“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Palos Verdes Real Estate Blog - Maureen Megowan

Palos Verdes Dog Park Making Progress

Last Tuesday evening, the City Council of Rancho Palos Verdes reviewed the site criteria analysis to be used by consultants to review potential sites for a dog park .


The City of Rancho Palos Verdes staff is working with consultant Mia Lehrer & Associates to conduct a site analysis of locations on the Palos Verdes Peninsula to potentially construct a dog park. Instrumental stakeholders in the project include neighboring municipalities, the Palos Verdes Peninsula Unified School District, property owners living adjacent to potential sites, and dog owners who might use such a facility.

The Process:

Development of Site Analysis Criteria
City staff and the consultant are currently developing site analysis criteria to evaluate potential locations on the Peninsula for a potential dog park. The City Council reviewed the draft criteria at its December 20, 2011 meeting.

Site Analysis
During the site analysis portion of the project, the approved site analysis criteria will be used to evaluate sites on the Peninsula to determine the most suitable sites for a dog park.

Community Outreach
On Saturday, March 10, 2012, a community workshop will be held to solicit community feedback on the project and the specific locations that have been identified. The community is also encouraged to send feedback, ideas, and concerns to the City by emailing the City Council at cc@rpv.com and the Recreation and Parks Department at parks@rpv.com.

City Council Consideration and Direction
The final site analysis study will be presented to Council in the Spring of 2012.

Quick Links
Click here to view the September 20, 2011 City Council staff report

At the end of the Council meeting on 12/20, the Council voted to separate the two efforts to review the site criteria for the dog park and a skate board park on the Peninsula. In addition, due to the fact that 3 of the Council members are brand new to the Council, the City Council voted to table the review of the site criteria until their next meeting. It is unknown at this time what the effect on the planned time table above will be.

It did appear that there was more concerns about the need for a central skateboard park, and that it may be more appropriate to have some smaller skate "pod" parks spread throughout the city. My husband Bruce spoke on behalf of the dog park supporters and informed the new council members about our efforts over the last 4 years to build a dog park, and the level of support we have demonstrated from the community for the dog park.

It appears that the effort to possibly locate a dog park on the County owned former Palos Verdes Landfill site in Rolling Hills Estates is still at least a year away. The County is still constructing its first dog park in the San Fernando Valley and they want to evaluate its operation for a year before entertaining any ideas about constructing another dog park in the County.

We will continue to keep you informed on our progress.

Survey of Economists See End in Sight for Housing Downturn

Zillow announced the results of the December 2011 Zillow Home Price Expectations Survey. Each quarter, an expert panel of more than 100 leading economists shares its views regarding expectations for future home prices in the United States. Although projecting some price softening in national markets during 2012, the end of the housing recession appears within sight.

This quarter, the consensus among the panel is that U.S. home values will continue to fall until late 2012 or early 2013. After 2013, forecasts call for a relatively steady annual appreciation rate of around three percent through 2016, which is still slightly below appreciation rates experienced during the bubble years.

While the panel agrees the market hasn’t reach bottom yet, the good news is that we appear to be closer to the end of the recession than the beginning.

For additional analysis on the survey results from Zillow Chief Economist Dr. Stan Humphries visit the Zillow Real Estate Research page.

As noted in the market reports I have posted below for the Palos Verdes Peninsula, however, the local markets appear to have stabilized and I believe are primed to begin a slow but steady increase over the next several years.

FHA Loan Limits Still at $729,750

Many people know that the limit for loans purchased by Fannie Mae and Freddie Mac was recently reduced from the limit of $729,750 in high cost areas down to the former limit of $ 625,500 , however many missed the fact that Congress recently passed legislation maintaining the higher loan limits for FHA mortgages.

In late November, Congress reinstated the loan limit formula and maximum cap for Federal Housing Administration-insured loans for two years.

The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets. The floor will remain at $271,050.The loan limits for Fannie Mae- and Freddie Mac-backed mortgages will remain at 115 percent of local area median home prices, up to $625,500.

To view the full NAR press release on this subject, see here: http://www.realtor.org/press_room/news_releases/2011/11/congress_reinstates_fha_loan_limits

Rights of Condo Owners to Rent in California

A new law impacts the ability of investors in condos who intend to rent their units.

A unit owner in a common interest development is exempt from any prohibition in a governing document against renting or leasing the unit, unless that prohibition was in effect before the owner acquired title to the unit. An owner’s right to rent under this law does not terminate for certain transfers of title, including probate, spousal, parent-to-child, adding a joint tenant, and other transfers exempt from property tax reassessments. For sales transactions, an HOA must disclose any prohibition in the governing documents against renting or lease (C.A.R.’s standard form Homeowner Association Information Request (revised 11/11)). For rental transactions, a unit owner must give the HOA verification of the owner’s acquisition date, and the name and contact information of the prospective tenant. This law does not apply to rental prohibitions in effect before 2012.
Senate Bill 150 (codified as Cal. Civil Code § 1360.2) (effective January 1, 2012).

Many condominium homeowners associations passed resolutions prohiting rentals of units if the percentage of non-owner occupied units falls below a specific percentage. late in 2011. This was done because many lenders, including Fannie Mae and FHA will not approve of a new loan if the percentage of non-owner occupied units is above the limits below: This is why it is imperative that an investor buying a condo to rent carefully review the HOA disclosure documents prior to the close of escrow to determine if there are any existing limitations on rental of units in the project.

Lenders follow guidelines from the Federal Housing Administration, Fannie Mae and Freddie Mac for condo mortgages.

Among Fannie Mae's requirements:

  • More than half of the condo units must be owner-occupied.
  • No owner may own more than 10 percent of the units.
  • No more than 15 percent of owners can be delinquent on condo dues.
  • All amenities must be completed if the development is more than 12 months old.
  • Buyers who make a down payment of less than 25 percent will pay an additional 0.75 percent of the loan amount at the closing or a higher interest rate of about 0.25 percent.


Read more: How to jump through condo-lending hoops http://www.bankrate.com/finance/mortgages/how-to-jump-through-condo-loan-hoops.aspx#ixzz1hh7u4zTp

California Small Claims Court Limit Increases to $10,000 on 1/1/2012

On July 8, 2011, Governor Jerry Brown signed Senate Bill 221 into law., effective Jan 1, 2012. SB 221 increases the Small Claims Court jurisdictional limit from $7,500 to $10,000 with two caveats. First, the jurisdictional limit of the Small Claims Court will remain $7,500 for claims of bodily injury resulting from a car accident if the defendant in the action is insured and the insured’s policy includes a duty to defend. Second, the Small Claims jurisdictional limit will remain $5,000 for suits brought by entities such as corporations, limited liability companies, partnerships and the like.

It should also be noted that pursuant to California Code of Civil Procedure Section 116.231, an individual may not file more than two small claims actions that exceed $2,500 in any year.