I just retweeted Sean O’Toole’s Foreclosure Radar report for January, 2010. If you don’t receive my Tweets or Facebook updates, the link to his video is http://www.youtube.com/watch?v=o6nhFHMYn1k&feature=youtu.be&a. While I think that Sean has the most intelligent understanding of the California foreclosure market of anyone out there, I caution you to remember that these are figures for the entire state, not your local market.
I have been looking at the foreclosure figures for Northeast Los Angeles, and the one fact that leaped out at me was that a large number of the Notice of Trustee Sale dates are being postponed month by month. In other words, a number of properties scheduled to be sold at auction in February are now showing sale dates in March. From data in the Multiple Listing Service, I have seen that several of these have been in protracted short sale negotiations. Some of these delays are due to bankruptcy filings. I’ve noticed that a number of these properties have been in default on and off over the last several years. This can be for all kinds of reasons, mostly due to some kind of financial distress because of the large mortgage amounts owed on the properties. If these properties could be sold for enough to pay off the mortgage debt, they would have been sold by now.

Today we have 27 single-family homes, 1 condo, and 5 income properties on the market in the 90041 zip code, ranging in price from $249,500 to $1,395,000. Since January 1, we have had 26 SFR, 0 condo, and 4 income properties either go into or close escrow ranging in price from $339,000 to $699,000.
In Highland Park and the 90042 zip code we have 54 active single-family home, 35 condo and 31 income property listings ranging from $129,999 to $1,590,000. Since January 1, we have had 54 SFR, 9 condo and 8 income properties either go into or close escrow, ranging from $145,000 to $599,000.
These numbers indicate an active market where, in general, almost as many properties are selling as fast as there are properties coming onto the market. According to TrendGraphics from Itech Multiple Listing Service, the prices in Eagle Rock have trended up a bit over the last year and in Highland Park they have continued to decline. In my opinion, this is because there were more distress (foreclosure and short) sales in Highland Park than in Eagle Rock. If you look at individual sales, you will see that for good homes in good neighborhoods, there were many cases of multiple offers and houses that sold for over-asking in both communities.

Notice on the tables below the percentage of list price/sales price. In Eagle Rock the median sales price was a little higher than the list, in Highland Park it was right at or below the list price. This supports the old saying, when it’s priced right, it sells. Also notice how the number of homes for sale on the market has dropped dramatically in both zip codes. Supply and demand is at work here.
What does this mean? First time buyers in the under $450,000 range have a very short window of opportunity to get into the market. It is very difficult to get into Eagle Rock in that price range and much easier to buy in Highland Park. With the first-time and long-time buyer credit deadline of April 30, this is a great time to put your home on the market—if you can accept what the market brings you. No, we are not back to 2007 prices. Will we ever be? Eventually, probably, but who knows how many years it might be. In general, at the current rate of increase, it will be quite a few years. Individual homes will vary.

If you need to sell your house in the next few months, that is, you are financially in a situation where you are afraid you might not be able to make your mortgage payments soon, don’t wait any longer before talking to professionals about your options. That means talk to your lender, your family, find out the truth about your situation. If you are wondering whether the best thing is for you to sell the house, please give me a call. I’m happy to meet with you, direct you to the appropriate professional to help, or at least to help you explore your options.
Eagle Rock:

Highland Park:

Dan Koeppel created this fascinating hike through the urban landscape of Los Angeles from the heart of downtown at Angel’s Flight to the Hollywood Sign. The complete 42-mile hike includes 111 public stairways and was carried out as a 2-day community event in the summer of 2009. Check out his blog at http://bigparadela.com/wordpress/.  You can download and print out all the maps and information they used plus more. Dan is a writer with some interesting credits like his book on the troubled banana called “Banana” and another one on his father’s obsession with birdwatching, “To See Every Bird on Earth.” and he was inducted into the Mountain Bike Hall of Fame in 2003 for his journalism work.  He says he has an obsession with “route geeking” which he describes as “DIY events, trips, and contests that take advantage of the urban landscape.”

A friend had told me about Dan’s route she had seen in an LA Times article, http://articles.latimes.com/2008/apr/14/health/he-nustairs14 and thought a geek like me might find it interesting. I’m training to hike the Inca Trail to Machu Picchu later this year and the stair steps sounded like a great idea, plus the thought of such a unique “hidden LA” hike was irresistible. So I launched off this morning with my friend Kendyl to see what we could see.

We were not on a strict time table and were not trying for any speed records, but the fact that we hiked for 3 hours and covered maybe 5 miles doesn’t sound very strenuous, does it? But we did 11 staircases from Dan’s hike plus took all the stairs on the Gold Line and Red Line route that we encountered from Highland Park, plus up and down at the Chinatown Station where we stopped for lunch, so I figure we did over 1000 stair steps up and about that many back down again. 

To start at Angels Flight is symbolic of the history of change, progress, preservation and tragedy in Los Angeles. One of these days I hope they have the funicular running again, but for now you can read the history at http://en.wikipedia.org/wiki/Angels_Flight. You can follow the progress of making the cars Sinai and Olivet run again on Twitter @Angels_Flight. And take the hike up the stairs. Whew! They are steep. 

The next stunning view is of the Central Library, which is another historic treasure on the US National Register of Historic Places and a Los Angeles Cultural Monument.  Then we walked to the elevated  pedestrian walkways above Figueroa Street named after Calvin Hamilton. Who? Thanks to Dan Koeppel, I learned something very interesting about Los Angeles in stark contrast to what most of us  believe about the lack of urban planning in our fair city. Check out http://www.planetizen.com/node/23535 and learn about Concept: Los Angeles.

Kendyl and I both were most impressed with the Vista Hermosa Park in the Temple-Beaudry neighborhood. This new public park is the first to be installed in this area in over 100 years!  It is a project by the Santa Monica Mountains Conservancy and the Mountains Recreation and Conservation Authority (MRCA). This 10.5 acre park has it all, fragrant drought-tolerant plantings, amazing views of the city and surrounding mountains, unique and modern play equipment, picnic grounds, a soccer field, and a community focus with activities and programs. It’s worth the trip just to go there. Look up the details at http://www.lamountains.com/parks.asp?parkid=672. 

Nearby, we walked through the Spiraling Orchard, which is a tiny community garden complete with meditation spiral, brightly painted stairs and benches, even a small altar. This was the end of the downtown portion of the staircase route, so we decided we’d earned some dim sum and retraced our steps to take Metro to Chinatown and the Empress Pavilion, which is just a short walk from the station at 988 N. Hill St, 90012.

We look forward to exploring the next leg of the route which goes from Angelino Heights through Echo Park to the Music Box Stairs, where Dan became inspired to do the stair route. Check out the Laurel and Hardy short film The Music Box, which memorialized these steps.

For all the photos I took, here’s the link http://picasaweb.google.com/tracyking23/StairstepHikeDowntownLA#

Have you heard about the 3/50 Project? It started in 2009 when a woman in Minneapolis wrote a blog post asking people to think of three “mom and pop” businesses they didn’t want to see disappear, then to commit $50 of their monthly spending to those or others like them. She called her idea the 3/50 Project, and you can find out more about it at www.the350project.net. You can also become a fan and a member in Facebook.

In honor of the shop local movement, I ventured out into Eagle Rock and assembled some places where you can shop for your Valentine gifts this year and keep your hard-earned money in our town!
I found a number of unique and inexpensive gifts made by local artists at Cactus Gallery. This independent gallery sells wonderful jewelry, paintings, crafts, and you will find something for everyone here.
There are several shops along Eagle Rock Blvd just below Colorado that have unique treasures that may have been gently used before: Twerp’s or Owl Talk for clothing. The Sniveling Sibling for furniture. Read Books for books. You can even go in there and sell them some books to help finance your shopping trip!

Solve your two left feet issues at Ballroom Blitz with some dance lessons. 

Toro’s Pottery has wonderful ceramics, practical or artistic and usually both. For something truly different, Bughouse has great prints and furniture with their particularly insightful and often humorous slant on the world. Around the corner a few blocks down on Colorado Blvd, Jose Vera Fine Art & Antiques offers exceptional and unusual ideas for art, furniture, design.

For a great Valentine’s bouquet, check out Eufloria, nestled between Trader Joe’s and Cacao Delicatessen.
You must go to Pollen and experience the romance of the senses there. Botanical chocolate, jade bracelets, scented soy candles, stunning floral arrangements, chocolate-scented orchids—I want it all!

Camille’s Lady is such a cool place for stylish gift items for the woman in your life. Check out the website or go to the store quickly before that fabulous one-of-a-kind item is sold!

How about a great gift basket from Heather’s Store? You can go in there or call her. She’ll put together a great gift for you. Hurry, I’m sure she’s busy! And stop in right next door at Daybreak Health Foods for some healthy snacks, vitamins or gifts as well.

We have so many great cafes and restaurants here you’ll have to look at my Restaurant Guide for the list. http://docs.google.com/Doc?docid=0ATgtVF9dWpLbZG13a3N4a18yMDdmY3JiaDRocQ&hl=en. If you have any trouble accessing the guide here, I’m posting an updated copy on my blog in the next day or so. I’m happy to email or snailmail you a copy, also. Just ask.

And then there is Colorado Wine Company for all your wine needs. Plus, they’ve teamed up with Auntie Em’s for a pick up your Valentine dinner with fabulous wine pairings. Wow. I’ll be working all Sunday and too tired to go out. I want this one for sure! Are you reading this, sweetheart? From their website:
Anyway, here’s how it works — read the menu, choose your dinner, call Auntie Em’s (323-660-0681) or email to reserve your food, then pick up your food @ Auntie Em’s on the 14th and swing by Colorado Wine Company for your wines. Dinner $28/person, menu and wine prices on the web at www.cowineco.com.

 As I wrote this article, more and more shop local ideas came to me. Highland Park has a growing and vibrant shopping scene along both York and Figueroa streets. How about an updated article on therapeutic massage providers? This is a huge subject as there are many really talented and gifted healing massage therapists in our area. Of course, in the interest of investigative reporting, I’ll have to visit them all so I can be sure everyone is of the quality I can vouch for…Your ideas are welcome, too!

All these shops are in Eagle Rock, Los Angeles, 90041.
Ballroom Blitz, 4878 Eagle Rock Blvd, 323-258-0029. www.ballroomblitz.org
Bughouse, 5046 Eagle Rock Blvd, 323-640-0234, www.bughouse.com
Cactus Gallery, 4534 Eagle Rock Blvd, 323-256-6117. www.eclecticcactus.com
Colorado Wine Company, 2114 Colorado Blvd, 323-478-1985. www.cowineco.com                                                                      
Daybreak Health Food, 1565 #a Colorado Blvd,323-258-3881.                                                                                                   Eufloria, 1576 Colorado Blvd, 323-257-5997.
Heather’s Store, 1565 B Colorado Blvd, 323-550-1625. www.heathersstore.com
Jose Vera Fine Art and Antiques, 2012 Colorado Blvd,323.258.5050. www.joseveragallery.com
Lady. 4974 Eagle Rock Blvd, 90041, 323-254-6500. www.ladyeaglerock.com
Owl Talk, 5060-B Eagle Rock Bl. Los Angeles 323-258-2465. www.owltalk.com
Pollen Botanical Design. 1583 Colorado Blvd. 323-550-1555. www.pollenstudio.com
Read Books, 4972 Eagle Rock Blvd, 323-259-9068. www.readbookseaglerock.com
The Sniveling Sibling, 5028 Eagle Rock Blvd.
Toro’s Pottery, 4962 Eagle Rock Blvd. 323-344-8330. www.torospottery.com
Twerp’s, 5060 Eagle Rock Blvd, 323-256-7608

A client of mine just sent me an official-looking letter from Title Concepts Plus advising them of the need to file a homestead exemption to protect their recently purchased home from creditors.

What is a declaration of homestead? According to the San Diego County Public Law Library,
A homestead declaration is a written statement, made under penalty of perjury that claims a particular “dwelling” (for example, a house, condominium, boat, mobilehome, etc.) as the owner’s principal place of residence. This guide uses the word “home” to signify a person’s principal residence.
When a homestead declaration is (1) signed by a homeowner, (2) notarized, and (3) “recorded,” it helps to protect the home against loss to creditors.
A properly prepared and recorded homestead declaration immunizes the home (and the land on which it is situated) from many (but not all) legal enforcement measures. For example, if a homeowner files a petition in bankruptcy, it may be possible, because of a homestead declaration, to retain the home, or at least a portion of the equity in the property, instead of losing it to creditors.
What Title Concepts Plus says they will do for the $47.95 fee they want is to send you the blank forms you need, plus they will send you a completed application for a Declaration of Homestead. You can get these forms yourself for free from the Los Angeles County Clerk’s office or from their website: http://www.lavote.net/GENERAL/Form_Downloads.cfm
Title Concepts Plus isn’t doing anything necessarily illegal, it’s just misleading. If you want to pay a company $47.95 for a few sheets of paper that you can get yourself for free, there is nothing wrong with that. But imagine, about 7,000 residential properties sold in Los Angeles County in December, 2009. If you sent out the offer to that many people every month and had a 1% return, that would be about $3000, not including postage and paper costs. Not a bad little sideline. Check out this link to find the truth about homestead exemptions in California:
http://www.dca.ca.gov/publications/legal_guides/h-1.shtml
One fact noted in the above article is that a company cannot charge you more than $25 to file the Declaration for you, and that includes recording fees. But if you look at the paperwork sent by this company, they don’t offer to file or to record the document, just to send it to you. I wonder if you sent the check in to them whether you would even receive the documents back.
This website is very helpful about many legal issues and they charge less for more help:
http://www.1stoplegalforms.com/FormLs/FL_0101.asp?Page_ID=1&source=google&kw=homestead
Should you file a Declaration of Homestead? You automatically have a homestead exemption without filing anything, but a recorded Declaration of Homestead does give you some additional protection if you are likely to have an involuntary judgment recorded against you, like for nonpayment of medical bills or if you file for bankruptcy. But if you are in that kind of financial trouble, you will probably consult an attorney anyway who can advise you accurately about your particular situation. A Homestead Declaration does not absolve you of the responsibility to pay “voluntary liens” such as your mortgage and taxes, or even mechanics liens. It doesn’t save you from being obligated to pay your credit card bills, either.
There are a number of official appearing letters homeowners have received in the last few years from companies who claim they will do your Decline in Property Valuation applications or send you a copy of your Grant Deed for fees ranging from $25 to $189. This is a waste of your money! Please feel free to call or email me whenever you receive offers like these and I will be happy to check them out for you.