wait a day for a service call. You don't want the plumber to come on Sunday night or on the Fourth of July, and he doesn't want to come either.
Spring Fun In The Sun Across 1. Icky stuff 5. Use a Singer 8. Heroic tale 9. Mimicked 11. Affectations 12. "__ Las Vegas" 13. Embarrassed 15. Dusk, to Donne 16. Sideboard 21. Lady Macbeth, e.g. 22. "___ Misbehavin'" 24. Popular fragrance 25. Fine-tune 26. Nth degree 27. Glitch Down 1. Govt. property org. 2. Animal shelter 3. Beast
4. A dance for two people 5. Port and river in Georgia 6. "Beowulf," e.g. 7. "___ Only Just Begun" 10. "Dear old" guy 14. Charge 16. Computer monitor, for short 17. Ramble 18. Exile isle 19. Utah national park 20. "___ Karenina" 23. Two-year-old sheep
The headline is a clue to the answer in the diagonal. Birthday Wishes This Month Go Out To: Carole Karamanos—1st Lisa Matthews—3rd Victor Wright—8th Rebecca Fischer—8th Dawn McCoo—12th Rob Ross—12th Chris Thornton-18th
April Happenings in Dena Land Apr 4 9 to 3 E-Waste Event. Brookside Park Lot I www.CityofPasadena.net 626/744-4087 Apr 4 10am Three Dog Bakery’s Easter Egg Begg Hunt. Pasadena Central Park 275 S. Raymond. Easter begg hunt, bone-et contest. Treats. North end of park, South of Dayton. 626/440-0443 Free Apr 4-5 10-4. Theodore Payne Native Plant Garden Tour. 45 homes on the tour...one is my neighbor at 478 Alameda in Altadena. Call 818/768-1802 or email info@theodorepayne.org $20 for both days. Apr 5 1:30am to 3:30pm. Great Easter Egg Hunt. Rose Bowl Aquatics Center 360 N. Arroyo Blvd. www.sgvtnt.com/spring/fundraising.php $5 kids, $10 adults Apr 8 3:30 to 4:30. Ribbon Cutting Ceremony (see page 6 herein) Chris and Linda’s project is done! Apr 11 9:30am to 2pm (every 45 min) Egg Hunt at Descanso Gardens 1418 Descanso Dr., La Canada www.descansogardens.org $5 (includes basket, eggs and treat. Apr 13 11:30. Cloris Leachman at San Marino Center will share how she prepares for roles. Her approach to the “Business” of show business. Tickets required limit 2 .Free . Must call 626/3000777x541. Call early before sold out. Apr 17 8:30 sharp. My brother, Clayton Lane (aka Nick Grant) at the Comedy Store Belly Room. $5 nickroxx@gmail.com Apr 18 10am to 2pm. Earth Day 2009. Sanitation Districts of L.A.County 1955 Workman Mill Road, Whittier.. Tour reclamation plant, enjoy magician, train ride. 562/908-4288 www.lacsd.org FREE Apr 18/19 10-4. L.A. Zoo Earth Day Expo. 5333 Zoo Drive, L.A. $10 adults, $5 kids 2-12 323/644-4200 Apr 21 10 to 2:30. Job Fair & Career Training 16200 Temple Ave, City of Industry. 626/962-8811 x2473 Apr 22 Earth Day. Reduce your carbon footprint—Save the Earth. Don’t waste power, water or gas. Apr 23 6 to 9pm. Free Family Movie Night Altadena Community Center “Pride” 730 E Altadena Dr. Apr 24 Arbor Day. Plant a tree! Apr 25 10-4.City of Pasadena Greening the Earth Day & Armory Family Arts Festival. Memorial Park Raymond between Walnut & Holly. 70 booths on green products, etc. www.cityofpasadena.net FREE Apr 30 6 to 9pm Walter Hoving Home Hoedown 127 S. El Molino, Pasadena 626/405-0950
Ceramic Tile Pesto Pizza (from Ann Albert-Braun) INGREDIENTS: Bottle of Pesto Sauce from Trader Joe’s Pizza Crust from Trader Joe’s Kalamata Olives Crimini Mushrooms Sliced Goat Cheese Shredded Parmesian Some old ceramic tiles
DIRECTIONS: Put all ingredients on top of the pizza crust as you normally would. Place the pizza on top of a pizza stone. Place in a 500º oven. Place ceramic tiles on rack above pizza and on each side of the pizza. Bake for about 10 minutes and enjoy! Thanks, Ann. We all appreciate this fast and easy recipe!
Active Adults Corner Trust Linda Lane-White as your Seniors Real Estate Specialist® Pasadena Senior Center Easter Brunch & Dance April 12—1 to 3 . 2009 Conference on Aging & Educational Faire for the 50+ April 30—8am to 1:30pm 1st Church of Nazarene Call (626) 685-6755 cynthiar@pasadenaseniorcenter.org
Altadena Senior Center 560 E Mariposa, Altadena Apr 25 11-1pm Annual Spring Festival For more info: (626) 798-0505
Genetics Are A Good Choice (except for NTIs) Considering the huge cost of developing a new drug, drug companies have to charge a high price for it as long as they have patent protection. When their patents expire, they and other drug makers can make generic versions that sell for far less than the original Active ingredients in the generic are identical, but fillers, preservatives, color and shape can be different. Generics are so cost-effective that pharmacists substitute a generic for a brand name unless the doctor has written “do not substitute” on the prescription. Drugs with a narrow therapeutic index (NTI) are often not substituted and include some heart drugs, anticonvulsants, COPD drugs and immunosuppressants. Check with a doctor about generics.
When Buying or Refinancing... Call Peter First &
Get Pre-Approved
Peter Cosfol Augusta Financial Senior Loan Officer
Augusta Financial is a service oriented mortgage company that specializes in residential financing. We have many loan programs to help our clients with all of their mortgage needs. Peter offers the best pricing with the lowest fees! Peter will personally address all of your questions and concerns regarding the loan process! Augusta Financial makes the loan process seem easy! Augusta is both Broker and Mortgage Banker! We offer In-house processing and funding!
It’s a GREAT time Buy or Refinance! (661) 260-2970 Office · (661) 291-2234 Direct · (818) 281-1466 Cell Recent Area Sales (Derived from PFAR MLS) Many people are asking me about condo prices...so, here are a few recent sales that will give you some ideas... Days on Market 113 164 171 138 0 126 202 84 10 18 12 111 327 124 566 128 61 95 60 69 44
Date Sold 02/20/09 03/30/09 03/12/09 03/30/09 07/10/08 12/19/08 03/12/09 03/27/09 03/27/09 02/25/09 03/25/09 02/06/09 03/25/09 03/27/09 03/27/09 03/26/09 02/02/09 02/26/09 02/27/09 03/20/09 02/20/09
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
List Price 435,000 459,000 279,900 559,000 579,000 580,000 319,000 569,000 489,000 465,000 449,700 535,000 489,000 838,000 539,000 595,000 320,000 409,000 239,000 719,000 699,000
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Sold Price 420,000 450,000 268,000 650,000 549,000 580,000 295,000 550,000 492,000 435,000 465,000 530,000 435,000 805,000 520,000 520,000 316,500 407,000 239,900 709,000 685,000
Address 401-4 W Duarte Rd 618 Fairview Ave #228 235 Walnut Ct 150 N Almont Dr #303 740 W 1st St 602 W 1st St 3130 Montrose Ave #15 5037 Rosewood Ave #102 3613 Glendon Ave #204 221 S Oak Knoll Ave #302 330 Cordova St #386 757 S Orange Grove Blvd #3 1000 E California Blvd #307 95 N Wilson 591 S Marengo Ave #8 649 Paseo De La Playa #204 935 Lotus Cir 647 Orange Grove Ave #309 10142 Samoa Ave #5 636 W Sierra Madre Blvd #B 801 Meridian Ave #U
City/ Area Arcadia Arcadia Azusa Beverly Hills Claremont Claremont La Crescenta/Glen-Mo Hancock Park (L.A.) Palms - Mar Vista (L.A.) Pasadena (SE) Pasadena (SW) Pasadena (SW) Pasadena (SE) Pasadena (SE) Pasadena (SW) Hollywood Riviera (Redondo) San Dimas South Pasadena Sunland/Tujunga Sierra Madre South Pasadena
Bed/ Bath 2/3 2/2 2/3 2/2 2/2 2/2 2/2 2/2 2/3 2/2 2/3 2/2 2/2 2/3 2/3 2/2 2/2 2/2 2/3 3/3 3/4
Who do you know right now who’s looking to buy, sell or invest in real estate? Give me a call or send me an E-mail. I’m never too busy for your referrals to friends or family. Disclaimers: All real estate information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor this company shall be responsible for typographical errors, misinformation, misprints and shall be held totally harmless. If your property is currently listed with another real estate broker, this is not a solicitation of that listing.
S.F. Condo 1659 1708 1375 1611 1605 1605 1300 1432 1447 1250 1592 1582 1372 1871 1433 1374 1195 1231 1329 1626 1831
Dena Land News—Linda Lane-White • Keller Williams Realty (626) 786-1231 • www.lindalanewhite.com
House Hunters Scoop Up The Bargains
D
rawn by the real estate opportunity of a lifetime, thousands of small investors are stepping back into the market, say the experts quoted Fortune. They're not the only ones drawn by bargain prices on everything from single -family homes, to duplexes and apartment houses. In December, there was a 6 percent increase in the sale of existing homes. (In January, new home construction figures were rising as well.) Here's how to get the best deals: * Work with your real estate agent. The agent will be familiar with available properties and circumstances of the sellers. It's important to know how long properties been on the market, which properties are entering foreclosure proceedings, and which homes are in good condition. * Your real estate agent will be up-to -date on current government offers for home buyers and mortgage interest rates. What you can do to help: * Be prequalified by your lender in order to close a loan quickly. * For properties in foreclosure, be prepared with a cash down payment. * Consider a "short sale." Your real estate agent can negotiate on your behalf with a bank and a homeowner about to go into foreclosure. It allows you more time to arrange financing. Since the lender has fewer costs, you could get a better price.
Today’s Investment Puzzle: Is a Roth IRA Right For You?
W
ith the value of most traditional IRAs lowered because of stock market problems, this could be a great time to convert to a Roth IRA. Each dollar you convert is taxed as ordinary income, so fewer dollars mean less tax. If you are under age 50, you can contribute $5,000 a year to a Roth. If you are 50 or over, it's $6,000. Contributions to a Roth can be withdrawn without penalty at any time. Distributions, interest and dividends are tax-free if you are at least 59 1/2 and the account has been established for longer than five years.
You can contribute after age 70 1/2 as long as you have earned income. There are no required minimum distributions during your lifetime. Another benefit of the Roth: Tax-free distributions can be passed to your beneficiaries. It's easy to open a Roth IRA. It can be done online at Wachovia bank or Fidelity Investments and many others. You can choose from a full range of investments, including stocks, bonds and mutual funds. As always, speak to your tax advisor for further details and benefits.
Housing Affordability is Highest Since 1988
A
new index by the National Association of Realtors shows that many more people can afford to buy a home today, more people, in fact, than in more than the previous 20 years. It recently set the affordability index at 158.8. That means a household earning the median family income of $61,058 would have 158.8 percent of the qualifying income to purchase the medianpriced existing single-family home ($174,700) with a 20 percent down payment. When buying that particular home, after a 20 percent down payment, the monthly payment on a 30-year mortgage at 5 percent interest would be about $750 per month.
When buying a home for $100,000 with a 20 percent down payment, the monthly payment on a 30-year mortgage at 5 percent interest would be about $430 a month. Many homes in various parts of the country could be purchased for $75,000. With a 20 percent down payment, the monthly payment on a 30-year mortgage would be only $322. Homes can often be purchased with a down payment of less than 20 percent, but the buyer would have to take mortgage insurance, which raises the amount of the monthly payment. Still, there hasn't been a better time to buy a home in many years.
Pasadena Market Center 445 S. Fair Oaks Avenue Pasadena, CA 91105 Cell: (626) 786-1231 Home Office: (626) 798-2382 Fax: (626) 296-1979 lindalanewhite@sbcglobal.net
Home Office: 519 Alameda, Altadena Each Office Is Independently Owned and Operated
Linda Lane-White “Singing” Realtor® CA Lic #01091347 (since 1990) Notary Public (since 1987)
If You Would Like To Receive This Newsletter on a Regular Basis for Guaranteed Delivery (Snail or E-Mail) Call me or send me an E-Mail...LLW
In Tune With Your Needs
www.lindalanewhite.com
Search the MLS on my web site!
1st Floor Commercial (560 sf) 2nd Floor 1 BR/1BA (560 sf) 2 car garage (400 sf) Laundry Room (64 sf) 2,997 sf lot Separate HVAC units Dual pane laminate glass Alarm System Security Gates
1564-66 N. Fair Oaks Ave., Pasadena, CA City of Pasadena’s Ribbon Cutting Ceremony
Wednesday, April 8, 2009 3:30 to 4:30 (call (626) 786-1231 to RSVP for food)
For Sale (call for pricing) Completely renovated, vacant, free-standing building, great street frontage, separate electric meters
Call (626) 786-1231 for more information
www.1564NFairOaks.com (Construction by Ceedub Construction)
Highlights Mixed Use Live/Work Owner/User Investment Enterprise Zone Tax Credits Hiring Credits
Zoned FGSP-CL-1B Use Code: Retail/ Residential