Igor has a new pocke

Igor has a new pocket listing in Hollywood Hills East - 3 bedroom + 2 bath, 3 story house, 2 car garage, huge spa, nice backyard, original 1920 elements. Not yet on MLS. Best price in the area: $899,999. Who do you know that wants to move to Hollywood Hills?

PROPERTY REASSESSMENT

IS MY PROPERTY BEING REVEIWED FOR A DECLINE IN VALUE?
http://assessor.lacounty.gov/extranet/list/newsList.aspx?newsid=78

ADDRESS SEARCH>
http://assessor.lacounty.gov/extranet/guides/prop8status.aspx

GENERAL INFO>
It has been widely reported that the property values of single-family homes and condominiums throughout most of the State have been declining. While the declines in Los Angeles County have not been as dramatic as those in other parts of the State, property values have dropped in most areas of Los Angeles County.
How does this impact your property taxes? In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on your most recent property tax bill.
Typically, an application is required to initiate a review of your property's value by the Assessor. However, in 2008 the Los Angeles County Assessor's Office did a proactive review of those single-family homes and condominiums that were purchased between July 1, 2004 and June 30, 2007. 318,000 properties were reviewed, resulting in lower assessments on 128,000 homes and condos. The average reduction in assessed value was about $73,000, amounting to an average property tax savings of $750. With the market still declining, we will again initiate a review in 2009. The number of properties in this review may approach 500,000 as we look at homes that sold between July 2003 and June 2008. In some areas, earlier purchases will be looked at. After April 1st, owners will be able to check this website to see if their home is part of the review.
We will complete this review by June, 2009 and notify in writing all those property owners whose property was included in the review. While Decline-In-Value applications are accepted from January 1, 2009 through December 31, 2009; if you purchased a house or condo in 2003 or later, we urge you to wait to submit your application until July when results of the proactive review are known.
If you own property other than a single family residence or condo, a Decline-In-Value application will be required for a review by the Assessor's Office. An application is recommended if you believe the assessed value of the property shown on the 2008-09 tax bill is more than the fair market value as of January 1, 2009.

Wow. Life is good. I

Wow. Life is good. I am closing second escrow this month and it is just April 9. The most rewarding is when I see a smile on my buyer's faces, when they get some money back from seller for their repairs... I haven't had a buyer yet that I wouldn't save them some money and put some $$$ back into their pocket. WHO DO YOU KNOW THAT IS LOOKING TO BUY A HOME & WOULDN'T MIND SAVING SOME MONEY? :)

Move into brand new home - prices start at $299,000 - eligible for $18,000 tax credit

Introducing The Burbank Collection. Cool digs where the industry works. 60 extraordinary lofts, 58 luxury condominiums, 2-story penthouses and 40,000 sq. ft. of trendsetting restaurants and shops across from the 16-screen AMC movie megaplex.

For more pictures visit:
http://www.theburbankcollection.com/collection.php
The homes at The Burbank Collection are on the market now and move in will be after escrow closes. The HOA's range from $243-$341. Prices start at
$299,000. The building is FHA approved.

Unfortunately there are no showings before this coming Saturday, April 11. They opened it sooner because of a high volume of inquiries, but they are dealing with cleaning and staging this week. We can see units on Saturday or Sunday at 11 am or 2 pm. When is it good for you?
Call me at 310-499-1305 or Email me at BestHollywoodHomes@gmail.com to schedule the viewing. In order to register you for the viewing I will need your name/s, address, day and evening phone number as well as your Email address. You can give me this info prior to the showing to prepare the registration form in advance or we can fill it out at the property.
Please view www.wfhm.com/mark-angotta where you can fill out the loan application to get a pre-approval letter from a lender approved for this building. This is mandatory to start the process for most of the properties on the market at this time, but even more so for The Burbank Collection.

If you are a first time home buyer you can get $8,000 tax credit. But that’s not all. Since this is a brand new construction, you can qualify for additional $10,000 tax credit.

Here are some details about these tax credits:
The state gives a $10,000 state tax credit for a new-home purchase,
while a federal credit of up to 8,000 is available for first-time home
buyers. Please pass along to anyone who may find it useful.

UP TO $8,000 TAX CREDIT FOR FIRST TIME HOME BUYERS
1. The Tax Credit is for home buyers (either spouse if filing jointly)
who have NOT owned a principle residence during the three-year period
prior to the purchase. Ownership of vacation property or rental
property does not disqualify home buyers from this program.
2. The maximum credit is $8,000 or 10% of the home purchase, whichever
is less.
3. The credit is available for homes purchased on or after January 1,
2009 and before December 31, 2009.
4. To qualify for the full tax credit, married couples' modified
adjusted gross income (MAGI) should be under $150,000 and single
filers' MAGI should be less than $75,000. Partial tax credits may be
available for married couples with MAGI incomes of over $150,000 but
under $170,000 and single filers with incomes over $75,000 but under
$95,000. If married couples who qualify for the first-time tax credit
file separately, they would both claim 5% of the home purchase or
$4,000 each (whichever is less) on their tax returns.
5. Home buyers who qualify for this program, but who do not intend to
purchase a home till the end of 2009, may elect to alter their tax
withholdings (up to the amount of the of the tax credit) in order to
save up money for a down payment. However, if the purchase of the home
does not occur, the taxes must be repaid to the IRS.
6. There is no recapture or repayment clause IF the home is owned for
at least 36 months.
7. The effective date of purchase for new construction (even if buyer
owns title to the lot) is the date the owner first occupies the house.
So even if construction began in 2008, as long as the home and buyers
qualify for the tax credit, they will be eligible if they take
possession any time during 2009. However, new construction b
ought from the builder is onl y eligible if the settlement date
(closing) takes place between January 1, 2009 and December 31, 2009.
8. The law allows taxpayers to elect to treat qualified 2009 purchases
as a 2008 purchase so that they can receive the tax credit on their
2008 tax returns.
9. The full amount of the eligible tax credit is refunded to the buyer,
regardless of whether the buyer has paid an equivalent amount in taxes.
10. Consult your accountant if you have more questions regarding your
specific tax situation.

UP TO $10,000 STATE TAX CREDIT FOR NEW-HOME PURCHASE
The credit can be up to 5 percent of the purchase price to a maximum of
$10,000, and the credit can be applied directly to reduce the amount of
taxes owed.
Here are some basic details of the state tax credit:
1. To earn a home buyer tax credit, buyers must close escrow on a new,
previously unoccupied home between March 1, 2009, and Feb. 28, 2010.
2. These home buyers can apply the $10,000 tax credit to their state
income tax returns over three successive years ($3,333 each year),
beginning with tax year 2009.
3. The home builder must certify to the state that the home has never
been occupied.
4. Buyers must certify that they will occupy the home as their
principal residence for at least two years after the purchase.
5. The state Franchise Tax Board is the state agency responsible for
administering the tax credit. By today, the board will have details for
consumers on how to submit an application for the credit on its Web
site, http://www.ftb.ca.gov.