Uploaded on

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.

More in: Real Estate
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
942
On Slideshare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
8
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. 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
  • 2. 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
  • 3. 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
  • 4. Has the Residential Real Estate Market Turned?
    April 22, 2010
    Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    4
  • 5. 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
  • 6. April 22, 2010
    Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    6
    72
    62
    4 mos
    2 mos
  • 7. 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
  • 8. Has the Mortgage Meltdown Ended?
    April 22, 2010
    Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    8
  • 9. 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
  • 10. 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
  • 11. April 22, 2010
    Phil Levy, REALTOR®, CDPE Intero Real Estate Services www.jpscvrealty.com
    11
  • 12. 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
  • 13. 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
  • 14. 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
  • 15. 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
  • 16. 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
  • 17. 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
  • 18. 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
  • 19. 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
  • 20. 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
  • 21. 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