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Good News for Investors!

We now have the chance to read through the recent Stimulus/Spending Bill that was passed largely unread by our Congress. The earmarks and pork anger many, but there is good news on the real estate front:

Owners of second homes and other real estate investments will now be able to refinance their mortgage loans if they are guaranteed or held by either FannieMae or FreddieMac–and if the current value is no more than 5% over the mortgage amount.

Many real estate investors, though, have no idea whether their loans are guaranteed or owned by Fannie or Freddie. However, you may call Fannie directly at 1-800-7FANNIE or visit their site. If you complete the form on Freddie Mac’s site, they will advise you as to whether they are guaranteeing your loan or not.

To qualify for this real estate refi, there may be no late payments (30 days or more) for last year. FICO and credit scores, though, are not considered–nor will private mortgage insurance start anew.

This could be a great help for many investors and second home owners who thought only primary homes could benefit from the Fannie and Freddie refi’s. This may also be a potential Godsend for tenants who face eviction because of foreclosures. This may allow investment property owners to keep their properties–and their tenants in place

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Mar 08, 2009

Trump's Baja Luxury Resort Fails

by Roberta Murphy

trump-baja Mexico is struggling with a number of serious problems, including failed real estate developments along the Baja coastline–just south of the San Diego border. From the northern tip of Tijuana’s coastline down to Ensenada, Baja beach areas are spotted with the rusting remains of failed high rise condo projects.

And one of the biggest failures is the Trump Ocean Resort Baja just north of Punta Bandera, where unwitting U.S. investors thought they were buying into one of the safest investments possible: A beach condo development offered by none other than Donald Trump and his family. Up to 600 buyers paid 10 to 30 percent down on condos ranging from $274,000 for a 485-square foot studio to nearly $3 million for a 2685 square foot penthouse.

Today, infuriated real estate investors have lost millions of dollars–with scant chance of getting anything back.

Some people refinanced homes in 2006 to come up with the $100,000 to $1 million deposits–which were subsequently and legally spent by the developer. Today, all that remains is an aging billboard with a large photo of The Donald, a shuttered sales center and showroom, a parking lot and a number of excavation holes and standing construction equipment.

This year, parents are warning kids not to head to Baja for Spring Break. Mexico’s drug violence has escalated and kidnappings are all-too-frequent. These tourist fears coupled with the global economic meltdown make real estate speculation investment in Baja a risky proposition.

In 2009, our family will remain in Southern California for Spring Break. And until Mexico gets drug violence under control, we join countless others in avoiding a border crossing.

Call it a protest–or just protective parenting instincts.

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Mar 28, 2008

La Costa Villas Offer Big Investor Bonus

Roberta Murphy

Investors are moving back into the San Diego real estate market with impatient wallets. And luxury real estate investors are no exception.

They are seeking well-priced foreclosures, pre-negotiated short sales and most favored of all: Real estate investments with income streams.

So-called bargains in sub-marginal areas may not be the wisest real estate investment move anywhere. Perceived bargains in outlying markets may be nothing of the sort, and we persistently advise our clients to stay with blue chip real estate investments especially in volatile economic times.

We just received a whisper from La Costa Resort and Spa in balmy Carlsbad, California that buyers of their Villas will receive up to $125,000 at closing for leasing their properties back to them for two years. And of course, there is always the option of using their condos too.

This is a very limited offer, as only 10 La Costa Resort Villas whole-ownership, luxury condominiums remain. Each is fully furnished (just pack a toothbrush) with designer decor and high-end amenities throughout, and is located on the grounds of the world-class La Costa Resort and Spa.

Low out-of-pocket expenses enable resort ownership for minimal cost.

One-bedroom luxury condos start at $594,825, while two-bedroom units list for up to $1,033,000. With 75% financing, buyers can claim ownership with considerably low out-of-pocket expenses of up to $125,000. Plus, La Costa management will also waive monthly fees for two years to save La Costa Villa buyers even more.

A bonus of complimentary Villas Signature La Costa Sports Membership, valued at $16,500, is also included.

If you are interested in this exceptional value, please call Mike or Roberta Murphy for additional information at 760-402-9101 or 760-402-9102. We are including some luxury spa treatments for our buyers as well.

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Jan 01, 2008

Luxury Home Digest a Winner (and in good company!)

by Roberta Murphy

Last nights annual New Years Eve bash at the Murphy home was lots of fun for all, and almost everyone was ready to drop kick 2007 out the door and welcome the promise of 2008 with open arms.

I thought 2007 had been put to rest (save for income tax drudgery); but when I opened todays email I discovered not one, but two 2007 accolades for Luxury Home Digest.

The first was an alert regarding RealEstateUndressed choice of the Luxury Home Digest article, Real Estate Fraud: Cash Back and Consequences as one of the real estate blogospheres top 7 articles for December 2007.

Very cool, I thought, and quickly went over to Larry Craguns site to express my thanks.

The next surprise email came from Zola Marquis at EliteChoice.

Zola (and crew?) had combed through the entire blogosphere to find the best 125 blogs for 2007 in diverse categories such as fashion, travel, wine and food, design, entertainment, advertising, best of the best, gadgets, automobile, social networking technology, sheer luxury, blogging forums and of course, real estate. Luxury Home Digest was chosen as one of the top six real estate blogs, sharing the stage with five outstanding real estate blogs (the comments are all Zolas):

Bawld Guy
Real Estate Investing through Purposeful Planning

Luxury Housing Trends
Home improvement ideas

Luxury Home Digest
Luxury resides here

Overseas Property Mall
Guide to international real estate investment

Realestalker

This blog talks about who lives where, whos buying and selling and for how much

Luxury Portfolio
Luxury Homes, Luxury Real Estate, and Luxury Homes for Sale From Luxury Portfolio

I am presenting Zola Marquis and Elite Choices entire list of winners, if only for my own future reference. These are all blogs I intend to visit:

BEST-OF-THE-BEST BLOGS

Buzz Machine
Anything & Everything

Brookly N Vegan
Music, Photos & News from a Vegan in Brooklun

Improve Everywhere
Improve everywhere causes scenes of chaos and joy in public places

Taking Illustrations

This online space makes fun of some things and sense of others through illustrations.

Strange Maps
When maps say it all

Tree Hugger
Space Dedicated to drive sustainability mainstream

Book Of Joe
Things that you need to know

GADGETS

Engagdet

News that drive your tech soul