Holly Galligan

Every cloud has a silver lining...

And the latest market snapshot makes me feel hopeful.

Arrowhead Woods closed sales last 90 days.

66 sold

$151,500 - $829,000

Median sale price $320,000 (at 96% of list price)

Average days on market: 138

I took this photo at my daughter's cheer practice last week. All practice stopped as everyone oohhed and aahhed over the dramatic look. It took me a few minutes to go get my camera, so I didn't get the whole thing, but it was truly beautiful.

Holly Galligan Coldwell Banker Sky Ridge Realty direct:909-336-7937 cell: 909-838-8715; jhgalligan@msn.com http://www.thearrowheadlife.com DRE license #01435203

Information courtesy of Rim of the World MLS, 10/7/09

This year the concerts have been a lot of fun, there is a lot of variety, a lot of talent and they're free! Take a look at the schedule and plan a trip up, you'll love it. On Friday nights, there is also Market Night going on, so you are sure to find some fresh fruits and vegetables, delicious roasted nuts and my favorite - Kettle corn! When you come up and enjoy the show, give me a call and we'll see some houses!

July

October

Sat 31 Atomic Punks-Van Halen Tribute Halloween Costume Party!

Holly Galligan with Coldwell Banker SRR LIC #01435203

Currently there are 47 Lakefronts on the market in Lake Arrowhead. There are a lot of great options. Something to fit all of your family's needs, check out the link:

Holly's Report

Give me a call today about Lake Arrowhead Lakefronts for sale!

Holly Galligan
(909) 838-8715
jhgalligan@msn.com
Ca RE license #01435203

Lenders are getting tough...

Lately I've been having some really crazy last minute lending conditions!

Here are a few examples:

#1: Last week we closed a deal (thankfully!). This poor buyer was told the house was fine. Then a funding condition was a copy of the home inspection (what?!). Once they reviewed this, they wanted a certification on the roof, plumbing and electrical. Miraculously we pulled this off on a $115,000 REO house that is 35 years old with the regular deferred maintenance. Then the day after it was supposed to fund, the lender came back and said, "Oh, the buyer has to install a stove". If this was an FHA deal, I could understand, but this buyer had 20% down! The buyer got it done, and the deal closed, but it would have been nice to have that info 2 weeks earlier!

#2: Still in process... This house was built in the 30's and the electric hot water heater doesn't work. The electrical panel is something you'd see in a cartoon, so...the bank requires the hot water to work (this is FHA) and in order to get a new electric water heater we need an upgraded panel. Ok, no problem! So the inspector comes out to do the Pre Alt inspection and gives us a very long list of all things that must be upgraded in this ol' house in order to get the permit on the electrical, ugh. Stay tuned as this fun one makes it through lender conditions.

#3: Still in process (hopefully!): This house is a big beautiful house that generated multiple offers and all were over asking price. Finally the lucky buyers got started and on we roll with inspections; etc. In this one there are 2 water heaters, both "red tagged" by the gas company since these rooms look like bedrooms. This lovely bit didn't even get as far as the lender since the lender is now telling the buyer they must sell their car in order to get a loan....hmmm.... Buyers said ok, we'll do it, we'll just see if the bank hangs in there.

#4: Oh so close... This house was in a 30 day escrow for 35 days. The lender wanted the buyers to replace the flooring and the cracked sliding glass door before funding. This poor buyer was just about to make the call to get these things fixed when he got a message that he was laid off of work. They cancelled the escrow and we reduced the price....This house resold. The buyers were using the same lender. I mentioned to the agent there were conditions and since the new buyers were FHA, we could have some big problems. The agent disussed this with the lender and was assured, "no problem". Uh huh, we'll see. So here we are at the end of this escrow and guess what? A full page of lender required repairs! Thankfully we were able to get them all done. We turned it all in for funding on Friday and....(drumroll).... more conditions. "No the floor isn't ok, you'll have to replace it. Oh and we made a mistake in loan doc's, we'll have to do a partial redraw, also, I know we said the appraiser didn't have to verify repairs, but we changed our minds". Tonight I'm told everything is good, we should fund in the morning. I'm holding my breath on this....

There are more as I'm dealing with a few short sales, but I think that's enough for now. It makes my stomach hurt reliving all this drama, lol. The good news is I am learning something new every day :)! The moral of the story is, um, find all cash buyers! Just kidding, we just have to be ready for this stuff!

Lake Arrowhead lake levels

The latest numbers from www.ala-ca.org indicate the lake is fast approaching full. We've had some really exciting thunderstorms that are uncharactaristic for this time of year. It's fun for us to have the occasional storm, but I would have liked to see more rain out of it. Memorial Day was so warm on the lake, now it feels like we're back to winter! The forecast says it's going to warm up, I'm sure it's just a matter of time. In the meantime, I'll just cross my fingers that we get the lake full.

Full Lake Level is 5106.70 ft (elevation from sea level).