Coming soon! Adorable 1940’s cottage, under $560,000!
I love this sunny dining room. It is ready for your personal touch!
Check out this kitchen with a vintage vibe.
Coming on the Monrovia market in 3 days, an adorable 2 bedroom cottage with that 1940’s charm everyone loves. You will find it well located on a level lot on your dream street, Wildrose Avenue, surrounded by flowering shrubs and beautiful mature trees. Move in condition! Priced under $560,000. Please give me a call if you would like to hear about it. This vintage cottage will TRULY will go quickly in our spring time market.
Recent Developments Impact the San Gabriel Valley Real Estate Scene
A couple of recent developments made the news recently that promised to impact our town’s real estate scene either now or in the future. The one that got most of the attention last Wednesday came from a familiar source: Federal Reserve Chair Janet Yellen. Her news conference’s less-than-stirring pronouncement (“Caution is appropriate”) made headlines nonetheless because of the accompanying action (actually, inaction): no increase in interest rates.
Monrovia real estate watchers will remember that when the Fed increased their Fed Funds target rate by a quarter of a point last December, they nudged it upward from zero to .25%. It was the first move in nine years, and was accompanied by a statement that they anticipated making three or four similar small increases throughout 2016. Thus it was expected that another quarter of a percentage point would be announced by now, so the news marked a mildly surprising turn—one that will be welcome to anyone contemplating buying or selling real estate in San Gabriel Valley. The continuation of a miniscule Fed Funds rate translates into significant savings for everyone, particularly when measured against the historical norm of 2%-5%.
Soooo: as for the first development, ring the bell: good news!
The other development had come earlier. It was one that might turn out to benefit real estate activity—but it could conceivably have the opposite effect. It, too, dealt with government and finance, this time in the realm of real estate taxation: a bill introduced in Congress. H.R. 4494, the Renters Fairness and Equality Act, would amend the IRS Code to give renters a federal tax break. It would put renters on a footing similar to that which allows homeowners to deduct mortgage interest and property taxes.
As in all things Washingtonian, the proposed details are complicated. The total amount of rent paid would become federally deductible, but only for some (tenants in very expensive areas wouldn’t qualify). The way such proposals become law, the final rules could differ—and in any case, there is faint likelihood of swift enactment. The legislation had been introduced by a lone Democrat, and was now sitting in the Republican-led House Committee on Ways and Means, where it was predicted to evoke continuous and profound inactivity.
But even if that turns out to be its fate, H.R. 4494’s introduction was an interesting development—an idea that might someday catch on. Around here, it raised the question about whether this would be good news for Southern California home values. The federal tax break is a major inducement prompting renters to buy, so a number of prospective buyers might go missing. On the other hand, many renters who have been priced out of the market because they’ve been unable to save for a down payment would get meaningful relief. Additionally, the prospects for investment real estate could benefit greatly if consumer demand for rental accommodations were to expand—as groups promoting affordable housing projected.
The promise that mortgage rates will continue to provide a welcoming backdrop for this spring’s selling season comes as unambiguously exhilarating news for Monrovia’s real estate market. To investigate further, do give me a call!
In Monrovia, Location, Location, Location! Remains Important
Monrovia. A friendly, quaint, and still-affordable town in one of the best San Gabriel Valley locations!
“Location, location, location!” is one of the few proclamations which needs no verb, no adjective, no preposition to fully communicate its message. Everyone in town understands—and usually agrees with—its meaning: The location [of something] is all-important.
In the commercial context, it used to mean “your store better be situated somewhere that gets a lot of the right kind of traffic.” Today, in the same context, that “traffic” can be clicks on the web rather than auto or foot traffic. Either way, location, location, location! stands for a truism that’s inarguably valid.
What’s interesting about the local location, location, location! axiom when it’s invoked in a residential real estate context is how true it remains—though for different reasons. When it comes to buying or selling an area home, location isn’t vitally important because of its being visible or easy for prospective buyers to find. This meaning of “location” points to a property being more or less desirable for a variety of reasons:
- Accessibility—offers easy access to local places of business, recreation points, etc.
- Inaccessibility—provides an oasis of privacy
- Position—offers superior orientation: for instance, receives more (or less) sunshine.
- Geography—takes advantage of superior land features: for instance, is on a hilltop, by a stream, etc.
- Exclusivity—it’s in a respected, physically safe neighborhood, home to successful families
- Community—offers desirable schools, lower tax rates, well-kept parklands and the like. The Brookings Institution finds that living near a high-scoring school can increase a home’s value by $100,000—or more!
Needless to say, another facet of location, location, location! in Monrovia is how important it can be in dollars and cents. It isn’t just that houses are listed for different prices depending greatly on their neighborhoods and even locations within the same neighborhoods, but the ease of buying and selling can also be location-dependent. The “comps”—estimated values assigned by reports of sales of similar properties—are assembled taking into account how near or far they are, as well as the characteristics of their neighborhoods.
For the most part, people tend to agree on the value of those location, location, location! characteristics—but in case you aren’t one of the crowd, the financial repercussions can be noteworthy. If, for instance, your ideal degree of privacy makes you value a home that’s considered to be too far out of town for most people, the asking price could be at a considerable discount from the same house closer in. If you prefer walking distance to our new Metro Gold Line station, at the expense of living in a more populated section of town, your offer might be accepted by an eager owner who’s not had many other takers. For others, “North of Foothill” or walking distance to Monrovia Old Town and all of the great restaurants and quaint shops is of high value.
Location, location, location! may be a cliché, but it’s been around forever for a reason. When you are house hunting—especially if you are new to our area—it’s important to give special attention to local neighborhood characteristics that may not be obvious at first glance. In Monrovia, it’s another good reason to count on a knowledgeable local real estate specialist…like yours truly!
Our office is well located just for you, right in the heart of Old Town Monrovia.