Archive for the ‘Real Estate’ Category
Tarzana, CA – Relocation Information
Tarzana
Location
It is surrounded by Reseda to the north, Woodland Hills to the west, Encino to the east, and the Santa Monica Mountains to the south. Major thoroughfares include Reseda Boulevard, Tampa Avenue, Wilbur Avenue, Burbank Boulevard and the commercial backbone of the south San Fernando Valley, Ventura Boulevard.
Most of Tarzana’s inhabitants live in the foothills of the Santa Monica Mountains south of Ventura Blvd. North of Ventura, there is a uniquely designed area meant to emulate a more rural setting called Melody Acres. Tarzana contains two country clubs (with golf courses) nestled in the Santa Monica Mountains: El Caballero Country Club and Braemar Country Club. At the remote southern end of Reseda Blvd., there are a number of luxurious gated communities, including Mulholland Park, Silverhawk Ridge, Monte Verde and Braemar Estates.
North of the Boulevard, where a smaller portion of the population lives, there are fewer houses and more apartment buildings. Tarzana extends to Victory Boulevard, though only a small percentage of the population lives in the area.
Residents
There are approximately 28,484 residents. According to the 2000 U.S. Census, the racial composition was predominantly White (78.9%), followed by Asian (5.6%), and Black or African American (3.8%).
American Indian or Alaskan Native and Native Hawaiian or Other Pacific Islander each constituted less than one percent (0.3% and 0.1% respectively) of the population. 13.1% identified themselves as Hispanic or Latino. About 35.2% of the population in 2000 was foreign-born, including 21.9% that were born in Iran and 10.6% in Mexico.
Tarzana features a burgeoning Iranian-American population, and the community is well known for its Persian restaurants, booksellers, and language training institutes.
A thriving and long-established Jewish community attends four synagogues and provides the customer base for the first and only branch of the Hebrew language bookseller Steimatzky constructed outside of Israel. A number of popular and well-regarded delicatessens can be found in Tarzana, such as the Tarzana Armenian Grocery and Mort’s Deli.
Notable residents include comedian Jeremy Hotz, actor Jamie Foxx, actor Chuck Norris, filmmaker John-Erik Jordan, KROQ’s Kevin, Bon Jovi gutairist Richie Sambora his wife, actress Heather Locklear and frequent Star Trek guest star Hana Hatae.
Early History
The area now known as Tarzana was originally part of the San Fernando Mission, which was established in 1797 by Spanish settlers and missionaries, who eventually displaced the indigenous population. Later on the area was seized by Mexico and then sometime afterwards, the United States, at which point the area came to be part of a sequential order of large cattle ranches owned by the wealthy and powerful local elites. Beginning in the 1870s, the area was purchased by investors who transformed it into a large-scale wheat farm operation.
In 1909 the surrounding area was purchased by the Los Angeles Suburban Homes Company. General Harrison Gray Otis, founder and publisher of the Los Angeles Times, had invested in the company, while also purchasing 550 acres in the center of modern-day Tarzana. Another investor established a small town called Runnymede in the general vicinity and allocated the surrounding land for small poultry ranches and berry farms.
In 1915 Edgar Rice Burroughs, best known as the author of the Tarzan stories, purchased Otis’ land upon which he built a large home, and renamed the property, Tarzana Ranch. Burroughs subdivided and sold the land for residential development, while the neighboring small farms were also converted to residential areas. In 1927, local residents renamed the town Tarzana in honor of Burroughs and his famous literary character.
Trivia
Portola Middle School in Tarzana was used as a location for the movie Thirteen.
In the Paul Thomas Anderson film Magnolia , Tom Cruise’s character, Frank T.J. Mackey, was born and raised in Tarzana. The climactic scene from that same movie occurs on the intersection of Reseda Boulevard and Sherman Way, a locus for many P.T. Anderson scenes.
The information herein was complied using sources deemed reliable (as noted throughout this book under “source”), including the University of Southern California, the Los Angeles Chamber of Commerce, and Wikipedia. However, the information in this book is not guaranteed, and all users are advised to research any questions or concerns independently. Michael Trust Realty, its employees, assigns, Broker, or any others, assume no responsibility nor any liability for any inaccuracies contained herein.
BULGARIA – The Hype, False Urgency and Exaggerated Returns
Did you see the episode of the BBC2 program ‘How to pay off your mortgage in 2 years‘. In this episode the man of the family travelled to Bansko, Bulgaria looking for an investment property. I am not sure of how much he had to spend but he was taken to view a number of properties by an agent from an ‘un-named’ agency and charged a whopping 1000 Euros for the privilege of doing so. Now this in itself should have started alarm bells ringing.
Many agencies in Bulgaria, both Bulgarian and British owned charge a viewing fee. Some charge a set fee for a day’s viewing while some charge per mile you need to drive to view properties. Now why should you pay for the privilege of looking at properties you are considering buying. The reasoning behind this practice seems to be that there are so many time wasters just viewing properties when they have no real intention of buying anything. But how true is this? Most foreigners going to Bulgaria have at least some interest in investing in property over there as they have all been bombarded with the same hype over the last couple of years.
So this guy I mentioned above settled on a couple of properties that were of particular interest – a new build apartment and a house in a village about 5-10km away from Bansko.
The guy was told by the agent that these types of houses hardly appear on the market and that the one he was interested in would be sold within a couple of weeks so he needed to find the deposit and put it down to reserve the property straight away.
To clinch the deal the agent told the guy that if he bought the property now he would make a profit of an unbelievable £175,000 in a couple of years. Something along the lines of a 200 – 300% increase in value!
Well the guy fell for it, hook, line and sinker. If he had had the thousands of pounds for the deposit in his pocket, he would have handed it over to the agent straight away.
Luckily he didn’t and so he flew back home and after discussing the matter with his family, he had second thoughts and decided not to pursue the house in Bansko. In fact I think he went on to buy a house for renovation in the UK.
However, this is so typical of the tactics used by unscrupulous agents in Bulgaria and other countries to try and get you to part with your hard earned cash.
They will try and make you think properties are in short supply, that they will be snapped up by another buyer almost immediately and talk of totally unrealsitic gains. You can avoid being taken for a ride by doing your research and not rushing into anything.
There are plenty of properties available, yes prices are rising a little but is it not better to end up paying a tiny bit more for taking your time and finding out the facts first than rush into something you may regret later.
How To Use Equity to Your Advantage
Once you have purchased a home and are making monthly payments, you are in the process of building equity. The opportunity to use the equity you have built up in your home is one of the benefits of homeownership.
The equity you have built up can be used for many purposes on your advantage. Many people will use this equity to draw out cash by refinancing their house; the cash may be use to finance other major purchases such as second mortgage, making major improvement to your property or to fund their children educational expenses.
If you are in bad debt situation, your equity can be the hero in saving you from bankruptcy. You can pledge your equity to apply for a home equity loan which will allow you to borrow a relatively large amount of money to consolidate your debts. As compare to other personal or unsecured loan, a home equity loan is easier to get approve even you are in a bad debts situation; lenders may be more liberal because they view home equity loan as relatively safe. You can’t disappear with your house or hide it if you default on your loan, so the lender has a good chance of collecting the collateral.
Besides using your equity for bad debt consolidation, you may use it for other high-interest rates debt consolidation. One of the advantages of home equity loans are they typically have lower interest. And you could you this advantage to consolidate all your high-interest monthly payments into a single loan which had a considerably lower interest rate.
Typically you are allowed to refinance up to 75%, (sometimes 80%), of the value of the property on conforming loans whereas on jumbo loans you are limited to 70% of the property’s value. For example, if your home is now valued at $150,000 and your loan balance is $70,000, you might be able to get a new $150,000 x 75% = 112,500 mortgage. That would allow you to repay the existing $70,000 balance and use the $42,500 for your financial needs.
Another possibility to use the equity to your advantage is home equity lines. Many lenders offers home equity lines for homeowners and allow them to draw cash advances with their credit card or write checks up to certain credit limit.
Before using a home equity loan or home equity credit line for any purpose, you should be aware of the pitfalls of these loans. The main thing is that you can lose your home if you fail to meet the payment schedule required by the loan. Therefore you need to consider it carefully before do a cash-out with your equity.
