The walled and gated Mediterranean estate sits at the end of a private road on five acres with pathways, bridges, waterfalls, fruit trees, a meditation garden, a swimming pool and a tennis court with viewing pavilion.
This is a piece Carol Wolfe of Rodeo Realty’s Encino office wrote for Encino.patch.com back in August. The original story can be viewed at: http://encino.patch.com/articles/conforming-rate-loan-limits-set-to-expire. Some other resources on the subject were added for this blog post. Here it is:
Unless Congress acts, the current conforming loan limits will expire on Sept. 30, and the cost of a mortgage could rise significantly.
More than 30,000 California families will face higher down payments, higher mortgage rates and stricter loan qualification requirements if conforming loan limits on mortgages backed by the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac are reduced beginning Oct. 1, according to analysis by the California Association of REALTORS® (CAR).
The Los Angeles Times wrote a piece on the issue today. Read quotes from Rodeo Realty’s Syd Leibovitch at: http://www.latimes.com/business/la-fi-loan-limits-20110927,0,7797548.story
Despite the Obama administration saying it will support a one-year extension of the current loan limits, said Wolfe, Bank of America has already lowered its loan limits for new loans, and others are expected to follow suit.
This is potentially a big deal for home buyers and sellers here in the Los Angeles area! Many buyers will be looking at higher down payments, higher mortgage rates and stricter qualification requirements.
Government-sponsored enterprises such as FHA, Fannie and Freddie buy and guarantee mortgages. That government guarantee allows buyers the opportunity to pay less money down than conventional mortgages, because it reduces lender’s risk.
In 2008, Congress temporarily raised the conforming loan limits from $417,000 to $729,750 and has extended them annually through fiscal year 2011, according to CAR. This has been an effort to spur home buying in a tough economy.
I agree with CAR’s stance that higher loan limits are an essential part of the housing market recovery. And I support the association’s efforts to urge Congress to maintain the current limits and make them permanent. Congress is the only body that can extend the program.
John Galich and Kristin Morley of Rodeo Realty’s Sunset Strip office are listing the former home of the late actor Heath Ledger for $2,995,000. Known as “The Tree House,” the secluded abode is also said to have once been owned by comedian Ellen DeGeneres.
The 1951 mid-century is nestled behind gates on a celebrity filled stretch of Woodrow Wilson. It sits amidst a mature sycamore grove and nearly a half an acre of lush grounds. Check out what Huffington Post had to say about the home: http://www.huffingtonpost.com/2011/09/22/heath-ledgers-home-hollywood_n_976589.html
State, county and national real estate statistics paint broad brush strokes about what’s happening in the market. The key to success for buyers, sellers and agents alike is understanding market conditions in specific communities and neighborhoods.
So Rodeo Realty recently launched a Web site, rodeomarketreports.com, which will post monthly localized market reports for communities in the Westside of Los Angeles, the San Fernando Valley area, and Ventura County. (Please note: The images below do not link directly to the market reports. You must visit the before mentioned Web site.)
Actor Jason Priestley, well known for playing the character Brandon Walsh on the hit television series “Beverly Hills 90210,” has placed his Los Angeles area home on the market for $2.1 million.
Here’s what the LA Times had to say about the property: http://www.latimes.com/business/realestate/la-fi-hotprop-jason-priestley-20110912,0,3550525.story. NBC’s OpenHouse also featured the home: http://www.nbcnewyork.com/blogs/open-house/Jason-Priestley-Lists-Non-90210-Pad–129505768.html
Actor, singer and comedian Wayne Brady is selling his home in the San Fernando Valley for $2.2 million. Laura Piller and the Cohan Team of Rodeo Realty’s Calabasas office are the listing agents.
Ron Wolotzky of Rodeo Realty’s Beverly Hills office recently closed a $4.1 million sale in Sonoma, Calif. It’s a fun story, because the vineyard estate deal proves that while Internet marketing is an important part of succeeding in today’s real estate industry, you can never underestimate the role of fate.