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- October 9th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Help for troubled California homeowners
Are you a candidate for a loan modification? Are you currently behind in your mortgage payment? Has your mortgage payment increased or will it soon be increased? Has a notice of default been filed on your home? Are you facing a personal hardship?
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Pasadena Heritage annual Craftsman Weekend
Pasadena Heritage will present its annual Craftsman Weekend on October 17-19, 2008. Celebrating its 17th year this fall, Craftsman Weekend is the largest and most comprehensive salute to the Arts & Crafts Movement in the Western United States. .
- October 8th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
When should I buy Los Angeles real estate?
I am often asked this question and the answer is that I don’t know. I have clients that have compelling reasons to purchase a home now. Everyone has different goals. I believe that the next several years may present amazing opportunities for thos
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
More on today's interest rate decrease
Just received this email from Dan Klebesadel, a great Los Angeles mortgage lender. "In what is viewed as an "emergency" move, the Fed funds rate was cut 0.50% in a coordinated effort with other central banks in Europe. We have seen such changes in j
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Will the Fed interest rate cut impact your home loan?
I had to ask if this FED rate decrease would positively impact our client (the short answer appears to be "no") but if you are in the midst of a loan, you may want to ask your lender today and if the answer is "no" ask again in the next several days.
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Real Estate Newsletter
The Fed reduced its key rate from 2 percent to 1.5 percent. In Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank sliced its rate by half a point
- October 6th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Los Angeles Halloween Events
Los Angeles offers a variety of events for Halloween, there is something for everyone! Burbank*Boo-tiful Downtown Burbank Friday, October 31 from 4:00 p.m. – 7:00 p.m. Calabasas*Calabasas Pumpkin Festival October 18 - 19 Glendale: *Americana Ch
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Housing Assistance Tax Act of 2008
There is more to the Housing Assistance Tax Act than you might be aware of. In addition to the tax credit for first time buyers, changes were made to the “two out of five year rule”. • Tax credit of up to $7,500 for first-time homebuyers, to
- October 4th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Emergency Economic Stablization Act aka Bail Out
Received this email Friday evening from the California Association of Realtors: “Earlier today, the U.S. House of Representatives approved the Emergency Economic Stabilization Act by a 263 to 171 vote. ….. Here’s what the legislation does: H
- October 3rd, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
The saga continues, it is listed, it doesn't sell; what happens next?
Do you remember my entry regarding this well loved Glendale home lost in foreclosure? This homeowner had spent a lot of money on this home and then lost it. The home was recently taken back by the bank (foreclosure), listed at $605,000 and sold (ov
- October 2nd, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Los Angeles Roofing Options for homeowners
In our Los Angeles community, there are a vast variety of roofing choices: (Spanish) clay tile, concrete tile, slate, and asphalt shingles (also known as composition or comp). Composition roofs are the least expensive and offer a lifespan of 30-50 y
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Glendale, Americana condos: going, going gone?
In response to my entry re: Americana Condos – How can Caruso sell them? An Americana buyer posted these comments on my entry: "Phyllis, you’re absolutely right! These condos are for the young and hip crowd in Glendale, and at the prices (and inc
- October 1st, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Rescue me!
According to Peter Viles from the LA Land Blog , McCain asks: "Let's call it a rescue. Because it is a rescue of Main Street America..." ...
- September 30th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Realtor's Advertising
You may recall my post back in March regarding the home with the poor multiple listing service photos. This Glendale home was listed with two different Realtors; the most recent listing was for $499,000 and after 180 days (or 313 TOTAL days on marke
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
What is happening in the Pasadena high end market?
Still to date, no Pasadena home sales over $10,000,000 reported in the MLS. As a matter of fact, there has been only one Pasadena home sale over $10,000,000 reported in the MLS since January, 2004. Remember the adage, location, location, location?
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Mortgage Banking then and now
I have been employed by a variety of lenders (most of them out of business for years). In the late ‘70s, I entered the mortgage banking profession. I was a permanent “temp” for a savings and loan and for several months floated from department
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
- September 29th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Bush Bail Out Rejected
The bail out was rejected and the sky has yet to fall; I really don't know what the solution is. Check to see who voted for and who voted against the Bush bail out . ...
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
What is a coffered ceiling?
The communities of Pasadena, Altadena, Eagle Rock and Glendale have many vintage homes with exquisite architectural details. Coffered ceilings are designed with square or polygonal panels. The ceilings are quite detailed and are generally only foun
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Oktoberfest, Los Angeles area events and celebrations
“Oktoberfest is a sixteen-day festival held each year in Munich, Bavaria, Germany during late September (and running to early October). It is one of the most famous events in the city and the world's largest fair, with some six million people atten
- September 28th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Mc Cain vs Obama, Say on Pay
Yes, this is a Los Angeles Real Estate blog, and the current economy continues to make lenders scrutinize each detail of the loan transaction... but more on that later.Government Seizes WaMu and Sells Some Assets:"Alan H. Fishman…. who has been on
- September 27th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Los Angeles Home Buyers, not all are realistic regarding today's prices
As a Los Angeles Realtor, my real estate web site produces inquiries from all over the country. This is my most recent inquiry: I am a Broker in Tucson AZ. One of my clients lives in La Canada and is pre-approved for $300,000 and looking for a for
- September 26th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
What is a Los Angeles home buyer to do?
My client will have serious tax savings if she purchases a home in the next 40 days. We made an offer on a home listed for $1,050,000 (on the market 65 days); we offered $950,000. My client has excellent credit, a substantial down payment and is pr
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
I'm mad as hell & I'm not going to take it anymore!
This sums it up... Let your senator know your displeasure ...
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Loans: Friends of Angelo
Blame it all on Mozilo! I was in the lending industry in the late 70’s and the savings and loans that I worked for had their loans flagged: FO___ - friends of (fill in the blank. For example, if I, Phyllis Harb were the big Kahuna, the files would
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Bush Bail Out - Round Two
The proposed bail out plan that was initially submitted by the U.S. Dept. of the Treasury last Friday has received numerous revisions and additions. Angered Americans made their opinion known regarding the bailout and the proposed plan continues to
- September 25th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Shake Roofs - Are they a Los Angeles fire hazard?
When showing homes to potential buyers, a Realtor addresses issues that a buyer may be unaware of. (New) shake roofs in Los Angeles were banned two decades ago. Prior to the ban, shake roofs were in high demand even with the known fire hazards. Man
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
A Tale of two chimneys, the home inspection process
Hooray! Natalie and I successfully negotiated the full $16,000 repair bill for our client’s two damaged chimneys. Parkstone Construction will be starting the work as soon as we close escrow. Now the issue is with the details. Lenders “don’t
- September 24th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Los Angeles and the double decker bus!
I have seen similar double decker buses in numerous cities over the years and now Los Angeles has our own Downtown Loop Tour. Prices max out at $30.00 for adults, the tour runs 10 a.m. – 5 p.m. and pick ups are each ½ hour. Los Angeles is a tou
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Thinking of selling your home? Learn how to increase your curb appeal
It happens all of the time: buyers are in the car and we are looking at numerous homes. The buyers are motivated but disappointed too, we have looked at numerous homes and we can't find what they are hoping to find. Then we stop at one more home, th
- September 23rd, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Uncle Sam wants you…to be a homeowner!
Because of deductions on mortgage interest and property taxes, the government is subsidizing your home purchase. I am a real estate agent, not a CPA, and tax issues should always be discussed with your accountant or CPA. The mortgage interest you pay
- September 22nd, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Los Angeles: The cupcake wars
Enough Los Angeles gloom and doom:Only in LaLa land… “Sprinkles, the chain that started in 2005 and became a favorite of Oprah Winfrey and Paris Hilton, is suing Famous Cupcakes in West Hollywood. Sprinkles claims Famous Cupcakes is stealing its
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Home Improvements – Think about resale
We purchased our home about 15 years ago. We were fortunate to complete a major update prior to moving in. As with most remodeling projects, choices were made and some improvements sacrificed. Several things I regret… we should have put them on a
- September 21st, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Bush's latest bail out - 700 billion dollars
The tab for financial bailout: $700 billion ".......The dollar figure alone is remarkable, amounting to 5% of the nation's gross domestic product. But the most distinctive -- and potentially most controversial -- element of the plan is the extent to
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
What's the matter with these Los Angeles homes?
Just in the Multiple Listing Service this morning....And two homes caught my eye: The first is listed at $995,000 and has been on the market for 68 days. The “private agent remarks” read: "This is a probate sale probably without court confirma
- September 20th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
What remains with the house once it is sold?
As this is a Los Angeles Real Estate blog, I try to stay focused on real estate issues. This is an often asked question: We recently closed escrow and the seller replaced the crystal dining room chandelier with a cheap version. We had a walk throug
- September 19th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Mortgage Meltdown extends
Imagine what a bigger mess we would be in if Martha Stewart didn’t go to jail and learn her lesson. The SEC has banned short selling in 799 financially related stocks. Many short sellers have been adding to the meltdown. This ban will last thro
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Nearly 50% of Southern California home sales are foreclosures?
One of my favorite Los Angeles blogs is Peter Viles LA Land:“Nearly half of SoCal sales are foreclosed homesThe region's housing market is increasingly dominated by sales of bank-owned, foreclosed houses, which made up almost half of the homes sold
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Farmer's Market
When was the last time you visited Los Angeles's Farmer’s Market?In July 1934 a contingent of farmers pulled their trucks onto an expanse of empty land at the property known as Gilmore Island at the corner of Third and Fairfax in Los Angeles. They
- September 18th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Home Loan Shopping - what questions should you ask the lender before you sign on the dotted line?
I was a residential loan officer during and after the Carter years, and I recall interest rate increases of over 1% in a day! Natalie and I have two buyer clients in escrow; both loans are approved. The last several days saw an (approximately) ½ d
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Phyllis Harb almost on the news pertaining to the Los Angeles housing crash
Good Morning Phyllis, My name is XXXXX, and I'm a researcher with NBC Nightly News. I'm working on a mortgage/home buying story and I came across your blog. I'd like to ask you a couple questions if you have any time today. My numbers are below.
- September 17th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
In escrow, out of escrow, back in escrow
What a difference a day makes… Yesterday, my savvy client decided to go with buyer #2 and sell his house for more than buyer #1 was now willing to pay. We are now in escrow (again) subject to buyer #1 signing escrow’s cancellation instructions
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
More Bailouts
I admire a man that can admit a mistake! Last night, Paulson changed his position from absolutely no more bailouts and agreed to extend insurance giant, AIG, a two year $85 Billion loan to prevent it from falling into bankruptcy. The Fed was backed
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Should I buy a home now or wait?
I want to purchase a home because: *I am tired of moving *I need a tax break *I want a place to call my own, one I can personalize to my taste I need to wait to purchase a home because: *Prices are going down and they will be giving Los Angeles homes
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Shame on you!
I recently posted that my La Crescenta fixer sold with 9 offers in less than a week. Well the bomb dropped today, the buyer decided that he required a $20,000 price reduction in order to proceed. I asked the buyer’s Realtor if they had done an i
- September 16th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Van Nuys now Lake Balboa
I just received this update from CrisNet (SFV Board of Realtors):"Van Nuys West is no longer a City Code According to City Councilman Cardenas' office, everything west of the 405 freeway, which was previously Van Nuys has now been changed to Lake Bal
- September 15th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Real Estate News
So what happened this week? Merrill Lynch agreed to a $44 billion offer from Bank of America..... who just acquired Countrywide. Lehman Bros., a 158-year old firm filed for bankruptcy. Lehman will continue to operate in bankruptcy, but mostly just
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
How long does it take to sell a La Crescenta home?
I recently posted about homes on the market for over a year but today, while looking in the MLS I noticed this La Crescenta home which has been on the market 687 days – approximately 23 months!!! June MLS stats indicate that La Crescenta homes are
- September 14th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
So you want to buy your first home
One of our clients’s recently referred a first time home buyer to us. After the initial consultation, our new client indicated that being in proximity to Downtown Glendale was important and upon learning that they have a toddler we zeroed in on gr
- September 13th, 2008
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phyllisharb has posted a new entry on: Los Angeles Real Estate Blog
Julienne Fine Foods, San Marino
How have I never been to San Marino’s restaurant Julienne? For years, I have enjoyed their (to go) food at Broker’s open houses, but I had not been to their location, until last Saturday. George and I were nearby shopping for a birthday gift an