Fourth of July in Pasadena

Happy Fourth of July!  Here are some fun things happening in the Pasadena area.  Enjoy the holiday.

From e!Pasadena:

Head to South Pasadena for a Small Town 4th

 South Pasadena’s Festival of Balloons celebration consists of a full day of events that truly represent the small town atmosphere of the community while celebrating the anniversary of our Nation’s birth.

Fun and Fireworks at Lacy Park

The City of San Marino’s annual Fourth of July celebration at Lacy Park is a popular community event featuring organized activities, a community parade, stage entertainment and an amazing patriotic fireworks display. The event includes a variety of game booths and family challenges, performances by local bands, a formal program and refreshments for sale.

Great American Swing Band Featured at July Fourth BBQ

Celebrate an All-American style Fourth of July Barbeque Celebration and Dance at the Pasadena Senior Center, 85 East Holly Street, at noon on Saturday, July 4. Friends and family are welcome to join in on this great Independence Day holiday event that includes barbeque, Swing music and dancing.

A Red, White and Blue Day in Pasadena

Pasadena’s 4th of July celebration in the Rose Bowl has kept local residents’ Star Spangled spirit flying for 83 years.  This year, Americafest presented by XBOX 360, combines a safe and entertaining family activity and a most patriotic tribute to our American heritage with the biggest and best fireworks show in Southern California.

Advance General Admission tickets may be purchased from Ticketmaster. Call  (800) 745-3000, or online at  www.ticketmaster.com.  Enter Rose Bowl in the search box.    Tickets may also be purchased at the  Rose Bowl Ticket Booths June 29th  through July 4th.  Hours:  June 29 through July 3 – 10am to 5pm.   July 4 – 10am to 9 pm. Preferred Seating in a reserved area may be  purchased at www.dci.org.  Adult and Children’s tickets are priced at $25 each.

Information is available at www.rosebowlstadium.com or by calling (626) 577-3101.

Today’s Real Estate News

From Inman News:

Stage is set for recovery: A Harvard University report released today states that while conditions that could support a housing recovery are taking shape now, the current job losses, falling home prices, and tight lending standards mean demand for housing remains remarkably low.  How buyers respond when home prices stabilize and the economy improves will determine whether and when the home-ownership rate increases again.

From the San Francisco Chronicle:

“Vanilla” home loans could benefit borrowers: Obama’s plan to revamp financial regulation aims to protect borrowers from the confusing and high-risk mortgages that led to the financial crisis by automatically giving consumers who take out mortgages “plain vanilla” loans, such as a traditional 30-year fixed rate mortgage.

Deal of the Week

515 Grand Avenue in South Pasadena is a 4 bedroom, 2 bath English Revival listed for $1,248,000.  This is a great price for this beautifully updated home with great schools.

This Week in Pasadena:

 (From Pasadena Now)

Pasadena POPS presents an evening of free music by Music Director Rachael Worby, Tony Award-winning vocalist Valarie Pettiford, and the All City Band from Pasadena Unified School District at 7:30 p.m. Sunday, June 7 on the steps of Pasadena City Hall. Pre-concert festivities begin at 5:30 p.m.

Concertgoers can bring picnics from home or purchase dinner from the food court.

At 7:30 p.m., the Pasadena POPS will take the stage for a program of selections from the 2009 Descanso Gardens season plus some old time American favorites. The Pasadena POPS will open with some recognizable classics; playing Broadway Classics ranging from “Satchmo! A Tribute to Louis Armstrong” to the crowd pleasing “Guys and Dolls.”

Fed Clarifies Mortgage-Backed Securities

From Al Rivera, Mortgage Consultant:

As the pressure for higher mortgage rates has increased in recent weeks, investors have speculated that the Fed would step in to “defend” certain interest rate levels, but that hasn’t happened. This week, Fed officials explained that their mortgage-backed securities (MBS) purchases are designed to support the mortgage market and not to set rates. The Fed’s MBS purchases of $25.5 billion this week were similar to levels seen in recent weeks. Disappointed that the Fed hasn’t increased its quantity of asset purchases, investors sold MBS this week, and mortgage rates moved higher.

A number of factors have been developing which typically push interest rates higher. The coming supply of debt needed to pay for government programs will compete for investor funds. Despite strong demand for this week’s large Treasury auctions, investors are concerned that higher rates will be required in the future. In addition, an improved economic outlook has made investors more willing to move funds to riskier assets and away from safer assets such as bonds. It also means that higher inflation may be a concern sooner than previously expected.    

The difference between short-term and long-term rates reached record spreads during the week. With the Fed-controlled fed funds rate close to zero, short-term rates remained low. Long-term rates, which are market-controlled and influenced by investor expectations, rose significantly. A wide yield curve spread is often found during periods when the economy is strengthening.

This Week in Pasadena:

At Old Pasadena Restaurant week, you can experience exquisite dishes prepared by the area’s top chefs and help our less fortunate neighbors in need. 
 
A diverse array of Old Pasadena’s most exciting restaurants will feature three gourmet courses at amazing prices. From June 1st – 8th, enjoy lunches starting at $15 and dinners at $25.  10% of event proceeds will benefit Union Station Homeless Services. 
 
A complete list of restaurants and menus is available at unionstationhs.org.

Interesting Architecture in Altadena

This week there are two new listings in Altadena, each with its own unique style of architecture.

First, we have 2261 Norwic Place, a French Normandy Revival cottage with 2 bedrooms and 2 baths.  Located in the Norwic Village cul-de-sac, this home is surrounded by Norman style houses, all centered around a picturesque old-fashioned well.  It is listed for $639,000.

The second home is 2763 Highview Avenue, a mid-century modern designed by Gregory Ain.  It is one of the 28 homes in the Park Planned Homes Project that Ain conceived in 1945.  The original 3 bedroom, 2 bath blueprint has been updated with the adjustment of the master suite and a large great room.  Additionally, this home will be on the Pasadena Heritage Home Tour this weekend! It is listed for $647,500.

Deal of the Week

This week’s amazing home is located at 988 Buckingham Place, Pasadena.  Listed for $3,900,000, this home maybe not be a steal, but it is a gorgeous villa custom built by Bob Ray Offenhauser in 1979.   With incredible attention to detail, there are elegant touches everywhere, including marble fireplaces, high ceilings, a grand master suite, and terraced gardens with a pool.

 

This Weekend in Pasadena, From Pasadena Now:

The Historic Highlands Home Tour Committee is hosting its annual walking tour this weekend.  

“Join this annual party; tour the homes, stroll the streets, visit the artists and craftsmen on display and enjoy the complementary refreshments.  The tour is “unescorted”, meaning that all homes are open during tour hours and you can visit any home in any order. You need not be there at noon: most people can complete their tour in under two hours.  They are all within easy walking distance. 

The tour includes free refreshments and will be held from noon to 4:00 p.m., Sunday, May 24. Tickets are $15.00 in advance and are available at Motif, 1389 E. Washington Blvd., Pasadena, on line at http://historichighlands.org., or by sending a check payable to Historic Highlands Neighborhood Association and a self-addressed stamped envelope to HHNA c/o Rex Barry, 1436 N. Michigan Ave., Pasadena, CA 91104. Tickets may be purchased the day of the tour for $20.00 at the tour site at the corner of Howard Street and Catalina Avenue.”

Deal of the Week

 This week’s deal is located at 1223 Columbia Place.  Listed for $699,000, this 4 bedroom, 3 bath Spanish is in a great neighborhood in Pasadena.  This great home comes with a bonus: a 1 bedroom, 1 bath guest apartment with its own outside entrance!

 

This Week in Pasadena:
(information from Pasadena Now)

This is the last weekend to check out the Pasadena Showcase House!

“Completed in 1917 in the Italian Renaissance Revival style, the Stimson House is one of San Marino’s most distinguished historic homes, designed and built by George Lawrence Stimson for his father and mother George Woodbury and Jennie Stimson. Serving as the site of the 1972 Pasadena Junior Philharmonic Showcase of Interior Design, this beautiful mansion comprising of over 10,000 square feet of living space and resting on over 2 acres in the Estate area of San Marino, is now being revisited 37 years later for the 2009 Pasadena Showcase House of Design.

The Showcase House is open through Sunday, May 17, 2009. Tuesday, Saturday and Sunday from  9:00 am – 3:45 pm; Wednesday, Thursday and Friday from 9:00 am – 7:45 pm. The Showcase House is closed on Mondays.

Primetime ticket prices are $35.00/phone, online or mail, $40.00/door. Primetime is Weekdays,  9:00 am – 1:45 pm and Weekends,  9:00 am – 3:45 pm. Weekday Matinee tickets ae $30.00/phone, online or mail, $35.00/door. Weekday Matinee times are Tuesdays,  2:00 pm – 3:45 pm and Wednesday – Friday, 2:00 pm – 7:45 pm. Service charges are not included in ticket prices. To purchase tickets online go to www.pasadenashowcase.org, phone orders by calling (714) 442-3872.

Complimentary parking and shuttle service at the Pasadena Rose Bowl – Lot I, 360 N Arroyo Blvd. On April 19, April 25  there will be alternate parking at Pasadena City College, Lots 10 and 11 on the corner of Green Street and Holliston Avenue.”

Are You Eligible for a Loan Modification?

This article from Yahoo!Real Estate (written by Ralph Roberts) lists the guidelines to determine whether or not you qualify for a loan modification under Obama’s Home Affordable Modification Plan:

1. Mortgage must have originated on or before January 1, 2009.
2. Home must be an owner-occupied primary residence (verified with tax return, credit report, and other documentation such as a utility bill) – this program is not designed for investor-owned properties.
3. Home must be a single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
4. Home may not be vacant or condemned.
5. Borrowers in bankruptcy are not automatically excluded from consideration.
6. Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
7. First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than: 1 Unit: $729,750, 2 Units: $934,200, 3 Units: $1,129,250, 4 Units: $1,403,40
8. Foreclosure actions are suspended (not cancelled) during the trial period or while borrowers are considered for alternative foreclosure prevention options. If homeowners fail to qualify, foreclosure proceedings may resume.
9. No minimum or maximum LTV ratio for eligibility purposes.
10. Loans are eligible for only one loan modification under the program.
11. Subordinate liens (such as second mortgages or home equity loans or lines of credit) are not included in the Front-End DTI calculation, but they are included in the Back-End DTI calculation. Back-End DTI is used to determine whether the borrower will be required to undergo credit counseling as a condition to modification.

Servicers should follow any existing express contractual restrictions with respect to solicitation of borrowers for modifications. Applicants will be accepted into the program only until December 31, 2012 (the program expiration date), but incentive payments will continue up to five years after the date of entry into the Home Affordable Modification Program. Monitoring will continue through the life of the program.

Please keep the following in mind about the program:

1. Eligibility requirements are simply government guidelines. Guidelines may change, and lenders make exceptions, if it is in their best interest to do so. In other words, homeowners should not count themselves out. If they are having trouble making their house payment, they should explore the loan modification option. Sometimes, the only way to determine whether you qualify is to apply.
2. Not all servicers, lenders, or investors are required to participate in the program at this time. The program is designed for Fannie Mae and Freddie Mac mortgages, but the plan’s incentives may encourage servicers, lenders, and investors to modify other types of mortgages, as well.
3. The individual servicers that agree to participate in the program are required to sign a contract agreeing to abide by the program guidelines. If the servicer does not contract under the program, they are not eligible for incentive payments.
4. Homeowners should consult a specialist who works with lenders on a daily basis to review their situation and determine whether the homeowners are likely to qualify for whatever workout options are available through the lender. Sometimes the only way to determine whether a homeowner qualifies is to submit an application.

Deal of the Week

Yes, these are listings of mine, but they are still a great deal so I can’t pass up posting them as Deal of the Week:

Estates Pasadena, located at 800 Sierra Madre Villa in Pasadena, is currently offering a $10,000 buyer credit for escrows clsoing by June 15, 2009.  For buyers who qualify for the California New Construction Tax, this could mean up to a $20,000 credit for buyers interested in these beautiful, newly constructed homes.

There are 7 homes still available, ranging in price from $1,328,000 to $1,498,000 and in square footage from 3,069 to 3,486.  All homes have 4 bedrooms and 5 baths, except one that has 4 bedrooms and 4 baths.

You can see more pictures and information on floor plans and styles at www.estatespasadena.net.

This Week in Pasadena:

Pasadena is celebrating Earth Day a few days late on Saturday with the annual Greening the Earth Day Festival, from 10:00AM to 4:00PM.  Located at Memorial Park, on Raymond Avenue at Walnut Street, and the Armory Center for the Arts on Raymond Avenue, this free, family event will showcase all things “green.”

At Memorial Park there will be many booths set up to demonstrate all aspects of green living, including composting, organic foods, hybrid and electric vehicles, alternative energy, green building and more.  The Armory Center will be hosting hands-on art activities and animals from the Wildlife Way Station and Eaton Canyon Nature Center.

For more information call 626-744-4721, or visit Greening the Earth Day 2009 on Facebook.

This Weekend In Pasadena

From e!Pasadena:

Whether you observe Passover, Easter, both of them or none of them, this weekend is full of great events. From Easter Egg hunts at Descanso Gardens and The Langham Huntington Hotel, Easter Brunch at many restaurants in town, to community Sader Dinners at the Pasadena Jewish Temple and the Chabad of Pasadena, there is something for your religious celebrations or just for a celebration of spring. Here’s wishing you a glorious Passover, Easter and Spring from the editors of Pasadena Now. 

On Saturday, April 11, children of all ages are welcomed to participate in Descanso’s Egg Hunts which start from 9:30 a.m. and every 45 minutes until 2 p.m. Bring cameras to take pictures of eager hunters, brightly colored eggs and the Easter Bunny. Arrive early as baskets sell out quickly. Baskets cost $5 each and include basket, five plastic eggs and a treat.

Also taking place Easter weekend, April 11 and April 12, are holiday brunches with seating at 9 a.m. and 10:30 a.m., noon and 1:30 p.m. Indulge in a scrumptious buffet brunch served in Descanso’s Rose Pavilion. Sample menu includes: pastries, eggs, pancake bar, ham, sausage, Caesar and pasta salads. Cost: $45, $38 members; $15 children ages 4-10; free for children 3 and younger. Reservations with a credit card are required. To reserve, call 818-790-3663. For cancellations, call at least 48 hours in advance or a 35 percent fee will apply.

Click here for more Easter events in Pasadena.