Restoration On Conforming Loan Limit For FHA Mortgages in Santa Monica and West LA

Restoration On Conforming Loan Limit For FHA Mortgages in Santa Monica and West LA

Good news. In a compromise negotiated today, Congress agreed to restore the $729,750 conforming loan limit for FHA mortgages. The extension will continue until December 31, 2013 and applies to high cost areas including all of Los Angeles and Orange County. We were not able to restore the $729,750 limit for Fannie Mae and Freddie Mac mortgages.

As a result of the efforts of several of us a few years ago the Fannie and Freddie limit was permanently increased to $625,500, for high cost areas such as Los Angeles and Orange County. We were able to get a temporary increase for high cost areas to $729,750 for FHA, Fannie and Freddie mortgages, but that temporary increase expired September 30, 2011.

I will continue to fight for a permanent increase for Fannie Mae, Freddie Mac and FHA to $729,750 for high cost areas.

The compromise negotiated today is critical to the San Fernando Valley and the greater Los Angeles area. Some purchasers prefer FHA to Fannie and Freddie and some the opposite, but virtually every transaction that would have closed as a Fannie or Freddie loan can now close as an FHA loan. Moreover, it is FHA that allows for a lower down payment, and restoring the $729,750 limit for FHA probably does more to provide a vehicle for all types of home buyers than anything else we could have passed.

BRAD SHERMAN, Member of Congress

 

Bill Encourages Foreigners To Buy West LA Homes

A new bipartisan bill has been proposed that would allow foreigners who spend $500,000 on a residential property to obtain visas allowing them to live in the United States. What do you think of this new proposed bill?

“Bill Would Encourage Foreigners To Buy U.S. Homes.”

West Los Angeles Condominium Market

There are approximately more than 2000 condos in the West Los Angeles neighborhood of LA County. This real estate area is located west of the 405 fwy and is surrounded by Brentwood on the North, Santa Monica on the West and Westwood on the East.

There have been already 103 West Los Angeles condominiums sold so far as of Sept 22nd of this year. The interesting part is that there were eleven 1 bedroom condos sold and more than half of them were for less than $300,000. Thirty six 2 bedroom condos sold in the range of $252,000-$499,000.

As of today, we have 79 West Los Angeles condos currently on the market. Entry level condos with 1 bedroom are in the range of $285,000 – $385,000. In addition, there are also thirty seven 2 bedroom West LA condos with pricing starting at $394,000-$850,000. There is a lot of inventory to choose from in the $500,000 or less real estate price bracket. 3 bedroom West LA condos start at $460,000 and can go all the way to $1M.

There are still a large amount of buyers talking advantage of the extremely low interest rates in the range of 4% and this is evident with 30 condos that are currently under contract.

For more information on the West Los Angeles condominiums, townhomes and single-family homes, please contact Santa Monica realtor Gary Limjap at 310.8293939.

 

Strong Housing Report In Sunset Park – Santa Monica

Sunset Park in Santa Monica is still experiencing a very strong real estate market. Out of more than 2700 single family homes in the neighborhood, there have been 57 homes that have been purchased this year alone – the highlight a newly constructed home on 16th Street that fetched over $2M.

However, 30 of the homes sold were all under $1M. and most of them were in the price bracket of $700,000 – $800,000. These homes were primarily fixers and were sold for land value.

There are currently 19 single family homes for sale in Sunset Park, Santa Monica with more than half of them priced between $700,000 – $900,000. A majority of these homes will wind-up being in categories of small square footage, needing updating/rennovations or being sold for land value.

There are some great values to be had right now that are well-sized family homes in prominent Sunset Park locations in the range of $1.4M -$1.8M.

 

If you need additional information or would like to inquire on what is currently available in the Sunset Park and the neighboring areas, please do not hesitate to contact Santa Monica realtor Gary Limjap.