Larry Hansen La Quinta Real Estate

• 1,632 sq. ft., 3 bath, 2 bdrm 2 story - MLS® $524,000

LQ Resort Tennis Villas, La Quinta  -  If you are looking for the perfect Resort Vacation Get-A-Way home with the option of rental income when not using, this is it! This tennis villa, located on the grounds of the world famous La Quinta Resort and Spa, has the perfect location overlooking the tennis courts on the back balcony and beautiful west views of the Santa Rosa Mountains on the front balcony. It features two master suites inside, bamboo wood flooring on the second level, Corian countertops and new appliances in the kitchen and a cozy fireplace in the living room. Just steps away from the La Quinta Resort pools, spa, tennis and fitness center and two world class golf courses. Great hiking and biking trails are also nearby. And to top it off, you can order room service from the La Quinta Resort anytime! This is Resort living at its best! Offered furnished per written inventory.

Property information

• The federal tax credit for home buyers was extended and expanded late last year.  Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010.  Repeat buyers may be eligible for a tax credit of up to $6,500. Click here for more information about the federal tax credit for home buyers, including eligibility requirements.
• To receive the tax credit, home buyers must comply with the IRS's documentation requirements, including a fully executed IRS Form 5405.  On the form, which is available on the IRS's Web site, taxpayers provide information supporting their claim of eligibility, such as income and home purchase date.
• The IRS also requires home buyers to submit a copy of the closing or settlement statement that proves the transaction took place.  The IRS previously said that the statement should show "all parties' names and signatures, property address, sales price, and date of purchase."  However, since closing or settlement statements vary by state, and in some cases the form does not include both the seller's and buyer's signatures, the IRS has revised this requirement.  As long as the closing or settlement statement conforms to prevailing local practices, the IRS will accept it.
• One stipulation for repeat buyers is they must provide documentation they lived in their former property for a consecutive five years out of the previous eight years.  Accepted documentation may include property tax records, hazard insurance records, or copies of annual mortgage interest statements filed with their federal taxes.

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• 1,500 sq. ft., 2 bath, 2 bdrm single story - MLS® $329,000

PGA Palmer Private, PGA West  -  Single story, ground floor lakeside end unit with west mountain and lake view. This is one of the higly popular and sought after Greens B Plan end units (single story with no upstairs neighbors) featuring two generous bedrooms, two baths, seperate den, fireplace in the living room and seperate eating area in kitchen. Attached double garage with new doors and direct entry into laundry room. Golf cart included

Property information

I was reading a blog recently from an agent who has been in the "real estate business" for "many years" (a seasoned veteran). What was interesting was her observation of how real estate has changed and evolved over the years. It used to be all about "contacts" and who you know, who you golf with, what boards you sit on, etc., however in the new Internet Age of real estate, personal contacts don’t matter nearly as much as they used to. To succeed in real estate today, particularly as a Buyer's agent, it is critical that you establish and maintain a on-line Internet presence. This involves much more than simply having a Web site, which most real estate agents have. Unless your website (and you as a Realtor) can be "found" on-line, it is unlikely buyers looking for a knowledgeable Realtor who knows the market they are interested in will "find you" on-line.   

Consider this data from the National Association of REALTORS® (NAR): According to the latest NAR Profile of Home Buyers and Sellers 2009, 90 percent of buyers used the Internet as an information source in their home search, up 30 percentage points during the past six years. It’s hard to look at this data and ignore the importance of having an effective on-line website where home buyers can find and connect with you.

The importance of having an effective on-line website, that can be "found" is also important for sellers in getting their listings exposed to potential buyers. The days of buyers driving different neighborhoods and noting the real estate agent and phone number on yard signs is being replaced by the use of the Internet. Now, rather than calling the agent on the yard sign, buyers are more than likely take note of the address, go home and try to find the listing on the Internet. They know that rather than take the time to meet with a Realtor to show them the property, they can easily look it up on the Internet, find pertinent information such as sq. ft. number of rooms, price, etc., and view interior photos. Then, if they like what they see, they will more than likely call or email the real estate agent they find on-line, rather than the agent who's name is on the yard sign, to request additional information on other similar homes for sale, market comps, etc. prior to making a viewing appointment.

The business of real estate is definitely changing, and it is critical that agents recognize this and develop an effective on-line Internet presence to connect with potential buyers, as well as more effectively market their client's listings. The "years of experience" an agent has been in real estate is no longer a major decision factor when choosing an agent to work with. In fact, in many cases, having many years of experience is working to their disadvantage if they have had a difficult time making the transition to the Internet age of real estate.  

If you are following the housing market in and around La Quinta CA, you may be interested in knowing that sales activity is starting to pick up some steam, particularly as people start returning to the valley after the holiday season to escape the rest of the winter months.

Many new and returning snowbirds are or have been “renting” for the season, and are now beginning to start looking at buying opportunities. Unlike last year at this time, there is less uncertainly in wondering when home prices will finally “hit bottom”. Buyers are now feeling that prices for the most part, have reached a point where the risk of further price erosion has diminished. Or to state this another way, that the potential for upside price appreciation is beginning to outweigh the risk of further downside price erosion. They are (wisely) not looking to turn a quick profit, but rather just looking to buy a winter home here in the desert, without having to worry about continued significant price erosion.

Of course, not every home on the market is priced appropriately, relative to current market values, however the majority are priced at least close enough to market value to “attract an offer, which as most buyers and sellers realize, is the beginning of a dialog in arriving at a mutually agreeable price (as opposed the “take it or leave it” offers from bottom-fishers during the last couple of years).

The fastest-selling homes are still those with the best mix of location, condition, likeable floor plan, and price. Price is still the first thing considered, however most buyers in this area realize that price is not the only consideration. They don’t want to end up with a “bargain-priced” home they really don’t like, or that is in a community they don’t care for, or that does not fit their lifestyle. Fortunately for buyers right now, the inventory of homes for sale is large enough to find the right home, in the right community at the right price.

What’s ahead for home prices?

California remains ahead of the nation in market recovery with many first-time home buyers entering the market due to affordable home prices, low mortgage rates, and first-time home buyer tax credits from the state and federal governments. However, credit still is tight and unemployment remains high, which could hinder a full market recovery until 2011.

·         The median home price of an existing, single-family home reached its trough in February, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). In November, the state’s median home price rose in year-to-year comparisons for the first time since August 2007.

·         C.A.R.’s closely watched "2010 California Housing Market Forecast,” projects that the median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 in 2009.

·         Some economists are forecasting another surge of foreclosures in 2010. However, C.A.R.’s economists expect that foreclosures will remain flat this year compared with 2009. In 2008, many lenders flooded the market with foreclosures, and as a result, the state’s median price declined by historic levels. By comparison, in 2009, lenders listed properties for sale at a more measured pace, which helped moderate another home price decline.

·         Government efforts to maintain a low interest rate environment have stabilized the market. However, a mortgage analyst at a financial publishing company predicts that rates likely will rise to 5.5 percent by mid-2010 and close the year at 5.75 percent to 6 percent.

A new real estate brokerage, Calif Desert Realty, recently opened in La Quinta CA, serving La Quinta and surrounding areas. Calif Desert Realty, founded by broker / owner, Larry Hansen, is a small boutique brokerage dedicated to "raising the bar" in providing a higher level of ethics and professionalism to its real estate clients. Prior to opening Calif Desert Realty, Larry enjoyed a successful career as a CPA with KPMG Peat Marwick, and later on as a CFO during which he was involved extensively in mergers and acquisitions resulting in growing company revenues from $50 million to $1.4 billion. After retiring early at age 55, Larry grew restless and decided to become a real estate broker and after spending several years at various real estate firms, decided to start his own brokerage.

"My goal is to provide a higher degree of ethics, professionalism and use of technology in doing real estate" said Larry. "I am surprised at some of the things I see in real estate transactions that are so lacking in the degree of professionalism that should be required and enforced in this profession. Real estate agents are representing buyers and sellers in multi-million dollar real estate transactions with "years of experience", but very little "professional training. I suspect much of this may have to due with the widespread use of "Transaction Coordinators". Once a (contractual) purchase agreement is executed, the critical "transaction management and processing and documentation" is handed off to a "transaction coordinator" who typical charge a few hundred dollars per transaction. Many transaction coordinators are unlicensed and in many cases, critical documents are not even getting proper DRE required supervision and compliance approval. Many Realtors and clients, both, are becoming so overwhelmed with the volume of documents required to close a transaction that they are becoming desensitized to the importance of many of these documents" says Larry. What many clients (and agents) don't fully realize is that most of the documents required in a real estate transaction, have been made a requirement due to a prior lawsuit of one sort or another and are there to protect both the client and the agent. "So many real estate agents are disengaging themselves from the most critical part of the transaction process", says Larry. "Coming from an M&A background, this makes no sense in terms of risk management and providing professional client service. These are multi-million dollar contractual transactions being processed and documented with very little oversight in many cases. This can result in potentially severe undesirable and unexpected repercussions to both clients and agents if not handled professionally and diligently." 

Another other area that is lacking at so many brokerages is the use of technology and INTERNET marketing. "It is amazing how many real estate agents do not maintain websites, and of those that do, how difficult it is to "find" their website (and their listings) during an INTERNET search". Buyers are increasingly making use of the INTERNET to preview homes for sale in various ares, often before contacting a real estate agent. Through use of the INTERNET, buyers often know more about the local real estate market than the agent that is representing them.

Larry is e-PRO certified in INTERNET marketing technology and a member of the Point2 NLS Advisory Council. He also serves on the board of directors of the Coachella Valley Angel Network (CVAN), an organized group of investors looking for investment opportunities in providing seed money to early-stage start up businesses.

Calif Desert Realty is a boutique brokerage specializing in luxury real estate in La Quinta, CA and surrounding areas. For more information, please visit www.CalifDesertRealty.com

REO Buyers: If you are in the market for REO (bank owned) homes in the La Quinta CA and surrounding areas, you probably know by now that they tend to sell fast. (REO homes, not short sales). You need to know about them as soon as they are listed on MLS. 

If you would like to receive an automatic notice by email, whenever a new REO property is listed, email me at Larry@HansenDesertRealty.com and I can set this up for you. 

There is no obligation to use me as your realtor and no additional (unsolicitted) email or phone correspondence - just REO listing emails (In La Quinta, Bermuda Dunes and Indo areas only).

Larry