Real Estate

Mortgage Aid Offered to Those Who Cashed Out Equity


The California Housing Finance Agency announced this week that people who cashed out equity on their home now are eligible for three of the four “Keep Your Home California” programs.

  • Keep Your Home California is a state-run program funded with $2 billion from the U.S. Treasury’s Hardest Hit Fund.  It is designed to help low- and moderate-income people who are unemployed or owe more than their home is worth pay their mortgage.
  • There are four individual programs that fall under Keep Your Home California.  Eligible homeowners can get up to $50,000 in assistance from one or more of the four programs combined.
  • Under the new rules, people who took equity out of their homes will be eligible for the unemployment mortgage assistance, mortgage reinstatement assistance, and transition assistance programs if they meet all the other program requirements.  Homeowners who cashed out equity will continue to be ineligible for the principal reduction program.
  • When the program first started, homeowners who had tapped the equity in their homes were ineligible for the programs.  CalHFA decided to include these homeowners due to the large number of homeowners who were being turned away for assistance.
  • Under the program revisions, homeowners who originated mortgages after Jan. 1, 2009 also are eligible for the same three programs.  Originally, these borrowers were excluded because they also are excluded under the federal Home Affordable Modification Program, so CalHFA wanted to be consistent with HAMP.
  • To qualify for any of the four programs, homeowners must fall below certain income limits, must be living in the home, and cannot own a second home, among other criteria.  For additional requirements, visit www.keepyourhomecalifornia.org/eligibility.htm.

Read the full story

For all your real estate needs call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John jodell@nevadacounty.com

DRE# 00669941

nevada county fair

Nevada County Fairgrounds Foundation Fundraiser a Sucess

Members of the Foothill Lions Club, including Chef Arnie Romanello, prepare to serve to a sold-out crowd at the Nevada County Fairground Foundation’s first annual Cioppino Feed.
Members of the Foothill Lions Club, including Chef Arnie Romanello, prepare to serve to a sold-out crowd at the Nevada County Fairground Foundation’s first annual Cioppino Feed.

By Wendy Oaks

Thanks to Foothill Lions Club and the community for its support

The Nevada County Fairgrounds Foundation’s first annual Cioppino Feed was a huge success, thanks to community support, a sold-out event, and a successful auction.

Held last weekend at the Fairgrounds, Chef Arnie Romanello created and served his special 100-year-old recipe to a sold-out crowd.  A special thank you goes to the Foothill Lions Club for donating their time and services to the event, as well as to the Cool Hollow 4-H Club for serving the guests. Thank you to SPD, Raley’s, Save Mart, Grocery Outlet, B & C True Value Hardware, A to Z Supply, Sara Lee Bakery, Hills Flat Lumber, Mill Street Clothing, Nevada City Winery, the Hawkeswood Family, and Safeway for their donations.

“We are so grateful to our community for supporting the Foundation and its events,” said Ed Scofield, President of the Fairgrounds Foundation. “As state funding is eliminated from our community Fairgrounds, it’s more important than ever to do what we can to support our Fairgrounds to ensure that it remains a viable part of our community for generations to come. Continued community support at events like this will ensure that happens.”

The Nevada County Fairgrounds Foundation was established in 2005 to fulfill its mission of supporting and improving the community’s Fairgrounds.

For more information about the Fairgrounds Foundation, or to become a Foundation member, contact the Fairgrounds office at 273-6217 or visit the Foundation’s website at http://NevadaCountyFair.com/Foundation.

By: Wendy Oaks

Publicist, Nevada County Fairgrounds
(530) 273-6217
wsoaks@gmail.com
Website: www.NevadaCountyFair.com
Facebook: Nevada County Fairgrounds

Nevada County Fair                          August 10 – 14, 2011

Draft Horse Classic                            September 22 – 25, 2011

Halloween at the Fairgrounds      October 29, 2011

Country Christmas Faire                  November 25 – 27, 2011

 

For all your real estate needs call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John at jodell@nevadacounty.com

DRE #00669941

Real Estate

Mansion in Las Vegas Price Cut, From $60 million to $25 Million

Here’s a deal for you, great price reduction, more then 50%, now’s the time to buy. A Las Vegas mansion owned by Brunei Prince that was once valued at $60 Million and is now on sale for less than half that amount. Hurry, its only $25 million.

Source: Wall Street Journal

For all your real estate needs, call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John at jodell@nevadacounty.com

DRE# 00669941

Restaurants

South Pine Cafe, Three Locations, Nevada City, Grass Valley and Auburn

 

Review by Sherri L. Reynolds

” South Pine Cafe”…a local Nevada County establishment, located in the foothills of beautiful Nevada City, Grass Valley and Auburn, Ca. is open for breakfast and lunch 7 days a week. A place where the community and visitors alike gather to eat and choose off a menu of healthy, zestful and exceptional food items.

The menu consists of anything from omelet’s, egg or tofu scrambles. specialty dishes like  lobster benedicts, huevos rancheros ( a local favorite) breakfast burritos filled with tofu, eggs, brown rice and fresh veggies, pancakes topped with fresh oliberries and real Vermont maple syrup to organic burgers, sandwich wraps, vegan sandwiches like the nut burger ( my favorite),hot homemade soups and salads.

They have an extensive list of beverages to choose as well, such as fresh squeezed orange juice, lemonade-strawberry mimosas, fresh carrot-apple-ginger juice, espresso coffee drinks, soy hot chocolate, local wines, light, dark and organic beer and Fox Barrel hard pear cider.

All burgers, tofu and coffee are organic, eggs are range free, little use on cooking oils, no GMOS are used. You can purchase the South Pine Coffee Blend at both SPD market locations in Nevada City and Grass Valley and at Caroline’s Coffee in Grass Valley. South Pine Cafe also makes their own Blackberry-Mango Jam and you can buy a jar at either of their locations. They also make their own ketchup and sell memorabilia t-shirts with their logo and theme ” Feel the Joy” .

South Pine Cafe has been owned and operated by George Dyer since 1995. Doug Huntington is the general manager of both locations and has been managing for about 9 years now. They employ several chefs, cooks, waiter and waitresses. They always have an upbeat, friendly, good energy feel and your meal is always served with a smile

The Nevada City location has a Bohemian feel to it. There are local artists paintings on the wall to observe and sell . Also, there are crayon drawings on posted on the walls that children have drawn. I, especially like the framed  “Ketchup” drawings, as it illustrates how to properly get the ketchup out of the bottle. At one time this location was once called “Misty Hot Tub” and when South Pine Cafe started, it still had a hot tub in the dish room area.

The downtown Grass Valley location opened approximately 7 years ago. At one time it was a local bar called ” The Office” and local musicians performed there on occasion. You can feel the warm and welcoming atmosphere here and a waiter named Todd can take your order without writing it down. This guy will always put a smile on your face and get you to laugh with his wit and humor. In general, everyone here gives you a home town welcoming feel.

So, I suggest giving these two locations a whirl for an exhilarating experience and save some space for a great cup of organic coffee and a slice of homemade cheesecake to top your day off with. ” Feel the Joy” and be surprised !

Bon appétit,

Breakfast and Lunch served from 8 am to 3 pm seven days a week.

( catering, holiday parties, birthdays, weddings and business lunches also available)

Visit their website for locations and more information

Sherri L. Reynolds

( a frequent patron)

Business

Your Business in This Economy, Will it Take a Dive, Survive, or Thrive?

1 Comment

Picture Courtesy of Black Enterprise

by Lisa J. Lehr

Yes, we know. The economy is bad. Recovery may be on the horizon, but no one really knows how close. Or if we can “hold out” till it happens. Yet we can each take some actions to position ourselves in the best possible way to survive a weak economy—and be at the front of the pack when it improves.

Dr. Ivan Misner, founder and chairman of BNI (Business Networking International), the world’s largest business networking organization,says that during an economic downturn “you can actually prosper…while everyone else flounders in fear.” He tells of being at a business mixer in the early 1990s, “right in the middle of a nasty recession.”

As he looked around the room and listened in, he noticed that “while nearly all were commiserating with one another, very few were actually networking and working on seeking new business…,” which, of course, was the purpose of the mixer!

So, while we can’t control the economy, we can control our response to it. Dr. Misner goes on to say, “During the last recession, I watched thousands of businesspeople grow and prosper…because they
consciously made the decision to refuse to participate in a recession. They did so by developing their networking skills and learning how to build their business through word of mouth.”

I’ve heard several people in my contact sphere say they’re refusing to participate in the recession. What if everyone refused to participate? We wouldn’t have a recession!

Dr. Misner concludes, “Don’t let a bad economy be your excuse for failure. Instead, make it your opportunity to succeed. While others are looking at the problems, those of us looking for opportunities
will not only get through a bad economy but will prosper.”

Here are some ideas on ways to find opportunity:

Invite people to meetings of your business or trade group.

Offer to speak at an industry conference.

Send out a mailing.

Begin an e-mail campaign.

Write letters to the editor.

Start a blog.

Submit articles to trade publications and online article sites.

Add an opt-in and an auto-responder series to your website.

If you don’t have a website, get one.

If you need to outsource any of these projects, do it.

Stay in front of potential customers. Whatever line of work you’re in, people still need your product or service. If you’ve made your name familiar to your target audience and established yourself as an expert in your niche, you’ll be the one they go to when they’re ready to buy—instead of your competitors. Your (former) competitors will be the ones commiserating about how the recession of the early 21st century ruined them.

Lisa J. Lehr is a writer and copywriter living in Grass Valley. She
can help you promote your business with a full range of online and
offline marketing pieces. A member of Empire Toastmasters, she’s
available to speak to your business or professional group. Visit her
website www.justrightcopy.com for more information, opt in for the
message series, and receive a free Marketing Guide.

—
Lisa J. Lehr
I write words that make you money–just ask me how.
www.justrightcopy.com
Visit my website and sign up for my fr~ee marketing tips.
New! No~cost Marketing Guide now available at my website.

Real Estate

Regulators Propose Tighter Rules For Mortgage Backed Securities

On Tuesday, U.S. bank regulators submitted a proposal that would require lenders to originate mortgages with at least a 20 percent down payment if they want to repackage the loan to sell to other investors without keeping some of the risk on their books.  The bank regulators say this would create strong incentives for responsible lending and borrowing.

  • The Federal Deposit Insurance Corp. board and the Federal Reserve agreed to seek public comment on the proposal.  However, the rule is expected to have little near-term effect because loans sold to Fannie Mae, Freddie Mac and FHA and VA loans would be exempt.  The U.S. government currently backs nearly 90 percent of home mortgages.
  • The CALIFORNIA ASSOCIATION OF REALTORS® and the NATIONAL ASSOCIATION OF REALTORS® oppose the proposal because the 20 percent down payment requirement is too high and would make it difficult for many people to purchase homes, causing further deceleration in the housing market.  Strong evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk.
  • “We need to strike a balance between reducing investor risk and providing affordable mortgage credit,” said NAR President Ron Phipps.  “Better underwriting and credit quality standards have greatly reduced risk. Adding unnecessarily high minimum down payment requirements will only exclude hundreds of thousands of buyers from home ownership, despite their creditworthiness and proven ability to afford the monthly payment, because of the dramatic increase in the wealth required to purchase a home.”
  • Saving the necessary down payment has always been the principal obstacle to buyers seeking to purchase their first home. Proposals requiring high down payments will only drive more borrowers to FHA, increase costs for borrowers by raising interest rates and fees, and effectively price many eligible borrowers out of the housing market,” added Phipps.

Read the full story

Real Estate

Russian Investor Paids $100 Million for Home in Silicon Valley

The $100 million sale of a Los Altos Hills, Calif., home shows how some luxury properties are insulated from the U.S. housing slump.
The $100 million sale of a Los Altos Hills, Calif., home shows how some luxury properties are insulated from the U.S. housing slump.

A Russian investor paid $100 million for a 25,500-square-foot home in Los Altos Hills, Calif., which marks the highest price paid for a single-family home in the U.S.

Billionaire Yuri Milner, 49, who heads Digital Sky Technologies and whose investments include Facebook Inc., Groupon Inc., and Zynga Inc., has no immediate plans to move into the French chateau-style mansion and has a primary residence in Moscow.

The $100-million home features views of the San Francisco Bay, indoor and outdoor pools, a ballroom, and a wine cellar.

The high-price purchase is another sign in the growing strength of the luxury real estate market. Sales volume of homes more than $1 million increased nearly 4 percent in February year over year, the National Association of REALTORS® reports. Meanwhile, sales volumes for homes priced between $100,000 and $250,000 have dropped nearly 8 percent.

This marks the highest known price anyone has paid for a single-family home. Investor Ron Baron in 2007 paid $103 million for 40 acres of vacant land in East Hampton, N.Y.

Source: “Home Brings $100 Million,” The Wall Street Journal (March 31, 2011)

For all your real estate needs, call or Email:
John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John at jodell@nevadacounty.com

DRE# 00669941

Uncategorized

Trashed House on Market for $1,142,000, Attracts Lots of Offers

Photo courtesy of The Orange County Register
Photo courtesy of The Orange County Register

A once luxury home in Huntington Beach, Calif., is moldy, cement was poured down the drains, and a Jacuzzi tub was left running water for months. But after being listed on the market for less than two weeks for $1,142,000, it has already received five offers. What’s more, two of the offers were “well over” the list price, the real estate agent Tom Moon told The Orange County Register.

Moon says the 3,321-square-foot house was the worst example of “malicious vandalism” of foreclosed homes he had ever seen. Chemicals and cement had been poured down the drains and a floor in the home actually caved in from the weight of a pile of wet clothes and trash. Appliances, sinks, toilets, cabinets, countertops, and flooring were taken from the home too.

Photo courtesy of the Orange County Register
Photo courtesy of the Orange County Register

“This home needs drywall completion and installation of all interior decor,” Moon says. Mold remediation and new pipes have been completed since the home went on the market.

The home went to a foreclosure auction last August but failed to attract any bids.

This time around the home, which is on a cul-de-sac along a golf course in a guard gated community, has attracted plenty of buyer interest. However, getting to the closing table may still be a challenge. The winning bid of the five bids received on the home was the highest all-cash offer with a 2-week escrow period. Yet, shortly after completing inspections, the buyers initially walked. But the deal may be back on, according to the latest reports from the Orange County Register

Source Orange County Register

For all your real estate needs, call or Email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John at jodell@nevadacounty.com