Pasadena Real Estate

PMI stands for Private Mortgage Insurance.  This is an insurance that protects lenders against potential borrower defaults and is usually a requirement for any home loans where the home buyer puts less than 20% down.

Historically, PMI was one of those real estate expenses that could not be deducted, but congress has allowed certain home borrowers to deduct the PMI expense.

But to qualify for the deduction you must have bought or refinanced your home since Jan. 1, 2007. This deduction is only available for PMI premiums paid on the original loan for a property acquired or refinanced between 2007 and 2010 and may be deducted as mortgage interest.  Any prepaid mortgage interest must be deducted evenly over 84 months and, therefore, can't all be deducted in the year of payment.

Families with adjusted gross incomes of up to $100,000 can deduct 100% of their insurance premiums, much the same as they deduct property taxes. The deduction is then phased out up to an adjusted gross income of $110,000.

How much is PMI?  The annual premiums run about 0.5% to 0.75% of the outstanding balance, $500 to $750 a year for every $100,000 you owe.

So if you purchased your home, condo or townhouse in 2007 or later, do not forget to take advantage of this nice tax deduction if you qualify.

Read More:

Pasadena Real Estate Guide

Real Estate Market Report for Pasadena and surrounding cities

Getting More House for your $

If you are thinking of buying a Pasadena home, Pasadena condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

As many of my readers know, I have not been updating this blog on a regular schedule.  It's been an extremely busy summer for me.  My family and I just came back from a two week vacation in Maui.  I have helped 14 families buy or sell a home over the last few months and have 6 open escrows as I write this post. 

I can't tell you how busy and exciting this summer has been.  We have seen the best and the worst in the real estate industry.  Buying and selling homes in Pasadena has been evolving daily.  Let's see:

• Lenders were tight with their money.  Lender conditions were outrageous and ridiculous at times.  Many lenders are slowly, but surely are now moving back to a more balanced view and perspective on helping home buyers get home loans.  The pendulum is slowly shifting to a bit more of a realistic approach to lending. 
• Bank of America went beserk with their take over of Countrywide and screwed up a ton of escrows.  A few of my home buyers got caught in Bank of America's turmoil and no one in management seemed to care or be able to address any issues.  There is only one B of A loan officer that I trust and will not work with any other.  Email me for his name.
• FHA loans with minimal down payment are more and more prevalant and accepted.  I have helped several home buyers buy their Pasadena homes with only 3.5% or 5.1% down.
• Home sales were down and then exploded with multiple offers on any home decently priced.
• Bank foreclosures are here and more are expected.  The last few months have shown that timing is everything when it comes to bank owned or REO homes.
• Short sales are here, but need to go away...  Only 1 in 9 are successful!  Thank you, NOT, non-responsive loss mitigators.
• California came out with a New Construction Credit and ran out of funds almost immediately!
• First time home buyer credit is here for only a few more months.  Yes... all you first time home buyers listen up:  You have to find a home and buy it before November 1st, 2009 to qualify for your $8,000 tax credit.  And, yes... it's an actual credit against what you owe.  Pretty darn good!
• New government regulations came out for the Truth in Lending and HVCC (Home Valuation Code of Conduct)
• Home buyers now need to get pre-approved with at least 2 lenders.  Although, if you are working with me to find your next home, you are most likely approved with 2 direct lenders and a mortgage broker.  Minimum requirements if you are a serious buyer!

I can go on and on... but to not bore you and finish my real estate home sales reports, this month, I will combine the different city home sales reports in one.  Too much guilt on my end for not getting them out timely.  So... here goes...

Pasadena Home, Condo and Townhome Sales and Real Estate Reports:

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http://www.pasadenacarealestatehomes.com/009B70

Home sales in South Pasadena have been stable over the last few months with 13 single family homes sold in June and July and 11 in May.  New listings are in the dozen range each month this summer. 

Two new condo complexes went up for sale in July, thus increasing the number of available condos by 200% since June.  I have been able to preview the complex on El Centro in the Mission District of South Pasadena.  It has a very urban feel and look with open spaces, cement floors and exposed venting.  It very much reminds me of the Prado building in Pasadena only on a much smaller scale.  Even though it's new construction, in my opinion it's priced a bit high, at $400 to $500 per square foot, for its location right next to the Gold Line and a very spartan feel. 

The other complex is at 815 Fairview Avenue also priced in the low to mid $400 per sq. ft. and built in 2009.  featuring 1 bedroom with 2 bathrooms.

Given that only 4 condos and tonwhomes out of 22 new listings are resales and priced affordably, the choice for South Pasadena condo buyers is very limited unless you are looking for new construction and are willing to pay a premium.

It's interesting to note that the real estate sales activity has increased dramatically from January to June.  Take a look at the chart below:

South Pasadena Real Estate Statistics April 2009 through July 2009:

Real estate data for South Pasadena from Pasadena Foothill Association of Realtors Multiple Listing Service (ITEC)

READ MORE: South Pasadena Five Year Real Estate Review

See all South Pasadena property in the Multiple Listing Service (MLS) below:

Please visit South Pasadena homes, condos and townhomes for sale for additional property details.

READ MORE:

South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

If you are thinking of buying a South Pasadena home, South Pasadena condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

It was an interesting month for Alhambra's real estate activity.  Sales of single family homes declined a bit from June to only 14 homes sold.   Condos and townhomes on the other hand had a significant increase - twice as many condos and townhome sold in July vs. June -  but at a lower price per square foot.  However, the number of inventory has increased for both homes, condos and townhomes. 

The highest priced home sold in Alhambra in July 2009:  819 North Olive Avenue, Alhambra - sold for $576,000.

• Single Family homes in Alhambra have sold at 98.72% of list price.

The highest priced condo/townhome sold in Alhambra in July 2009:  208 Palmetto Drive #E, Alhambra - sold for $498,000.

•  Condos and townhomes have sold at 100.80% of list price.

Alhambra Real Estate Activity for April 2009 through July 2009:

Interested in seeing what is available for sale in Alhambra?  Take a look below at all available homes on the real estate market:

To see specifics on any of these homes, please visit Alhambra homes for sale.

You can find all Alhambra foreclosures for sale here.

READ MORE:

Pasadena Real Estate Guide

San Marino City Guide

South Pasadena City Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

Pasadena Income Property for Sale

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340