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• Just posted on ActiveRain: Healing- they are really happening http://activerain.com/t/1094756 #

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The availability of Jumbo Loans have affected the sale of Palos Verdes real estateover $1,200,000.  It is a little tricky because there are jumbo loans available at rates that match May of 2008 - 6.875%.  However, the number of buyers who can qualify for those loans has been diminished because these loans must be have full income verification and the borrower must have FICO scores of 700 or above.

And the higher the purchase price, the larger the down payment required.   A loan of less than $1,000,000 requires 20% down.  A loan between $1,000,000 and $1,500,000 requires 25% down,  A loan of $1,500,000 to $2,000,000 requires 30% down payment.  Loans above $2,000,000 require a minimum of 35% down payment.

On a sales price of $2,000,000 with $500,000 down payment where the borrower has no other debt, that buyer will have to document $375,000 yearly income (which is 1% or less of the population) for a loan of $1,500,000.  Additionally, the lender will require the borrower to have cash reserves post closing of at least $150,000 and those funds have to have been in the bank account for a minimum of 3 months (Retirement accounts do qualify as cash reserves.)   The issue seems to be that probably half of those borrowers who are making $375,000 or above are self employed and write off business expenses to lower their income for income tax purposes.  The net income figure on page one of the tax return is what the lenders use as documented income.   Jumbo loans are available but fewer borrowers qualify because of the above parameters.

Just posted on ActiveRain: Healing- they are really happening http://activerain.com/t/1094756

Donate Your E-Waste and Help Save Our Schools!  

On Saturday, June 6 from 10 a.m. to 3 p.m. the Torrance Council of PTAs will be hosting an E-Waste donation day. 1-800-GOT JUNK is donating 50% of the profits from this event to the TEF/TUSD Save Our Schools Fund to replenish proposed state budget cuts of $9.4 million for the 2008-09 school year.

Acceptable items include: Computer monitors, CRTs, TVs, projection TVs, CPU, towers, printers, fax machines, all-in-one centers, radios, stereos, speakers, phones, answer machines, kitchen appliances, microwave ovens, small refrigerators, and household appliances.

Drop off location is 2336 Plaza del Amo, Torrance, at the Educational Materials Building (EMB) parking lot.

For more information please visit the Torrance Council of PTAs website at http://www.torrancecouncilofptas.org/ or call Tammy Khan at 310-972-6152 or email her at tkhan@tusd.org.

• Just posted on ActiveRain: 911 Emerald Redondo Beach CA 90277 Listing http://activerain.com/t/1093485 #

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Just posted on ActiveRain: 911 Emerald Redondo Beach CA 90277 Listing http://activerain.com/t/1093485

The Daily Breeze reported on May 21, 2009 the API scores for the entire South Bay.   (The Academic Performance Index measures the academic performance and growth of schools on a variety of academic measures.)  The good news is that 39 local South Bay campuses performed among the top tenth of California schools.  The state’s goal is 800 - 39.9% of elementary schools met or exceeded that goal, 30.1% of our South Bay Middle Schools and 17.1% of South Bay High Schools met or exceeded the 800 API Score….including South & West Torrance High Schools, Mira Costa High, both Peninsula High and Palos Verdes High Schools, Redondo Union High School, & El Segundo High School.  This is great news for our area.  A huge thank you to all the teachers, administrators, PTA and parents of these high achieving schools!   Good luck next year!

There were 19 homes on the Palos Verdes real estate Broker’s Tour.  We currently have 293 active single family homes for sale in Palos Verdes ranging in price from $749,950 in Rancho Palos Verdes to $18,900,000 in Rolling Hills ( the low in Eastview is $529,000). There are 57 townhomes/condos for sale priced between $209,500 and $950,000.  My favorites were:

Michael and Nadia Foster’s 2620 Via Valdez, Palos Verdes Estates (above left), is a 4 bedroom, 4 bath, 3,395 square foot home for $2,148,000.   This upper Lunada Bay home has been completely remodeled (just finished this year) with a gourmet kitchen with 2 center islands and ocean views from 4 balconies.   My own listing at 3005 Via Rivera, Palos Verdes Estates (above right), is a 4 bedroom, 4 bath, 2,980 square foot home just reduced to $1,395,000.  This beautiful Lunada Bay traditional home features a gracious formal entry, over-sized bedrooms with walk-in closets and a private cul-de-sac location.

Chris Fitzpatrick’s 18 San Clemente Drive, Rancho Palos Verdes (above left), is a 4 bedroom, 4 bath, 3,218 square foot home for $1,750,000.  This wonderful Island View home boasts a fantastic maser suite, a pool & spa, and a large private 21,000 square foot lot.  Megan Neel’s 6908 Purple Ridge Drive, Rancho Palos Verdes (above right), is a 4 bedroom, 2 bath, 1,617 square foot home for $999,000.  This Los Verdes home has been fabulously upgraded with a remodeled kitchen, crown molding, and just a short walk to Vista Grande Elementary School.

Photos courtesy of MRMLS