Will miss you David Murdock

by Arnie Levine on November 16, 2014

in Latest News

Unfortunately David had a heart attack and past away last month. He was a gentle giant. All our company associates and clients only had kind words for him.  He is the proud father of two daughters and one son, and the
grandfather of two boys.

 dave rev pic David Murdock is originally from Syracuse, New York. He received a Bachelor of
Science degree in Business Administration from San Diego State University.
He had over 30 years of experience in the leasing and sale of apartments and
commercial properties, and has leased or sold well over 2,000,000 square feet
of these properties. As the director of County Properties Commercial division,
he  specialized in the leasing and sale of apartments, retail, office and
industrial properties throughout San Diego County.He notes that with today’s technology, he is able to provided the same or greater level of service in professionally meeting his clients needs as the large commercial brokerage
companies. David’s passions are golf, hiking, travel, and reading.
 David Murdock
Broker Associate

Director of Commercial division

Contact MeCA Bureau of Real Estate (BRE) # 00973512

I will personally miss you David, “Go gently in the night.”

Arnie Levine

  Phone:(619)540-5811Fax: (619) 374-6864 Raquel Shapiro is originally from Montevideo, Uruguay.  Lived in New York for 36 years where she raised her family and owned and operated a retail beauty business for 18 years.  She moved to San Diego about 9 years ago and became a Realtor specializing in Residential, listing and selling single family homes, condos, townhomes and investment properties throughout the greater San Diego area.She is fluent in Spanish as well English.Her passion is to travel and to learn about many different cultures.
Raquel Shapiro Realtor ® Contact Me Raquel Shapiro (DRE #01866479)

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single-family permits remain flat

Multifamily apartments

After plunging in June, housing starts and housing permits recovered in July, printing at 1,093,000 and 1,052,000, respectively.

This represents a 15.7% gain in starts and permits, which is the good news that will make headlines, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

The bad news is that almost all of those gains from June to July in starts and permits are in multifamily rental housing.

In permits, almost all of the increase was due to multi-family unit construction, which soared by 73,000 to 382,000, a 24% increase, while single-family residential permits were up by just 6,000, or less than 1%.

Click the graph to enlarge.

Housing starts in July likewise gained mostly on multifamily strength. Single-family units rose to 656,000, while multifamily unit starts soared by 33% in one month, from 318,000 to 423,000.

Click the graph to enlarge.

Notably, this has multifamily starts coming in at its highest level since January 2006.

“There were 585,000 total housing starts during the first seven months of 2014 (not seasonally adjusted, NSA), up 9.1% from the 563 thousand during the same period of 2013,” notes Bill McBride at Calculated Risk. “Single family starts are up 3%, and multi-family starts up 24%.  The key weakness has been in single family starts.”

Housing is improving but it is becoming apparent that the market has changed. Single-family housing is not as attractive financially as in the past and multifamily housing is the current trend. But at least it is on an uptrend.

Nevertheless, homebuilder stocks were up on the news Tuesday.

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In a real estate transaction, there are usually expenses and payments that must be “prorated” (or properly distributed or divided proportionately) so that the parties are equitably responsible for amounts owed during their respective ownership of the property.

For example, the seller is the beneficial owner of the property until the close of escrow, when ownership and possession is delivered to the buyer. Naturally, there are some items or expenses that have been prepaid by the seller. In order to equitably reconcile these prepaid items or recurring costs in connection with the property, the escrow holder may be instructed by the parties to prorate those expenses.

Examples of these items/expenses include:

  • property taxes
  • rental income
  • security deposits
  • property insurance
  • interest
  • homeowner association dues

The items are usually prorated using the date of the close of escrow and some other “paid to” date. For example, if a seller paid $300 in homeowner association dues for the month of May and escrow were scheduled to close on May 15th, the escrow officer, if instructed, would likely prorate said dues from the close of escrow to June 1st. This proration would result in a credit (reimbursement) to the seller for the period of time he or she is no longer the owner of the property, and a debit to the buyer for the period of time that he or she has been the owner of the property and responsible for the dues.

If you are a buyer or borrower and obtaining a loan, you will most likely pay a proration of mortgage interest in connection with, and as a requirement of, your new loan. If you have questions regarding the prorations of items on your estimated or final closing statement, we will be able to help you.

HomeValue

Home's value request form.

Jumbo, interest-only mortgage borrowers are in for monthly sticker shock when their principle comes due.

During the peak of the housing boom, from 2004-07, interest-only mortgages gave some buyers access to bigger or better homes than they likely could have afforded with a traditional principal-and-interest monthly payment.

The interest-only mortgage was meant for borrowers who had variable cash flow, such as independent contractors or salespeople who got large year-end bonuses. The loans attracted people who expected their income to rise over time, allowing them to handle principal payments later.

But a product meant for a select few was oversold, says Mark Livingstone, president of Cornerstone First Financial, a mortgage broker in Washington, D.C. Borrowers in high-price markets who had steady incomes and could afford a principal-and-interest payment instead opted for interest-only loans. Many borrowers who put down less than 20% with these loans were told that the rising real-estate prices would cover their lack of equity.

An estimated $934 billion in jumbo interest-only mortgages of all types were sold during the peak years of the housing boom, averaging about $234 billion a year, according to Inside Mortgage Finance, a research group that publishes data on the mortgage industry. By comparison, just $55 billion in jumbo interest-only products were originated in 2002, and $140 billion in 2003, Inside Mortgage Finance says. (Jumbo loans exceed $417,000 in most markets, and $625,500 in high-price markets such as San Francisco and New York.)

Interest-only mortgages come in various forms, including five-year and seven-year initial periods, but the 10-year type, followed by a reset, was popular when the housing market was hot. Now with those loans starting to enter the principal-payment period, borrowers face a dilemma: They can refinance or take their chances on a new, possibly higher, payment. When the payment resets, the principal typically must be paid back over the remaining 20-year life of the loan, instead of over 30 years, says Mr. Livingstone.

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To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 540-5811.

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

For Luxury homes

for rent sign

 According to the latest real estate market reports, homes remain more affordable to buy in 94 of the country’s 100 largest metros compared to historic averages. On the other hand, renting is more expensive than ever in 88 of the country’s 100 largest markets.

“The affordability of for-sale homes remains strong, which is encouraging for those buyers that can save for a down payment and capitalize on low mortgage interest rates. But the health of the for-sale market is directly tied to the rental market, where affordability is really suffering” said Zillow Chief Economist Stan Humphries.

This report confirms the concerns of Shaun Donovan, former Secretary of the U.S. Department of Housing and Urban Development, in March.

Since rents didn’t experience the massive drop that home values witnessed during the recession, rent prices just keep climbing. Meanwhile, home values jumped 6.5% year-over-year, while national rents increased 2.8% for the same time span.

And now due to low mortgages rates and housing affordability, homeowners at the end of the second quarter only have to expect to pay 15.3% of their income to a mortgage, significantly below the pre-bubble days of 22.1%.

“As rents keep rising, along with interest rates and home values, saving for a down payment and attaining homeownership becomes that much more difficult for millions of current renters, particularly millennial renters already saddled with uncertain job prospects and enormous student debt,” Humphries said.

“In order to combat this phenomenon, wages need to grow more quickly than they are, particularly for renters, and growth in home values will need to slow,” he continued.

The benefits of homeownership may not outweigh renting forever. Mortgage rates are expected to rise in the coming year.

“When mortgage rates hit 5%, still very low by historical standards, the number of unaffordable metros for homeowners among the top 100 will more than double, to 13,” the report said. When rates hit 6%, the number of unaffordable metros will almost double again, to 24.

County Properties, 26 years of brokerage experience, trust.

County Properties BBB Business Review
We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 540-5811.

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

For Luxury homes

 

U.S. home prices are slowing down, with easing annual growth in 20 major cities bringing the market closer to normality, according to data released Tuesday.
For a fourth consecutive monthly gain, U.S. home prices rose 1% in June, pushing annual price growth to 8.1%, the leanest year-over-year result since January 2013, according to the S&P/Case-Shiller’s 20-city composite index of 20 major cities released Tuesday.
For the first time since early 2008, each of the 20 cities saw annual price growth slow down. Slower home-price growth, along with indicators such as a more positive outlook among home builders, are a good sign, said David Blitzer, index committee chairman at S&P Dow Jones Indices.
“Taken together, these point to a more normal housing sector,” he said.
Among 20 tracked cities, all saw higher home prices in June, led by a monthly increase of 1.6% New York, the city’s strongest showing since June 2013.
After seasonal adjustments, home prices among the 20 cities declined 0.2% in June, compared with a drop of 0.3% in May.
Prices have been cooling thanks, in part, to more sellers placing their homes on the market. Slower home prices can support more purchases by encouraging buyers to make an offer. Home prices that run too hot for too long would cut out an increasingly large share of the pool of prospective buyers. Buyers also have to contend with rising mortgage rates, which spiked last year, though there’s been some easing in recent months.
“The evidence suggests that house prices are leveling off following the sharp increases of 2013, with the improved supply we have seen in recent existing home sale figures putting a cap on price pressures, and demand still below last year’s peaks,” Andrew Grantham, an economist at CIBC World Markets, wrote in a research note.
While buyers don’t love quickly rising home prices, fast appreciation isn’t all bad. Millions of troubled properties have regained equity over the past year, though this effect may wane somewhat as price growth slows.
“A more gradual pace of home price appreciation should continue to lift more homeowners out of negative equity, albeit at a slightly slower pace,” Gennadiy Goldberg, U.S. strategist at TD Securities, wrote in a research note.
Including June’s monthly gain, home prices were about 17% below a 2006 peak.
Separately, the Federal Housing Finance Agency, which tracks deals involving mortgages backed by Fannie Mae (FNMA) and Freddie Mac (FMCC), reported that its seasonally adjusted gauge of home prices rose 0.4% in June, the seventh consecutive gain. Compared to June 2013, prices were up 5.1%, the FHFA added.

SAN DIEGO CHARGERS 2014 SCHEDULE

by Arnie Levine on May 7, 2014

in Sports

San Diego Chargers’ Calendar

August 2014
    Date Time Event Location
    Aug. 7 7pm Dallas Cowboys vs. San Diego Chargers Qualcomm Stadium
    Aug. 15 7pm San Diego Chargers at Seattle Seahawks CenturyLink Field
    Aug. 24 1pm San Diego Chargers at San Francisco 49ers Levi’s Stadium
    Aug. 28 7pm Arizona Cardinals vs. San Diego Chargers Qualcomm Stadium
September 2014
    Date Time Event Location
    Sep. 8 7:20pm San Diego Chargers at Arizona Cardinals University of Phoenix Stadium
    Sep. 14 1:05pm Seattle Seahawks vs. San Diego Chargers Qualcomm Stadium
    Sep. 21 10am San Diego Chargers at Buffalo Bills Ralph Wilson Stadium
    Sep. 28 1:05pm Jacksonville Jaguars vs. San Diego Chargers Qualcomm Stadium
October 2014
    Date Time Event Location
    Oct. 5 1:25pm New York Jets vs. San Diego Chargers Qualcomm Stadium
    Oct. 12 1:05pm San Diego Chargers at Oakland Raiders O.co Coliseum
    Oct. 19 1:05pm Kansas City Chiefs vs. San Diego Chargers Qualcomm Stadium
    Oct. 23 5:25pm San Diego Chargers at Denver Broncos Sports Authority Field at Mile High
November 2014
    Date Time Event Location
    Nov. 2 10am San Diego Chargers at Miami Dolphins Sun Life Stadium
    Nov. 16 1:05pm Oakland Raiders vs. San Diego Chargers Qualcomm Stadium
    Nov. 23 1:05pm St. Louis Rams vs. San Diego Chargers Qualcomm Stadium
    Nov. 30 10am San Diego Chargers at Baltimore Ravens M&T Bank Stadium
December 2014
    Date Time Event Location
    Dec. 7 5:30pm New England Patriots vs. San Diego Chargers Qualcomm Stadium
    Dec. 14 1:05pm Denver Broncos vs. San Diego Chargers Qualcomm Stadium
    Dec. 20 1:30pm San Diego Chargers at San Francisco 49ers Levi’s Stadium
    Dec. 28 10am San Diego Chargers at Kansas City Chiefs Arrowhead Stadium
Printed: Wednesday, May 07, 2014 at 12:07 PM PDT Calendar events displayed in Pacific Daylight Time/Pacific Standard Time

The IRS Statue of Limitations for Auditing!

by Arnie Levine on May 7, 2014

in Finance

The IRS has (basically) 3 years after you file a tax return to audit you.

If the IRS shows up after that, you may be able to point out that the statute of limitations has run.

It’s better than hunting for receipts! But there are many special rules that can extend the purgatory.

First, the 3 years is doubled to 6 if more than 25% of your income is omitted.

It’s also doubled if you failed to disclose a foreign account.

Even worse, the IRS has no time limit if you neverfile a return . There’s also no time limit on fraud. Fraud is the IRS’s greatest trump card.

Fortunately, though, the IRS has a high burden to show fraud.

Here are other timing rules you should know.

Extend: The IRS may contact you (usually about two and a half years after you file), asking you to extendthe statute.

Most tax advisers say you should usually grant an extension. Some taxpayers say “no” or ignore the request.

That may lead the IRS to send a notice assessing extra taxes.

Amend: To amend a tax return, do it within 3 years of the original filing date.

If your amended return shows an increase in tax, and you submit the amended return within 60 days before the 3 year statute runs, the IRS only has 60 days after it receives the amended return to make an assessment.

An amended return that DOES NOT REPORT A NET INCREASE in tax, does not trigger an extension of the statute.

Refunds: If you pay estimated taxes or have excess withholding but fail to file a return, you generally only have two years (not three) to get it back.

State Timing: Some states have the same three- and 6 year statutes as the IRS.

But some set their own time clocks, giving themselves even more time to assess extra taxes.

IN CALIFORNIA, FOR EXAMPLE, THE BASIC TAX STATUTE OF LIMITATIONS IS FOUR YEARS.

However, if the IRS adjusts your federal return, you are obligated to file an amended return in California.

If you don’t, the California statute will never expire.

Partnerships:   Partnerships and LLCs generally don’t pay tax themselves, even though they file tax returns.

Rather, their partners or members pay the tax. Statute issues come up frequently with partnerships.

For example: What happens when a tax notice is sent to a partnership, but not to its individual partners?

The audit or tax dispute may be ongoing, but you may have no personal notice of it.

As a result there are numerous special rules for partnerships. In general, partnerships have a “tax matters partner” who gets notice.

John Doe Summons: Another set of rules says the statute of limitations may be “tolled” (held in abeyance) by an IRS John Doe summons.

That is so even if you have no notice of it.

It works like this.

Suppose that a promoter has sold you on a tax strategy. The IRS may issue a summons to the promoter asking for all the names of his clients and customers.

While the promoter fights turning over those names to the IRS , the statute of limitations clock for his clients is stopped.

Bottom Line:   Statute of limitations issues can be pivotal in tax cases.

Of course, the difference between winning and losing often depends on records.

The statute usually begins to run when a return is filed, so keep certified mail or courier confirmation.

If you file electronically, keep all the electronic data, plus a hard copy of your return.

If you can successfully assert a defense based on the statute of limitations, you don’t have to go further!

Realtors are not tax attorneys or accountants. We do not give legal or tax advice, please, always seek the advice of your tax attorney/accountant.

california

While the price of a California home rose to a level not seen in six years, it didn’t drive buyers out of the market. In March, the median price for a home rose to $366,000, which was up $16,000 from February and marks the highest price since March 2008. Despite the high price tag, home and condominium sales were up nearly 21% for the month.

March’s sales may have been up from February’s figures, but they were still down 13.3% from March 2013.

“Despite the nice jump in March home sales, sales continue to be slower than we’ve seen since 2008,” said Madeline Schnapp, director of economic research for PropertyRadar. “The supply of lower-priced distressed properties is disappearing at a rapid clip and is not being replaced by an adequate supply of non-distressed properties.”

These numbers echo the rising prices in Southern California, where the median price also rose to its highest level in six years. The high cost was a deterrent in the southern part of the state as home sales also hit a six-year low.

For the state as a whole, non-distressed property sales were up 25.2% in March. Distressed property sales were up 7.4%, despite prices being 13.3% above March 2013.

“The jump in median home prices in March was somewhat of a surprise given the lackluster sales volume since last summer,” said Schnapp. “This past month, however, seasonal demand and lack of inventory drove up prices. In addition, higher priced non-distressed properties now comprise nearly 80% of total sales volume, up from 64% a year ago.”

PropertyRadar is predicting that rapid price increases will help create more for-sale inventory by reducing the number of underwater California homeowners. The number of California homeowners with more than 10% equity in their homes increased 0.5%, or nearly 27,000, in March.

Since August, an additional 393,000 homeowners, or an increase of 8%, now have more than 10% equity in their homes and can now participate in the real estate market and either sell or buy property.

“While the decline in negative equity will help with the lack of inventory problem,” said Schnapp, “it is important to keep in mind that nearly 1.2 million California homeowners, or 13.5%, remain underwater, which continues to create significant headwinds for the California housing market.”

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