Take to the Skies! Where? In Van Nuys!

Posted at 5:36 PM, Mar. 7, 2007

Manufacturing and distribution industry has long been important to Van Nuys. Once the home of a major Chevrolet facility, Van Nuys is now home to an Anheuser-Busch Brewery, Home Depot, and other large employers. The San Fernando Valley Administration Center is also here providing municipal, county, state, and federal government services for the Valley population.

For almost a 80 years, the Van Nuys Airport (VNY) has been a center of activity. From a small field in the 1920's it has grown to be the world's busiest general aviation airport. There are no commercial airline flights here, yet private and chartered aircraft account for nearly a half million takeoffs and landings a year.  

In the early days, Van Nuys Airport served barnstormers and intrepid airmen – and women – who sought flying records. They included:

• A men’s solo endurance record of 37 hours, by Herbert Fahy, in 1929.
• A women’s endurance record of 42 hours, by Elinor Smith and Bobbi Trout, in 1929.
• A women’s speed record of 196 mph, by Florence “Pancho” Barnes, in 1930.

Just about 20 miles north of the Los Angeles Airport (LAX), the airport was a favorite of Hollywood stars like Gene Autry, Cecil B. DeMille, and Howard Hughes who flew here. The airport has become increasingly popular as it offers both convenience and a measure of anonymity for celebrities and politicians. And for those who do need to fly out of LAX, the Flyaway Bus Service offers non-stop service between the two airports.

Van Nuys has Airport a film-friendly policy that aims to keep film production at "home" in Lost Angeles. From Casablanca to the TV show 24, the airport has been part of many films and TV shows over the years. The 1980's action-espionage series Airwolf used the VNY hangars as the site of "Santini Air," the charter air service operated by Dominic Santini and played by Ernest Borgnine. Even during the war years of the 1940's when the airport was a defense-manufacturing center, Hollywood discovered a young woman there on an aircraft assembly line; her name would be Marilyn Monroe.

The airport is not only about movies, takeoffs, and landings; the 730 acres of VNY are home to 100 businesses plus a 27-hole golf course. Los Angeles police, fire, and water and power helicopters have hangars and maintenance facilities here. Future airframe and power plant  mechanics get their training in the aviation mechanics school run by the Lost Angeles schools.

In the1960's a guided tour program opened the airport to the local community for a journey through aviation past and present. VNY continues to offer tours, giving about 10,000 adults and children a close-up look at the airport each year. And for those who can't get enough of airplanes, a public observation area adjacent to the east side of the airfield features permanent displays, special children’s exhibits and a continuous live broadcast of air traffic controllers in the airport’s control tower.

We hope you've enjoyed this stop on our continuing San Fernando Valley tour. Happy landings!

Missions and Movies in the San Fernando Valley - On the Tarzana Tour

Posted at 7:57 PM, Mar. 1, 2007

Our continuing tour of the San Fernando Valley visits Tarzana today. And it's not much of a guess that the town has close ties to The King of the Jungle. But before the friend of chimps was a celebrity, this town already had a couple hundred years of history.

In the late 1700's, what is now Tarzana was part of the San Fernando Mission. Through the next 100-plus years, the land changed hands several times and became cattle ranches and farm land until 1911 when 550 acres were

purchased by General Gary Otis, the founder of the Los Angeles Times.

The author Edgar Rice Burroughs brought his family here in 1919 when he bought the Otis ranch, built his home on a hill, and called it Tarzana. In time Burroughs subdivided his land and sold off building lots, and the town of Runnymede grew up around and including Tarzana. By 1927, the 300 or so residents of Runnymede wanted their own post office. Only trouble was, there was already another Runnymede in California. So a local contest was held and the decision was clear: the town would be called Tarzana in honor of its most famous inhabitant and his heroic character.

Today, almost 30,000 people call Tarzana home. Most of them live in the foothills of the Santa Monica Mountains south of Ventura Blvd. According to Wikipedia, Tarzana is a multi-cultural town with many lands and languages represented. It is well known for its Persian (Iranian) restaurants and bookstores, as well as a thriving and long-established Jewish community and the first and only branch of the Hebrew language bookseller Steimatzky constructed outside of Israel. A number of popular delicatessens can be found in Tarzana, including the Tarzana Armenian Grocery and Mort's Deli.

Next time you need a conversation starter, here are some interesting tidbits about Tarzana:

·        Edgar Rice Burroughs also wrote "The Girl from Hollywood" which received bad reviews. Burroughs complained: "The critics have panned 'Girl from Hollywood.' They said that no ranch such as I described in the story ever existed. The joke of it was that I merely described my own ranch!" 

·        According to the Tarzana Chamber of Commerce, Tarzana was the site of the Valley's first swimming pool.

·        Wikipedia tells us that notable residents have included comedian Jeremy Hotz, actor Jamie Foxx, actor Chuck Norris, filmmaker John-Erik Jordan, Bon Jovi guitarist Richie Sambora, and frequent Star Trek guest star Hana Hatae (in both TNG and DS9 as Molly O'Brien – Miles' and Keiko's daughter.)

·        And do we really need to mention a certain celebrity's recent self-shearing in a Tarzana salon? No, probably not.  

Tarzana is just one of the fascinating destinations on our San Fernando Valley tour. Be sure to join us again when we visit…Woodland Hills.

Boutique or Big Box?

Posted at 12:49 PM, Feb. 22, 2007

When all you want is to buy a lot of something, you might go to a big box store. Take your basket, roll up and down the aisles looking for what you need, maybe even check yourself out, and trundle home with your purchases. If you're buying gallons of peanut butter or barrels of potato chips, it's a fine way to go.

But what if you're going to spend several thousand dollars on a new TV? Or perhaps you're shopping for a wedding dress?  These are not every day items, and you will certainly want some personal service and advice before you buy. For these you'll go someplace where you can talk to a professional, find advice about different options, and get exactly what you want.

That's a boutique: a "small, exclusive business offering customized service" (with thanks to Dictionary.com). This kind of customized, personalized service is what a boutique real estate broker is all about. The focus is on individual clients and not on a corporation's goals or guidelines. There are no cookie-cutter solutions here; your home is unlike any other, and it deserves a marketing plan that is tailored to its unique features.

As a seller, you want to work with a Realtor® who knows your area well, has significant experience, and who provides personalized service to fit your needs. As a buyer, you also want to deal with a professional who has in-depth knowledge about your new neighborhood.

The boutique Realtor® is independent and has significant experience in a specific market area. Most important, this professional takes the time to listen and understand your needs, and to look out for your interests always and unconditionally. And isn't that exactly what you want when buying or selling a home?

Real Estate Plateau Not a Matter for Worry - February Press Release

Posted at 10:34 AM, Feb. 21, 2007

A Tour of San Fernando Valley – Oaks and Old Movies in Encino

Posted at 8:22 PM, Feb. 16, 2007

This is the beginning of a series, not unlike the serials of the old movie theater double feature. Back in the day – like the early to mid-20^th century – when you went to the movies on Saturday, you saw a newsreel, cartoons, and two feature movies. There was also an ongoing adventure with a new chapter every week to keep you coming back.

There won't be any hoof-pounding Western adventures in this series, but there will be interesting history, intriguing facts, and fascinating trivia about the communities of the San Fernando Valley, Santa Clarita Valley, and the Westside of Los Angeles. Whether you are a native or newcomer, we hope you'll enjoy the journey. 

First on the tour is Encino. It is truly hard to go anywhere in the Los Angeles area without finding a connection to the movie industry. Homes of the stars and hangouts of the famous are everywhere. Even a well-known Realtor® chose Encino for his home base. Here in Encino, though, not only the people are stars; the district itself has played a role in film and literature.

Like much of this area, Encino was once mission land owned by the Spanish government. When the missions were abandoned in the early 1800's, about seven square miles was given to three Grabielino Indians and became known as Rancho Los Encinos (Ranch of the Oaks.) By the middle of the 19^th century the land had been a cattle ranch, grown wheat and barley, and had become a stop on the stage line between Los Angeles and San Francisco. According to the Encino Chamber of Commerce, some of the buildings from those days are still seen in the Los Encinos State Park.

Through all this, a massive California Live Oak tree stood on what became Ventura Boulevard, and watched over more than a thousand years of human history before falling during an El Niño storm in 1998.

Encino is now home to more than 40,000 people who live in the area bordered on the west by Tarzana, on the north by the Sepulveda Dam Recreation Area, on the east by Sherman Oaks, and on the south by the Encino Reservoir.

And now for the connections to film and literature we promised: (with thanks to Wikipedia)

 ·        In the glory days of filmmaking, Encino was also the site of RKO Studios "Encino Ranch" and the site of such iconic movies as It's a Wonderful Life and The Hunchback of Notre Dame.

·        It is the setting of the 1992 comedy, Encino Man.

·        Encino is mentioned in Frank Zappa's 1982 hit song, "Valley Girl."

·        "The Point" from Fast Times at Ridgemont High was located in Encino (Encino Little League Field).

·        Encino was where Ali's family lived (Elisabeth Shue) in the movie The Karate Kid. Their country club was Encino Oaks and they lived on Alonzo Avenue.

·        Encino is where specials on the popular cartoon SpongeBob SquarePants take place.

·        Encino is the setting of the first half of Chilean author Alberto Fuguet's novel "Las Películas de mi Vida (The Movies Of My Life)"

·        According to a recurring on-air gag of the 1970's show Match Game, panelist Brett Somers would take host Gene Rayburn to a nice hotel in Encino after the show if she were "feeling frisky."

·        Encino has been home to many of Hollywood's stars, including Rudolph Valentino, Clark Gable, John Wayne, Michael Landon, and Phil Hartman.

Rich in history, Encino is one of the San Fernando Valley's treasures. That's the end of today's tour. Please join us again next time for…Tarzana!

Study Shows Women Are Targeted for Subprime Lending

Posted at 10:51 AM, Dec. 14, 2006

The full study is here: http://www.consumerfed.org/pdfs/WomenPrimeTargetsStudy120606.pdf

As professionals in the real estate industry, we know, home buyers without sufficient income, poor or no credit history must often resort to subprime loans. With the growing subprime loan market, which has matured from “…5 percent [of all loans issued] in 1994 to 20 percent in 2004”, mortgage applicants who do not qualify for prime rate loans, will often qualify for subprime rates as they are considered a risk. 

The Consumer Federation of America, study goes on to state that, “Women are more likely to receive subprime mortgages than men…”, however, “These gender disparities exist across mortgage product lines. Women with the highest incomes have the highest disparities relative to men with similar incomes than women at lower income levels.” 

One of many interesting observations of this study, and I encourage my readers to read this in greater detail, is that, “Although lenders attribute subprime lending to borrower credit risk, in general women and men have similar credit profiles. On average, women have slightly higher credit scores than men. Credit-rating company Experian reports that women have slightly higher credit scores than men (682 compared to 675) and have similar credit usage rates (about 24 percent each).”

In 2005, the study found that even though the prime mortgage rate averaged 5.87 percent, one third of women, in their quest for homeownership, signed mortgage papers with interest rates over 7.66 percent as compared with twenty-five percent of men.

Interestingly, 26 percent of all mortgages issued in 2005 were subprime loans.

The subprime gender gap has become is ever more important as women become more active in the mortgage market. A home buying explosion of single, career-minded women during the recent housing boom, prompted by marrying later, divorce, rising rent costs, being head of households and viewing homeownership as an investment in her future, has increased “…the share of single women home buyers [which] has doubled from about one in ten 15 years ago to about one in five homebuyers in 2003.  More than half (53 percent) of women headed households are homeowners up from just below half (48 percent) in the early 1980s.  The number of single women homeowners grew by four million between 1994 and 2002 from 13.9 million to 17.5 million.” 

Additionally, automated underwriting processes have helped women to obtain mortgages (subprime or otherwise) as these processes place them in a lesser non-discriminatory pool of applicants when previous mortgage applications might have been rejected by largely male loan officers.  These “…automated underwriting [methods] used more objective formulas that are less likely to take gender-related factors into account.”

The study goes onto say that, “Over the life of the mortgage, subprime borrowers can pay between $85,000 thousand to $186,000 more in interest than average borrowers. The prevalence of subprime loans among women borrowers diminishes their ability to fully utilize homeownership as a pathway to build wealth.”

Historically, many barriers for female homeownership have existed for decades.  “Women heads of households with one child have one-fifth the wealth ($10,320) of women-headed households.  Women with two children are worth about a tenth ($5,720) of all women, and women with three children earn even less ($3,150).”  Before 1968’s Fair Housing Act, single women were considered poor credit risks. “Until 1974, when the Equal Credit Opportunity Act became law, most women needed a co-signer to become mortgage borrowers, married women often could not obtain credit in their own names, single women couldn’t get loans because they were thought to be somehow less reliable than other applicants, and, divorced or widowed women found it extremely difficult to obtain credit because their previous credit history was obtained in their husbands’ names and was not taken into consideration when they sought credit in their own names.”  It has only been about 15 years since the Federal Housing Administration permitted women to use child support payments as income to qualify for a mortgage.  And still today, older women are often targeted by predatory mortgagors through home improvement scams, which can eat through home equity and life savings. 

The study also reveals interesting data regarding women borrowers within the Latino and African American communities.  For example, “African American women were 8.5 percent more likely to receive high-cost subprime loans than African American men; Latino women were 19.3 percent more likely to receive high cost subprime loans than Latino men; and white women were 30.8 percent more likely to receive high-cost subprime mortgages than white men. African American women were more than four and a half times as likely to receive high-cost subprime purchase mortgages as white men and Latino women were more than two and a half times as likely to receive high-cost subprime mortgages as white men.”

Conclusions:

“CFA’s HMDA (Federal Home Mortgage Disclosure Act) analysis suggests there is significant gender disparity in the pricing of mortgages between borrowers by gender, race and income. However, it should not be assumed that the gender disparities CFA found are solely attributable to higher risk factors. Freddie Mac found that one in five subprime borrowers could have qualified for a prime rate mortgage. Last year’s Federal Reserve analysis and the recent Center for Responsible Lending study provide strong indication that pricing in the subprime market is not simply a function of risk.”

“Unlawful discrimination, the prevalence of predatory lending and opportunistic pricing, differences in borrower knowledge, the existence of broad pricing discretion by loan brokers and loan officers, and the lack of consumer-friendly support systems may also account for at least some of the variation in pricing patterns.”

“There is general agreement among experts who follow homeownership trends that, over the years, HMDA reporting has helped to transform the home loan market. The new pricing data now reported under HMDA can help to make the pricing of subprime loans more transparent for consumers and increase these market efficiencies, which ultimately benefits all borrowers. Regulators, lenders, consumer and community advocates, the news media are encouraged to undertake their own research and analysis to examine local markets using HMDA data.”

This study shows why it’s important to have a Realtor® and mortgage broker who truly understands your individual needs, and who take the time to look out for your interests and not their own; and, who has the experience and knowledge to provide you with appropriate guidance when making such an important purchase and finance decision – possibly the most important one you will ever make.  At Michael Trust Realty, our hallmark is looking out for our clients’ best interests – always, all of the time, and unconditionally. We have no problem advising a client to walk away from a deal that doesn’t make sense. Perhaps that’s why our referral rate is so high. We’d be pleased to assist you with your buying or selling in the Los Angeles area and/or with referrals to trusted mortgage professionals.

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We're On Joeann Fossland's Coachadelic Whistle-Stop Tour December 19th! Join Us Here!

Posted at 8:54 AM, Dec. 14, 2006