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BNI presentation 4-22-10

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Presentation to the Platinum Chapter of BNI on April 22nd 2010. Update on Real Estate in Santa Clarita Valley a/o March 2010.

Presentation to the Platinum Chapter of BNI on April 22nd 2010. Update on Real Estate in Santa Clarita Valley a/o March 2010.

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    BNI presentation   4-22-10 BNI presentation 4-22-10 Presentation Transcript

    • Santa Clarita ValleyResidential Real Estate
      BNI Presentation on April 22, 2010
      By
      Phil Levy, REALTOR®, CDPE
      Intero Real Estate Services
      661.313.4717
      phil@jpscvrealty.com
    • State of the SCV Residential Real Estate Market
      Four Questions:
      What’s new in the SCV?
      Has the residential real estate market turned?
      Has the mortgage meltdown ended?
      What’s going on with all those short sales?
      April 22, 2010
      2
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    • What’s New in the SCV?
      SCV – Great Place to Live and Work
      City of Santa Clarita is 51st most affluent in US
      Ranks in top 15% of all cities with a population greater than 75,000.
      Very giving community
      Source: The Signal, Monday April 12 2010.
      January 2010 unemployment was 8.2% vs 13.2% for LA County and State of CA
      Source: Santa Clarita Business Journal – April 2010.
      SCV – Preferred filming location for all sorts of films, TV series, and commercials – www.filmsantaclarita.com
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      3
    • Has the Residential Real Estate Market Turned?
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      4
    • State of the Market?
      April 22, 2010
      5
      Single Family Residences
      Peak Median – Apr ‘06 @ $643,000
      DOM*
      403,000
      409,950
      *DOM = Days on Market
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    • April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      6
      72
      62
      4 mos
      2 mos
    • Has the Residential Housing Market Turned?
      Perhaps
      Some upward trend in overall median prices combined with low inventories
      Storm Clouds
      FED recently stopped supporting the secondary mortgage market – potential for increasing interest rates.
      Expiration of Fed Income Tax Credit – potentially offset by state credit as long as it lasts.
      Mortgage meltdown continues to depress prices.
      Sunny Skies
      Improving overall economy +++
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      7
    • Has the Mortgage Meltdown Ended?
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      8
    • Has the Mortgage Meltdown Ended?
      Distressed Homeowners Dominate
      SCV Sales Stats (SRAR MLS) –
      Closed Sales (749)
      April 22, 2010
      9
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    • Has the Mortgage Meltdown Ended?
      Active Listings – as of March 2010
      Total Active/Backup status – 1,230
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      10
    • April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      11
    • Has the Mortgage Meltdown Ended?
      Then add several hundred thousand REO’s that bank’s have not released to the market.
      So no – “we still have miles to go before we sleep” (Robert Frost)
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      12
    • What’s Going On with all Those Short Sales
      Definition –
      Market Value < Loans: Requires lender(s) approval
      Application procedure is quite onerous, cumbersome and lengthy
      Here comes HAFA (not a coffee whitener)
      Home Affordable Foreclosures Alternative Program
      Implemented by the Treasury just on April 5, 2010.
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      13
    • What’s Going On with Short Sales?
      HAFA Cont.
      Administered by Fannie Mae
      Objective is to avoid valuation devastation to communities by resolving distressed properties through short sales or deeds in lieu of foreclosure rather than foreclosure
      Recent study revealed that lenders can expect on average 60% recovery via short sale vs 30% via foreclosure
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      14
    • What’s Going On with Short Sales?
      HAFA Cont.
      Promulgates major improvements for sellers
      Lenders must comply with standard documents & timelines.
      Pre-approved short sale terms prior to listing the property.
      Eliminates guesswork on behalf of sellers, buyers and agents wondering whether the lender will approve the price/terms
      Releases sellers from liability of delinquency balances
      Check with tax advisor re tax consequences
      $3,000 relocation assistance
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      15
    • What’s Going On with Short Sales?
      HAFA Cont.
      Generally borrowers are eligible if they do not/have not qualified for modification
      Lenders must subscribe to the standard and most of the majors have;
      Fannie Mae and Freddie Mae Owned are expected soon to adapt this standard
      Visit www.santa-clarita-home-solutions.com for free detailed information, surveys and reports. A useful survey is found at www.santa-clarita-home-solutions.com/eligibility
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      16
    • Conclusion
      Buyers - Beware the cost of waiting:
      Upward trending median prices
      Increasing interest rates
      Especially with economic recovery
      Loss of tax credits
      Sellers –
      Low inventories should generally result in quick sales
      Great opportunities for up scaling, relocating, or investing
      Distressed homeowners –
      HAFA presents a unique opportunity to start over
      April 22, 2010
      17
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    • Web Services for Clients
      www.jpscvrealty.com
      Marketsnapshot – gives market activity within the vicinity of a given address.
      Property searches
      Comprehensive Rent_v_Buy calculator customized for the California market
      Loan Calculator
      Resources for property tax reassessment
      Community Information
      Foreclosure Lists
      Resource information for distressed sellers and first time buyers
      Bios
      HAFA site (under construction)
      blog.jpscvrealty.com – contains timely updates on the status of the residential market .
      Text FINDSCV to 87778 for free smart phone GPS MLS app
      www.santa-clarita-home-solutions.com. Survey found on www.santa-clarita-home-solutions.com/eligibilty
      April 22, 2010
      18
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    • Appendix: What is the SCV?
      The Southland Regional Association of Realtors Multiple Listing Service defines SCV as:
      Constitutes City of Santa Clarita – Saugus south of Copper Hill.
      The SCV consists of 200 square miles.
      The City of Santa Clarita consists of 52 square miles making it geographically the largest city in LA County
      April 22, 2010
      19
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    • What is SCV – cont.
      Recently voted the most “Business Friendly” city in LA County
      Schools rank among the top 10% in CA according to the CA Assessment Program.
      Higher median city household income vs LA County overall - $76 vs $52 (data from 2006).
      Lower unemployment October 2009
      7.8% vs 12.6% LA
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      20
    • What is SCV – cont.
      Enterprise Zone encompasses 97% of all commercial, business and industrial land w/in the city.
      Provides certain income tax incentives for employing eligible individuals.
      Volunteerism –
      Multitude of civic organizations
      All seem to have really cool galas.
      Example: Senior Center
      For more info on SCV –
      www.santa-clarita.com
      Also refer to city’s monthly “Economic Snapshot”. Link through to “Community Profile” section on the website.
      www.SCVchamber.com
      SCV is a GreAT Place to live and work.
      April 22, 2010
      Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
      21