Author: Igor Nastaskin
Resident Finds Perfect Harmony in Local Chorus
Sometimes when we meet up with the month’s newsletter raffle winner to present their gift certificate and take their photo, we realize what a great story they have to share with our community. Such was the case with last November’s winner, Konnie Kenny, who let us know about a show performed that month by the L.A. South Towns Chorus at the James Armstrong Theater. It turns out that Konnie has been singing with the L.A. South Towns Chorus for 13 years, and has performed in several of their shows. The L.A. South Towns Chorus was founded nearly 60 years ago by a group of women who loved to sing. Some of those original founders are still in the chorus. The group consists of over 60 women ranging in age from their 20s to the 90s, and from all walks of life. They meet locally every Monday to practice harmonizing in the a cappella style, produce their own annual shows and also enter in various competitions. “I love being part of the South Towns Chorus,” said Konnie, who is 82 years young. “I have to memorize the music and it keeps my brain going. Plus it’s such a fun group of women to sing and socialize with every week.” A singer most of her life, Konnie started in church choirs and then was introduced to barbership-style singing, joining the Treble Makers in 1980. She sang with them until they disbanded in 2003, and then became a member of the L.A. South Towns. She is also a big sports fan, and her two side-by-side televisions are frequently simultaneously running different sporting events (typically tennis, basketball or soccer). She was a passionate tennis player for 50 years until her knees forced her to stop recently. She also practices yoga. And you’ll probably never see Konnie without a hat on – she owns more than 40 of them and they certainly suit her. Before retiring, she was a secretary for 17 years at South Bay Engineering Corporation in Malaga Cove. Konnie and her husband bought their home in the Hollywood Riviera 50 years ago and raised three children here. “This is a great community to raise kids,” says Konnie. “I have great neighbors and lots of activities I enjoy. I’ll never leave.” To learn more about the L.A. South Towns Show Chorus, including how to join, go to www.lasouthtowns.org. Click Here to read Igor’s full Newsletter on Scribd.com –http://www.scribd.com/LiveInHollywdRiviera
Should Millennials Buy a Home or Rent?
Home ownership has reached a five-decade low, according to a recent report by the U.S. Census Bureau. This is due partially, the report says, to the fact that millennials have historically low ownership rates compared with other generations. Why aren’t more millennials willing to purchase a place to call home? Should they purchase homes or is it smarter for them to rent? GoodCall asked industry experts to weigh in on the trend of young professionals choosing to rent instead of buy. Here’s what the consumer-focused website discovered. • Buying may be more advantageous than renting for millennials who may be thinking about future family plans, says Bill Golden, an independent real estate agent with RE/Max Metro Atlanta Cityside. “If you’re planning on expanding your family, and the market is attractive for buyers, it may make sense to stretch a bit and buy a home now that would be suitable for a growing family,” he says • If not, Golden says you’re wasting money on rent and also guessing on the type of market you will encounter when you decide to enlarge your family and search for a house. • If you’ve allocated a specific amount to spend each month, Golden explains that you’ll need to decide the best way to spend it. “Depending on where you are looking to live, that may mean renting a three-bedroom, two-bath house with a yard, or buying a one-bedroom condominium,” he says. If you have a dog, for example, you should consider whether you would prefer to just open the door and let him out into the yard, or if you want to go through the hassle of walking him on a leash every time he needs to go outside. • For investment-minded millennials, Golden says they might consider whether their home should be one of their investments, or whether they’re throwing away money in rent that could be used for investing. “Of course, it’s also extremely important to remember that, in buying a home, you are building equity as time goes by, both by paying down on your mortgage, and hopefully, through appreciation of the property,” he says. • While some millennials may not want to purchase a home, many simply are not able to because of debt. Robyn Gilson, coach for Financial Education and vice president of Customer Experience at U.S. Bank, says that lingering debt and financial worries play a critical role in the home-buying decision. “Despite millennials’ well-publicized low rate of homeownership, our index found 76 percent feel being able to save for a home remains important to achieving an ideal home life — but only 37 percent feel satisfied in their ability to save.” • Gilson also says that any millennials who are thinking about purchasing a home will need to understand and then start building their credit score so they can qualify for a mortgage when the time comes. • Perceived job security is another contributing factor, according to Matthew Carbray, certified financial planner and managing partner of Ridgeline Financial Partners LLC and Carbray Staunton Financial Partners in Avon, Conn. “And, financially speaking, one needs ample money for a down payment, pre-paid items at a closing like property taxes, and also insurance and renovations,” says Carbray. • Even if you have a stable income, your home shouldn’t eat up all of your money. “If it would take every penny of your savings to make a down payment on a home, and you’re not certain of your ability to replenish that in the future, you may want to factor that into your decision,” Golden says. “There are many loan programs out there that can help first-time home buyers with down-payment assistance, or that don’t require a severed arm and leg to get a mortgage,” he adds. However, millennials should also consider their comfort level with the final estimate. Golden recommends getting pre-qualified for a mortgage. “That will enable you to make a more accurate comparison of what you can get for that money in a purchase versus a rental,” he says. • So, how much should millennials feel comfortable paying? “I typically recommend that prospective buyers put down no less than 20 percent of the purchase price, not only to avoid triggering the private mortgage insurance requirement, but also to secure reduced interest rates and closing costs, smaller monthly payments and instant home equity,” says Laurie Samay, a certified financial planner and client service and portfolio manager with Palisades Hudson Financial Group in Scarsdale, N.Y.
Four Future Home Design Trends
As the path to sustainable housing and technology widens, the housing market also is embracing automated technologies and wellness initiatives. From automation security to energy management, the home design of the future is both practical and efficient. Here, RISMedia takes a look at four trends dominating the market. Geofencing This is becoming a popular method to help protect and monitor your home. The technology creates a virtual perimeter around your home that connects to your smartphone. For example, if your children come home from school, their smartphones will set off a trigger and send an alert to your phone to let you know they made it safely. A geofence also can be used to monitor if they leave the house. If your children venture into a prohibited area or out of a safety zone, you could receive another alert on your smartphone. Keyless smart locks and wearable devices also can be used to monitor your home’s activity. Simply touch the lock with your device and your door will open. You also can set up your smart lock to alert you that people are coming and going from your home. Healthy living environments Healthy building materials and furnishings are increasing in demand due to more awareness on how your home can make you sick. A typical smart home model that focuses on healthy living and wellness might feature items such as cork floors, air-filtration and water-purification systems, a vitamin C shower, variable lighting to optimize your circadian rhythm and pedestal desks. Indoor gardening also has come into sharper focus in recent years, with all homes expected to be filled with vegetable planters and indoor gardens by 2025. Energy efficiency and docking stations Energy efficiency and electrical docking stations are some other recent trends. Think smart switches that connect all of your electronics and appliances to your Wi-Fi network. This allows you to plug your gadgets and appliances into the smart switch and connect it to your Wi-Fi network. Then you can monitor your usage from your smartphone, create schedules to turn appliances on and off, and adjust your lighting while you’re on vacation. Connected smart homes In the future, look for a connected and automated home that will allow all of your devices talk to each other and run themselves. New global standards-based wireless solutions will enable everyday objects to have network connectivity, allowing them to send and receive data.
The Biggest Décor Trends for 2017
Say good bye to granite countertops and hello to non-traditional options that express the homeowner’s individual perspective on decor. According to Trulia.com, the coming year will be less about opulence and fashion and more about comfort, ease and a sense of personal style. Here, some of the top looks that have registered on the radar of design experts, along with a few formerly popular decor ideas that will be on the wane in 2017. Cerused wood Also referred to as a limed-wax finish, this technique adds color to wood while also revealing its unusual grain. It’s expected to be big for cabinets and flooring, especially in dramatic hues of black, “greige” and dark gray. Marble surfaces In white or black, the material has jumped over from chic cafes and restaurants and into kitchens and bathrooms. It’s not just for countertops, though. Look out for marble motifs in carpets, wall-coverings and even fabrics. Shiny metal finishes Polished brass and bronze knobs, knockers, pulls and faucets are back in a big way. It’s a trend that’s easy to bring into your home — just swap out your current hardware. Matte appliances Appliances will go matte as an alternative to the classic stainless steel. Look for matte-finish appliances in dark hues to bring an element of drama into the kitchen. Animal-inspired textures Whether real or faux, leather, shagreen and parchment will be hot materials for 2017. Mainly, these hides will be used as an unexpected pop of texture in accent furniture. Patterned wallcoverings After years of solid walls, wallpaper is poised for a comeback. Designers are seeing an interest in all-over, dramatic patterns like paisley, over-scaled florals and abstract designs. You’ll see these wallcoverings in small spaces, like powder rooms, often in darker hues. Jewel tones Homeowners no longer are content with blank white walls. Jewel tones such as emerald and amethyst add warmth and personality to a space, particularly in entryways and small spaces. It’s not just about hue but also intensity. Even neutral paint colors such as gray can go bolder. Nailhead details Look for this classic trim to go beyond the sofa and be used as an accent on pieces such as storage chests, credenzas, and even light fixtures. They even form their own patterns — no longer limited to the edges. Overdyed rugs Overdyed rugs in neutrals and rich, saturated colors will show up for a pop of color and added dimension. These colorful showstoppers are practically pieces of art for your floor. Statement headboards Designers have noticed a pattern when it comes to beds: The emphasis is on a headboard rather than a traditional bed (the kind that comes with a matching footboard). And those headboards are statement pieces with bold silhouettes and luxe fabrics.
Mortgage Rates Spike
Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed mortgage rates moving significantly higher following the post-election sell-off in the Treasury market. “Last week’s election fell in the middle of our survey week, making it impossible to determine how closely the mortgage rate would track the post-election sell-off in the Treasury market,” says Sean Becketti, Freddie Mac’s chief economist. “This week, the verdict is in — over the last two weeks, the 30-year mortgage rate jumped 40 basis points to 3.94 percent, almost identical to the 39 basis point increase in the 10-year Treasury yield. If rates stick at these levels, expect a final burst of home sales and refinances as ‘fence sitters’ try to beat further increases, then a marked slowdown in housing activity.” Here, a snapshot of Freddie Mac’s survey findings: • The 30-year fixed-rate mortgage averaged 3.94 percent, with an average 0.5 point for the week ending Nov. 17, up from the previous week when it averaged 3.57 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.97 percent. • The 15-year fixed-rate mortgage averaged 3.14 percent, with an average 0.5 point, up from the previous week when it averaged 2.88 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.18 percent. • The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.07 percent, with an average 0.4 point, up from the previous week when it averaged 2.88 percent. A year ago, the five-year adjustable-rate mortgage averaged 2.98 percent.
Is a Home Warranty Worth the Money?
Home warranties have become popular among homebuyers and homeowners who are seeking to prevent themselves from having to shell out cash for hefty home and appliance repairs down the road. Ultimately, home warranties can help sell a house faster and for a higher price because they offer the buyer protection against the unknown. But are they worth the money? Here, U.S. News & World Report explains what a home warranty is and tells you everything you need to know about these policies. What is a home warranty? A home-warranty company will issue a policy to a homeowner for a set premium ranging from $350 to $500 or more per year. In this policy, the company agrees to repair or replace certain appliances and major home systems if or when those appliances or systems break down. If a breakdown occurs, the homeowner files a claim online or by phone. Then the company sends a contracted service provider, or has the homeowner call a professional on his or her own time. The homeowner pays a service fee — typically $50 to $100 for each repair. The service provider may fix the problem on the spot or may need to order parts and OK the repairs with the warranty company. Depending on the policy, the homeowner may pay for the entire repair up front, and then get reimbursed by the warranty company for the portion covered by the policy. Should I purchase a home warranty? When buying a newly constructed home, you probably don’t need a home warranty. Many states require the builder to repair defects in materials and workmanship for a few years — typically two to 10 years. And the new appliances in those homes almost are always protected by one-year warranties. Existing houses, however, may have considerable wear and tear, and tend to be equipped with older appliances. A home warranty makes sense if the house is filled with outdated systems that may require repair instead of replacement. However, homeowners who think they’ll be able to upgrade appliances to newer and better models with coverage from a home warranty will be disappointed to learn that’s outside their policy’s reach. What does a home warranty cover? A typical home-warranty company offers more than one tier of coverage, depending upon price. A basic home warranty will cover a very specific list of appliances and systems, such as as the plumbing and electrical systems, heating and duct work, water heater, refrigerator, dishwasher, range or oven, built-in microwave, trash compactor and garbage disposal. Some packages also cover the doorbell, burglar or fire alarm, ceiling fans, exhaust fans, central vacuum, washer, dryer and garage door openers. An upgrade on your coverage, costing an additional $100 to $300, might include exterior pools and spas, septic tank pumps, sprinkler systems and well pumps. What doesn’t a home warranty cover? A home warranty probably won’t cover anything that isn’t specified in your contract. And it may not pay for some of the covered items if certain conditions are not met. For example, many home warranties will not cover repairs that existed before the policy, and most have a 30-day waiting period. If you buy a house and something goes wrong with an appliance in the first 30 days, the warranty probably won’t cover it. A home warranty also might not provide coverage if an appliance was incorrectly installed or poorly maintained, or if it has been worked on before. In addition, the entire cost of an expensive repair may not be covered. Many policies have an annual limit — $1,500 to $2,500 per year, for example — and might have a deductible. How do I find a reputable home-warranty company? Search “home-warranty reviews” online. In the results, look for the review sites that don’t appear to sell advertising or leads to the companies they’re reviewing. Read through the reviews and pay special attention to the bad reviews (some warranty companies load some sites with false “good” reviews). You’ll find that home-warranty companies vary in quality. If you work with the wrong company, it may drag its feet when you need a repair. If your home is without hot water, air conditioning, heat or electrical power, delaying repairs may force you to handle the problem yourself. Be sure the home-warranty company you choose actually is a company, not a local affiliate or lead-generation site. Search the company name online and make sure it has a real address, and note the contact information you’ll need if you have a problem. Before you sign anything, ask whether you have to call the home-warranty company to request a repair for it to be covered. If so, does the company have around-the-clock phone service? Find out who will be providing repair services in your area. Large national companies are more likely to have an extensive list of service providers. Then check out the local service providers on online review sites to make sure they’re reputable. Ask a lot of questions before you sign up, and confirm all of the answers you receive in writing. Everything should be detailed in the contract. Watch out for contract wording like “at our sole discretion” or “we reserve the right.” These can be the first steps toward denying claims. How do I file a claim? If you file a claim, get the name and contact information of the service person that visits your home. Try to stay in the middle of the process so the warranty company can’t claim delays are caused by the contractor’s failure to send paperwork. Make copies of everything you receive and send them yourself via e-mail, if necessary. If you run into delays, tell the claims representative that you will be filing complaints with the Better Business Bureau and online review sites unless your case is passed to the “escalations team” or other supervisors. Be sure to get everyone’s name, direct phone number and e-mail address.
Why it’s Smart to Pay Attention to the Starbucks Principle
Looking for a home in an area that will have long-term value and appreciation? Go get a coffee at a Starbucks in your desired area and experience what’s become known as the “Starbucks Principle” — an easy way to help you judge the potential long-term value and desirability of the area you are considering. Basically, if you see a new Starbucks being built — or a large expansion/remodel of an existing Starbucks — then that likely will be a good area in which to buy a home. What does a coffee shop have to do with your home value? Here, an explanation from RISMedia: • Franchises such as Starbucks dedicate vast resources to gathering information on demographics, population growth, disposable incomes and development. Before a company this size dedicates massive resources and capital, they make sure they know everything they can about the surrounding population, businesses and long-term potential for growth. • Beyond their own in-company resources, Starbucks also has large numbers of developers and commercial real estate brokers seeking out their business. To get the company to buy or lease in a given location, there must be a strong amount of data to support the sales and growth potential of the area. The company uses all of those resources to make sure it places stores in valuable locales. • Starbucks definitely will make sure that the data for disposable income, population projections, business growth and other factors support a new or expanded store; but the addition of a store to an area can actually create growth around it as well. When other businesses see Starbucks adding a store, they notice and frequently will flock to the area as well, which, in turn, brings people to retail centers.
Half of US Homebuyers Are Millennials
Almost half of US homebuyers are under the age of 36, according to a new survey by the online real estate firm Zillow. The study—The Zillow Group Report on Consumer Housing Trends—surveyed more than 13,000 homeowners, sellers, buyers and renters nationwide between ages 18 and 75. The results found that 47 percent of homebuyers are millennials and 63 percent of people are selling real estate for the first time. Here, some other significant finding from the study: • Half (50 percent) of today’s homebuyers are under the age of 36 and 47 percent are first-time buyers. Solo homebuyers are in the minority; most buyers are shopping with a spouse or partner (73 percent). • Eighty-three percent of buyers are shopping for a single-family house. Their top considerations are affordability and being in a safe neighborhood. • Fifty-two percent of buyers consider renting while they’re shopping for a home—a number that’s even higher among younger buyers. • Seventy-five percent of buyers hire a real estate agent during the buying process. • Across all generations, almost nine out of 10 buyers (87 percent) use an online resource at some point in their search for a home to buy. • Millennial homebuyers share many concerns and preferences with their grandparents’ generation, both choosing homes with shared community amenities and considering townhouses at higher rates than those ages 35-49. However, Millennials’ home-buying process is significantly different from their grandparents’ process. • Millennial homebuyers wait longer to buy a first home than previous generations. The modern-day “starter home” is nearly as large as the median home for “move-up” buyers, and costs about 18 percent less. • Millennial homebuyers undertake far more social home searches, seeking input from friends, relatives and neighbors 58 percent of the time, versus the Silent Generation, who poll friends just 37 percent of the time. • More than a quarter (26 percent) of buyers find an agent online. A third (33 percent) find an agent through a personal referral. • Millennials scrutinize more agents, asking friends and family about their experiences with agents and reading online reviews more than other generations. • When it comes to choosing an agent, Millennials and other generations share their top priority: a sense that an agent is trustworthy and responsive to their needs. • The average shopper goes on seven home tours, and while they may incorporate online research, they tend to be hands-on at decision time, preferring to meet an agent in person or talk on the phone, and prioritizing private tours of homes led by a professional. • Only 46 percent of buyers get the first home on which they make an offer, reflecting the reality that in today’s tight market, the search—which takes an average of 4.2 months—comes with competition and disappointment. • More than half of buyers (56 percent) save up for a down payment by setting aside a little money at a time. Almost a third (32 percent) use more than one source for their down payment, including gifts and loans from family, selling stocks and bonds, and cashing in retirement savings.