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Rich Woman : Hong Kong wife wins $154 million divorce settlement

Real Estate Blog : Investment Property : Los Angeles : Manhattan Beach : Hermosa Beach : Redondo Beach : Palos Verdes : Torrance

Real Estate Blog : Residential Commercial Income Investment Property


Hong Kong (CNN) — A Hong Kong judge ordered a wealthy real estate mogul to pay his former wife $154 million in one of the city’s largest divorce settlements.
The divorce award translates to HK $1.2 billion and dwarfs famous settlements in other countries.
In comparison, Paul McCartney was ordered to pay Heather Mills almost $50 million three years ago.
Court documents released Thursday detailed a breakdown of the ruling.
It includes a home in the city worth HK $250 million, a London residence valued at HK $30.5 million and HK $2.5 million to buy two cars.
Samathur Li Kin-kan and his wife, Florence Tsang Chiu-wing, married in 2000 and separated in 2008, according to court documents.
They lived a lifestyle “best described as just below that of a US- dollar billionaire,” court documents said.
The wife told local media she was “delighted” as she left the courtroom smiling.
CNN’s Judy Kwon contributed to this report.

Quote du jour – Sustainable Wealth

Sustainable Wealth is the Key Element to Financial Freedom – amada

Quote du jour – Life is a Quest

Life is a Quest for Self Development. – amada

San Pedro bluff is disappearing slowly sliding into the sea

San Pedro bluff is disappearing slowly sliding into the sea. While the IRS do not consider ‘Land’ to be a depreciative item in their book, but not in this case. When nature decided to ‘foreclosure’ and taking the land back, we can only do so much to fight against it. I had seen similar case in another part of California along Highway 1 in Pacifica (Nor Cal). It quite a scene. There is/was a sizable apartment building hanging on the cliff, some residents’ balcony is overhanging straight over the Pacific Ocean. Very scary sight and many residents in that apartment complex were evacuated.

In this case in San Pedro, many coastal residents are also worried the coastline is getting to close and make their land disappeared.

Click to Read Full Article:
http://www.latimes.com/news/local/la-me-san-pedro-slide-20111102,0,3671163.story?track=icymi

Why Property Managers Have Panic In Their Eyes – Forbes

Commercial real estate investment Los Angeles

While we already know technology is advancing mankind since the birth of the Internet, it is also making many industries become obsolete. A few of you may know my IT background, even 10+ years ago, we were already migrating everything to web base = aka Cloud computing in today’s term. In this article, commercial office space property managers panic due to less and less butts are on office chairs in the office. Yeah, seriously, who GO TO the office anymore. After all, why would anyone want to spend extra few hours a day driving to the office just to get the same or less things done while they could manage it at their HOME office.

I personally will stay out of a few segments of commercial real estate including office building, small retail space, stand alone retail (unless you already find a tenant for it) due to the current economic instability. However, we are hunting for multi-family apartment buildings that cashflow. After all, food and shelters are our basic needs. And I am very proud to help my investors, clients, and myself to be one of the contributors to today’s economy by providing quality affordable housing.

Read full Article:
Why Property Managers Have Panic In Their Eyes – Forbes.

Are the Federal Reserve and Its Primary Dealer Banks Manipulating the Stock Market?

The Federal Reserve is rotten to the core.

Real Estate Blog : Investment Property : Los Angeles : Manhattan Beach : Hermosa Beach : Redondo Beach : Palos Verdes : Torrance

Real Estate Blog : Residential Commercial Income Investment Property

If the Federal Reserve don’t even have to report to Congress, the President, or any Government entity, why would the Fed report to us!!! They are GOD on their own, and ‘Friends’ with Wall Street and the Super Riches. Of coz they need to take care of their own at the Taxpayers expense. So the answer to the Title Question is YES!

Read Full Article by Gary D. Barnett
via Are the Federal Reserve and Its Primary Dealer Banks Manipulating the Stock Market? by Gary D. Barnett.

IMproved HARP Refinance Program Expanded

HARP Refinance Program Expanded

Borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down. The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac. Other program enhancements include, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013. New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15.

The basic eligibility requirements for an enhanced HARP loan are as follows:

  1. Existing mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac. To check whether a borrower has a Fannie Mae or Freddie Mac loan, go to http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx.
  2. Existing mortgage loan must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
  3. Existing mortgage loan cannot have been refinanced under HARP previously (except for Fannie Mae loans refinanced between March and May 2009).
  4. Current loan-to-value (LTV) ratio must be more than 80%.
  5. Existing mortgage loan must be current, with no late payments in the past six months, and no more than one late payment in the past 12 months.
  6. More information is available from FHFA at http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf.
Amada’s Comment:
This could help many home owners staying at their home.

The Nation’s Scariest Event at Halloween

US: The scariest event to happen on Halloween is that the national debt will surpass the GDP. That means the federal government now owes more than the value of what is produced all year long by all Americans. ZeroHedge 2011 Oct 19

The Scary thing about the Fed.

Ben Bernake is killing the middle class.

Amada’s Comment
Get smarter with your money. With the Government at work, the Dollars are less and less ‘spendable’. Increase your financial IQ, so you know what to do with your money – or otherwise, someone else will.

Bill would encourage foreigners to buy U.S. homes

A house in San Marino, where median home prices have risen -- largely because of Asian home buyers and investors -- even as real estate values in the region have declined. (Gary Friedman, Los Angeles Times / January 27, 2011)

Article from L.A. Time. This could be a help of our depressed market. Somebody is ought to pump some real money into this economy, not the artificial money from Bernanke.

By Jim Puzzanghera and Lauren Beale, Los Angeles Times
October 20, 2011, 7:00 p.m.

Reporting from Washington and Los Angeles— American consumers and the federal government haven’t been able to bail out the sinking U.S. real estate market. Now wealthy Chinese, Canadians and other foreign buyers could get their chance.

Two U.S. senators have introduced a bill that would allow foreigners who spend at least $500,000 on residential property to obtain visas allowing them to live in the United States.

The plan could be a boon to California, which has become a popular real estate market for foreigners, particularly those from China.

Nationwide, residential sales to foreigners and recent immigrants totaled $82 billion in the 12-month period ended March 31, up from $66 billion the previous year, according to the National Assn. of Realtors. California accounted for 12% of those sales, second only to Florida.

“Overall, Los Angeles is the perfect place for investors,” said YanYan Zhang, an agent with Rodeo Realty in Beverly Hills, who travels to China several times a year to meet potential clients.

Sandra Miller, a broker at Engel & Volkers in Santa Monica, an international real estate firm that caters to foreign clients, said about 10% of the luxury market now is composed of foreign investors. She estimated that offering them U.S. visas would triple that figure, as well as help sales elsewhere.

“California, Florida, New York, Colorado, Hawaii and Texas — those states will see a huge increase in demand,” she said. “The whole Westside would certainly benefit.”

The bipartisan proposal, part of a package that also would make it easier for international tourists to visit the U.S., is similar to an existing program that puts foreigners on a fast track to a green card if they invest at least $500,000 in an American business that creates at least 10 jobs.

“Many people want to come and live in the United States,” said Sen. Charles Schumer (D-N.Y.), who introduced the legislation Thursday along with Sen. Mike Lee (R-Utah). “They will be here spending money and paying taxes, and the most important thing is they’ll sop up the extra supply of homes we have right now compared to demand, and that’s what’s dragging our economy down.”

The legislation would create a new homeowner visa that would be renewable every three years, but the proposal would not put them on a path to citizenship. To be eligible, a person would have to buy a primary residence of at least $250,000 and spend a total of $500,000 on residential real estate. The other properties could be rented.

The program would come with several restrictions.

The purchase would have to be in cash, with no mortgage or home equity loan allowed. And the property would have to be bought for more than its most recent appraised value, Schumer said.

The buyer would have to live in the home for at least 180 days each year, which would require paying U.S. income taxes on any foreign earnings. Buyers would no longer be eligible for the temporary visa if the property were sold.

The buyer would be able to bring a spouse and minor children to live in the U.S. but would need to apply for a work visa to hold a job. Neither the buyer nor dependents would be eligible to receive Medicaid, Medicare or Social Security benefits.

“The bill does not limit people from being productive,” Schumer said. “It simply prevents them from coming here and taking jobs that otherwise would go to Americans.”

Billionaire investor Warren Buffett and others have advocated boosting the U.S. economy by attracting foreign investment.

The Visa Improvements to Stimulate International Tourism to the United States of America Act, or VISIT-USA Act, aims to do that by also making several other changes to visa policies.

Among them are allowing Chinese tourists to receive a five-year visa that permits multiple visits. They now must apply for a new visa every year. Canadians would be allowed to stay in the U.S. for more than 180 days without having to obtain a visa.

Schumer and Lee have lined up support from the U.S. Chamber of Commerce, the U.S. Travel Assn. and the American Hotel & Lodging Assn. Schumer said he was working to get the backing of the Obama administration, which received the bill’s details Thursday.

“For too long, we have created barriers, and too many hoops and hurdles, which act to deter visitors from other countries coming to the United States to spend their money and create jobs,” said Chamber of Commerce President Thomas Donohue. “This is a loss we can ill afford in today’s economy.”

Robert Toll, executive chairman of Toll Brothers Inc., a Pennsylvania builder of luxury homes, joined Schumer on a conference call with reporters to back the foreign home-buyer proposal. He said it was no different from tax breaks designed to attract businesses.

Lee described it as a free-market way to boost demand in the real estate market after “big-government programs have failed to work.”

jim....@latimes.com

laur...@latimes.com
Copyright © 2011, Los Angeles Times

California gets the Crown : Hottest Neighborhoods for Foreclosure Searches

Top 10 hottest neighborhoods for foreclosure searches

California took the Crown on 5 out of 10.

1) Bullard, Fresno, California
2) Sylmar, Los Angeles, California
3) Sherman Oaks, Los Angeles, California
4) Roosevelt, Fresno, California
5) North Scottsdale, Scottsdale, Ariz
6) Mclane, Fresno, California
7) Summerlin North, Las Vegas, Nevada
8) Enterprise, Las Vegas, Nevada
9) Camelback East, Phoenix, Arizona
10) Corpus Christi, Texas

Click to See Full Article: http://www.inman.com/news/2011/10/20/top-10-hottest-neighborhoods-foreclosure-searches