This time around we invited local businesses to participate at our party, and it was a great showing! Russ Meek of Red White and Bluezz hosted a wine bar pouring a fabulous selection of vintages from around the world and arranged for a jammin’ musical duo. Bar Celona’s new chef Manuel Benitez crafted a selection Spanish tapas on site. Artisan roasted coffee from Jones Coffee was fresh brewed. More tasty treats were provided by La Nueva Posada and The Spot Gourmet. Guests were treated to special gift bags from Kiehl’s Santa Anita, and also had the chance to win door prizes including a wine dinner at Red White and Bluezz, 1/2 pound bags of Jones Coffee Madison Blend, an hour massage from On Balance Massage, a wellness exam with Dr. Peter Lippincott at Foothill Veterinary Hospital, and a haircut by Jean Randall at Salon of Paris in Arcadia. And is if that were not enough, we also featured an exhibition of art/design/photography; on display were a graphic identity concepts for the Community Works outreach organizations by Fibonacci Design Group, digital photos from Kelly Jung’s photoblog, dimmensional paintings from Kyle Kilty’s Mine Series, architectural photography by Nicolas Marques/Photekt, and rustic ceramic globes by David Prince graced the seating lounge.  

It was a truly festive evening that continued well on into the night!

Check out the article here:
http://pasadenanow.com/main/lippincott-group-moves-to-john-aaroe-group-pasadena

People often ask us if it is a good time to buy, and this can be a difficult question to answer.  Your specific circumstances are the most important factor when it comes to home ownership, and we often help buyers weigh their options.  If you would like to read more about current market conditions, refer to our recent blog post, or read this well written article.
 
Helping guide our clients through this pre-purchasing time period is one of the many services we offer.  It is not unusual for the Lippincott Group to work with a potential buyer for a year or two prior to that client actually making a purchase… planning ahead can make the process easier!  Our many years of experience has given us the expertise needed to understand the many aspects of attaining and managing home ownership.  Questions about all this?  Give us a call!

It seems an especially appropriate moment to begin this series considering the headlines this morning about falling markets and slumping home prices.  But it is misleading to make blanket statements that the real estate market is continuing a downward spiral. Sure, the reports are depressing and there is reality to the reports, but the fact remains that real estate is very localized, and our local market remains active and solid.  During the reported time from March 2010 to March 2011, Los Angeles prices were only off 1.7%; our area is not seeing a significant drop in value. We have been seeing consistent multiple offers (and our buyers can vouch for that) on homes and sales above the listing price!  We know how important it is to keep things in perspective and to know the local market conditions while remaining aware of the big picture.

More of our take on the current mortgage situation and the buyer’s market:

• Mortgage rates are still relatively low and with a large group of houses for sale, house hunters have plenty of opportunity. Nevertheless, the changed housing market has brought new aspects to consider when looking to purchase a home.
• Buyer’s need to understand the significance of purchasing in a favorable location. The Lippincott Group keeps up to date on what is happening in all local neighborhoods so as to advise our buyers appropriately.
• The days of buying a home with little, or no, money down are virtually over. Most conventional mortgages now require a 5 percent down payment, with FHA requiring approximately 4 percent down.
• The housing market is recovering, but many analysts disagree on when we see a full recovery. Homeowners may find themselves staying in their newly purchased home for many years, so buyers should think long-term about the size of the home, location and how it fits into their lifestyle.

The Lippincott Group is always available to discuss these interesting facts with current or future buyers and sellers.

Further reading:
Home Prices Falling, Insurance Premiums on the Rise [Wall Street Journal]
Many homeowners are refinancing their mortgages to shorter terms [LA Times]
Remodeling your home? Watch out for scams [CNN Money]
California creating mortgage fraud task force [LA Times]

Katherine is our historic designation expert and was able to provide information about the advantages and process of becoming designated. Our team stayed with their consistent efforts month by month for several years. In Pasadena this is a long and arduous process of investigation and research with many city meetings and walk-throughs of the property by historic specialists (and even past family members of original owners in the 1920’s) to shepherd this process. Our clients compiled a tome documenting the history of their home. It takes dedication and commitment!

Why did these owners choose this path? To mention a few reasons: an interest and a fascination with the history of this large five bedroom home; a curiosity about the first owner and architect; an appreciation for one of the most exquisite tile mantles designed by Ernest Batchelder; the recognition for being designated historically significant; increased market value of their property; and an extraordinary dedication to the cultural heritage of their community.  The Mills Act requires annual maintenance and restoration work, but provides significant property tax deductions.

Eventually the owners will sell and we are their “Realtors for life,” so we will then have our challenges too.  How do we give this fabulous property the attention it deserves?  What is the significance of its uniqueness?  It is not comparable to other homes in its neighborhood, so how do we accurately estimate its worth?  Fortunately we too have a long and established history in this community and in our profession; with nearly forty years of experience in real estate we are able to meet this challenge and ably represent these special home owners and this unique property. Their pride and success will be ours, too!

We run into issues like this very often these days, typically with short-sales and foreclosures, whether it be dilapidated conditions, an unfinished remodeling/construction, an empty pool, or a million other hazards.  A property must meet certain criteria to obtain a loan, and the aforementioned are just the tip of the proverbial iceberg.  So the fun begins… to come up with a creative solution that suits both the needs of the seller and buyer.  In this case with the damaged retaining wall, what can we do?

First idea: approach the seller to request that buyer may make repairs during escrow, and sign a hold-harmless clause.  This is risky due to the fact that the buyer is not guaranteed that the escrow will close, and so they are obviously less inclined to spend money on something which is not theirs.  Not to mention, banks are not often amenable to such things.

Second idea: obtain a rehabilitation loan which allows the buyer to complete the work within a specified time frame after the close of escrow.  But these loans don’t work for every situation.

Third idea: cash is king.  Pay cash, and there is no issue.  You may be surprised how many buyers go this route… they want the house, and they have the cash!  Problem solved.

These are just three options for this particular situation, though we have devised many other solutions for similar quandaries.  This is what we do.  It isn’t always easy… and that is an understatement… but it is so gratifying to find solutions for our clients.

It is truly a testament to the quality of people who are part of this wonderful company that so many fought traffic from the Westside to be here; these agents were gracious and truly excited to welcome us into the family.  Without a doubt, this is the most genuinely kind group of people with whom we have ever worked.  In the week since we have joined Aaroe, we have found that the people who make up this company truly are the difference; we have already tapped into a wide and deep network of agents from all around LA who offer us great insights into the different micro-markets of our region.  In a business as competitive as ours, it is refreshing to be in such a collaborative environment!

It doesn’t take much to make a party with a bunch of real estate types… lots of conversation and exchanging of business cards.  And could it have been a more delightful evening for an outdoor gathering?!  Firm co-founders John Aaroe and Michael Williamson were both present to greet us; this was no surprise as we have already learned that they are incredibly hands-on and approachable leaders.  John Aaroe gave a rousing greeting to the group and said what we all know: that with the leadership of our branch manager, Gus Ruelas, we are going to make things happen in Pasadena!

The management at Aaroe is second to none, starting with founder and owner John Aaroe himself who is a legend in the real estate business. John previously founded and ran our Prudential division; his company quickly became the most productive real estate company, per agent, in the United States. Co-founder and partner Michael Williamson has a fabulous management record and is a truly dynamic leader. And we have known our new Aaroe Pasadena branch manager, Gus Ruelas, for many years; he has incredible energy and has achieved great success in the business.

Our temporary space for the next few months is located at 40 West Green Street in Old Pasadena.  The temp space is wonderful; we invite you to stop by, say hello, and see for yourself.  But just wait until you see our permanent space…it’s going to be amazing.

The Lippincott Group is proud to offer a superior level of service for every client; you are all V.I.P.s to us. We are here for you whenever you need us: whether it is to buy or sell your own home, or when you refer your friends and loved ones to us for their real estate transactions, or if you simply have questions. Thank you for your support!

We appreciate the opportunity to provide the best personalized service for your real estate needs.  And remember, we’re never too busy for your referrals; we promise to take good care of you, your friends, and family!