Rolling Hills The Early Years: June

The Early Years – Sheriffs Posse, Los Angeles County

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In the early days of Los Angeles, the Sheriff had a group of men he could call upon him to help him in capturing highwaymen, murderers, and desperados. The men of the posse were all mounted because the bandits would escape to the outlying country and had to be caught by men on horseback.

By 1940, the Sheriff’s Posse was primarily a social organization. It was composed of a group of expert horsemen – you’ve seen them ride many times in the Tournament of Roses Parade.

The Sheriffs Posse probably reached the height of its prestige in 1930-1940 under Sheriff Eugene W. Biscaluiz. It was a large group of men, and occasionally they would go to some of the large ranchos around Southern California for rides. All of it was for fun – they would trailer their horses to the rancho headquarters that they were going to, and saddle up their favorite horse with a western work saddle, equipped with lariat, etc., and go off for a ride of miles and miles, and end up having a barbecue and then going home.

Just after the hay was harvested, in the late summer of 1940, the Palos Verdes Corporation invited the Sheriff’s Posse to come to Rolling Hills and ride over our 12,000 acres, and be the guests of the Palos Verdes Corporation, and enjoy themselves.

They all assembled at Ken Buggy’s Rolling Hills Riding Stables, unloaded their horses and saddled up with western saddles and equipment. From the assembly point, they rode across fields until they came to Rancho Elastico. It was a beautiful, clear, sparkling Autumn day – and dry. So, by the time they got to my ranchito they were all ready for a drink.

I had arranged to have a bar set up on a pickup truck. It was all equipped with liquid refreshments that a Sheriff’s Posse would like. After a round of drinks, the children’s ringtail monkey, who was a great household pet and who really ruled the roost, showed up. He had been in the habit, when we had guests, of stealing a sip from the Old Fashioned glasses – and here was his golden opportunity.

The riders thought it was funny as heck that a monkey would like liquor. After a drink or two, Adolph, which the children thought was a fine name for a monkey, climbed to the top of the tallest eucalyptus and then would leap high in the air to the neighboring black acacia tree – but he rapidly got to the point where, on account of being a little the worse for liquor, he would miss the upper limbs of the tree and come tumbling down and just barely catch himself. He did this over and over. That monkey really had a head by the time the Posse rode on to the next stop.

From Rancho Elastico the Posse rode down the Long Valley until they came to a stack of straw. This year we had threshed the barley rather than baling it, and where the Peninsula Center is at the present time was a huge stack of fluffy, loose, barley straw. They were all feeling pretty good – it was a nice, warm day. They got to riding around and around and around the stack of straw. Then every once in awhile, one of the riders would get very hilarious and he would his horse straight into the straw, which was very loose, and the horse would stumble and fall down, and the rider would fall off – and the only way the could get the rider and horse back onto firm ground again would be to lasso them and drag them out. And that is one version of what you might call “horsing around”

By 1:00 pm everybody was starving, and ready for a good meal, and they had a good meal. We had employed caterers to barbecue the food. They barbecued a steer, and it was ready by the time the boys got there. There were all kinds of Mexican dishes – lots of frijoles, tamales, and green salad — anything they wanted. There was plenty of beer, plenty of coffee, and plenty of fun.

From there the Posse rode down Georgeff Canyon back to the Rolling Hills Riding Stables, where they unsaddled, put their horses in the trailers, and returned to their homes.

Excerpt from: Rolling Hills: The Early Years by A.E. Hanson

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This month in Real Estate: March

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When is Disclosure too Little, too Much or Just Right?

Real estate agents walk a fine line regarding disclosure in meeting their fiduciary responsibility to their clients. The question is when is disclosure too little, too much or just right? The truth is that there are no absolute answers, just common sense practices that an agent can follow to best serve their client and protect themselves.

We recently took a look at the C.L.U.E. report which has been available for approximately the last 8 or 9 years. Re-Insider finds this report to be a great example of the variety of information that can find its way into today’s real estate transactions.
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The first question that should always be looked at when vetting disclosure information is, is there a legal requirement in the California Civil Code for a particular disclosure of information? If there is, for example the NHDS or TDS in most residential transfers, then it has to be in the disclosure information to the buyer.

But what about non legally required reports, C.L.U.E. being a good example? In the case of C.L.U.E. reports being provided, this grew simply from CAR adding a question to their SSD form which was then incorporated into the SPQ on page one. This is a form that has grown over the years to 10 questions in which a seller is advised, by CAR, to disclose to a prospective buyer of their residential property. The question on the CAR SPQ regarding insurance claims is simply “Insurance claims affecting the property in the last five years”— answer to be given as simply yes or no.

So how did the additional information contained in a C.L.U.E. report, not requested or required, come into use and does it potentially pose a liability to the agent? The quick answer to the first question for coming into use is money. What was once a simple yes or no answer from the seller is now a $19 + report that companies make money selling into the transaction.

As far as the question of liability to the agent, if the additional information in the C.L.U.E. report has a mistake in it, as happens from time to time and causes some of the problems discussed in the previous article, then who takes responsibility? The most common response from agents is the company that sold the report to me of course. But as it turns out this is not necessarily the case.

Why you ask? The C.L.U.E. report comes with no guarantee or indemnification from LexisNexus, the company that produces the report. The resellers, usually disclosure companies, all have a third party exclusion in their limits of liability that state they are not responsible for mistakes in information provided to them from outside sources.

This can leave the real estate agent or brokerage financially responsible for the C.L.U.E. report if there is a problem. The message in this for agents, using C.L.U.E. reports in this case, is to look at your disclosure procedures with an eye towards not only meeting your fiduciary duties to your clients, but managing your own risk. With that in mind, with the case of C.L.U.E. reports the best answer may be to use the CAR SSD form.

What do you think of this situation? Are you in favor of regulating disclosure companies?

 

RE Insider read more here:

http://re-insider.com/2014/07/23/when-is-disclosure-too-little-too-much-or-just-right/

Southern California median home price jumped to $400,000

 

Home prices in Southern California are at their highest level in six years, according to new data, though those gains may be taking a bite out of sales volume.

 

The median price of a house sold in Southern California rose from $383,000 in February to $400,000 in March, the market’s highest level since February 2008, according to San Diego-based DataQuick, which tracks real estate data.

The figure is up 15.8% from the same month last year and is the first noticeable increase since the torrid run-up in prices last spring and summer.

At the same time, the number of sales fell on an annual basis for the sixth straight month as investors and cash buyers pull out in the face of higher prices, and more traditional home buyers hesitate to jump in. There were 17,638 homes sold in DataQuick’s six-county Southern California’ region, down 14.3% from last March and the second-lowest total for the month — the start of the key spring home-buying season — in nearly two decades.

“Southland home buying got off to a very slow start this year,” said DataQuick analyst Andrew LePage. “We see multiple reasons for this: The inventory of homes for sale remains thin in many markets. Investor purchases have fallen. The jump in home prices and mortgage rates over the past year has priced some people out of the market, while other would-be buyers struggle with credit hurdles. Also, some potential move-up buyers are holding back while they weigh whether to abandon a phenomenally low interest rate on their current mortgage in order to buy a different home.”

The data also show how the recovery is being felt differently at different segments of the market.

While prices have climbed fast on lower-priced homes, the number of sales has fallen sharply, suggesting a lack of homes for sale and buyers who can afford them. Sales of homes for less than $500,000 dropped 26.4% from this time last year…

Continue HERE…

http://www.latimes.com/business/money/la-fi-mo-southern-california-home-prices-20140415,0,6707626.story#ixzz2z08dOtsr

Condo Prices Up in L.A.

The price per square foot of a new condo downtown climbed 6% in March from February to $656, according to a new report from the Mark Co., which tracks downtown real estate.

The number of condos for sale, meanwhile, fell sharply as buyers snapped up units at downtown’s lone new condo building: the Barker Block on Hewitt Street.

At month’s end, Mark said, there were only 27 new units for sale downtown, and the inventory of existing condos for sale would burn off in less than three months — half of what’s considered a healthy supply. Prices for condo resales slipped in March but remain 23% higher than a year earlier, at $534 per square foot.

“There is a dearth of condos,” said Alan Mark, the Mark Co.’s president. “People are not even selling existing condos because there’s no place for them to buy.”

The tight for-sale market contrasts sharply with a boom in apartment building.

After the housing market tanked in 2008, some downtown projects that had originally been designed as for-sale switched over to become rentals. And big institutional investors, desiring a safe, stable return, shifted their money into high-end apartments, helping to fuel a building boom that has 5,000 rental units now under construction, and 3,000 more units approved by the city.

That surge in rental supply may lead some apartment owners to flip their buildings back to condos, but Mark said he doesn’t see that happening yet. The numbers don’t quite pencil out, and the wounds from the downturn are still too fresh.

“There are definitely people circling, trying to figure out does it work and do they have the wherewithal to put 200 or 300 units on the market for sale,” he said. “Some developers still feel the scars of the recession.”

As for new construction, that could happen — there’s one 38-story condo tower in early development on 9th Street north of Staples Center — but it’s going to take a while.

“To build any building that’s sizable, it’s 18 months to two-and-a-half years to deliver,” Mark said. “You just don’t see this thing changing soon.”

http://www.latimes.com/business/money/la-fi-mo-downtown-condo-market-20140408,0,873943.story#ixzz2ytsQzLTR

Keller Williams LA Harbor Market Share: March Update

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What Does Sale Pending Mean?

Posted by Justin in Buying A HomeHomebuyers Tips | RealEstateCommunites.com

http://realestatecommunities.com/what-does-sale-pending-mean/

You’ve come across a beautiful house and it looks picture perfect from the outside – mature trees, beautiful exterior, shiny windows, maybe even a small pond. You check the sign, wanting to give the realtor a call to schedule a tour but much to your chagrin you see a “Sale Pending” sign on to of the realtor card. Does this mean that the home is sold? Does this mean you shouldn’t bother trying to bid on this house? Let’s find out!

Subjects, Contingencies and Pendings, Oh My!

Anytime you see a “subject to” or “contingent upon” but in an ad, that means that the sale isn’t final. The seller can’t accept the buyer’s bid for real until they meet those terms – one of the most common of these is a financing contingency. If the buyer can’t get financing to buy the home, they’ll be off the hook and the seller can search for another buyer instead.

The Seller May Still Entertain Other Offers

But just because a home has an offer doesn’t mean it’s off the market. Sometimes the buyer could back out at the last minute. Sometimes the offer just falls through and they have to find another buyer – but it’s important to remember that once they enter the fulfillment period during the time the home is appraised, inspected or where they’re fulfilling a contingency, they won’t be able to entertain other offers.

What Does Sale Pending, Mean, Anyway?

If the seller is still trying to meet all of those terms before the buyer’s (or buyers!) offer is accepted, they won’t be able to entertain other offers. This means that you can’t swoop in with a better bid, skip the financing contingency or even just offer to put down an earnest money deposit to skip ahead in line. It all just depends on what province you reside in and what their rules are, so make sure you talk with your realtor before you get your hopes up!

But you CAN submit a bid, if you really want to. You may not see anything come of it, and you’ll have to go through an appraisal process, a home inspection to make sure if there are any lingering issues you can get them fixed up before the sale is final and slap that financing contingency onto the home so if your financing falls through, you’re not on the hook.

If You Really Want the Property, It’s Worth it

But if you really want to buy a property, it’s well worth it to explore all of your options. Don’t let that sale pending sign scare you away, especially if you’re willing to go the distance to own this home. Spend some time, talk to your realtor, find out what a reasonable expectation for this home will be maintenance wise, cost-wise, even just the amount of energy you’ll spend chasing it. If it’s had people locked in a bidding war for a few weeks, you might be better just walking away.

 http://realestatecommunities.com/what-does-sale-pending-mean/