Fiamme Restaurant a Favorite at Troop Real Estate

Real Estate Agents, Mortgage Lenders, Business Brokers, Title Reps, and Escrow Agents at Troop Real Estate were given a very special opportunity last Wednesday to taste some delicious food from Fiamme Restaurant. You should have seen the array of pastas, bread and Fiamme’s special “fire sauce” for dipping. It tasted just like it came straight from Italy. Fresh, authentic and scrumptious! The special “fire sauce” that serves as a dipping sauce for the fresh bread was a HUGE hit! It was Italian with a KICK!

Fiamme Restaurant is located in the Paseo MarketPlace at 3731 E. Thousand Oaks Blvd., Thousand Oaks, CA 91362. Their menu consists of Italian dishes that are delicious. They have an array of traditional dishes such as meatloaf, barbecued baby back ribs and sirloin steak also. They serve fish, shrimp, chicken breast and panini specials as well.

Fiamme Restaurant & Bar, formerly Alessio’s, is owned by Elizabeth Beddow and Jerry White Jr. The restaurant features a quiet, yet elegant environment ideal for personal or business dining. Small rooms off the main dining area provide an intimate setting for parties and club meetings.

Troop Real Estateis a FAN of Fiamme Restaurant! You can become one too! Visit their page on FACEBOOK. Fiamme Restaurant offers live entertainment at Fiamme’s ”Club Inferno.” Check it out on Facebook. For more information or to make reservations, call 805-497-9444.

California Imposes 90-Day Foreclosure Moratorium

Starting Monday, June 15th, California is imposing a 90-day foreclosure moratorium to make lenders try hard to keep borrowers in their homes. Lenders will now have to PROVE that they TRIED to work out a modification with homeowners before they will be able to foreclose.

The question is, will this keep people from being foreclosed on? Maybe a few… but for the majority of homeowners who have lost their jobs and are struggling to make those payments, it is going to be hard for them to work out a modification.

There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.

Let’s Not Get the Cart Before the Horse

Realtors run into buyers every now and then who don’t understand the process of buying a home contingent upon the sale of their presently owned home.  They may come to us with their wish list wanting to go out and view properties saying, “These are all the things that the house must have…. here is what I am willing to pay…. I have excellent credit so that will not be a problem… I will have to sell my house, but I want to find a suitable replacement first.”

Have you heard of “getting the cart before the horse?”

This may still be a buyer’s market, but elements of the market are changing. If you are looking in a price range where you are in direct competition with numerous buyers that do not have a house to sell first and you find a property and you want to make an offer, you will have to make it with a home sale contingency. With a home sale contingency, the seller is going to ask if your house is under contract with a buyer. If you say “no,” you will not be considered a serious buyer and you will have no negotiating power against other buyers.

So here you are in love with this house and do not want to see someone else purchase it so you are faced with finding a buyer for your home really fast. How do you sell a house really fast in this market? You have to price it very aggressively. Even then, it does not guarantee that you will sell your house fast. Not to mention that being in a position where you have to sell quickly will make you much more susceptible to accepting a lower offer. What did that just cost you?  Oh, and what about that buyer that makes an offer to purchase your house, but has a house to sell first. Do you want to accept that kind of offer? I don’t think so.

So, to give you the best possible buying scenario, your house must be put on the market and needs to be under contract before you offer on another home. With the horse before the cart, you should be able to chart your course and blaze the trail to a successful and happy ending for all parties involved.

 

April Sales… Real Estate Prevails!

Obstacles in real estate? We’ve got plenty of them! What profession doesn’t have obstacles? They just change from time to time, season to season. We saw homes sales plummet last year and with it, the doom and gloom of the media. Well… let’s take a look at the numbers now. April’s sales report for California was just released and, from what I see, sales are up.

According to the California Association of Realtors, overall in California, homes sales in April increased 49.2 percent. Earlier reports related the fact that over 50% of these sales are attributed to first-time buyers.

Unsold inventory decreased in homes with prices ranging up to $750,000, falling between 3-6 months. Last year this price range was falling between 8-10 months out. Pricing between $750-$1,000,000 shows unsold inventory close to the same time frame as last year which is approximately 9 months. Over $1,000,000+ is where we see a drastic difference. Last year our unsold inventory was out approx. 11 months. This year it is sitting at approx. 18 months. So, it seems the 1,000,000+ priced market is taking the hit for the lack of good loan products and the downturn of the economy.

Locally speaking,here in Ventura County, while we read the median home price decreased last month overall in California by 36.5 percent, we see the number to be a 8.1 percent increase for this area. This could be due to the fact that there are less homes on the market now for buyer’s to choose from and multiple offers on properties are beginning to force buyers to offer more to beat other buyer’s to the property. The median price in Ventura County as of April 2009 is $394,540. It was $364,920 in March.

Entry-level housing affordability has reached 69 percent overall in California. Ventura County is reporting the local affordability index to be 65%. This is a huge improvement to the 45% from the first quarter of 2008. Many first-time buyers are taking advantage of the incredibly low interest rates and deflated home pricing. This is truly a fantastic time to jump into the market!

Start Smart Class Sets Teenagers Apart!

Last Thursday my 18 year-old niece, Nichole, and I participated in the  Start Smart  class offered by The California Highway Patrol. The class was held at the Moorpark Area CHP office on Spring Road. We arrived right on time and were ushered into the meeting room where CHP Officers, Mike Untalan, Terry Uhrich and Miguel Duarte delivered an informative and dynamic two-hour presentation.

The purpose of the Start Smart program is to help future and newly licensed teenage drivers learn the responsibilities that accompany the privilege of being a licensed driver. It serves as an educational tool for parents and teens to reduce the number of teen injuries and deaths resulting from traffic collisions. The class was comprised of verbal, PowerPoint and video presentations … some of graphic nature that really brought the message of  “safety” home.

On the drive home I asked my niece what she thought of the class. She commented that is was very informative and the two hours flew by. She said there was a lot of discussion about drinking and driving that she learned from. She wasn’t aware about the laws regarding taking the mandatory blood tests.

Although the class is geared toward teenagers, as an adult driver of 36 years there were some discussions that made me realize I could sharpen up on a few things… such as wearing my seat belt over my shoulder instead of under my arm… it is a violation. However, I didn’t know how dangerous it was. So, I am very glad I attended the Start Smart class and recommend it to all “to-be” licensed and “newly” licensed drivers… and it’s FREE!

Parents… let’s do our part to keep our children and highways safe!

Conejo Valley Days 2009 is Here

The Thousand Oaks/Westlake Village Chamber of Commerce Ambassadors attended a ribbon cutting on Wednesday, May 6th to help celebrate the opening of Conejo Valley Days 2009. The carnival is located at the soccer fields off Janss Rd. and the 23 fwy. It will be open through Sunday, May 10th. Mothers get FREE admission on Sunday for Mother’s Day! Some of the new food choices are cinnamon buns and gellato. And of course, the Elks will be there with their famous BBQ tri-tip! I counted three ferris wheels, oodles of kiddie rides, a Temple of Doom maze and go carts. It’s guaranteed fun for the entire family!

Need your real estate questions answered? Cheryl Clayton is an experienced real estate professional with Troop Real Estate in Westlake Village. You can contact her at cclayton@troop.com or give her a call 805-750-8896. Experienced in the challenges of today’s real estate market.

Shred-It Saturday is Coming!

… PLUS e-Waste Destruction and Recycling!

The Simi Valley Chamber of Commerce will be hosting “Shred-It” Saturday on April 25th between 9:30 a.m. and  1:30 p.m. at 40 W. Cochran Street in Simi Valley. This service is FREE and there is NO APPOINTMENT NECESSARY.

Acceptable documents for shredding are: Company Papers, Personal Records, Banking Documents, Envelopes and papers can be stapled, clipped or bound. There is a limit of 20 boxes per business.

Acceptable items for e-Waste: Monitors, Computers, Office machines, Televisions and Cell Phones.

If you have Real Estate questions don’t hesitate to call Cheryl Clayton at 805-750-8896

Mortgage Apps Up Last Week

While mortgage rates are holding under 5% it is definitely an encouraging sign to see that buyers are out and about viewing properties, pulling the trigger and submitting offers. Low and affordable interest rates combined with the deflated housing prices are contributing to the housing market in the Conejo Valley picking up its pace. I have been in several situations lately where multiple offers are happening. Here is a related article that just broke today regarding mortgage rates: http://www.inman.com/news/2009/04/9/mortgage-rates-bounce-back

If you or someone you know would like a list of professional Mortgage Lenders I recommend, feel free to contact me.

Ribbon Cutting at Chase Bank in Westlake Village

Last week the Ambassadors of the Westlake Village/Thousand Oaks Chamber of Commerce held a Ribbon Cutting celebration at Chase Bank, 3960 E. Thousand Oaks Blvd. in Westlake Village. We met Melissa Ferguson, the Bank Manager, Joe Iezza  in the Home Lending division and Brad Cole, Small Business Relations Manager. They took some time telling us about the bank and that the transition from Wamu to Chase is now complete. We experienced an extremely friendly and professional environment at Chase while we toasted to their success and feasted on a delicious cake.

Is the new Muvico Theatre in financial trouble already?

Everyone who has been keeping up with the new Thousand Oaks Mall rennovation knows about the new Muvico Theatre that just opened. There have been some reports that Muvico Company is near bankruptcy but an article was just published in The Acorn that explains the situation: http://www.toacorn.com/news/2009/0326/community/006.html

Has anyone been to the new theatre yet? I would love to hear about your experience.

Muvico

Thanksgiving is not Only a Day we Celebrate

Just a short thought about Thanksgiving. As we gather with those we love this Thanksgiving, let us remember that Thanksgiving is not only a day we celebrate with family and friends. Thanksgiving is an attitude. So, as Zig Ziglar would say,  let’s adopt an “Attitude of Gratitude” and let it carry us into the New Year and beyond. We are all facing extreme and unprecedented challenges and these challenges may become more intense in months to come. Being thankful for what we have and where we are is the foundation we can stand on when we don’t know quite what to do next. Have a truly meaningful and warm Thanksgiving:)

Home Insurance Premiums and Water Prices expected to rise

Insurance claims from Southern California’s three most recent major wildfires, which damaged or destroyed more than 1,000 homes, could reach $800 million, according to AIR Worldwide, a Boston firm that estimates catastrophe damage. State Insurance Commissioner Steve Poizner late last month quietly approved rate-increase requests from two of the state’s three largest homeowner insurance companies. No. 1 State Farm Mutual got the go-ahead for a 6.9% increase, its first in five years, while rates at third-place Farmers Group Inc. will rise 4.1%.

And here is some news for local Conejo Valley residents:The City Council unanimously approved a water rate increase for 16,500 customers in the center of town who are served by a city-run utility that serves about 37 percent of the population. The increase is due to higher costs from Calleguas Municipal Water District, the source of the city’s water. The increase is $2.75 per month or 3.8 percent of the total bill of a typical customer, said Mark Watkins, public works manager. The rate increase will begin Dec. 31.

Is There Any Good News?

The stock market is down, retails sales are down, unemployment is at a 17-year high, home insurance premiums are going up, the cost of water is rising, The word of the year is “Bailout.” But it doesn’t seem like the bailouts are helping the economy… at least not yet.

Well, I have found some good news folks, here it is: I paid $1.83/gal. for gas yesterday! It totaled $30.00 to fill my car up! Now this is a vast improvement from the $75.00 fill up I was paying not very long ago. And, for you Slingbox fans, there is a new beta version of Slingbox online now! If you like the dry, acerbic humor of Andy Rooney, watch this “China version.” I found it to be very entertaining. http://beta.sling.com/video/show/85153/89/China%E2%80%99s-Andy-Rooney-Has-Some-Funn

And remember, be thankful for what you have and where you are today!

Is Real Estate Still a Good Investment?

The fact that mortgage interest rates are moving in the right direction is a great sign for prospective real estate investors. However, we still have the problem with the so-called stimulus package relief for the housing sector. According to Barnie Frank, on 60 Minutes yesterday, he stated  Secretary Paulson is not forcing banks to use the stimulus funds to relieve the slowing housing sector. The situation exists at present, many homeowners are struggling to get out of underwater mortgages and many potential buyers are sitting on the fence waiting for still better rates and prices before they act.

Banks are more eager to work with home owners now in re-modification of  loans, but as Lawrence Yun, National Association of Realtors chief economist stated, “Without home price stabilization, foreclosures will continue to rise sharply and many of the re-modified loans will re-default.”

I tuned into Fox News yesterday and watched an interesting commentary about what we could see in the next few years. The commentator said we are only about half-way through the crisis as we have just seen the sub prime era erode. He stated that there are more loans called Alt-A loans that were issued in 2006-2007. These loans will be resetting in 2009-2010 causing another erosion of the housing industry.

When is it going to end? Who has the answer? Your guess is as good as mine.

Is real estate still a good investment? You bet it is. If you are fortunate enough to have great credit scores and a down payment you can get exceptional interests rates and pricing! We are right at 2003 pricing now… before the bubble occurred. Will pricing still go down? Probably, but we don’t know how long interest rates will be this low… and even a half point makes a huge difference in your payment.

Price Reduction, Hidden Canyon Condo

Price Reduction in Hidden Canyon, Westlake Village   

NOW $370,000   Owner wants it SOLD!

Price Reduced to $370,000 – Fabulous Value

Absolutely terrific location for this upper-level, end unit in Hidden Canyon. The entry is on the street level. When you open the door, you step up to the lovely upper living level. The owners have chosen a rich, wheat wall color with white, scraped ceilings. The rich, cherry hardwood flooring flows throughout the entire unit. The energy in this unit says clean, upbeat, light, peaceful. Speaking of light, at every turn in the unit you can look out to a beautiful tree-lined view of the complex. From the balcony off the Family Room you can even see the tops of the mountains facing west with a peek of sunset views. The Master Suite offers rich built-ins in the walk-in closet. Owners will leave the refrigerator and stackable washer and dryer. At the back of the kitchen area there is a stairway going down to the attached one-car garage. The unit also has a covered parking space directly across from the garage. This property has a truly remarkable location and energy. Must see!

If you would like to view this property or have more questions, please feel free to call 805-750-8896.