It’s good news in Palm Desert that Federal regulations are helping to significantly reduce the amount new homebuyers pay for closing costs. That’s another incentive for prospective buyers – especially those who have been sitting on the sidelines waiting for the right time to jump back into home ownership again.
The average cost of closing on a mortgage has fallen over the past year by 7.4% according to a recent survey by Bankrate.com. As of the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down paid an average of $3,754 – which was $300 less 12 months earlier.
Included in these costs are origination expenses (such as application fees and the cost of doing credit checks) and third-party fees (such as those paid for title searches and insurance).
Attribute this decline to new regulations that requiring lenders to be more accurate when estimating closing costs for borrowers. The regulation was put into place 2 years ago as part of the Real Estate Settlement Practices Act and requires lenders to provide a “good faith estimate” of third-party fees that is within 10% of the actual amount the buyer will pay.
Third party fees dropping is actually indicates that the lenders are doing a better job at estimating what the actual costs will be.
How refreshing !!!
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If you have been sitting on your home waiting to Short Sale it, now would be a good time to consider making your move. Real Estate analysts are saying that indicators look good. Also, if you are looking to get a deal on buying a Short Sale, you may want to listen up too.
- For Sellers – some lenders such as Bank of America and Chase have now expedited short sale programs to where they pre-qualify their sellers and their homes at agreed-upon prices. This has greatly cut down on the time it takes to push all of the paperwork required for a Short Sale through. Also, these big banks are selectively choosing some of the more troubled properties for extra owner incentives. Banks may pay you as much as $45,000 to sell your distressed home.
- You must start soon – if you want to get your tax break. Lenders are also wiping out any extra debt left after the Short Sale is completed. For example, if you owe $200,000 on your home and you sell it for $150,000, then it would stand that the bank would still be able to come after you for the additional $50,000. What they are doing now is forgiving that debt, and that debt is typically subject to income tax. BUT, it will not be subject to be taxed under a special provision that expires at the end of this year. So, try your best to close your Short Sale this year – it can easily take 3 or 4 months to close once you have a buyer.
- Before a lender will approve a Short Sale, the Seller must make the case that financial hardship is keeping him from paying off his loan. In trying to expedite Short Sales, banks are now broadening their definition of what situations qualify as hardships – a job change or impending retirement could be considered as a hardship.
- For Buyers – you should be realistic in your expectations for a bargain. There’s more competition now that bankers and investors have caught on to what good deals these Short Sales are – usually better than foreclosures because more often they are owner-occupied and well cared for, as opposed to foreclosures which may have been stripped of appliances and other things. Expect to pay market price for a Short Sale – avg. price is $175,000, which is still 20% below avg. price of non-distressed properties.
- Try for long locks on your mortgage rates, Buyers, because it may take a long time to find a property you want to purchase – and you want to take advantage of today’s record-low interest rates. Even 60 day locks may not be enough to get you through to closing of a Short Sale. If you’re buying a house that has been pre-approved via one of the banks’ expediting programs, closing time can be cut down to as little as 10 days.
If you are thinking of a Short Sale of your home . . . or looking to Buy a Short Sale, choose a realtor who is knowledgeable and experienced in Short Sales specifically. Call Kim Kelly, an agent with HK Lane Real Estate at 760-285-3578 for a free consultation. She Lists, Works and Closes her Short Sales !!!
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La Quinta is fortunate to have an amazing art event held during season called “Art Under the Umbrellas.” About this time of year when we locals are weary from the incessant heat of our lovely desert clime, it’s nice to think of something bright and cheerful and fun that will be returning to Old Town La Quinta.
October 27th kicks off the first “Art Under the Umbrellas” for the new season. Trust me, that date will be here before you now it. Over 70 artists will be presenting their works . . . everything from painting, glass, ceramic, jewelry, wood, sculpture, photography, fiber and mixed media. The streets are closed off in Old Town just for this artistic venue.
Lovers of art can find amazing quality pieces for purchase at “Art Under the Umbrellas.” It is always a special day outdoors as those seeking to enjoy and experience the art . . . and to buy, amble along the streets taking in all of the incredible talent. It’s also a good time to explore the shops and dining opportunities in Old Town.
And guess what could be even better . . . admission and parking are FREE !!! The new “Art Under the Umbrellas” schedule is on the following Saturdays from 10am to 4pm: October 27, November 10, November 24 and Dec. 1 – all in 2012. The 2013 schedule is: January 12, January 19, February 9, February 16 and March 23.
So, just something to keep your mind occupied, thinking about those days that are coming when the weather is cooler and picture perfect – and “Art Under the Umbrellas” will be waiting for you.
For more information, go to www.lqaf.com/cultural-events/art-under-the-umbrellas/
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Sun City Palm Desert is a popular gated active adult (55+) community located in Southern California’s Palm Springs Valley. It is surrounded by breathtaking mountains, towering palm trees and lushly manicured grounds. It was built by Del Webb between 1992 and 2003 and includes 5,000 homes with 44 different models.
Residents at Sun City stay actively engaged and entertained by a multitude of activities put on by their full time Events Department. There are classes, events, activities and over 60 organized clubs to be involved in . . . such as the Garden Club, Dance Club, Geneology Club, Wine Tasters, Exercise Clubs, and more. You get the picture, there are activities enough to stay busy seven days a week if you wish.
Sun City Palm Desert covers 1600 acres and boasts amenities too many to mention them all. There are 3 large recreation/clubhouse centers, numerous indoor and outdoor swimming pools, 2 fitness centers totaling 16,000 square feet, 10 lighted tennis courts, 2 pickleball courts, t2 paddleball courts, and 8 bocce courts.
The community offers two 18-hole golf courses, including one designed by hall of famer, Billy Casper and Greg Nash. Let’s not forget the Billiard Room, Ballroom, Library, Dog Parks, Theatre, Fishing Pier and much, much more. With all of these fun activities going on at Sun City, when does one sleep???
Buyers can select from 44 different pre-owned single-family floorplans on one level that range from 1,000sf to over 4,000sf. There are a multitude of different sizes, styles and price ranges to suit most any buyer. With the homes in Sun City Palm Desert so well priced and the HOA fees reasonable, many residents feel that they got the best buy in the Valley.
Should you have interest in touring Sun City, getting information about available real estate there or want to list your home for sale – don’t hesitate to call Kim Kelly, Real Estate Agent with HK Lane Real Estate in La Quinta. She is professional, experienced and knowledgeable about the Palm Springs Valley here. She listens and will guide you towards what is the best fit for you.
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La Quinta Cove – Yes, another Short Sale submitted, just one note with Chase!
This home is so Cute, listed at $143,000, and is located at 52255 Avenida Obregon.
Built in 1993, this home has 3 bedrooms and two baths and has 1414 sf on a 4792 sf lot. You enter into its Enclosed Front Courtyard – and this home is charming, clean as a whistle and well designed and thought out. It boasts a separated Family Room and very large Kitchen with an Eating Area.
The Master Bedroom in this home is on opposite side of house from the two Guest Rooms and Bathroom, giving it a great flow. There are ceiling fans throughout, and home is beautifully maintained and very welcoming.
There is a finished double Garage with a Laundry Area within. The backyard is lush and green with ideal Western mountain views. The backyard even has a Storage Shed.
Deals like this one are still to be had in the Cove . . . if you are interested in buying or selling a home, contact Kim Kelly with HK Lane Real Estate in La Quinta. She Lists, Negotiates and SELLS her Short Sales !!!
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Seems that tourists are keeping in step with Global Warming . . . as Palm Springs hotel operators have noted elevated growth for the months of May and June, when tourism typically tapers off. What used to considered “off-season” around here is looking more and more like “on-season.”
The city has worked on creating partnerships with Germany and the UK . . . and it’s paid off, as more and more tourists from those two countries have been visiting Palm Springs during the summer months.
A Viceroy Hotel representative has commented that weekend traffic has been strong at their hotel, especially drive-in traffic. Also, a strong international representation has been noticed, particularly from the UK.
Recent data released from the city of Palm Springs shows that the number of visitors to Palm Springs last summer was up 25% from the previous year 2010. Since last year at this time, tourists have spent $15.1 million in Palm Springs and are projected to spend about $3 million more than that in this next year. And that’s no small potatoes!
These tourism dollars are being spent in the obvious places such as restaurants, resorts and hotels . . . and also at one of Palm Springs’ most iconic destinations – the Palm Springs Aerial Tramway, which sees a lot of activity from locals trying to escape the heat (at this moment, it’s 80.8 degrees at the top and it’s 113 degrees in Palm Springs).
Besides being popular with Europeans, Palm Springs is also attracting tourists from south of the equator, such as Australia, where it is winter right now.
It’s a beautiful thing, that the summer heat we locals complain about and dread is another man’s paradise. Go figure.
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These days, lenders are demanding historically high FICO credit scores from buyers looking to obtain a loan. With lenders Freddie Mac and Fannie Mae, the average they look for to approve a loan is around 760.
You want and need to know what can push your scores up or down if you’re in the position of shopping for a mortgage. Hearsay is that multiple credit inquiries by lenders and others to pull up your national credit bureau reports push your score down. Is this true? Could multiple inquiries do damage enough to prevent you from being approved for purchase of a home?
Since maintaining high FICO scores is so important now, let’s look at the key “rules” that govern how inquiries affect homebuyers and mortgage applicants.
- Accumulating large numbers of inquiries CAN lower your score. The FICO models consider them significant because research has shown that people who seek new credit accounts are more of a risk and more prone to defaults. Statistics show that people with 6 or more inquiries on their credit reports can be up to 8 times more likely to declare bankruptcy than people with no inquiries on their reports.
- Suppose you’re shopping for a home loan or refinancing and 6 lenders pull your credit reports – that doesn’t necessarily mean that you’ll be hit with 6 separate inquiries that will lower your score. The FICO models ignore all mortgage related inquiries during the 30 days prior to computation of the score. And all mortgage inquiries made during the 45 days prior to your loan application count as only one inquiry.
- Most often, a single credit inquiry is not a big deal, as it subtracts less than 5 points off of your score per inquiry. But, negative impacts can be had – especially on people who have thin credit files, such as those without extensive credit histories and young folks who are first time homebuyers and have thin credit files.
- You need to make sure your loan officer for auto loans, etc. properly codes the purpose of the inquiry when they report it to the national credit bureaus so it will be accurately identified in your credit file.
It’s highly advised that mortgage applicants avoid all credit-related shopping (home improvements, furniture, credit cards, etc.) in the weeks before their closing so that a string of inquiries won’t interfere with the home purchase process or delay it.
And last but not least, if you’ve checked your own credit before applying for a mortgage – through www.annualcreditreport.com (where once a year reports are free) or by buying them from Experian, Equifax or TransUnion, you FICO score will not be affected.
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The City of La Quinta has a proposed plan to put in a roundabout near the entry of the La Quinta Cove neighborhood at the intersection of Eisenhower Dr. and Calle Sinaloa. The roundabout would replace the existing four-way stop there.
Roundabouts are used extensively in Europe and are becoming increasingly popular in this country. They require those vehicles approaching it to have to slow down and yield to circulating traffic, thereby reducing accidents by up to 60%, according to traffic engineers
There are already four roundabouts located in La Quinta and they keep traffic moving without having a signal there. Because the roundabouts force traffic to slow down, there is a reduction in broadside collisions from drivers who run traffic stops.
The roundabout is expected to be installed later this year and will cost approximately $600,000. Additional landscaping could run the cost up more, and one design includes installation of an art piece that serves as an entryway to the Cove neighborhood.
Some Cove residents who got a look at the new road design are not in favor of it. Nearly 7,700 cares travel on Eisenhower Dr. up into the Cove during off-season, and city staff estimates that the number increases 10% during peak season. That’s a whole lot of cars coming in and out of the Cove.
FYI – the La Quinta Cover Neighborhood Association is in favor of the roundabout. Landscape designs will likely go before the City Council at its meeting on July 17.
What are your thoughts?
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Some say that we have “Beverly Hills” right here in our very own Coachella Valley. It is the community of Old Las Palmas and it is one of Palm Springs’ oldest neighborhoods. Once a citrus grove, this historic neighborhood was developed in the 1920s by a father and son, Alvah and Harold Hicks.
Old Las Palmas gained the distinction of Coachella Valley’s “Beverly Hills” as this community has the highest number of celebrity owned homes in Palm Springs. Some of the rich and famous associated with the area are Kirk Douglas, Donna Reed, Lily Tomlin, Liberace, Sidney Sheldon and George Randolph Hearst, to name a few.
Old Las Palmas is comprised of over 300 homes with large lots and well-manicured homes. It is bordered on the west by the San Jacinto Mountains and North Via Monte Vista; on the east by North Palm Canyon Drive; on the north by West Stevens Road and on the south by West Alejo Road.
The neighborhood mixes the old with the new and all the homes are bound by their rich history. The homes in Old Las Palmas are more accurately distinguished as estates, rather than just homes. One of the largest estates in the community is situated on a 4 acre parcel.
The architectural styles featured in Old Las Palmas range from Spanish to Colonial to Palm Springs Modern. Many of the estates are gated, with lush landscaping and swimming pools. The community is tucked close enough to the mountains so as to be shielded from the winds and fabulous views are afforded.
Old Las Palmas is part of Palm Springs Neighborhood Organization Program, and the close knit residents work together in organized beautification and security committees.
Another cool feature about this iconic neighborhood is its ultra convenient location within walking distance of downtown Palm Springs, with its many restaurants, shops, art galleries and other attractions.
It’s worth it to take a little drive around this interesting part of Palm Springs and take in the interesting architecture and lifestyle harkening back to those golden Hollywood days. “Beverly Hills” indeed . . .
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It’s a must go to
in Palm Desert . . . if you like deliciously fresh, innovative and inspired food, a friendly warm and welcoming atmosphere, a place where people are meeting up and talking and laughing, somewhere to pick up cool FrencH and Mediterranean themed gifts . . . Clementine is all of that, and so much more !!!
It’s a deli, it’s a cafe, it’s a marketplace, you can get a beer, glass of wine . . . a Mimosa. It’s the new “go to” place in the desert, and for having only been open for a matter of weeks, it’s doing gangbusters.
Jennifer and Christophe Douheret are the talented and creative couple who gave birth to Clementine – its first incarnation was located beside Trader Joe’s in Palm Desert two years ago where it began as Clementine Patisserie. What a lovely little place where you could get a latte and something scrumptious that was baked right there onsite, like a fresh almond croissant. The French bistro furniture out front of the store coaxed you to sit for a spell and enjoy the desert day.
Move the clock up to now – the second incarnation, which has morphed into Clementine Gourmet Marketplace & Café. As it says on its Facebook page, Clementine “is a beautiful homage to the bright marketplaces of ‘The Countries of the Sun, ‘ describing Italy, France, Spain, Morocco, and other countries along the Mediterranean.” Jennifer, Christophe and their handsome, talented and attentive staff now offer a wide array of take-home deli items, delicate desserts, breakfast and lunch options, and fabulous gift ideas.
You can dine in at Clementine . . . or take out. Stop by on your way home from work to pick up something mouthwatering for your dinner or a dinner party. You can pick out dishes from the deli case, stop off at the pasta bar or just order a glass of wine and take in all of the good energy of the people working and dining there.
Don’t be surprised to be greeted at Clementine’s front door as if you are an old friend. There is something at this establishment for everyone and you owe it to yourself to stop by and see for yourself. I promise you won’t be disappointed. But you may suffer a bit as you try to pick out which delectable dish from the many offered that you will nosh upon today. Just remember, you can always go back and try something new another day.
Located at 72990 El Paseo (and Monterey) in Palm Desert.
Breakfast is served from 8 to 11 a.m. Monday through Saturday and all day Sunday. Lunch is from 11 a.m. to 6 p.m. daily.
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