Need Another Price Reduction on this Calabasas Bank Owned Fixer
July 15th, 2011 Categories: Calabasas Foreclosures
This four bedroom, two bath one story home has been listed for more than a year. First as a standard sale, then a short sale and most recently as bank owned. The price has also been reduced along the way but not near enough. The home is currently listed for $525,000 and does need some work, landscaping and updating. The home is located on a sloping lot with some nice views and a pool.
A quick check of the numbers and surrounding comparable sales show that this house should sell closer to $470,000ish. According to the MLS listing the bank re-appraised the house in May and they think it’s value is closer to $525,000. The MLS blurb that appears for all to see even says, “ All offers below the appraised value/list price will be countered to the appraised value/list price”.
I’m not a big fan of scaring off buyers before they make an offer, but hey, that’s my personal opinion. This is a great home for a family looking to get started in Calabasas as long as they have some extra funds available to fix up this diamond in the rough. We’ll keep an eye on this one for further price reductions. If you’d like to see this pool home with a view, please call Tracey Thomas at 818-652-2937.
Property Type(s):
Single Family, Residential
Listing information deemed reliable but not guaranteed.
Read full disclaimer.
Listed with Donelle Rice DRE# 01863890, Rice Realty Associates
(view all details for MLS #F11032386)
5849 Belbert Circle, Calabasas, CA 91302 (MLS # F11032386)
(all data current as of 2/4/2012)
Price
$525,000
Beds
4
Baths
2 full
Home size
1,850 sq ft
Lot Size
12,384 sq ft
Days on Market
330
POOL Home on hill/culdesac, sloped property in great Calabasas neighborhood.Re-Appraised 09/11 Property needs work, updating, and lots of TLC. Great bones to make it your own -- Fixer !!!!Property being sold subject 20 24 CFR 206.125 This is HUD information. Property is owned by Fannie Mae/HUD.No Repairs - As Is Only -No Home Path Financing or First Look - No Mediation or arbitrationAll offers below the list price will be countered to the list price. Fannie Mae RMS HUD will accept no offers less than listing price.Property is private, prime cul-de-sac location with fantastic mountain views, 2 car garage, swimming pool. Neutral open layout, fireplace, large pool decking area with sliding doors from open living room. Home will need upgrades/repairs.Fantastic family location with great schools, close to freeway and shopping in Calabasas, Agoura, Woodland Hills, Warner Center.
Last Updated
1/3/2012
Tract
n/a
Year Built
1965
Community
Calabasas
Garage Spaces
2.0
County
Los Angeles
Total Parking
4
Walk Score ®
42
Price History
Prior to May 5, '11
$530,000
May 5, '11 - Today
$525,000
Schools
School District
Las Virgenes School District
Additional Details
Building Size
1850
CARETS Listing Status
Active
Bath Full
2
Exclusions
As Is - No Repairs or closing costs will be paid
Garage Spaces Total
2
Parking Spaces Total
2
Will Consider Lease YN
N
Cross Streets
Las Virgenes and Parkmor
Tax Parcel Number
2052025028
Features
Bedroom Features
Master Bedroom
Building Structure Style
Contemporary
Common Walls
Attached
Cooking Appliances
Range
Cooling Type
Central A/C
Eating Areas
Breakfast Counter / Bar
Entry Location
Ground Level - no steps
Exterior Construction
Block
Fireplace Rooms
Living Room
Floor Material
Carpet - Partial (N)
Garage Spaces Total
2
Heating Type
Central Furnace
Interior Features
Recessed Lighting
Kitchen Features
Counter Top
Land Lease Type
Fee
Laundry Locations
In Garage
Legal Disclosures
HUD/Gov Owned, Property Assessments - Unknown (N)
Levels
One Level
Listing Terms
Submit
ListingAgreement
ExclusiveAgency
Lot Description
Fenced, Rolling (N), Secluded
Lot Location
Cul-De-Sac
Lot Size Source
Public Records
Parking Type
Garage Is Attached
Patio Features
Deck(s)
Pool Construction
In Ground
Possession
Other
Roofing
Shingle
SpecialConditions
Real Estate Owned
Square Footage Source
Public Records
View
Mountain View, Valley View
Year Built Source
Assessor
Location
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FNMA Foreclosure on Park Granada in Calabasas
May 16th, 2011 Categories: Calabasas Foreclosures
“Whoops I did it again” sang Chase as they closed another mortgage at the height of the market. This one, a 2 bed, 2 bath condo on Park Granada sold in November of 2007. Chase made a nice $274,500 loan on a purchase price of $366,000. Not so risky, you’d think since this is 25% down, but alas, it was actually past the point of no return and the real estate market was already headed down. The market continued to slide…well you know the story. This owner tried a short sale in June of 2010 listing the property at $299,000. I guess no takers at that price so Chase foreclosed on the property in September of 2010.
The condo was listed in March as bank owned for $259,200 and then reduced to $238,000 2 weeks later. This property is still overpriced so watch for future price reductions on this one or call me for more information on how to make an offer that makes sense. This unit would make a great starter home or rental at the right price, probably closer to $200k since this unit is tiny at 1,006 square feet. For more information about this or other Calabasas Foreclosures call Tracey Thomas at 818-652-2937.
Update 6/28/2011 – The price was reduced from $238,000 to $219,900
Update 7/5/2011 – This property is now in escrow. Stay tuned for final sale price.
Calabasas FNMA Foreclosure
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Tsk, Tsk Chase! 100% Financing ~ Calabasas Foreclosure on Park Capri
May 16th, 2011 Categories: Calabasas Foreclosures
Tsk, Tsk, 100% financing will get you every time. Chase is left holding the bag on this bank owned Calabasas condo. It seems they didn’t see that the end was near in the summer of 2007. They lent $350,400 on a first mortgage and another $87,600 on the second for a whopping total of $438,000 to the buyer of this beauty. This condo is now listed for sale as bank owned for $256,500. That’s a 41% decline in value on this 2 bedroom 1.5 bath with a balcony overlooking the trees.
It seems there are a few law suits against this HOA but the upside is it’s listed at less than $200 a square foot and the demand for rentals is strong in Calabasas. A two bedroom condo near the lake rents for approximately $1700 a month, so for all you investors or even wanna be investors, this might be just the perfect starter investment. For more info on this or other Calabasas foreclosures call Tracey Thomas at 818-652-2937.
6/1/2011 Update – Property is now in escrow.
6/21/2011 Update – Property sold for $250,000 to an all cash buyer.
Park Capri, Calabasas REO
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New Listing Update – Calabasas Homes for Sale
February 17th, 2011 Categories: New Listings
The inventory of homes on the market in Calabasas is lower than normal for this time of the year with less than 150 active listings on the market. Each day we update our list with the new Calabasas listings as they come on the market. Please call Tracey Thomas at 818-652-2937 for more information or to arrange a showing for any of these listings.
Showing properties
1 - 10 of 153.
See more city of Calabasas real estate.
(all data current as of
2/4/2012)
-
$2,175,000 : 3800 Prado Del Trigo, Calabasas4 beds, 5 full baths
-
$2,195,000 : 5334 Collingwood Circle, Calabasas4 beds, 5 full, 1 part baths
-
$1,029,000 : 22305 Dardenne Street, Calabasas4 beds, 4 full baths
-
$499,900 : 5332 Parkmor Road, Calabasas4 beds, 2 part baths
-
$1,149,000 : 3690 Paseo Primario, Calabasas5 beds, 5 full baths
-
$1,299,000 : 23964 Park Granada, Calabasas3 beds, 3 full, 1 part baths
-
$779,000 : 809 THORNHILL RD, Calabasas3 beds, 1 full, 1 part baths
-
$1,500,000 : 4008 BATRIS, Calabasas5 beds, 4 full, 1 part baths
-
$1,875,000 : 25531 Gaylord Court, Calabasas5 beds, 5 full, 1 part baths
-
$1,749,000 : 25825 SHADY GROVE PL, Calabasas5 beds, 4.5 baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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Calabasas Real Estate Report for 2010
January 17th, 2011 Categories: In The News Calabasas
Most of the San Fernando Valley has been riding the real estate roller coaster since August of 2007 and it hasn’t been such a great ride for most of the Valley. Our neighbors on both sides have seen price drops year over year. Agoura had a 6.2% drop in the price per square foot and Woodland Hills had a 5% drop in the price per square foot from December 2009 to December 2010.
Calabasas real estate has managed to hold its own during 2010, even gain a little bit increasing 4.6% from an average of $322 per square foot in December of 2009 to $344 per square foot in December of 2010.
Calabasas Real Estate Price Per Square Foot 2010
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Lower Your Calabasas Property Taxes
September 8th, 2010 Categories: Calabasas Saavy, In The News Calabasas
“So do you want the bad news or the good news first?”
Cut your Calabasas Property Taxes
The bad news – If you purchased your Calabasas home between 2004 and 2008, your property value has probably declined. But there is some good news and relief for homeowners. CA Proposition 8, Decline-in-Value allows for a temporary tax reduction in the years where the fair market value of the property is lower than its current adjusted tax base.
The LA County Assessor’s office has already reassessed the values of 583,000 homes that were purchased between July 1, 2003 and June 30, 2009. Tax bills have been reduced an average of $1,800 for owners of single-family homes and $1,500 for condo owners.
Calabasas experienced a 1.7% decrease in assessed value. A quick check of about 20 Calabasas homes showed that yes in deed, the values were automatically reduced. But were they reduced enough? The only way to know is to log on to the Assessors website and enter your address. If your property had a 2010 Assessor initiated review, you’ll see the details of your taxable value. If your property was not reviewed, it will say, “Our review does not support a 2010 decline-in-value reassessment.” Either way if you don’t agree with the assessed value you can file for a decline-in-value or appeal.
If your property was not reviewed for a decline in value, you must prove that on January 1, the market value of your property was less than its current assessed value. In order to do this, you need to file a Decline-in_Value Review Application with the Assessor between June 1 and November 30.
On the claim form, provide the Assessor with the information that supports your opinion that the market value for your property is less than the assessed value. The best supporting documentation is information the sale of comparable properties. You should select two comparable sales that sold as close to January 1 as possible, but no later than March 31. There are several websites that will provide you with this sales information for homes similar to yours or just call me and I can help you determine which homes best meet this criteria.
An appraiser will review your claim form and the information that you provide. If you disagree with the Assessors findings, you may file an appeal with the Assessment Appeals Board. You must file your appeal between July 2 and November 30 for your annual tax bill. Either way, it’s important to file a decline-in-value or appeal by November 30.
Be wary of scams asking for money to reduce your property taxes. The decline-in-value form is only one page and relatively easy to complete yourself. If you need help completing the form or find appropriate comparable Calabasas home sales, please call me at 818-652-2937. But hurry, the deadline for filing a decline-in-value is November 30, 2010.
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Wonderful Walkable Mulwood in Calabasas
May 22nd, 2010 Categories: In The News Calabasas
Calabasas Mulwood children walk to school
Walkable neighborhoods offer incredible benefits to the environment, our health, and our communities. Cars are a leading cause of climate change according to walkscore.com, but your feet are zero pollution transportation machines. Calabasas is not exactly the city that pops to mind when you think of a walkable community. With its sprawling neighborhoods and gated communities, it seems that more people get around by car than on foot.
Fortunately there is an area of Calabasas that is wonderfully walkable. Mulwood is located in eastern Calabasas near the Woodland Hills border. Mulwood includes two areas; Greater Mulwood and Mulholland Heights. Greater Mulwood includes the area bounded by Old Topanga Canyon Road on the East, extending to Gelson’s on the West, then continuing across Mulholland Highway up the hill almost to Topanga Canyon.
Encompassing about 1,500 homes, this is the largest non-gated community in Calabasas. This neighborhood is ideal for children because Chaparral Elementary School, Alice C Stelle Middle School and Calabasas High School are walkable from every Mulwood home in fifteen minutes or less. Before school starts middle school students can be seen riding their bikes and skateboards down Dardenne Street to Dagueere Avenue, and then racing the rest of the way down Mulholland Highway to school. A quick cruise around the parking lot and the bike racks fill up quickly.
Just a few more blocks from the middle school is Gelson’s grocery store, which includes an indoor and outdoor dining area, a bakery and deli. This is a favorite after school gathering place for students to grab a slice of pizza or some ice cream. The virtually zero pollution Calabasas Trolley, runs on natural gas, and has four stops in Mulwood while making its loop through Calabasas. From Mulwood, the trolley continues to the Calabasas Tennis and Swim Center, then to The Commons at Calabasas and stops at the Library before it continues to Las Virgenes Road.
Home prices in this kid friendly neighborhood range from $600,000 to $1,400,000. For more information about homes for sale in the Mulwood neighborhood of Calabasas or to find the value of your Mulwood home please call Tracey Thomas at 818-652-2937.
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News Flash! Calabasas Homeowners are Just Fine
April 15th, 2010 Categories: Calabasas RE Statistics
Calabasas Good News
You know the old adage, “if it bleeds it leads”…this article isn’t about the lurid details of the housing downturn or more foreclosure news. Today’s blog is actually a positive look at the facts. Of the 8,615 housing units in Calabasas, only 2.2% are in some stage of foreclosure according to Dataquick. This is well below the national average of 7%.
That’s right. The overwhelming majority of homeowners in Calabasas are not losing their homes. They either own their properties free and clear or are making their payments on time.
Unfortunately this doesn’t mean that Calabasas homeowners are not upside down on their mortgages. Quite the contrary, people who purchased Calabasas homes in 2005, 2006 and 2007 with 10% or less down are upside down. Plus homeowners that used their homes as an ATM machine and refinanced to take out cash are also underwater. But luckily, a house is home and upside down or not, families will do whatever is necessary to keep their homes.
If you would like more information about buying or selling a Calabasas home, please call Tracey Thomas at 818-652-2937.
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Calabasas Underwater Homeowners Gulping for Air Until 2015
March 30th, 2010 Categories: In The News Calabasas
Gulping for Air
Calabasas Homeowners will be holding their breath until 2015 according to First American CoreLogic as positive Equity Won’t Return For Most Underwater Borrowers for about five years.
First American CoreLogic estimates that the typical US homeowner who has negative equity in their property will not experience positive equity until late 2015 to early 2016. CoreLogic projects more than 11.3m, or 24% of all residential properties with mortgages had negative equity at the end of the fourth quarter 2009. While the largest decreases in home prices appear to have already happened, it remains to be seen when borrowers will return to positive equity.
To predict how long borrowers will remain in a negative equity position, CoreLogic projected future home values and unpaid principal balances to gauge how long it will take for the average underwater borrower to return to positive equity.
According to the projections, it will take the typical borrower until late 2015 or early 2016 for negative equity to disappear. Negative equity is widely considered a trigger to strategic default, and a Treasury Department program announced Friday attempts to address the problem by pushing lenders and servicers to offer borrowers principal reductions on their mortgages.
Although house price appreciation will, over time, offset negative equity, amortization, the paying down of loan balances, will in most cases be a more significant remedy to negative equity, a research note from CoreLogic economists states. Over the next 10 years, the average loan balance will decrease by an annual rate of 3.3%; meanwhile home price are expected to increase at a 3% annual rate over the next decade.
If five years seems like a long time to be holding your breath, call or email Tracey Thomas to find out your options. There are programs available to help underwater homeowners such as loan modifications, short sales and owner financing. Our team specializes in solutions for distressed and underwater homeowners. Please call 818-652-2937 now for more information.
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Calabasas Home Prices Inch Up in February
March 17th, 2010 Categories: In The News Calabasas
The Calabasas housing economy is showing signs of recovery. A whopping 16.7% of the homes listed for sale in Calabasas were in escrow during February 2010 as compared to only 2.5% in February 2009.
Affluence and luxury surround Calabasas with the median home price close to $1,000,000. This means that most Calabasas homebuyers end up shopping for a jumbo mortgage. Since the mortgage meltdown of 2007, it has been difficult for a buyer to get a conventional mortgage, let alone a jumbo loan. In 2004, all a home buyer had to do was fog a mirror and he could get a mortgage, no income check, no asset check. But this hasn’t been the case since 2007 when banks became extra cautious. it’s been so bad lately, the famous Russian billionaire Mikhail Prokhorov had to pull out of a real estate deal and lose his 53 million dollar deposit on a property due to financing woes.
Luckily the jumbo mortgage market has finally started to open up. This is great news for Calabasas home sellers and would be buyers. We’re finally seeing hordes of Calabasas buyers pre approved for a mortgage and ready to buy. I’ve hosted several several open houses in the past two months. Can you say “jam packed”? Home buyers are out there in droves and the inventory is low. There is less than 4.5 months of inventory for sale right now, down from 34 months of inventory in February 2009. Normally we say that six months of inventory is a balanced market. Anything more than six months of inventory is considered to be a buyers market and less than six, a seller’s market.
Home prices in Calabasas have started to creep up. During January 2009 there were 24 closings in Calabasas. Homes sold at approximately 93.67% of their list price for an average of $306 per square foot. The least expensive per square foot, a three bedroom, two bath, bank owned property with a damaged foundation sold for $231 a square foot. On the other end of the spectrum, true luxury sold for $420 per square foot. The exquisite Calabasas Oaks, celebrity style, five bedroom, six bath home included a home theater, recording studio and resort like backyard with jetliner views sold and for $2,700,000. In February there were 16 escrow closings in Calabasas. Homes sold at approximately 95.74% of their list price at an average of $337 per square foot. February sales ranged between a three bedroom, two bath condo on Las Virgenes Road for $410,000 to a Spanish Colonial estate in The Oaks with Brazilian Oak floors, cabana and dramatic views. This mini mansion sold for $2,800,000 or $413 per square foot.
Spring is prime home buying time. As buyers scramble to buy a home before school starts in September, expect to see Calabasas home prices continue to inch up.
To find out what your Calabasas home is worth or to buy a home in Calabasas please call Tracey Thomas at 818-652-2937.
Calabasas Homes in Escrow February 2010
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