|
There are two serious ordinances pending approval by the City Council and County Council that will have an immediate, direct impact on your home values and disclosure requirements.
The first is the Baseline Hillside Ordinance that impacts all residences and vacant land in our neighborhood. On August 5th the Los Angeles City Council approved the proposed Baseline Hillside Ordinance provisions with 2 changes and has asked the City Attorney’s Office to review and prepare the official Ordinance.
The changes, in the form of Motions, should be available for download on the online Council File. But as of August 17th, all the signs are indicating that this will assuredly be passed. The ordinance is going to have a huge impact on the residential areas that are approximately south of Valley Vista, North of Sunset, Hollywood Hills to the east and Mulholland Park/Bel Air to the west. The exact map of coverage is still being finalized.
The premise is that tall, multi-level homes and homes that are not consistent with the existing architectural “culture” will no longer be allowed in this geographical area. There will be strict limitations to height, size, grading, slope and style with this ordinance. It also includes limitations on adding any additions to any existing homes even if they currently comply with building codes.
There will not only be restrictions on the size of a home that can be built based on the square footage of the lot, but what constitutes square footage and how it is calculated. (The GARAGE!)
I have all the precise information and available or you can put Baseline Hillside Ordinance in your browser and peruse. There is also a Facebook Fan page that you can follow that will give you updates.
The second ordinance pertains to Septic Systems. The Proposal will amend the current standards to the Board of Public Works, City Council and Mayor an OWTS Management Program (Onsite Wastewater Treatment Systems). This will require inspection and certification every 3 years for high risk areas and every 5 years for the remaining areas. If you have to upgrade your system to new standards this can cost thousands of dollars. I know from personal experience that my system is now required to have a second opening and Certification was refused. An extension has been granted until December 31, 2010 but information must be disclosed should you sell your home. For more precise information go to http://www.waterboards.ca.gov/losangeles.
Home mortgage rates and real estate news - CNNMoney.comHousing quagmire: Is it time to remove relief?
For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month -- one program would help qualified homeowners refinance their mortgages after seeing their property values fall below the amount they owe, and the other includes another round of funding to help the unemployed or underemployed with their payments. Read Article
Thu, 02 Sep 2010 18:06:29 EDT A reward for responsible homeowners
The government has bailed out Wall Street firms, giant banks, creditors of Fannie Mae and Freddie Mac -- and is trying to bail out people who've defaulted or are about to default on their mortgages. But let's say you're a hardworking family that has done nothing wrong except buy a home when the housing bubble was at its peak a few years ago. Your mortgage is now way underwater, but you're still making payments because you want to stay in your home -- and you're actually honorable. You're paying for everyone else's bailout, but because you have no equity in your house, you can't refinance to take advantage of the ultra-low mortgage rates that Uncle Sam's bailout strategy has produced. To use the technical term, you're being screwed. Read Article
Tue, 07 Sep 2010 05:52:36 EDT Home prices gain 3.6% in past year
Despite a recent spate of bad news coming out of the housing industry, home prices show signs of stabilizing. Read Article
Tue, 31 Aug 2010 09:53:31 EDT Tips for getting homeowners insurance
1. Loyalty is overrated Read Article
Thu, 02 Sep 2010 15:18:50 EDT America's most overvalued cities
Don't say we didn't warn you. Read Article
Wed, 27 Jan 2010 07:56:19 EST Foreclosures: How bad is your state?
 Read Article
Thu, 05 Mar 2009 12:34:34 EST Surprise! Banks help more homeowners than Obama
Remember how everyone complained that banks weren't doing enough to help troubled borrowers? Read Article
Mon, 30 Aug 2010 07:21:32 EDT Remodeling your home? Get online
Home improvement is one of the fastest-growing segments of e-commerce. But the consequences of a bad decision when it comes to finding a contractor or remodeling products online are far worse than buying the wrong paperback. Read Article
Fri, 27 Aug 2010 11:50:46 EDT Say goodbye to the McMansion
The American home is shrinking. Toll the bell for the McMansion. Read Article
Thu, 26 Aug 2010 12:33:30 EDT Fewer mortgages are in default
Fewer mortgage borrowers are delinquent on their loan payments, according to the latest data from the Mortgage Bankers Association. Read Article
Thu, 26 Aug 2010 13:31:31 EDT
|
