Dena Land News A
M O NT H L Y N EW SL ET T E R B Y L I N DA LA N E- WH IT E – K EL LE R W IL LIA M S REA LT Y S E R VI N G M Y H O M ET O W N OF A LT A D E NA/ PA SA D E NA A ND O UT L Y I NG A R EA S
HOW TO DEAL WITH A LOW BALL OFFER
March 2008
Linda Lane-White “Singing” Realtor ® CA Lic #01091347 Notary Public In T un e W ith Y ou r N ee d s
445 S. Fair Oaks Avenue Pasadena, CA 91105 Phone: 626-786-1231 Fax: 626-296-1979 www.lindalanewhite.com
Home Office: 519 Alameda, Altadena, CA
Inside this issue: Low Ball Offer
1
Active Adults Corner
2
Recipe of the Month
2
25 Tax Tips
2
Ceedub Construction
3
For Sale
3
Ask An Expert
3
For Sale or Lease
4
March Is...
4
Recent Area Sales
4
Augusta Financial
(sponsor)
5
Christmas Tree Lane
5
March In Dena Land
6
When sellers receive a low ball offer, it seems to cause greater offense than if the buyer poked them in the eye. The common reaction is to feel insulted., and angrily reject the offer right off hand. But, low ball offers are a fact of life when it comes to real estate, especially now with the market being the way it is. No need to feel insulted, no need to get angry—here is what to do if you get one. First of all, getting an offer—any offer—is a good thing. It means someone liked your house enough to want to live in it. There are several possible reasons for the low ball offer, so don’t assume anything about the buyer’s motivation right away. Instead, try to find out more about their reasoning for the price offered and then write them a counter-offer. Did their agent do a Comparative Market Analysis (CMA) for them? Ask to see it. Are the homes they are using for comparison really comparable to yours? Your agent will be of great help here! They don’t have a CMA? Then how did they come up with their price? Or is their reason for the low ball offer something they didn’t like about your house that you can correct (like new paint, carpet, other repairs you may have missed)? Is there any-
thing else the buyer needs that you can offer, such as a faster move-in date or another incentive? Try to find out about the buyers’ situation as much as possible as this will make negotiations easier. Thank them for the offer? Tell them you appreciate it,
and then give them your counter-proposal. Provide them with the proof that your price is reasonable (the CMA your agent did for you, list of recent upgrades, etc). Don’t immediately counter with the lowest price you are willing to accept, as the buyer may expect a few rounds of back-and-forth. Be upbeat and be friendly—let them know that you want to work with them. If the back-andforth continues, keep the process alive by encouraging the buyer not to give up. Of course, you don’t want to stretch the negotiations on indefinitely—the buyer may eventually walk away and pursue another
property if they think they can’t work with you. Now there is another thing to consider—the possibility that what you thought was a low ball offer is actually not that bad. I know that it can be hard to swallow, but if your house has been on the market for a while, its value may have gone down. So, double-check your numbers. Ask your agent for the most current Comparative Market Analysis—what does it say? If it looks like the market has taken a dive, don’t despair right away. How much do you need to net in order to meet your goals? Is that still doable even with the lower price? Keep in mind that if you are selling your home for less than what you hoped for, you will also be buying your next house for less than you thought. The market is the same for everyone. Throughout the process try to be flexible and patient. It’s just as stressful for the buyer, so try not to get upset with them. If an agreement is possible, and all parties work together in good faith, then an agreement will be reached.
Average Area Prices Report for more than 40 zip code areas are now available via E-mail or direct mail. (i.e. Altadena average is $416/ sf—a decrease of –10.7% since January 2007.) Give me a shout and I’ll get the report to you!
Active Adults Corner Proposition 60/90—Tax Relief for Seniors Are you 55 or older? If so, you can save thousands of dollars each year on your home property taxes. How? Proposition 60/90! What is it? How does it work? This proposition was passed to provide tax relief to senior citizens who sell their existing home and purchase a replacement residence worth the same or less than the original. In essence, if you are ready to sell your home and would like to down size into something smaller, maybe a condo or just a less expensive house, this proposition will carry over your current assessed real estate tax value. For example, your existing home is worth $750,000. You bought it for $200,000. You are probably
paying somewhere around $2,500 a year in Real Estate Taxes. Now, you are ready to downsize and are looking to buy a home for about $600,000. Normally, your real estate taxes will be calculated based on the purchase price of $600,000. Real estate property taxes run about 1.125% of the sales price in Los Angeles county. This would mean that your taxes would now be about $7,200. OUCH!! This proposition allows you to carry over your existing tax base of $2,500. Saving you almost $5,000 each year! There is certain criteria that you must meet: A) The replacement home must be of EQUAL or LESSER value than the
Over 50? Get http://overthe out of the house! hillganglosa ngeles.org
home sold, AND B) The replacement home must be either in the same county or another participating county. That is all!!!! The following counties participate in this program: Alameda, Los Angeles, Orange, San Diego, San Mateo, Santa Clara and Ventura. This is as simple as filling out a form. BUT, it has to be done within a certain window of time. Please do not hesitate to contact me for further information on this proposition or with any real estate related question. Please take advantage of this wonderful opportunity! DO NOT throw your money away!
Cabbage and Bacon Soup INGREDIENTS: 1/2 pound bacon, diced 2 large potatoes, peeled and cubed 1 (15 ounce) can diced tomatoes with juice 1 cup chicken stock, or as needed Salt and black pepper to taste 2 cups thinly sliced dark green cabbage leaves DIRECTIONS: 1. Place bacon in a large, deep stockpot or saucepan.
2.
Cook over medium high heat until evenly brown. Drain off any excess fat. 3. Stir in potatoes, tomatoes, and enough chicken stock to cover. 4. Season with salt and pepper. 5. Bring to a boil, reduce heat and let simmer for 20 minutes or until potatoes are tender. Stir in cabbage and allow the soup to simmer for a few minutes longer before serving. Serves 4. 288 Cals, 9.4g Fat, 6.4g Fiber, 11.1g Protein
25 MOST Overlooked Tax Deductions April 15th is just around the corner. If you haven’t filed your tax return yet, let’s take a moment and review some of the most common deductions people miss. 1. Accounting Fees for tax preparation services & IRS audits. 2. Amortization of premium on taxable bonds. 3. Appraisal fees for charitable donations or casualty losses. 4. Appreciation on property donated to charity. 5. Cellular telephones. 6. Cleaning and laundering services when traveling. 7. Commissions and closing costs on sale of property. 8. Contact lenses, eye glasses and hearing devices. Page 2
9. Depreciation on home computers. 10. Employee’s moving expenses. 11. Federal estate tax on income with respect to a descendant. 12. Fees for a safe deposit box to hold investments. 13. Improvements to your home. 14. Investment advisory fees. 15. Lead paint removal. 16. Legal fees incurred in connection with obtaining or collecting or collecting alimony. 17. Margin account interest expense. 18. Mortgage prepayment penalties and late fees. 19. Real estate taxes associated with the purchase or sale of property. 20. 50% of self-employment tax. 21. Seller-paid points on the purchase of
a home. 22. State personal property taxes on cars and boats. 23. Subscriptions to professional journals. 24. Worthless stock or securities. 25. Mileage for volunteering or charitable events. Oh, and if you were a victim of theft or vandalism, or flood or fire, had a car accident that wasn’t your fault—you could get a tax break. As always, check with your tax advisor.
Dena Land News
Sho
Sho
! e l a rt S
rt S
ale!
Unbelievable Price! 728 Colman Street, Altadena, CA
Only $749,000 (only $305/sf) Appraised in 2006 at $986,000 4 Bedroom, 3.5 Bath House 2,456 sf home on a 6,840 sf lot
Private Oasis on a Quiet Cul-de-sac Completely rebuilt in 2006
2 master suites, 1 with a fireplace, walk in closets 2 master baths with dual sinks, Jacuzzi© Tubs, separate standing glass showers, & Toto low flow toilets Stainless steel Dacor stove, Jenn-Air refrigerator, Insta-Hot dispenser 2 Rannei gas “tankless” water heaters 2 HVAC units 2 bedrooms downstairs, 2 master suites upstairs
Huge family room upstairs Wrap around balcony Large yard Pool with child proof security fence Spa with multi colored lights Built In BBQ with sink located on covered porch New copper plumbing throughout New electrical wiring throughout New roof
More Info? Call Linda Lane-White (626) 786-1231 www.728Colman.com lindalanewhite@kw.com Remodeling? Adding On? Need a New Home Built? CEEDUB CONSTRUCTION (626) 786-1229 CA Lic #883002 Chris White, Owner (30+ years of experience) 519 Alameda, Altadena FREE ESTIMATE Residential/Light Commercial
Q: Can I borrow money for the down payment? A. Generally, the answer is no, although there are some exceptions. You may borrow money from your 401(k) or from certain types of life insurance policies. If you already own a home and wish to buy a second home, you may take out a home equity loan and use it as a down payment. If you are a first-time home buyer, there are special government and non-government programs that provide assistance with down payments (if you qualify). A gift from a family member can also be used for a down payment. It must be a real gift, though, (not a loan) and it must be from a blood-relative. There are other acceptable sources of down payment money, but the space here is too limited to list them all here. Have a real estate question? Feel free to contact me. Linda Lane-White
Ask an Expert
Who do you know right now who’s looking to buy, sell or invest in real estate?
T h is p ub l i c at io n is fo r in fo rm at io n a l p u rp o se s only an d does not c o n st it ut e le g a l or fin an c i a l advice. All information was obtained from sources deemed reliable, and while I do not doubt its accuracy, I cannot guarantee it. Some items provided by CAR Client Direct and Fidelity National Home Warranty. If your property is listed with another broker, this is not intended as a solicitation.
March 2008
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This beautiful corner lot home is located just down the block from my home. It’s a great neighborhood near Christmas Tree Lane, the Rose Bowl, and JPL (3 blocks west of Lake Ave.) 1,332 sf home on a 9,900 sf lot
3 Bedrooms, 2 Bathrooms Large kitchen Wood burning fireplace Hardwood floors throughout 2 car detached garage Spacious front & rear yards Plenty of room for expansion Central Air/Heat Alarm system
444 Alameda Street, Altadena
For SALE or Lease
$549,000 or $2,600/month Call (626) 786-1231 www.444Alameda.com
March is: Optimism Month: Research proves optimists achieve more health, prosperity and happiness than pessimists. Use this month long celebration to turn optimism into a delightful, permanent habit. Red Cross Month: Being prepared for emergencies is crucial at home, school, work and in your community. The best way to make you and your family safer is to be prepared BEFORE disaster strikes, so get a kit, make a plan and be informed. For more information go to www.redcross.org
Spring Forward on March 9, 2008! Daylight Saving Time (DST) begins at 2a.m. on March 9, so move clocks AHEAD one hour. DST ends at 2am on November 2, 2008. Don’t forget to change the time on your clocks, watches, microwaves, VCRs, etc. Also, change the batteries in your smoke detectors and while you’re at it, change some of your light bulbs to energy efficient bulbs. This can save you lots of money on your electricity bill and will help the environment. Sring Starts on March 20th
Recent Area Sales Days on Market
Sold Date
City
Bed/ Bath
S.F. Home
S.F. Land
142
02/22/08
$
500,000
1741 Vistillas
Altadena
3/1
1212
7500
201 130
02/25/08 02/11/08
$ $
550,000 815,000
1709 N Altadena Dr 1530 BraeBurn Rd
Altadena Altadena
3/2 3/2
1492 1692
7697 9375
215
02/19/08
$
554,000
2004 N Allen Ave
Altadena
3/2
1582
12827
80
02/15/08
$
385,000
114 W Mariposa St
Altadena
3/2
1042
5400
243
02/27/08
$
970,900
969 Kent St
Altadena
2/4
2750
20099
95
03/03/08
$
682,000
828 Golden West
Arcadia
3/3
2028
Condo
225
02/15/08
$
617,000
2113 Forbes
Claremont
3/3
2216
2216
66
02/12/08
$
499,999
2148 Duell
Glendora
3/2
1421
7960
154
02/21/08
$
975,000
4646 Palm Dr
La Canada
3/2
1958
16550
147
03/03/08
$ 1,090,000 4127 Lanterman Ln
La Canada
3/3
2218
10800
32
02/12/08
$ 1,295,000 1439 Lida St
Pasadena
2/2
1634
8990
35
02/22/08
$
Pasadena
3/2
1862
6220
Page 4
Sale Price
728,500
Address
1590 La Loma Rd
Dena Land News
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Excellent customer service! (661) 260-2970 Office · (661) 291-2234 Direct · (818) 281-1466 Cell Will Christmas Tree Lane Go Dark? Ser y t i mun ce m o n or C ssista f l l A Ca
vice
Your
Help
is NE
EDE D!
Christmas Tree Lane is listed in the National Register of Historic Places and is designated as California Historical Landmark No. 990. After 87 years of tree lighting, Christmas Tree Lane is in danger of becoming extinct. The lack of volunteers and non-interest from the community has brought this question to the table of the current board members. At the last board meeting, there weren’t even enough members to get a general vote on a particular item. Doesn’t anyone care? Though there are over 500 members who donate money during the years, physical help is needed throughout the year to put up, take down and test lights and help plan the lighting ceremony. No, the County does not help with this at all. It’s all done through the efforts of volunteers—like you and me! How YOU can help NOW: 1) In March and April, every Saturday and Sunday from 9am to 12pm help is needed to take down the lights. Free donuts and coffee in the morning and a free hearty lunch is served at 12:00 at a home down the street. JUST SHOW UP!!!!! Bring the whole family! 2) High School service clubs, Rotary, Kiwanis, etc. are all perfect organizations that can help. 3) On the 2nd Tuesday of every month, the Christmas Tree Lane Association holds a meeting at the Altadena Library—all are welcome to attend. New board members are needed! 4) Visit www.christmastreelane.net or call (626) 403-1123. You can even call me on my cell at (626) 786-1231 and I’ll be more than happy to assist you with your questions or concerns. March 2008
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Pasadena Market Center 445 S. Fair Oaks Avenue Pasadena, CA 91105 Cell: (626) 786-1231 Office: (626) 204-3436 Fax: (626) 296-1979 lindalanewhite@kw.com 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! March Happenings in Dena Land Every Sat/Sun 9am-12pm. Christmas Tree Lane needs volunteers to assist in taking down the lights on the lane. FREE Coffee and donuts in the morning and a free hearty lunch at noon. 626/403-1123 Now through Mar 23. All female production of ―Othello‖. Theatre @ Boston Court. Boston Court Performing Arts Center. 70 N. Mentor Ave., Pasadena. 626-683-6883 or www.bostoncourt.com $27.00—$32.00 Now through Mar 16 Snow White and the Seven Dwarfs. Theatre 360. 75 N Marengo ave., Pasadena 626-577-5922 or www.theatre360.org $11.00 to $20.00 Mar 9. 12:30pm Athletic Garage’s 6th Annual World of Dance Showcase. 121 Waverly Dr., Pasadena. 626-229-9769 www.athleticgarage.com $10 cash only. Bleacher seating (first come, first served) Mar. 9. 2:00pm. The Great Pasadena Purse Swap. Take in a purse, bag or tote and exchange it for somebody else’s. Pasadena Museum of History 470 W. Walnut St., Pasadena. 626-577-1660 or www.pasadenahistory.org $5 or $8 Mar 10. ALL DAY. Linda Lane-White’s Birthday. The greatest gift I could receive is a referral to a friend or family member. Who do you know right now who’s looking to buy, sell or invest in real estate? Mar. 14. 8-11pm. Mambo Combo (featuring Martin Beijer) performs at Holly Street Bar and Grill 175 E Holly St., Pasadena 626-4401421 or www.hollystreetbarandgrill.com Mar 15. 7am Susan G. Komen Race for the Cure. Rose Bowl. 1001 Rose Bowl Dr., Pasadena. 626-535-2424 or www.komenlacounty.org Mar 15/16 8am. Pasadena 10k/5k Walk. Walk by ―Old Town‖, the Wrigley Mansion, the Rose Bowl & City Hall. Strollers and dogs on leash are ok. Starts at Brookside Park 360 N. Arroyo, Pasadena. 818-981-3060 Merle Dvorak merlewalkntalk@yahoo.com Mar. 15. 10:30am St. Patrick’s Day Party at Vroman’s Bookstore. 695 E Colorado 626-449-5320 www.vromansbookstore.com Mar. 15. & 29 8pm Saturday Night Swing Dance. Live swing band . Pasadena Ballroom Dance Association 997 E Walnut, Pasadena. 626-799-5689 or www.pasadenaballroomdance.com FREE class from 7:30 to 8pm then $15 Mar. 22 8am. Spring Rummage/Book Sale & Chili Party. Pasadena Senior Center 85 E Holly St., Pasadena. 626-685-6754 M.M. Rozell or www.pasadenaseniorcenter.org $15, $20, $25 Mar. 22. 8:30am. Reggae Rhythm of Life 5k/10k Run & Walk. Supports the Verdugo Mental Health’s programs. Area H. next to the Rose Bowl, 1001 Rose Bowl Dr., Pasadena 818-542-6945 or www.vmhc.org $25 or $30 for late registrants. Easter Events—Descanso Gardens: 818-949-4200 or www.descansogardens.org, L.A. Arboretum 626-821-3233 or www.arboretum.org, City of South Pasadena 626-403-7380, Loma Alta Park 626-794-8811, Farnsworth Park 626-798-6335 Mar 28/29. 9-midnight. Robert Kyle and his Brazilian Trio perform at Red, White & Bluezz. 70 S. Raymond., Pasadena 626-792-4441. www.robertkyle.com Mar 29. 6:30pm John Muir High Alumni Association Casino Night. Proceeds go to support students at activities at John Muir High School. BBQ dinner, games and prizes. Shakespeare Club 171 S Grand 626-208-1351 www.johnmuiralumni.org $50