Westlake Village California Real Estate News & Listings Presented By Coldwell Banker Residential Brokerage

Stunning Pool Home

Wed, 03 Mar 2010 04:18:23 GMT

Monaco is one of the areas most sought after neighborhoods in Oak Park. The floor plan of this home is one of the more popular ones due to the flexibility of having a bedroom downstairs which also converts to a home office/den as currently used.

4 Bedrooms
1 Bedroom downstairs (currently an office)
3 Baths
Indoor Laundry Room
Formal living room - Formal dining area w/mirrored wall
Family room with fireplace opens to kitchen
Kitchen with granite countertops, white cabinets, 5 burner gas range, double ovens, walk in pantry, double ovens and eating area. Refrigerator negotiable.
Plantation shutters throughout
Decorator lighting fixtures
Master bedroom has fireplace and retreat
Master bathroom has been extensively and completely upgraded with custom tiles, tumbled stone, marble, new oval tub, shower and Toto toilet.
Walk-in master closet.
All baths have Toto toilets installed
Ceiling fans
Security system installed (not currently used by owners)
Beautifully decorated throughout, custom murals in secondary bedrooms
Wood laminate type flooring in downstairs and wall to wall carpeting is neutral. Soft/neutral interior colors
Raised panel interior doors
Upstairs laundry cabinet
Newer water heater

Newer AC Motor
Pool with water feature - gas heater, newer pool pump
Safety fencing around pool
Backyard patio is stamped concrete
Covered patio in back yard
Two car, attached garage
Updated exterior colors
Beautifully maintained lawns and gardens
Walk to top rated Oak Park schools
Parks and hiking trails located nearby
Convenient to shopping areas

4 Bedrooms
3 Bathrooms
2 Car Garage
Built in 1989
2,387 Square Feet
Pool

Post Title

Fri, 26 Feb 2010 19:00:00 GMT

Volume 16, Number 7

Economic Highlights for the Week Ending February 26, 2010

MONDAY, February 22^nd

Expectations remain in place for the Federal Reserve to maintain low interest rates for an extended period despite last week's surprise hike in the discount rate, which is the rate the central bank uses to lend to other banks. The fed funds target rate, the rate at which banks loan funds overnight to other banks, is expected to remain unchanged near zero through most of this year. Fed Chairman Ben Bernanke is scheduled to deliver his semiannual testimony to Congress later this week which will likely confirm the Fed's plans to keep interest rates low.

TUESDAY, February 23^rd

The S&P/Case-Shiller 20-city home price index rose 0.3% in December from November and was down 3.1% from December 2008. The monthly increase was the seventh in a row for the index while yearly declines have slowed appreciably in recent months. 14 of 20 major metro areas tracked in the index posted monthly price gains. Nationwide home prices are down nearly 30% from their May 2006 peak similar to what they were in September 2003.

Consumer confidence slumped again in February, falling to 46.0% from 56.5% in January. Prolonged weak economic conditions, especially in the labor market appear to be weighing heavily on consumers’ attitudes. Relief for the beleaguered consumer will come in the form of job and income growth, improved credit flows and firmer home prices and sales, which may still be a long way out.

WEDNESDAY, February 24^th

The MBA mortgage applications index fell 8.5% to 549.5% for the week ending February 19. The purchase index fell 7.3% on the week and is now 21.4% below its year ago level. The refinance index fell 8.9% last week and was down 28.0% from its level last year. Contract mortgage rates were up in the past week with the 30-year fixed climbing by 9 basis points to 5.03%. Mortgage application activity remains at a low level reflecting recent stagnation in the housing market.

New home sales plunged 11.2% in January to an annual pace of 309k after a slight upward revision to December sales to a still dismal annual rate of 348k in December. Sharp declines in new home sales over the last several months have entirely erased modest gains made last year. Nevertheless, the new home market is expected to strengthen mildly in the spring supported by the extended home buyer tax credit and low rates. An improved jobs situation would support sales in the later part of the year.

THURSDAY, February 25^th

Jobless claims increased 22k to 496k for the week ending February 20 as the prior week was revised higher. The recent upward bias in joblessness may be related to severe winter weather in many parts of the country. Even so claims remain elevated indicating that there has been no significant increase in hiring.

FRIDAY, February 26^th

Existing home sales plunged 7.2% in January to an annualized pace of 5.05 million following a 16.2% drop in December to a rate of 5.44 million. The last two monthly declines followed several months of strong sales gains that were primarily driven by the first-time homebuyer tax credit. According to the NAR, first-time buyers comprised 40% of January sales compared to 51% of sales in November. A second straight month of substantial declines in existing home sales was not what was expected for the housing market to start the year. What is expected is another wave of foreclosures this year. Current policy measures that are in place now will help the housing market navigate the downside in the near term with home sales to recover later this year under improved economic conditions.

Stock Market Close for the Week

Index	Latest	A Week Ago	Change
DJIA	10325.26	10402.35	-77.09 or -0.74%
NASDAQ	2238.26	2243.87	-5.61 or -0.25%

WEEK IN ADVANCE

The labor market is front and center in the coming week with several private sector employment surveys, weekly jobless claims data and the all-important employment report for February, due out on Friday. The labor picture will be skewed to the downside in this round of indicators because of severe snowstorms in the Northeast during the month. It is hoped that labor market weakness will be temporary.

Key Interest Rates	Latest	6 Mos Ago	1 Yr Ago
Prime Rate	3.25	3.25	3.25
Fed Discount	0.75	0.50	0.50
Fed Funds	0.12	0.16	0.20
11th District COF	1.828	1.599	2.757
10-Year Note	3.61	3.46	2.91
30-Year Treasury Bond	4.56	4.23	3.60
30-Yr Fixed (FHLMC)	5.05	5.14	5.07
15-Yr Fixed (FHLMC)	4.40	4.58	4.68
1-Yr Adj (FHLMC)	4.15	4.69	4.81
6-Mo Libor (FNMA)	0.38438	0.92500	1.6600
Sources: IBC's Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco

Upward pressure on interest rates
Downward pressure on interest rates
No pressure to change interest rates
News worthy

Post Title

Fri, 26 Feb 2010 07:18:00 GMT

November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. There’s 100 days left to claim it.

The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers to be under contract for a home no later than April 30, 2010, and to be closed no later than June 30, 2010.

In addition, “move-up” buyers were also added to the program’s eligibility list meaning you don’t have to be a first-time home buyer to be eligible for the tax credit. If you’ve lived in your home for 5 of the last 8 years, you meet the IRS requirements.

Move-up buyers are capped at a total tax credit of $6,500.

The tax credit’s basic eligibility requirements remain the same:

You can’t purchase the home from a parent, spouse, or child
You can’t purchase the home from an entity in which they’re a majority owner
You can’t acquire the home by gift or inheritance
All parties to the purchase must meet eligibility requirements

The new law includes some notable updates, however.

First, the subject property’s sales price may not exceed $800,000. Homes sold for more than $800,000 are ineligible. And, also, household income thresholds have been raised to $125,000 for single-filers and $225,500 for joint-filers.

And lastly, don’t forget that the program is a true tax credit — not a deduction. This means that a tax filer who’s eligible for the full $8,00 credit and whose “normal” tax liability totals $5,000 would receive a $3,000 refund from the U.S. Treasury at tax time.

The complete list of qualifying criteria is posted on the IRS website. Review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.

There’s just 100 days to go.

Post Title

Fri, 26 Feb 2010 07:17:00 GMT

November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. There’s 100 days left to claim it.

Move-up buyers are capped at a total tax credit of $6,500.

The tax credit’s basic eligibility requirements remain the same:

You can’t purchase the home from a parent, spouse, or child
You can’t purchase the home from an entity in which they’re a majority owner
You can’t acquire the home by gift or inheritance
All parties to the purchase must meet eligibility requirements

The new law includes some notable updates, however.

The complete list of qualifying criteria is posted on the IRS website. Review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.

There’s just 100 days to go.

Short Sales

Mon, 18 May 2009 00:00:00 GMT

Bank of America Revises Short Sale Policy
Bank of America, one of the country’s largest mortgage lenders, says it is loosening its policies on short sales in response to the U.S. Treasury Department’s announcement last week that it would increase incentives for lenders to work out short sale deals.

The government’s plan is a boon to banks, says David Sunline, BofA’s real estate management executive, because it provides guidance when there are multiple liens, a potentially litigious issue for lenders.

In the past, the bank followed Fannie Mae’s policy of giving second lien holders about 10 percent of the second mortgage balance in a short sale. Now when it holds the second lien, BofA will accept 5 percent of the net proceeds of the short sale, Sunline says. When it is the first lien holder, it will offer 5 percent to the holder of the second lien.

Sunline says home owners considering short sales should contact the bank within five days of getting an offer on the home and expect its cooperation as long as the offer is within the range of other sales in the area and the borrower can demonstrate financial hardship.

Source: The New York Times, Bob Tedeschi (05/15/2009)

Westlake Island at it's finest...

Tue, 12 May 2009 22:40:00 GMT

No other home currently on the market on Westlake Island compares to this exceptionally designed home...

Westlake Island at it's finest...enter through the gates into your own waterfront paradise. Every room of this new in 2004 home has been beautifully detailed & offers an elegant yet comfortable feel. The family room w/custom fireplace, casual dining room & kitchen open to the outside loggia draped in custom awnings. The kitchen is a culinary dream with center island workspace, top of line appliances, butler pantry plus a walk in pantry. Downstairs office, full bath, formal dining room, family room. Upstairs master suite & bath w/his & her walk in, organized closets, lavish master bathroom with jetted tub, large shower, his and her vanities plus a master balcony. Three additional bedrooms upstairs, one ensuite w/ a step out balcony, built-in desk & walk in closet. Another full bathroom upstairs with dual sinks. Attention to detail in this custom home includes extensive wood flooring lower level, quality carpeting, exquisite selection of stone. Pool/spa, boat dock & stone decking.

four bedrooms - optional fifth bedroom (currently a home office)
four bathrooms
office downstairs (could be 5th bedroom - if closet added) currently has built-in desk and custom furniture quality cabinetry
formal dining room
family room
breakfast room ~ informal dining
kitchen
butler pantry
laundry room
master bedroom suite and bathroom
pool and spa
boat dock

Custom built in 2004

Fabulous home is one of Westlake Islands finest available.

Should I Buy a Home Now?

Tue, 21 Apr 2009 16:43:00 GMT

I’m often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today’s market.

3.27 Acres in Prime Agoura Hills Location

Wed, 24 Dec 2008 09:34:11 GMT

Attention Builders and Investors. Short drive to Malibu and Los Angeles. Unique opportunity seldom found in the area for 3.27 Acres in prime location. Nice views of surrounding mountains.

Buyer to investigate all aspects of this property. Motivated Seller.

Westlake Village Dream Home Lot

Thu, 19 Jul 2007 11:32:46 GMT

Over 15 Acre residental building site in prestigious North Ranch...Westlake Village. Build your dream home in one of Ventura Counties most sought after communities. A spectacular site located on a cul de sac street with mature trees and a serene and natural setting. Land in this area is rarely available and especially a property of this size.

MOTIVATED SELLER WANTS THIS SOLD

Dos Vientos Ranch....Pool Home

Tue, 12 Jun 2007 07:08:32 GMT

New Carpet - Freshly Painted Interior....Ready for Occupancy.

Lease this Pool Home in this Fabulous Dos Vientos Ranch Community.....pool home in one of Thousand Oaks newest communities...Dos Vientos Ranch. Views of surrounding mountains which lend to the beauty of this area. Pool & spa, patio, & BBQ plus a very nice size grass area. 4 BR + Bonus Room + Landing w/built-in desk. Laundry room has a sink. Master suite with his/her closets, separate shower, oval tub and dual vanities. Lots of storage space. Jack/Jill bedrooms w/bath with dual sinks. Top rated Sycamore Canyon school (K - 8th) is within walking distance as it the new to come Dos Vientos Parasio Town Center & the new YMCA. Dos Vientos Recreation Center, ballfield, tennis and park is also within minutes to walk. Kitchen opens to the family room which has an entertainment niche and a fireplace. There is a formal dining area and living room with fireplace. Lowest price DV Ranch pool home as of list date. This community is located within easy commute to CSUCI and to fabulous beaches.