Pasadena Real Estate Blog

“Compassion and Care For All Animals” Established in 1903, the Pasadena Humane Society & SPCA (Society for the Prevention of Cruelty to Animals) is a private, non-profit organization that is dedicated to protecting the welfare of all domestic and non-domestic animals in serving the cities of Pasadena, South Pasadena, San Marino, La Canada Flintridge, Sierra Madre, Arcadia and Glendale.

The Pasadena Humane Society provides services that include animal control, investigation of animal neglect and cruelty, licensing for La Canada and Arcadia, adoptions, pet behavior training classes, and humane education. Most people know the Pasadena Humane Society for its adoption services, which justifiably is not made to be an easy process for those looking to adopt a pet. PHS wants to ensure that each animal they take into their facilities will be placed into the best permanent homes and require steps that include an application, an interview regarding experience with animals, and a visitation with the potential animal to be adopted.

With the current state of our economy and the upsurge of foreclosed homes in the residential communities there have been an increased number of pets being given up by owners affected by the market. The Humane Society has responded by strengthening their efforts and increasing their outreach programs for pet adoptions. Just as notable as their adoption services is the work that the Humane Society does with animal control which includes cruelty investigation and prosecution, as well as wildlife assistance.

Extending beyond the local communities, the Pasadena Humane Society has provided aid nationally for catastrophes and natural disasters in which domestic and wild animals lives are at risk.

Held on the second Sunday of every month, the Rose Bowl Flea Market in Pasadena is the largest swap meet in California. Such a wide diversity of items can be found at the Rose Bowl swap meet, attracting all walks of life to explore and shop for unique items that over 2,500 venders are selling. Among over 20,000 buyers, you will observe fashionistas going through endless racks of vintage clothing, interior designers that find value in irreplaceable antiques, and collectors looking for nostalgic objects of the past. The flea market is sectioned off into three areas. The first section starting from the entrance is vendors selling brand new items, the second is all antique furniture and collector’s items, and the third is an entire parking lot of vendors selling vintage clothing. 

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Admission 5am-7am $20 7am-8am $15 8am-9am $10 After 9am, $7 Kids free

Parking Free lot

Hours Second Sunday of the month 5am-4:30pm

Payment Types Cash

Did you know that you can buy Pasadena foreclosed homes for almost a 100% financed? There are great loans such as FHA, VA, and CALHFA loans (designed for people in education). All of which only require 3% down payments.

There has never been a better time than right now to live the American Dream of owning a home. This is definately a buyer’s market, and many banks are unloading foreclosed homes for below market value plus paying the buyer’s closing costs.

Search Pasadena foreclosures.

Q: Is there any “Risk” in purchasing foreclosures?

A: Yes, but lets see the reward…

Reward by taking a “Risk”

Purchasing a bank owned home may be an As-Is purchase, but you have the same rights as in purchasing any other home. By hiring a professional inspection company, you can know in detail what faults the home may have. Many times the items will be quick fix-it items. Therefore, make sure you have an “Inspection Contingency Period” and if the home is not what you thought it was, then cancel the deal.

Just think about all those shows like: HGTV’s Designed to Sell, Armando Montelongo’s Flip This House, and other home improvement shows. I bet you thought…. “Wow, I could have done that!” Be like Nike, and Just Do It!

And yes, the rumor is true that in many foreclosed homes you may see missing doors, missing knobs and in some cases even missing kitchens! You have heard the saying, “Risk vs Rewards.” Take the “Risk” in buying a foreclosed home and get a killer deal! After a couple trips to Home Depot and putting a little sweat equity, you will see in the end that it was all worth it.

If you have been considering buying a Pasadena Foreclosure, call Ramiro Rivas & Associates at 626-497-4606 or visit http://www.soldbyramiro.com/ .

In a move that will stymie thousands of would-be home buyers and homeowners, Fannie Mae announced another round of mortgage guidelines changes a few weeks ago that will have a huge impact.

Unlike past revisions in which Fannie Mae tightened debt ratio and credit scoring requirements, however, the newest underwriting updates home equity and home buyer downpayments.

This is consistent with the emerging underwriting philosophy that Collateral is King.

No home equity, no downpayment, no loan.

Effective December 13, 2008, Fannie Mae will enforce the following single-family residence restrictions:

• Primary residence, “cash out” refinances are limited to 85% loan-to-value
• Second home, cash out refinances are limited to 75% loan-to-value
• Investment properties cannot be refinanced without a 25% equity position

Each bullet point represents a 5 percent tightening over the previous guidelines.

Now, to be clear, Fannie Mae isn’t the only source for mortgage money. The others are comprised by the FHA, the VA, and an innumerable amount of portfolio lenders. To date, these groups have yet to announce similar loan-to-value restrictions.

But, because Fannie Mae (along with Freddie Mac) guarantees almost half of the nation’s home loans, it does swing a big stick. Historically, when Fannie Mae gets tight with its money, the other groups tend to follow.

Starting 45 days from now, qualifying for a conforming mortgage will require more home equity than at any time since 2003.

Now, there are a lot of people sitting around right now, waiting for mortgage rates to fall before buying or refinancing their home.

I’d offer a more prudent idea: Just get on with it already.

None of us can predict what where mortgage rates will go. Recession, inflation, whatever — it’s a big mystery. But, we do know with 100% certainty that guidelines will tighten effective December 13, 2008, and it will prohibit Americans from getting access to mortgages.

We know this because Fannie Mae published it on its Web site.

If you’re buying a home or in need of a refinance, consider moving up your timeline. If rates fall after-the-fact, you can always try to refinance into something less expensive. But if guidelines shut you out, there’s nothing you can do about in hindsight.

If you know you need a conforming mortgage or a jumbo mortgage, just take care of it. Great low rates don’t mean a thing if you can’t get qualified. And starting December 13, 2008, the qualifying hurdles are going to be raised.

Within the Arts and Crafts Movement, the Craftsman style was a progressive architectural design that proliferated in the early part of the 20th century and to this day stands as a form of residential architecture most commonly associated with Pasadena Real Estate.. It can arguably be said that the two brothers, Greene and Greene, were the Pasadena architects that have made the Craftsman style so prevalent in the San Gabriel Valley of Los Angeles. Initially most of the work of Greene and Greene was implemented into smaller Craftsman designed California Bungalows for residences that were built for the middle class communities in and around Pasadena. As the Greene & Greene Architectural firm became more renowned they began receiving commissions for much larger custom Craftsman homes that became termed as the ultimate bungalow. The most prime example of a Greene and Greene ultimate bungalow is one of Pasadena’s, The Gamble House, which has been deemed by enthusiasts as America’s Craftsman masterpiece. At the beginning of the 20th century many people chose to make a move to Pasadena for its warm, arid climate and it was because of this that the Pasadena Craftsman Bungalow reached its full potential in California. The San Gabriel Valley lends well to Craftsman homes because of the broad front porches that is a common feature of the architectural style, which allows a homeowner to take full advantage of the year round sunny weather that is typical to the Pasadena area. The Bungalow was part of a movement in the United States that provided housing that the working class could afford. Unlike today’s affordable housing, which many times uses the cheapest materials, Craftsman Bungalows were built with old-growth timber, real plaster, wooden windows and doors, and built-ins that are now mostly found in high-end homes. It is because these homes were built so well, in a city that finds importance in preserving culture, that many Craftsman Bungalows still stand today. The Pasadena Craftsman Bungalow, many which are now over a century old, continue to provide housing for residents that appreciate a flourishing city with such a colorful past. Search for Craftsman homes

I’ve been seeing quite a few agents and lenders using the $7,500 1st Time Buyer “Credit” in their promotional materials aimed at first time buyers. Be careful out there as many people “explaining” this “credit” to first time buyers are not including the part where it has to be repaid. The first payment of $500 begins two years after you receive the “Credit” and continues for 15 years. If you sell the property at a profit before the $7,500 is paid back, the balance is due when you sell. On the bright side, it does appear that if you do not have enough “profit” to repay the interest free loan of $7,500…it is forgiven.Excerpted from FAQ’s On the $7,500 1st Time Buyer “Credit”:

“ …Because the tax credit must be repaid, it operates like a zero-interest loan….The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.”

“…the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale…if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed.”

“…this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales.”

It’s not that I’m against a stimulus package for increasing homes sales, but you have to wonder how many people see CREDIT and understand LOAN? They really should call it a $7,500 1st Time Buyer Interest Free LOAN. And for all you mortage and real estate professionals, maybe we understand why the government has to call it a TAX CREDIT, but to be sure your clients know the amount has to be repaid, you should call it an interest free loan when explaining it to your clients. As always consult a CPA or accountant for further clarification.

Getting Started on a Home Search Mortgage interest rates had dropped recently and home prices have moderated in many areas, making it a good time to buy. If you’ve never bought a condo or townhome before or if you currently own a home but have never bought and sold at the same time, the process can seem intimidating. You can ease your anxiety by formulating a game plan and by assembling the best team of professionals you can find, including a mortgage lender, a Realtor® that you feel that you can trust, as well as inspectors, title reps, and home warranty specialists. If you are searching for a condo Pasadena is a great place to look since it is a city that has been becoming more urbanized over the past few years. Space in Los Angeles is at a premium, ever increasing, and many L.A. suburbs are starting to become re-urbanized. The most recent trend in many suburbs is retail developments with the inclusion of at least two floors of residential units above a retail city walk. Examples of such urbanization is the Paseo Colorado in Pasadena, and Rick Caruso’s latest development, The Americana in Glendale. The two key players on your team in a home search are the lender and your real estate agent. Once you have these selected, they can help you line up the additional help you need. The best recommendations for a real estate agent is one who is well educated about the market in your area. If you’re a first time homebuyer you may not have a resource of competent mortgage enders, reputable inspectors, or a trustful escrow company that will successfully help you through the purchasing of a home; Therefore it would be of utmost importance to choose a Realor® that will have this resource of people to recommend to you to have the option of using. A first step is to find out how much you can afford. Most buyers will obviously need a mortgage in order to complete a home purchase. A lender will qualify you for a certain loan amount depending on how much cash you have available for a down payment and closing costs—the various fees associated with buying or selling a home. Other relevant factors are your credit score, your verifiable income and what type of mortgage you decide to use for your purchase. You can work with a mortgage broker who will shop the mortgage market for you and place your loan package with the lender that offers the best deal. Or, you can work directly with a lender, such as Bank of America or Citibank. Just make sure that you understand what kind of loan is being offered. You might want to consult with an independent party like your accountant or financial advisor to determine what kind of financing is best for you. If you’ve never bought a home before, you should use an agent who is a good communicator and who will take the time to explain the process. Also, keep in mind that your agent will be interfacing with the other parties in the transaction. You want someone you trust and who you are sure will represent you professionally and work diligent on your behalf. Search for a Condo

Estates Pasadena is a new development community in Northwest Pasadena at Sierra Madre Villa Avenue and Sierra Madre Boulevard. The French Provincial, English Tudor, and Cape Cod architecturally designed two story luxury homes range between 2,900-3,500 square feet, with either 4 or 5 bathrooms and up to 4.5 baths. In previewing the model homes it appears that high quality materials were used with attention to detail. Each home features a formal foyer, pre-wired security systems, high-speed internet connections, cable television connections installed in all bedrooms and family rooms, as well as family room media areas that are pre-wired for built-in speaker systems. The back yard patio areas are being prepared with connection for barbeques, and indoors include custom cabinetry, high-energy efficient insulation, dual glazed windows, with many of the floor plans built with vaulted or two-story ceilings. For those looking for a move in condition luxury home done in an old world style, but with all modern amenities, it would be a housing community definitely worth considering moving into. Pasadena Luxury homes and estates for sale. Erica Swanson Ramiro Rivas & Associates Coldwell Banker- Pasadena www.RivasEstates.com

Pasadena Makes the top 5 LA County Destinations

With the real estate market going down in many areas, Pasadena Real Estate is remaining a top destination for many home buyer’s. The City of Roses has everything from entry level condos to multi-million dollar estates.

Diane Wedner from Los Angeles Times writes: It would seem that still-high prices and hard-to-get loans would keep people away from Southern California’s pricier areas. But they’re still coming. According to a recent NorthStar Moving Corp. survey of their customers’ moving requests from June ‘07 through May ‘08, nearly 2,000 of them transplanted to Los Angeles and Orange counties. And that’s just one moving company.

The top L.A. County destinations:

1) Los Angeles (city of)

2) Pasadena

3) Santa Monica

4) Marina del Rey and Woodland Hills (tied)

5) Long Beach

Pasadena Homes For Sale.

WHAT WOMEN WANT 

Breaking Records: Currently, single women buyers purchase 22 percent of new homes, compared to only 9 percent by single men. They purchased 1.5 million homes in 2005, which equates to one in five sales.

What they’re buying: Many single women harbor similar desires in homes. But others do go against the average. Here is a list of the common trends in home buying for single women:

· Prefer 2 bedrooms or more

· More likely to choose resales

· Buy in city over suburban areas

· Will not compromise on location or quality of neighborhood

· Prefer condos or townhomes with well run homeowner associations

· Desire security and / or gated access. Want close proximity to stores, shopping and fitness centers.

We have assisted many women home buyers in the purchase of houses to condos. To see more info about this topic visit our Single Women Buyers page on our website. There you will also see various testimonials from our satisfied clients.