Friday, February 20, 2009

Manhattan Beach Open House: Open Sun. March 1, 2009 1-4 pm.

Open Sunday March 1, 2009....1-4 pm

Conforming loan limits are back to $729,750 and the owners will carry back a second trust deed for 10% of the sales price ...Price is now $1,125,000....



If you missed this one... stop by and take a look. This is ideal if you need a less expensive home in the Robinson school district...

This is a great opportunity for buyers who want to move to the Hill section of Manhattan Beach. The price has been reduced to $1,125,000 making it one of the best priced homes in the Manhattan Beach Hill Section. In addition to a lower price, the owner will consider holding a second trust deed for a qualified buyer. This will allow a buyer to purchase with confidence in today's often confusing financial market. Many lenders will not lend as much as they would a few years ago even to well qualified buyers. If you have been considering purchasing a home in Manhattan Beach but have been a bit unsure about financing alternatives this might be a home to consider.













511 Dianthus in the Manhattan Beach Hill Section offers a good choice for buyers who are deciding to follow a more conservative path. This lovely home has over 1900 sq ft, 3 bedrooms, 2 baths, large dining area, delightful family area and a great entertainment room with space to spare for the big TV and a view that doesn't stop. The serene rear garden and soothing sounds of the waterfall bring a sense of calm after a busy day. A new price makes this home worthy of consideration.... $1,125,000.

7 comments:

mookie said...

Kay, seriously, how long until your sellers realize this house is a hunk of crap and that nobody is going to touch this until they lower the price at least another 100k. It's been close to 300 days that this house has been on the market. Do they actually believe that somebody is going to drive by and do something that no other person has been willing to do in the last year... by the house! It's like the moron at 317 5th who has had that house for sale for the same 300 days and has lowered the price, I believe, a total of 200k. He's wasting everybody's time, although I guess he's hoping for some naive out of towner on a relo who is coaxed into buying it by a less than scrupulous realtor...

Kaye said...

Mookie,
So make an offer...

bondinvestos said...

why does the conforming loan limit matter?

if you buy at a 50 year low in interest rates, what the heck happens when you try to sell 10 years from now and rates are back to normal levels (eg, 7%).

you lose your equity - that's what happens.

home prices are going to go so low that it's going to shock even the bears.

Kaye said...

Bondinvestor,
I sure hope you are wrong...

cujo001 said...

Kay -

What are jumbo rates now and who are offering these rates?

Anonymous said...

Kay-

What are jumbo rates now and who are offering them?

Kaye said...

anon/cujo,

Rates are jumping around right now and vary from lender to lender. If you open an account for direct deposit you usually will get a better deal. If you pay points upfront you can get a lower rate. The rate is also very dependent on your FICO score:

FICO: 750-780 fixed 1 pt about 6.75%-7.1%

FICO: 780+ 6%-6.5 depending on whether or not you pay points.

Plan on a minimum of 30% down but probably 40% anything over $1.M 50% or more...

Your best bet on lenders is Bank of America, Wells Fargo, Union, ING and Chase. Citi says they are coming back into the market but don't know for sure. At this point going direct to the lender seems to be a better bet then trying to use a mortgage lender on jumbo loans. I understand that Union and ING are cutting their own appraisals.. so you will need more cash in reserve if they are in the mix.

As rates are bouncing around timing is critical in the process when it comes to locking in a rate. This is also a market where paying points can be a good thing so don't dismiss that option.