Well, Its been a while since my last blog. Since then not much has changed in terms of laws and regulations... (thank Goodness). A lot of regulations expired that could have been a huge disappointment to the business, however they were extended! Some for a year and some for more. So it seems like the business in terms of laws remain the same as last year. I saw a lot of progress last year. I was involved with over 5 million dollars of Real Estate in terms of Selling, buying and investing. One thing I found that was common in all the deals I worked was the seller was the person making decisions. Opposed to years before, where the buyers were the ones that were trying to decide what property they wanted to send offers to. I've seen properties that have received over 40 offers. Its insane out there. Sellers use to pray to get 1 offer and when they did, they were usually way lower than expected. It is so common now to see offers going over listing price, especially when the buyers need help with closing cost. Fortunately the home are coming in at price when the appraisals are done. In case you didn't know what this means here is an example,
If the home is going for sale at a price of $350,000, The offer from the buyer gets accepted at $360,000 and the appraisal that the lender sends for comes in at $375,000. The sale price stays at $360,000. However if the appraisal comes in at $355,000. Then the sale price is now $355,000. The lender will allow you to under pay but never over pay. (unless its cash of course) I assisted a buyer where the appraisal came in at 25,000 over sale price. As you can imagine,the buyer was extremely happy.
The investor market right now is super hot! There are a lot of people that are loving the Market right now. In my opinion the market is very beneficial to our economy. A lot of jobs are being created and I feel a new generation of home buyers are coming to the scene. Buyers aren't scared to purchase right now. I haven't heard the famous quote " I think the home prices are going to keep dropping" in a long time. Now people are willing to overbid on certain properties. These home buyers do not want to miss out on the boom that happened in the past. There were a lot of us that said " I wish I would have got involved when the time was right". I believe that time is coming around. I see home prices Increasing. I have a home for sale right now on 10601 Pinehurst ave. near South Gate park and that is very sought after area. While we were remodeling the property it got a lot of people driving by asking when will it be ready. I've sold a house that the kitchen wasn't even installed yet. It was a blank room. People know that South gate, Lynwood, Hp, Downey, Whittier and surrounding areas are a hot market right now. Homes are going quickly and sellers and Investors know this.
There is also a rise in Standard Sales. People actually have equity again and those that don't, are doing Short sales which is their best option and purchasing a home right after at current prices. Letting a property get Foreclosed on is not the right way of getting out of our recession that people think we're in.
I've said it before but this is the time to Buy and/or sell.. Interest rates are low, and there are many programs out there to assist Buyer!! I have helped many people purchase their home with as little at .05% down payment with a less than 3.5% fixed interest rate and money to help with closing cost. This is becoming common now. California offers this great program here is a link http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm. (knowledge is power). Why not purchase now and quit paying rent.
Jorge D. Acuna
From a Thought to an idea to reality, South Gate is incorporating a lot of great projects to attract people to our city. Not only is the Dog park approved, We also got an approval for a shopping mall in the corner of Atlantic and Firestone Blvd.
Los Angeles County Supervisor Gloria Molina has announced that work on two South Gate parks projects will now go forward as a result of two grant approvals. The city of South Gate will receive a total of $500,000 for the construction of a dog park as well as for improvements towards South Gate auditorium.
“Money for the parks is always good,” said Paul Adams, director of Parks and Recreation for the city of South Gate, who confirmed that the city now has the money to carry out these projects in full.
The South Gate Auditorium will receive a total of $350,000 for its enhancements, which will include a sound system, better stage lighting, video screens, a multimedia projector, and new flooring, among other things.
The dog park will receive a total of $150,000 for 4,000 square foot off-leash dog park. New benches, a water fountain, new signs and a fence are among the additions that are said to be included in this addition.
“Now that we have the money will be having workshops with out parks commission to determine where it should go,” said Adams
Both South Gate Park and Hollydale Regional Park are the two candidates for the dog park.
The grants are part of $1.8 million Prop A funds that are being extended to 5 different park projects in the first district of Los Angeles County.
By Alejandro Lopez de haro
There is a new high end Mexican Restaurant that just opened their doors this past Thursday. Its on Tweedy blvd, near San Antonio ave. Its Called Don Quixote grill. Hopefully it becomes another huge success. In order to keep our local businesses strong and successful we need the help of our very own residents. Instead of getting on the freeway and looking for other restaurants we need to take a nice stroll to our local restaurants.
The Wing House on the corner of Tweedy and Bowman has become a huge success thanks to our residents and their excellent Staff. It is a very cool place to hang out and watch a game, or just have a few drinks with your friends. Its Located right in the middle of South Gate and walking distance to a lot of people. I know of a lot of people that have games at South Gate park, Either Baseball, Softball or Soccer and they go there to cool down. I saw a few teams from Goals Soccer Center there getting some lunch after one of our Sunday Morning games.
Now Goals Center has an Excellent restaurant inside of its Complex, Its Called VIVA grill.. Great breakfast burritos by the way. We don't need to go to our surrounding cities to grab a bite to eat or get a nice cold drink. We have a lot going on in our city and there is more to come. As long as these restaurants are successful, other business owners will want to come and join the fun. The more restaurants there are, the better for everyone. We love choices, so having several cool places to go will make staying in South Gate a lot easier.
Being a son of a local merchant I know what it is to watch my parents open their business every morning and close every night, 7 days a week. They own a small market on Firestone and South Gate Ave. They have been there for about 12 years now. They seen huge Grocery stores come and go but they have the local support which is the foundation of their business.
Lets Support local business, that is what really drives our economy, Every purchase made at a local business is helping an individual create a job or pay for their child's books for school.
So I had the honor to work with two amazing Organizations last weekend, The Los Angeles Lakers and Habitat of Humanity. HabitatLA is a great organization that goes all over the world assisting people in need of a home. This was their first time working together and it happened here in South Gate, Ca. This all took place on San Luis Ave. and it started at 8:00 AM Saturday morning. As soon as I got there I was welcomed with open arms by the Laker Organization. Right away I got an awesome t-shirt that had the world famous Laker emblem and said "Team Up". As I looked around to see who else is volunteering I noticed two Laker Girls were there, which I was surprised considering there was a Laker Game the night before. I also noticed everyone eating the complimentary Muffins and apple juice that was there. So I thought to myself, Who am I to neglect a nice homemade muffin. Then soon after we had a safety talk and then they were giving out jobs. First Job up, to build a picnic table from scratch. I volunteered and to my surprise the laker girls volunteered to do the same job soon after. So there we go, that was my team for the day, Laker girls and a retired engineer "Jerry" and myself. We got our tools soon after and our materials followed. We got started with some cuts on a Radial saw or as we called it a Radio Saw and soon after we had to put these pieces of wood together and create a table. While we were working outside, there were people working on the inside, mostly breaking tile and doing some much needed demolition work on this foreclosed home. What HabitatLA is doing in this case is fixing this foreclosed home and selling to a worthy family at 0 percent interest. That is amazing! Here is the website for more info http://www.habitatla.org/
. As we were sawing away a certain buzz came about the home. I knew someone had just arrived. It was no other than LAKER legend AC GREEN aka The Iron Man. I knew he was a good citizen and a good human being but wow did he work! The Laker Girls Jennifer and Anncell told me that he shows up to almost all charity events. But, he doesn't just make an appearance I actually saw him sweating and throwing away all the trash from the inside of the house! I have a new respect for this great man. I also saw him speaking to the neighbors and giving the kids some great advice. The Laker girls were also great, we worked together on the table the whole day with a small break in between. They really wanted to get this table done because all the volunteers were going to sign the table and give it to the new homeowner with a nice message. Soon after FOX11 news showed up and took some good footage of what was going on in our city! I spoke to a representative named Stephanie from HabitatLA and she said that South Gate and Lynwood as well as Long Beach all have grants so they are going to be around for a while. So of course I gave her my business card and asked her to keep me in the loop. There are a lot of great programs out there that we don't know about, and I think its time to start doing some research because the government is tryng to help us, its just up to us to find this help. Its not always going to be on the news. We need to take initiative and do some research of our own. I spoke to a few Partner owners that just moved into their Habitat Home and they were so excited about moving into a place they could call home. Dulce, a new homeowner, gave a speech and it really showed how much she appreciated HabitatLA. She volunteers all the time. Big things are happening in our city and I hope to shine some light on them.
Jorge D. Acuna
Would Somebody please think about the Dogs? OK, so I got an idea a few weeks ago when I was door knocking looking for some Short Sales in South Gate, Ca. I noticed that every single dog I saw behind a fence was very aggressive. It seemed like they all wanted to attack. I have owned a few dogs through my years and I noticed a big change with my current four legged friend. Since he was a puppy I took him to the dog park and dog beach out in Long Beach. He learned how to socialize with other dogs and most importantly how to respect other people. Since there aren't any activities for dogs here in South Gate, Where are we supposed to take our little friends? Our neighbor city, as well has a small section of one their parks dedicated for the dogs.. I think we are missing this in our city. We have 2 major parks, South Gate park and Hollydale Park. (People don't know this but there are even sections for Horses in Hollydale). We also have the little "parks" along Southern. I'm sure we could squeeze in some gates for our "best friends". I lived in Long Beach for about 4 years and I noticed Dog Parks/beach are a great way to meet new people and get your dogs a good workout. A tired dog is a Good dog. I learned a lot from living there, All down 2nd st. there are dog bowls outside of every single store/restaurant. People are encouraged to walk their pets and take them to the beach.
A new dog park would be a great way to bring this community closer. We could have events and special training. There could be dog b-day parties there and I'm sure some Networking as well. We Have to start when our dogs are puppies because its hard (but possible) to teach a old dog new tricks. South Gate has done a lot of new and exciting things to the city, like our Soccer center at South Gate park and the batting cages. They have set up some "parks" along southern with swing sets for our kids. To a lot of people, their pets are a major part of their family. Its Time to start to take them into consideration.http://www.facebook.com/WhatsHappeningInSouthGate
Its been a few months since I last blogged, However I found a good reason to. Last year around this time there were more than 120 active listings for Single family residence in the City of South Gate, CA. As of today March 7, 2012, there are 96 active listings. Thats about a 20% decrease. This is NOT a bad thing. As a matter of fact, I think its a great sign. It means the economy is moving. For every home that is purchased it creates a lot of jobs. You have your Realtors, Escrow officers, Title companies, County workers, loan officers, underwriters, appraisal companies, inspectors, contractors, plumbers, city workers, handymen, Engineers, drafters, Assistants etc... And if you want to break it down even more... You have the home depot employees when you go buy plants for your new home, you have edison company when they connect your electricity.. I mean I go on and on. As a matter of fact I will.... You also have sears when you buy your stove, your gardners... You have the cleaning crew that cleans the Realtor, lenders and escrow offices and banks so we can keep doing what we're doing. I mean its a huge Domino Effect.. And if its a investor that will Rehab the home it generates even more jobs.. I believe this is what will help the economy. It has to start somewhere. Ok back to the Housing market....
People are investing and making things happen. Just like any product or investment. If inventory is low, prices are bound to go up. Example, if there is a nice 3 bedroom 2 bath home in move in condition, for 275,000. There are a lot more buyers targeting this property because of lack of nice 3 bed 2 bath homes. So what happens??? Bidding Wars...Which translates to higher than listing prices.. I actually have noticed if the property is in good shape and qualifies for FHA it usually sells for Listing price or it goes alittle higher. The change of economy is not going to change overnight however this is a good start.
At times, your monthly payments are lower to purchase a home than to pay Rent.. Have you ever seen Rent prices go down??? Didn't think so...Then you have the Residential Income inventory (units).. Talk about low in inventory.. If the units are in good shape, they wont last more than a week on the Market. At times I seen they do not last 1 day.. Its incredible the amount of people looking to buy units. Being a Area Specialist I have to be ontop of the market. I check the MLS 3 times a day for new listings and change of Status. I also check the Foreclosure forecast, to see what properties might be coming onto the market. Now with the opportunity to short sale, a lot more people are taking advantage of this opportunity to buy at discount prices. Remember though, A Short Sale is a Privelege not a Right, So take advantage if you qualify to Short Sale. People Complain and they say" Banks aren't helping us out " Well They are and its called a Short Sale...Where else can you be forgiven for owing more than something is worth, I dare you to go down to the car dealership and return your Car and say "please forgive me for my negative equity", You'll get laughed at and possibly kicked in the stomach... With a Short Sale, You even get Cash For Keys and live at the property till the process is done, you can even purchase soon after you short sale.. So my opinion is to take advantage and do it, Do not Foreclose... Well hope some of this info has helped influence your Purchase, And If you were on the fence about buying I hope you tipped over the fence right into your new home.. I hope you see now that its a great thing for you and OUR economy...
I havn't seen anything like this. 75% of the clients I'm working with are Buyers looking for investment properties. Its either looking for some units to rent out or a property they wish to purchase and flip to make a great property. Its great to see people getting excited about Real Estate again. With all time lows in Interest Rates aswell as low property prices. The stars are lined up and its time to step it up. I took a nice couple to see a duplex in Bellflower, They fell in love with this property so we decided to submit an offer with Seller paying 3% of closing, The bank approved the offer. Times are changing, Banks are willing to assist with closing cost, they know this is a great way of getting rid of inventory. Note: When submitting an offer do not ask for full closing cost just some assistance. There are a lot of buyers out there right now, however only a small percentage have enough for paperwork(closing cost). If you are someone that cannot pay for all of closing cost expect to submit a few offers at times before one actually gets approved by the bank, be patient it will happen. Short sales are not as they sound. I have closed a short sale in 45 days and I also closed a short sale in 120 days. You never know, every case is different but it CAN be worth the wait. You will see a alot of Foreclosures at pretty good prices but very bad conditions. FHA doesnt qualify homes that need to much work done. Contact me to find out all the other programs that are out there to buy a home that needs some work with 3% down. If its your first home, or an investment property its just as exciting, your getting in at just the right time. Its your retirement plan or your childs college fund.