VENICE REAL ESTATE MARKET UPDATE

A BIG WIN FOR OVERNIGHT PARKING DISTRICTS

There were over 1500 ballots cast Saturday, February 21st, in an stakeholder initiative election held by the Venice Neighborhood Council. Put simply, it was to vote yes or no on OPD (Overnight Parking Districts) in Venice. More came out to vote than ANY Venice Neighborhood Council election EVER.

Voting was scheduled for 12:30 to 3:30. The line started forming at 12:00 ... and wrapped all the way around the Venice Library and down to the end of the parking lot on Venice Boulevard ... ALL DAY. People were still voting after 4:30.

The results ...

OPD YES = 891
OPD NO = 634 (counting about 200 non-residents).

CALIFORNIA ASSOCIATION OF REALTORS REPORTS ENTRY-LEVEL HOUSING AFFORDABILITY INCREASES TO 59 PERCENT

The percentage of households that could afford to buy an entry-level home in California stood at 59 percent in the fourth quarter of 2008, compared with 33 percent for the same period a year ago, according to a report released today by CAR CAR's First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California.

The minimum household income needed to purchase an entry-level home at $248,030 in California in the fourth quarter of 2008 was $48,900, based on an adjustable interest rate of 6.02 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment, including taxes and insurance, was $1,630 for the fourth quarter of 2008. At $48,900, the minimum qualifying income was 42 percent lower than a year earlier when households needed $83,700 to qualify for a loan on an entry-level hold. Recent decreases in home prices and mortgage rates have brought affordability into better alignment with income levels of the typical California households, where the median household income is $59,160.

At 76 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 44 percent, followed by the Los Angeles County region at 46 percent.

The First-time Buyer Housing Affordability Index also rose 6 percentage points in the fourth quarter of this year compared with the third quarter of 2008, due to a 14.1 percent decrease in the entry-level median home price.

To read the full story, please click here.

PROPERTY TAX REDUCTION SCAM ALERT

The Los Angeles County Assessor's office is alerting homeowners that various private companies are sending mailings to property owners offering their services to pursue a reduction in the owner's property taxes. The companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies also are imposing late fees if the application is received after an arbitrary deadline. Solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency. Failure to provide such notice is a violation of California law.

In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on a property owner's most recent property tax bill. Typically, an application from the property owner is required to initiate a review of the property's value by the Assessor.

To read the full story, please click here.

FAST FACTS