Updated Nov. 6, 2009, to note new legislation. The new legislation extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: Extends deadlines for purchasing and closing on a home Authorizes the credit for long-time homeowners buying a replacement principal residence Raises the income limitations for homeowners claiming the credit Q. What is the credit? A. The first-time homebuyer credit is a new tax credit included in the Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period. The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home cea... 01/11/2010

Breaking news in Beverly Hills, CA the L'Ermitage hotel is on the market. I was reading in the Commercial Real Estate News syndicated by LoopNet that there are multiple offers on The Raffles-L'Ermitage Hotel.  At first glance one would think, this is fantastic, on the other hand we need to look at the Real Story here. In the year 2000 the Beverly Hills property was acquired for $68 million This was major news then, since the per-room price at the time was a record for a Los Angeles area hotel not being on the beach.  Since then the property's performance has slumped. The occupancy rate is down to about 65% and without saying so is the cash flow. That means based on sources reporting a  high bid of $40 million and a cash flow of $1 million translating to a  Capitalization Rate of 2.5% , ... 01/07/2010

Happy New Years, Rich Kids!!! In case you are interested, I had the most amazing time in London. I have a couple of British clients that I think the world of, so I couldn't wait to experience London for the first time. From start to finish, I could not have asked for a better trip! I did lots of the touristy things: A Charles Dickens "A Christmas Carol" walking tour on Christmas Eve, a boat tour down the River Thames (which passed through The London Bridge, The London Eye, Big Ben, House of Parliament), had an AbFab Day (shopping in Knightsbridge and lunch at Harvey Nich's  - of course) and many, many nights of pub hopping.  I also went to Holland Park, Notting Hill, Marble Arch, and some other posh neighborhoods to check out what else...real estate. Being a real estate fanatic, I had a... 01/07/2010

L.A. 10: The Best In Los Angeles... From luxurious estates in Beverly Hills to fun-filled beach homes in Santa Monica, Los Angeles has distinguished itself as a leader in the US when it comes to real estate. And with miles upon miles of homes cascading the LA hills, you_ will be happy to have an experienced Realtor to assist you in your home buying or selling process. Below are the ten best real estate agents in Los Angeles:1. Valerie Fitzgerald – Coldwell Banker Real EstateWebsite http://thevaleriefitzgeraldgroup.comPhone 310-285-7515Address 301 N Canyon Dr Suite #21 Beverly Hills, CA 902102. Todd Michaud – Keller Williams Realty3. Bob Hurwitz – Hurwitz James Company4. Bill Chin – Re/Max Tri-City Realty5. Your LA Properties Real Estate6. Century 21 Excellence7. Fran and Rowena Los Ange... 01/01/2010

Happy New Year to all my Active Rain Friends. I've enjoyed getting to know you over the last year & you sharing your insights and thoughts. May your 2010 be happy, healthy and prosperous! All my best, Valerie 12/31/2009

New Listings: 55 Average Listing Price: $ 4,230,639 Listings Under Contract: 16 Average Listing Price: $ 2,120,437 Listings Sold: 16Average Selling Price: $ 1,685,330 % Diference Between Listing Price versus Selling Price: 93.34 %% Sales Price Versus Old Listing Price: 88.42 % Average Days on The Market: 130  http://www.stoppayingrentinla.com  Bell Real Estate, Bell Probates, Bell Foreclosures, Statistics, Mortgage Loans. THE BEVERLY HILLS WITCH'S HOUSE SHOWN IN VARIOUS FILMS 12/30/2009

New Listings: 103 Average Listing Price: $ 3,123,805 Listings Under Contract: 11 Average Listing Price: $ 1,502,081 Listings Sold: 23Average Selling Price: $ 2,745,322 % Diference Between Listing Price versus Selling Price: 90.52 %% Sales Price Versus Old Listing Price: 82.84 % Average Days on The Market: 115  http://www.stoppayingrentinla.com  Bell Real Estate, Bell Probates, Bell Foreclosures, Statistics, Mortgage Loans. 12/30/2009

New Listings: 63 Average Listing Price: $ 2,906,587 Listings Under Contract: 20 Average Listing Price: $ 3,000,000 Listings Sold: 23Average Selling Price: $ 3,266,565 % Diference Between Listing Price versus Selling Price: 87.98 %% Sales Price Versus Old Listing Price: 81.41 % Average Days on The Market: 114  http://www.stoppayingrentinla.com  Bell Real Estate, Bell Probates, Bell Foreclosures, Statistics, Mortgage Loans. BEVERLY HILLS CITY HALL 12/30/2009

New Listings: 82 Average Listing Price: $ 3,023,922 Listings Under Contract: 12 Average Listing Price: $ 2,087,089 Listings Sold: 22Average Selling Price: $ 2,076,862 % Diference Between Listing Price versus Selling Price: 89.86 %% Sales Price Versus Old Listing Price: 83.53 % Average Days on The Market: 93  http://www.stoppayingrentinla.com  Bell Real Estate, Bell Probates, Bell Foreclosures, Statistics, Mortgage Loans. 12/30/2009

New Listings: 95 Average Listing Price: $ 4,621,079 Listings Under Contract: 4Average Listing Price: $ 4,218,500 Listings Sold: 27Average Selling Price: $ 1,918,592 % Diference Between Listing Price versus Selling Price: 89.54 %% Sales Price Versus Old Listing Price: 85.79 % Average Days on The Market: 114   http://www.stoppayingrentinla.com  Bell Real Estate, Bell Probates, Bell Foreclosures, Statistics, Mortgage Loans  RODEO DRIVE @ BEVERLY HILLS   12/30/2009

Entering 2010, many home sellers feel they’re mired in the winter of their discontent, but there are signs the real estate market is on the mend. Sales activity is up, homebuilders are finally moving inventory and values are rising slightly in many American cities. At year-end 2009, mortgage rates stood at historic lows, spurring a wave of new applications. But don’t be too jubilant. A recent report by Deutsche Bank estimates that by 2011, about 48 percent of all U.S. mortgages will be underwater. Short sales and foreclosures will continue to put pressure on home prices in 2010 as they work their way through the pipeline slowly. It was apparent in 2009 that lenders were holding back much of their foreclosure inventories and REO, or real estate-owned property, in an effort to keep value... 12/29/2009

You are about to discover the best kept secret to selling vacant real estate... Realtors and Homeowners are raving about www.virtualstagingsolutions.com, a low-cost, innovative, home staging site that’s helping them sell vacant properties faster than ever before with a new technique that virtually displays the properties furnished in order to show its potential. Today’s technology is letting the team at Virtual Staging Solutions do things that have never been done before. Virtual Staging Solutions has taken advantage of that opportunity and has become a leader and role model for the new and upcoming virtual home staging industry. “It is becoming a key marketing tool for real estate agents around the world,” says Bryan Bittner, co-CEO of Virtual Staging Solutions. What exactly is virtual... 12/24/2009

I wanted to wish all the rich kids out there a very Happy Holiday season and a wonderful new year to come. Something tells me 2010 is going to be an amazing year for us all! A big thatnks to all my readers, clients, and friends for your support over the last year - you don't know how much it means to me! I promise there will be plenty of slick new Hot Props, real estate porn, and buying/selling advice in the weeks to come. Never one too stray too far from the real estate world, I will have my Blackberry and laptop with me whilst (my first shot at British slang) travelling! Please don't hesitate to contact me with any questions, etc over the holiday. I will leave you with a pic of my 2 most favorite British icons - Patsy and Edina from Absolutely Fabulous (probably one of the greatest sh... 12/22/2009

"Utopia" - The most opulent Residential Ocean Liner ever to be built. Utopia is offering 190 private residences which will go on sale in 2010. The Utopia website doesn't list the prices of these dream residences, but CNN Money.com reports that prices will range from $3.8 Million for a 1,400 sq ft condo to $24 Million for a 6,600 sq ft "estate". It's also reported there will be a single 40,000 sq ft home that will be priced at $160 Million. The ocean liner will travel to ports during major cultural and sporting events such as the Cannes Film Festival, Monte Carlo Grand Prix, The Olympics, Carnaval, Hong Kong Dragon Boat Festival, Melbourne Cup and other worldwide events of international acclaim (Talk about "Lifestyles of the Rich and Famous"!) The wealthy owners on Utopia will also be ab... 12/17/2009

You may not be aware of the new appraisal requirements for a home purchase and how they've impacted the residential real estate market over the last few months. As a result of the new HVCC federal requirements, when a buyer applies for a loan to purchase a particular property, the appraiser for property must be chosen by a third-party appraisal service. In many instances, the appraiser assigned to the property is from outside the area and has no firsthand knowledge of the market being appraised. Those of us who live and breathe residential real estate are well aware of the adverse effects this process can produce for both buyers and sellers, and how much more difficult it can make a successful close of escrow. One of the key problems is the lack of knowledge these outside appraisers ha... 12/10/2009

Seen in Beverly Hills - Saturday 11/28/2009 - Taken with my iPhone 11/28/2009

Home buyers last month snapped up previously owned properties at the fastest pace in more than two years, a Realtors group said Monday. Home resales increased 10.1% to a seasonally adjusted annual rate of 6.1 million units in October from a downward-revised pace of 5.54 million in September, according to the National Assn. of Realtors in Washington. The October figure was up 23.5% from the seasonally adjusted annual rate of 4.94 million units a year earlier. The last time the sales pace was that swift was in February 2007. The buying was motivated by low interest rates, a credit for first-time buyers and cheap housing, the association said. The national median home price -- the point at which half the homes sold for more and half for less -- was $173,100 in October, down 1% from Septemb... 11/24/2009

Existing home sales surged in October to the highest level in more than 2-1/2 years, according to a real estate industry report issued Monday. The National Association of Realtors reported that existing home sales rose 10.1% last month to a seasonally adjusted annual rate of 6.1 million units, up from the downwardly revised rate of 5.54 million in September. The sales beat forecasts of 5.7 million annual units, according to a consensus estimate of analysts compiled by Briefing.com, and were 23.5% above the 4.94 million-unit pace of 12 months ago. Sales activity is the highest since February 2007, when the annual rate was 6.55 million. The gain was likely due to an influx of buyers looking to take advantage of an $8,000 tax credit that the Obama administration made available for qualifie... 11/23/2009

Despite the lowest mortgage rates since May, applications for new home loans continued to taper off, according to a Mortgage Bankers Assn. survey released today. Seasonally adjusted applications for purchase loans decreased 4.7% during the week ending last Friday compared with the week before. In the refinance market, applications were down by 1.4%, according to the trade group’s weekly survey. Rates for traditional 30-year fixed mortgages dropped below 5% in mid-September, helping to trigger a mini-boom in mortgage applications, particularly for refinance loans. It seemed some people had been biding time waiting for the ultra-low rates of last spring to return. But recently, fewer people across the country have applied for new loans even though rates have continued to decline, suggest... 11/19/2009

Finally, the City of Beverly Hills has joined the City of West Hollywood in banning the declawing of cats. This week the Beverly Hills City Council voted 5-0 to approve the declawing ban except in the case of medical emergencies. The City of West Hollywood instituted the ban back in 2003. The City of Santa Monica has recently voted 5-1 to adopt the ban. What surprised me was that the California Veterinary Medical Association opposed the ban, claiming "The decision to declaw a cat should be made by the owner in consultation with their veterinarian." Last month the Malibu City Council voted against a motion for a citywide ban.They did however adopt was a Resolution opposing declawing, but I think they did not go far enough! What also surprised me was that the California Veterinary Medical... 11/18/2009