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Construction is set to begin at Sumac Park…

By: Rob Jordan

Located adjacent to Sumac Elementary School in the Fountainwood neighborhood of Agoura Hills. The existing playground areas and equipment are all being renovated or replaced. Plans for the park include new swings, adventurous playground equipment (read climbing stuff!), soft wood fiber surfacing that is fall-friendly, a sand play area, new benches and trashcans, and shade canopies.

Construction is planned to be swift, taking only 2 weeks from the middle to end of June 2010, during which time the existing playground will be closed.

Fountainwood is an established, popular family neighborhood in Agoura Hills consisting of some 700 or so one and two story homes. Sumac School is an award winning elementary school located in the middle of the tract. And Agoura High School is walking distance from Fountainwood homes.

Rob Jordan, successful realtor with Sotheby’s International Realty/Ewing and Associates, specializes in helping buyers and sellers in Fountainwood. He achieved the highest sale in 2009 and 2010, helping his Seller obtain $677,000 for a custom 3 bedroom 2 bath home. Rob can be reached at 818 237 4425.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

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Posted by Rob Jordan on June 11th, 2010

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By: Rob Jordan

If you don’t know, there’s been an ongoing battle to build a school over a 71 acre piece of land in the city of Agoura Hills. Heschel religious school owned property east of Chesebro Road that allegedly went into default and will now be sold to the highest bidder. Heschel sought approval from LA county to construct a larger campus that would effectively host 750 students. But, given the current economic crisis, Heschel school has decided to continue operating the 9 acre property currently in use.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

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Posted by Rob Jordan on March 19th, 2010

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Great News for Conejo Valley FHA Buyers and Sellers!

By: Rob Jordan

It’s a common scenario for a real estate agent. I have a well-qualified FHA buyer who has been patiently making offers on condos and town homes, but losing every sale for the last six months.  I now locate the property of their dreams, miraculously get the offer accepted, and find the condo project is not FHA approved.  AAAARRRRGGGGHHHH!

But there may be some good news!

A bit of background: FHA is a great way for entry level buyers to purchase a home. FHA purchases only require a 3.5-5% down payment, AND the seller may pay some of the Buyer’s closing costs. By the time you add in the first time buyer’s tax credit, it can take only a few thousand dollars to buy a home!

But the FHA has strict guidelines about property condition, so there is a list of FHA approved condos. If a project is on the list, it’s “preapproved for FHA purchases”.

If a project is not on the approved list, it was possible to obtain an FHA “spot” approval for one particular unit. But this was time consuming and often unsuccessful.

But in an odd turn of events, instead of fighting a losing battle to get just one unit approved,  I may be able to get THE ENTIRE COMPLEX FHA APPROVED at once.

My loan source, Prospect Mortgage, is an FHA Direct Endorsement lender. This means that they have the authority to approve entire condominium projects… not just one unit. No waiting for the government to get involved. My lender can do it all!

To get a project approved the following are the minimum standards:

·  Projects must be at least 12 months old
·  There can be no pending litigation or special assessments
·  At least 50% of the units must be owner-occupied
·  No more than 15% of the total units can be delinquent in their HOA dues
·  Reserves for capital expenditures must equal 10% of annual budget
·  CC&Rs cannot contain a “Right of First Refusal”
·  No more than 50% of the units may be FHA insured

Why the change in approval process? The government desperately wants the real estate market to recover. So they’re doing everything they can think of to make it easier for buyers and sellers to do business. FHA financing is one way to make it easier for Buyers to buy. It does take a bit longer overall for the process, but in the end, it’s worth it for Sellers and Buyers!

So, are you an FHA Buyer or Seller? I may have good news for you! Contact me today!

Rob Jordan is a successful real estate agent with Sotheby’s International Realty/Ewing and Associates in Agoura. He specializes in the Agoura, Oak Park, Westlake Village area. He can be reached at 818.237.4425, or by email: rob@robjordanhomes.com

(This blog based on an article by Brownie Stanisch, Prospect Mortgage, the best darn loan officer in the business! Call her at 818.742.3137. Article edited and reprinted with permission.)

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

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Posted by Rob Jordan on March 12th, 2010

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By: Rob Jordan

The tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence is in it’s final stages. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. So buyers need to be IN ESCROW by the end of April, and CLOSE by end of June.

Here are some common questions and answers regarding the tax credit. (Information obtained from Federal Government website.)

1. Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit.
2. What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
Yes. For sales occurring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
5. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). Please note that although the Form is titled “First-Time Homebuyer Credit,” this is the correct form for claiming both the $8,000 first-time homebuyer tax credit and $6,500 repeat buyer tax credit.
No other applications are required, and no pre-approval is necessary.
6. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members.
7.  I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
8.  Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
9.  Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
10.  Is there a way for a home buyer to access the money allocatable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

• Rob Jordan
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Posted by Rob Jordan on March 9th, 2010

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Courtesy of the Acorn

Some of the locals may have noticed our brilliant American flag perched atop Ladyface Mountain. Well, at least I have. My curiosity, however, is settled. The editor of The Acorn allegedly climbed to the top of the 1,200 foot peak to scope out the scene.  What he found was a shabby old flag, standing up tall by a makeshift pool.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

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Posted by Rob Jordan on February 19th, 2010

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The 90 day project began January 31

Agoura Hills Crane

By: Rob Jordan

Just another follow up on the soil settlement project occurring on the Reyes adobe interchange on the 101.  You’ve certainly noticed the massive crane looming above Agoura and the traffic during the evening hours.  Well here’s the official scoop: from 9pm – 6am motorists can expect this project to be in progress until April 31st.

For more info visit: http://www.ci.agoura-hills.ca.us/

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

• Rob Jordan
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Posted by Rob Jordan on February 18th, 2010

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These credits will soon disappear…

By:  Rob Jordan

First time buyers are entitled to received a tax credit of up to $8,000 if they purchase a home prior to June 30, 2010. But the window of opportunity is closing. The home must be in escrow by April 30, 2010.

This is a true cash credit you can deduct right off your taxes. And if you don’t owe $8,000 in taxes, you even get the money back from the IRS!

The rules are simple:

1. Be a first time buyer.
2. Buy a new home.
3. Meet the income requirements (up to $145,000 individual; $245,000 couple).
4. Get the credit!

For first time, low to mid range buyers, this is great opportunity. Say you’re buying a home for $400,000, using FHA financing (3.5% down). Your down payment is $14,000. But you get the $8,000 back on your taxes. So your net out of pocket is only $6,000! Wow! In the Agoura, Oak Park and Westlake Village areas, there are lots of wonderful homes in all price ranges that are terrific candidates for first time buyers.

There is a similar credit for move-up buyers, to a maximum of $6,500. So even if you sell they buy, you may be entitled to a tax credit. Consult your tax advisor to see how this program affects your individual situation.

Information provided by Rob Jordan, Estate Agent at Ewing and Associates/Sotheby’s International Realty. Specializing in Agoura/Oak Park/Westake Villae sales and leases. Contact Rob at 818.237.4425,or email to rob@robjordanhomes.com

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

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Posted by Rob Jordan on February 12th, 2010

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Scheduled for Saturday, March 27th

By: Rob Jordan

The Great Race of Agoura

Originally planned as a fund raiser for local schools, the Great Race of Agoura has grown into a one of the most popular running events in Los Angeles, and continues to raise money for 8 local Oak Park and Agoura schools. The event will take place rain or shine on Saturday, March 27th. There’s a 10K, 5K, 1 Mile, and Family Fun Run. Check in at Chumash Park starting at 6 am. You can pre-register at www.greatraceofacoura.com. No paper registration is offered (it’s all online and easy as tying your shoes), as the event went “green” this year and no trees were harmed in the planning and running of this race. Less waste in the landfill, more oxygen in the air, probably faster running times too due to all that freshness!

So what do I think about this event? It’s fantastic! With 2 school age children (Sumac to AE Wright to Agoura High School), my wife and I are big supporters of public schools, and we participate in this and other school and fund raising “activities.” We’ve bought wrapping by the mile, and magazines by the truckload. But the Great Race is a really fun event. We’ve done it with our kids (in the Fun Run) and also on our own in the 5K. I don’t think I could make it the whole 10K! You get a cool t-shirt and goody bag, and there’s lots to do after the race, what with all the vendors and booths there. We live in Fountainwood, and the race route comes right by our house, where we’ve passed out water to the racers!

So even if you’re not a world class runner, I recommend you give this one a shot. It’s easy and fun!

Information provided by Rob Jordan, energetic real estate agent with Ewing and Associates Sotheby’s International Realty. www.robjordanhomes.com”

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

• Rob Jordan
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Posted by Rob Jordan on January 28th, 2010

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The federal government undertakes a formal census every 10 years, and 2010 is the year.

By: Rob Jordan

Over the next weeks and months, the Census Bureau will be collecting information by mail, phone and in person. The purpose of the census is simple: figure out how many people live in the United States, where they live, and a bit about them. The data is used for a variety of purposes, including how to dole out the millions and billions of dollars the government sends to states and localities based on population. But scams abound.

The ONLY information you are required to give is: the number of people living in your house, their gender, and their race, their name, their age, do you own or rent the home you’re living in, your phone number (in case they have questions).

You should NOT give any other personal information, such as Social Security numbers or bank account information. A legitimate census worker will NEVER ask to come inside your house. For more information, visit the government website: Census Gov. Information provided by Rob Jordan, energetic real estate agent with Ewing and Associations/Sotheby’s International Realty. www.robjordanhomes.com

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

• Rob Jordan
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Posted by Rob Jordan on January 21st, 2010

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The 2010 Amgen Tour

By: Rob Jordan

Amgen Tour

On May 23, 2010, the  final leg of the 750 miles Amgen Tour of California bike race will occur in and around Agoura, Westlake and Thousand Oaks. Lance Armstrong is expected to be one of the top contenders on a 25 mile long course that will take the riders from the city of Agoura, out onto Mulholland Highway and Decker Canyon, and back to Westlake Boulevard. Multiple spectator locations, many along Agoura Road, will be planned to give local residents the opportunity to cheer for their favorite riders.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

• Rob Jordan
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Posted by Rob Jordan on December 14th, 2009

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