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Steve Enlow - DRE #01368794

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NEW HOMES IN RANCHO MIRAGE

by Steve Enlow - DRE #01368794

RANCHO MIRAGE — Earth is already being moved for the 32-home Revelle on Clancy Lane neighborhood, and the City Council approved the development plan for the project at the site of the former Marywood Country Day School on Tuesday.

Vincent Barbato of Palm Desert-based Family Development said the project’s five floor plans, five color schemes and two basic elevations are intended to produce “a community with a custom-home feel to it,” with 2,500 possible variations for the homes ultimately built.

“I can pretty much guarantee that no two homes will be alike,” he said.

They will range from about 3,300 square feet to 4,300 square feet, with optional amenities, including casitas, wet bars, yoga/rejuvenation rooms and media rooms.

Sales are scheduled to begin in October, and the first phase of construction will include two model homes and five additional houses.

The council voted 5-0 for the project’s preliminary development plan, which dictates architecture, floor plans, lot layout and landscaping.

A vote on the final tract, including the lot lines, was continued to the Sept. 16 meeting because Family Development is still in the process of securing city-required improvement bonds.

The rezoning of the 18-acre site was approved in 2010 over the protests of Clancy Lane-area residents who said the project’s higher density and traffic would detract from the area’s rural atmosphere. The street was privatized in 1988 at the request of residents.

The Clancy Lane Protection Association now maintains the street between Monterey Avenue and Bob Hope Drive, with a gate at each end to restrict access to residents of Mission Ranch, Renaissance and other communities with direct access to Clancy, with a clicker for the gate and their guests.

The eastern gate is about a fifth of a mile west of Monterey. The status of the ungated section of Clancy is unclear, so some current residents fear future homeowners in Revelle could sue to get access to Bob Hope through the gates on Clancy.

Under the plan submitted to the city, Revelle traffic will be able to exit through a gate onto Verbenia Lane on its northern border and get indirect access to Bob Hope, but all entries will have to be from Clancy. Family Development maintains the Revelle property is part of the protection association.

Clancy Lane resident Marc Homme asked the council to add a condition for approval, barring Revelle residents from using the gates.

“I think you can impose most any reasonable condition on this project now. You can be the peacemakers,” he said, averting what he said would otherwise be “acrimonious litigation.”

Councilman Dana Hobart disagreed, saying the council couldn’t impose a stipulation involving a private street. None was added before the council vote.

Current grading activity on the site is disturbing residents of La Terraza Monterey Estates to the north, community manager Nancy Spear said, with bulldozers going through their retention basin, equipment arriving after work hours and vibrations of up to 5.0 on the Richter scale.

“We had no idea this would have this kind of effect on our community,” she said.

Barbato said Family Development will meet with affected residents and repair any damage done to the retention basin.

May home prices up 12.2 percent for strongest gains since recession

by Steve Enlow - DRE #01368794

Home prices continued to surge in May, rising 12.2 percent from a year ago for their strongest annual gains in more than seven years, according to the Standard & Poor’s/Case-Shiller Index.

From April, prices were up 2.4 percent for the 20-city composite, Case-Shiller said.

When adjusted for seasonal factors, however, the month-to-month gain was 1 percent. That’s strong but smaller than in previous months, which should reduce worries about a housing market bubble forming, says Jed Kolko, a Trulia economist.

Home prices in Dallas and Denver surpassed their pre-financial crisis peaks set in 2007 and 2008, marking the first time any city in the index has set a new all-time high.

The arrival of new peak prices underscores how far the housing recovery has come in some markets that were not hit as hard by the housing bust as others.

Why Rising Home Prices Won't Help Most Homeowners

by Steve Enlow - DRE #01368794

Rising home prices have been in the news.  The upside:  It’s a solid sign of a recovering economy.  The downside:  It is creating unrealistic optimism among underwater homeowners, causing many of them to think, “I’ll just hold off on a short sale and see what happens.” That decision could be a very costly mistake for homeowners. Here’s why.

1) While home prices are rising in some areas, they’re not rising fast enough. 

Projections for home prices in many areas of the country for 2013 indicate an increase.  But it’s a moderate increase. And there are just as many areas that are expected to see flat or decreased values through 2013. The result? Underwater homes will remain underwater for years.

2) Banks are moving more quickly on foreclosure.

In the past, homeowners often had the luxury of time.  Lenders caught unprepared for the onslaught of distressed properties often took nine months or more to begin foreclosure proceedings.  That is no longer the case. With systems and resources now in place,  the foreclosure process now is moving quickly. And as soon as a homeowner receives a Notice of Default from the lender, their options are limited.  While a short sale may still be an option, it’s a race against the clock. If the homeowner can’t execute a short sale in time, they face foreclosure. When they go to buy a home again in a few years, homeowners will have fewer options after a foreclosure vs a short sale.

3) Waiting too long may cost homeowners thousands of dollars in taxes.

As part of the fiscal cliff resolution, Congress extended the Mortgage debt Relief Act…but only through December 31, 2013.

The extension prevents many homeowners who go through a short sale from being taxed on the amount of their mortgage debt that has been forgiven. Normally, debt that has been forgiven by a lender counts as taxable income.

If a homeowner wants to make sure their debt forgiveness is not counted as taxable income, their short sale must close by December 31, 2013. That means they need to get their house on the market now.

Should I Buy a Home Now?

by Steve Enlow - DRE #01368794

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Displaying blog entries 41-44 of 44

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Steve Enlow - BRE #01368794
Desert Sands Realty
78000 Fred Waring Drive, Suite 202
Palm Desert CA 92211
(760)880-3675
Fax: (760)262-3232