Interesting

President -elect Barack Obama recently named New York City housing commissioner Shaun Donovan to lead the U.S. Department of Housing and Urban Development. What you may not know is that Donovan once worked at Prudential . Before he joined New York's Housing Preservation and Development Department in 2004. Donovan was the managing director of Federal Housing Authority and affordable housing investments for Prudential Mortgage Capital Co.

Fed lowers rate

Fed has lowered rates lower than ever before and promises to do more to help the economy.

Did you know?

TV's , computers and other electronics account for 15% or $352,50 of an average household's annual energy bill? The energy consumed by idle devices --ones that are plugged in but are not being used--accounts for about $264. Best: Get a power strip so that multiple electronics can be plugged into one. strip that can be easily unplugged. Or, unplug each appliance each day when not being used-toasters, can openers, mobile chargers, etc.

The Bottom?

On Dec. 15, the Desert Sun said the economists thought we had hit bottom. What do you think?

Sun City Palm Desert Stats-November

There are 199 active listings presently on the market, from $229,000 for 1283 sq. ft to $1,025,000 for a Marseille on a double lot on the fairway.

From 11/01/08 to 11/30/08 there were 6 pending sales , from $229,000 for 1366 sq. ft, to $529,900 for a St. Tropez at 2588 sq. ft.

For the same period, there were 5 solds from $250,000 for 1548 sq. ft to $389,000 for a Montego with casita at 2034 sq. f. These were probably all put in escrow before the financial meldown on wall street.

If you look back at my blogs on stats for the previous months you can really tell the difference. However, the president of Real Data Strategies said Palm Desert has a "healthy" market so not as many foreclosures , therefore not as many sales. Palm Desert had 12% more sales this year than last and prices were down 16% over last year. Indio saw price declines of 45% from a year ago. Obviously more people had bad loans, in that area ,with all the new construction.

Interessting facts

C.A.R (California Assn. of Realtors) statistics for Oct. :

1. C.A.R,'s Unsold Inventory Index for existing single-family detached homes in October 2008 was 5.9 months compared with 15.2 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

6 month statistics

In Sun City Palm Desert there were 82 sales in the last 6 months. But, most of those were probably executed before the October melt down in the stock market.
The average price was $380,000 with days on the market between 105 and 150 days. The longer a property remained on the market the less % of List Price the owner realized. )-30 days the price was 95.98% of List Price. 120 days or more owners received only 93% of list price

Customer Satisfaction

Online tools may be popular among homebuyers and sellers, but the 2008 J.D Power and Associates Home Buyer/Seller Study finds that a quality real estate agent is the key to customer satisfaction with real estate companies.
The study finds that more than two-thirds of buyers (68%) used the internet to help them during the purchase process and 61% of sellers marketed their home on the Web. Still , among both buyers and sellers, the biggest factor affecting customer satisfaction was the agent's ability to serve the client
Prudential ranked highest among home sellers, with a score of 793 out of 1000.

Foreclolosires

Everyone wants to know about foreclosures in Sun City Palm Desert.
Fortunately, Sun City has not had the rate of foreclosures that other areas of Riverside County have endured. There were only 5 foreclosures of June to Sept. sales. Our sales were down but that is because we don't have as many foreclosures.
As of last month, I had heard that the board was looking into 12 homes which are behind on their HOA dues.
Prices have dropped here, no doubt, and there has been a shift from the higher priced homes to the lower priced homes.
As of this AM there were 197 homes presently listed. Since Oct. 1 there have been 11 pending sales.
Thre were fewer Notices of Default filed last week than in many weeks. Let's hope that is a sign.

Sun City Palm Desert Stats for October

As of Oct. 31

There were 177 active listings from $215,000 for a Gorham (1157') to $1,025,000 for a Marseille on the golf course (2938')

There were 11 closed escrows from $235,000 for a Calif. Casual (1110') to $600,000 for a Monterey (former model) (2439')

There were 4 pending sales from $299,000 L.P. for a Barbados (1394') to $429,000 for a Montego with casita.

The median price of the sold properties was $380,000 and the average price per sq. ' was $214.22

You can go back to some of the old blogs and compare .

In case you missed the article "House Market in Correction Mode" in the Desert Sun, here is the crux of it :
Housing sales in the Coachella Valley jumped 65.4% in September from the year before, the stronges year-over year showing in nearly two decades.
The 865 sales represent an almost 13% jump from August, according to figures from Data Quck.
The market is in a very fierce mode of correction. The market shift is "deeper and more difficult than anyone had anticipated."
The rise in sales indicates buyers continue to make the best of the desert's ever lowering median prices, which hit $230,000 in September. That is down 37.8% from September 2007.
Distressed properties accounted for most of the sales.
New construction is not faring as well as resales with only 148 homes sold in September.
The median price per sq. ft is at $125.00, down 41.1% from Septl. 2007.
The most expensive home sold in the Coachella Valley was $2.49 million in La Quinta.
Buyers purchasing homes under $500,000 are able to finance through FHA.

The Desert Sun, Sunday Oct. 26:

"Foreclosures and lower prices lead to huge boost in home sales.

The rising number of foreclosures and ever-lowering median prices gave Riverside County's housing sales a tremendous boos in September.
Figures released by DataQuick last week show 4551 homes sold countywide--up 106.1% over a year ago.
A big reason is price: Countywide, the median price dripped 36.8% to $237,500 from $375,000 in Sept. 2007.
Coachella Valley-specific numbers for Sept. have yet to be released. But, sales reported on the Desert Area Multiple Listing Service indicate the same trends are occurring here.

In Coachella Valley , a total of 1,400 homes were in some stage of foreclosure in September."

In SCPD here are approximately 12 homes in some phase of foreclosure and a few that are in short-sale mode.

In case you missed my Leib's Lines on Short Sales--here is a quick study.\:
A short sale happens when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Doing a short sale is not for the faint of heart--some lenders will not even consider a short sale if payments are current. Plus if you have cash assets, the lender might try to tap those accounts.

According to a division manager at Vitek Mortgage, sellers will take as big a hit on their credit report by doing a short sale or Deed-in-lieu of Foreclosure as they will by going through foreclosure.

Pendings in SCPD

From Sept. 1st 2008 until today, Oct. 17,2008, there have been 3 pending sales:

$274,000--for a bank approved short sale--Antigua-1647' 159 Days on the Market
$459,000--Expanded Monaco--2323' 83 Days on the Market
$459,000--Expanded Tangier--1764' 61 Days on the Market

Sun City Stats for September

As of Sept. 30, there were 162 homes on the market from $229,000 for a Hummel (1128') to $979,900 for a Tuscany on the golf course (3300').

There were 10 pending sales for the month of Sept. from $274,000 for an Antigua (1647') to a Victoria (2473') for $549,000.

There 12 closed escrows from $245,000 for a Lanai(1213') to $587,000 for an extended Tangier on the golf course.

The average price per sq. ft was $220.00

You can go back in the blog and check last months stats vs. this month--or even further to get more of an idea of what is happening in our market.

Coming to the neighborhood:

Due to the business climate, there aren't as many openings as there have been in the past, but here are a few:

Where Augusta was located will be " Insanity"--food, fashion and cocktails
Golfsmith is opening a superstore in the Monterey Shore Plaza
Bevmo--a superstore with wine, beer and liquor--open on 111 in La Quinta
Schlotzsky's is open on 111 in La Quinta

Don't forget the Orowheat outlet in the business park across the street.

Short Sale vs. REO

A Shot Sale is the sale of a home in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan (s). The process starts when a seller who is behind in his payments attempts to sell his house before the bank takes the property through foreclosure. To do this, the Real Estate Agent negotiates with the bank to agree to sell the home for less than what is owed on the property.

REO stands for "Real Estate Owned," and is another way to refer to a "Bank Owned" property. This is a property that the bank has taken back through foreclosure and failed to sell at the trustee sale. These properties are also known as "Repos".

With a Short Sale, the homeowner is still technically the owner of the property and must agree to the sale terms in addition to the bank approving the deal. In a Short Sale, the seller is still typically living in the property and will issue all standard disclosure statements. Short Sales take a little longer than an REO to obtain an approval from the lender and complete the escrow.

With a Bank Owned REO, the bank is the owner and makes all the decisions regarding the sale. They typically sell properties "as is"with minimal disclosures. REO's are vacant and the sale takes place relatively quickly.

Sun City Palm Desert Stats

As of 8/31/08 there were 137 active listings from a Limoge (1045') to $979,000 for a Tuscany on the golf course.

There is one contingent sale at $459,000 for a furnished St. Croix.

There are 8 homes in escrow, from $239,000 for a Lanai (1213') to $629,000 for an Emerald on the golf course (2304')

There were 9 homes that closed escrow from $190,000 for 1128' to a Morocco with a casita for $485,000.

The average price per sq. ' on the solds was $185,000.

If you go back to my blog for the last 6 months you can track the changes.

Coming to the neighborhood:

Where Augusta was located will be "Insanity"--Food, Fashion and Cocktails

Golfsmith will be in a 36,00sq.' superstore at Dinah Shore and Monterey at the Monterey Shore Plaza.

BevMo--wine,beer and liquor in a superstore at 79-715 Highway 111 in La Quinta.

Schlotzsky's now open at 79680 Hwy 111 in La Quinta

Mimi's Cafe, in La Quinta is now open as is Applebee's on Washington

Ambitious Housing Bill

The massive housing relief bill signd into law by the President, in late July, promises to improve the climate for home sales, thanks to tools that will help lift the pall that's clouded markets for two years.

The bill's centerpiece is the expansion of the FHA that will make safe and affordable federally backed mortgage financing available to borrowers with unaffordable subprime loans. With the $300billion FHA initiative, lenders will be able to get troubled loans off their books.
At the same time, the bill permanently raises the FHA and conforming loan limit to $500,000 (in Riverside County) from $417,000

Most important for credit markets, the bill authorizes the federal government to shore up secondary mortgage market giants Fannie Mae and Freddie Mac through an expanded line of credit or equity infusion in the form of purchases of the companies' stock

Along with the financial backstop, the bill beefs up oversight of Fannie and Freddie by creating new, independent regulator that will have the authority for setting the companies' capital requirements, among other things.

To help persuade first-time buyers to enter the housing market, the bill authorizes a $7500 tax credit for purchases made by July 1.2009. This is not a gift, but a loan to repaid in a number of years.

Existing Home Sales up 19%

Coachella Valley existing home sales jumped 19% in June over June 2007 as the inventory of available homes continues to decline, the California Desert Assn. of Realtors reported.

The rise in sales also accounts for the drop in overall housing inventory. The July inventory is the lowest since Sept. 2006. In comparison, the January sales rate and inventory yielded 22.4 months of unsold inventory while the July sales and inventory stands at 13.1 months of unsold inventory ( that means it would take 13.1 months to sell all the inventory on the market).

The median price of an existing desert area home in June was $393,750, down 29.4% from June 2007.

Statewide, existing home sales rose 17.5% in June, compared to June 2007, although the median price fell 37.7% to $386,250.

More Likely to Sell at a Discount

According to an online brokerage, Redfin, after looking at more than 290 home sales in the L.A. area, identified traits of homes that sold at the largest discount from the final asking price. Prices came down most when homes were:
1. Listed for more than 90 days
2. Fixer uppers
3. Owned by the sellers for 20 years or more.
4. Owned for less than five years.

Redfin also found that sellers who have already cut their list prices often agree to more reductions to get a sale.

Most of the above are fairly obvious. Sellers who have owned a home for more than 20 years probably will make a solid profit even if they come a long way down from the original price. Those who have owned a home for less than 5 years may be in mortgage trouble.

One conclusion that may surprise some: Redfin finds that buyers don't have much luck low-balling foreclosed homes sold by banks. That is because lenders are already offering foreclosed properties at deep discounts.

L.A. Times

The Los Angeles Times has closed down its real estate section after more than a century, due to lack of advertisers.

Sing up for drawing

To sign up for a $25.00 gift certificate at Christel's Boutique in the Marketplace--check commennts on this blog and leave me your name and email address.

SCPD Statistics for July '08

As of July 31 there are 132 active listings from a "Short Sale" (pre- foreclosure) listed at $240,000 for a Christofle to $1,015,000 for a Marseille on a privacy lot.

There were 12 pending sales in July from $205,000 for 1128 sq. ft. to $675,000 for a Monterey on a privacy lot (2439. sq. ft.)

There were 9 closed sales from $250,000 for a California Casual (110 sq. ft) to $525,000 for a Victoria (2430 sq. ft. )

The average price per sq. ft of closed sales was 196.98 and the average price was $376,000
Of the closed sales 5 were under $350,000 a 4 were between $430,000-525,000.

Of interest: In Palm Desert : # of sales Average sales price
Jan. to June 2007 382 $559,639
Jan. to June 2008 567 $472,209

In Sun City Palm Des. 127 $448.720
119 $408.071

Coming to the Valley

Coming to El Paseo:
1. Lucky Brand Dungarees--youth oriented brand--owned by Liz Claiborne Inc
2. Janie and Jack--A children's Store--owned by Gymboree
3. Mastor's Steakhouse--known for its elegant ambiance.
4. Banana Republic will move to larger space at El Paseo Village
5. Kate Spade
6. Juicy Couture and bebe

Buckles is open at Westfield Mall---geared to the younger shopper.

Body Balance for Perfomance on Dinah Shore--to improve health and golf

Reverse Mortgages

First of all I am not advocating for reverse mortgages. But this might help someone who needs money in these tough times.

Seniors, 62 or older, who have small or no mortgages on their homes are eligible to participate in HUD's reverse mortgage program. The program allows homeowners to borrow against the equity in their homes.
Homeowners receive a lump sum, or monthly payments fro as long as they live in their home.
Homeowners whose circumstances change can restructure their payment options.
The size of reverse mortgage loans is determined by the borrower's age, the interest rate and home's value. The older a borrower, the larger percentage of the home's value that can be borrowed.
There are no asset or income limitations on the borrower. There are no limits on the value of homes qualifying for a HUD reverse mortgage, but the amount borrowed is capped by maximum FHA limit up to $160,950
There are fees for borrowing . HUD's program collects funds from insurance premiums charged to borrowers. Seniors are charged 2% of the home's value, up front plus on-half percent on the loan balance each year.

Borrower Requirements;
age 62 or older
Own your property
Occupy your property as primary residence
Participate in a consumer information session by an approved counselor.

There are other reverse mortgage programs out there that are more generous. If you go back to one of my early blogs, I have an article on reverse mortgages.

CA home stats for June

From DataQuick:

A total of 35,202 new and resale houses and condos were sold statewide last month. That was up 6.6% from 33,024 in May and down 6.1% from June of last year. Last month's total made for the slowest June in DataQuick's stats since 1988.
Of the homes sold in June, 41.9% were foreclosure resales, up from 40.1% in May
Sun City Palm Desert had 19 homes sold in June with the median price $330,00.

Reducing Property taxes

You can apply for a reduction in property taxes at the Riverside County Tax Assessor;s office in Palm Springs. It costs nothing, so don;t reply to a letter from "Home Owners Tax Review where they want you to send $95.00 to them to apply for a reduction. The homes they used as comparables have nothing to do with your home.
Basically, people who bought before 2004, probably won't get much relief, but it is worth a try.
Let me know and I can get you the comps you will need to make your claim.

Financing still available

If you took every recent media report on the mortgage industry at face value, then you might think you could never get financing again. But the truth is that affordable financing is still available --and from a very familiar source.

The FHA--Federal Housing Administration -- is back. In reality, they never went away. Affordable loan programs from the FHA have been helping people buy the home of their dreams for over 70 years.

But when the subprime mortgage industry collapsed under its own weight last year, the news media was quick to report that the entire lending industry was in deep trouble. In truth, this is simply not the case.

What the media doesn't report is that since 1934, the FHA has been the steady source of insured loans for hundreds of thousands of Americans. These loans are not cycle-driven like the rest of the mortgage industry. What this means is the FHA loan underwriters look at your payment history, not the state of the market.

You are also not hearing the recent resurgence of VA loans. Like FHA loans, VA loans provide a level of security for families who might not qualify for a traditional bank loan.

Winner

Congratulations to Mary Beth Treen -the winner of $25.00 worth of groceries at Stater Brothers. Call me or email me and I will get you the certificate
'
285-7676
elmorinpd@aol.com

New and wonderful listing

I just listed a fabulous Monaco set high up over the fairway with wonderful mountain views.
There are 3 bedrooms and 3 baths. One of the bedrooms has a built-in office. The interior of the home has been recently painted in lovely soft colors. There is lots of tile flooring except bedrooms and living room.
The expansive family room has a built-in entertainment center; there is music throughout the house; the center island in the kitchen is enormous and is perfect for buffet entertaining. The kitchen has lovely, upgraded marble-like corian counters, double ovens, a large walk-in pantry.
There are decorator fans in most rooms.
The luxurious master suite has a bay window and a large sumptuous bathroom, with both a shower and a tub. The large walk-in closet has been customized as is the large closet in the hall.
The laundry room has a tub and a window.
There is an evap0rative cooler in the garage to cut down on electricity bills.
There is a two car garage plus a golf cart garage and plenty of built-in storage.
Call me if you know someone who might be interested in seeing this beautiful home.

Drawing for August 1

The drawing this next month will be for a gift certificate for Christel's at the Marketplace.
Sign up by sending me an email @elmorinpd.@aol.com, or comment on this blog.
Christel's is an upscale, casual women's store--lots of color!!

Sun City Palm Desert Stats

From 6/1/08 to 629/08 there have been 12 pending sales-from a Lanai @$225,000 to a Portofino on a privacy lot. The average days on the market was 223.

During the same period there were 12 homes that closed escrow-from $205,000 for a Villa to $550,00 for an expanded Victoria. The average days on the market was 172 and the average per square ft was $202.00

For the same period in 2006 there 21 properties that closed escrow. The average days on the market was 99 and the average price per square ft. was $261.00. Does this something about the change in our market?

4 Mistakes Sellers Make

#1 was in my newsletter re: minor remodels
2. Rushing to put the house on the market
If you are not serious about selling, do not test the market by listing your property. If you are serious, take a few days to prepare yourself and prepare your home for sale.
3. Not finding experts who have experience in your area. Just because your neighbor's house sold for $500,000 a month ago, it does not mean you will get that today. You need someone who lives and works in your development, who knows the inventory and the history of the project. Realtors who live and work in your area, communicate with each other in order to sell your property.
4. Failing to realize the difference between a Realtor and a Stager.
Stagers work together to maximize the resale value of your home and minimize stress levels along the way. They create the look that sells. They transform the home into a marketable house , accenting all of its attributes, embellishing the existing furnishings with additional furniture , art and accessories where needed. There is usually fee for a stager.
Once the home is staged a competent Realtor can recommend a pricing level, knowing the market that the home will attract.
5. Not painting and making necessary repairs. Look at your home as a sophisticated buyer will.
Clean up landscaping, matbe even get a landscape architect to make some changes that show off your home; shine your front doorknob . Make the first impression a lasting one.

Wow!!

In May, 2008, there was $360 million dollars worth of property sold in the Coachella Valley.

Preaching to the choir

I know I have said all this before, but if you are a seller, or know a seller, here are some tips from the L. A. Times, June 22

1. Get the right mindset: once you list your home , detach yourself. Treat the house as a commodity which means making changes that will broaden its appeal, but may erase some of your personal style. ( I always tell the seller that his/her home should look like noone lives there).

2. Start at the curb: Look at what people see when they pull up. Trim hedges, prune trees, mow the lawn and plant oodles of colorful flowers.

3. Paint: It is money in a can. Outside, if a powerwash is not enough, a coat of paint is one of the best facelifts you can give a home for a relatively low price. Inside, paint walls a soft neutral such as warm beige

4. Focus on the entry:Put energy into the front door, because it makes a strong fist impression.

5. Catch up on maintenance: Get around to repairs you should have been doing all along. Fix the little stuff

6.Look for alternatives to expensive or messy upgrades: Don't take on a big remodel--it creates too much mess and time. For example, if dated cabinets still work well, consider painting or staining rather than replacing

7. Consider new appliances: Typically, sellers get back what they pay for new appliances. When buyers see new appliances, they often see "A new kitchen"

8. Add some house bling: Make anything metal in your home look new and shiny.

9. Start packing: the average home would show much better if it had less " stuff". Take out extra furniture, especially if it blocks flow of traffic.

10. Remove the "you" factory: Pack away trophies, hobbies, family pictures, etc. Depersonalizing a home lets buyers imagine themselves in it.

11. Clean house: Wipe down switch plates, light switches, doors, baseboards, etc.

12. Banish smells.:When people first walk in they should smell nothing or a nice scent such as cinnamon or potpourri. Have carpets, if not replaced, professionally cleaned.

Your job is to make buyers think, " I could move in tomorrow".

New Council to include Sun City

The Riverside County Board of Supervisors approved the formation of a Desert Palms Community Council which had been requested by Sun City's Palm Desert Community Assn.The Desert Palms Community Council is the district's thirteenth council.

The decision to request the community council was made at the conclusion of a Sun City Blue Ribbon Investigative Committee report that listed the council as one of the best options.

The community had studied the feasibility of incorporating. That option could be revisited later, but for now that discussion has been dropped.

Community councils are advisory only, but are respected and heard by the supervisors.

Father's Day

This article came from Clifton Stone in "Tidbits"

"Pop Cuolture Dads"

Those caught in the spotlight tend to shout "Hi Mom!" but say nothing about their poor father. This week, Tidbits gives some overdue recognition to father, real and fictional.

1. Earle Hyman played Bill Cosby's Dad on The Cosby Show, even though he is only nine years older than the comedian. Hyman has acted on-and-off in Norway since the 1950's and maintains a home there. He also speaks fluent Norwegian.

2.According to the pro Football Hall of Fame, only a few NFL quarterback fathers have had sons who've followed in their footsteps. The short list includes Archie Mannning and his son Brian; and Phil Simms and son Chris.

For his first birthday in 1921 , Christopher Robin Milne received a teddy bear named Edward. The bear was Chistopher's constant companion, and he even carried on long conversations with Edward. Christopher's father wrote a series of stories about his son and the teddy who he nicknamed "Winnie" after a real bear named Winnipeg that lived at the London Zoo.

Winner of Discount Cleaner gift certif

Congratulations to Judith Fallick . If you will contact me I will get the certificate to you.

Sun City Stats

The good new is that the inventory is down to 156 homes on the market (remember when there were 219?)
The active listings range from 1128 for a Hummel @1128 sq. feet to $990,000 for a Marseilles on the golf course.
The month of May had homes that went into escrow and are pending ---from $219,000, list price, for a Calif. Casual to $699,900 L.P for a Victoria on the golf course.
Also in May there were 22 closed escrows from $230,000 for a Maui @1010 sq. ft. to $725,000 for a Monaco on the Golf Course @2515 sq. ft.

I have a new listing, the second lowest list price in Sun City, at $239,900 for a Lanai at 1213 sq. ft It is a fabulous home with some mountain view, newly painted in a soft desert color, near new carpets, lots of tile flooring. Includes washer, dryer, refrigerator and golf cart.
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Home of the Future

Trends:

Formal living rooms will shrink or vanish altogether, while family rooms will get larger
Ceilings in the average home will be 9-10 feet; some luxury homes will have 12 ft. ceiling.
The family room will be the most important feature, followed by low-maintenance exteriors
, design, location, and two car garages. In luxury homes design will be most important.
Outdoor kitchens and second master suites will become more common in luxury
The average home will have 2 1/2 to 3 1/2 bathrooms.
Recessed lighting and bold colors will be more common in average and luxury homes.
Demand for energy-efficient appliances, mechanical equipment and windows, and
environmentally friendly green products will increase.
Programmable thermostats, structured wiring systems will be standard in the average home,
while luxury homes will include just about every electronic feature that is available.

Good News

Good news for people who bought their homes after January 1 of 2004--Riverside County Assessor is in the process of reassessing the taxes on those homes. Watch for your tax bill to see if you have been reassessed. Obviously this will take some time as there are 660,000 residential properties in Riverside County.

Open House as a Selling Tool?

Some home sellers view open houses as a right. If their agents balk at sitting in the living room for 2 or 3 hours on a nice day waiting for prospects to come through the door, they feel cheated.

Others see them as a necessary evil. Even though they have to clean, make beds, scour the bathroom and kitchen and get put out of their home , many seller believe it is imperative that agents hold their houses open so everyone can come traipsing through.
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But, according to the National Assn Realtors latest profile of buyers and sellers, only 7% of all buyers visited open houses as a first step in their search for a home. Most start on the internet.

That is not to say open houses do not work--they work for the agents to find buyers for other homes or for sellers of other homes

Personally, I have been in real estate for 38 years. I have sat on open houses almost every weekend for all that time. Only 4 times in all 38 years did I procure a buyer for the home on which I was holding an open house.

Because of the market conditions buyers no longer feel an urgency to buy NOW. There is no need for buyers to see homes on OUR timetable. They can view homes on line or with their agent on their schedule.

One positive reason to hold an open house is to get feedback from lookers, if there are any.

Things have changed in the time I have been in the business.

Disneyland resurrects "House of the Future"

If you ever visited Disneyland as a kid, you might remember seeing the "House of the Future" , a conceptual dwelling that showcased prototypes of innovative high-tech gadgets. In the original version, the home featured hands-free phones, wall-sized televisions and electric razors. After a decade the exhibit closed in 1967.

Now Disneyland Resort has announced that it will open a new 500 sq. ft. " Innovventions Dream Home" in May, this time teaming up with Microsoft, Hewlett Packard, software developer Life. The home will include some electronic products and technologies that are available today such as mobile phones, PC's, digital music and games , as well as more futuristic gadgets. Disney aims to provide guests with a " high-tech,high-touch" interactive experience that helps them u"understand how to seamlessly interconnect their home, the surrounding community and the world", the company stated.

Winner of drawing for Discount Cleaners

The winners are Jerry and Sue Loeb. Congratulations

Sun City Stats for April "08

There are 186 active listings as of 4/28/08 compared to 217 in Mar of 08.

There are 19 pending sales , 2 contingent sales and 20 closed escrows. The average days on the market was 145 and the average price per sq. ft. was @216.42 compared with $211.16 in March .

The good news is the falling inventory. Buyers have less from which to choose, so may step up to the plate in a more timely fashion.

Inspect then list

Today's real estate market is not what it used to be. If you want to sell your home, you may be thinking of ways to set your home apart from others. Get an inspection before you list!!! It saves surprises when you get into escrow.

Resources:
American Society of Home Inspectors ( www.ashi.org)
California Real Estate Inspection Assn. ( www.creia.org)
International Assn. of Certified Home Inspectors ( www.nachi.org)

Call me for more information.

New California Laws for 2008

1. Bicycle riders must have some sort of illumination devices while riding on a highway, street or sidewalk at night.
2. Smoking will not be allowed in any vehicle if minor children are inside. This applies whether the vehicle is moving or parked.
3. The California minimum wage will increase 50 cents to $8.00 per hour--one of the highest in the country.
4.A new law will allow consumers to redeem gift cards with balances of less than $10.00 for cash.
5. Cities and counties will now be required to designate areas where homeless shelters can be constructed without the requirement to obtain a conditonal use permit.
6. Courts will now be able to require parents or guardian of gang members to attend parenting classes.
7. Cites and counties will no longer be allowed to require landlords to verify the citizenship of their tenants.
8, Beginning July 1, California will prohibit drivers from using wireless telephones without a hands-free device while driving . A separate law prohibits all drivers under age 18 from using a cell phone even with a hands free device.

Feeling down? Exercise

Worried about the stock market, your health, or the health of someone you love?--- Exercise. It not only benefits our physical body, but it has similar benefits for our mental health.
The type of workout may not be as important as how often your exercise and how consistently you continue to work out and be physically active.
Here are some tips for incorporating exercise into your lifestyle:

1. Slowly add exercise to your daily routine
2. Invite a friend to go for a walk with you
3. Be an exercise buddy to someone else.
4. Over time begin to increase your activity. Add new exercise moves, dance to a video, take an exercise class.
5. Be sure you are healthy enough to start an exercise routine. Ask your doctor.

Winner of Mario's Gift Certificates

This month's drawing was won by Joan Scully.

If you want to enter next month's drawing for a gift certificate to the Discount Cleaners at the Marketplace, please comment on this blog by clicking the comment check and leave your email address or go to my website at elaineleib.com and click on contact info.

March SCPD statistics

Active listings: 217 from a Villa ( 1 BR 1 BA) 1050 sq. ft. to $1,090,000 for a Marseille on the golf course ( 2918 sq. ft)

Pending Sales: 21 from a Maui LP. 269,000 to a Marseille on the golf course LP.$1.200.000
The Maui had been on the market for 478 days; the Marseille for 34 days.

Closed Escrows: 11 from a CA Casual @ $250,000 to a Great Rm. Portofino on the Golf course at $875,000
If we drop the highest price escrow, the average price per sq. ft is 196.65 7 sold under $400,000, 3 above $400,000.

During the same period in 2007 there were 21 closed escrows from a CA Casual @289,000 to a Privacy Marseille @ $950,000 and the average price per sq. ft ( not counting the $950,000, was $231.05. If my calculations are correct, that is almost a 9% drop from 2007.

Uptick in sales

Tuesday's Desert Sun ran the following:

Valley Sales Up

Coachella Valley home sales in February increased 4.5% over January's sales, according to the California Association of Realtors.

Sales are down 14.2% from February 2007, figures released Monday show.


The exact number of homes sold was not released.

Statewide, February's single-family home sales rose 9.5% from January, but were down 28.5% from February of last year. It's the fourth month in a row that California's sales rose month-over-month.

The median price of a Coachella Valley single-family home was $334,910 in February, up 4.8% from January. The state's median was $409,240..

Fight City Hall

Many people have asked me if they could get lower property taxes if their home value has dropped.
According to an article in AARP Magazine, roughly 1/3 of people who appeal their property assessment get relief. Don't delay--you have 30-60 days after a notice of assessment to appeal.
Here's what to do:
Head to the assessor's office to see your property card. Mistakes in square footage, lot size and more could be adding to the assessed value. Come armed with addresses of similar homes and compare their cards. Next, get sales data to document declining prices.
Look for unique factors--Are you right next to a drainage ditch or outside wall? Is your lot better or worse than your neighbors? Do the differences show up in the assessments?
Hire an appraiser ( if allowed). Some jurisdictions require an appraisal as a basis for an appeal--others forbid it An appraisal typically will cost about $300.00, but one in your favor makes for a strong case.
To get the comparable sales in your area, call me--I will be glad to help--760-285-7676

Good News-some sales

In SCPD, from Feb. 1 to Mar. 12 there have been 15 pending sales. That is quite an increase in action. I know it is not what we would all like, but it is nice to see more sales.

Drawing for Mario's dinners

An uninvolved person drew names out of a hat. Phil Corwin is the lucky winner of two dinners at Mario's. Congratulations Phil.
I am holding another drawing next month for anyone who comments on this or any other of my blogs and leaves name and email address in the appropriate box.

SCPD Statistics

Active listings: 213 , from $229,000 for a "Short Sale" Hummel (1283') to $1,200,000 for a Marseilles on the golf course

Pending Sales from 2//01/08 to 1/28/08=12 ---from $279,000 for a CA Casual (1128') to $859,000 for a St. Tropez on the golf course (2640')

Closed Escrows from 2/01/08-2/28/08= 12--- from $270,000 for a Cayman (1616') to $794,000 for an expanded Monaco on the golf course(2422')

Interesting: comparing Feb. 07 with Feb. 08;
Sales in 07=20; Sales in 08 =12
Av. price per sq. ' --Average in 07 =240.47; in 08=233.87
Days on Mkt: Average in 07=115; in 08=157
Sales price vs. list price: in 07=96.02, in 08=94.60
Median Sales price in 07=$413,000; in 08=375,0

You may see stats in the Desert Sun that say the Median price is down 10%--SO WHAT?
It only means that 1/2 of the homes sold were above the median and 1/2 were below. So, if the majority of the homes were in the lower price range it would go down. If the majority were in the upper price ranges it would go up.

If you want to know what your home is worth give me a call at 760-285-7676

Bottom Line :"How to Sell a home in this Brutal Market

Written by Jim Remley--Realty Times

Real estate values have been falling quickly across much of the U.S. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months and months.
Ther are strategies that can help you sell your home--for a fair price--even in hard hit areas.

Best Moves for the Sellers

You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sale. Here's how...
1. DON'T START WITH A HIGH PRICE . Asking price is the single most important reason that a property does not sell. In this buyer's market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations. Area real estate agents pay the most attention to listings when they first appear on the market. In these days they won't even show your home if they think it is overpriced. If you start too high, by the time you do lower your price, real estate agents will have newer lisings to show buyers. The buyrs who do see your home will view your price cut as a sign of desperation and bid low.
Pricing your home as a slight bargain ensures that as many potential buyers as possible will walk through your door.

2. RECHECK THE ASKING PRICE OF COMPARABLE LISTINGS every two to four weeks. If you do a price reduction make it large enough so the new price is very competitive with comparable homes or is even a "best buy."

3. IMPORTANT: The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking when you set your asking price. It was a very different market then and those prices are irrelevant today.

4. HELPFUL: If your home is not attracting many showings, the price is probably the problem. If it is attracting showings but not offers, the home itself is most likely to blame.

5. FIX IT UP FIRST. "Fixer-uppers" tend to be ignored in slow real estate markets because buyers can find good deals without bringing their paint and tools

6. PAY ATTENTION TO CURB APPEAL

What to do: spend a weekend beautifying the front of your home. Replace damaged window screens, tidy up landscaping, pressure was the sidewalk and the home, add mulch around trees and in flower beds. If necessary upgrade outdoor lighting fixtures, doorknobs and doorbell switch.
Freshen up the interior--a fresh coat of paint (desert colors) and new carpet can make a difference. Hire a professional cleaning service to clean thoroughly.
Smell matters--use scente candles or potpourri If the home smells of smoke or cooking odors, hire a building restoration company to remove odors if scrubbing doesn't do it.

OFFER INCENTIVES TO BUYERS AND BROKERS.--many homes sellers are "bribing" buyers with cash, cars, and flat-screen TVs. Help with closing costs. Pay for buy-downs on buyer's loan. Offer an extra 1% to Realtors on top of regular commission. IMPORTANT: If you offer a sales incentive disclose this in your sales contract with the buyer. If the buyer later defaults on the loan, the lender could claim that you and buyer engaged in fraud by manipulating the sales price to include an asset on which the seller could not foreclose.

DON'T OVER NEGOTIATE--If a potential buyr's first offer is reasonable , consider accepting it, rather than making a higher counter offer. Buyers have so many homes from which to choose that they sometimes move on rathr than make a second counter.

From my own exerience with buyers in Sun City--most want the granite counters, tile floors, desert colors, newer appliances, wood shutters They turn up their noses at homes that are not upgraded.

Every Home Can be the "Perfect" Listing

First impressions are the most important and you never get a second chance to make that first impression. Even though I have touched on this topic before, it never hurts to remind sellers again.
Staged homes generally sell faster and at a higher price. Here is a short list of ideas that can help you stae your home for a more rapid sale. In this market you need every advantage:

1. Curb appeal

The front of your home, including the courtyard should be free of clutter. It couldn't hurt to power wash and repaint the exposed wood areas, including the door. If the hardware on the door is worn or tarnished, you should consider replacing it. You might need to trim or remove some of the existing landscaping--plants get tired looking after many years. Remember that within the first 30 seconds, buyers for their first impressions.

2. Unclutter and Unstuff

Overcrowded rooms create negative inspiration. If you plan on discarding furniture, do it before you show your home. Closets should be only half-full and the floor of the closet should be visible. If the closet is crammed full of your stuff, potential buyers will feel there is not enough closet space.

3. Light Rules

Clean windows and screens inside and out and open drapes and blinds. Allow as much natural light as possible. The more light, the more "homey" the room feels.
You may find areas that need repainting. Don't scrimp...repaint the entire room. When selecting a paint color light and natural should be the rule of thumb.

4. Textiles

Put out the GOOD towels, both in the kitchen and baths. Make sure throw rugs and runners are in good shape and clean...particularly in the entry way. Make sure your entry is attractive, bright and clean.

5. USE FLOWERS

I can't emphasize this enough!!! In season or purchased from the florist, real flowers--don't use artificial--add charm and warmth to any room. Pots of seasonal flowers on the front porch and hanging baskets on the back porch bring life and energy to the home. A simple market bouquet can brighten any home. I learned this from experience: When we sold our home in Phoenix in 1991, it was a market like this one. I hired a flower expert and spent $500.00 for pots of brightly colored flowers--We sold within a week and buyers told us it was the FLOWERS.

Sun City Stats for January 08

There are 219 active lisings as of Jan 29,08, from $229,000 for 1283 sq. ft. to $989,000 for a Provence on the Golf Course.

There have been 16 pending sales this month ranging from $259,000 for a Lanai (1213 sq. ft) to $815,000 for a Portofino on the Golf Course. Of these: 5 were under $300,000, 4 between $300,000 and $400,000, 2 between $400,000 and $500,000, 2 between $700,000 and $800,000 and 1 over $800,000.

6 homes closed escrow this month from $280,000 for a Cayman (1632') to $855,000 for a Portofino on the golf course.

The trend seems to have changed. Where in the previous few months most of the sales were in the high two's and three's. We now have seen the sales are more vigorous on those over $300,000. That is certainly good news. Open houses have been busy and agents are once again writing offers.

New Exercise Guidelines

From the American Heart Association and the American College of Sports Medicine:

Moderate aerobic exercise 30 minutes a day, five days a week, or vigorous aerobic exercise 20 minutes a day, three days a week .... and strength -training twice a week. People age 65 and older also should do exercises to improve or maintain balance three times a week to minimize their risk for falling.

Did you know?

Familiar household product WD-40 has more than 2,000 uses, including cleaning stainless steel appliances, keeping metal wire screens rust-free, removing grime from tile-floor grout and more.

Feng Shui

With homes remaining on the market for longer periods of time, sellers need to explore and consider using a wider variety of tools and strategies to help get their homes sold. One of the tools to consider is Feng Shui (pronounced "fung shway").

Feng Shui is not a religion,philosophy or superstition. The Chinese Feng Shui character literally means wind and water. Feng Shui works with the energy in your environment, just as acupuncture works with the energy in your body.


Feng Shui is an ancient Chinese specialized body of knowledge that is part science and part art.. It works to improve our lives by balancing and harmonizing, through purposeful placement, the "chi"that flows in our environment. The mission of Feng Shui is to seek out that balance in each room so that y ou can help yourself feel grounded or centered in your living environment.

Chi can be divided into five essential elements which characterize all matter: metal, wood, water, fire and earth. The five elements can be associated with colors, times, seasons, directions, planets, body organs, etc. The key to this principle is to understand your environment's dominant elements and then to balance those elements when building, renovating, remodeling, designing and decorating.

When putting your home on the market, it is crucial that prospective buyers get a good feeling when they approach, enter and exit your home. The objective is to create an environment that is warm and welcoming and where prospective buyers feel a strong enough connection to your home that they envision themselves living there and want to buy it.

For example, your bathroom----should not feel divided,. Ideally, the bathtub should be placed near a window so you can peer into nature while soaking. The looking in and out of the bathroom should be appealing and the toilet area should be kept hidden from the doorway.

Other suggestions include using neutral colors such as sand, taupe, brown, gray, sea green and black for a feeling of serenity. The materials you use in your bathroom should balance the five elements of fire, earth, water, metal and air. Blend copper faucets and stone sinks with rice paper screens. Bamboo laminate countertops and teak wood add a touch of Zen and don't require major remodeling. In fact, you can simply add a teak stool to the shower and teak floor mats outside the tub.

Explore and enjoy Feng Shui.

Latest News from Palm Desert

First the frustrating news: Nordstrom's is not expected until 2011.

New on El Paseo: Gucci, Burberry, Pinkberry Frozen Yogurt, Randy Williams & Co. ( a high end men's boutique), Mangtree ( Italian gelato and yogurt).

Closed at Westfield mall: Steve and Barry's and Bombay.

Home Improvements

According to Bottom Line, the following renovations are the most wanted:
In the kitchen:
l. Kitchen recycling centers-typically a concealed area under a kitchen countertop.
2. Natural stone such as granite or concrete countertops. Natural soapstone is gaining in popularity.
3. Restaurant-look appliances : stainless steel -trimmed cook areas, refrigerators and other appliances.
4. Wine fridges.

For the bath:
1. Two of everything
2. Radiant heat in bathroom floors.

On the decline:
1. Whirlpool tubs--homeowners say they take up too much room and are hard to clean

Additional features desired by homeowners:
1. Home offices
2. 3-car garages
3. Open floor plans
4. Locations close to urban centers.