The Cunningham Group Blog

JUST REDUCED! 1338 S CURSON AVENUE. MUST SEE IN WILSHIRE VISTA!

May 1, 2012 – 9:30 am

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NEW LISTING – 1338 S CURSON AVENUE

April 16, 2012 – 11:11 am

$779000 / 3br – 5777ft² – TRADITIONAL STYLE HOME FOR SALE

This special traditional style, Wilshire Vista home is just waiting for you! The house is composed of 3 bedrooms + 1 3/4 bathrooms. The wood floors that span the two front bedrooms, living room, formal dining room and kitchen are in excellent condition. The spacious master bedroom suite has a separate office, fireplace, and french doors that lead to the vegetable garden. The floorplan functions perfectly and the outdoor space is easily accessible from several areas of the house.
Please visit www.1338cursonave.com for more photos and information.
Please contact Jeff Lemen with inquiries:
310-482-2006

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1338 S CURSON AVENUE (google map) (yahoo map)

By admin | Posted in for sale, for sale picfair village, for sale wilshire vista, picfair village, picfair village business, picfair village elementary, picfair village elementary school, picfair village health, picfair village house, Picfair Village Market Info, picfair village real estate, picfair village yoga, wilshire vista, wilshire vista business, wilshire vista elementary, wilshire vista elementary school, wilshire vista house, Wilshire Vista Market Info, wilshire vista real estate | Tagged , , , , , , | Comments (0)

THE CUTEST LITTLE COFFEE SHOP IN THE PICO FAIRFAX NEIGHBORHOOD

March 27, 2012 – 10:50 am

The Pico Fairfax area definitely has the best restaurants, but I recently found a true gem!

Paper or Plastik Cafe gets 5 stars in my book all around! Delicious mochas and lattes!  Drinks are around $4 but worth it!  They are serving Intellegentsia coffee and you can taste the difference! The baristas (who are all young, hip and nice) make great little designs in your drink. They also serve drip coffees, chai lattes and teas.

There is indoor and outdoor seating. I always prefer sitting outside whenever possible.  Inside they have specific tables for laptop users.

The ambiance is super cool- very modern with tables made of glass and pipes.  A true cute pico fairfax coffee shop with a dog bowl outside the door.

There are delicious small sandwiches and they also serve typical coffee shop eats like muffins, slices of pie/ quiche, small salads and even water in a box! The food and snacks can get a little pricey, but I loved the mozzarella and caprese sandwich with fig jam.

The shop shares a space with a dance studio. You can look thru the window upstairs at the dance studio which is a lot of fun if a class is going on. There is also a cute store upstairs full of overpriced Afghani home made goods.

Paper or Plastik Cafe in the pico fairfax neighborhood is well worth the extra dollar!

http://paperorplastikcafe.com/

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How Does a Lender Evaluate Your Borrowing Ability? Jeff Lemen Your Wilshire Vista/Picfair Village Realtor

March 20, 2012 – 12:37 pm

If you are thinking about buying a home, one of the first things you should do is go to a lender to get pre-approved. This will determine how much money you can borrow on a mortgage. This will also help you filter your home search by sale price, which will narrow your choices within your financing range.

So how does a lender evaluate — called underwriting — and determine how much you can borrow? It involves the three C’s: Credit, capacity and collateral!

Credit or FICO Score

The first item a lender will review is your credit profile, also known as your credit score or FICO score. This can range from 350 – 850. This is where all the decisions you’ve made in the past regarding will be reflected, such as:

  • How much debt you have outstanding
  • How much debt you have outstanding as a percentage of open credit accounts
  • How much debt you have in the different types of credit accounts (credit cards, car loans, school loans, etc.)
  • How well you’ve paid your bills over the years

Lenders used to allow much lower credit scores for borrowing purposes, but they’ve gone up the past few years. You need, in general, at least a 640 FICO score to borrow on a loan. The optimal score is 740-760 or above. The lower your score, the higher your interest rate and points on your mortgage loan.

WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide.NOTICE: Free book guaranteed for the first 100 agents only

Capacity or Income

If you pass the FICO score test and the lender says you are creditworthy, the next item you will be evaluated for is your “capacity.” Capacity means that based on the lender’s allowed maximum percentage debt to your gross income, less all of your other debt payments, how much do you have available for a housing payment? It also has to be stable income, such as $65,000 per year for two years in a row.

Per the chart, you can generally have your total mortgage payment, less other debt payments, be up to about 35% to 40% of your gross income. In the chart the bank took 35% of this borrower’s $6,000 gross monthly income and subtracted out other debt payments to get a maximum allowed housing payment of $1,750. And that $1,750 equates to about a $225,000 house with a $200,000 mortgage (this means you will need to put down a downpayment of $25,000 to buy the $225,000 house) per the bottom of the chart.

Collateral or the Property

If you’ve got the credit, and the capacity, you only need one more piece and that’s the collateral. This is the easiest part. You will pay the bank and they will order an independent appraiser to determine a market value of the property. And the lender will lend you up to a certain percentage of that value (or purchase price whichever is lower) like 80% loan to value (LTV) or maybe 90% LTV or maybe up to 96.5% LTV. This depends on the bank and the loan program in which you qualify. So even if your income qualifies you for a higher loan amount, the MOST any one bank will lend you on any particular property is up to their maximum allowed loan to value percentage on that property.

That’s it! If you’ve got credit, and capacity, go out and find the collateral!

Leonard Baron, MBA, CPA, is a San Diego State University Lecturer, a Zillow Blogger, the author of several books including “Real Estate Ownership, Investment and Due Diligence 101 – A Smarter Way to Buy Real Estate.” Read useful tips for real estate buyers in his blog, Making Smart and Safe Real Estate Decisions. See more at ProfessorBaron.com.

Please contact Jeff Lemen for any and all of your Real Estate needs:

310-482-2006

Jefflemen@kw.com

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It’s All Local – Jeff lemen Local Picfair Village / Miracle Mile Real Estate

March 19, 2012 – 12:13 pm

by Steve Brown, First Vice President, National Association of REALTORS®

Recently, President Obama proposed several programs to revive the housing market.  One such proposal calls for the bulk sale of real estate owned (REO) properties.  In areas where property values have plummeted and there is a backlog of inventory, units would be bundled together and sold to investors, creating additional single-family rental properties, thus helping to stabilize housing value market.

According to a letter sent to Congress by Federal Reserve Chairman Bernanke, increasing rentals may reduce losses by lenders on foreclosed and surrendered properties and stem declines in home prices.

While NAR supports the goals of the program, we urge the Federal Housing Finance Agency (FHFA) to proceed cautiously with its REO Initiative pilot program to sell homes repossessed by government agencies to private investors to convert into rental units.  While it may help to quickly reduce high REO inventories, the plan would obviously decrease the overall number of property owners and require taxpayers to perhaps accept more risk and larger losses than are necessary if the market were able to react to these properties individually.

NAR supports small pilot programs in those areas that would potentially benefit from this type of market approach, and we will closely monitor the impact of such.  At the same time, we believe the government needs to also follow through on separate efforts to loosen tight credit markets, modify existing loans to keep people in their homes and remove bureaucratic burdens associated with short sales.

Individual sales should be incentivized over bulk sales, except in small geographic areas.  Selling in bulk to large national investors puts a large section of the housing market into the hands of fewer property owners, which then puts individual home buyers and sellers at a great disadvantage.

We must watch closely the increased risk to taxpayers from loans that involve large deals and foreclosed and abandoned properties, backed by Fannie Mae and Freddie Mac.

That said, this program could very well benefit some areas of the country.  In Florida, the foreclosure inventory is at 14.27 percent, and many REALTORS® believe this would help move the market. Yet, other areas may not need it.  In California, the inventory has already been reduced to 3.45 percent.  Instead of helping California’s market, bulk sales would take more transactions out of the market, thus hurting the consumer’s access to the housing market in such a high cost area.

One well learned principle of real estate must be applied to Federal policy—all real estate is local.  Federal programs will succeed only if this underlying principle is observed.

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What $250,000 Can Buy In Different U.S. Housing Markets – Jeff Lemen Picfair Village/Wilshire Vista Real Estate

March 16, 2012 – 1:51 pm

March 14, 2012

Real estate is local, even during a national recession that has caused a bottoming of the U.S. housing market. So whether buyers are scouring the Denver real estate market for deals or peeking at Indianapolis homes for sale, what home shoppers can get for their money varies greatly depending on where they’re looking.

We thought it would be interesting to check on some housing gems in a price range about $100k above the U.S. median home value, which currently hovers around $146,900. With interest rates for 30-year fixed mortgages continuing at less than 3.8 percent, a price point of $250,000 seemed a sweet spot to demonstrate what the market’s like for potential home shoppers.

WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide.NOTICE: Free book guaranteed for the first 100 agents only

Denver, CO

The Denver housing market took another step toward recovery in February, with home values rising month-over-month and flat year-over-year. According to housing economists, what’s driving the market is a surge in the number of first-time buyers and move-up buyers targeting lower-priced homes.

2575 S Race St, Denver CO (below)
For sale: $250,000

This 2-bedroom 1-bathroom Denver home for sale offers lots of character and plenty of modern updates. Set just a block-and-a-half from Denver University and half a mile from Porter Hospital, this charming ranch features hardwood floors, a new roof and a large backyard area for entertaining.

Minneapolis, MN

The Minneapolis-St.Paul area is the 16th-largest metropolitan area in the U.S., with approximately 3.3 million residents. Six Fortune 500 corporations make their headquarters in the Twin Cities, making the metro area a viable option for home shoppers. Current Minneapolis median home values hover around the national level, at $147,500.

5120 28th Ave S, Minneapolis, MN (below)
For sale: $244,900

Located near Lake Nokomis, this 1 1/2-story home has 3 bedrooms with over 2,000 square feet of open living space. Originally built in 1927, the Minneapolis home for sale has been completely remodeled featuring hardwood floors, a gas fireplace and a master suite with walk-in closet. The kitchen boasts granite counter tops, stainless steel appliances and a breakfast bar.

Portland, OR

Since last April, the median list price for homes in Portland have been holding steady at around $220,000. With a population of 2.25 million people, Portland is Oregon’s most populous city and the third most populous city in the Pacific Northwest, after Seattle and Vancouver, Canada.

14128 SE Insley St, Portland OR (below)
For sale: $239,950

Built this year in a brand new subdivision, this 4-bedroom, 2.5-bathroom home has just hit the Portland real estate market. The 2,276-square foot home is walking distance from Powell Butte Recreation Park and boasts an open floor plan and hardwood floors throughout.

Indianapolis, IN

Unlike many housing markets across the U.S., Indianapolis has seen a gradual rebound with median home values up 2 percent month-over-month. With home prices more affordable than they have been in decades, there are plenty of great deals out there for home buyers. Current Indianapolis list home prices are significantly below the national level, hovering around $100,000.

4526 Fairhope Dr, Indianapolis IN (below)
For Sale: $250,000

For $250,000, this Indianapolis home for sale has quite a bit of space. Boasting 4 bedrooms, 2.5 bathrooms and nearly 3,000-square feet of living space, this home features a variety of amenities including walk-in closets, a jetted hot tub, spacious kitchen with breakfast bar and a heated/cooled 3-car garage.

Baltimore, MD

With a total of 620,961 residents in 2010, Baltimore’s population has decreased by one-third since its peak in 1950. The city was once a predominately industrial town, with an economic base focused on steel processing, shipping, auto manufacturing and transportation. Median home values in Baltimore are currently $99,000.

1538 S Hanover St, Baltimore MD (below)
For sale: $250,000

Located just an hour outside of Washington, D.C, the Baltimore neighborhood of Federal Hill boasts this charming 2,040-square foot brick town home. Featuring 3 bedrooms and 2 bathrooms, the house has hardwood floors throughout, an enclosed backyard, rooftop deck and a finished basement.

 

I hope you find this interesting! I am always here to answer any questions that you might have.

Contact me anytime!

Jeff Lemen:

310-482-2006

Jefflemen@kw.com

By admin | Posted in Pacific Palisades, picfair village, picfair village business, short sale, wilshire vista, wilshire vista business, wilshire vista real estate | Tagged , , , , , , , | Comments (0)

MARKET UPDATE FOR PICFAIR VILLAGE!!

March 1, 2012 – 1:40 pm

I hope you find this information on Picfair Village informative! Please conact me with any and all of your real estate needs:

Jeff Lemen

310-482-2006

Jefflemen@kw.com

Picfair Village Summary

The median sales price for homes in Picfair Village for Nov 11 to Jan 12 was $438,000. This represents a decline of 5%, or $23,277, compared to the prior quarter and a decrease of 3.1% compared to the prior year. Sales prices have depreciated 41.8% over the last 5 years in Picfair Village, Los Angeles. The median sales price of $438,000 for 90019 is 46.13% higher than the median sales price for Los Angeles CA. Average listing price for homes on Trulia in Picfair Village was $728,539 for the week ending Feb 22, which represents an increase of 0.6%, or $4,529 compared to the prior week and an increase of 1%, or $7,505, compared to the week ending Feb 01. Average price per square foot for homes in Picfair Village was $247 in the most recent quarter, which is 15.99% lower than the average price per square foot for homes in Los Angeles.

Average Listing Price in Picfair Village

90019, Los Angeles average property price

90019, Los Angeles – number of properties
Location Week ending
Feb 22		 w-o-w Week ending
Feb 15		 Week ending
Feb 8		 Week ending
Feb 1
Picfair Village $728,539 +0.6% $724,010 $716,252 $721,034
Los Angeles $981,777 +1.1% $970,629 $963,599 $953,877

Average Price Per Sqft for Homes in Picfair Village

90019, Los Angeles average price per square foot

Location Nov – Jan ’12 y-o-y 3 months prior 1 year prior 5 years prior
Picfair Village $247 +1.2% $239 $244 $440
Los Angeles $294 -36.9% $305 $466 $474

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The Source for Wilshire Vista Neighborhood Residents and Businesses Is Finally Here!!

March 1, 2012 – 1:02 pm

Finally! There is a website where you can get all of the Wilshire Vista Neighborhood information you need! We are always here to support our community. Please check it out:

http://www.wilshirevista.org

Contact me with any and all of your real estate needs:

Jeff Lemen

310-482-2006

Jefflemen@kw.com

Have a wonderful weekend!

By admin | Posted in Pacific Palisades, picfair village, short sale, wilshire vista, wilshire vista business, wilshire vista house, Wilshire Vista Market Info, wilshire vista real estate | Tagged , , , , | Comments (0)

JUST LISTED – You Will Not Believe This Urban Oasis Until You See it – 4BR 3BA Mid-City $999,000

February 14, 2012 – 5:58 pm

This masterfully restored property is 1 of the best values in the 90019 zip code. The house was extensively remodeled in 2010 with particular attention to finishes and materials. The downstairs floor is comprised of the living room, dedicated dining area room, kitchen, family room, full powder room and laundry area. The upstairs master suite is the jewel of the 2nd story. There are an additional 3 beds and 1 baths upstairs.

 

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Virtual Tour: www.1655ellsmere.com

Jeff Lemen is showing this 4 bedrooms / 3 bathroom property in Los Angeles. Call (310) 482-2006 to arrange a viewing.

 

 

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The Homes That Inspire Fashion Week

February 6, 2012 – 11:52 am

From sleek and styled to bright and eclectic, the homes of fashion designers are just as stunning as their collections. In honor of Mercedes-Benz Fashion Week, we’re looking beyond the glitz and glam of the runway to the homes of fashion’s biggest names.

Source: People.com

Vera Wang

Beloved by celebrities for her princess-perfect wedding gowns, Vera Wang is no stranger to Fashion Week. The 2005 “Womenswear Designer of the Year” winner has been on the forefront of fashion’s most elegant collections for years.

WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide. NOTICE: Free book guaranteed for the first 100 agents only.

According to the Wall Street Journal, the native New Yorker has been spending more time in Los Angeles and decided to purchase a mid-century modern house in star-studded Trousdale Estates for a reported $10 million. The home was once owned by Burt Reynolds and was completely renovated top-to-bottom by celebrity designer Steve Hermann. Sleek and modern, the home features views nearly as stunning as Wang’s gowns.

> See more photos of Vera Wang’s home (below)

Source: Huffington Post

Jenna Lyons

As the creative director of J.Crew, Jenna Lyons is credited as the visionary responsible turning the brand from preppy basics to oh-so-chic earning endorsements from the First Lady herself.  Lyons’ Park Slope townhouse radiates with the same high-end design aesthetic.

Stunning in its simplicity, Lyons’ townhouse has been the darling of shelter magazines and interior design blogs alike.  Purchased by Lyons and her estranged husband, artist Vincent Mazeau in 2004 for $1,308,000, they knocked it back to the studs for a delicious remodel. The couple is reportedly headed for divorce, so the beautiful home was recently listed on the Brooklyn real estate market with a $3.75 million price tag.

> See more photos of Jenna Lyons’ home (below)

Source: youritlist.com

Nina Garcia

Marie Claire magazine fashion director Nina Garcia is better known as the “Señora Don’t Bore Me” judge on the hit Bravo reality show “Project Runway.”

Back in 2010, Garcia sold her sprawling apartment on the New York real estate market for a whopping $8.5 million. Located but a few Manolo Blahnik steps from the retail haven of Madison Avenue, Garcia’s two-unit co-op home is everything one would expect from the stern fashion editor. The home is stylish, but elegant with dramatic 11.5-foot ceilings, picture windows, a master suite with two humongous dressing rooms, library, staff room and adjoining dining and living rooms that are separated by double pocket doors.

> See more photos of Nina Garcia’s home (below)

Source: Wikipedia

Christian Audigier

The man behind edgy brands Von Dutch, Ed Hardy and the trucker hat trend, Christian Audigier’s home is more on-par with his French roots.

Listing details for Audigier’s fully gated estate note the 8,276-square foot property was “exquisitely decorated and remodeled by top designer with the finest quality.” The $7.65 million estate is a work of art featuring a grand foyer, tall ceilings and several outdoor living spaces.

> See more photos of Christian Audigier’s home (below)

Source: IMDb

Lauren Conrad

The down-to-earth and likeable star of “The Hills” started her fashion career as an intern at Teen Vogue, and now Lauren “LC” Conrad is also a budding fashion designer. She’s taken a break from her reality lifestyle to launch her clothing lines, one which is sold at Kohl’s.

From the looks of it, Conrad is trying to fully put her reality television days behind her by listing her home for $2.25 million on the Hollywood real estate market. Conrad’s home was where the hit TV show “The Hills” was filmed. The 3,000-square foot property was completely renovated and updated, and includes refinished hardwood floors throughout and a custom kitchen with high-end stainless steel appliances.

> See more photos of Lauren Conrad’s home (below)

Source: Fashionmatters.com

Donald J. Pliner

Visionary designer Donald J Pliner launched his line of luxury footwear and accessories in 1989, and immediately established a reputation for innovative design and high style for both men and women.

If Pliner’s shoes are made for walking, his Moroccan-style home is made for living. Painted in bold blues and magenta and outfitted with Southwestern, African, and Balinese-influenced decor, Pliner’s estate (below) is currently listed on the Miami Beach real estate market for $22.5 million.

> See more photos of Donald J. Piner’s home (below)

Source: Askmen.com

James Perse

In 1994, Perse launched a T-shirt line that epitomized his design philosophy of low-maintenance and high fashion.  Perse’s Southern California home follows the same aesthetic of his brand, boasting clean minimalist design and an open floor plan.

The mid-century modern features floor-to-ceiling walls of glass, providing plenty of natural light and sunshine. Listed on the Los Angeles real estate market for $3.75 million, the home is available furnished or unfurnished.

> See more photos of James Perse’s home (below)

Please contact me with any and all of your real estate needs!

Jeff Lemen

310-482-2006

Jefflemen@kw.com

 

 

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