American Trust Escrow

Featured Property: 1066 Charles Street, Pasadena, California

The Scripps Booth Residence
$4,995,000

 

The Arroyo Seco area of Pasadena, California was home to many artists and their studios in the early 1920s.  The writers and artists who have been enriched by the Arroyo Seco have left a legacy of art and culture that shines to this day.  The historic Scripps Booth residence located in the Linda Vista neighborhood of the Arroyo is one of these legacies.

James Scripps Booth, born in 1888, was an internationally renowned painter and sculptor who studied in Europe before splitting his time between Detroit and California.  The son of George Booth, director and president of The Detroit News, James also made a living as an automobile designer and builder.  In 1922, James and his wife, Jean McLaughlin Booth, commissioned the well-known Pasadena architectural firm of Marston and Van Pelt to design their Spanish house and studio.  A comment on the firm can be found in Around Pasadena by Sills and Manion:  “During the 20s no architectural firm had more influence in Pasadena than the firm of Marston and Van Pelt.  Although they did not expound upon a new architectural form, they showed amazing ability in their prolific and versatile designs…”  The Scripps Booth home has been featured in many architectural magazines and books and praised for the attention to detail and design.

Meticulously renovated, this home features many indoor and outdoor areas for entertaining.  From the gracious gated entrance and circular motor court surrounding an old California Oak to the covered loggias, fire pit, fountains, and large grassy lawns, the Scripps Booth residence is perfect for gatherings.  Pass through the gracious formal entry and you will find a casually elegant home with archways, walls of windows, French doors and plank fir flooring throughout.  This Spanish Colonial Revival shows Andalusian influences with thick, white plaster walls, heavy beams and beautiful iron work.

The artist studio is phenomenal with original thick walls of plaster and has a kitchen/bar, huge fireplace and multiple arches. With floor to ceiling windows and a private courtyard with fountain, this space is the perfect retreat.

The Scripps Booth residence is currently listed for sale by Ted Clark of Deasy/Penner.  For more information on this historic property, please contact Ted at (626) 817-2123 or visit www.1066Charles.com.

 

 

 

 

 

 

 

 

FHA Waives Anti-Flipping Rule to Spur Real Estate Growth

Doing its part to spur growth in real estate – the segment of the economy hit hardest by the recession – the FHA announced it will again delay implementation of an anti-flipping rule. Meant to prohibit buyers from obtaining an FHA-backed loan for a home owned by the seller for less than 90 days, the rule leaves “flippers” unable to move properties quickly, adding to continued discomfort in the housing market. By implementing the waiver, the FHA gives buyers an additional financing option on the glut of bank- and HUD-owned properties.

“We must make every effort to promote recovery in every responsible way we can,” stated FHA’s acting commissioner, Carol Galante. Speaking with DSNews.com, she went on to say, “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight.”

To avoid potential predatory activity, the waiver contains specific language and conditions to prevent over-inflated transactions. For one thing, FHA-backed financing must be conducted at arms-length, allowing no link between buyers and sellers. Another aspect of the waiver requires documentation to justify any sale price 20% or more over the seller’s acquisition cost.

Most flipping activity occurs well within 90 days of purchase. Before allowing the waiver, FHA’s research concluded that by disallowing flipped properties – at least on a temporary basis – it could hamper an important part of the recovery. Since its implementation in February, 2010, FHA has backed 42,000 mortgages worth in excess of $7 billion. Without the waiver in place, those transactions might never have taken place, putting further strain on an already tenuous housing market.

Recapturing Real Estate “Customers Who Got Away”

Competition is fierce.  The stakes are high.  And allowing “customers who got away” to swim further away from you and your brand can make all the difference between success and failure in the real estate world.  While you may not have the marketing budget of a large agency, by using “retargeting” techniques, you can stay at the forefront of that potential customer’s mind to recapture them.

• Site Retargeting:  By focusing on users who have visited and left your site, you can put your brand back in front of them.  Best used by segmenting your offerings (e.g. apartments, condominiums, etc.), you can customize messages that steer them back in your direction, offering incentives and a clear call to action.  Sites like Adroll.com, Retargeter.com, and FetchBack.com all offer various packages.
• Search Retargeting:  Focusing on specific keywords, a web search campaign allows you to target sites you feel are complementary to you and your brand.  Under the assumption that these users have already clicked on your ads, you can utilize services such as Google Remarketing to recapture the 90%+ who didn’t follow through.
• Regional Retargeting:  Regardless of the platform potential customers use, you can focus your efforts on customers who are searching for properties in your area.  Sites like Simpli.fi and Chango.com allow you to market to people looking in the region(s) that you serve, allowing you to be front and center as they bounce from Google to Yahoo to CNN (and anywhere else their mouse may take them).

While the internet allows customers (and potential customers) more options, by using some of these retargeting tools, you can make you and your brand to be a bigger fish in a smaller pond!

Changes Afoot in Property Tax Writeoffs

Beginning in the 2012 tax year, property owners will be required to break down payments into deductible and non-deductible portions when they file their tax returns with the Franchise Tax Board.  This could be a serious wakeup call for property owners, shaving thousands off their deductions.

The change has nothing to do with new taxes or laws, but rather a new Franchise Tax Board computer system being installed in 2012.  Until that system is up and running, the state’s tax department has no way of differentiating between deductible and non-deductible portions of property tax payments.  Since property owners typically deduct the total amount of their property tax bill – or the 1098 amount provided by their mortgage company – the state has lost millions each year.  Mello-Roos in Orange County alone accounts for more than $200 million of non-deductible amounts expected to be written off for tax year 2011.  That’s $200 million new taxable dollars the state expects to collect revenue on once the computers are up and running later this year.

The Franchise Tax Board has made the announcement early in the year so taxpayers can adjust withholdings for the year.  It also allows taxpayers and preparers the time they’ll need to ensure the proper documentation is at hand come time for filing for tax year 2012.

Finding a Better Mortgage – Tips for Success

 

Banking woes have brought the mortgage industry back down to Earth, but the new rules and requirements don’t mean that you can’t get a loan.  With a little work ahead of time, you can increase your own chance of qualifying for the best loan when you’re ready to buy.

• Ensure your credit report is 100% accurate.  Review each line item on your credit report to be sure that everything on there belongs to you.  (Mistakes happen, especially if you have a common name.)  Ensure that your payment record is accurately reflected.  If you find any discrepancies, contact individual creditors to request corrections.  Once the creditor has corrected any error(s), re-check your credit report to determine if your record has been updated accurately.
• Credit maintenance.  Cleaning up your credit BEFORE applying will help ensure the lowest rates.  By making timely payments, paying off any collections, and paying down credit card balances, you increase your credit score.  It also shows potential creditors that you’re being responsible with your obligations and keeping debt levels low.
• Being upfront.  If you’ve had credit issues in the past, trying to cover them up will only hurt you.  Be straight forward on your source(s) of income, and don’t try to hide assets.  Omissions like these can only delay your application, and may jeopardize your chances of securing credit at all.
• Documentation accuracy.  Review your paystubs, investment and bank statements to ensure information on them are accurate.  If the amounts, names, and addresses, are incorrect, submit corrections ahead of time.  If you’re putting a down payment on the property, be prepared to provide documentation on the source of the funds.
• Review your Good Faith estimates.  Know all the fine print of the loan(s).  While paying the lowest APR is what we all aspire for, focusing solely on the APR can mask other negative terms buried in the fine print (e.g. origination fees and/prepayment penalties).

Before you go to the bank seeking a loan, a little attention to your finances can go a long way.  While some of these steps may be time-consuming, they can help you get the best deal possible.

Tips for Achieving a Smooth Closing

While you don’t always have control over every aspect of your closing, there is some preparation that you can do ahead of time to ensure a smooth, stress-free experience when you sit down for the last time in escrow.  Here are a few hints that will help you be prepared for the avalanche of documents:

• Review your HUD-1 or final closing statement.

1. Go line by line and check every fee:  lender, title, and escrow.
2. Review the credits – deposits, credits due from the seller, etc.
3. Double-check the math to ensure calculations are correct.
4. Bring a list of any discrepancies or questions – and go over every single one BEFORE you sign anything.

• Review the preliminary report or guarantee of title insurance.

1. Verify the property’s legal description.
2. Review any liens, encumbrances, or other items that might have come up in the title search.
3. Check vesting to ensure the title is being recorded in the proper name(s).
4. Bring a list of any discrepancies or questions – and go over every single one BEFORE you sign anything.

• Reinspect the property.

1. Ensure corrections and/or repairs that were previously agreed upon have been made.
2. Check the condition of the house – speak with your agent if anything may have fallen into disrepair.

• Review the purchase contract.

1. Make sure that all conditions have been met.
2. Check off any items tasked to the closing agent.
3. Confirm that interest rate, points, fees, and the property’s condition are correctly noted before you start signing anything.

 

With a little “home” work, you can be fully prepared for the stacks of paper you’ll soon be signing.  It will not only take pressure off during closing, it will give you peace of mind that you’ve covered all your bases before signing your name on the dotted line.

Give Your Real Estate Clients a Better Mobile Experience

With Smartphones becoming more and more popular, the number of people using home computers and laptops as their primary device is going down.  By following some simple tips, you can create a better mobile experience for you and your clients.

• Short, sweet, to the point.  Long, windy paragraphs used to be in, but on a mobile device, they slow down your clients’ mobile experience.  Simplify your site, including eliminating Flash presentations.  Not only does Flash drag down downloads, but it isn’t compatible with many mobile devices.
• Try another angle.  Google offers a simple but effective tool to evaluate a website’s mobile appearance at HowToGoMo.com.  There, you can check the size of buttons and your site’s searchability (to name a couple) to ensure a better mobile experience.
• Safety first.  When you’re on the go, occasionally you may find yourself in a potentially dangerous situation.  “Real Alert” is an app with five crucial features, such as automatic 911 dialing, GPS positioning, and hospital locations.
• Keep the receipt.  When you’re on the go, sometimes keeping track of receipts can become a fulltime job.  Instead of filling your wallet with paper receipts, try out the “Expensify” app.  By making use of your mobile device’s camera, you can digitally track your receipts and eliminate the paper.
• Cover your tracks.  Keeping track of your mileage on your mobile device is easy with the “MileBug” app.  Whether you use one vehicle or several, MileBug allows you to export the records to your PC so tax time is a breeze.
• Floorplans just like “MagicPlan.”  The “MagicPlan” app allows you to create an interactive floorplan with photos.  It makes measurements easy and publishing to the web a snap.
• Open houses made easy.  With the “Open Home Pro” app, you have a great tool for signing in clients.  After they’ve entered their email address, they get an immediate “Thank you” email with your contact information and any other info you want.  If there’s a price reduction, the app has a tool to notify all attendees.

As you become more attune to the mobile experience of you and your clients, you’ll be amazed how you ever got along without them!

Happy New Year!

Wishing you a wonderful new year. May 2012 be your best year yet!

Tax Credits For Making Your Home Energy Efficient

 

As winter closes in, the chill that you feel in the air could very well turn into cold hard cash in your pocket! On December 31, 2011, federal tax credits for energy efficiency are set to expire. So, as you buy those last minute gifts and sip on eggnog, why not explore opportunities to improve the energy efficiency of your home? Not only will you see some dollars on April 15th (up to a maximum of $500), but these upgrades promise to save you money for years to come:

 

1. Windows: By replacing drafty, single-pane windows with models that
insulate better against the elements, you can save up to $200 on your taxes.
2. Insulation: Whether it’s attic or wall insulation, weather stripping for
your doors or windows, or expanding foam to fill voids, up to 10% of the
cost can be reimbursed by way of tax credits.
3. Doors: Up to a 10% tax savings.
4. Heating & cooling systems: Tax credit of up to $300.
5. Main air circulating fans: Up to $50 worth of tax credits are available.

Before you tick away the final moments of 2011, check with your tax advisor and visit Alliance to Save Energy’s website for program requirements and suggestions: http://www.ase.org. Who knows: by improving your home’s efficiency, you might also find a few extra dollars to finance this year’s festivities!

Using Personal Landing Pages to Grow Your Business

Savvy real estate professionals are turning to personal landing pages to help grow their businesses.  Now, more than ever, it’s easy.  DooID.com and other services give you the ability to setup a personal landing page in just a few minutes. Once it’s up, modern-day technology allows your personal landing page to pull content from sources that you regularly use, keeping it timely, relevant and virtually maintenance-free.

Before you start building your personal landing page, decide what kind of personal connection you want to make with your clients.  Tell them about yourself:  hobbies, family, favorite restaurant, favorite movie.  By doing this, you allow your clients a look at the person behind the sign and resonate with you on a personal level.

Since there are so many ways to be in touch these days, your personal landing page can be a virtual contact list for you.  You can link clients to your Facebook page, Linked In profile, or Twitter feed, while also allowing them a way to contact you via email.  Additionally, you can list all of your phone numbers, office address, and Skype contact information. The more ways a client can get in touch with you, the better.

The most common recommendation is to set up a personal domain (e.g. yourname.com).  That way, you not only appear more professional, but you allow your clients to find and see your “official” brand.  It also allows them a way to find companies and services that you personally trust.

Your personal landing page can become a powerful tool in your sales arsenal.  With some thought and planning, you allow past and present clients a way to stay in touch, while giving them a place to send new referrals.  Then you’re growing your business and building your reputation as someone they like and trust!