09.17.09
Clock Ticking on $8,000 Tax Credit
Time running out for home buyers, who must close by November 30, 2009

Irvine, CA, (September 14, 2009) – The government’s $8,000 tax credit for first-time home buyers has been extremely successful, but time is running out to capitalize on this unique opportunity.

The tax credit, available for first-time home buyers and individuals who have not owned a principal residence in the three-year period prior to purchase, expires November 30, 2009. Home loans closed past that date will not qualify.

It generally takes a few weeks to negotiate a purchase, followed by 30 to 45 days to close on a loan — and today’s more stringent appraisal and disclosure requirements add more time to the process. That means buyers need to select a home by mid-October to meet the deadline.

“This incentive has brought the dream of homeownership to thousands of individuals and families,” said Ron Peltier, chairman and CEO of HomeServices of America. “But time is running out, and there are no guarantees at this point that Congress will extend the program.”

“New homeowners have accounted for approximately one-third of recent home purchases,” adds Jon Cook, President and CEO of Prudential California Realty, “so the program has clearly been highly successful in attracting first-time buyers to the market. But like all good things, this one has an end. Home buyers shouldn’t miss the chance to take advantage of this once-in-a-lifetime opportunity.”

The tax credit is available on homes purchased before December 1, 2009. Single-family homes, townhomes, and condominiums qualify, providing the property is used as the principal residence. New construction homes qualify if occupied by December 1, 2009.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This new tax credit can help ease the transition and cover the expenses that come with home ownership. The tax credit does not have to be repaid, as long as buyers stay in their new home for at least three years after purchase. IRS Form 5405 gives all the details. As always, consult with your personal tax advisor.

About Prudential California Realty

With over 3,400 sales associates in 58 offices across Southern California and the Central Coast, Prudential California Realty is the name to trust when buying or selling a home. In 2008, our agents closed more than $12 billion in sales volume and well over 16,000 transactions. As one of the top five brokerages in the nation and the largest company in the Prudential Real Estate international network, we have the resources and connections to protect your interests and make sure your experience is a successful one.
Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit www.prudentialcal.com

08.13.09
Latest Prudential California Realty report reflects cautious optimism on economic recovery

August 7, 2009 (Irvine, CA) - The latest Market Conditions Report from Prudential California Realty suggests an economic recovery - albeit a very gradual one - may be on the horizon. The report cites recent national and state data that suggest a glacially paced slowing of the recession. With the national unemployment rate at 9.5% and over 1.5 million properties in some stage of foreclosure as of July 1, 2009 (Realty Trac), consumer confidence in a housing recovery is hesitant, and people are hungry for good news. One positive sign: existing and new home sales are up.

Other information cited in the report:

Existing homes

The National Association of REALTORS® reported a third consecutive rise in monthly existing home sales in June 2009. Affordability and incentives are driving the climb. The median national home price is $181,800 - 15% lower than a year ago. Home inventories are now at 9.4 months on hand; according to Lawrence Yun, chief economist for NAR, price stabilization occurs at about 7 months on hand.

New homes

The Commerce Department reported new home construction was up 3.6% in May after a disappointing low in April. At an annual pace of about 582,000 housing units, building is still well below the rate needed to serve new household formations and replace dilapidated structures (about 750,000 to 1.2 million units annually). Builder confidence is also up, as firms sell off the overstock of homes built during the housing boom.

The best news is that demand for housing is increasing. While most of the action is in the affordable ranges, spurred by the first-time home buyer tax credit, luxury homes are also selling faster.

California

In California, one out of every 34 homes is in the foreclosure process. This is keeping the pressure on housing prices; they're the closest to the national median they've been since 2002, before the housing boom. In many communities, home prices have reset back to the halcyon days of 2000.

Renewed affordability and the opportunity to buy a better home for less have galvanized home buyers. In May, the California building industry reported the year's fourth month of improved sales volume. Existing home sales have improved month-over-month for a year, says DataQuick. June 2009 home sales showed a 25% improvement over June 2008.

Many Southern California markets are reporting new life in sales of luxury homes priced above $900,000, and as few as two months' inventory on hand of homes priced below $300,000. From May to June 2009, the median home price lifted 7%, from $230,000 to $246,000.

Nonetheless, the housing recovery is unlikely to overheat. The lending industry, reluctant to avoid the excesses that precipitated the housing boom and bust, has adopted stricter regulations for approving mortgage loans.

• HVCC: Effective May 1, 2009, Home Valuation Code of Conduct rules limit the influence banks can have on appraisers. This new oversight ensures more accurate and fraud-resistant appraisals, making loans purchased by Fannie Mae and Freddie Mac less likely to default.
• HERA: Effective July 30, 2009, the Truth in Lending Act was amended by the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA). These amendments include the Mortgage Disclosure Improvement Act, which regulates disclosures and the timing of fees to home buyers.

While the impact of these regulations is intended to be positive, real estate professionals are reporting that the detailed rules are causing delays and costing consumers more money. In addition, many lenders are applying the new rules to FHA government-insured loans, even though the HVCC rules apply only to loans intended for resale to Fannie Mae and Freddie Mac.
Among the changes home buyers can expect, according to the Prudential California Realty report:

• The earliest any home transaction can close is seven business days after the lender issues initial mortgage disclosures to the buyer. (Saturday counts as a business day for disclosures only.)
• The lender may not collect any upfront fees except those required to generate a credit report until the buyer has been issued the initial mortgage disclosure.
• The home buyer must receive a copy of the bank appraisal at least three business days prior to closing.
• Home buyers must be notified at least three business days before closing if the Annual Percentage Rate (APR) increases by more than .125% over the initial Truth In Lending disclosure. The APR is the true cost of the loan to the consumer.

The report added that according to HomeServices of America, there are a number of reasons the APR may differ from the original TIL disclosure, which can cause delays in closing.

• Unlocked rate
• Change in loan amount
• Product change
• Rate relock due to market improvement
• Change in closing date
• Changes in fees, including settlement agent fees

Advice to home buyers: Lock in your interest rate and fees before you start shopping for a home. Extend your lock from 30 to 45 days. Allow ample time for the lending process when you choose a closing date.

Advice to sellers: Be patient with your buyer's lending process, and prepare to be flexible with the closing date.

About Prudential California Realty

With over 3,400 sales associates in 58 offices across Southern California and the Central Coast, Prudential California Realty is the name to trust when buying or selling a home. In 2008, our agents closed more than $12 billion in sales volume and well over 16,000 transactions. As one of the top five brokerages in the nation and the largest company in the Prudential Real Estate international network, we have the resources and connections to protect your interests and make sure your experience is a successful one.
Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit www.prudentialcal.com

07.26.09
Should Buyers Use a Real Estate Professional?

By Jon L. Cook, President & CEO

With just the stroke of a few keys, you can find myriad resources on the Internet to help you in your search for a new home. Besides property listings, you can find out about specific communities, schools and mortgage options.

With this wealth of information at your disposal, do you really need a real estate professional to represent you? Absolutely.

Think of it this way, when you go to an unfamiliar place, sure you could do a self-guided tour. However, your tour is much more rewarding and enriching when you have someone who is familiar with the location to guide you along because he or she has inside knowledge on the history, culture and stories that you may not have otherwise received.

The same can be said about sales professionals. Their role is more than someone to drive you around from property to property. They can be a great resource, especially to homebuyers relocating from other communities. He or she knows the local area including home values, taxes, utility costs, and school data, and may even be knowledgeable about resources pertaining to your special interests or needs. For instance, should you require help relocating an aging parent with you, your real estate professional may be able to direct you to local services or organizations for the elderly.

A sales professional can familiarize you with the processes involved in buying a home, alert you to potential risks, help you determine how much house you can afford, explain alternative financing strategies, as well as provide tremendous moral support.

Another benefit is having a strong advocate during the negotiating process. Sales professionals can help you objectively evaluate an offer then work to negotiate a favorable contract. During the process, he or she will review the contract and obligations before you sign, explain how contingencies and release clauses work, and so on.

And something easy to overlook is our familiarity with the complexity and risks inherent in the process. When complex questions arise, a sales professional can help you quickly locate an attorney or other licensed professionals whose services you may require, such as home inspectors, engineers, surveyors and lenders.

As your single point of contact, a sales professional can manage the entire transaction including coordinating inspections, keeping in touch with the other real estate professionals, managing the documentation for the loan process, monitoring deadlines associated with contingencies, providing applicable paperwork, estimating closing costs, and helping prepare for a smooth and uneventful closing.

If you’re about to begin the process of buying or selling a home, consider involving a real estate professional. When the stakes are high, it’s comforting to have a specialist by your side.

07.05.09
Why a Condo May Be Right for You

By Jon L. Cook, President & CEO

An option often overlooked by those desiring homeownership is purchasing a condominium or condo. For those just starting out, affordability may be an issue. An empty nester may want to downsize and not have the hassles of yard work and other maintenance. Or it can simply be that the traditional family home doesn't suit your lifestyle.

When you own a condo, you own the title to the space within the walls of your living quarters. Common areas such as hallways, roofs, parking lots, green areas and pools are shared with the other owners in the complex. The more common type of condo is the apartment-style, in which you may have units on either side of you and above and/or below. However, there are other styles. There are units that are designed more like townhomes, with single or multiple levels and one or two common walls with neighbors. You may even find a condo in a building that was a multi-unit apartment converted to condo units.

Condos are attractive to many buyers because they offer them a chance to own their residence and build equity at what is usually a lower cost than a single-family detached home. Of course there are exceptions, such as the luxurious condominiums that many developers are building in downtown and affluent neighborhoods.

One factor to consider is that condominium owners generally must pay a condo association fee monthly. These fees defray the cost of maintenance, repairs and upgrades to the community's common areas as well as the cost for the services of a property management company.

However, if you would rather spend your free time doing something besides mowing the lawn, painting the outside of your home, or waiting at home for the pool maintenance person, then a condo may be for you.

Other advantages of owning a condo are the amenities that may be part of your complex such as a pool, tennis courts, fitness center or clubhouse. These are some of the perks you might not be able to afford or even have room for if you were to purchase a single-family home.

Of course, as with all things, there are some disadvantages to owning a condominium, such as the lack of privacy that a single-family detached home affords. You are also confined to the rules and laws of the community association, which can run the gamut from how to display a satellite dish to the type of animals you can keep.

Is a condo the right living arrangement for you? Make an informed decision by weighing the pros and cons. Talk with a real estate professional who is familiar with condominiums and the laws that govern them. Preview the various condos in your area to get an idea of how the properties are run. If your real estate professional has sold condos in any of these complexes, find out the type of feedback he or she has received from clients.

Condo living isn't for everyone, but can be an attractive option for many.

06.28.09
The Home Selling Process from Start to Finish

By Jon L. Cook, President & CEO

You’ve made the decision to sell your home. Even if you’ve sold a house before, this process can be daunting because it is a major financial transaction that involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and finally receiving funds at the closing. Yet, the home-selling process doesn’t have to be intimidating if you know what to expect. The process can be divided in nine steps.

Step 1: List your property with a real estate professional. Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Use their listing presentations to compare their preparation and professionalism. Don’t base your selection solely on selling price or commission. It’s probably best to avoid working with someone who promises you the moon—in this case, an unrealistically high price—then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.

Step 2: Establish price and time frame. Determining a fair asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you’ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.

Step 3: Develop and implement a marketing strategy. To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.

Step 4: Get Your Home in Show Condition. Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add color to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.

Step 5: An offer is submitted. Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer’s sales professional will present the offer to your representative, who will promptly relay it to you and help you evaluate the offer.

Step 6: The negotiation process begins and eventually an offer is accepted. One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.

Step 7: Buyers submit a loan application and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.

Step 8: The loan is approved and the closing process begins. Once the buyer’s home loan has been approved, preparations begin for the closing. The closing, also referred to as settlement or close of escrow, is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the escrow agent. This may include the deed, mortgage, tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled. Once the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed.

Step 9: Time to move! Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.

06.09.09
June Market Update: A Tale of Two Markets

Home ownership in California has reached unprecedented near-term affordability.

The biggest news for Californians in May was the defeat of Governor Schwarzenegger’s plan to borrow money and raise taxes to overcome the $21.3 billion state budget deficit. Voters said loud and clear that they preferred the state trim fat from its operations.

Among the many reasons for the budget shortfall are the negative impacts of the current recession, including an unemployment rate of 11.2% in March and a precipitous 54%+ drop in median home prices in the last two years, according to the California Budget Project.

Affordable housing seems to be one of the few economic areas in California that is growing. Home ownership in California has reached unprecedented near-term affordability, and homes that were once out of reach are not only affordable, but irresistible, thanks to government incentives. In many markets home prices and values have rolled back to pre-boom 2003 levels.

But it is still a tale of two markets. Entry-level to median-priced homes are selling much faster due to affordability and wide availability of affordable loan products. Luxury homes are slow, largely due to lender hesitation to provide jumbo loans that aren’t government-insured or sellable to the secondary market dominated by Fannie Mae and Freddie Mac.

While interest rates are at 50-year lows, the spread on conforming rates vs. jumbo rates is significant. This has caused many REALTORS® to complain that luxury buyers with very high credit scores are being treated as higher risks than conforming loan buyers with lower credit scores and less money for a down payment, says Lawrence Yun, chief economist for the National Association of REALTORS®.

According to HomeServices Lending (www.hslca.com), jumbo loans are available up to $1.5MM with an 80% Loan To Value (LTV). These loans are reserved for well-qualified borrowers who carry profiles of 740+ FICO scores and have very strong post-closing reserves. HSL’s correspondent lenders still offer loans up to $5MM at 70% LTV (75% under certain parameters) and allow for a private 2nd TD up to 80%.

Conforming loans are widely available for qualified buyers through banks facilitating government-insured Federal Housing Administration and Veterans Administration loans. Loans intended for sale by banks to Fannie Mae and Freddie Mac have a few more strings attached, including stricter appraisal guidelines designed to protect the secondary market from acquiring any more loans that could be at risk of default for portfolios or securities.

New purchases in the entry-level to median-price segment and a strong refinance business are significantly impacting the volume of loans being handled by a limited number of loan originators and underwriters. Lenders are now suggesting that borrowers lock in their terms for 45 rather than 30 days, to ensure that their loans will be processed in time.

Also causing delays are new Fannie Mae guidelines, which could slow down sales in the conforming loan range under $730,000.

Fannie Mae and Freddie Mac are managed by the Federal Housing Finance Agency, which is mandated to protect the secondary market from new home loans at risk of default. To that end, the FHFA has created two new guidelines:

• The new Fannie Mae 1004MC-71 appraisal form (MCF), effective April 1, 2009
• The Home Valuation Code of Conduct, effective May 1, 2009

In the short term, the net effect of these two initiatives falls on the appraisal stage of the process. They institute stricter requirements for appraisers, including guidelines on gathering comparables and new procedures aimed at preventing undue influence by appraisers. Lenders can no longer select an individual appraiser; appraisals are submitted to a panel and assigned randomly.

According to Michael Reeza, president of HomeServices Lending California (www.hslca.com), HSL has been following these best practices for the past 18 months in an effort to get ahead of the new guidelines. Our relationships with our home mortgage consultants and appraisal panels are already in place and fully operational.

Long term, home buyers whose loans are approved can feel much more confident in their investment, even if getting there takes a little longer.

Recession end in sight?

In mid-May, the Federal Reserve was cautious about predicting economic recovery in 2009, probably to keep people from bringing out the bubbly again. Ongoing jobless claims are at record highs, but new claims are down, suggesting the worst could be over soon.

Private research firm The Conference Board, seeing across-the-board strength in its 10-component index for the first time in 18 months, said the intensity of the recession is lessening, and there could be growth in the second half of the year.

Also positive was the UCLA Anderson Forecast, released mid-May. It predicted the official end month for the national recession will likely fall early in the second half of 2009.

California unemployment may continue to rise short-term, but residential real estate is poised to recover in 2009. In San Diego County, a harbinger for the rest of Southern California, home and foreclosure inventories are declining.

“As long as homeowner distress does not rebound and recent federal government programs designed to avert foreclosure have some success, a more conventional recovery in the residential sector should be underway this year,” said Mark Schniepp, author of the San Diego forecast report.

Local Market Trend Report

See your Prudential California Realty Realtor® for local trends and MLS reports.

06.07.09
Choosing the Right Community for You

By Jon L. Cook, President & CEO

If you are buying a home, one of the first things your real estate professional will do before taking you on home tours is interview you to determine the type of house you want such as a 2,000-square-foot four-bedroom, split-level with a formal dining room and two-car garage. But just as important is the type of community you want to live in. Knowing what your requirements are will help narrow your home search and save time.

To expedite the house-hunting process, start by making a list of the dream home factors that are most important to you and your family’s lifestyle. Consider style, location, proximity to work and schools, yard size, children in the community, and of course, price. Price and location generally are the key factors you’ll use to identify the communities that best suit you. If you are moving within the same city, you may want to start your community search by getting in your car and exploring. There are also resources on the Internet that let you compare communities.

You’ll want to ask yourself critical questions, such as: Do you dream of something quaint and charming that can only be found in an older area? Or, do you prefer everything new? Are you willing to sacrifice size and space for architectural detailing? What about drive and commute time to the office and schools? Will you forgo the number of bedrooms and a big yard for proximity to a lake or other recreational areas?

Whether you have children or not, buying a home in a community with good schools is important. It not only adds value to your property, but also is an attractive feature when and if you decide to sell. There are plenty of resources available to get information about schools within the communities you are considering. Various Internet sites offer school reports and profiles. They provide statistical data such as graduation rates, college-bound percentages, and standardized test scores. You can also learn about special programs the schools offer. In addition to these reports, many schools have their own Web sites you can peruse. And of course you can always talk to people in the area or take a tour of the school.

Additional factors you’ll want to consider during your community search are crime, recreational activities, proximity to shopping and restaurants, and other specific family needs. Once you’ve narrowed your search to two or three communities that fit your price range and lifestyle, make comparisons of price and sales activity. Your real estate professional can help you determine which communities are most sales-worthy at present, and which are more likely to continue to be.

There are many factors involved in selecting the right community for you and your family. Discuss your options with your real estate professional. This will provide the information he or she needs to help you find property listings to tour. Remember, a targeted approach to house hunting is less time consuming, less expensive and more efficient.

05.24.09
Tips for First-Time Homebuyers

By Jon L. Cook, President & CEO

Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn’t have to be. Here are six common mistakes to avoid.

1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Likewise, Prudential Real Estate’s popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.

2. Not asking questions. There are many facets and intricacies to the homebuying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.

3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.

5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?

6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.

Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.

05.03.09
5 Keys to Selling Your Home Fast

By Jon L. Cook, President & CEO

There is no question that in many parts of the country, houses are on the market longer than they were in the past. As a seller, this slowdown means more homes are competing with yours for a limited pool of potential buyers. Here are five tips to make your home the frontrunner on the fast track to a sale.

Price It Right — Right Away
The first 30 days are the most critical. If your home is priced too high, interested buyers may never even tour it. The longer your property is on the market, the smaller the pool of prospective buyers gets.

Deciding the value of a home isn’t an exact science. But data is available to help you determine a fair, on-target asking price. You may want to start by hiring a real estate appraiser to give you an objective, unbiased estimate. Next, consult with a real estate professional to help you determine your home’s true market value based on a comparable market analysis. This research will look at both recent home sales and asking prices of homes on the market. Armed with this information, price your home conservatively to give it a competitive edge.

Make It Irresistible
Unless they’re looking for a fixer-upper, most buyers are more likely to bid on a home they can enjoy right away. You need to do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that buyers can’t resist claiming that lifestyle for themselves.

It can be hard to evaluate your home from a buyer’s point of view. Ask an experienced agent to give you an objective opinion and tell you what buyers are asking for. Then get your home in tip-top shape by making repairs and cosmetic improvements and removing clutter. This may mean investing in a few upgrades to freshen your home’s look, like installing newer carpet and light fixtures and painting the walls a neutral shade.

Generate Traffic
If you want buyers to see your home, first you have to find them. Work with your real estate professional to design a flexible marketing plan that capitalizes on your property’s most desirable features. This strategy should be designed to reach buyers online and offline, including word of mouth, Internet exposure, yard signs, direct mail and open houses.

Go With a Pro
Selling a home takes more than putting a sign in your yard and a listing on the Internet. In a competitive market, you can’t risk making novice mistakes that delay your sale. When you hire a real estate professional, you get an experienced marketer and negotiator who’s fully familiar with real estate issues in your community. An experienced agent can also offer invaluable advice on pricing and staging your home.

Then there’s the added value of peer-to-peer networking. A skilled agent’s connections often bring buyers and sellers together – sometimes even before the property goes on the market.

Sweeten the Deal
Incentives can be just what a potential buyer needs to choose your home over others. You may want to consider offering a carpet or paint allowance or paying for a professional home inspection or a home warranty. Depending on your market and budget, you may even decide to cover some of the closing costs.

Don’t be discouraged by the number of competing homes for sale in your neighborhood. With just a few smart moves, you can make a buyers’ market work in your favor.

04.17.09
The Prudential Real Estate Advantage

04.07.09
An Easy Move Takes an Action Plan

By Jon L. Cook, President & CEO

The key to a smooth move is careful planning. Many steps need to be taken long before the day the first box is loaded on the moving van. Take the time now to write down and organize the decisions and activities you’ll need to address before the move, from choosing and hiring a mover to changing your address.

To avoid getting overwhelmed, try to break up these tasks over a two-month period. (This can also save you time and money.) To get started, use this checklist as a guide.

Eight Weeks Before
• Get estimates from at least three professional movers. If you’re planning to do it yourself, get estimates on rental trucks.
• Decide what you’ll be taking, tossing, and replacing
• If you’re moving to another city, contact the Chamber of Commerce for a New Resident packet, and ask your agent for information.

Six Weeks Before
• Inventory your non-furniture possessions – kitchenware, decorative items, electronics, apparel and so on.
• Complete a change of address form with the post office. (You can do this online at www.MoversGuide.com for $1.) Notify organizations, credit card companies, and publications of your new address.
• Obtain copies of all your medical, dental, legal, accounting and veterinary records.
• If your children are changing schools, arrange to transfer their educational records.
• Itemize moving-related costs with your mover, including packing, loading, special charges and insurance.

Four Weeks Before
• Make arrangements for packing your belongings. If you’ll be using professionals, schedule a day or two before the move. If you’re doing the packing, be sure you have enough boxes, packing materials and tape.
• Arrange for short- or long-term storage if needed.
• Make travel arrangements for pets, including medical records, immunizations and medications.

Three Weeks Before
• Begin packing items you won’t need right away or plan to put in storage.
• Contact utilities on both ends of the move to end/turn on services on specific dates.
• Confirm travel arrangements for your family and pets.

Two Weeks Before
• Cancel newspaper and other delivery services.
• If necessary, arrange and confirm bank accounts and local services in your new neighborhood.

One Week Before
• Gather important papers, records, and valuables for protected shipment to your new home or a safe deposit box.
• Purchase any prescription medications you’ll need for the next few weeks.

Day Before/Day of Move
• Defrost refrigerator/freezer and give away all perishable food.
• Keep a box marked “Last Box Packed/First Box Unpacked” for tools, flashlights, first aid kit and other essentials. This should be the last box loaded on the truck.
• Pack items you’ll carry with you: valuables, financial records, personal papers and other important items.
• Give the movers a telephone number and address where they can reach you.

Moving is a big production — but with a detailed action plan, you’ll be well down the road before you ever leave for your new destination.

03.22.09
Why Hire a Real Estate Professional?

By Jon L. Cook, President & CEO

Let’s say you’ve decided to remodel. Even if you’re fairly handy, you know you’re better off hiring an expert, someone who knows the ins and outs, who’s familiar with regulations and red tape. Do you hire the least expensive person you can find? Or a licensed professional?

Now consider a home sale transaction. Given the sizeable monetary outlay — possibly the single largest financial transaction in anyone’s lifetime — it seems reasonable, even smart, to call in a specialist. Buying and selling property involves complicated transactions, strategized marketing and skillful negotiation. Real estate transactions are more work than you might think, which is why four out of five homes sold annually in the US are sold through a real estate agent.

Your agent will draw on specialized knowledge and experience to move in and out of various roles during a single transaction:

• Marketing Manager: To position a home to sell quickly and at a profit, a comprehensive marketing strategy must be developed. Successful strategies generally include sharing information through the local multiple listing service, promoting the home to other agents, placing ads, featuring the home on the broker’s website, developing fact sheets, installing a yard sign, and planning and conducting open houses. Your agent also handles calls, schedules appointments with prospective buyers, and shows the home for you.
• Transaction Coordinator: As a single point of contact, your agent will manage your entire transaction, including coordinating inspections, keeping in touch with the other party’s agent, managing the documentation for and following up on the progress of loans, monitoring deadlines on contingencies, providing appropriate paperwork, estimating closing costs, and helping to prepare for a smooth and uneventful closing.
• Property Specialist: If you’re looking to buy, a sales associate can help you identify houses that meet your needs and give you objective information about each property. If you’re selling, a sales associate can determine a realistic price based on comparable sales, local market conditions and your motivation to sell. Your agent can also advise you on preparing the property to be shown.
• Skilled Negotiator: Whether buying or selling, you’ll benefit from working with a strong advocate during the negotiating process. Your agent can help you objectively evaluate an offer, then work to negotiate a favorable contract. During the process, he or she will review the contract and obligations before you sign, explain how contingencies and release clauses work, and more.
• Trusted Advisor: Your agent can familiarize you with the various processes involved in buying or selling a home, alert you to potential risks, help you determine how much house you can afford, explain alternative financing strategies, and provide tremendous moral support.

Aside from the convenience of having a real estate professional handle all aspects of your transaction for you, one of the most important reasons for hiring an agent is to help you with the legal issues that can come up during and after a transaction. The number of real estate-related claims and lawsuits is increasing, and the majority of them are filed by buyers against sellers. Experienced, professional agents understand these risks and can help you minimize or avoid them.

If you’re about to begin the process of buying or selling a home, partnering with a skilled real estate professional is the best place to start.

For more information, contact Heidi Hockenberry
949.794.5797
heidihock@prusocal.com

03.02.09
Luxury Market Thought Leaders Gather for Prudential California Realty Event

T. Boone Pickens Keynote Speaker at Exclusive Luxury Properties Division Retreat

Ron Peltier, CEO, HomeServices of America, T. Boone Pickens, Jon Cook, CEO, Prudential California Realty

March 2, 2009 — Innovative ideas topped the agenda when members of the exclusive Prudential California Realty Luxury Properties Division gathered for a two-day invitation-only retreat in Palm Desert on February 5 and 6.

“The luxury market has always been a core part of our business, and the real estate industry has consistently looked to us for leadership in that field,” said President and CEO Jon L. Cook. “Our new Luxury Properties Division allows us to bring a select group of our best minds together to find effective solutions for high-end clients in this challenging market.”

Legendary Texas oilman, American entrepreneur, billionaire and clean energy proponent T. Boone Pickens was the keynote speaker at the event. Pickens, the founder and chairman of BP Capital Management, has most recently made news as a green wildcatter and the Web's first senior blog star. In its first month, www.pickensplan.com cracked the Quantcast Top 1,000 list of most heavily trafficked sites worldwide.

Also among the attendees was Ron Peltier, Chairman & CEO of the firm’s parent company, HomeServices of America, Inc., an affiliate of Warren Buffett’s Berkshire Hathaway.

Other highlights of the retreat included a facilitated discussion in which attendees shared expert ideas and insights on how to represent clients successfully during this challenging time for real estate. Members also had a number of opportunities to network with their colleagues and exchange information to benefit their current buyers and sellers.

“This event was presented due to overwhelming popular demand,” said Cook. “After our successful launch retreat last summer, we were inundated with positive feedback — so much so that we immediately set plans in motion for this two-day event. We’re passionately committed to the Luxury Properties Division and its success, and to finding new ways to help members make connections, expand their skills, and enhance their leadership positions in the industry.”

About the Luxury Properties Division
Created by a core group of experienced luxury agents from Santa Barbara to San Diego, the Luxury Properties Division is designed to showcase exceptional properties to an elite global audience by leveraging the company’s worldwide upper-tier connections and alliances, highly skilled and collaborative agent network, proprietary contact lists and specialized luxury marketing resources.

The elite group of some 220 Luxury Properties Specialists is intensely collaborative, calling on each other’s skills, experience and connections to price, market and locate potential buyers for their listings. They also enjoy access to proprietary lists of top luxury brokers and affluent prospects nationwide.

In 2008, the division successfully sold nearly 1,000 luxury properties valued at over $4 billion. For more information, visit luxsocal.com.

About Prudential California Realty
Prudential California Realty is one of the top five brokerages in the nation and the largest company in the Prudential Real Estate International network. The company is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit prudentialcal.com.

03.01.09
Buyer-Broker Agreement Helps Buyers Get the Most from Their Agents

By Jon L. Cook, President & CEO

In today’s real estate market, you can encounter many challenges when trying to find the perfect place to call home or searching for an ideal investment property. Working with a qualified Realtor who looks out for your best interests puts you at a great advantage. One way to create a strong working relationship with your Realtor is by signing a buyer-broker agreement.

The Buyer-Broker Exclusive Agreement (BBE) is a document that outlines the responsibilities of both you and your Realtor throughout the real estate transaction. It creates an exclusive partnership between the two of you for a set amount of time to locate property and negotiate terms and conditions for the purchase, exchange, option, or lease of that property. The BBE also documents the commission agreement between you and your agent, but in most cases, the seller pays some or all of the commission.

There are many advantages to signing a buyer-broker agreement. The document puts in writing all of your agent’s responsibilities, so you can hold him or her accountable to making every effort to find the right property. In addition, agents are more committed to clients who have agreed to work with them exclusively and assured them compensation in return for strong representation. The BBE outlines the areas that interest you, the property characteristics you want, and the expected price range for purchase. It puts you in control of your transaction by making you a contracted participant who can expect a full range of services from your Realtor.

“The Buyer-Broker Exclusive Agreement is a beneficial document with some similarities to the listing contract you’d sign when selling your home,” says Alan Shafran of The Alan Shafran Group in Prudential California Realty’s Carlsbad office. “It puts buyers in the driver’s seat by providing them with complete agency disclosure, a full list of their broker’s authorizations and obligations, and a negotiated timeframe for the contract.”

Signing a buyer-broker agreement establishes a strong working relationship between you and your Realtor by fostering better communication about your goals and the outcome you want for your transaction. A knowledgeable agent will ask the right questions to learn what you’re really looking for in a home. You can also negotiate the length and terms of the contract to ensure you feel comfortable with the agent you’ve chosen.

“Some buyers do not want to commit to an agent because they don’t want to feel pressure from that agent” says Ken Kaplan of The Kaplan Team at the Gaslamp office of Prudential California Realty and the company’s Buyer-Broker Exclusive Agreement trainer.

“The irony is that just the opposite should happen. Without a contract, many agents fear their clients will purchase a property with another Realtor. That makes them put more pressure on their buyers to buy from them. A buyer-broker agreement establishes a commitment by both parties that alleviates this stress and pressure.”

Signing a BBE does not obligate you to purchase a property, but it will motivate a good agent to alert you to properties within hours of their coming on the market. Your agent will also go the extra mile to create opportunities for you, rather than wait for opportunities to present themselves.”

Working with a qualified real estate professional and protecting your interests as a buyer are extremely important when purchasing property. Buyer-broker agreements help ensure that you get the most from your real estate agent.

02.08.09
Range Pricing Benefits Both Buyers and Sellers

By Jon L. Cook, President & CEO

From coast to coast, range pricing has changed the face of real estate. The approach, an alternative to the traditional way homes are bought and sold, markets properties within price ranges rather than at set prices.

One advantage of range pricing is that it allows interested buyers to focus their negotiations within a minimum and maximum price span, rather than trying to guess the price at which the owner will sell.

Another benefit of range pricing is that the seller promises to entertain any offer within the set price range. That assurance opens the door to negotiations and, most likely, a transaction. With a fixed-price listing, the seller is free to refuse any offer, and negotiations may not even begin.

Range pricing gives sellers the privilege of determining their home’s market value. It also enables them to obtain the maximum price possible while keeping their property competitive in the market.

"Changing markets happen overnight," says Maxine Gellens, who, with her daughter, Marti Gellens, has been Prudential California Realty's top-producing La Jolla team for many years. "In an upswing market, the seller will benefit from the ability to get the upper price in the range, not leaving anything on the table," she explains. "In a downturn market, there's less need to reduce the home's price, especially if the right value range was selected in the first place."

Homes listed with range pricing routinely sell in a fraction of the time it normally takes to sell traditionally priced homes. Listing the entire range attracts the attention of more potential buyers — and the more people who see a home, the quicker it will sell.

Imagine a buyer sees a house and falls in love with it — but the listed price is more than the buyer was hoping to spend. Rather than risk insulting the seller, the buyer may shy away and continue searching elsewhere. The rules of range pricing give buyers the confidence to step up and make an offer, because the seller has committed to responding in writing to any offer within the range.

Range pricing also benefits the buyer during the search process. Most buyers know how much they want to spend, and typically search for properties within their “range of affordability.” Homes marketed using range pricing will show up in many more “range of affordability” searches — dramatically broadening the number of properties the buyer looks at.

For real estate professionals, range pricing eliminates the listing agent’s two greatest fears: under pricing, which results in the sellers leaving money on the table; and overpricing, which attracts the wrong buyers to the home.

Since Prudential pioneered the approach in 1994, range priced listings have taken off. The approach is now supported by the MLS and the Board of Realtors and used in the USA, Canada, Australia, New Zealand and Asia.

02.03.09
Challenging Times Spark Great Solutions

By Jon L. Cook, President & CEO

One of the good things about challenging times is that they spark great new solutions. In our field, the latest is the renovation loan, or 203K. Demand for this loan is surging, because it meets the new needs of both buyers and sellers in this market. In today’s market, there are phenomenal buys on homes in very attractive locations. But in some cases, these properties need work. Until recently, buyers looking for move-in ready homes would regretfully pass, since it takes too much time to line up financing for the upgrade.

The new renovation loan allows borrowers — including first-time homebuyers and owners that are refinancing — to fold the cost of home improvements into their new 30-year fixed rate home loan without a second mortgage, equity line, or other financing option. Work on the upgrade can begin immediately after closing.

Improvements can range from a kitchen or bath remodel to a room addition — in fact, just about any repair or renovation that makes the home fit your needs. You may hire a contractor, or do the work yourself. Either way, you will be required to submit architectural drawings of the proposed renovations before the loan can be considered.

While home equity loan amounts are based on the current value of the property, renovation loan amounts are based on the predicted value after the upgrade. The lender uses the plans you submit to estimate that figure. Construction is divided into stages, and you’ll be asked to document the completion of each stage before receiving a check for the next one.

“When you take the traditional route, a first mortgage with a home equity loan for renovations, the amount you can borrow is based on the current value of the home, and these days that may not be ideal,” says Danny T. Valentini, senior vice president/regional manager for San Diego and Orange County at HomeServices Lending, an affiliate of Wells Fargo Home Mortgage. “The amount you can borrow for a renovation loan is tied to the increased value of your home after the improvements are made. That makes more money available to pay for the enhancements you want.”

Renovation loans finance the home purchase and the improvements together, spreading the cost of renovations throughout the entire mortgage term. That means the interest rate and monthly payments can be lower than for the first/home equity package. The interest on the cost of your improvements may also be tax deductible. In some cases, the first six months of payments can even be folded into the overall loan amount, freeing you of loan payments during the construction period.

If you’d like to learn more about this new approach to having your home and fixing it, too, your local Prudential California Realty agent has all the details.

12.09.08
Seasoned Manager/Coach Wally Malesh Named Manager of Ventura Prudential California Realty Offices

Prudential California Realty has announced that Wally Malesh, a leading Southern California real estate manager and business coach, will manage the company’s offices in Ventura, Ventura Beach and Ojai.

A director of the Orange County Association of Realtors and a past director of the California Association of Realtors/Ventura County Region, Malesh is a Certified Real Estate Brokerage Manager (CRB), a designation held by less than two percent of manager/brokers in the country. He comes to Prudential California Realty from First Team, where he had served as Vice President, Operations, and Regional Manager. Malesh earned his MBA at Pepperdine University and was on its faculty for fourteen years.

After a decade in international recruiting for the aerospace industry, Malesh launched his real estate career in 1985, joining a Westlake Village franchise and buying it a year later. In the ensuing years, he went on to amass experience in commercial, land, and residential real estate from Ventura to San Diego. He also earned a reputation for his strong business coaching skills, which have shaped the careers of hundreds of successful agents.

Malesh plans to draw heavily on his powerful teaching abilities in his new position. “Our goal is to create a world-class customer experience for our clients throughout Ventura County,” he says. “The key to that is helping our already talented agents further enhance and fine-tune their skills.”

“Real estate is a complex business, and Wally has an exceptional track record in helping agents turn complex issues into manageable systems that get outstanding results,” says Jon Cook, the company’s Executive Vice President and General Manager. “His influence will be key in positioning our Ventura team on the leading edge, with pinpoint responsiveness to current market conditions.”

Those conditions have made the Ventura region a highly rewarding market for prudent buyers, Malesh notes. “We are fully focused on showing those buyers where the opportunities are — and using all our skills to help sellers get the best possible results.”

About Prudential California Realty
With over $17 billion in sales volume and more than 18,000 transactions across Southern California and the Central Coast last year, Prudential California Realty is one of the top five brokerages in the nation and the largest company in the Prudential Real Estate international network. Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit www.prudentialcal.com.

12.02.08
Prudential California Realty Volunteers Remove Half a Ton of Waste from Miles of Southern California Beaches

Volunteers from Prudential California Realty, Prudential Real Estate Affiliates Inc., California Title and Pickford Escrow combed the California coastline from San Diego to Los Angeles on Oct. 25 in a massive cleanup effort that removed half a ton of trash and waste from three beaches. The cleanup, done in partnership with the Surfrider Foundation, underscored Prudential California Realty’s company-wide commitment to environmental responsibility and improving ecological conditions in the communities it serves.

“I am really proud of the 400 volunteers who participated in this event,” said Prudential California Realty President and CEO Steve Rodgers. “In addition to our agents and employees, many of our customers also came out with family and friends to pitch in, which gave us the opportunity to join together with them in this important effort.”

This effort to collect and remove 1,000 pounds of litter from miles of coastline is Prudential California Realty’s second time partnering with the Surfrider Foundation. “Prudential California Realty employees came together (again) to take action in their neighborhood and clean up their local beaches,” said Nancy Hastings, Southern California Field Manager for Surfrider Foundation. “This is a company that is sending a positive message of caring to the community.” Along with the cleanup efforts, Prudential California Realty’s Charitable Foundation made a donation to Surfrider Foundation in the amount of $3,500, and Prudential Real Estate Affiliates donated $3,000.

The Beach Clean-up is an example of Prudential California Realty’s ongoing commitment to going green. “At the heart of our environmental initiative is the belief that keeping California a clean, healthy place to live and work will also help maintain a thriving business environment,” said Rodgers. “Whether it is beautifying beaches or raising awareness through seminars, it is all consistent with our mission to make a difference in our communities.” This month, the company is preparing to launch a new green website and service/marketing division.

With over $17 billion in sales volume and more than 18,000 transactions across Southern California and the Central Coast last year, Prudential California Realty is one of the top five brokerages in the nation and the largest company in the Prudential Real Estate network. Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit www.prudentialcal.com.

Check out the slideshow!

10.20.08
Prudential California Realty Launches Companywide Charitable Foundation

October 20, 2008 — Prudential California Realty has announced that its two regional charitable foundations, the Los Angeles-based Aaroe Associates and the Orange County/San Diego/Coachella Valley Pickford Cares, now share a new name. The Charitable Foundation - Agent Community Outreach of Prudential California Realty will continue to operate agent-driven, locally focused regional chapters.

All foundation grants are funded by personal contributions from Prudential California Realty agents and employees, with many agents automatically donating a portion of every transaction to the foundation. A board of representatives meets monthly to review funding applications and award grants. To date, the company’s regional foundations have given a combined total of over $3.5 million to hundreds of local organizations focused on health, education, community, and the environment.

The board also recruits and coordinates company volunteers for efforts large and small across the Southland. In September of last year, some 1,500 Prudential California Realty volunteers turned out for Beach Clean-up Day, clearing one ton of trash off beaches from the Central Coast to San Diego. “The scope of participation by Prudential California Realty agents in the Beach Clean-up Day was unprecedented for any one company. When it comes to caring for the ecological resources of our community, Prudential California Realty is actually walking the walk, not just talking the talk,” said Nancy Hastings of the Surfrider Foundation. Company volunteers returned to the beaches Oct. 25 for this year’s Beach Clean-up Day.

“Our professionals have always been known for their collaborative approach to making a difference, both for their clients and their communities,” said company President and CEO Steve Rodgers. “For years, they have generously contributed their own money and time to support local causes that matter. Because our jobs connect us very closely to the communities where we live and work, we care deeply about making those communities better places to live. That personal passion has always powered our charitable efforts. As a united force, we can do even more.”

More information on the Prudential California Realty Charitable Foundation can be found at http://foundation.prudentialcal.com.

With over $17 billion in sales volume and more than 18,000 transactions across Southern California and the Central Coast last year, Prudential California Realty is one of the top five brokerages in the nation and the largest company in the Prudential Real Estate network. Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit www.prudentialcal.com.

10.15.08
Directors Appointed to Create Luxury Properties Division

October 15, 2008 — In recent months, a core advisory group of highly experienced Prudential California Realty luxury agents from Santa Barbara to San Diego have collaborated on a single project: the design of a Southern California-wide Luxury Properties Division.

The team of directors includes:

• Kate Adams, La Jolla
• K. Ann Brizolis, Rancho Santa Fe
• Shauna Covington, Laguna Beach
• Jody Fine, Pacific Palisades
• Maxine Gellens, La Jolla
• Marti Gellens, La Jolla
• Brian Guiltinan, Rancho Santa Fe
• Louise Hampton, Palm Springs
• Phil Immel, Monarch Beach
• Nancy Kogevinas, Montecito
• Janice Lee, Pasadena
• Andrew Manning, Sherman Oaks
• Jo Ann Mermis, Montecito
• Bobbi Mezger, Coto de Caza
• Bruce Miller, Corona del Mar
• Billy Rose, Beverly Hills
• Michael Taylor, Rancho Santa Fe
• Cory Weiss, Beverly Hills

“Each of these leading agents devoted an incredible amount of time and passion to this project while handling a huge volume of business,” noted company Executive Vice President and General Manager Jon Cook. “Their extraordinary commitment and vision have created a groundbreaking approach to luxury real estate representation.”

The new division was launched on August 1 at an exclusive event for high-end agents at the Ritz-Carlton Laguna Niguel. But the leadership team’s work is ongoing, as they refine services, add new features and incorporate key input from luxury agents throughout the company.

The division is designed to fully leverage the company’s highly collaborative agent network, worldwide upscale connections and alliances, proprietary contact lists, and most compelling and targeted luxury marketing strategies on behalf of its clients. “This is a living, breathing program, and it will continue to evolve,” noted Heidi Hockenberry, Director of Marketing for the division. “We will always seek out new ways for our luxury agents to leverage our company’s full range of high-end expertise and resources to give their buyers and sellers an unprecedented level of representation.”

To qualify for Luxury Properties representation, a listing must meet price criteria established specifically for its area. All criteria are reviewed annually to ensure they accurately reflect the market. The division is currently representing 600 listings.

The Luxury Properties Division is highly collaborative, with members calling on each other’s skills, experience and connections to price, market and locate potential buyers for their listings. Specialists have access to proprietary lists of top luxury brokers and affluent prospects nationwide. A dedicated support division conducts ongoing research in the luxury market and conveys critical information to agents.

A full array of custom marketing tools has been designed to bring the division’s exceptional homes to the attention of upper-echelon buyers around the world. The focal element is luxsocal.com, a dedicated website reserved for division listings. Visitors to prudentialcal.com, regularly visited by homeseekers from over a hundred countries worldwide,* can link directly to luxsocal.com from the home page.

The division’s homes are also featured in a glossy full-color magazine, Luxury Properties, distributed bimonthly to 55,000 closely targeted contacts in over 70 countries. A high-impact multimedia property showcase is created for each listing, highlighted by an elegant custom website, an atmospheric video tour, and a compelling full-color brochure.

About the Luxury Properties Division
The Luxury Properties Division exclusively represents the uppermost tier of Prudential California Realty listings, defined by area-specific price criteria. The division leverages the company’s worldwide elite connections and alliances, highly collaborative agent network, proprietary contact lists and specialized luxury marketing resources to bring these exceptional properties to the attention of an elite global audience.

About Prudential California Realty
Prudential California Realty is one of the top five brokerages in the nation and the largest company in the Prudential Real Estate International network. The company is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit www.prudentialcal.com.

*Source: Google Analytics

FOR IMMEDIATE RELEASE

10.14.08
Prudential California Realty and Surfrider Foundation Prepare for Major California Coastal Cleanup

Volunteers from Prudential California Realty, one of the nation’s top real estate brokerage firms, will team up with the Surfrider Foundation for their second annual Southern California Beach Cleanup Day as part of a major cleanup of the California coastline on October 25, 2008.

“Our cleanup efforts in concert with the Surfrider Foundation help us give back to the communities in which we live, work and play,” said Steve Rodgers, president and CEO of Prudential California Realty. “We believe providing an environmentally responsible example now and for the next generation is of the essence.”

This collective effort between Prudential California Realty and the Surfrider Foundation will focus on three beaches: Mission Beach in San Diego; Doheny State Beach in Orange County and Venice Pier Beach in Los Angeles. By contributing to a cause which benefits communities throughout Southern California, Prudential California Realty employees hope to build this one-day event into a long-term commitment to coastal beautification.

According to Steve Rodgers, the effort to help protect the environment fits with the business mission of the company on several different levels. “Every day our agents sell the natural beauty of Southern California,” he said. “Maintaining that beauty in our communities will build value.”

Since its founding in 1984, The Surfrider Foundation has dedicated itself to “the protection and enjoyment of the world’s oceans, waves and beaches for all people, through conservation, activism, research and education.” (www.surfrider.org)

The Southern California Beach Clean-up Day is scheduled from 9 a.m.-noon. To volunteer for the event in your area, please go to www.prudentialcal.com to register.

Prudential California Realty, established in 1985, became the first franchise of Prudential Real Estate Affiliates in 1988. Today, the company has grown into one of the top five brokerages in the nation, with over 90 offices, 4,600 sales associates and nearly $19 billion in sales in 2006. Prudential California Realty is proud to be a member of HomeServices of America, Inc., a Berkshire Hathaway affiliate.

10.13.08
Prudential California Realty Desert Agents Provide Over 300 Personal Care Kits for Homeless on 13th Annual Global Volunteer Day

October 13, 2008 — Agents and staff of the Rancho Mirage and La Quinta offices of Prudential California Realty joined forces to collect funds and products for over 300 personal care kits for the homeless. The effort was part of the 13th Annual Prudential Global Volunteer Day on October 4.

Donations included both products and $760 in cash contributions for the purchase of additional items. The kits were assembled by Prudential volunteers. A number of local hotels also donated sheets and blankets for the distribution.

The effort was spearheaded by a coordinating committee including Priscilla Bowler, Leonardo Montenegro and Brenda Rudman of the Rancho Mirage office and Maggie Hickman and Zabe McKibban of the La Quinta office.

Prudential Global Volunteer Day was introduced in 1995 to celebrate the volunteer activities of the company’s employees. That year, more than 5,000 Prudential associates and their families and friends worked on 100 volunteer projects across the country. Last year, more than 32,000 people participated in 800 projects in the United States and eleven other countries where Prudential has a business presence.

Since the program’s inception, Prudential employees and their families, friends and business clients have contributed 1.7 million hours of personal time on Global Volunteer Day. Based on the $19.51 hourly value for volunteer time set by the Points of Light Foundation, their activities have a cumulative value of more than $30 million.

About Prudential California Realty
With over $17 billion in sales volume and more than 18,000 transactions across Southern California and the Central Coast last year, Prudential California Realty is one of the top five brokerages in the nation and the largest company in the Prudential Real Estate International network. Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate. For more information, visit www.prudentialcal.com.

8.01.08
The Real World…of a Real Estate Agent

For many Americans, the purchase of a home is the biggest single investment they will ever make. Few will ever match the amount of time, effort and capital they put into their home. It is an investment that many wait years to realize, and one that can reap personal and financial benefits beyond that of any other venture.

For countless buyers and sellers, working with a professional real estate agent provides substantial, positive impact in terms of purchase and sales pricing, time on market, and time to close, and it takes a real estate agent who understands the complexities of the transaction to meet the many needs of the consumer. The choice to become a real estate agent has been the first step in all of these positive experiences.

The life of a real estate agent may be very different from what is perceived by consumers. It requires discipline, commitment, perseverance, enthusiasm, flexibility, and above all else, motivation. “In order to succeed in this business, self-motivation is vital,” said Bob Kelly, a real estate agent with Prudential California Realty’s La Mesa office. “The desire to help and support the consumer in achieving the American dream of homeownership is what drives the successful agent.”

Realty has become a popular vocation over the past ten years, with NAR (National Association of Realtors) membership growing 89.6% from 1998-2006. The popularity of the profession has increased precisely because a career as a Realtor can be highly rewarding—personally, professionally, and financially.

A commitment to service runs deep in the heart and mind of professional real estate agents, who are often highly involved in community service. An example is Prudential California Realty’s efforts with the Surfrider Foundation last year for Coastal Cleanup Day, when company volunteers in five counties cleaned 350 miles of beach stretching from San Diego to San Luis Obispo in a single day. Likewise, earlier this year agents and employees of Prudential California Realty contributed nearly $150,000 to a fund created to help people, pets and wildlife recover from the ongoing effects of Southern California’s devastating October 2007 wildfires.

In addition to the personal rewards of becoming a professional real estate agent, the financial benefits can be significant. Generally, your paycheck is determined by the amount of sweat equity put into the job. The potential for income growth is staggering, according to The National Association of Realtors: realtors who had just three to five years of experience had an income that was over three times higher than that of new realtors (realtors who have spent two or less years in the business). Working for a reputable brokerage is also a vital component to a successful career as a professional real estate agent.

Ongoing education and training are vital to success as a real estate agent. Nationally, Realtors are highly educated, with 44% holding at least a Bachelor’s degree (compared to a national average among 18+ year olds at less than 30%), along with their licenses. Brokerages such as Prudential California Realty offer their employees and agents dedicated training resources with career development in mind.

The life of a professional real estate agent is a rewarding and noble one; and it is no wonder that the highest caliber of professionals go into the business. Helping consumers to achieve the American dream of homeownership is no small task; a task suited to those who find themselves attracted to a profession that rewards service with success.

7.20.08
Today's Technology Makes Buying and Selling Even Easier

By Steve Rodgers, President & CEO

In a world gone wireless and mobile, consumers are able to do just about everything short of ordering their morning coffee straight from their cell phone. Mobile networking has become commonplace in every industry and age group, making the global marketplace the local marketplace.

When it comes to real estate, technology has played a huge part in streamlining the process of finding, purchasing or selling a home. As an example, new products like “WHAMmobile’s” mobile real estate listings service offer to simplify the shopping process for homebuyers.

This real estate listings platform allows homebuyers to receive property information instantly to their cell phones by texting a unique message to a designated destination. The code and message is displayed on the home’s yard sign rider and eliminates the hassle of getting out of the car to retrieve a traditional “Take Me” flyer.

With the popularity of text messaging growing every day, it gives prospective buyers the opportunity to use wireless communication to obtain instant access to home listings. Prospective homebuyers will receive basic information about properties including property size, photos, maps, and contact request options right to their mobile phone. Agents receive contact information from the prospective buyer and can follow up at their convenience.

The next WHAMmobile service planned to be released, for summer 2008, will include features to schedule showings, deliver e-flyers, navigate to other listings, and more. New technologies like this not only streamline the communication between agents and buyers but also increase the visibility of the seller’s home, which is key in today’s buyer’s market.

It is common knowledge that working with a professional real estate agent can make all the difference in a real estate transaction. The best agents recognize opportunities to improve their service on every level, and technology has become a key ally to both agent and client. “This is an ever-changing market, and ultimately our solutions have to meet the demands of our clients,” said Don Reedy, an agent in Prudential California Realty’s San Marcos office. “Using the internet and mobile technology creates a competitive advantage, and simplifies the process for the client.”

MLS (Multiple Listing Service) and other online listings have been key components in the technological push in the industry. By placing addresses, descriptions, pictures, virtual tours and contact information online, these listing sites have given consumers more resources than ever. “The MLS has changed the way our business works,” continued Reedy. “In the past, finding one’s perfect home took huge amounts of time and energy. Now, all the information is available at the click of the mouse.” In addition to online listings, many properties have their own “site-specific URL’s,” or websites. This approach brings added attention and prestige to a listing, with more space devoted to photos, tours and information about the property.

Whether it is through email, text message or mobile networking, working with a professional real estate agent is always a priceless benefit. The best agents help their clients every day to fulfill the American dream of homeownership, and new methods of technology are turning this dream into a reality.

7.01.08
Take Advantage of the Homebuyer Tax Credit

By Steve Rodgers, President & CEO

The decision to become a homeowner for the first time is one of the most important personal and financial choices one can make. The financial rewards of homeownership have consistently come from several streams, including sale profits and tax benefits. On July 30, 2008, President Bush signed into law H.R. 3221, or the Housing and Economic Recovery Act of 2008. The bill, which covers issues including GSE and FHA reform, VA loan limits, and the Homebuyer Tax Credit, passed the House of Representatives by a vote of 272-152 and the Senate by a vote of 72-13. The Homebuyer Tax Credit provision offers a significant incentive for first-time buyers to achieve the American dream of homeownership, making now the perfect time to make that decision.

H.R. 3221 offers first-time homebuyers a $7500 tax credit for any qualifying home purchase made between April 8, 2008 and June 30, 2009. Any purchase of a single-family dwelling used as a primary residence will be eligible for the credit, and the $7500 will be repayable over a 15-year period, creating in effect an interest-free loan. The terms of the provision put the taxpayer at a distinct advantage, with payments being calculated at 6.67% of the credit amount over 15 years. Thus, if the individual takes the full $7500 credit, repayment will be about $502.50 per year. Since the provision will lower the homebuyer’s tax liability by a maximum of $7500 on their 2008 tax return, it simply needs to be claimed on IRS Form 1040. Therefore, buyers do not need to apply for the credit.

The Homebuyer Tax Credit applies only to first-time homebuyers, who are defined as individuals who have not had an ownership interest in a principal residence within the previous three years. This creates a great opportunity for those who have been thinking about making this most important purchase, but have been holding off for one reason or another. However, the provision will expire on June 30, 2009. In a market recovering from a downturn, this tax benefit is an important incentive for first-time buyers, and it creates a buyer-friendly market.

As consumers consider the benefits of making their first home purchase, working with a professional real estate agent is of the utmost importance. The decision to do so will help consumers sort through the provisions of the Housing and Economic Recovery Act of 2008, and the expertise of a professional real estate agent will ensure that individuals will fully benefit from the incentives and programs the federal government is currently offering. When making the decision to achieve the American dream of homeownership, it only makes sense to consult with those who have made it their business to help individuals achieve that dream. And with a buyer-friendly tax incentive, the American dream has become more of a reality than ever before.

FOR IMMEDIATE RELEASE

Contact: Fritts Causby
Prudential California Realty Marketing
619.497.3418

6.19.08
Prudential Named #1 Brokerage in San Diego

For the 11th consecutive year, Prudential California Realty has been named the number one residential real estate agency in local sales volume by the San Diego Business Journal. In fact, the company has a higher sales volume in 2007 than its top five competitors combined.

Steve Rodgers, President and CEO, said Prudential California Realty's ability to thrive in a challenging market is attributable to several key factors, including its highly skilled team of agents who are dedicated to providing a superior client experience.

"Our local leadership and commitment to serving the needs of our clients has helped us build an excellent reputation within the real estate community," Rodgers said. "Combined with our grade-A agents, innovative marketing strategies, and cutting-edge technology, this gives our customers the assurance of a consistently superior experience, whether they are purchasing or selling a home."

Prudential California Realty has differentiated itself from other brokerages by offering home sellers full-spectrum exposure on the most popular home search websites, including Yahoo! Real Estate, which hosts 4 million unique visitors every month. In addition, the company’s agents, who receive comprehensive training and ongoing mentoring by the founders and senior management, utilize powerful Internet tools to ensure prompt communication and smooth transactions.

Established in 1985 in San Diego County, Prudential California Realty has expanded to become one of the top five brokerages in the nation, with over $17 billion in sales volume and more than 18,000 transactions across Southern California and the Central Coast last year. The company has earned a host of honors, including being named the #1 company within the Prudential Real Estate family for 11 years running. Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate.

FOR IMMEDIATE RELEASE

Contact: Gina Biondillo
Pierpont Communications
(713) 627-2223
gbiondillo@piercom.com

6.16.08
Prudential California Realty Utilizes WHAMmobile’s Mobile Real Estate Listings Service

Real Estate Brokerage Firm to Streamline Communications with Buyers through Text Messaging

HOUSTON (June 16, 2008) – WHAMmobile, a Houston-based mobile marketing and technology firm, announced today that Prudential California Realty, the largest franchisee of the Prudential Real Estate Network and one of the top five brokerages in the nation, has begun using its mobile real estate listings offering to simplify the shopping process for homebuyers.

This real estate listings platform will allow homebuyers to receive property information instantly to their cell phones by texting a unique message to a designated destination. The code and message is displayed on the home’s yard sign rider and eliminates the hassle of getting out of the car to retrieve a traditional “Take Me” flyer.

“With the popularity of text messaging growing every day, we wanted to give our prospective buyers the opportunity to use wireless communication to obtain instant access to our home listings,” Steve Rodgers, President and CEO, Prudential California Realty-Southern California and Central Coast. “By using WHAMmobile, we not only streamline the communication between our agents and buyers but also increase the visibility of our sellers’ homes, which is key in today’s buyers market.”

With WHAMmobile’s mobile real estate listings, prospective homebuyers will receive basic information about Prudential California’s properties including property data, photos, maps, and contact request options right to their mobile phone. Agents receive contact information from the prospective buyer and can follow up at their convenience. The next release of the service, planned for summer 2008, will include features to schedule showings, deliver e-flyers, navigate to other listings, and more.

“Prudential California is an innovative company that embraces the fastest growing technology tools available, so we were pleased they saw the value in real estate mobile marketing,” said Jeff Lerner, Executive Vice President of WHAMmobile. ”Both homebuyers and agents will benefit from WHAMmobile’s real estate offering. Prudential California’s prospects can obtain and store information about their favorite homes, and it will eliminate the time and money agents spend on creating and distributing “Take Me” flyers.”

Prudential California is currently using WHAMmobile’s real estate offering throughout Southern California and the Central Coast.

About Prudential California Realty
Established in 1985 in San Diego County, Prudential California Realty has expanded to become one of the top five brokerages in the nation, with over $17 billion in sales volume and more than 18,000 transactions across Southern California and the Central Coast last year. The company has earned a host of honors, including being named the #1 company within the Prudential Real Estate family for 11 years running. Prudential California Realty is proud to be a member of HomeServices of America Inc., a Berkshire Hathaway affiliate.

About WHAMmobile
WHAMmobile provides patented mobile marketing and technology solutions for a diverse range of industries, including real estate, entertainment, sports arenas and media industries. As the creators of the on-demand mobile marketplace, the nation’s first searchable pull sms-coupon system, WHAMmobile has quickly grown to offer other services including database management, search-to-buy, drive-by promotions, interactive polling and text message ordering. With these services and more, WHAMmobile is the new revolution for building a relationship between advertisers and consumers.

For more information about WHAMmobile, please visit www.whammobile.com