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Santa Clarita ValleyResidential Real Estate<br />BNI Presentation on April 22, 2010<br />By<br />Phil Levy, REALTOR®, CDPE...
State of the SCV Residential Real Estate Market<br />Four Questions:<br />What’s new in the SCV?<br />Has the residential ...
What’s New in the SCV?<br />SCV – Great Place to Live and Work<br />City of Santa Clarita is 51st most affluent in US<br /...
Has the Residential Real Estate Market Turned?<br />April 22, 2010<br />Phil Levy, REALTOR®, CDPE                         ...
State of the Market?<br />April 22, 2010<br />5<br />Single Family Residences<br />Peak Median – Apr ‘06 @ $643,000<br />D...
April 22, 2010<br />Phil Levy, REALTOR®, CDPE                                     Intero Real Estate Services www.jpscvrea...
Has the Residential Housing Market Turned?<br />Perhaps <br />Some upward trend in overall median prices combined with low...
Has the Mortgage Meltdown Ended?<br />April 22, 2010<br />Phil Levy, REALTOR®, CDPE                                     In...
Has the Mortgage Meltdown Ended?<br />Distressed Homeowners Dominate<br />SCV Sales Stats (SRAR MLS) –<br />Closed Sales (...
Has the Mortgage Meltdown Ended?<br />Active Listings – as of March 2010 <br />Total Active/Backup status – 1,230<br />Apr...
April 22, 2010<br />Phil Levy, REALTOR®, CDPE                                     Intero Real Estate Services www.jpscvrea...
Has the Mortgage Meltdown Ended?<br />Then add several hundred thousand REO’s that bank’s have not released to the market....
What’s Going On with all Those Short Sales<br />Definition –<br />Market Value < Loans:  Requires lender(s) approval<br />...
What’s Going On with Short Sales?<br />HAFA Cont.<br />Administered by Fannie Mae<br />Objective is to avoid valuation dev...
What’s Going On with Short Sales?<br />HAFA Cont.<br />Promulgates major improvements for sellers<br />Lenders must comply...
What’s Going On with Short Sales?<br />HAFA Cont.<br />Generally borrowers are eligible if they do not/have not qualified ...
Conclusion <br />Buyers - Beware the cost of waiting:<br />Upward trending median prices<br />Increasing interest rates <b...
Web Services for Clients<br />www.jpscvrealty.com<br />Marketsnapshot – gives market activity within the vicinity of a giv...
Appendix:  What is the SCV?<br />The Southland Regional Association of Realtors Multiple Listing Service defines SCV as:<b...
What is SCV – cont.<br />Recently voted the most “Business Friendly” city in LA County<br />Schools rank among the top 10%...
What is SCV – cont.<br />Enterprise Zone encompasses 97% of all commercial, business and industrial land w/in the city.<br...
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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.

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