Los Feliz Library Event 10th Anniversary

I attended a great event celebrating the 10th anniversary of the Los Feliz Library and the unveiling of their donor wall. Displayed on the wall just below Disney is a Gold Plaque signifying a $5000 contribution from Keller Williams Realty Los Feliz. This is just another way KW gives back to our community. The event was organized by the Friends of the Los Feliz Library. Councilmen Tom La Bonge hailed the wonderful job the library has been doing in the community and Chris Laib of Keller Williams ran a live auction that raised additional monies for the library.

Extended Tax Credit signed into Law

MORE GREAT NEWS

Daily Real Estate News | November 6, 2009 |

Share Obama Signs Extended Tax Credit into Law Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010. The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today. More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years. Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000. NAR’s Government Affairs Division has compiled facts on the changes made to the current tax credit. NAR members sent more than 500,000 letters to leaders in Congress and made nearly 13,000 telephone calls to Senate offices last weekend to encourage support. So far this year, REALTORS® have spent nearly $14 million lobbying Congress, according to federal campaign finance records compiled by the Center for Responsive Politics. Sen. Johnny Isakson, a Georgia Republican and a former member of NAR, was key in extending the credit, as well as pushing it through initially. Other prominent boosters include the National Association of Homebuilders and the Mortgage Bankers Association. Listen to NAR President Charles McMillan’s podcast announcement. NAR economists estimate that approximately 2 million people will take advantage of the tax credit this year. Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

More News Homebuyer Tax Credit Scheduled to vote on Thursday includes existing homeowners

IT’S THE PERFECT TIME TO BUY OR BUY UP.

http://news.yahoo.com/s/ap/us_homebuyers_tax_credit

By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer – 1 hr 25 mins ago WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper. First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30. “This is probably the last extension,” said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits. The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years. “We are still in a world of economic hurt, and Congress must continue to act boldly and creatively,” said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. “With the right mix of tax breaks and investments we will get through this recession and get folks working again.” The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit. Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales. “For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home,” Bond said. “And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place.” The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days. Expanding the tax credit for money-losing companies is projected to cost $10.4 billion. The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years. The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break — for companies with revenues of $15 million or less — in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash. The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies. “It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns,” said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce. The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018. ___ The bill is H.R. 3548. ___

On the Net: Congress: http://thomas.loc.gov

COMING SOON IN A TOWN NEAR YOU “FIRST TIME HOME BUYER’S FREE SEMINAR

Jumbo lending is staging a comeback of sorts

Jumbo lending is staging a comeback of sorts, with major lenders once again buying the oversize mortgages from other lenders or allowing independent mortgage brokers to originate loans for them.

to view full article go to: http://www.inman.com/news/2009/07/6/signs-life-in-jumbo-lending

KW Charity Garage Sale – Dog Adoption May9th

EVERYONE WELCOME

HOPE TO SEE YOU THERE!!

Griffith Park Becomes Historic-Cultural Monument #942

On January 27, the Los Angeles City Council unanimously approved Historic-Cultural Monument status for Griffith Park. Councilmember Tom LaBonge expressed strong support for the designation, publicly recognizing the Griffith J. Griffith Trust and a broad coalition of park advocates and community organizations that supported the nomination. The Park will become the City’s Historic-Cultural Monument #942.

While many other City parks and park buildings have been designated as Historic-Cultural Monuments — including Echo Park, MacArthur Park, Wattles Park, and Barnsdall Art Park, the complexity, significance and sheer size of Griffith Park have made its designation a significant milestone for preservation in Los Angeles.

Established in 1896, this 4,218-acre City of Los Angeles park is one of the largest urban parks in the nation. The proposed Griffith Park historic monument was formed in 1896 by the donation of private land owned by Colonel Griffith J. Griffith and his wife to the City of Los Angeles as a gift for use as parkland. Griffith Van Griffith, Col. Griffith’s great-grandson, helped lead the effort for historic designation, commissioning the nomination on behalf of the Griffith J. Griffith Trust and speaking at multiple public hearings.

Excerpt from City of Los Angeles/Dept.of City Planning Newsletter

NEW BOUTIQUES Food and Hip Design on Hollywood Blvd.

It’s unbelievable how quickly the face of Hollywood Blvd from Vermont to Hilhurst is changing. Basically until very recently it was the forgotten child of Los Feliz. But,that is definitely not so anymore. So, in order to help you navigate this new territory of eclectic shops and fine design I’ve posted a list of some of the new businesses.

Oh, and did I mention that “Confederacy”is opening a coffeehouse on their patio after the holidays. Great idea you can shop, sit and relax

Run don’t walk to my posts and click on Great Design in Silver Lake-surrounding areas. The list keeps on growing so check it out often. Please let me know of any businesses in this area that you recommend.

or visit http://www.karennumme.com

Mortgage Rates / 12-05-08

Rates quoted as of Friday, December 5, 2008

YES, we are hearing that rates may drop into the mid 4’s (Wall Street Journal, Thursday, December 4th). However, the plan remains in discussion and may not be made final before the Bush administration’s term ends in January.

Treasury views this plan as potentially halting the slide in home prices by enabling borrowers to afford bigger loans, thus increasing demand and pushing up home values. The lower interest rates would be available only to borrowers who are buying a home with loan amounts in the $417,000 range, not those refinancing a mortgage.
Maximum 1 pt. Rate 0 pts. Rate

30 Yr. Fixed $417,000 5.000 5.375
15 Yr. Fixed $417,000 4.750 5.125
5/1 Fixed $417,000 5.375 5.875
30 Yr. Fixed $417,001 – 625,500 5.375 6.000
15 Fixed $417,001 – 625,500 5.000 5.625
5/1 Fixed $3,000,000 5.625 6.000
30 Yr. Fixed $3,000,000 6.500 6.750
Call for quotes on loan amounts over $3,000,000!

Eddie.ajamian@wellsfargo.com or (626) 826-5225 Karen.crosby@wellsfargo.com or (818) 380-3350 Equal Housing Lender

The Anthony House (a.k.a. Sisters of the Immaculate Heart of Mary Monastery/Timothy Manning House of Prayer for Priests

The Anthony House (a.k.a. Sisters of the Immaculate Heart of Mary Monastery/Timothy Manning House of Prayer for Priest

Originally built as the family home for Earl Anthony, the complex of buildings on Waverly Avenue, near Griffith Park Blvd. now serves as a monastery.

Earl Anthony once had the sole dealership rights for the Packard automobile for the entire state of California. He had showrooms in Downtown Los Angeles and the San Francisco area. He also was the man who brought the first neon sign to America from France, having it manufactured there. Guess what it said? PACKARD!

Anthony lived in a Craftsman style house in Beverly Hills before moving to Los Feliz. The house in Beverly Hills was designed by prominent early 20th century architects and brothers Greene & Greene of Gamble House fame. When one of the Greene brothers decided to buy a Hudson automobile instead of a Packard, Anthony terminated his relationship with the brothers and hired important San Francisco architect Bernard Maybeck. Maybeck is best known for his design of the Palace of Fine Arts in the city by the bay and many other homes and institutions there.

Maybeck had designed automobile showrooms for Anthony so he seemed like the logical choice to design a new house. Anthony wanted an Italian Villa style home, but his wife wanted a French Chateau. Maybeck combined elements of each style as well as adding some Spanish Mediterranean flourishes and the clients were happy with the house. Anthony was a demanding man and very much involved with the design of the house. Due to his constant changes the final cost was $500,000. In 1928 when the house was finished that was a large fortune!

The house was subsequently owned by Sir Daniel Donohue and his wife and at that time was called Villa San Giuseppe. Donohue was deeply involved with the Catholic church and grand functions were held there. An Aeolian organ, one of only three in Los Angeles at the time was the standard musical accompaniment for these functions. In the 60s the house was donated to the Archdiocese of Los Angeles and now sits among peaceful gardens as a private home for nuns and priests. It is used as a Retreat House and is open 7 days a week. For more info & photos go to http://www.sistersihmla.com.

Karen Numme, holds the title of Master of Architecture and Landscape Architecture and is a realtor with Keller Williams Realty in Los Feliz. http://www.karennumme.com

Laura Massino Smith holds a Master of Architectural History degree, is an Architectural Historian and author of a series of guidebooks of Los Angeles architecture. She is also the director of Architecture Tours L.A. http://www.architecturetoursla.com