Unemployment Rate Falls to 8.5%

The Nation’s unemployment rate continues to trend down.  It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs. , the U. S. Department of Labor said Friday morning.  December marks the sixth consecutive month of 100,000-plus job gains and the first such stretch employers have been able to string together since 2006.  Over the 2011 calendar year, payroll employment rose by 1.6 million

Here at Moe Real Estate Investments, we take this information really serious.  So many of our friends and clients have been going through horrible periods of time due to unexpected unemployment and lack of jobs to re-invent themselves.  While the drop in unemployment rate seems to be ever so slight, it is indeed a step in the right direction.  And the fact that this is a trend of six consecutive months, I am keeping my fingers crossed for everyone out there.  Let’s make 2012 a great year !!

Schedule and Tickets

Desert Spanish Weekend Multi-pass includes one ticket to all
events below (a $25 savings)

$150.00

Friday, March 23

Well, I have to say…2011 was a great year…and it ended up with a bang, both in Real Estate and in my personal life pursuits.

Death Valley Encounter:

Tom Paris and his horse “Linus”, my horse “Agape”, and myself headed to Death Valley on Thursday morning.  The weather looked incredible and it was an indication of what to expect for the remainder of our trip.  Temps were in the high 60's to mid 70's, no wind, sunny….stunningly beautiful…with some of the most beautiful skies in the evening.

Both of our horses were attempting their first 50 mile ride after having completed a 30 mile Limited Distance ride at the Buck Snort Challenge at Warner Springs last month.

Our horses gave us everything from a perfect controlled start, to a flawless ride the entire day.  Their recoveries at the mid-way vet check were excellent, and they never gave us any sings of slowing down.  As well as they looked throughout the ride, is how they continued to look after the ride.  Eating, drinking, and looking alert.

This was also Tom’s first 50 mile endurance ride…and he now officially is an “Endurance Rider”.  His hard work in joining me on a regular basis on a diligent training schedule, has paid off.  Completing his first 50 was a milestone – but it was just the tip of the iceberg.  It’s always such a pleasure when you see a talented horseman who truly loves his horse and this sport.  Welcome Tom !!!  After the ride I could just see his wheels spinning…not sure if he believed that he had just gotten thru riding 50 miles with a healthy and happy horse.

As I previously posted on my website, www.MoeInvestments.com, it has been extremely busy this year right through the holidays.  I thought I was safe in planning a 50 mile endurance ride at Death Valley between Christmas and New Years as this is often the slow time.  Well (and I’m saying this with appreciation), I was showing property until Thursday morning right before I left for a one-day 50 in Death Valley, and continued showing property right thru New Year’s Eve, New Year’s Day, and 2012 seems to be starting off just as enthusiastically.

For more information, please contact me any time.

Catfish Moe

You'd think that this is a classic Realtor's line.  "Oh..people buy each other houses for Christmas all the time".  Yea...right. Well, hmmm...this year it seems to be more than just a classic sales pitch. 

In the almost twelve years of being a Real Estate Agent & Consultant, I have to admit that from about the middle of December until the end of the Holidays, Real Estate was dead.  People tended to familiy matters, and the last thing anyone wanted to hear about, was anything related to "Great deals" in the housing market.  It was a time that allowed me to catch up with past-due tasks on my personal and professional to-do lists, and it was a time to create new to-do lists for the New Year.

This year, however, has been a definite sign of the times.  A sign that Real Estate has picked up, and is continuing to pick up.  With three new escrows in December alone, and property showing appintments with new clientele lined up all throughout the Holidays, one might think that people really do buy houses for one another for Christmas.  Who knows???

Well, whether Christmas has anything to do with it or not, I can tell you that clients and potential clients alike, are realizing that prices have indeed hit rock bottom.  Those who have waited for prices to be where they are today, are stepping forward and making their moves.  Canadians remain one of the strongest investors in our market as their dollar is strong and prices here are very affordable for them compared to homes in Canada. 

Historically speaking, those who have become rich, have generally not made their investment moves when the market was at its peak and everything was "flourishing".  Instead, their moves were made when the cyclical Real Estate market hit its low points.  The mystery always was, "when" to do what, and "when" was the right timing to let your money go to work for you...what exactly was that magical sign we were supposed to look for?

So perhaps we all are looking at the biggest Christmas present for any investor that wants to grab it...that bright neon sign we've been looking for...one that says "Good timing, great opportunity"

If you're reading this article, I thank you for reading my personal blog.  I wish you a very Merry Christmas.  And if you don't celebrate Christmas, then I wish you a great Holiday season.  Let 2012 await you full of Health, Happiness, and Prosperity.

Cheers :))

Catfish

Downtown Port Lawrence mixed use condominium and commercial retail project alive again !!

As I do most Monday mornings, I was browsing the internet this morning to see if there was any interesting news worth sharing with you all.  This past weekend I was showing property to clients in various parts of the coachella valley...from Desert Hot Springs to Palm Desert....and I couldn't help but notice the various new construction developments that were poppint up in several locations.  WHAT???  New construction???  While I had been aware of a few new developments that were starting to frame, I wasn't aware that thoser were slowly not extremely isolated incidences anymore, and it was a clear sign that Real Estate is on its way back.  So...this morning I found this article online that I've been wanting to share, as it deals with a very popular downtown location that up to now has served mainly as a parking lot for several years. 

PALM SPRINGS — Port Lawrence, the long-awaited development at the corner of Alejo Road and North Palm Canyon Drive, “is very much a live and well,” said developer Lawrence Rael.

The dirt lot now popularly used for public parking during busy weekends in downtown Palm Springs will be the home of a boutique hotel and new retail, according to Rael.

While he declined to go into specifics, he alluded to good news coming soon for his mixed-use project.

Originally approved in 2006 as a condominium and commercial retail project, the City Council unanimously approved Rael's request to modify the project to better reflect the market.

“Mr. Rael has hung in there,” Palm Springs Mayor Steve Pougnet said during the Sept. 7 council meeting. “Throughout this country, there are developers who have walked away many many times from projects and have left cities hanging, and the one thing Mr. Rael has continuously done is get creative and hung in there.”

Now Port Lawrence promises to provide 175 hotel rooms and more than 30,000 square feet in commercial retail.

He added his team is currently in the design development process and expects to go back for city review starting early next year.

“We're extremely excited about this project,” Rael said.

Considered a failed project by some residents, Port Lawrence is back on the move toward fruition, officials said.

“The timing in the economy required us to sit back and wait for the right time to bring this project forward again, and the right time is now,” Rael said.

With the recent passage of Measure J, the ballot measure that will raise the city's sales tax to 8.75 percent in April to generate $200 million over 25 years to help jump-start the revitalization of the defunct Desert Fashion Plaza, city officials and mall developer John Wessman agree that Port Lawrence will gain by the positive momentum in the city.

“We're creating an atmosphere where there's more sales tax, more business and more people are benefiting,” Wessman said of the passage of Measure J, adding that the trickle down effect will help Port Lawrence flourish in the future.

Rael congratulated the city for the milestone but emphasized that Port Lawrence “is not predicated on Measure J.”

“This is a perfect time to plan this project,” Pougnet said. “It's going to impact everybody and increase our economic development.”

Palm Springs Christmas Parade &

Moe Real Estate Investments celebrates the holidays with Intero Real Estate Services

Yesterday, December 2nd, Palm Springs had its annual Christmas parade. It was a very special evening in many ways. First, the parade was extremely well attended by the local community with rows of spectators lined up on both sides of the street. The displays of lights draped over motorcycles, cars, fire trucks, and oversized floating christmas figurines was simply stunning. Not bad for a small town Christmas Parade.

People had smiles on their faces and I realized then that I was extremely fortunate to be a part of this wonderful place called Palm Springs.

The day also marked a new beginning for my business, Moe Real Estate Investments. After a very successful 2011, I had sat down and tried to figure out how I can take something good and make it even better. So after months of soul searching, and feeling the need to provide better and more personalized services and opportunities to my existing and future clientele, I decided to part ways with the Paul Kaplan Group.

It has been a great pleasure working as a Buyer’s Specialist for Paul’s group, and I wish each and everyone of them a fantastic future in all their endeavors.

Real Estate to me has always been about the client...about the long-term relationships that formed during transactions, and I attribute the growth of my business solely to the repeat business and referrals of satisfied clients. When I recently felt that my interactions with clients became more and more just a “numbers game”, I realized that I was straying away from the core principles upon which I built my career.

Intero Real Estate Services recently offered me a wonderful office space in a great location, right on the strip in Downtown Palm Springs, located at 431 S. Palm Canyon Drive. My business, Moe Real Estate Investments, is extremely proud to be a part of Intero, mostly due to the fact that their philosophy about people and clients coincides directly with the motto, ethics, and morals of Moe Real Estate Investments.

Moe Real Estate Investments continues to operate with an emphasis on Mid-Century, Modern, and Old Spanish type homes, and specializes in representing Canadian and Foreign investors who want to take advantage of our unique market conditions.

Yes...yesterday was a very special evening. The wonderful agents at Intero, their management and administrative staff, and many friends, families and clients, shared a very special evening on the front steps of the building, as they cheered on the festivities of the Christmas parade. We served over 20 gallons of hot chocolate, and we laughed a lot. 2011 was a great year in many ways. It’s my goal to contribute my efforts in making 2012 an even better year.

City of Palm Springs Receives $10.1 million Grant

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NATION'S HOUSING

IRS issues new guidelines on obtaining home buyer tax credits

The agency clarifies documentation that taxpayers will need in an effort to curtail widespread fraud in the program.

By Kenneth R. Harney

February 21, 2010

Reporting from Washington - Despite blizzards that shut federal offices for days, the Internal Revenue Service issued new guidance Feb. 12 on the two tax credit programs that are powering the country's real estate markets -- the $6,500 credit for repeat buyers and the $8,000 first-time buyer credit.

The new IRS policy clarified documentation that taxpayers need to submit to successfully obtain either credit. When Congress revised the credit programs in November, it ordered the IRS to tighten its rules and monitoring to curtail widespread frauds that had emerged earlier in 2009.

These included fictitious home purchases in which people claimed and received $8,000 checks from the government on transactions that had never occurred. .

To avoid such abuses in the revised credit program -- which is scheduled to be available for qualified purchases closed through June 30 -- Congress directed the IRS to spell out documentation standards in detail and to install monitoring systems to spot fraud upfront. Among the keys to the monitoring system is that all documentation accompanying credit claims comply with the IRS' detailed rules.

Here's what the agency wants:

* A fully executed IRS Form 5405 (available at www.irs.gov) on which taxpayers provide information supporting their claim of eligibility, including income and home purchase date.

* A copy of the closing or settlement statement that proves the transaction took place. In instructions to taxpayers issued last month, the IRS said the statement should show "all parties' names and signatures, property address, sales price and date of purchase."

Normally this is the properly executed Form HUD-1, Settlement Statement. The problem, however, is that home closing and settlement customs vary from state to state, and sometimes the HUD-1 does not contain both the seller's and the buyer's signatures. In escrow states such as California both sets of signatures may not appear on the HUD-1 received by the buyer.

Buyers sign an estimated closing statement or an estimated HUD-1 "at the time they sign their loan documents," said Donna Grosso, president of the California Escrow Assn. Sellers have their "estimated closing submitted to them for their review and signature during or near the same time period as the buyer. We prepare the final closing statement or the final HUD-1 on the closing date," which is the date of recordation.

The IRS tried to address that issue Feb. 12. "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law," the agency said. "The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return. In situations where the signature of the seller is not on the settlement document, the IRS advises the buyer to still sign the document."

Despite the fact that Form 5405 continues to require all parties' signatures on the HUD-1 or settlement document, the IRS is now essentially saying: Don't worry about it -- as long as your settlement statement conforms to prevailing local practices, we'll accept it.

What else does the IRS want to see on claims from home buyers? For repeat purchasers, the agency wants documentation that, before their latest purchase, they had lived in their former property for a consecutive five years out of the previous eight years. This may include property tax records, hazard insurance records or copies of annual mortgage interest statements filed with their federal taxes.

One caveat for filers: Because of the increased documentation and monitoring, IRS processing will take four to eight weeks. Don't expect your check overnight.

We have our Canadian Financing Back!!!

LOAN CRITERIA

• 30% down 2nd home only
• 6 month prepayment penalty
• 6 months of payments on deposit with the bank
• 6.50% fixed 25 year amortization/5 year balloon
• Loan Amounts $150M-$800M
• Close Canadian Loans in 45 days