Stewart Penn - Los Angeles Condo Specialist

"Dream Homes" - 32013 Point Place, Laguna Beach, CA 92651 - Listed at $11,850,000

"Imagine floating high above a white sandy beach and cove below, with breathtaking views of the Pacific, Laguna Beach coastline and beyond," is the opening description of the MLS Listing for this unique property in Laguna Beach (Listed by Donna Pfanner of Coldwell Banker, South Laguna).

According to The MLS this 5300 sq ft 4-bed 5-bath home features "extraordinary views, unforgettable sunsets, and sounds of the crashing surf." WOW - this definitely sounds like a unique "Dream Home".

Watch the Property Tour - it's awesome!

Although I am curious .... Who gets to clean all that glass ..... and how?

Homeowner Association's Reserve Studies have become a critical issue when selling a condo.

"A Reserve Study is a document prepared by an outside company for the administration of a property with multiple owners, such as a condominium association or Homeowner's association (HOA), containing an assessment of the state of the commonly owned property components as determined by the particular association's CC&R's and bylaws".

Reserves Studies are intended to help determine how much of the monthly dues need to be set aside to provide for future expenses such as maintenance and capital improvements.

As banks continue to tighten their lending criteria, condo HOA Reserves have become a critical issue in their underwriting process. Underwriters are scrutinizing Reserves Studies like never before.

Banks are now requiring that at least 10% of monthly dues allocated to reserves in order to approve a condo building, and effective November 2, 2009, FHA loans will require that reserves are 60% funded. I have never seen a condo HOA that is 100% funded. In my experience selling condos I've observed that on average, most HOA's are 20-50% funded.

These more stringent reserve requirements are going to cause problems in closing condos sales as many buildings will not meet the new underwriting guidelines.

I'm all for responsible lending but I think lenders have an obligation to alert HOA's of their requirements ahead of time so that HOA Boards can take the necessary steps to avoid problems should owners wish to sell their condos.

MAGIC MOUSE - The advanced new mouse from Apple

As expected, Apple's newest product is impressive. I'm referring to the MAGIC MOUSE, the first mult-touch mouse that has no buttons .... the mouse itself is the button. Magic Mouse replaces Apple's previous wireless mouse.

The Magic Mouse is sleek and ergonomically comfortable and connects wirelessly to a Mac. The mouse is easy to use as the functions are intuitive .... be it clicking, scrolling, or zooming.

With innovative products like this, it's no wonder that Apple's share price is at an all time record high.

West Hollywood's Annual Halloween Carnaval - October 31, 2009

Santa Monica Boulevard will once again pulse with excitement when as many as 500,000 visitors are expected to flock to the famous boulevard for the notorious 2009 West Hollywood Halloween Costume Carnaval on Saturday, October 31, 2009 from 6-11pm.

The City offers several events during the week leading up to the big parade including a pumpkin carving party, a youth carnaval and even a pet costume party (check out the detailed calendar).

The Halloween Carnaval is a great opportunity for kids of all ages to dress up and have fun. It's all in good spirit and well organized.

Parking is scarce as the event involves several street closures so I'd encourage visitors to take advantage of the shuttle service operated from the eastern boundary of the City.

LA's Most Expensive Condo Listing - 2055 Avenue of the Stars #PH37B, Century City - $16,500,000

In case you're curious I thought I'd share the details from The MLS about the most expensive condo currently listed in Los Angeles.

The 6700 sq ft 3-Bed 4.5-Bath Penthouse is located in The Century (in Century City) in the same development in which Candy Spelling purchased a record-breaking $47 Million 16.500 sq ft Condo in 2008.

According to The MLS this condo is the "Master of the Universe PH in the hottest new development".

I'm not sure when The Century will be completed, but it will be interesting to see if the new owners purchased with all-cash or used mortgage finance .... stay tuned!