Marlene Dietrich

The Wall Street Journal

Seeking real estate bargains? Try looking at the high end
Buyers hoping to purchase deeply discounted homes may want to consider purchasing homes in the high end-especially those priced $2 million or more. In some cases, buyers may be able to command even lower prices on these homes, as financing continues to be a challenge for buyers of luxury homes.

MAKING SENSE OF THE STORY FOR CONSUMERS

· While data from the Federal Housing Finance Agency (FHFA) showed that average home prices rose 0.3 percent nationwide between June and July, including a 1.6 percent increase on the west coast, the data only relate to homes purchased with conforming loans guaranteed by the FHFA. These loans are mortgages of up to $417,000 or up to $713,000 in the country's most expensive regions. The outlook for homes priced above that amount remains bleak.

· In many areas across the country there is a new level of value being established. According to one broker, homes that used to sell for $8 million now are selling for $6 million, while homes previously priced in the $10 millions are selling for $8 million. The price adjustment in the high end appears to be about 20- to 30 percent lower.

· A recent survey by Trulia.com showed that sellers listing homes for more than $2 million have reduced their asking prices by a total of $7 billion, with an average price reduction of 14 percent.

· Chip Case, economics professor at Wellesley College and coauthor of the Case-Shiller index, says that some of the markets finally may be catching up to the wider housing market downturn. "That level was more in the hold-out category," he says. "Up until recently, the foreclosures weren't hitting that level. But they are now. There's no question about that. You're seeing some contagion from the prime level to the luxury end."

· Sooner or later, even high-end homeowners need to sell. And, when they get tired of waiting, they reduce their asking prices. Factoring in taxes, upkeep and the opportunity cost of keeping money in a non-performing asset, an empty luxury home may be costing owners a lot just by sitting there, giving them a powerful incentive to make a deal.

What are your thoughts on this?

Question from www.NewportCoastRealEstateTeam.com

Marlene Dietrich, Tony Massod, Mike Bohinc

There is still time to sign up for this year's annual CHOC Walk at the Disneyland Resort! Our Make-A-Wish Team is just behind the teams on the leader board - sign up now to put us on the map!

The walk is less than three weeks away and we need your help to make a mark! Volunteers are joining us from all over Orange County and the Inland Empire; High Desert , Low Desert and San Bernardino ...members of our staff will be joining us as well! Come experience the Disneyland Resort like you have never seen it before (and decorated for Mickey's Halloween Haunt!) and support the children of CHOC Children's Hospital.

What time does the Walk start?
Opening ceremonies begin at 7:00 A.M. on Main Street U.S.A. The Walk will start promptly at 7:15 A.M. No one may begin the Walk after 8:45 A.M. Walkers arriving after 8:15 A.M. will only be allowed entry into Disney's California Adventure® Park

What is the minimum I need to raise in order to participate in the walk?
In order to help CHOC Children's reach its goal of providing quality healthcare to the community, a $50 minimum donation is required at the time of online registration. In order to help Walkers reach the minimum pledge, CHOC now accepts, Visa, Mastercard, American Express, Discover, Debit Card and Online Check Payment.

Can I raise additional funds for my team?
Yes! Any additional funds you raise over the $50 registration fee will contribute to the team total and will qualify individuals for prizes. Check CHOC Walk Prizes for the list of this year's incentives and distribution information. In addition, Walkers compete to be the TOP fundraiser for CHOC. Listed online are the Grand Prizes for the top three eligible fundraisers.

JOIN TODAY! To become a member of our team, visit CHOC Walk 2009 and register to "Join a Team" - Make-A-Wish Orange County and the Inland Empire will be listed in the drop down menu. Our team goal is to have 200 participants at the walk and raise over $10,000 for CHOC. Registration is now open! We need your help (and that of your friends and family!) to achieve this goal! For additional FAQ and information visit www.chocwalk.org or contact our Team Captain, Kimberly Sanders at ksanders@wishocie.org.

Registration for the walk must be completed by Sunday October 11 to reserve a spot. Register today and join us at the Happiest Place on Earth!

Join us wont you?

www.NewportCoastRealEstateTeam.com

Marlene Dietrich, Tony Massod and Mike Bohinc

These children who's lives are filled with Doctors and Nurses and Hospital stays. Always getting probed, pocked and injected. These kids who live a life of restrictions and limitations, lives of pain and suffering, lives of bland foods or special diets. Everyone of them you will always see SMILING and LAUGHING. They only see the bright side of life. They dont deal with what they dont have but what they do have and share it with you.

We can really learn from them. We have much more than a lot of people. We have our health, we have good weather, an ENOUGH money, We all have enough money because the more we have, the more we spend. Have less spend less. These children would love to leave the restrictions of their hospital room or their treatments or all their limitations, BUT they accept and enjoy. They smile and laugh and give hugs and kisses. They give you their toys if you have none there is no limit to the joy and good feeling they share with whoever comes in contact with them

We really can learn from them. Have you ever noticed how your smile is contageous? Not a smurk or grin but a genuine smile. Look around. Be aware. Share what little you have

By Jim Carlton TheWall Street Journal

With the state's median price rising for the second consecutive month in April, and sales of existing, single-family homes remaining above the 500,000 level for the eighth month in a row, California is being closely watched as a barometer of the economy. Some economists believe these two factors indicate the state's median price could be at or near the bottom.

MAKING SENSE OF THE STORY FOR CONSUMERS

· Sales of existing, single-family homes increased 49.2 percent in April in California compared with the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) April sales and price report.
· As the level of unsold inventory declines, the state's median price will likely stabilize. Inventory levels for homes in the under $500,000 segment shrank to nearly three months in April, compared with almost 10 months a year ago, while unsold inventory in the more than $1 million segment rose to approximately 17 months, compared with roughly 10 months in April 2008.

· The median price of an existing, single-family detached home in California during April 2009 was $256,700, an increase of 1.4 percent compared with the prior month, but a 36.5 percent decrease from the revised $404,470 median of a year ago.

· Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 69 percent, enabling many to take advantage of first-time buyer programs and near record-low interest rates.

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