The Coachella Valley Desert Blog from Palm Springs to La Quinta

There Is No Place Like Home When It Comes To Health

2011-11-10T16:28:00.000-08:00

When either designing a new home or purchasing an existing one, it’s prudent to consider how this home affects your overall health and how the functioning house affects the world you live in.

Consider the fact that more than 50% of the toxins that the human body must deal with on a daily basis come from in and around the home. Toxins enter the body through the air you breathe, the water you drink and through your skin.

Start by looking for a state of the art air filtration system that effectively removes contaminated dust from the air and neutralizes offensive airborne organisms like the common cold virus.

Sophisticated residential water purification systems remove unhealthy contaminants from your water. A five minute shower with chlorinated water is equal to drinking 10 glasses of chlorinated water! Through a series of other purification and re-mineralization steps, you can have a drink of water equal to water from a natural mountain spring straight from your kitchen faucet.

Floor coverings are best to be hard surfaced throughout the home for ease of removing dust and dirt with a centrally located vacuum system that has no potential for injecting any of the toxin laden particles directly back into your living environment. Soft surfaced floor coverings are more likely to retain dust and dirt. The manufactured and treated fibers from carpeting for example give off gases known to increase your toxic burden.

From an environmental standpoint, seek a house design that takes into account shading from the high and hot summer sun while still allowing the lower winter sun to shine into the home. This can be achieved with appropriate overhangs and strategic placement of window blinds and exterior power screens. These blinds and screens can be hidden in recessed pockets incorporated in the house structural design. Additionally, solar-heat-reflecting glass windows are a tremendous energy saver!

With the extensive amount of sunshine in the Coachella Valley, solar electrical energy is a must to consider. With solar equipment, electrical costs can be drastically reduced with no drain on natural resources. Also, electrical consumption can be reduced with computer controlled low voltage lighting. From your PC or smart phone you are able to control the functions of your home’s lights including on/off and light intensity. Lights running at 80% or less of maximum intensity have a much longer life expectancy and produce less heat.

Don’t forget to look at the landscaping. A desert landscape is environmentally friendly. Reduced water consumption is the obvious advantage to the environment. However, it goes far beyond water. No grass means no toxins produced by lawnmower exhaust, no grass fertilizing with synthetic chemicals, no weed control with toxic chemicals, and no lawn scalping filling the air with allergy causing pollutants. Check out the benefits of a salt water pool versus a chemically maintained pool.

Natural relaxation is a carefully crafted blend of comfort and natural sounds produced by wild life and cascading water that enhances emotional health.

A prime example is this custom home built specifically for doctor with a desire for a great quality of life. Located in Palm Springs, health was a primary focus when building and designing this home.

PGA West Addresses Bankruptcy

2011-05-12T11:31:00.000-07:00

The following message is the fifteenth in an on-going series of e-mails about the February 2011 bankruptcy of PGA West ownership. These messages are being sent to all PGA West Members by Dave Balducci, President of the PGA West Members Association, on behalf of the PGAWMA Board.

***

PGAWMA Addresses Questions About
Negotiated Settlement with Club Owners

Dear Fellow PGA West Member,

In the week since we announced the details of our settlement with the Club's new owners, many of you have asked questions about the agreement. It's important for members to understand the agreement. It affects all of us.

To help provide as much clarity as possible about the settlement, we have put together the following list of Frequently Asked Questions. This document reflects the best thinking -- at this time -- of our Board, our Legal Committee, our ad hoc Bankruptcy Committee, our legal counsel, and the experts we've consulted with.

These questions and answers are designed to help members understand the details of the settlement -- and why it is fair, necessary and timely.

We sincerely wish we could explain this to you in a few simple paragraphs. We simply can't do that, because the settlement is extremely detailed and you deserve a full understanding of how it affects us all.

***

The Negotiations

Q1: What happened to bring about the negotiations?
A: Our ad hoc Bankruptcy Committee, through its attorneys, filed a petition with the court to establish a Members Committee or an Unsecured Creditors Committee. Immediately after our filing, Houlihan Lokey, an investment bank selected by the owners to develop the bankruptcy reorganization plan, approached us. They suggested we engage in negotiations as a way of addressing our mutual issues, thus avoiding the need for a Members Committee or an Unsecured Creditors Committee.

Q2: Why did you decide to participate in the negotiations?
A: Our objective throughout the Club's bankruptcy was to be proactive in representing members' interests. Engaging in the negotiations was consistent with that objective.

Q3: Who took part in the negotiations?
A: Our ad hocBankruptcy Committee, which was appointed by the PGA West Members Association Board and reports to the Board, represented members. Joining this committee in the negotiations were Club ownership, Club management, attorneys for both sides, and Houlihan Lokey.

Q4: Who is the new owner of PGA West?
A: PGA West is now owned by a group of lenders, led by Paulson & Co., one of the world's largest and most profitable hedge funds.

Q5: Who is on the ad hoc Bankruptcy Committee, and how were they qualified to participate in these negotiations?
A: The ad hoc Bankruptcy Committee is chaired by Steve Weiss. The committee includes PGAWMA Board members Dave Balducci, Gary Lesser and Russ Roehrkasse, along with fellow Club members Richard Hayes, Paul Abramson and Linn Wiley. This diverse group brought to the table extensive legal, business, banking, deal making, negotiating, and communications experience.

Q6: Who did the PGA West Members Association represent in the negotiations?
A: We represented active, dues-paying PGA West members.

Q7: What about the 610 PGA West members on the resign list?
A: During the negotiations, all members -- active and resigned -- were treated with fairness and respect. In fact, both active and resigned members had their refundable membership deposits reduced by 50 percent. But, while members on the resign list may lose some of their refundable membership deposits, active members can earn back their entire refundable deposit. The owners recognized that active members are critical to the Club for cash flow and marketing references to prospective new members. Also, the owners wanted to give active members the opportunity restore their membership deposits over time.

Q8: Why were there negotiations at all? I thought we were going to use an Unsecured Creditors Committee in the Bankruptcy Court to address our issues.
A: By mutual agreement with the Bankruptcy Trustee and the Club's owners, the formation of the Unsecured Creditors Committee is on hold, pending approval of our negotiated settlement by the Bankruptcy Court.

Our attorneys advised us that the opportunity to reach an agreement with the Club's owners early in the bankruptcy would be a better option than serving on a long-term Creditors Committee. The Creditors Committee would be required to represent all creditors, not just PGA West members.

Q9: What happens now to the Unsecured Creditors Committee?
A: Assuming the settlement is approved by all parties, our issues as PGA West members will have been addressed and the Unsecured Creditors Committee will not be needed to represent our interests. However, we reserve the right to proceed with the Unsecured Creditors Committee, if for some unforeseen reason the negotiated settlement is not approved.

Q10: Wouldn't other competitive bidders for PGA West, such as the Government of Singapore, assume our contracts?
A: At this point in the bankruptcy, other competitive bidders have no authority to do anything other than put in a bid. The owner currently holds all rights. If the owner does not come up with a successful reorganization, other bidders would have a chance to participate. They also would likely attempt to renegotiate our contracts.

Q11: What is wrong with the Club's current business model?
A: The Club's original business model relied upon continued membership sales at escalating prices that are no longer sustainable. For years, the Club's economics have been based on perpetual good times: continued increases in membership sales, and continued increases in membership deposit prices. That has not happened. In recent years, our PGA West membership has dropped from a high of 1,847 in 2002, to about 1,475 today.

Q12: What has caused the Club's business model to fail?
A: Economic times, and trends in the Club industry, are driving membership prices down. That's just the opposite of what the Club's current business model requires for its long-term survival.

Q13: Is PGA West unique in its difficulties?
A: Just look around at other clubs in the Coachella Valley. Initiation fees are dropping. Many clubs are feeling the effects of this trend, and are believed to be approaching some very difficult decisions. This is a situation we would have eventually faced, with or without the bankruptcy. In effect, the bankruptcy has allowed us both a reason and a forum to deal with it now. Without addressing these issues, the Club would have been in real financial trouble in just a few short years.

Q14: If you hadn't entered into negotiations, how long would it have been until PGA West members' issues were addressed?
A: We believe the bankruptcy reorganization could last another year or 18 months before it's complete. If we hadn't engaged in the negotiations that led to the settlement, our issues likely would not have been fully addressed until very late in the bankruptcy process.

Q15: What role did Club management play in the negotiations?
A: They advised the owners about Club operations, and about historical practices at the Club.

Details of the Settlement

Q16: What essentially does the settlement do?
A: The settlement, if approved, will be an amendment to our current Premier Membership Plan (PMP). Unless specifically negotiated in this settlement, the PMP and Club Usage Agreement remain as they are today.

Click here to see a summary of the settlement.

Q17: Could you give some examples of that?
A: Some have asked whether Premier Sport members or Social members will be treated differently from Premier Golf members under the settlement. In fact, the settlement treats every category of membership the same -- just as the current PMP does. The agreement makes no distinction among membership types.

A: Several members asked about the formula for member block play on the three resort courses (Nicklaus Tournament, Stadium, Norman). The settlement makes no mention of the formula; as a result, the formula remains the same as it is today.

A: A member asked about his ability to pass his membership along to his children. There is no reference to this in the settlement, and as a result, members still may pass their memberships along to their children, during their lifetime or at death. Again, no change from the current PMP.

There are dozens more examples of how the PMP remains the same. That's because the PMP remains intact and unchanged -- except for terms specifically negotiated as part of the settlement. The most significant changes to the PMP as a result of the settlement relate to the membership deposit refund scenarios: the death benefit, the 30-year-provision, the resign list and home sales.

Q18: What will be done to make the provisions of the new Premier Membership Plan binding on future owners of PGA West?
A: The Debtor will file a motion for approval of the settlement, which is an amendment to the Premier Membership Plan. The amended PMP will be approved by the secured lenders and the court, with restrictions on future changes to negotiated terms. Any subsequent buyer of the Club will be held to the terms of this agreement.

Q19: If the settlement is approved by the Bankruptcy Court, PGA West members will not have as good a deal as they had before the bankruptcy. How can you call that a good deal for members?
A: Simply put, what we had before the bankruptcy was created years ago in a different real estate and golf club environment. That arrangement can no longer be sustained in its present financial form. Even so, while we are making some repayment concessions over the near term, we are still preserving ways for active and resigned members to recover their full refundable deposit amount over time.

Q20: It's worked fine for the past 17 years since the last bankruptcy. Why the need to change now?
It was a financially unsustainable business for the new owners. Even if our contracts had been fully assumed by the Club "as is," the Club would remain financially weak -- and destined for an eventual restructuring. That restructuring would have eventually occurred -- with the current owners or any new owners in the future.

Q21: What did the settlement accomplish?
A: The settlement balances our goals and those of the owner. It achieved our major goals:
Maintain or enhance the PGA West member experience, without substantial out-of-pocket future expenses
Provide for the long-term financial stability of the Club
Stabilize the long-term values of our homes at PGA West
End the uncertainty of the bankruptcy
Maintain or Enhance the PGA West Member Experience, Without Substantial Out-of-Pocket Future Expenses

Q22: How can you say this agreement minimizes substantial out-of-pocket future expenses?
A: Under the settlement, our monthly dues can't increase more than five percent a year for the next five years. That's similar to what we have today, and it gives us, and the Club's owners, a level of predictability as we plan for the future.

Q23: What happens after five years?
A: The owners' position was that future dues would be handled the same as in the past, with Club management providing budgets to the owner and suggesting dues increases based on those budgets.

Q24: In what other ways did you minimize out-of-pocket future expenses?
A: Consistent with our current Club agreement, there will be no member assessments in the future.

Q25: And how does the agreement maintain or enhance the PGA West member experience?
A: The agreement guarantees that our three PGA West private courses remain private. It also maintains the member "cap" at 375 members per course. We also believe that, by helping the owners run a sustainable business, that they will put more money into the Club for operations and improvements.

Q26: How were you able to keep members' dues essentially the same as they are today, with modest annual increases?
A: During the negotiations, we realized that if there were major dues increases, a significant number of members would leave. The resulting decrease in the member base would cause another major dues increase, which likely would cause more members to leave. That would result in another dues increase, and yet more members leaving.

We believed this scenario was unacceptable to the future of the Club, and as a consequence, we looked for trade-offs that allowed us to keep monthly dues at reasonable levels.

Q27: What kind of trade-offs are you referring to?
A: In exchange for keeping members' dues at reasonable levels, we helped the owners address their concerns about their membership deposit liability. This helped avoid the possibility of the Club increasing revenue through dues and assessments to pay for this liability.

Q28: Why did you make this trade-off?
A: Both sides in the negotiations agreed this was a reasonable way to provide for the long-term financial stability of the Club.

Provide for the Long-term Financial Stability of the Club

Q29: Why is it members' responsibility to make sure the Club has long-term stability?
A: During the negotiations, both sides agreed that it was in our mutual best interest to make sure the Club was sustainable. If the Club isn't financially healthy, it affects all of us. Many of us are here to enjoy the PGA West lifestyle in our retirement years. A healthy Club allows us to do that.

Q30: Given the shift in the changing economics of golf, is the new business model sound?
A: We believe the settlement successfully addresses the owners' desires to run a business that is sustainable, and encourages owners to invest in the future of PGA West.

Q31: You agreed to limit the owners' possible financial exposure in any given year. Why should there be a limit?
A: During the negotiations, we listened to the Club owners' concerns about running a sustainable business. As a result, we have agreed to changes that limit the owners' possible financial exposure in any given year, and give them a level of predictability they can budget for. These changes create an economic environment to encourage the owners to invest in the future of PGA West.

Q32: Didn't the Club make members a promise when we joined -- that there would be refundable deposits, moderate dues increases and no assessments?
A: When a bankruptcy happens, all contracts are off the table and are subject to renegotiation. It now turns out the promise the Club made us was, from an ongoing business standpoint today, unrealistic and unsustainable.

Q33: Why shouldn't I be entitled to receive 100 percent of my refundable membership back?
A: In a bankruptcy, all contracts are subject to renegotiation. The owners could have rejected our contracts, totally restructured the club from scratch, and paid out our deposit claims over a very long period of time. We were able to negotiate a deal that allows all PGA West members, active and resigned, the option to get 100 percent of their refundable memberships back.

Q34: Which members won't be able to receive 100 percent their refundable membership deposit back?
A: All members, active and resigned, have the option to receive 100 percent of their refundable membership deposit. Resigned members who are at or near the top of the resign list may agree to accept 50 percent when they come up for payment. These resigned members would accept 50 percent now, rather than waiting for the 30-year provision or death to receive 100 percent of their refundable deposits back.

Active members who sell their membership with their house will have the option of accepting the resign percentage (50 percent + 5 percent per year) of their refundable membership deposit at the time of the sale -- or, waiting to receive 100 percent through the 30-year or death provisions.

Q35: How will active PGA West members be able to get 100 percent of their refundable membership deposits back?
A: The best way for a current member to make sure he receives 100 percent of his refundable membership deposit back is to remain an active, dues-paying Club member for the next 10 years. In that scenario, he earns back the remaining 50 percent of his membership deposit at 5 percent per year.

Stabilize the Long-Term Values of our Homes at PGA West

Q36: How are PGA West home values tied to the financial health of the Club?
A: When we think of what's at risk at PGA West as a result of the bankruptcy, we often think of our membership deposits - from $30,000 to $125,000, depending on when you became a member. Many of us have as much, or more, at stake with our PGA West homes as we do with our membership deposits.

Ensuring the financial stability of the Club helps protect the stability of our home values. If Club membership becomes less desirable, so does PGA West home ownership. If Club membership becomes more desirable, we believe that enhances the value of our homes at PGA West, over time.

Q37: If a member opts not to sell his membership with the sale of his home, or if the buyer opts not to buy the same type membership, the seller can wait instead for death payout or 30-year payout. In this case, will dues payments be required or waived?
A: If you go on the resign list, you pay dues for the remainder of the current year. That's how the current PMP treats this circumstance, and the settlement does not change this.

Q38: Will current PGA West homeowners, without a golf membership, be offered the chance to purchase a golf membership?
A: The Club plans to offer, for a period of time, the opportunity for any PGA West homeowner to join the Club. The terms and exact timing are still to be determined.

Q39: What happens if a member sells their house and their membership was not picked up by the new owner?
A: In this case, you can keep your membership and continue paying dues and enjoying the club, or you may resign and wait for the 30-year or death benefit.

Q40: If in 2015 we sell our current home and buy another inside PGA West, and we do not wish to sell our membership, do we forfeit the additional 15 percent we accrued in the three years following 2012 through 2014 or can it be carried over to the new property?
A: The 15 percent goes with the membership, not the home.

Q41: If I sold my home today and the new owner bought my membership too, would I get back what I paid for my membership?
A: Until the settlement is approved by the Bankruptcy Court, the current PMP governs your sale. After the settlement is approved, you would receive 50 percent. Or, you could resign and wait for the 30-year or death benefit, and receive 100 percent.

Q42: I joined PGA West in 1986. If I sell my house now with the membership, would it cost the new owner $30,000 to join?
A: The new owner pays whatever the current rate is for the type of membership he purchases.

Q43: Is there any assurance that there will always be memberships available for buyers who purchase homes where the current owners decide to retain the membership?
A: From a practical standpoint, the answer is yes -- because the Club is highly unlikely to reach the membership cap anytime soon.

Q44: If the seller retains his membership and moves out of PGA West, are there any limitations on his non-resident membership status, or the provision to "call" his membership?
A: The "call" provision for non-resident memberships is still in the PMP, but as we said, it is highly unlikely that this provision will be enacted anytime soon. For that to occur, the club would have to reach the membership cap.

Q45: If you have a Premier Membership and own a home tied to that membership, you can earn back five percent per year from year 2112 on. What happens if you sell your home and keep your membership? Can you still earn back five percent per year?
A: The refundable membership deposit "earn-back" is tied to the active membership, not the home.

Q46: If we sell our home, can we hold on to our membership and earn back 5 percent of our membership each year?
A: You can sell your home, keep your membership, continue paying dues and enjoying the club, and earn back five percent of your refundable membership deposit each year.

End the Uncertainty of the Bankruptcy

Q47: How does this agreement end the uncertainty of the bankruptcy?
A: If approved by the Bankruptcy Court, the agreement with the Club's owners means we can enjoy the Club as usual, because our deal is complete, and our issues are off the table.

Q48: Even if all parties approve the agreement, the bankruptcy will continue for many more months. So how does this settlement end the uncertainty of the bankruptcy?
A: If our agreement is approved, the bankruptcy reorganization will continue. But it will not affect PGA West members, because our issues will have been resolved.

Q49: The details of the settlement are not yet approved by the Bankruptcy Court, so wouldn't the terms of the settlement only take effect after the entire bankruptcy plan is approved? Aren't all existing contracts still in force?
A: This settlement takes effect when the Bankruptcy Court approves it. Existing contracts are still in effect until then.

Q50: Does the agreement protect members from facing future bankruptcy proceedings as unsecured creditors?
A: While there are no guarantees, we believe the settlement successfully addresses the owners' desires to run a business that is sustainable, and encourages the owners to invest in the future of PGA West.

Q51: What happens if the owners change their mind during the bankruptcy -- can they get out of this deal?
A: After Bankruptcy Court approval, it's very rare and disadvantageous for the owner to break the new contract, and it would need special Court approval. Once approved, the owner cannot typically do a reorganization plan for other creditors and exit bankruptcy unless they honor our new Court-approved contracts, or pay us in cash for all amounts due.

Membership Deposit Refunds -- A Critical Issue

Q52: Are members taking a reduction in their refundable membership deposits?
A: Initially, all members will take a 50 percent reduction in their refundable membership deposits. Active members will have the opportunity to earn back the remaining 50 percent at 5 percent per year. Also, all members, active and resigned, will have the option of receiving 100 percent of their refundable membership deposit if they choose to wait for either the 30-year or death benefit.

Q53: Were there any alternatives to members taking a reduction in their membership deposits?
A: One alternative was a significant dues increase to fund the 30-year refund or death benefit. If members were to fund these benefits, we could have faced large monthly dues increase. We found this to be an unacceptable approach.

Q54: How will active members earn back the remaining 50 percent of their refundable deposits?
A: Active members will earn back five percent of their refundable deposit per year for each year they remain active, starting in 2012. On Jan. 1, 2013, you will get back 55 percent, based on being an active dues-paying member for 2012. After 10 years, you will be back to 100 percent of your refundable membership deposit. This percentage is called the "resigned percentage."

Members will get paid back their resigned percentage when being paid off of the resign list or when selling their house. For the 30-year provision and the death provision, members will still get back 100 percent.

Q55: If you are a current dues-paying member and intend to be so for the foreseeable future, it would take 10 years from now to accumulate 100 percent credit for my refundable membership deposit. Is this correct?
A: Yes.

Q56: Do the new deposit repayment terms apply to both Premier Golf members and Premier Sport members?
A: The membership deposit repayment terms are the same for all categories of memberships, as long as those memberships had refundable membership deposits.

Q57: My husband and I joined in 1986. Does our 30 years for full refund begin in 1986, or in 1994 when the Premier Membership Plan began?
A: Along with other members at that time, your 30 years began in 1994, and ends in 2024. The 30-year period for members joining after 1994 will start in the year that they joined.

Q58: How does the cap on member refunds work, and why was it established?
A: To allow the owners to predict their membership deposit liability each year, a cap of total expenditures was necessary. This cap was established by looking at the average of the last two years. That's how we arrived at the starting number of $1.1 million, which will increase by 5 percent each year.

Every year, up to $500,000 of unused cap can be carried forward into the next year. If a member is due a refund and the cap has already been exceeded, the liability will be carried over the following year and paid as a priority payment in the order the liability was incurred.

Q59: Won't this cap just create another long waiting list waiting for payment of their membership deposit refunds?
A: We anticipate there will be a list of members waiting for payment. It is difficult to predict when that list will start. Between now and 2024 (when the 30-year benefit kicks in), the impact on the cap will be based on the number of members who die each year and what their survivors choose to do with the membership. Over time, with the initiation of a nonrefundable membership and membership liability being paid through home sales, the possibility of there being a list will become less and less likely.

Q60: There is also a cap on the payments when selling your membership with your home. How does this work and will this also create another list for payout?
A: Each year the club will allocate $250,000 to a fund to pay back memberships with home sales. With each home sale, the sale of the new membership is added to the fund and the payment to the exiting member is subtracted from the fund. The maximum net cash outlay in a given year cannot exceed the $250,000. Up to $250,000 of unused funds may be carried over into the next year.

If the cap is exceeded in a given year, the unpaid members will have a priority for payment in the following year. Although it is highly unlikely, there is a possibility of creating a list in any given year with substantial home sales. But we do not anticipate this list will be of any length, and as non-refundable memberships increase in cost, the possibility of any list at all becomes unlikely.

Q61: Under the settlement, due to the annual refund cap, if you die or sell your home and do not immediately receive the percent due, does the balance due roll over to following year and go to the top of that year's refund list until all amounts due are received?
A: Yes, you maintain your position on the list to be paid the following year.

Q62: How much profit is the Club entitled to?
A: Based on our review of the Club's financial status, we believe their profits now and in the foreseeable future are not excessive.

Q63: How do you know?
A: We have done our homework. We have done projections of the total revenue that should be received at PGA West and an estimate of what the normal costs should be to run the Club. We have also been given access to certain limited financial information.

Q64: Will new membership deposits be held in escrow, and provide for refunds earlier than current members?
A: No.

Q65: Did any of the previous owners violate any section of the PMP by spending the principal portion of the membership deposits that they collected?
A: There is no provision in the PMP, nor has there ever been, that addresses where the refundable membership deposits should be held. It is also not a legal requirement for the membership deposits to be held in a secure account. In the past, the deposits were used for general club investment, operations, and profit.

Q66: Going forward, will there be a special fund to handle membership refunds, or will the refunds be paid out of the general operating fund?
A: The settlement does not address the owners' handling of refundable membership deposits. It only addresses the scenarios in which the deposits will be refunded. We believe that, by creating an environment that allows the Club to be financially sustainable in the long-term, we have minimized the concern about the owners' ability to refund the membership deposits.

Membership Deposit Refund Scenarios

Q67: The scenarios for refunding membership deposits seem quite complex. Can you simplify these scenarios?
A: Here are a few examples to help you understand how some of the refund scenarios work.

Q68: I bought my membership in 2002 for $100,000. I am planning to leave La Quinta in 2013 to be closer to my grandchildren. If I sell my house at PGA West in 2013, what are my options for getting my membership deposit back, and how much of it will I get back?
A: If you sell your house and the purchaser buys a similar membership (refundable or non-refundable) you will have two choices: You can get 55 percent (50 percent plus 5 percent for the full year of membership in 2012) for a total of $55,000 -- subject to the home sale cap; or, you can go on the resign list and wait to receive 100 percent at either 30 years from 2002 or death -- subject to the annual cap.

Q69: I bought my membership in 1998 for $80,000. I own a home in Indio and am a non-resident member. I am no longer interested in being a member at PGA West. How can I get my membership deposit back, and what will I get back if I leave in 2013?
A: Just as we have now, the only option is to go on the resign list. If you make it to the front of the list you will receive your applicable percentage (50 percent plus 5 percent per year of active membership starting in 2012). In your case, the most likely scenario is you will get 100 percent after 30 years (in 2028), or upon

HK Lane Real Estate acquires Classic Homes Inc.

2010-06-03T13:19:00.000-07:00

HK Lane now has 145 agents from La Quinta to Palm Springs. A strategic move on the part of the fastest growing real estate company in the Desert. HK Lane now has the Coachella Valley covered from East to West.

Check out the article in the Desert Sun

http://www.mydesert.com/apps/pbcs.dll/article?AID=%2F201006020600%2FBUSINESS04%2F6010355

The La Quinta Resort future plans

2010-04-20T14:00:00.000-07:00

This a great site to see what the future plans for the La Quinta Resort and Club. My favorite is the big Easter celebration.

http://www.laquintaresortplan.com/

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

2010-03-31T10:15:00.000-07:00

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

For more information, C.A.R. offers a Homebuyer Tax Credit Chart with a side-by-side summary of the federal and California laws. C.A.R. also offers a legal article entitled Homebuyer Tax Credit Update.

HK LANE’S FIRST OPEN HOUSE EXTRAVAGANZA IS AN OVERWHELMING SUCCESS!

2010-03-04T16:10:00.000-08:00

HK LANE’S FIRST OPEN HOUSE EXTRAVAGANZA IS AN OVERWHELMING SUCCESS!

In an effort to attract buyers and satisfy sellers HK LANE® REAL ESTATE recently held its first Open House Extravaganza showcasing nearly 60 residential listings. Upwards of over 1000 prospects attended the two-day open house event with many of them being serious buyers, a positive indication that the real estate market is rapidly improving.

To help draw visitors HK LANE advertised the event in the Desert Sun and via the web on hklane.com, openhouse.com, and hundreds of other syndicated web portals. “Our Open House Extravaganza was an overwhelming success” reports HK Lane’s Executive Vice President, COO, Ron Gerlich. He adds “As a result of this special event several properties were even sold.”

Factors such as lower median house prices, an exciting inventory and attractive interest rates will help close the deal for many buyers. “But to attract buyers agents need to be creative and come up with unique ways to showcase their listings,” said Harvey Katofsky, President and Chief Executive Officer. “The market is much different than it was a few years ago. For example, at HK Lane we launched virtual caravans for our sales associates to give better exposure to our listings. This is super proactive and forward thinking,” said Harvey. “And, by doing the caravan digitally, many more agents get to view each listing.” It looks like the agents at HK LANE are heading in the right direction.

Due to its success, HK Lane REALTOR ® PR Roll is very excited about the event and stated, “I had a great Open House Extravaganza…lots of traffic! Much more than I anticipated and most came in off the ads I ran and the HK Lane Extravaganza ad. Very Successful!!”

REALTOR®, Meg Nadeau adds, “My Extravaganza Open house on Saturday was very busy, one of the best I have had thus far.” Gene Darr, Manager of HK Lane’s La Quinta office comments that “This is a sure sign that people are indeed looking and the market is getting a lot more activity.”

For more information on HK Lane properties or for information on a career in real estate, visit hhlane.com.

Standard Good Faith Estimate and other changes to RESPA

2009-12-10T19:48:00.000-08:00

Below is a link to the HUD website that address’s the new standard Good Faith Estimate and other changes to RESPA that are going to change the way loan officers take loan applications and disclose loan terms to their clients…http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The "New RESPA Rule FAQs" were comprised from industry questions and are posted to facilitate implementation of these new requirements. This is designed to clearly communicate loan terms and costs to clients.

Standard Good Faith Estimate : http://www.hud.gov/offices/hsg/ramh/res/gfestimate.pdf

This is designed to clearly communicate loan terms and costs to clients… I guess time will tell if it works J

Tax Credit New Homebuyer Info

2009-11-11T14:29:00.000-08:00

First Time Homebuyer Tax Credit Extended Into 2010!
Plus...A New Tax Credit for Certain Existing Home Owners!

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA

BofA Implements Equator (REOTrans) Platform, as Short Sales Gain Ground

2009-11-06T09:17:00.000-08:00

10/22/2009 By: Carrie Bay, reporter for DS News

California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.

Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. "This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."

Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is "short" of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.

Kevin Kieffer, a Realtor with Keller Williams Realty in Danville, California, told the Chronicle, "A year ago I wouldn't touch a short sale. It would be random prices banks wouldn't agree to, you would be tied up six months hoping to get a property sold. But now we're seeing banks up front negotiating prices and giving us criteria. They're getting creative to make things move."

Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.

"Short sales can be a daunting, complicated, frustrating task for everyone involved," Saitta said. "This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved."

Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.

PGA West Overseed Opening Schedule

2009-11-05T10:12:00.000-08:00

Overseed Clarification

To clarify, the opening dates of your courses will be:

Jack Nicklaus Private Course - Friday, November 6th
Arnold Palmer Private Course - Thursday, November 12th
TPC Stadium Course - Friday, November 20th
Greg Norman Course - Friday, November 27th
Tom Weiskopf Course - Open
Jack Nicklaus Tournament Course - Open

The tax credits apply to home purchases of $800,000 or less .by Jann Swanson on 11/4

2009-11-05T10:11:00.000-08:00

The Senate voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date. The credit would be available until April 30, 2010. Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home. The credit currently applies only to first time home buyer.

The Senate vote was 98 to 0.

Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years. The credit for these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000.

Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively. Above those limits there are diminishing credits available.

The bill was passed as an amendment to legislation extending unemployment benefits. The House is expected to vote on the bill before the end of the week.

Housing interests, especially the National Association of Home Builders and the National Association of Realtors, has pushed strongly for the extension and the Obama administration has also lobbied heavily for its passage. However, not everyone was in favor of it.

Some critics have charged that the tax credit has merely moved sales that would have occurred sooner or later to an earlier date and that, when the credit finally does go away, the market will experience another severe downturn. A diametrically opposed opinion would have it that, while 1.4 million claims have been made, few sales were actually inspired by the credit. Others have argued that the current interest rates and low housing prices are enough of an incentive without spending tax money. The extension is expected to cost an estimated $11 billion on top of the $10 billion that has been spent to date.

There have also been charges of fraud in the operation of the program. To combat this the new law has some expanded safeguards including a minimum age of 18 for obtaining the credit, a requirement that a settlement statement accompany the tax return claiming the credit and a prohibition on non-arms length transactions.

Another criticism of the extension has been that it ends just as the "spring market" is getting underway. Diane Olick writing for CNBC's RealtyCheck said it "is sort of like offering cheap snow boots in July."

Amid signs of recovery, Harvey Katofsky takes a fresh crack at desert real estate

2009-09-29T22:09:00.000-07:00

HK Lane — President/CEO Harvey Katofsky

Photo By: ETHAN KAMINSKY
Mercedes, BMW s, Audis, and a black Bentley shimmer in the sun on a hot, late-July afternoon at the new offices of HK Lane Real Estate in Palm Desert. The unabashed luxury says 2003, but it’s not. It’s six years later and CNN has reported the first increase of new-home prices and sales in three years and the possibility that we might have seen the worst of the recession.

Inside the building — the 7,200-square-foot headquarters office of HK Lane — President/CEO Harvey Katofsky appears to have perfectly timed the company’s debut.

This is not the first time he has played this card. “I opened Fred Sands Desert Realty during a similar yet slightly worse market,” Katofsky says. “I’ll go out on a limb and say I think we are pretty close to the bottom right now.”

Katofsky — a pharmacist who moved here from Los Angeles in 1986 and opened a luxurious Italian restaurant — earned his real estate license and began brokering transactions for restaurants throughout the Coachella Valley.

He started Fred Sands Desert Realty in 1994 and grew the company to more than 350 agents and the No. 1 market share position before selling it to Coldwell Banker in 2003. Katofsky stayed on as a regional vice president for several years, counting the days until his five-year noncompete agreement expired. “Retirement wasn’t for me,” he says. “I couldn’t wait until I could come back and build a successful boutique brand from the ground up again.”

Katofsky is known for making swift deals and sealing them with a handshake. That’s what he did with Fred Sands and that’s what he did when he enlisted longtime associate Ron Gerlich as HK Lane’s vice president and chief operating officer.

“The timing is right,” Gerlich says.

“If you wait until the market completely turns around, it’s too late.”

In only five weeks, Katofsky recruited more than 42 of the top and well-seasoned agents. Key administrative and marketing staff includes industry veterans who previously worked with Katofsky.

Katofsky has invested heavily in Internet marketing and technology. He’s counting on his stake in Gibson International, a new luxury-oriented firm on Los Angeles’ west side, to provide referrals for agents. Meanwhile, he’s eyeing La Quinta to open a second office.

3 QUESTIONS FOR HARVEY KATOFSKY

Palm Springs Life caught up with HK Lane President/CEO Harvey Katofsky as his firm prepared for its first season.

Why start a real estate company now?

Now is perfect time to open. Agents need a new start. Our company is something new and exciting. It’s the right time to buy and right time to recruit good agents to build your company.

What has changed the most in the real estate business?

The Internet is the main difference. Today, 86 percent of those looking [for a property] go to the Internet first. Those numbers are huge. All our print advertising is crisp and clean, and its purpose is to drive people to our Web site. [Static] virtual tours are old hat. Video is what you do today to market a property. If someone is touting virtual tours, they’re not utilizing the latest marketing tools. We can even create an individual Web site for a listing with a direct link from our Web site.

How does today’s economy affect buyers and sellers differently from the last down market?

Cash is king. Today you need a significant down payment to get a mortgage. The biggest mistake that buyers make in this market is misjudging the deal they are getting because they think they can always do better. Then they blow a good deal and lose a good house. I see that time and time again. Today’s sellers need to take the offer that is on the table if it’s a decent offer. Take it and run with it.

This article appears in the October 2009 issue of Palm Springs Life

Understanding “The Zestimate” (Video)

2009-08-17T15:12:00.000-07:00

By: Sara Bonert, Director of Broker Relations

When I talk with people about Zillow, the first question that usually comes up is the Zestimate. How do you come up with this number? Can it be changed? How accurate is it?

Even though we’ve addressed questions about the Zestimate on our blog in the past, we are now pleased to offer a short video, explaining the Zestimate.

If you find this helpful, please forward this post and these videos to anyone who you think would benefit.

http://www.youtube.com/watch?v=uaeAgfay01o

Sandi Phillips La Quinta Realtor passes the Broker exam and becomes a broker

2009-08-04T14:29:00.000-07:00

Congratulations to Sandi Phillips for passing the DRE Broker exam and becoming a broker. We all know passing the brokers test is not easy and it takes dedictation. Sandi decided to get her brokers license to increase her knowledge base of the real estate practice. Way to go!

Appraisals Roil Real Estate Deals Wall Street Journal Article

2009-06-14T09:49:00.000-07:00

Appraisals Roil Real Estate Deals
Conservative Approach to Home Pricing Makes It Harder to Refinance or SellArticle

By JAMES R. HAGERTY and RUTH SIMON
Appraisals are becoming one of the biggest obstacles for Americans trying to sell their homes, refinance their mortgages or tap into home-equity credit lines.

During the housing boom, appraisers often complained of pressure from lenders to inflate home-value estimates to justify dubious mortgage lending. Now, some people in the mortgage business -- and some borrowers -- say the pendulum has swung too far the other way.

Patti Sanders, an aerospace engineer in Oakdale, Calif., knew prices were down sharply but said she was "flabbergasted" recently when her 3,100-square-foot Victorian home was appraised at $250,000, compared with $635,000 assayed two years earlier. The new estimate prompted a lender to reject her application for a refinancing that would have lowered her mortgage payments about $400 a month.

The Sanders home in Oakdale, Calif., which has been appraised for much less than the owner feels it is worth.
Lenders burned by huge losses from defaults now are pressing appraisers to be more conservative. And appraising itself is more difficult with home prices fluctuating rapidly and transactions few and far between in some markets; sale prices from a few months back may no longer reliably indicate the value of nearby homes.

"If history is no longer valid, then it is very difficult to get good and accurate values," said Mark Rattermann, an appraisal trainer in Indianapolis.

John Rooney, an appraiser in Phoenix, said about half the recent appraisals he has done for people seeking to refinance have been too low to allow it. Applying to other lenders is likely to cost borrowers $350 or more for another appraisal.

Valuation disputes are also throwing a monkey wrench into some sales. Chris Rubis, a real-estate agent in Fairfield County, Conn., said one client recently accepted an offer of about $750,000 on a four-bedroom, four-bathroom home. But the appraisal, which was done by someone outside the local area, came in last week at $700,000. That might require the buyer to come up with more cash for a down payment.

Related Links
Developments blog: Tips on how to appeal a flawed appraisal. Developments blog: The silver lining to falling home values: lower property taxes. "It's opened a whole new door for negotiation," Mr. Rubis said.

Credit lines are also vulnerable. J.P. Morgan Chase & Co. recently froze one customer's home-equity line of credit because, the bank said, his Manhattan apartment -- a 2,650-square-foot three-bedroom, two-bedroom duplex with a terrace appraised at $1.475 million in 2005 -- was worth just $600,000. Chase told the borrower, who asked not to be identified, that the lower credit line would remain in effect until a new appraisal could demonstrate the value was much higher than $600,000.

The borrower then paid for a new appraisal that pegged the property at $1.8 million.

"To protect borrowers and the bank, we use an automated appraisal system on our portfolio," a Chase spokesman said. "The system has proven effective. However, we encourage customers who think that the valuation is too low to order an appraisal and we will reimburse them...if it supports their claim." Chase will restore this borrower's full credit line, he added.

In some cases, lenders are requiring that appraisals be based on sales closed within the past three months rather than the prior six-month norm, appraisers said. Some lenders are also asking for comparisons with at least one sale in the past 30 days.

Taking their cues from lenders, appraisers are avoiding any estimate that could be deemed excessive. "I don't want to stick my neck out," said Mr. Rooney, the Phoenix appraiser.

The situation became more complicated on May 1 when the appraisal industry adopted the Home Valuation Code of Conduct. These new rules apply to mortgages that will be owned or guaranteed by government-backed mortgage companies Fannie Mae and Freddie Mac, which recently have accounted for about two-thirds of all new home loans.

Fannie and Freddie agreed to the code last year after New York Attorney General Andrew Cuomo accused them of failing to ensure that appraisers were shielded from pressure to inflate their estimates.

The code bars loan officers, mortgage brokers or real-estate agents from any role in selecting appraisers. This has encouraged lenders to outsource the selection to appraisal-management companies, or AMCs, which take a sizable cut of the appraisal fee. As a result, appraisers are under pressure to "do it faster, do it cheaper," said Bill Garber, a spokesman for the Appraisal Institute, a trade group.

Debbie Huber, a Las Vegas appraiser for 20 years, said she has turned down requests from AMCs that offer to pay 50% to 70% of her standard fee and require that the work be completed in as little as 48 hours.

Some appraisers said AMCs settle for appraisers who have little experience or live far from the homes they evaluate. John Simms of Peoria, Ariz., said he often gets assignments more than 100 miles away in neighborhoods he doesn't know well.

The upshot, appraisers said, is less accuracy and certainty about a property's actual value.

The code also permits lenders to own stakes in AMCs. That means lenders can profit from a service they require borrowers to buy -- and that protects the lenders themselves.

Appraisal-management companies said they need a big cut of fees to cover their costs and ensure quality. Jeff Schurman, executive director of the Title/Appraisal Vendor Management Association, said AMCs typically take about 40% of the fees and appraisers get the rest. Mr. Schurman said he has seen no evidence that AMCs' practices lead to lower quality.

While the new code is likely to prevent some abuses, it also removes flexibility. For instance, loan officers or mortgage brokers used to be allowed to discuss specific home values with appraisers, who sometimes would advise against ordering an appraisal if it seemed unlikely to be high enough to warrant a loan. That would save borrowers money.

The new regime also results in higher costs in at least some cases. Mitch Ohlbaum, a Los Angeles mortgage broker, said one client was recently charged $500 for an appraisal that would have cost about $300 before the code took effect.

Another source of frustration: If a borrower is happy with an appraisal ordered by one lender but decides to seek better loan terms from another, a new appraisal will likely be needed. The Mortgage Bankers Association said it is looking at ways to make appraisals more "portable" from one lender to another.

California Lifestyle Realty Agents Golfing Event

2009-06-02T10:48:00.001-07:00

Free Foreclosure, Notice of Default, and Trustee Sale Search

2009-05-31T00:01:00.000-07:00

Bank Owned in Legacy Villa for $169,000 in La Quinta 92253

2009-05-27T15:39:00.000-07:00

Desirable upper double unit with two entries---stay in the unit with kitchen and rent out the studio unit with room and maid service through the adjacent Waldof-Astoria La Quinta Resort---have buyers look into requirements to be a part of the hotel's rental pool offering such services. First class resort community---these units sold for the mid $500Ks just a few years ago. Just pop in the furnishings and get your investment working for you, or at this price, just enjoy it all for you and your friends/relatives. Enjoy mountain and courtyard views from the balconies! Won't disappoint, won't last!

Bank Owned in PGA West just came on the market $804,800

2009-05-26T10:45:00.000-07:00

What a Fantastic Bank owned home. This is it! Pool, spa , on the golf course,lake view annnnd it faces the spectacular Santa Rosa Mountains!!! 3 bedrooms in the main house with another large room that could be an office or Formal dining room or another bedroom. A separate casita with its own living room is just one more highlight this putstanding home has. Approximately half of what previous owner paid. Fresh paint and minor touchup complete throughout entire home.

For more info email sandi@sandiphillips.com

Frankie Avalon’s PGA West Home Listed for $1,180,000

2009-05-19T07:37:00.000-07:00

Frankie Avalon’s PGA West Home Listed for $1,180,000
By: Diane Tuman, Zillow Content Manager | May 18, 2009

Frankie Avalon, singer and teen heartthrob actor opposite Annette Funicello in the 1960’s beach-themed movies (“Beach Blanket Bingo,” “Bikini Beach“) has listed his Spanish-style La Quinta home at 80373 Spanish Bay, La Quinta, CA for $1,180,000. It is listed by Sandi Phillips of California Lifestyle Realty.

Most recently, Avalon appeared on American Idol to surprise host Simon Cowell by singing “Venus,” the first of his two #1 hits from 1959 — the year Cowell was born. Avalon’s other #1 hit was “Why.”

Avalon’s home is located on PGA West, a “master-planned country club community” built in 1984 and the site of many PGA, LPGA, and Senior PGA tournaments. PGA West contains six golf courses and Avalon’s is on the 10th fairway of the Jack Nicklaus Tournament course. Avalon is an avid golfer and purchased the home in 2005 for $1,185,000, which is $5,000 more than its present listing price.

Whether you’re a golfer or not, the home looks to be a serene, desert getaway with views of the San Jacinto Mountains. It also has a popular “Quevedo” floorplan, which features open rooms with disappearing walls of glass that open the kitchen and family rooms to the outside. Also, if you like the furnishings you see in the photos, they can be purchased outside of escrow.

Article from Los Angeles Times Real Estate Section

2009-05-05T12:06:00.000-07:00

Real estate brokers and investors say would-be buyers misunderstand how the drop in housing prices has affected desirable neighborhoods. Just because an abandoned house in a troubled part of San Bernardino County might be going for $200,000, it doesn't mean you can get a nice place in Sherman Oaks for that amount -- or even twice that amount.House hunters are trying to pounce on deals from sellers they expected to be frantic -- if not curled in the fetal position. What they're finding instead are bidding wars as low interest rates and pent-up demand in traditionally stable or chic areas have kept prices up -- not as high as the market's peak, but not nearly as low as they had hoped."The biggest problem," said agent Phyllis Harb, "is that people are overreacting to housing statistics, thinking they can come in and make an offer 20% below price."As sales figures and home buyers' anecdotes are underscoring, when the residential real estate bubble burst, it set off several distinct sprays that created false hopes and confusion.Though nearly 20,000 homes in Southern California sold in March, a 52% jump from a year earlier, a sizable number of those transactions occurred in Riverside and San Bernardino counties, where foreclosures exploded. In the region overall, foreclosure sales accounted for 55% of March's deals.

PGA West Opens Up Club Membership

2009-05-03T11:39:00.000-07:00

PGA WEST is a spectacular master-planned country club community, established in 1984, located in beautiful La Quinta, just
minutes from Palm Springs, California. PGA WEST is a recreational/resort development consisting of more than 2,200 acres
featuring world-class golf, tennis and fitness. PGA WEST currently hosts six incredible golf courses. Members enjoy three
expansive clubhouses, a health and racquet club, as well as plenty of social activities.

Premier Member Benefits

. Six Legendary Golf Courses

Simply the best membership available anywhere! Members of PGA WEST enjoy golf on six championship golf courses designed by five of
golf’s top golf course designers - Jack Nicklaus, Arnold Palmer, Greg Norman, Tom Weiskopf and Pete Dye.

. Two Top 100 Greatest Courses

PGA WEST is the only private club in the world with two golf courses ranked in Golf Magazine’s 100 Greatest Courses in the World:
Stadium and Jack Nicklaus Private.

. World Class Tennis

Features all three playing surfaces: grass, har-tru clay and hard playing surfaces with regulation British croquet.

. Fitness Center

State-of-the-art circuit training equipment, free weights, cardiovascular equipment and full aerobics, yoga, Pilates, aqua programs and
Personal Trainers are located in the Health & Racquet Club.

. Active Social Calendar

From water aerobics to water color classes…from free golf clinics to fitness evaluations…from visiting with our international tennis stars to
volunteering for our internationally recognized and televised golf events…from competitive bridge to sophisticated parties, The Club at PGA
WEST has something for everyone.

. Financing

The Club offers Membership financing over a three-year period.

. Special Assurances

Strict Membership limits. Only 375 Golf Memberships per private course.

. PGA TOUR Host

The Club has played host to PGA TOUR events every year since club inception in 1986.

. No Hidden Assessments

No assessments for incurred costs of any kind. No minimum on food and beverage or clubhouse activities.

. La Quinta Resort Discounts

Members receive discounts at Spa La Quinta (50% off for 2009), Yamaguchi Salon, Resort dining, Resort Shops and Hotel rooms ($99
rooms rates when available).

. Innovative Concierge Service

We will assist you in your recreational activities and dining requests.

. Kids Klub

Half day and evening programs are available for children and teens. All programs are supervised by an activities counselor and vary
according to season.

. Desert Membership

Full option for Membership privileges at The Citrus Club at La Quinta Resort. For additional monthly dues only, add the three famous Citrus
Club courses: Citrus, Mountain and Dunes plus, the La Quinta Resort & Club to your PGA WEST Premier Golf Membership.

Membership Classifications

Premier Golf Membership: Membership Deposit $125,000 Monthly Dues $910

Cart/Trail Fee $64

A Premier Golf Membership entitles the Member (and his/her family) to use all of the golf, tennis and fitness facilities as well as enjoying all
social events and activities offered at The Club. A Premier Golf member has a five-day sign-up privilege on tee-times with no payment of
greens, range, court or fitness fees. An annual cart/trail fee will be charged. Junior Golf Membership is available to those under the age of
40 and offers special interest-free financing.

Legends Golf Membership: Membership Deposit $125,000 Monthly Dues $910

Cart/Trail Fee $64

With all of the privileges of Premier Golf Membership, this Membership is available with a pre-paid transfer fee. Junior Golf Membership is
available to those under the age of 40 and offers special interest-free financing.

Premier Desert Golf Membership: No Additional Deposit Additional Monthly Dues $300

All Premier Golf and Premier Junior Golf Members have the option to add full golf and spa membership privileges at the Citrus Club at

La Quinta Resort for no additional joining fees.

Premier Sport Membership: Membership Deposit $50,000 Monthly Dues $304

A Premier Sport Membership entitles the Member to use all of the tennis and fitness facilities and enjoy social events and activities at The
Club. A Sport Member has access to PGA WEST’s three semi-private courses by making tee times three days in advance and paying the
Member/Guest greens fees. A Sport Member also has access to the three private courses by making tee times two days in advance and
paying the Member/Guest greens fees. Sport Membership is subject to a pre-paid transfer fee. Sport Members are ineligible to participate in
the Men’s or Ladies Golf Associations.

Premier Social Membership: Membership Fee $10,000

Fitness, Tennis, Social Privileges Monthly Dues $243
Social Privileges Monthly Dues $146

A Premier Social Membership entitles the Member and immediate family to dine in all of the Clubhouses and participate in all of the social
events and activities. A Social Member may elect to expand the Membership to include Health & Racquet Club privileges as well. Social
Members are restricted from use of all golf facilities. The $10,000 Premier Social Membership is a non-refundable fee

“The Club at PGA WEST…Six Legendary Courses…One Extraordinary Club”

Local Realtor Goes Extra Mile for Kids

2009-04-10T14:21:00.000-07:00

By Patrick Truscott, Desert REALTOR® Editor
C.D.A.R. REALTOR® Member Jon Caruana, himself originally from Boston, is planning a return to Beantown this month to compete in the Boston Marathon. Jon’s marathon motivation isn’t just exercise: It’s an effort to raise a healthy sum for the HOPSports program, a very timely cause that “endeavors to improve children’s health and fitness,” says Jon.
“It’s hard to qualify for the Boston Marathon,” says the already-fit Jon of his upcoming 26 mile run. “Not everybody’s accepted and it helps (in qualifying) to be involved in a charity.” And, with 1 out of 3 American kids now overweight, the endeavor Jon’s volunteering for is particularly timely: “The HOPSports program is a unique sports program in that it travels to inner cities and provides kids with healthy activities, helping their self esteem and keeping them out of trouble. These kids are our future caregivers, firefighters, and police. The program is a smart investment.”
The innovative HOPSports program goes beyond just encourages physical activity in today’s youth. Through its innovative blend of activates such as dance, sport, tumbling and martial arts, it endeavors to educate kids on energy and nutrition. And more than a sports program, HOPSports also uses athletes and celebrities to motivate and educate kids while relaying positive societal messaging.
Running a marathon requires gobs of commitment: “I’ve been preparing for a long time,” says Jon of his marathon training efforts. “I ran in the recent Palm Springs Half Marathon and I’ve been trying to run at least 50-60 miles a week.” A typical run? Just a little jaunt, say, “from Bermuda Dunes to Rancho Mirage.” And, while there in Rancho Mirage, this marathoner figures he may as well “hike the Bump and Grind.”
The biggest challenge in training for a 26 mile run? “Keeping your mind motivated while running. Your mind is telling you to give up; you’ve got to focus in the moment, don’t think ahead and to get through it. I’m not trying to break records.” When asked if there’s anything more exhausting than running 26 straight miles, Jon laughs “Sure. Being a REALTOR®. Showing property can be more exhausting than running 15 miles.”
For Jon Caruana, C.D.A.R.’s running REALTOR® whose post-marathon plans simply include returning to the desert “with its relaxed atmosphere and weather,” today’s planning, training, and fundraising isn’t labor so much as a mission: “To run in the Boston Marathon and do it for a good cause; that’s the icing on the cake.”

Price drives the real estate market

2009-03-15T09:45:00.001-07:00

Coachella Valley housing market (PDF 1.31MB)

La Quinta ranks 11th in million-dollar home sales

2009-03-03T22:24:00.000-08:00

By Stacy Wiedmaier • The Desert Sun • March 2, 2009

The city of La Quinta has been ranked the 11th highest city in California for million-dollar homes sales.

The top 25 cities were recently named by the Data Quick company.

In 2007 there were 308 million-dollar home sales compared to 208 in 2008.

The highest-priced home in 2008 in La Quinta sold for $5.85 million.

Manhattan Beach took first place and La Quinta was the only city in the Coachella Valley that made the list.

Now is the time to buy a house

2009-02-19T16:14:00.000-08:00

Now is the time to buy a house

The Desert Sun • February 19, 2009

The median price for houses has dropped to a low not seen since 2001

This is good news for potential Coachella Valley homebuyers.

The median price of a house in the desert dropped 47 percent in December to $194,900. The median price hasn't been this low since 2001, following the Sept. 11 terrorist attacks.

Many Realtors say now is the time to buy. Sales in December 2008 were up by 8.3 percent over the same time in 2007, so homebuyers shouldn't wait too long.

Those who have stable jobs and can buy should. Home purchases stimulate the economy. Buying an affordable house leads to other purchases, including furniture, landscaping and a number of services, which provide jobs. The valley needs jobs.

But homebuyers must be realistic about their purchases. Loans must be reasonable, possibly with fixed rates, and made to people who qualify and offer proof that they can pay back a mortgage.

It sounds simple, but such seemingly obvious steps were not taken before. Subprime lending, loans made with adjustable rates to people considered risky borrowers, created the housing crisis — one of the chief reasons this economy has soured.

And while the drop in prices means houses are within reach of more buyers, word has been circulating that banks are keeping a tighter grip on the purse strings. But that's not completely true.

“If you qualify and have a down payment and steady income, you can” buy a house, said Bill Powers, president of Pacific Western Bank's desert region branches. “Others are waiting, but you can't time the bottom, and I think we're close to it, so if you can, you should buy now.”

Meanwhile, a number of lenders are holding off on foreclosing on more properties. Waiting on President Barack Obama's $75 billion plan to prevent more foreclosures, several major banks and government-controlled mortgage finance companies have halted foreclosure procedures until next month. The plan, announced Wednesday, will help homeowners refinance their mortgages.

Nationwide, more than 2.3 million homeowners faced foreclosure last year. That was an 81 percent increase over 2007. Some economists say foreclosures can reach 10 million.

But plenty of foreclosed properties remain on the market.

Again, those who can afford a house, should buy now, and those who can lend the money should also do so now. The valley's economy depends on it.

Desert Area Californai Regional Sales & Price Activities

2009-02-12T12:05:00.000-08:00

Regional Sales & Price Activity -
December 2008

Median price fell 41.5% and sales increased 84.9% compared to the same time a year ago for California statewide. Locally, median price fell 53.5% & sales rose by 70.1 % from a year ago. The inventory trending slightly downward along with the rise in sales indicates that the desert market continues to absorb the properties that individual home sellers and banks must sell. A lower price which leads to increased affordability may mean that adult kids living at home are no longer priced out of the housing market.

Statewide the large decreases in the median price also have been the result of a dramatic change in the mix of sales since the onset of the credit/liquidity crunch and the increase in the share of distressed sales. In August 2007 -- just prior to the beginning of the credit crunch -- the under $500,000 price range accounted for 43 percent of sales, the middle segment ($500,000 to $1 million) made up about 42 percent, and the over $1 million segment captured 15 percent of the market. As of December 2008, the shares had shifted to 82 percent, 14 percent, and 4 percent, respectively.

Desert Area MLS Residential For Sale Inventory

2006 2007 2008
Dec: 8,236 9,186 8,250
Nov: 8,598 9,593 8,406
Oct: 8,076 9,170 8,015
Sept: 7,723 8,599 7,740
August: 7,285 8,417 7,504
July: 7,420 8,600 7,935
June: 7,436 8,930 8,314
May: 7,497 9,108 8,469
April: 7,467 9,153 9,214
March: 7,351 9,005 9,300
February: 7,046 8,852 9,476
January: 6,395 8,490 9,134

The typical (median) single family home for sale in the MLS is 3 Bdrm. 2.50 bath 2,101 Sq Ft. listed at 384,400 and has been on the market for 94 days.

Median Price % Change Prior Month % Change Prior Year % Change Sales Prior Month % Change Sales Prior Year
Calif. (sf) 281,100 -2.0% -41.5% 5.9% 84.9%
Calif. (condo) 236,040 -1.9% -39.4% 7.3% 45.9%
Palm Springs Lower Desert (sf) 169,730 -7.5% -53.5% 17.5% 70.1%

****************************************************

Median Price
Dec 08 Nov 08 Dec 07
United States 175,400p 180,300r 207,000
Calif. (sf) 281,100 286,850r 480,820
Calif. (condo) 236,040 240,520r 389,760
Palm Springs Lower Desert (sf) 169,730 183,590 364,660

*****************

Median Prices By Region - Current Month vs. Year Ago

Dec 08 Nov 08 Dec 07
Calif. (sf) $281,100 $286,850r $480,820
Calif. (condo) $236,040 $240,520r $389,760
Region
Central Valley NA NA NA
High Desert $137,560 $148,580 $244,330
Los Angeles $336,980 $359,240 $498,500
Monterey Region $290,070 $314,370 $659,310
Monterey County $255,000 $275,000 $584,500
Santa Cruz County $455,000 $437,000 $729,000
Northern California $276,060 $289,380r $338,650
Northern Wine Country $344,180 $343,430 $480,510
Orange County $442,640 $453,060 $653,610
Palm Sprs/Lower Desert $169,730 $183,590 $364,660
Riverside/San Bernardino $190,840 $202,740 $325,520
Sacramento $181,660 $184,760 $285,140
San Diego $333,030 $326,770 $495,500
San Francisco Bay $465,640 $473,510 $725,120
San Louis Obispo $374,320 $344,230 $527,780
Santa Barbara County $328,570 $291,070r $500,000
Santa Barbara South Coast $875,000 $$1,112,000r $925,000
North Santa Barbara County $256,450 $240,910r $323,810
Santa Clara $512,450 $515,000 $797,000
Ventura $370,750 $382,590 $604,730

na - not available
r- revised

Source: CALIFORNIA ASSOCIATION OF REALTORS ®

Bob Hope Chrysler Classic 2009 Schedule BHCC

2009-01-17T13:19:00.000-08:00

Monday, January 19, 2009
Practice rounds

Tuesday, January 20, 2009
Practice rounds

Wednesday, January 21, 2009
Commence Pro-Am Play - 8:30 a.m. - all courses.
Celebrity field is at SilverRock Resort
The Golf Channel Coverage Noon to 3:00 p.m. (PST)

Thursday, January 22, 2009
Continue Pro-Am Play - second round - 8:30 a.m. - all courses.
Celebrity field is at Bermuda Dunes Country Club
The Golf Channel Coverage Noon to 3:00 p.m. (PST).

Friday, January 23, 2009
Continue Pro-Am Play - third round- 8:30 a.m. - all courses.
Celebrity field is at Nicklaus Private at PGA West
The Golf Channel Coverage - Noon to 3:00 p.m. (PST).

Saturday, January 24, 2009
Continue Pro-Am Play - fourth round- 8:30 a.m. - all courses.
Celebrity field is at Palmer Private at PGA West
The Golf Channel Coverage 1:00 p.m. to 4:00 p.m. (PST).

Sunday, January 25, 2009
Finals for professionals - low seventy and ties - 8:30 a.m.
The Golf Channel Coverage 1:00 p.m. to 4:00 p.m. (PST).

Immediately following play on the 18th green, the Orrefors Crystal Trophy and check presentation will take place. The winner will also receive a 2009 Chrysler 300C.

For more info you can go to the BHCC website
http://www.bhcc.com/index.html

Happy New Year 2009

2009-01-01T22:47:00.000-08:00

Topic Law Description
Advertising SB 1461
DRE License Number on Ads
(eff. 7/1/09) This law requires a real estate licensee to disclose his or her DRE license number on all “solicitation materials intended to be the first point of contact with consumers” and on real property purchase agreements when acting as an agent in those transactions.

It defines "solicitation materials intended to be the first point of contact with consumers" to include:

. business cards,
. stationery,
. advertising fliers, and
. other materials designed to solicit the creation of a professional relationship between the licensee and a consumer.

Excluded from the definition are the following:

. an advertisement in print or electronic media,
. "for sale" signs, and
. specified classified rental advertisements.

Amended Business and Professions Code Section 10140.6.

Advertising FCC Order 08-239A
Order Implementing the Junk Fax Prevention Act of 2005
(eff. 10/30/08)
The Federal Communications Commission (FCC) issued a clarification on implementation of the Junk Fax Prevention Act of 2005. Its summary is provided below:

. Facsimile numbers compiled by third parties on behalf of the facsimile sender will be presumed to have been made voluntarily available for public distribution so long as they are obtained from the intended recipient’s own directory, advertisement, or Internet site;
. Reasonable steps to verify that a recipient has agreed to make available a facsimile number for public distribution may include methods other than direct contact with the recipient; and
. A description of the facsimile sender’s opt-out mechanism on the first Web page to which recipients are directed in the opt-out notice satisfies the requirement that such a description appear on the first page of the Web site.

Disclosure AB 2881
Proximity to Farm or Ranch
(eff. 1/1/09) This law requires the following:

. the notice of intention provided as part
of an application for a public report by a subdivider must contain a specified notice if the property is located within one mile of farm or ranch land; and
. An expert ("licensed engineer, land surveyor, geologist, or expert in natural hazard discovery"), when responding to a request for a natural hazards disclosure statement, must determine whether the residential property is located within one mile of farm or ranch land and to provide a specified notice to that effect.

Amended Business and Professions Code Section 11010 and Civil Code Section 1103.4.

Disclosure SB 1595
Owner/Tenant Responsibilities in State Responsibility Area;
Changes Criteria of High Fire Hazard Severity Zone
(eff. 1/1/09) A person who owns, leases, controls, operates, or maintains an occupied dwelling or occupied structure in, upon, or adjoining a mountainous area, forest-covered lands, brush-covered lands, grass-covered lands, or land that is covered with flammable material, that is within a very high fire hazard severity zone or in a state responsibility area must significantly reduce the risk of ignition of the habitable structure by maintaining defensible space no greater than 100 feet from each side of the structure, but not beyond the property line unless allowed by state law, local ordinance, or regulation.

A greater distance than that may be required by state law, local ordinance, rule, regulation, or by an insurance company under certain circumstances. Clearance beyond the property line may only be required if the state law, local ordinance, rule, or regulation includes findings that such a clearing is necessary.

Amended Government Code Sections 51175, 51177, 51178, 51182.

Discrimination S. 3406
Amendments to the ADA
(eff. 1/1/09)
The Americans with Disabilities Amendments Act of 2008 (ADAAA) expands the definition of a covered disability, and will likely subject employers to more requests for accommodation and more claims of discrimination on the basis of disability. It overturns a series of Supreme Court opinions interpreting the ADA, including Sutton v. United Air Lines, Inc., and Toyota Motor Manufacturing, Kentucky, Inc. v. Williams.

Among other things, the ADAAA expands the definition of “major life activities” through a non-exhaustive defining list of major life activities, which contains both "general" categories such as caring for oneself, eating, sleeping, walking, lifting, thinking, communicating and working, and “major bodily functions” such as functions of the immune system, normal cell growth, digestive, neurological, respiratory, circulatory and reproductive functions. The inclusion of these definitions, in conjunction with the pronouncement that “an impairment that substantially limits one major life activity need not limit other major life activities in order to be considered a disability” expands the scope of the protection previously afforded under the ADA.

Eminent Domain Proposition 99
Restriction on Eminent Domain in reaction to Kelo v. City of New London
(passed 6/3/08)
Under previous law, state and local governmental agencies had the ability to acquire private property by eminent domain. The U.S. Supreme Court had upheld the right to governmental agencies to take private property by eminent domain, and then turn over that property to another private person (e.g., for a development project) in Kelo v. City of New London. Proposition 90 was an attempt to reform that right of eminent domain in California, but Proposition 90 was defeated in a ballot measure in 2006.

Under the new law, state and local government agencies cannot take owner-occupied residences by eminent domain to transfer to a private person except for certain very limited exceptions. These limited exceptions are for:

. protecting public health and safety;
. preventing serious, repeated criminal activity;
. responding to an emergency; or
. remedying environmental contamination which poses a threat to public health and safety.

For purposes of this law, owner-occupied residence must be the primary residence for one year prior to the state or local governmental agency’s initial written offer to purchase the property.

Amended Article 1, § 19 of the California Constitution.

Foreclosure SB 1137
Notices to Tenants & Owner-Occupants; REO Lender/Trustee's Sale Purchaser Obligations
(eff. 7/8/08 and 9/9/08) The foreclosing lender must now give the tenant a 60-day notice instead of the previous 30-day notice. [Note,however, for Section 8 tenants the notice period is not changed and remains 90 days.] Furthermore, the 60-day notice period does not apply to the owner--or any party to the note--who is occupying the foreclosed property. The owner or party to the note need be given only a 3-day notice to quit.

Tenant/owner-occupant must also get a statutory notice of the foreclosure (in 6 different languages) once a notice of sale has been posted on a property. This foreclosure notice must be posted along with the notice of sale and also mailed to the tenant/owner-occupant. This provision takes effect 60 days after the measure becomes law. (eff. 9/9/08) For a copy of the notice, click here.

A lender cannot file an NOD until 30 days after contact is made with the borrower to "assess the borrower's financial situation and explore options for the borrower to avoid foreclosure" or 30 days after satisfying due diligence requirements to contact the borrower. The lender must advise the borrower of the right to request a subseqent meeting within 14 days, and to provide the borrower the toll-free phone number of a HUD-certified housing counseling agency.

A foreclosing lender or purchaser at a trustee's sale (or foreclosure sale) must "maintain" the condition (defined in the statute) of the property or be subject to a fine of up to $1,000 per day per violation.

Added Code of Civil Procedure section 1161b, Civil Code sections 2923.5, 2923.6, 2923.8, and 2929.3.

Foreclosure AB 180
Mortgage Foreclosure Consultants Law Amended
(eff. 7/1/09) This law amends the existing mortgage foreclosure consultants law. It contains the following provisions:
. Cancellation Right: Permits an owner to cancel a foreclosure consultant contract until midnight of the fifth business day (previously third business day) by mail, e-mail, or facsimile.
. Foreign Language Rule: Requires the contract to be written in the same language as principally used by the foreclosure consultant to describe his or her services or to negotiate the contract and requires the foreclosure consultant to provide the owner, before the owner signs the contract, with a copy of a completed contract written in any other language requested by the owner. If English is the language principally used by the foreclosure consultant to describe his/her services or to negotiate the contract, the foreclosure consultant must notify the owner orally and in writing before the owner signs the contract that the owner has the right to ask for a completed copy of the contract in a language described in Civil Code Section 1632(b) (i.e., prior to the execution, a translation of the contract or agreement in the language in which the contract or agreement was negotiated, which includes a translation of every term and condition in that contract or agreement.) (Non-English languages specified in Civil Code Section 1632: Spanish, Chinese, Tagalog, Vietnamese, or Korean.)
. Power of Attorney Prohibition: Prohibits a foreclosure consultant from taking any power of attorney from an owner for any purpose.
. Registration Requirement: Requires a foreclosure consultant to register with the Department of Justice (DOJ).
. Bond Requirement: Requires a foreclosure consultant to obtain and maintain a surety bond of $100,000. The DOJ may refuse to issue, or may revoke a certificate of registration because of any misstatement in the registration form, because the foreclosure consultant has failed to maintain the bond required and because of any violation of the foreclosure consultant law. There are penalty provisions.
. New Fund: Creates a Foreclosure Consultant Regulation Fund in the State Treasury.

Amended Civil Code Sections 1632, 2945.2, 2945.3, and 2945.4 and added Section 2945.45.

HOA AB 1892, 2180
Solar Energy
(eff. 1/1/09) Any governing document of a homeowners association that effectively prohibits or restricts the installation or use of a solar energy system is void and unenforceable. Reasonable restrictions are permissible.

Amended Civil Code Section 714.

HOA SB 1511
HOAs Request/Notification of NOD
(eff. 1/1/09) This law permits an association, with respect to separate interests governed by the association, to record a request that a mortgagee, trustee, or other person authorized to record a notice of default regarding any of these separate interests, mail to the association a copy of any trustee's deed after the trustee's sale concerning a separate interest.

The request must include a legal description or the assessor's parcel number of the separate interest as well as the name and address of the association and a statement that it is a homeowners' association. Subsequent requests of an association will supersede prior requests. A request must be recorded before the filing of a notice of default.

It requires the mortgagee or trustee to mail that information to the association within 15 business days following the date the trustee's deed is recorded. It specifies that failure to mail the information will not affect the title to real property.

Amended Civil Code Section 2924b.

HOA AB 2846
Amended Written Notice Re: Assessments and Foreclosure
(eff. 1/1/09) Existing law requires an association to distribute a specified written notice to each member of the association during the 60-day period immediately preceding the beginning of the association's fiscal year. This notice must include information about assessments, foreclosure, payments, meetings, and payment plans.

This law requires the written notice to also include a statement notifying members that an owner may, but is not obligated to, pay under protest any disputed charge or sum
owed to the association and by doing so specifically reserve the right to contest the disputed charge or sum in court or otherwise.

This bill provides that if a dispute exists between the owner of a separate interest and the association regarding any charge or sum owed to the association and the amount does not exceed the jurisdictional limits for small claims court, the owner may, in addition to pursuing dispute resolution, pay under protest the disputed amount and all other amounts levied, including any fees and reasonable costs of collection, reasonable attorney's fees, late charges, and interest, if any, and commence an action in small claims court.

Nothing in the section added by this law impedes an association's ability to collect delinquent assessments, as specified.

Amended Civil Code Section 1365.1 and added Section 1367.6.

Housing/Finance H.R. 3221
Housing and Economic Recovery Act/ HOPE for Homeowners Program
(eff. 7/30/08)
This federal law includes GSE reform (government sponsored enterprises such as Fannie Mae, Freddie Mac), FHA reform, homebuyer tax credit, FHA foreclosure rescue, and more. For a detailed NAR summary, click here.

See below under Tax category for the FIRPTA fix which was included in this federal law

Housing/Finance 12 C.F.R. Part 226
Final Rule Under Reg Z

(eff. 10/1/09)
This Regulation Z final rule establishes a new category of "higher-priced mortgages" that includes virtually all closed-end subprime loans secured by a consumer's principal dwelling. Which loans qualify as "higher-priced" will be determined by a new index that will be published by the Federal Reserve Board. The rule's definition of "higher-priced mortgage loans" will capture virtually all loans in the subprime market, but generally exclude loans in the prime market.

The rule for these higher-priced loans:

. Prohibits a lender from making a loan without regard to borrowers' ability to repay the loan from income and assets other than the home's value. A lender complies, in part, by assessing repayment ability based on the highest scheduled payment in the first seven years of the loan. To show that a lender violated this prohibition, a borrower does not need to demonstrate that it is part of a "pattern or practice."
. Prohibits a lender from relying on income or assets that it does not verify to determine repayment ability.
. Bans any prepayment penalty if the payment can change during the initial four years. For other higher-priced loans, a prepayment penalty period cannot last for more than two years.
. Requires that the lender establish an escrow account for the payment of property taxes and homeowners' insurance for first-lien loans. The lender may offer the borrower the opportunity to cancel the escrow account after one year.

The rule for all closed-end mortgages secured by a consumer's principal dwelling:

. Prohibits certain servicing practices: failing to credit a payment to a consumer’s account as of the date the payment is received, failing to provide a payoff statement within a reasonable period of time, and "pyramiding" late fees.
. Prohibits a creditor or broker from coercing or encouraging an appraiser to misrepresent the value of a home.
. Creditors must provide a good faith estimate of the loan costs, including a schedule of payments, within three days after a consumer applies for any mortgage loan secured by a consumer's principal dwelling, such as a home improvement loan or a loan to refinance an existing loan.

The rule for all mortgages:

Requires advertising to contain additional information about rates, monthly payments, and other loan features. The rule also bans seven deceptive or misleading advertising practices, including representing that a rate or payment is "fixed" when it can change.

Compliance with the new rules, other than the escrow requirement, is mandatory for all applications received on or after October 1, 2009. The escrow requirement has an effective date of April 1, 2010 for site-built homes, and October 1, 2010 for manufactured homes.

Housing/Finance H.R. 1424
Emergency Economic Stabilization Act of 2008
(eff. 10/3/08) This federal law provides authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

This law, commonly known at the $700 Billion Bailout, strengthens the FHA-insured refinance of loans for troubled mortgages under the HOPE for Homeowners program. It also extends the tax exemption for mortgage debt forgiveness on home loans under the Mortgage Forgiveness Debt Relief Act of 2007 until December 31, 2012.

Housing/Finance SB 870
Cal HFA Establishes Mortgage Refinance Program
(eff. 9/25/08) Cal HFA is the state's independent affordable housing bank. Cal HFA's programs are entirely self-supporting and unlike general obligation bond programs do not rely on any tax-payer or state-funded support. CalHFA sells bonds and uses the proceeds of the bonds to make home loans and apartment construction loans.

SB 870 permits the California Housing Finance Agency (Cal HFA.) to establish rules and regulations for a mortgage refinance program which was authorized by the federal law, HERA.

The federal Housing and Economic Recovery Act of 2008 (HERA) included a one-time increase in the national allocation of tax-exempt bond capacity of an additional $11 billion. California's portion is approximately $1.175 billion. The additional tax-exempt bond capacity can be used for three purposes: refinancing sub-prime mortgages, providing below market rate mortgages to first-time homebuyers, and construction of multi-family rental properties. (Note: This is the first time federal law has permitted the use of tax-exempt bonds for refinancing mortgages.)

Amended Health and Safety Code Sections 50086, 51050, and 51101 and added Section 51058.5.

Housing/Finance SB 1065
Cities/Counties May Use Revenue Bonds to Make/Purchase Home Mortgages
(eff. 1/1/09 thru 1/1/12) This law permits cities and counties to use revenue bond funds to make or purchase refinanced home mortgages that are federally insured, federally guaranteed, or eligible to be purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan and Mortgage Corporation (Freddie Mac).

It applies the maximum household income criteria of 120 percent for most areas and 150 percent for specified economically disadvantaged to borrowers who obtain refinanced mortgages through a local housing agency home financing program. This authorization limits local governments to making or purchasing "purchase-money" mortgages made to low- or moderate-income homebuyers and to low- or moderate income individuals who are refinancing their mortgages and are simultaneously undertaking to substantially rehabilitate their homes.

Amended, repealed and added Health and Safety Code Sections 52013 and 52020.

Housing S. 1771
Virginia Graeme Baker Pool & Spa Safety Act, 15 U.S.C. 8001 et seq.,
(eff. 12/19/08) This federal law requires new and existing public pools and spas to be equipped with anti-entrapment drain devices. The law applies to multi-family apartment complexes and not individual homes. For a more detailed summary of the law, click here.
Housing AB 2280
Modification of Density Bonus Law
(eff. 1/1/09) Under the Planning and Zoning Law a city or county is required to provide a developer with a density bonus and other incentives or concessions in exchange for the production of lower income housing units or the donation of land within the development if the developer, among other things, agrees to construct a specified percentage of units for low-, very low, or moderate-income households or qualifying residents when a developer of housing proposes a housing development within the city or county.

This new law imposes certain procedural changes to the application for a density bonus and other incentives or concessions.

Amended Government Code Section 65915.

Identity Theft 12 C.F.R., Part 41, 12 C.F.R. Part 272, 12 C.F.R. Parts 334 and 364, and 16 C.F.R. Part 681
Final Rule Identity Theft "Red Flags" and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2008
(eff. 11/1/08 for compliance)
Under the Red Flags Rule, financial institutions and creditors (incudes mortgage loan brokers) must develop a written program that identifies and detects the relevant warning signs – or “red flags” – of identity theft. These may include, for example, unusual account activity, fraud alerts on a consumer report, or attempted use of suspicious account application documents. The program must also describe appropriate responses that would prevent and mitigate the crime and detail a plan to update the program. The program must be managed by the Board of Directors or senior employees of the financial institution or creditor, include appropriate staff training, and provide for oversight of any service providers.

The Red Flags Rule provide all financial institutions and creditors the opportunity to design and implement a program that is appropriate to their size and complexity, as well as the nature of their operations.

Landlord/Tenant AB 2052
Victim of Domestic Violence & Termination of Tenancy
(eff. 9/27/08 thru 1/1/12)
This law authorizes a tenant to notify the landlord in writing that he/she or a household member, as defined, was a victim of an act of domestic violence, sexual assault, or stalking, as defined, and intends to terminate the tenancy. It requires the tenant to attach a copy of a temporary restraining order or emergency protective order, or a copy of a specified written report by a peace officer to the notice.

It authorizes the tenant to quit the premises and the tenant is discharged from payment of rent for any period following 30 days from the date of the notice, or as specified. Existing law on the security deposit still applies. If within the 30 days after notice is given under this section and the premises are rented to another, the rent for the 30-day period must be prorated.

The notice to terminate the tenancy must be given within 60 days of date the order was issued or the report was made, or as specified.

This law also provides that other tenants, except the household member who is a victim of domestic violence, sexual assault, or stalking, and members of that person's family, are not released from their obligations under the rental agreement.

For purposes of the unlawful detainer law, if a person commits specified acts of domestic violence, sexual assault, or stalking against another tenant or subtenant on the premises, there is a rebuttable presumption affecting the burden of proof that the person has committed a nuisance on the premises unless the victim or a member of the victim's household has not vacated the premises.

Added Civil Code Section 1946.7 and amended, repealed and added Code of Civil Procedure Section 1161.
Landlord/Tenant AB 2949
Landlords/REO Lenders and Abandoned Animals
(eff. 1/1/09) This law requires a person or private entity that discovers an abandoned animal in or about the premises of real property that has been vacated upon, or immediately preceding, the termination of a lease or other rental agreement or foreclosure of the property to immediately contact animal control for the purpose of retrieval and care.

The law provides, in part, that:

. Any person or private entity with whom a live animal is deposited shall immediately notify animal control officials for the purpose of retrieving the animal.
. The person in possession of the abandoned animal is subject to all local ordinances and state laws that govern the proper care and treatment of those animals.
. The person or private entity, or the successor property owner, that notifies animal control officials to retrieve the animal shall not be considered the keeper of the animal.

(Note: This law impacts banks with REO properties and their real estate agents.)

Amended Civil Code Sections 1815, 1816, and 1981.

Landlord/Tenant AB 2025
Disposition of Personal Property Left on Commercial Real Property
(eff. 1/1/09) This law provides for the disposition of personal property remaining on the premises of commercial real property, as defined, at the termination of a tenancy, as specified. The law also provides that, in the case of a tenancy of commercial real property, if the landlord reasonably believes that the total resale value of the personal property is the lesser of $750 or $1 per square foot of the premises occupied by the tenant, the landlord may retain the property for his or her own use or dispose of it in any manner.

Added Civil Code Section 1980.5 and added Chapter 5.5 (starting with Section 1993) to Title 5 of Part 4 of Division 3 of the Civil Code.

Licensing SB 1737
DRE Disciplinary Actions for Violations such as Inflating BPO
(eff. 1/1/09)
SB 1737 authorizes the DRE to suspend or bar from any position of employment, management, or control, for up to 36 months, a real estate salesperson or real estate broker or an unlicensed person, if the DRE finds either of the following:

. The suspension or bar is in the public interest, and that the person knew or should have known that he or she violated the Real Estate Law or its regulations, and has caused material damage to the public.

. The person was convicted of, or pleaded not guilty to, any crime, or was held liable in any civil action, or any administrative judgment by any public agency, if that crime or civil or administrative judgment involved any offense involving dishonesty, fraud, or deceit, or any other offense reasonably related to the qualifications, functions, or duties of a person engaged in the real estate business.

The law prohibits persons suspended or barred under the authority described above from participating in any real estate-related business activity of a finance lender, residential mortgage lender, bank, credit union, escrow company, title company, underwritten title company, real estate salesperson or real estate broker and from engaging in any business activity on the premises where a real estate salesperson or real estate broker is conducting business.

(Note: This section is intended to stop the practice of avoiding DRE jurisdiction by switching to work in a real estate-related capacity with a company or individual that is licensed under a different state regulator, such as Department of Corporations, Department of Financial Institutions, Department of Insurance, or a federal regulator.)

This law authorizes DRE to suspend or revoke the license of a licensee who provides an opinion of value of residential real property (BPO), in connection with a short sale, that does either or both of the following:

. Manipulates the lien holder to reject the proposed debt forgiveness sale.

. Acquires a financial or business advantage, including a listing agreement that directly results directly from the inaccurate opinion of value of the property.

The law requires a person, licensee or entity that arranges financing in connection with a sale, lease, or exchange of real property, or when a person or entity that arranges financing in connection with the sale, lease, or exchange of real property undertakes to act as an agent with respect to that property, that agent, person, or entity must, within 24 hours, disclose those roles in writing to all parties to the sale, lease, or exchange, and to any related loan transaction.

Amended Business and Professions Code Section 10176 and added Sections 10087 and 10177.6.

Licensing SB 1448
Fines for Being Unlicensed
(eff. 1/1/09) This law increases the maximum fine for an unlicensed person acting as a real estate licensee from $10,000 to $20,000 if the violation is committed by a person and from $50,000 to $60,000 if the violation is committed by a corporation.

If a Real Estate Fraud Prosecution Trust Fund exists in the county where the person or corporation is convicted, this law requires any fine collected from the person or corporation in excess of the existing maximum amount be deposited in that fund.

Amended Business and Professions Code Section 10139.

Licensing AB 2454
DRE Recovery Fund
(eff. 1/1/09) This law increases the limit on the amount for which the Department of Real Estate Recovery Account may be liable and deletes obsolete provisions relating to cause of action brought prior to January 1, 1980.

The monetary increase for applications for payment from the Recovery Account filed on or after January 1, 2009 is $50,000 for any one transaction and $250,000 for any one licensee.

Amended Business and Professions Code Section 10474.
Liquidated Damages AB 2020
Liquidated Damages & Hi-Rise Condos
(eff. 1/1/09 thru 1/1/14) This law provides that if the contracted sales price of a newly constructed attached residential condominium unit located within a structure of 20 or more residential condominium units, standing over eight stories high and located in a specified high-density infill development is greater than $1 million, a seller may recover 6% of the contracted sales price in liquidated damages if the buyer defaults on a presale contract by not purchasing the condominium unit, unless the buyer establishes that the amount claimed by the seller is unreasonable in relation to the seller's actual damages.

In the sale of a unit, as described above, the seller is required to perform an accounting of its costs and revenues. The accounting must include any and all costs and revenues related to the construction and sale of the residential property and any delay caused by the buyer's default. The seller must make reasonable efforts to mitigate any damages arising from the default. If a “new qualified buyer” has entered into a contract to purchase the residential property in question, the seller must perform the accounting within 60 calendar days after a new qualified buyer has entered into a contract to purchase.

The seller must refund to the buyer any amounts previously retained as liquidated damages in excess of the greater of either 6 percent of the originally agreed-upon purchase price of the residential property or the amount of the seller's losses resulting from the buyer's default, as calculated by the accounting. The refund must be sent to the buyer's last known address within 90 days after the final close of escrow of the sale or lease of all the residential condominium units within the structure.

Prior to the execution of a contract for sale of specified residential condominium units, the seller must provide to the buyer a specified notice regarding liquidated damages. If the seller fails to provide this notice to the buyer prior to the execution of the contract, the amount of any liquidated damages will be subject to normal liquidated damages provisions.

Starting July 1, 2010, and annually on each July 1 thereafter, the dollar amount of the minimum purchase price specified in the bill must be adjusted by the Real Estate Commissioner who will determine the amount of the adjustment based on the change in the median price of a single family home in California, as determined by the most recent data available from Federal Finance Housing Board. Upon making that determination, the Real Estate Commissioner must publish the current dollar amount of the minimum purchase price on the Department of Real Estate Internet Web site.

Amended, repealed and added Civil Code Section 1675.
Miscellaneous SB 28
No Text Messaging When Driving
(eff. 1/1/09) SB 28 bans the use of an electronic wireless communications device to write, send, or read a text-based communication while driving a motor vehicle. The law imposes a base fine of $20 for a first offense and $50 for each subsequent offense.

This prohibition does not include reading, selecting, or entering a telephone number or name in an electronic wireless communications device for the purpose of making or receiving a telephone call. It also excludes any emergency professional who uses these devices while operating an emergency vehicle in the course and scope of his or her duties. A violation point will not be given for a conviction.

Amended Vehicle Code Section 12810.3 and added Section 23123.5.

Mobilehomes SB 1234
Mobilehome Privacy
(eff. 1/1/09) This law prohibits the owners or management of a mobilehome park from entering an enclosed accessory structure to a mobilehome without the prior written consent of the resident, except in case of emergency or when the resident has abandoned the mobilehome or accessory structure.

Amended Civil Code Section 798.26.

Mobilehomes AB 2050
Smoke Detectors & Water Heater Bracing in Mobilehomes
(eff. 1/1/09) Smoke Detectors:

This law requires all used manufactured homes, used mobilehomes, and used multifamily manufactured homes that are sold to have a smoke alarm installed in each room designed for sleeping that is operable on the date of transfer of title.

The seller must sign a declaration regarding the presence of working smoke alarms in these specified homes within 45 days prior to the transfer of title. The law also shields real estate licensees from liability for errors, inaccuracies, or omissions relating to the disclosures required to be made by a transferor pursuant to this bill.

Water Heater Strapping:

The law also requires all fuel-gas-burning water heater appliances installed in new manufactured homes or new multifamily manufactured homes be seismically braced, anchored, or strapped and such work be completed before or at the time of installation of the homes.

In addition, any replacement fuel-gas-burning water heater appliances in existing mobilehomes, existing manufactured homes, or existing multifamily manufactured homes that are offered for sale, rent, or lease are required to be seismically braced, anchored, or strapped.

All used mobilehomes, used manufactured homes, and used multifamily manufactured homes that are sold must, on or before the date of transfer of title, have the fuel-gas-burning water heater appliance or appliances seismically braced, anchored, or strapped. This requirement is satisfied if, within 45 days prior to the transfer of title, the transferor signs a declaration stating that each water heater appliance in the used mobilehome, used manufactured home, or used multifamily manufactured home is secured pursuant to this section on the date the declaration is signed.

The Department of Housing and Community Development is to promulgate on or before July 1, 2009 rules and regulations that include standards for water heater seismic bracing,
anchoring, or strapping.

(Note: Section 3.5 in AB 2050 is not in effect.)

Amended Health and Safety Code Section 18031.7 and repealed and added Section 18029.6.

Mobilehomes SB 1107
Accommodations for Disabled
(eff. 1/1/09) This law requires mobilehome park management to allow an owner or resident to install accommodations for the disabled on their mobilehome or the site, lot, or space on which their mobilehome is located, as specified. It authorizes the management to require that the accommodations installed be removed by the current homeowner at the time the mobilehome is removed from the park or pursuant to a written agreement prior to the completion of the resale of the mobilehome, as specified.

The law also permits a mobilehome owner to share the home with a live-in caregiver who provides care pursuant to a written treatment plan without being charged a fee for that person by the park management.

Amended Civil Code Sections 798.34 and 799.9 and added Civil Code Sections 798.29.6 and 799.11.

Mobilehomes California Code of Regulations, Title 25, Chapter 3, Subchapter 2, and adopted by reference portions of the California Code of Regulations,

Title 24, California Building Code, Part 2, Chapter 7A

(25 Cal. Code Regs. Sections 4200-4214)

Ignition resistant exterior design, construction, installation and alteration of any new or used manufactured home, multifamily manufactured home or commercial modular or used mobilehome designated for installation in Wildland Urban Interface Fire Areas
(eff. 9/1/08)
Emergency regulations were passed by the HCD that affect the exterior design, construction, installation and alteration of any new or used manufactured home, multifamily manufactured home or commercial modular or used mobilehome designated for installation in Wildland Urban Interface Fire Areas.
Tax H.R. 3221
"FIRPTA Fix"
(eff. 7/30/08)
According to Section 3024 of H.R. 3221 (Housing and Economic Recovery Act of 2008), the seller may give the seller's affidavit of nonforeign status (C.A.R. form AS) to a "qualified substitute" instead of to the buyer. However, the qualified substitute must furnish a statement to the buyer stating, under penalty of perjury, that the qualified substitute has the affidavit in his or her possession. A qualified substitute is the person responsible for closing the transaction, that includes an attorney, title company, escrow company, or buyer's agent (but not the seller's agent).
Tax SB 1055
Conforms California income tax law with federal law as to mortgage debt forgiveness
(eff. 9/25/08)
California law, SB 1055, conforms California Revenue and Tax Code Section 17144.5 with federal law, the Mortgage Forgiveness Debt Relief Act of 2007, with the following exceptions:

(1) The maximum amount of acquisition indebtedness is reduced to $800,000 for couples filing jointly and $400,000 for individual filers;

(2) The maximum amount of debt relief income that can be forgiven is $250,000 for couples filing jointly and $125,000 for individual filers; and

(3) California’s debt relief statute applies to property sold on or after January 1, 2007 and before January 1, 2009.

Finally, if the owner has owned the property for some time and has refinanced to take out some of the equity, the owner could be subject to capital gains taxation when selling the property as well. See Question 9 of the Legal Q&A, Taxation of Foreclosures and Short Sales for additional information.

Title Insurance SB 133
Promotions & Marketing Representatives
(eff. 1/1/09) In order to become employed as a title marketing representative (TMR) this law requires that a person must hold a valid "certificate of registration" as a title marketing representative issued by the Department of Insurance. A "title marketing representative" is a natural person employed by a title insurer, underwritten title company, or controlled escrow company whose primary duty is to market, offer, solicit, negotiate, or sell title insurance. The term does not include a person whose primary duties directly involve the creation, production, or issuance of the title policy or the performance of escrow services.

A certificate of registration is valid for a three-year period. This law does not preclude an action against a company that had actual knowledge of the violation by a TMR.

The law makes the following additional activities to be unlawful inducements for the placement or referral of title insurance:

. Advertising in newspapers, magazines or other publications that are produced by or on behalf of a person or results in a subsidy to a person.
. Expenditures for food, beverages and entertainment for a person.

However, the following additional expenditures are lawful:

. Promotional items with a company logo of the title company or title insurer with a value of not more than $10 each. A "promotional item" does not include a gift certificate, gift card, or other item that has a specific monetary value on its face, or that may be exchanged for any other item having a specific monetary value.
. Furnishing education or educational materials related to the title insurance business for a person if continuing education credits are not provided.
. Other expenditures for a person as permitted by the California Department of Insurance by regulation.

Amended Insurance Code Section 12404 and added new Article 8 (Section 12418 et seq.) to Chapter 1 of Part 6 of Division 2 of the Insurance Code.

Tax SB 1055
State Income Tax & Debt Relief Income
(eff. 9/25/08) This law conforms state law to the federal Mortgage Forgiveness Debt Relief Act of 2007 (with a few exceptions) by allowing an income exclusion of cancellation of indebtedness income generated from the discharge of a "qualified principal residence indebtedness".

The law defines a "qualified principal residence indebtedness" as acquisition indebtedness, within the meaning of Internal Revenue Code Section 163(h)(3)(B), but modifies the federal definition of "acquisition indebtedness" by providing that, for purposes of this law, the aggregate amount of acquisition indebtedness for any period may not exceed $800,000 (or $400,000 in the case of a married taxpayer filing separately).

It limits the amount of the cancellation of indebtedness income eligible for the exclusion from gross income as follows:

. $250,000 in the case of a taxpayer filing single or as a head of household, and in the case of married couples filing jointly.

. $125,000 in the case of a married taxpayer filing separately.

It applies only to discharges of qualified principal residence indebtedness occurring on or after January 1, 2007 and before January 1, 2009.

The law also provides that no penalties or interest may be assessed on the cancellation of indebtedness income eligible for exclusion if that income resulted from the discharge of qualified residence indebtedness during the 2007 taxable year.

For taxpayers who have already filed their returns and included discharge of principal residence indebtedness as income for California purposes for 2007, they will need to file an amended return and use Schedule CA (540 or 540NR) line 21f, column B to make adjustments to appropriately exclude all or a portion of it.

Added Revenue and Taxation Code Section 17144.5.

Tax SB 1007
1031 Exchange Facilitators
(eff. 1/1/09 thru 1/1/14) This law requires a person engaging in the business as an exchange facilitator for a 1031 exchange to comply with certain bonding and insurance requirements, as specified, and to notify existing exchange clients whose relinquished or replacement property is located in this state of any change in control of the exchange facilitator, as defined.

The law also requires a person engaging in business as an exchange facilitator to, among other things, act as a custodian for all exchange funds and to invest those funds in investments that meet a prudent investor standard, as specified.

It prohibits these persons from performing specified acts, including, but not limited to, making material misrepresentations and engaging in conduct constituting fraudulent or dishonest dealings. It makes any person who violates these provisions subject to civil suit in a court of competent jurisdiction and provides that a person claiming to
have sustained damage because of a failure to comply with these provisions may file a claim on specified bonds, deposits, or letters of credit to recover the damages.

Added and repealed Division 20.5 (commencing with Section 51000) of the Financial Code.

Copyright© 2008 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided credit is given to the C.A.R. Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved

California Lifestyle Realty Holiday Party

2008-12-29T12:41:00.001-08:00

A Little Real Estate Humor for the Holidays

2008-12-23T12:15:00.000-08:00

Indian Wells Resident Guest Golf Rate Returns to $65

2008-12-15T16:38:00.001-08:00

City Council is very pleased to announce that, effective immediately, the Indian Wells Resident Guest Rate at the Indian Wells Golf Resort will return to $65 per guest per round when accompanied by an Indian Wells resident. (The $65 rate will remain in effect until May 3; thereafter off-season rates apply: May 4-May 31: $50 per guest, June 1-September 3: $40 per guest.)

Sharing the "Indian Wells Golf Resort" experience - golfing, dining, shopping, and watching the sunset from the IW Club's panoramic terraces - is a day that you and your friends will long remember.

As a reminder, Indian Wells Golf Resort Resident Benefits (with valid Indian Wells Property Owner ID card) also include:

• Indian Wells Resident Rate of $35 per round

• Tee time reservations up to fourteen (14) days in advance

• 20% discount on food and non-alcoholic beverages at IW Café and IW Club Restaurant & Bar (Please note that this discount program is valid for parties of up to 10 persons, does not apply to banquets and special events, and is not applicable for Fairway Grill and Beverage Cart purchases.)

• 20% discount on merchandise and apparel at the Golf Shop

YOU, our residents, are a large part of the Golf Resort's success and, as always, we genuinely thank you for your support and patronage of the Golf Resort and our area hotels.

HAPPY HOLIDAYS FROM EVERYONE AT CITY HALL!

October home sales soar in Riverside county Reposted Article From Desert Sun

2008-11-19T17:35:00.000-08:00

Home sales in Riverside County skyrocketed by 94.3 percent in October, compared to the same month a year ago, while prices dropped 35.4 percent, a real estate information service reported Tuesday.

A total of 4,619 homes sold in October, up from 2,377 for October 2007.

The median price of a home in Riverside County last month dropped to $230,000 from $356,300 in the same month a year ago, according to La Jolla-based MDA DataQuick.

According to DataQuick, home sales in the six-county Southern California region in October soared by 66.7 percent over the same month last year, reaching their highest level for any month this year.

‘‘You could easily imagine a meaningful decline in sales last month, given the seasonal norm and the dire financial news that potential buyers had to ponder in September,'' said John Walsh, MDA DataQuick president.

‘‘But we have yet to see any big, sudden drop in the number of transactions closing escrow. It tells us there were a lot of very serious buyers in the market during late summer and early fall — buyers who consider housing a relatively good buy or investment.''

A total of 21,532 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 5 percent from 20,497 in September and up 66.7 percent from 12,913 in October 2007.

The median price of a Southern California home was $300,000 in October — a 67-month low. The median price was down 2.8 percent from $308,500 in September and down 32.6 percent from $445,000 in October 2007.

Coachella Valley-specific numbers have yet to be compiled by DataQuick for October. The latest valley figures, reflecting September sales, showed:

A total of 865 homes were sold in the Coachella Valley in September, a 65.4 percent increase from September 2007.

That was the strongest year-over-year showing in nearly two decades.

The valleywide median hit $230,000 in September, down 37.8 percent from September 2007.

PGA West Golf Course Schedule

2008-11-07T08:43:00.000-08:00

Arnold Palmer Course

Arnold Palmer Private Course: Opens November 14, 2008
The first cuts will be made this week on the fairways, tees, and rough. The turf is coming in even and should result in a great overseed. Maintenance will be working on lowering heights and prepping bunkers and golf supplies before the course opens on November 14.

Jack Nicklaus Private Course

Jack Nicklaus Private Course: Opens November 7, 2008
The overall overseed is filling in well. Due to high winds, we have been faced with challenges during the seeding and growing stages. As an example, these winds have moved seed in the shorter cut turf (mainly greens) and affected water coverage that created uneven germination of the ryegrass. We are currently reseeding some areas to ensure full coverage, which we hope to see in the next couple of weeks.

Tom Weiskopf Private Course

Tom Weiskopf Private Course: Opens November 21, 2008
The seeding was just completed on Saturday, November 1st. The overall prepping of the course went very well and a good germination is expected.

Stadium Course

Stadium Course: Opened October 31, 2008
The new cart paths on #11 and #15 will help the quality of the overseed growth on these holes which we have not seen in the past. Please note that the new path on #15 does go though the bunker which will now be played as a “waste bunker”. Overall, the overseed is doing very well and has minimal disease damage; damaged areas have been re-seeded to help them recover as quickly as possible.

Jack Nicklaus Tournament Course

Jack Nicklaus Tournament Course: Opened October 24, 2008
Overseeding has taken very well, although you will see some areas that were affected by Pythium. The affected areas have been re-seeded and are filling in nicely. We will start to spray Reward on the Bermuda grass next week to force it into dormancy and create the defined non-overseed areas within the course.

Greg Norman Course

Greg Norman Course: Opens November 28, 2008
The Bermuda renovation was completed on Sunday, November 2 and we began to seed the course on Monday, November 3.

Farmer's Market Old Town La Quinta

2008-11-03T14:33:00.000-08:00

PGA West/La Quinta Resort Overseeding Schedule

2008-10-01T17:58:00.000-07:00

2008 Overseeding Schedule
Water Off Close Open

RESORT
**La Quinta Resort Dunes Course Sep. 15 Sep. 29 Oct. 24
**La Quinta Resort Mountain Course Oct. 17 Oct. 31 Nov. 26
**PGA WEST TPC Stadium Course Sep. 22 Oct. 6 Oct. 31
**PGA WEST Nicklaus Tournament Course Sep. 15 Sep. 29 Oct. 24
**PGA WEST Norman Course Oct. 17 Oct. 31 Nov. 25

PRIVATE
La Quinta Golf Club Citrus Course Sep. 22 Oct. 6 Nov. 7
PGA WEST Nicklaus Private Course Sep. 29 Oct. 13 Nov. 7
PGA WEST Palmer Private Course Oct. 6 Oct. 20 Nov. 14
PGA WEST Weiskopf Private Course Oct. 13 Oct. 27 Nov. 21
***ALL COURSES CART PATH ONLY 30 DAYS AFTER OS***

PRACTICE FACILITIES
**La Quinta Resort Driving Range Oct. 13 Oct. 27 Nov. 14
**PGA WEST Resort Driving Range Sep. 19 Oct. 3 Oct. 24
**PGA WEST Norman Driving Range Oct. 17 Oct. 31 Nov. 25
La Quinta Citrus Driving Range Sep. 22 Oct. 6 Nov. 7
PGA WEST Private Driving Range Oct. 13 Oct. 27 Nov. 14
2008 Aerifying Schedule Estimated Date of

Resort Courses Closed Greens Recovery
**La Quinta Resort Mountain Course July 7-10 Jul. 24
**La Quinta Resort Dunes Course June 23-26 Jul. 10
**PGA WEST TPC Stadium Course July 7-10 Jul. 24
**PGA WEST Norman Course June 16-19 Jul. 3
**PGA WEST Nicklaus Tournament Course June 23-26 Jul. 10
**La Quinta Resort Mountain Course Aug. 25-28 Sep. 11
**La Quinta Resort Dunes Course Aug. 4-7 Aug. 21
**PGA WEST TPC Stadium Course Aug 18-21 Sep. 4
**PGA WEST Norman Course July 28-31 Aug. 14
**PGA WEST Nicklaus Tournament Course Aug. 4-7 Aug. 21

Estimated Date of
Private Courses Closed Greens Recovery
1 PGA WEST Weiskopf Private Course June 2-5 Jun. 19
1 PGA WEST Nicklaus Private Course May 27-30 Jun. 13
1 PGA WEST Palmer Private Course June 23-26 Jul. 10
1 La Quinta Resort Citrus Course June 9-12 Jun. 26
2 PGA WEST Weiskopf Private Course July 21-24 Aug. 7
2 PGA WEST Nicklaus Private Course Jun. 30-Jul. 3 Jul. 17
2 PGA WEST Palmer Private Course July 14-17 Jul. 31
2 La Quinta Resort Citrus Course July 14-17 Jul. 31
3 PGA WEST Weiskopf Private Course Sept. 2-5 Sep. 19
3 PGA WEST Nicklaus Private Course Aug. 11-14 Aug. 28
3 PGA WEST Palmer Private Course Aug. 25-28 Sep. 11
3 La Quinta Resort Citrus Course Aug. 18-21 Sep. 4

2008 Course Closures
Subject to Change Current as of 6/03/08
2008 Course Maintenance Schedule

Fore! Sale

2008-09-08T00:25:00.000-07:00

Fore! Sale
By Robert Lockard
Reposted from LuxuryRealEstate.com

When was the last time you heard someone brag about the luxury of living near the finest basketball arena in the world? Or the most prestigious football field? Chances are you have not. Despite these sports’ popularity, they are rarely connected with luxury. However, there is one sport whose fairways attract the gaze and praise of luxury seekers around the world: Golf. Few sport grounds enjoy the peculiar prestige of golf courses. Why? Perhaps it is because no two golf courses are the same. Most sports require a flat, dry surface with specified dimensions, while golf distinctly includes hills, trees, sand traps, bodies of water and other features to provide challenge and variety for golf enthusiasts. Perhaps golf courses are special because they occupy much more land than a typical sports arena. Whatever the reason, golf is uniquely linked to luxury lifestyle.

There are many ways to enjoy a luxury golf lifestyle. Casual golfers might enjoy their own private putting green or small course on their property to use on special occasions. Dedicated golfers who are attracted to the competitive nature of the sport, on the other hand, might prefer owning a property in a dynamic golf community to enjoy all of the advantages available only to residents. “The significance of golf-course communities extends beyond the obvious appeal of the course itself, which should not be discounted by any means,” says Johnny Phelps, Associate Broker with Harry Norman, Realtors in Atlanta. “But while the ‘club’ atmosphere has long provided a platform for social as well as business engagements, golf communities also present a much-desired consistency of appearance, a factor that has the appeal of long standing. It should also be noted that most golf communities are gated, providing an additional level of security that is paramount for the homeowners.” Of course, golf communities have changed over the years to appeal to a wider group of people with changing tastes. They continue to satisfy many people’s desire for world-class courses while also providing ample activities for those less interested in the sport, including family members seeking a fun vacation experience.

Many private and public golf communities have sprung up around the United States to cater to these changes in golfers’ preferences. A spectacular example is the Promontory Club in Park City, Utah, east of Salt Lake City. “With not one but two world-class courses by highly renowned designers, members here can spend a lifetime mastering the challenges of these courses,” says Melissa Garland, Marketing Director of Promontory. “When Jack Nicklaus was first invited to Promontory to select the area for his members-only Signature course, he was immediately drawn to the wide spaces in the valleys in the southwest side of the property. Nicklaus blended long fairways with the stream that runs through the area to create one of the longest and most breathtaking courses in Utah.” Not to be outdone, Promontory’s Pete Dye Signature course offers beautiful and challenging elevation changes as it wanders through the canyons on the north side of Promontory. Both courses provide players with awe-inspiring views of the surrounding mountain ranges, even as players try to keep their eyes on the ball. “Golf that is unique in both beauty and play is what attracts enthusiasts to Promontory,” Garland says. “The customer service and member care provided by the Promontory staff is second to none in the luxury, private-club market. Top-quality teaching staff and an ever-growing list of family-oriented golf activities make golf at Promontory the experience that every golf-loving family is seeking today.” As noted before, golf developments are often designed to please not only golf enthusiasts, but their families and casual golfers who are looking for a resort lifestyle. “Today’s golf-community buyer is younger, often with young children and with a wide variety of interests within each family,” Garland says. “The opportunity to bring families together in an environment that has not only world-class golf programs, but also a wide variety of member programs and virtually every outdoor activity is the biggest factor contributing to the popularity of such communities. When you combine a beautiful mountain retreat location with top-notch golf and one-of-a-kind homes, it’s not too difficult to see why Promontory is a leader in this market.”

Another amazing golf development is the PGA West country club in La Quinta, California, 40 minutes east of Palm Springs. Many of PGA West’s high-end properties are represented by Sandi Phillips of California Lifestyle Realty. Established in 1984, PGA West is a recreational/resort development consisting of more than 2,200 acres of world-class golf, tennis and fitness. PGA West currently hosts six golf courses designed by five of golf’s top designers: Jack Nicklaus, Arnold Palmer, Greg Norman, Tom Weiskopf and Pete Dye. In fact, PGA West is the only private club in the world with two golf courses ranked in Golf Magazine’s 100 Greatest Courses in the World. This club is also noteworthy for hosting PGA Tour events every year since its inception in 1986. Beyond its world-class golf courses, PGA West offers members three expansive clubhouses, a health and racquet club, as well as plenty of social activities. Like a flower in the desert, PGA West’s lush green courses and vibrant bodies of water stand in stark contrast to the surrounding sea of sand. Both PGA West and Promontory have a unique challenge to maintain the green beauty of their golf courses despite their location in deserts. Golfers expect their golf courses to be kept in immaculate condition, so it is essential for luxury golf communities to be vigilant in this area. They meet this challenge by employing creative engineering tactics, investing a great deal of time and resources into the maintenance of their courses.

Moving beyond the desert into the Eastern United States, we find the one-and-only Pinehurst Resort, which is within walking distance of the Village of Pinehurst, North Carolina, west of Fort Bragg and Fayetteville. The Pinehurst Resort was originally designed in 1895 by Frederick Law Olmsted, the famed architect of New York City’s Central Park, and Donald Ross, an imaginative young man who went on to become known as “the father of modern golf architecture.” With a whopping eight golf courses on 2,000 acres of land, the Pinehurst Resort is a unique combination of old-fashioned charm and modern conveniences. While all eight golf courses in this resort are impressive in their own right, Ross’ Pinehurst No. 2 golf course, which was completed in 1907, is arguably the most prestigious in the country and certainly in North Carolina. This is quite a bold statement because the Village of Pinehurst is considered by many to be the traditional home of American golf, with 150 miles of fairway on 43 magnificent golf courses within a 15-mile radius. Pinehurst No. 2 is certainly worthy of this distinction, though. Maureen H. Clark, Broker with York Simpson Underwood, is representing an historic 1928 cottage located in a prime location at the 150-yard marker of the 5th fairway of Pinehurst No. 2. The 190 Midland Road cottage offered residents excellent views of both the 1999 and 2005 U.S. Opens hosted at Pinehurst and will do so again for the 2014 U.S. Men’s Tournament and many other upcoming high-profile events. It is currently listed for $2,350,000. In addition to golf, residents of the Pinehurst Resort can enjoy a variety of equestrian and other outdoor activities.

Opulent golf living is not solely found in luxury resorts. Those looking for a world-class golf experience on their own private course can find exactly what they’re looking for at Le Rêve, a 72-acre Atlanta estate inspired by King Louis XIV’s ineffable Château de Versailles, built in the 17th century near Paris. Le Rêve is being offered for $45,000,000 and is exclusively represented by James Simons, a top-ranked Agent of Jenny Pruitt & Associates, REALTORS®. This 47,000-square-foot, four-story palatial residence contains an astonishing 82 rooms, including a 27-seat movie theater, model train room, Brunswick two-lane bowling alley, 1950s-style diner and, most importantly, a virtual golf room. Imagine launching perfect drives down the fairway in the privacy of your own home. Simply amazing. Outside, the estate encompasses an impressive nine-hole golf course. Two of the course’s holes were modeled after the 11th and 12th greens at the Augusta National Golf Club, which hosts the Masters Tournament each year in Augusta, Georgia. The property also includes a 4.5-acre lake, horseback riding trails, amphitheater and lawn tennis court. All of these incredible features add up to a completely luxurious experience worthy of the finest golf resorts in the world.

Whether you desire old history or new innovations, privacy or prestige, challenge or fun, golf developments can provide exactly what you’re looking for. We’ve covered a small sampling of exceptional golf properties and resorts across the country, but there is no limit to the possibilities available. Returning to the question posed at the beginning of this article about why golf courses are considered so luxurious, perhaps the answer lies in the combination of their rich heritage, exclusive, coveted membership and serene locations. Take your best shot and discover for yourself why golf properties are such a stroke of genius!

Demolition is underway as the Stadium Clubhouse undergoes some major changes

2008-08-28T17:46:00.000-07:00

Short Sales

2008-08-28T15:01:00.000-07:00

A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.

A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

Creditors, their surrogates, and those who politically benefit from the mortgage industry -- especially those in the real-estate, mortgage servicing, and banking -- wrongly portray short sales as difficult to complete or morally questionable[citation needed]. This is simply untrue if the value of the underlying asset, a home, has fallen dramatically and the debtor has limited assets. Short sales are extraordinarily common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.

Negotiatons
Lenders have a department (typically called a loss mitigation department) that processes potential short sale transactions. Typically, lenders do not accept short sale offers or requests for short sales until a Notice of Default has been issued or recorded with the locality where the property is located.

Lenders have a varying tolerance for short sales and mitigated losses. The majority of lenders have a pre-determined criteria for such transactions. Other distressed lenders may allow any reasonable offer subject to a loss mitigator's approval. "Red tape" is very common in short sales, requiring potentially multiple levels of approvals and conditions. Junior liens - such as second mortgages, HELOC lenders, and HOA (special assessment liens) - may need to approve the short sale. Frequent objectors to short sales include tax lieners (income, estate or corporate franchise tax - as opposed to real property taxes, which have priority even when unrecorded) and mechanic's lien holders. It is possible for junior lien holders to prevent the short sale.

Recent Changes to Federal Laws Affecting Mortgages
When the lender decides to forgive all or a portion of a borrower's debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed.

However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties. This protection is limited to primary residences -- rental properties are ineligible for relief -- so consultation with a tax advisor is necessary to ensure that a borrower qualifies.[1]

More recent legislation provides for a specialized type of refinancing option, available for mortgages made after in 2006 or later, for owner-occupied homes. Under this program a debtor provides information similar to that necessary for a short-sale but rather than selling the house to a third-party an FHA guaranteed loan at a fixed-rate is available if the original lender is willing to write-off all but 85-percent of outstanding of the debtor's obligations (including principal, interest, late-fees, prepayment penalties, and all other fees). FHA-backed refinance packages are available beginning October, 2008, and carry a fee equal to 1.5% of the value of the house. Debtors who exercise this option must sacrifice 50-100 percent of equity that builds in a house, and may not participate in home equity loan programs. This program is only available to owner-occupied residences. This program requires consent from a lender: consent is not automatic and may be freely withheld, though withholding consent can result in a foreclosure with adverse financial results.

Credit reporting
A short sale does adversely affect a person's credit report, though the negative impact is typically less than a foreclosure. Short sales are a type of settlement. Like all entries except for bankruptcy, short sales remain on a credit report for seven years. Depending upon other credit information it is typically possible to obtain another mortgage 1-3 years after a short sale.

While it is frequent if not common for a lender to forgive the balance of the loan in question, it is unlikely that a lien holder that is not a mortgagee will forgive any of their balance. Further, it is common for a lender to omit updating mortgage balances to reflect a zero balance after a short sale. However, willfully misrepresenting information on a credit report constitutes libel in many states, and lenders may be sued in civil court for engaging in this behavior.

Sid Kirkland donating kidney to friend and co-worker

2008-08-12T16:22:00.000-07:00

Sid Kirkland, who turns 43 today, is donating a kidney to his friend and co-worker Betsy Justice.

“When we were first beginning to talk about this, I kept asking him why he wanted to do this for me,” Justice said. “I mean, I've got friends that I've known 25 to 30 years, and none of them stepped up and offered me a kidney.”

The two were scheduled to be wheeled into the operating room at Loma Linda University Medical Center this morning to undergo kidney transplant surgery.

Justice, 48, who was diagnosed with chronic end-stage renal failure — kidney failure — last August, has been on the transplant list for less than a year.

The two have been friends for just as long.

“Most people have to wait five to seven years for a match,” Justice said. “But I am one of the lucky ones. I waited less than a year to get well from this disease.”

Kirkland and Justice, both Realtors and La Quinta residents, met casually through mutual friends during the Bob Hope Chrysler Classic golf tournament about two years ago.

Then in November, Kirkland joined California Lifestyle Realty and began to work side by side with Justice.

He soon learned of Justice's condition and by January Kirkland decided he wanted to do something about it.

“I was with a client at the time, and Sid came over and said, ‘Hey I need to talk to you.' And I said, ‘Really? What about?'”

Imitating Kirkland at that moment, Justice patted her lower back and recalled Kirkland saying: “‘About one of these.'”

Justice said she remembered laughing and saying, “‘That's funny. What? You got an extra kidney you want to give me?' And he says, ‘Matter of fact, I do.'

“I was really taken aback by that. I wasn't sure if he was serious.”

Astonished, baffled and a bit skeptical, Justice said said she found herself constantly asking why he had offered. Then she received her answer.

“I looked at him and said, ‘Seriously, why are you doing this for me? I need to understand your reasoning because this is such a big deal,'” Justice said, crying. “And he said to me, ‘It gives me the opportunity, as a human being, to do something in this lifetime that is bigger than the sum of who I am.'”

She paused again to wipe a tear as it tried creeping down her cheek.

“I thought that was really, very profound,” she said.

A match is found
Justice, who has had a history of high blood pressure but was healthy otherwise, said she began feeling a change in the spring of 2007.

“I didn't have any energy, I had bad skin. ... I had a lot of weird symptoms,” Justice recalled. “I had a rash on my back that was itching all the time — just weird stuff. I knew something was wrong, but I just thought that I was deficient.”

Then when $200 worth of vitamins didn't do it for her, she thought maybe she was “just hormonal.”

But one day last August, she had to figure out what was happening to her body.

“I was shaking all the time. I mean, I could really feel something was wrong inside of me,” she said. “I had a splitting headache, and this was ongoing for several months, so I checked into emergency.”

After a quick blood sample, the wondering was over and a nephrologist on call that night came to her bedside to tell her she had hypertensive nephrosclerosis — which wasn't a surprise because she had a history of high blood pressure — and was suffering from chronic end-stage renal failure.

“I said, ‘What does that mean?' And he answered, ‘Your kidneys are functioning at about 8 percent of 100 (percent) and we need to put you on dialysis immediately' — and then I threw up,” she recalled.

Two days later, a catheter was inserted into her chest — “my rubbery little port where I can get cleaned up” — and has since been taking dialysis treatments three to four times a week for the past year.

During the six months after her diagnosis, she began the screening process to become a transplant candidate.

She ended up on the transplant list for a cadaver donor by January.

Shortly after, Kirkland stepped up to be her living donor.

“The more and more I found out about it, the more and more it just felt right,” he said. “I don't know why I wanted to at first, really. I guess it was just a calling.”

In California to date, 9,831 living donors have given their kidneys to people in need of transplants, according to The Organ Procurement and Transplantation Network.

Of that number, there have been 266 living kidney donors in the state so far this year.

“You can make that 267, thanks to my friend, Sid,” Justice said.

Prepping for the day
Sid says he has had no reservations.

“I've been kind of gung-ho with the whole thing the entire time,” Kirkland said, beaming.

His family initially wasn't as comfortable, though.

“I was nervous about it at first. In fact, I thought he was crazy,” said Kirkland's wife Laurie Kirkland, laughing. “I was concerned about his well-being because if something happened to him, I mean, we have kids.”

The Kirklands have two teens, 14-year-old Curtis who has an autistic related disability and 12-year-old Stephanie.

“But he did a lot of research and that helped with coping,” Laurie said.

As part of Kirkland's preparation for today's surgery, he said he's watched two kidney transplant surgeries via the Internet.

How did Justice prepare for her big day?

“I've just been on my knees, thankful to the good Lord every night,” she said.

Prodding and poking
The screening process to ensure living donors and those receiving the organ is a rigorous one, Kirkland and Justice said.

“She's been pricked, prodded and probed and I've been pricked, prodded and probed,” Kirkland said.

But even after the relief of knowing they were a match in March, Justice and Kirkland had to undergo one more hurdle last week — their last cross-match test.

“It freaked me out,” Justice said. “Up to the very last minute, it could have gone wrong. And I thought this whole time, once you're a match, you're a match.”

Kirkland received his final medical bracelet Aug. 5 and Justice put hers on Aug. 6 to confirm they are matches for the surgery.

The two can't take off their “friendship bracelets” until after the surgery.

“I'm happier than I could ever be knowing I'm going to give her my kidney on my birthday,” Kirkland said. “It's better than a T-shirt or anything I could ever get.”

For Justice, whose birthday isn't until October, this will forever be the greatest gift she'll ever get to accept.

“It's a bit of an overwhelming gift to receive on my part,” Justice said, “knowing that this generous person wants to do this generous deed for me.”

Bob Hope Chrysler Classic Announcement PGA West

2008-08-01T13:59:00.000-07:00

As you may have read this morning in the Desert Sun, we are delighted to announce The Club at PGA WEST has been selected as the host site for the Bob Hope Chrysler Classic! The Club has locked in the host site honors for years 2009 through 2013.

New this year, and equally exciting, the Jack Nicklaus Private will be added to the rotation, in addition to the Arnold Palmer Private. This means PGA WEST will host two of the four courses for this prestigious event, during its 50th Anniversary! Finally, Arnold Palmer will serve as the celebrity host to add to the prestige. Tell all your friends, family and neighbors; PGA WEST will have the final round played on the Palmer once again!

For those of you that have attended this tournament in years past, you know how exciting this PGA TOUR event is. For those new Members, consider this:

· David Duval's stunning "59" on his final round for the win on the Palmer
in 1999.

· Phil Mickelson's final round, final hole "monster flop shot" for the win in
2004.

· A clubhouse full of your favorite celebrities & PGA TOUR stars.

· Or, simply the Members' house parties plum full of your friends, enjoying
great golf, drinks and a few laughs along the way.

These are life's great moments, and an opportunity that other Clubs rarely have. Events of this nature are truly great for our community.

PGA West Mid Summer Update

2008-07-23T23:13:00.000-07:00

PGA WEST
Mid-Summer Update

Director of Agronomy, Dean Miller

The construction projects are now in full swing on the golf courses. Please read the following updates, which includes an explanation of projects that are on-going or will begin in the near future:

Arnold Palmer Private Course

Installation of the new pump station will be complete during the week of July 28, 2008. Members will notice a large trench moving across the fairway on the 18th hole next week. This trench will be used for the installation of a six inch flush line; the line is necessary for the new filtration system on the pump station.

Jack Nicklaus Private Course

The cart paths are currently under construction as we complete repairs that were not included in last year's project. The cart path around the 8th hole is finished and work on the paths near the 10th, 11th, 12th and 18th holes will begin this week. You will notice fencing along the perimeter of the planter beds in the lakes on the 8th, 13th, and 14th holes; these were installed on a temporary basis to allow the new aquatic plants to root in the soil and establish before the fish eat them. Once the plant material is rooted, the fencing will be removed.

Nicklaus Tournament Course

The lake bank renovations on the 9th and 18th holes are complete. Currently, the sod tie-in work along the new edge and the installation of new sand in the fairway bunker are almost complete. You will notice fencing along the perimeter of the planter beds in the lakes on the 9th and 18th holes. Like on the Jack Nicklaus Private Course, the fencing was installed on a temporary basis to allow the new aquatic plants to root in the soil and establish before the fish eat them. We will be removing the fence once the plant material is rooted. In addition, plant material has been removed around the 1st tee area to improve the view from the tee box to the fairway. Soil material has also been brought in to enlarge the teeing space and improve the year round condition of the surface.

The Stadium Course

The changes to the course have been well received by players, along with positive feedback about the design. The course has a new pump station and the landscape renovation is almost finished. All the Acacia redolens have been removed and cart paths are repaired. The 11th tee boxes have a new bunker and the 12th, 13th and 17th tee boxes have new grass planter beds. In a few weeks, Dye Designs will be visiting the Stadium Course to check on the progress of the projects and will also be spotting the final trees on the 11th, 12th, 13th, 16th and 17th holes.

Time For Some Renovation

2008-07-18T07:09:00.001-07:00

Stadium Clubhouse Closure

As you may already know, Morgan Stanley’s commitment to improving Member’s golf experience, as well as the Resort guests’ golf experience continues. We are excited that the Stadium Clubhouse will be completely renovated beginning this month. To complete its amazing transformation, the Stadium Clubhouse will be closing Food and Beverage Operations on July 20, 2008. The beverage carts will continue to be available on the Stadium and Jack Nicklaus Tournament Courses. The Golf Shop will remain open in its current location as long as construction permits. When construction requires, the Golf Shop will be relocated downstairs next to the cart staging area, which is currently being renovated. The Clubhouse will reopen early next year.

Happy 4th of July!!!!!

2008-07-03T16:49:00.001-07:00

Fourth of July fireworks shows will light up the sky across the valley tomorrow night.

Here's where you can find the displays and other entertainment:

Palm Desert

Palm Desert will hold a free Independence Day concert beginning at 7:15 p.m. at Civic Center Park, 73-510 Fred Waring Drive.
The event will kick off with a performance of "The Star Spangled Banner" by Coachella Valley resident Ashley Wagner, followed by a concert of popular tunes by Steve Madaio & Friends.
Fireworks, set to patriotic and contemporary music, are set for 9 p.m.
Drinks and snacks will be available for purchase.
Due to construction work, no seating or parking will be available at the College of the Desert or the College Golf Center.
Off-site parking will be available at The Gardens on El Paseo, with free shuttle service between The Gardens and Civic Center Park offered from 6:30 to 10 p.m.
Pick up will be at the San Pablo side of The Gardens and at the San Pablo entrance to the park.
Information: 346-0611

The 12th annual Indio Fourth of July Festival will be held at the Riverside County Fairgrounds, 82-503 Highway 111. Gates will open at 5 p.m. and fireworks will begin at 9 p.m. sharp.
The community event will feature numerous live events including games, water slides, and a "spectacular" fireworks display.
Admission is free. Parking is $5.
Information: 391-4174

Palm Springs
The city of Palm Springs and Palm Springs Power baseball will present an All-American 4th of July extravaganza.
Beginning at 6:05 p.m., the Power will take to the field in a rematch against the Davis-Monthan Mustangs, a team from Davis-Monthan Air Force Base in Tucson, Ariz.
Festivities include pre-game and post-game entertainment by the Impulse Drum and Bugle Corps, an Air Force flyover and a Ruby's pie-eating contest.
The Hotel Zoso will sponsor a dunk tank with proceeds going to help fund the new Palm Springs Animal Shelter and to the Animal Samaritans of the Desert.
Stadium gates open for the game at 5 p.m.
Admission to the game is $7 for adults and $6 for children and seniors.
Beginning at 8 p.m., admission to the stadium is free for everyone.
The fireworks show will begin at 9:15 p.m.
Information: 323-8272.

Desert Hot Springs
The fireworks are going to light up the sky in Desert Hot Springs for Independence Day at Mission Springs Park, 66-750 Park Lane.
The free event, which features entertainment, food and more, will start at 6 p.m. The firework show starts at 9 p.m.
A free shuttle service is available from the Kmart Shopping Center to the park.
Information: 329-0222

Coachella
The Coachella Chamber of Commerce and city of Coachella will celebrate the holiday on July 3 with festivities and fireworks at Coachella Valley High School.
There will be food, games and activities for the kids starting at 6 p.m. with fireworks to follow at dark.

Indian Wells Crossing gets added muscle

2008-04-12T10:19:00.000-07:00

Great Article From The Desert Sun

Developers of Indian Wells Crossing have added a new partner to help speed along progress on their long-anticipated restaurants and shops - now slated for 2009.

The deal with real estate firm Weingarten Realty was completed after receiving approval from the city of Indian Wells during the last few weeks, said Michael Kiner, a co-developer of the project.
Indian Wells Crossing, formerly called Miles Crossing, is a mixed-use commercial and residential project slated for Miles Avenue and Highway 111. It is also expected to feature a hotel and 22-unit housing track.
As part of the deal, Weingarten Realty, which owns more than 400 properties in 29 states, will finance Indian Wells Crossing's retail wing at an estimated cost of $40 million, said regional director Robert McSparran.
The company also plans to use its own funds instead of borrowing, McSparran added.
The deal would not only provide financing, but also a national network of contractors and retail tenants, Kiner said.
Weingarten, McSparren said, could draw from its pool of 5,300 tenants to find the right restaurant and retailers for Indian Wells.
"We needed a fit of someone who could come in and take over the actual construction and leasing arm," Kiner said.
He partnered with Chicago-based developer Gerald Fogelson to form Miles Crossing Retail, LLC. The pair worked on the design and entitlements, and Kiner said they likely would have borrowed to finance the project.
Weingarten will now steer the project through construction and leasing. The financing is an added bonus, Kiner said.
The company opened a new L.A.-based office last year and was looking for area investments.
Indian Wells Crossing was originally scheduled to open shops and restaurants by fall 2007, but technical issues have bumped that back to fall 2009, officials said.
The project will be built into the Whitewater River Wash slope, and the developers were mired in engineering studies and approvals from both the Coachella Valley Water District and the U.S. Army Corps of Engineers, which have jurisdiction on parts of the wash.
McSparran said he doesn't expect more delays, and construction should begin this summer.
Indian Wells Crossing "has been on the books for four or five years now," he said. "It really needs someone to take the bull by the horns and drive it across the finish line."
So far, the project has six confirmed eateries, including the Chop House and LePaon. McSparran said he's negotiating with two more "high-end" restaurants, plus a day spa, an eyewear shop and several banks.
But even as Indian Wells Crossing's retail segment sees progress, there haven't been any new developments on its proposed hotel across the street and the market slowdown has put the houses "on the back burner," Kiner said.
The hotel was originally supposed to be managed by Fairmont Hotels & Resorts, but talks fell through in summer 2007.
Indian Wells Crossing developers then approached Marriott, which operates nearby Renaissance Esmeralda Resort & Spa, but a change of ownership has complicated the talks.
Now they're negotiating with several hotel companies. The goal is a hotel, but there's a chance it could turn into something else, Kiner said.
Indian Wells Crossing will be Weingarten's first Coachella Valley property. The company also has an Indio commercial project early in the works.

Pacific Life Open Fun Facts

2008-03-09T15:45:00.000-07:00

Estimated valley economic impact: More than $220 million
Officials book on average 11,000 hotel rooms each year for players
About 10,000 glossy programs are printed
2008 anticipated attendance: 320,000
The tennis garden gets an electric bill of $60,000 to $90,000 from Edison to power the tournament, according to Director of Operations Bill Clarke. The main stadium has 144 overhead lights at 1,500 watts each "to brighten like daylight," Clarke said.
The Pacific Life uses 250 ball kids and they're mostly local
About 400 journalists from across the globe arrive to cover the Pacific Life Open.
Van Tuinen estimates the 3,000-member paid staff racks up more than a half-million hours preparing, working and cleaning up after the Pacific Life Open. Department directors typically work 15- to 20-hour days during the event.
: About 7,500 parking spots are available around the tennis garden
The tournament is broadcast to 70 million homes worldwide

Why Fed Rate Cuts Do Not Equal Lower Mortgage Rates

2008-03-06T16:10:00.000-08:00

The Federal Reserve has been on a rate cutting spree once more. Many mortgage applicants are calling their mortgage representative and expecting a lower interest rate. Others who have been waiting to refinance are puzzled as to why mortgage rates have not moved lower during the recent five Fed rate cuts. This is difficult to explain to consumers who have watched a 2.25% reduction by the Fed with very little benefit in mortgage rates.Is a Fed rate cut really good news for mortgage rates? The facts may be surprising. The Fed can only control the Discount Rate and the Fed Funds Rate. This is very different from mortgage rates. A mortgage rate can be in effect for 30-years while a rate set by the Fed can change from one day to another.It is often said history repeats itself. And if history is any teacher,we can learn from what happened to mortgage rates the last time the Federal Reserve was in a rate-cutting cycle.The last time the Fed was in a lengthy rate cutting cycle was back in2001 from January 3, 2001 to December 11, 2001. In the span of 11months, they cut the Fed Funds rate 11 times with eight of those cuts by50bp. This resulted in a total of 475bp or 4.75% in short-term interestrate cuts taking the Fed Funds Rate from 6.00% down to 1.75%. Now most uninformed people would naturally think because the Fed cut rates by so much during this time that mortgage rates would follow suit and trend lower as well. Not so. Mortgage rates actually moved higher during thistime of significant rate cuts because inflation, the arch enemy of bonds, gradually rose.Now let's take a look at what happened with the Fed's most recent cutting cycle, the first since 2001. On September 18, 2007 the Fed cut the Fed Funds Rate by 50bp. The mortgage bond market briefly enjoyed a"knee-jerk" reaction to the Fed move by closing higher that day, but lost 140bp over the following two sessions. Then on October 31, 2007 the Fed lowered the Fed Funds rate by 25bp. The mortgage bond market responded by losing 78bp over the following five trading days. On December 11, 2007 the Fed once again lowered rates by 25bp and the mortgage bond market lost 88bp in the next three days. So far this year,the Fed delivered a surprise 75bp rate cut on January 22, 2008 and mortgage bonds lost a whopping 144bp in just 2 days. Eight days later and as widely expected, the Fed cut rates by 50bp. Within 13 days from that 50bp cut, mortgage bonds lost 269bp.

Article written By Barry Habib.

Positve Real Estate News on the Front Page of the Desert Sun

2008-02-12T15:41:00.001-08:00

If you didn't get a chance to pick up the Desert Sun today take a look at the great article that was on the front page.

The number of homes sold in the Coachella Valley in 2007 fell 21.4 percent compared to 2006.

Yet average sales prices are holding steady. In the desert's nine cities and two unincorporated areas, the average sales price inched up less than 1 percent, hitting $555,267 last year.
That happened despite average sales prices falling in every desert community except La Quinta.
The year-in-review data, to be released by the California Desert Association of Realtors this week, shows the local housing slump that began in the second quarter 2005 only worsened in 2007.
And while some hope the market stabilizes this year, several economists and real estate experts point to 2009 and even 2010 before the critical residential real estate market begins an upswing.
"I've never seen (sales) plunge this fast," said Patrick Veling, president and founder of Real Data Strategies.
The Brea consultant company compiled the 2007 data based on the Desert Area Multiple Listing Service, which includes sales of existing homes, new residences and condos. Real Data Strategies also provided additional analysis of the immediate Coachella Valley to The Desert Sun.
The new figures show:
A total of 5,860 homes were sold in the nine desert cities, Bermuda Dunes and Thousand Palms.
That's roughly 1,600 fewer homes than were sold during 2006. And it's a 46 percent tumble since 2005.
Average prices for the immediate Coachella Valley increased $5,269 from the average price of $549,998 in 2006.
When comparing 2006 to 2007, the average sales price dropped in every community except La Quinta.
The year actually marked the second consecutive year La Quinta's average sales price increased: from $771,747 in 2006 to $797,201 in 2007.
The implications of the real estate market are far-reaching.
Housing sales have a direct impact on the valley's entire economy, touching countless other industries - notably construction and retail.
"That affects a whole variety of sectors and different parts of the economy," said John Husing, a Redlands-based economist and consultant for the Coachella Valley Economic Partnership.
"It all affects retail, consumer services, banking - all those are impacted."
Dramatic changes
Experts say the first red flags of of the valley's market problems came with the 2005-06 data:
Sales slowed. Prices leveled. It quickly transformed from a seller's dream to a buyer's market.
It only got worse in 2007, the numbers show.
"We have not seen sales activity at this pace," Veling said.
The figures also reveal a first in recent memory: Luxury homes that sell for more than $1 million continue to fare well, while the entry-level home market struggles.
It indicates that people looking to invest in second or third homes are being more selective about when they're buying.
And sellers aren't budging on prices because they're not motivated by need as much as their intent to get top price.
It's "absolutely opposite" of traditional housing shifts, says Greg Berkemer, executive vice president of the California Desert Association of Realtors.
Previous market corrections, triggered by economic recessions started at the top with high-priced homes. Entry-level purchases generally were not affected.
This time, "the high-end kept selling and the low-end collapsed," Berkemer said.
That's a big reason average sales prices have not dipped, and even gone up slightly.
But until the sales prices go down, experts say the desert's large inventory won't diminish.
The valley ended 2007 with 9,186 homes on the market. That is 11.5 percent - or 950 more homes - than at the end of 2006.
It's also about three times greater than the end of 2004 when the housing market was booming.
And as more adjustable rate mortgages are about to reset, Veling said "one could argue" that it will be late 2009 to early 2010 "before this begins to level off and improve."
"The quicker we (stabilize the market)," Berkemer said, "the better off we are all going to be."

Did you know?
With 933 homes, the 92253 ZIP code in La Quinta had the most homes sold and closed in 2007 of any valley ZIP code. The 374 active agents there totaled $743.8 million in volume. Of the nine valley cities, Coachella saw the fewest home sales, with 79 sold in 2007. All but one were entry-level homes below $500,000; the other sold in the $750,000 to $999,999 range.Indian Wells tops all other desert cities when it comes to average sales price. In 2007, homes there cost $1.1 million. The 92262 ZIP code of Palm Springs had the most sales of entry-level homes at 561 homes in 2007.The valley's luxury market, where homes sell for seven figures, makes up 9 percent of all sales in 2007. Entry-market sales make up 68 percent.

Should you wait for the market bottom?

2008-02-08T14:21:00.000-08:00

Should you wait for the market bottom?The housing market will continue its downward spiral, forecasts say, and that means opportunities for buyers. But waiting for the market bottom may not be the smartest strategy. Here are 5 reasons to buy now -- and 5 reasons you may want to wait.

By Melinda Fulmer, MSN Real Estate

The best markets in 2007's third quarterThe worst markets of 2007's third quarterForeclosures up 75% in 2007The latest housing headlines are far from encouraging: Foreclosures are up, home prices are down and new-home sales are at record lows. All this dismal news has many buyers sitting on the sidelines, afraid to make a move. But, economists say, waiting for the bottom may not be the smartest strategy.Calling the market low is a difficult task, and it's most often spotted in the rear-view mirror. For one thing, there's no agreement on when the U.S. real-estate market will officially touch bottom. If you believe the National Association of Realtors, it will happen later this year. Investment bank Merrill Lynch is much more pessimistic, predicting that U.S. home prices will drop another 15% this year and 10% in 2009, with perhaps even more depreciation in 2010.

But for many buyers, there's no real need to wait for the market as a whole to officially bottom out, says Delores Conway, director of the Casden Forecast at the University of Southern California's Lusk Center for Real Estate. "Real estate is local," Conway says, and therefore what constitutes the bottom for the country is meaningless for those looking to buy and sell homes in their own neighborhoods. Prices in many markets have not yet hit their lowest point, but they aren't that far off. And in other areas, only the pace of sales has been affected; prices have held firm or gone up. Waiting for the absolute bottom to hit before buying puts you at risk of missing it and getting caught up in a market on the upswing. Plus, for some first-time home buyers, owning simply makes better economic sense than renting.Downturn, what downturn?Of course, in some parts of the country, there's no real reason to get cold feet about buying. Prices have ticked up slowly and are expected to continue that slow march for the foreseeable future. "We have not seen a downturn in our market," says Marianne Ackerman, of The Property Shop in Glenwood Springs, Colo.

2008 Bob Hope Chrysler Classic hosted by George Lopez January 16-20

2008-01-09T15:54:00.000-08:00

Get out your golf clubs and your camera. It's time for another Bob Hope Chrysler Classic tournament. The Pros and celebrities will be playing some of the best courses in the desert. From PGA West to the new Classic Club. Not to mention that Jimmy Schmidt and his Rattlesnake restaurant group will be taking care of all the food and catering.

For more info here is the official website

http://www.bhcc.com/

Palm Springs International Film Festival

2008-01-09T15:25:00.000-08:00

As one of the largest film festivals in the country, the 19th annual Palm Springs International Film Festival is here. Roll out the red carpet as we get an influx of celebrities and movie aficionados. The A list of celebrities keeps growing year by year. If you have a chance make sure to check out some films.

For more info check out the official web site.

http://www.psfilmfest.org/index.aspx

Panel OK's EdenRock over local opposition

2008-01-09T15:12:00.000-08:00

About 150 PGA West homeowners packed into La Quinta City Hall chambers Tuesday night to voice their concerns about the Eden Rock residential project, up for Planning Commission review.
In a session that stretched past 10 p.m., the commission ultimately voted 3-1 to recommend Eden Rock for La Quinta City Council approval.
Commissioners Ed Alderson, Paul Quill and Robert Wilkinson voted in favor, while Commissioner Katie Barrows dissented. She said Eden Rock's design should better blend into the surrounding community. Commissioner Jim Engle was absent.
"We really need to keep the look and the ambience of PGA West, which is single-family homes," said Christina Deniel, a resident of the upscale golf community who also heads the city's Investment Advisory Board.
Developer Pacific Santa Fe Corp. would build the 42-acre, 292-unit project in the center of PGA West, on the golf community's last significant developable area.
Some residents told the commission they fear Eden Rock's Tuscan design and higher densities would clash with the existing PGA West homes, and that it would attract short-term renters who would use PGA West's pools, golf courses, tennis courts and other amenities without paying club dues.
"We don't want the short-term rentals. We don't have them now," PGA West homeowner Vicki Merchant said.
La Quinta City Attorney Kathy Jenson said the city's agreement with Eden Rock developer Pacific Santa Fe Corp. does not limit the project to a minimum stay for renters.
"Many times a community is concerned about a project built near them. We understand that," said Gil Martinez, an Eden Rock spokesman. "Our objective is to preserve the character of PGA West through responsible planning."
When Commissioner Quill asked one resident if he knew the Eden Rock site was originally zoned for a 1,000-room hotel, many in the room shouted back, "Yes!"
Some said they'd rather see a hotel built because its amenities and management would keep visitors contained to the Eden Rock site.
A consortium of concerned residents said they'd accept Eden Rock if its proposed eight condominium buildings, each with 16 units, were replaced with more of the project's less-dense "courtyard" home units. They'd also like the developer to agree to a 30-day minimum deal.
"We have made numerous suggestions to the developer about what we'd like to see there," said resident James Cox. "We were led to believe there was going to be some honest pencil-pushing ? apparently that consideration did not pencil out. We're kind of at loggerheads."

California Lifestyle Realty Holiday Party 2007

2007-12-21T15:58:00.001-08:00

Tis The Season For Holiday Cheer

2007-12-10T12:58:00.000-08:00

Thanks to everyone who attended our annual holiday gathering. Nice to be with clients and friends celebrating the holidays and friendship. Please feel free to leave a post.

People To See! Places To Go in November!

2007-11-20T11:53:00.000-08:00

The desert is quickly becoming the place to be for big name acts. With all the casinos in town we are becoming more and more like a mini Las Vegas. The best part of it all is the quality entertainment at a fraction of the price. Here are just a few acts that are here in November.

Winners For The Palms Broker Open in La Quinta

2007-10-26T18:05:00.000-07:00

Here are the lucky 3 agents that won the raffle. Dick Mclean won the Gift certificate to Hog's Breath Inn in La Quinta. Camille Pfeifer won the massage at the La Quinta Resort. Bill Alevizon won the gift certificate to Ruth Chris.

Winning agents please contact us to pick up your prize.

Thanks to all the agents that came out we had a wonderful turnout.

Special thanks to: Brooke Baxley, Torey & Josellie Severino, Sandi Phillips & Team, Sue Marie Leidner, Brad Schmett & Company, Doug & Linda Olsen, Sherri Layton, Janet Walker, and Ricci Gibson

Top Producing Realtors from all over the world gathered under one roof

2007-10-24T21:53:00.000-07:00

Thanks to LRE and everyone who attended. Another successful convention with lots of information and great networking. Luxury Real Estate always knows how to throw a party. The hotel was top notch. Dinners were delicious. Entertainment was phenomenal.

For all Luxury Listings across the world please go to

http://www.luxuryrealestate.com/

Tale of Two Housing Markets

2007-10-24T21:39:00.000-07:00

Non Stop Flighs from Vancouver BC to Palm Springs Airport

2007-10-08T17:53:00.000-07:00

Starting November 5 West Jet will start non stop flights from Vancouver to Palm Springs. Now that the Canadian dollar has surpassed the US dollar expect many Canadian visitors this year. What better place to escape those harsh Canadian winters!!!
For more info check out this site
http://www.palmspringsairport.com/

La Quinta Resort Pool Backed By Judge Desert Sun Article

2007-10-08T13:06:00.000-07:00

Judge backs La Quinta on 'signature pool'
Opponents of resort's ambition plan own appeal

Marcel Honor頦#149; The Desert Sun • October 6, 2007

The La Quinta Resort & Club scored a major victory Friday in its controversial bid to build a 4.7-acre family water attraction.
Riverside County Superior Court Judge Randall White upheld La Quinta City Council's approval of the resort's proposed "signature pool."
"There is substantial evidence which supports the city's findings of no new or more severe impacts," the judge's ruling stated.
"Needless to say, the La Quinta Resort is very pleased with the outcome," resort attorney Richard Zeilenga wrote in an e-mail.
Richard Fredericks of "Save Our La Quinta Neighborhood," which filed the suit, said the group would appeal White's decision.
"I think he's wrong. We believe very strongly that it's a new project and that the appellate court will reverse him and require an environmental impact report," Fredericks said.
Lawyers argued in court Wednesday whether the family water attraction required a new environmental impact report.
The project would remove 10 of the resort's 23 tennis courts - including the stadium court - to construct a wave pool, lazy river, faux mountain water slides, and other aquatic amenities aimed at drawing more summer occupancy.
"Neighborhood's" nearby residents and club members contend the feature would create noise, traffic and safety issues, and that the signature pool would tarnish the 80-year-old resort's historic charm.
The City Council voted 3-2 last March in favor of the project, using an addendum to a 1975 environmental impact report. Mayor Don Adolph and Councilman Stanley Sniff dissented

Put Down That Club It's Time For Scalping.

2007-10-06T17:37:00.000-07:00

Bermuda it's not just a tropical island but the name of grass used here in the desert during the summer. As you may have noticed the grass is now being changed to rye grass. The reason for this is simple Bermuda is made to stand the heat and rye for the cooler temperatures.

You can count on 2 things while this is taking place. Most of the golf courses to be closed in some part of October and a shortage of claritin at Walmart.

Keep an eye out for a schedule of which golf courses are closed and when. Get ready for Novemeber.

For the Grass aficionados:

Cynodon (Greek "Dog-tooth") is a genus of nine species of grasses, native to warm temperate to tropical regions of the Old World. The genus as a whole as well as its species are commonly known as Bermuda Grass or Dog's Tooth Grass.

Ryegrass (Lolium) is a genus of nine species of tufted grasses, family Poaceae. Also called tares, these plants are native to Europe, Asia and northern Africa, but are widely cultivated and naturalised elsewhere. Ryegrasses are naturally diploid, with 2n = 14, and are closely related to the fescues Festuca.
Ryegrass should not be confused with Rye, which is a grain crop.Ryegrass (Lolium) is a genus of nine species of tufted grasses, family Poaceae. Also called tares, these plants are native to Europe, Asia and northern Africa, but are widely cultivated and naturalised elsewhere. Ryegrasses are naturally diploid, with 2n = 14, and are closely related to the fescues Festuca.
Ryegrass should not be confused with Rye, which is a grain crop.

6 Million in capital improvements that Morgan Stanley and The Hilton Corporation are putting into the courses at The Citrus and La Quinta Resort

2007-08-27T12:34:00.000-07:00

We have a number of exciting changes with Morgan Stanley as our new owners. They have just approved $6 Million dollars to improve all nine golf courses and are working out a Master Plan for the improvement of all clubhouses and La Quinta Resort facilities. Funds currently being allocated to The Citrus Club, Mountain and Dunes include:

The Citrus Course:
Bunker renovation
Cart path repairs
New tee box on the #16 hole
New sump below the 18th tee box
New irrigation controller system

The Citrus Clubhouse:
Grading and the compaction project have begun on the start of our new fitness center
Construction of an expanded patio and feature bar
Construction of a 2,600 square foot fitness center
Construction of four to five tennis courts here at The Citrus Club will be included with the upcoming Master Plan.

Mountain Course:
Bunker renovations
Cart path repairs
Tee leveling
Railroad tie repairs
Drainage repairs
Distance markers on the irrigation heads
Central computer programming

Dunes Course:
Bunker renovation
Cart path repairs
Leveling of tee boxes
Railroad tie repairs
New controllers that operate off a central computer
Distance markers on the irrigation heads
Well pump improvements

These long-awaited improvements will only enhance the Citrus Club and surrounding communities. We look forward to their completion as we enter into season and invite you to join our Club now.

Saltwater Pools Vs Chlorine Pools

2007-08-04T15:54:00.000-07:00

What's the difference between a saltwater pool and a pool maintained with packaged chlorine?
Salt water pools used to be the exception, but now they are becoming a widely accepted method of water treatment in swimming pools. A lot of builders are now making salt water systems standard on their new pools. Most equipment manufacturers have also become aware of the fact that salt water pools are not just a passing fad. They are here to stay.
Lower Chlorine Levels -
Saltwater Pools - 0.5 to 1.0 ppm chlorine
Traditional Pools - 3.0 - 10.0 ppm chlorine
No "Chemical Bath" Feel
NO packaged chlorine needed.
NO algaecides needed
NO soda ash or baking soda
Better Swimmer Comfort
By eliminating the need for the harsh chemicals, you eliminate the source of the irritation that plagues swimmers in most pools.
Controlled Stabilizer Levels
If you are using chlorine tablets, you are adding 1 lb. of stabilizer for every 2 lbs. of tablets you put into your pool. Your stabilizer level rises to over 100 ppm and your chlorine becomes ineffective and yellow algae and poor sanitization results.
With a salt system, you add stabilizer as needed and are able to keep the level low. Your chlorine remains VERY effective and you need much less in the water to do the job (see above).
On commercial pools, state code requires you to drain pools when the stabilizer level exceeds 100 ppm. The salt system avoids this problem.
Superior Algae Control
Saltwater pool systems virtually eliminate algae problems. This is because the chlorine in the pool is not inhibited by high stabilizer levels.

What would my home lease for in PGA West?

2007-08-03T16:33:00.000-07:00

The question always comes up about pricing for leases in PGA West. Here is a list of the going rate:

November 1 - December 14, 2007 / May 1 - May 31, 2008
NIGHTLY
WEEKLY
MONTHLY

PGA West®
Rates from:

2 Bedroom
$245
$980
$2940

2 Bedroom/Den
$260
$1040
$3120

3 Bedroom
$265
$1030
$3120

4 Bedroom
$440
$1755
$5625

Pool Homes
Rates from:

3 Bedroom
$520
$1950
$6175

Large 3 Bedroom
$600
$2325
$7875

4 Bedroom
$650
$2625
$8625

5 Bedroom
$850
$3400
$10200

June 1, 2008 - October 31, 2008
NIGHTLY
WEEKLY
MONTHLY

PGA West®
Rates from:

2 Bedroom
$210
$840
$2520

2 Bedroom/Den
$230
$920
$2760

3 Bedroom
$230
$890
$2700

4 Bedroom
$385
$1515
$4540

Pool Homes
Rates from:

3 Bedroom
$520
$1950
$6175

Large 3 Bedroom
$600
$2325
$7875

4 Bedroom
$650
$2625
$8625

5 Bedroom
$850
$3250
$9750

Golf Course Improvement Plan

2007-07-13T14:09:00.001-07:00

PGA WEST

Thursday, July 12, 2007

Dear Members:

We are very excited to announce that our Golf Course Improvement Plan has been approved. Beginning immediately and with completion prior to your return for the season, Morgan Stanley will spend approximately $6 million to renovate our courses. The following is an outline of improvements to be made.

Nicklaus Private Course
Bunker renovations.
Cart path repairs.
New landscaping around the 14th tee.
Lake bank repair on holes #8, #13, and #14.
Irrigation controller and head upgrades.
Asphalt overlay on the path from the driving range to the 10th tee.

Arnold Palmer Course
Bunker renovations.
Cart path repairs.
Tee leveling on holes #15 and #17.
Lake bank repair on hole #18.
Irrigation controller and head upgrades.

Tom Weiskopf Course
Bunker renovations.
Cart path repairs.
Irrigation upgrades.
Rebuild dry well.

Greg Norman Course
Improved cart parking area by the driving range tee.
Bunker renovations.
Thinning out of plant material.

Nicklaus Tournament Course
Bunker renovations.
Cart path repairs.
Irrigation controller and head upgrades.
Pump station replacement.
Stadium Course
Bunker renovations.
Cart path repairs.
New landscaping plan with Dye Designs.
Irrigation controller and head upgrades.
Removal of more acacia plant material.
Asphalt overlay of driving range parking area.
Citrus Course
Bunker renovations.
Cart path repairs.
New tee box on the #16 hole.
New sump below the 18th tee box.
New Irrigation controller system.

Dunes Course
Bunker renovation.
Cart path repairs.
Leveling of tee boxes.
Railroad tie repairs.
New controllers that operate off a central computer.
Distance markers on the irrigation heads.
Well pump improvements.

Mountain Course
Bunker renovations.
Cart path repairs.
Tee leveling.
Railroad tie repairs.
Drainage repairs.
Distance markers on the irrigation heads.
Central computer programming.

As you can see, we have a full schedule of improvements ahead of us. These improvements were long awaited and we are glad that the work is finally getting done. We will keep you updated as things are progressing. In the meantime, please contact us with any questions.

Regards,

Roger Swadish Mark W. Neneman
Vice President Managing Director of Golf Operations
La Quinta Resort and PGA WEST La Quinta Resort and PGA WEST
Arizona Biltmore Resort & Spa
Waldorf =Astoria Collection
Hilton Hotels Corporation

Indian Land Lease

2007-06-26T14:48:00.000-07:00

The Primary difference between buying land and leasing it is obvious: leased land reduces the cost of a home by 20 to 30%. Once a structure is built, the land beneath it can be of no other use to the homeowner. So, by owing on leased land, the homeowner gets the use of the land without the capital outlay- and can afford a far more luxurious home for less money. Furthermore, since no one actually owns a home until the loan is paid off, most so-called "land owners" don't really own their property for 30 years.

The simple logic has been sufficient to satisfy thousands of home and business owners in Palm Springs. But, for those who like to explore all ramifications, here aer some more facts to ponder, posed in the 4 of most FAQ about Indian- Leased Land:

Won't the value of my real estate climb faster if I own the land?
While resale values are determined by many things, all available figures indicate that resales of homes on leased land (such as those at Cathedral Canyon Country Club, Canyon Estates, Mission Hills, and Seven Lakes) have climbed in the exact proportion as other homes in the area. The condition in which you keep your home has far more influence on its resale value than the fact it is (or is not)
on leased land.

What about my children and grandchildren? Will I be able to pass a lease hold estate on to them?
Of course. You can give or sell your home on leased land just as easily as on fee land. However, if you are concerned about your heirs 65 years from, there are 4 realistic questions you should ask yourself:
1. Will they really want a 65 year old home when the average life of most CA residencies is estimated at less than 50 years?
2. Considering that most residences change ownership about every 5 years (which would be more than 10 turns of ownership during the life of your lease) is this home really likely to stay in your family 65 years?
3.If you have a savings of $206 per month ($2472 per year) be leasing land vs. purchasing, over the life of a 65 year lease, your savings would total $160,680 even if it earned no interest. If you kept this in a monthly savings in an account paying 10% annual interest, your savings would exceed $1,250,000 over 65 years (and even more if interest were compounded monthly.) Wouldn't that be a better way to take care of your great-grandchildren?
4. What happens at the end of the lease? Since there is no legal restriction prohibiting the Indians from selling their land, you and your heirs may have the option to purchase if you wish to do so. However, most probably, you would be offered a new lease based on conditions existing at that time. There would be no financial advantage to taking the land back and, as the tribe long ago observed "One can't eat dirt."

Why do some people compare a home on leased land to a variable annuity life insurance policy?
Probably because it's easier to understand! Just as a variable annuity gives you the possibility of gaining from both fixed interest rates and asset appreciation, a home purchased on lease land gives you a monthly savings along with the possibility of home appreciation.

It can be an investment hedge whether home prices are rising or falling. During an "up" period, your home will increase in price. In a "down"period, the dollars you did not spend on land, but invested in a fixed interest savings, will continue to increase.

Today, building on leased land is no longer an advantage reserved for business and investment buyers. Now, in Palm Springs, CA, it is something any home buying family can enjoy, thanks to the honesty, intelligence and perseverance of those original desert dwellers who were sincere when they said
"Welcome, brother, my home is your home".

Desert Sun Article on Legacy Villas

2007-06-20T16:56:00.000-07:00

The Desert Sun
June 20, 2007
A group of investors who've poured their money into the upscale Legacy Villas at La Quinta development are suing Centex Homes alleging securities violations and fraud.
The homeowners are asking for a cancellation of their purchase agreements to recoup $20 million to $25 million.
The lawsuit was filed June 14 at Riverside County Superior Court in Indio by Orange-based law firm Wildish & Nialis on behalf of about 44 investors who purchased townhomes and villas over the past few years.
The suit alleges Centex marketed homes with promises that investors would reap profits under a rental agreement managed by La Quinta Resort & Club.
But because of construction delays and a long list of other "misrepresentations" and problems, investors claim they were stuck with charming Spanish-style villas that they weren't able to rent out.
Eric Bruner, a spokesman for Dallas-based Centex Corp., said "we are not going to discuss any matter under litigation."
Centex was founded in 1950 and is among the nation's top homebuilders, with operations in 25 states. Through its Centex Destination Properties division, it offers similar villas in places such as Beach Villas at Ko Olina in Hawaii and in Nevada, New Hampshire, North Carolina and Texas.
The Legacy Villas at La Quinta is a gated, guarded, private community - with some 280 luxury villas, 19 cascading fountains, nine community pools, saltwater spas and winding trails - that is being built next to the 81-year-old La Quinta Resort & Club, now part of the Waldorf-Astoria Collection of Hilton Hotels.
Investors allege that Centex marketed the villas from about January 2004 through May 2006 as rental properties that would create income for them through a rental and management agreement set up through La Quinta Resort.
OAS_AD('300x250_1');
But completion of a 11,000-square-foot clubhouse with high-end grille, fitness facilities, spa, pool, gardens and other amenities was delayed until February 2007, leaving investors with properties they couldn't rent to vacationers, according to a 17-page complaint alleging a wide range of problems.
Neither the La Quinta Resort & Club nor KSL, the company that managed the resort at the time of the villas' sale, is named as a defendant in the lawsuit.
"Centex closed the sales on the investors' units knowing that the clubhouse was not complete and would not be completed for an extended period of time," the lawsuit alleges.
Investors who were relying on rental income to cover all or part of their mortgage expenses and debt service were left holding the bag, the lawsuit contends.
Other problems laid out in the lawsuit included construction delays due to excessive mud and dust, "incomplete, unsafe and unsightly" common areas and incomplete interior work.
The lawsuit alleges homeowners had to pay mortgages, property taxes, utilities and rising homeowners association dues despite the fact that they couldn't rent the vacation villas until construction was done.
Some investors paid $15,000 for furniture upgrades, but the lawsuit alleges the furniture "is not of the quality consistent with a five-star resort as represented by the seller."
Investors allege Centex gave false completion dates for the clubhouse and common areas, telling prospective buyers portions of the development would be finished in May 2005 or summer and fall 2006, when the bonded completion date was July 2009.
Investors claim there were a number of misrepresentations or omissions regarding contracts, such as being told long-term rental opportunities would generate consistent income when rentals more than 30 days were prohibited, the lawsuit alleges.
Investors allege Centex was out to maximize its revenue and profit by closing on sales of the villas even as the company knew clubhouse and common area construction faced delays.
Hilton Hotels has a contract to manage La Quinta Resort & Club as one of its "Waldorf-Astoria Collection" of properties.
Investors also said they weren't told the villas would not be rented until the hotel was fully booked, nor that a 50 percent fee would be assessed to rent units, considerably more than 15 to 30 percent charged by most other rental programs.
Some three-bedroom, four-bath, 2,200-square-foot luxury villas originally sold for more than $940,000, while others have sold for $800,000 to more than $1 million. To the chagrin of investors, however, prices have since plummeted despite guarantees from Centex that such price-slashing wouldn't occur, the lawsuit alleges.
Some investors who purchased in the first phases claim they can't refinance now because property values have plummeted. Villas that once sold for $775,000 have recently been selling for about $555,000.
Hundreds of prospective buyers have been showing up in recent months to check out the discounted villa prices, and many have sold.

PGA West Fairways Association

2007-06-08T17:27:00.000-07:00

As you may know, the PGA WEST Fairways Association's Covenants, Conditions, and Restrictions ("CC&Rs") authorize the Declarant to annex additional property into the Association as the Declarant deems appropriate. Currently, CNL Desert Resort, LP is the Declarant for PGA WEST Fairways Association.

Recently, a new development called Bonterra has been proposed adjacent to the Norman Course community, consisting of very high-end homes ranging between 3,950 and 6,900 square feet, in harmony with the sizes of homes surrounding the Norman Course. Although no homes will face onto the golf course property, some of the proposed 39 new homes will include a new concept of featuring wine cellar basements. The Bonterra project sits immediately north of the Turnberry SBA.
Norman Course Residents

The Bonterra development will provide significant benefits to the existing residents of the Norman Course. The developer, Desert Golf Homes Development, working through the PGA WEST Master Association, will pay for the activation of the card gate at the Monroe Street entrance allowing the residents in Bonterra, as well as all residents on Brown Deer Park, Turnberry Way, Tiburon Drive and other residents at the eastern end of the Norman Course convenient ingress and egress from Monroe Street rather than from the Madison Street main gate. This may significantly reduce the traffic flow at the Madison gate, along Kingston Heath, and Royal St. George.

Additionally, the Bonterra residents will become members of the Master Association contributing the assessment amount established by the Master Association for the Norman Course residents toward security, the maintenance of the perimeter walls, landscaping and privacy gates into the Norman Course.

More importantly, the Bonterra project will act as a buffer to the adjacent equestrian communities tempering the negative factors related to an equestrian environment. Without a doubt, this will be an advantage to all residents at the Norman Course.

Concurrently with the opening of the entrance into the Bonterra project directly across from the #6 tee, the existing interior perimeter landscaping and irrigation along Brown Deer Park and Turnberry streets will be renovated to enhance the eastern boundary of the Norman Course community. Enhancements to the front and rear yards of the Turnberry SBA have been in the planning stages for some time. Ultimately the completion of these planned improvements, and the landscape median on Kingston Heath, will conclude long-awaited enhancements to the community and provide a harmony throughout the Norman community.

Entrance to Bonterra

The developer plans to construct a distinctive entrance on the north side of Brown Deer Park into the non-gated Bonterra project directly across from the #6 tee. The approximate 60 foot wide boulevard entry will include median landscaping, a cascading water feature designed to be consistent with the architecture of the new community and will introduce a distinctive entrance for the Bonterra project. The perimeter entry walls along the boulevard entrance will as well contain water features. Maintenance of the Bonterra entry features and common area streets will be the sole responsibility of the Bonterra SBA or sub-association. We believe that this entrance will be architecturally pleasing and will establish the Bonterra project as a quality addition to the Norman Course community.
Overall Benefits

Furthermore, the residents of PGA WEST and, particularly, the Norman Course community should know that the development of the Bonterra project will proceed under an enhancement protocol consistent with the PGA WEST and Fairway's community standards of excellence.

During the construction of the Bonterra project, all construction traffic will be restricted to an access gate off of Monroe directly into the project. Both the Association and the City of La Quinta are adamant that no construction vehicles will be allowed access through the existing Norman residential streets.

The Board believes that the Bonterra project represents a worthy addition to the PGA WEST Fairways organization, and will further enhance a world class community.
We want your feedback!

Thank you for your cooperation!

Board of DirectorsPGA WEST Fairways Association

The Palms Golf Club

2007-05-27T15:47:00.000-07:00

Fred Couples and Brian Curley designed The Palms Golf Club located in La Quinta right down the street from PGA West. The course opened for play in December of 1999 and quickly became known as a one of the best golfing experiences in the desert. Members enjoy a low initiation of $40,000 with with dues of $5,700 a year. Dues include all member green fees, cart, locker, range, pro shop buying plan, and bag storage. The Palms has a "no tee time required" policy.

Why Imperial Irrigation District Rates Are So Low???

2007-05-03T18:52:00.000-07:00

Coachella Valley has two choices for power companies IID which stands for Imperial Irrigation District and Edison. People often ask why IID's rate are so much lower.
Why IID Energy's Rates are so low:
-no shareholders so they focus on lower rates not profits

-majority of energy self generated so they do not rely on market prices

-acces to low cost federal hydro power provided by their affilation with the Western Area Power Administration

-tax exempt making the borrowing processes easier

-customer owned and community elected Board of Directors partake in the rate process

CNL Hotel & Resorts Acquired by Morgan Stanley Real Estate

2007-04-17T02:05:00.000-07:00

Pyramid Advisors and Partners, Morgan Stanley Real Estate
Complete Acquisition of CNL Hotels & Resorts, Inc., for $6.6 Billion

Spins off $2.4 Billion in Hotels to Ashford Hospitality, Retains Eight Luxury Resorts

BOSTON, Mass., April 16, 2007 – Pyramid Advisors LLC and Morgan Stanley Real Estate announced the completion of the previously announced acquisition of CNL Hotels and Resorts, Inc. (CHR) for $6.6 billion. Immediately prior to and in connection with the acquisition, Ashford Hospitality Trust (NYSE:AHT) acquired for $2.4 billion 51 of CHR’s full- and select-service hotels aggregating 15,105 rooms. Pyramid and Morgan Stanley Real Estate acquired CHR’s eight luxury resort properties in Arizona, California, Florida and Hawaii aggregating 5,506 rooms.
“We are delighted to participate in this transaction with our partners at Morgan Stanley Real Estate, which significantly expands our on-going relationship with them,” said Richard Kelleher, chief executive officer, Pyramid Advisors. “The resort properties represent some of the industry’s most significant and irreplaceable hospitality real estate.”
The acquired resorts include:
The 950-room JW Marriott Desert Ridge Resort & Spa, Phoenix, Ariz.
The 279-room Claremont Resort & Spa, Berkeley, Calif.
- more -
Acquires CNL Portfolio
Page 2
The 584-room Ritz-Carlton Orlando Grande Lakes and the 998-room JW Marriott Orlando, Grande Lakes, both in Orlando, Fla.
Three hotels in Hilton’s Waldorf=Astoria Collection, the 738-room Arizona Biltmore Resort & Spa, Phoenix, Ariz., the 796-room La Quinta Resort & Club in Palm Springs, Calif., and the 780-room Grand Wailea Resort Hotel & Spa in Maui, Hawaii.
Pyramid Advisors LLC and Morgan Stanley Real Estate will own and asset manage the portfolio. Both firms currently also participate in and co-manage investment funds with approximately $2.5 billion of hospitality real estate throughout the United States.
Pyramid Advisors is a full-service, privately-owned hotel company based in Boston. Pyramid is a hospitality property manager, asset manager and project manager with approximately 50 properties under ownership, property management or asset management, totaling more than $7 billion in asset value. For more information about Pyramid Advisors, please visit www.pyramidadvisors.com.

Coachella Music Festival April 27-29

2007-04-01T12:22:00.000-07:00

It's that time of year again! Coachella Music Festival is aproaching rapidly. This year's lineup includes Red Hot Chili Peppers & Rage Against the Machine just to name a few.

For more information check out the official web site for Coachella

http://www.coachella.com/

Where Desert Golf Was Born!!!!!

2007-03-06T23:46:00.000-08:00

Ben Hogan once was quoted as saying "golf in the California desert would never work" There are over a 100 golf courses in the Coachella Valley today. The pioneer and the first 18 hole golf course in the Coachella Valley was Thunderbird CC located in Rancho Mirage. Thunderbird became an instant haven for celebrities, politicians, and socialites. Lucille Ball, Desi Arnaz, Bing Crosby, Nixon, Ford, and Eisenhower are just some of the names to have graced the fairways at Thunderbird Country Club.

In 1954 Ford liked the name and logo so much that they adopted the name and logo for their sports car.

The electric golf cart was invented for members at Thunderbird CC by Eddie Susalla.

Thunderbird County Club is filled with history and nostalgia that any golf aficionado could appreciate.

Thunderbird is a private club.

Vacant Land in PGA West

2007-03-06T18:36:00.000-08:00

Every time you cruise down PGA Blvd you look off to the side and see an empty space. Question is what is going there and how long is it going to take?

Here are some links to web sites regarding the issue that I found useful.

http://www.edenrockhoa.com/

http://www.edenrockalternatives.com/

In the mean time the land makes a great parking lot during the Bob Hope.

Zillow & Zestimates

2007-03-05T11:03:00.000-08:00

Zillow has been taking a lot of heat from Real Estate professionals and people selling their homes in general. A great site for a curious voyeur who wants to know what the neighbors house is worth. There has been too many inaccuracies on pricing.

The CEO and founder of Zillow started Expedia with the goal of eliminating the travel agent. Much controversy came about with Zillow as if they were trying to eliminate the real estate professional.. Zillow insists that it's business model is strictly geared towards advertising revenue. Only a real estate professional can give you an accurate value as to what your home is worth. There are just too many factors to consider that a computer can't generate. Although I do find it amusing to go on Zillow and search different areas. Zillow is working on fixing all these inaccuracies.

There is also a make me move tool which homeowners can list a dream price that would make them move.

Let me know your thoughts on Zillow

Oh Venus

2007-02-27T23:51:00.000-08:00

Frankie Avalon and the Golden Boys are performing at Spotlight 29 Casino.

Saturday, March 3rd, 2007 at 8:00PM Pacific Please call 1-800-585-3737 to purchase tickets to this event! These tickets are no longer available for purchase via the website. Featuring: Bobby Rydell, Fabian, and Frankie Avalon Ticket

Prices: $65.00 / $50.00 / $45.00 / $40.00

Click here for an event seating chart.

Venue and Seating InformationSpotlight 29 Casino

Take a boat ride in Lake La Quinta

2007-02-27T23:18:00.000-08:00

Lake La Quinta is a private gated community with a 25 acre lake that offers boating and fishing. Lake La Quinta is the only community of it's kind in La Quinta. Where else in La Quinta can you go in your back yard and take a boat ride? Not to mention you are steps away from Trader Joe's. Everyday I am learning more and more about what Lake La Quinta has to offer. Please feel free to share any experiences you have with Lake La Quinta.