Christie's Auction Photographs

Christie's Auction House will be auctioning:

Photographs from the
Isadore & Kelly Friedman Collection
Sale 19517
September 2007, 10:00 am
20 Rockefeller Plaza, New York


Lot 5
Ilse Bing
The Honorable
Daisy Fellowes' Gloves
by Dent, London,
for Harper's Bazaar, 1933
gelatin silver print,
printed later
Estimate: $2,000-3,000


Lot 67
Paul Strand
New York, from Camera Work,
October 1916
photogravure
Estimate: $5,000-7,000

For more informtion on this or other coming auctions visit Christie's Website.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Preparing The Property For Sale

There are a number of items you can do to aide your seller regarding getting the most money for their home. This may often include working on several aspects of the property before it goes on the market.

§ Anything that adds more value than it costs should be seriously considered. Many changes cost comparatively little and yet may dramatically enhance value.

§ Create a detailed checklist of possible things to do—from cleaning, painting and simple rearranging to landscaping, minor remodeling and pre-sale repairs—to prepare any property to show in its best possible light.

§ Bring a professional staging consultant to suggest additional ways how to show the property to its maximum advantage.

§ This is not a reflection on taste; it is a cold calculation on how to make you more money by achieving the highest possible sales price in the shortest possible time.

§ From a list of options, the seller can then decide how much or little they want to do.

§ Your expertise and resources to prepare their property to show and sell is one of the major advantages you can offer your clients.

It comes down to how the house looks in regard to the offering price. The better the property looks, the more money a seller has the opportunity to receive. Whether the property needs a few repairs or it's been completely remodeled it's important to give sellers feedback on how they will best achieve the highest possible sales price.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

What You Need To Know About Escrow

What is Escrow?

Escrow is the process by which the interests of all parties in a real estate transaction are protected, ensuring that all conditions of the sale have been met before property and money change hands.

Escrow is an independent depository wherein all finds, instructions, and documents for the purchase of your home are held, including your down payment, your Lender’s funds, documents for the new loan, hazard and title insurance, inspection reports, and the grant deed from the seller. At the close of escrow, the “Escrow Holder” delivers these items to the appropriate parties, disburses the funds, and handles the associated paperwork.

What Does an Escrow Holder Do?

The Escrow Holder is a neutral third party that maintains the escrow account and impartially oversees the escrow process making sure all conditions of the sale are properly met.

The Escrow Holder’s duties include:

- Serving as the neutral third agent and the liaison between all parties involved.
- Requesting a preliminary title search to determine the status of title to the property.
- Requesting a beneficiary statement of debt or obligations to be taken over by the buyer.
- Requesting a payoff demand from beneficiaries when the seller is paying off debts.
- Complying with the Lender’s requirements as specified in their instructions to escrow.
- Securing releases of all contingencies or other conditions imposed on the escrow.
- Preparing or securing the deed and other documents related to escrow.
- Prorating taxes, interest, insurance, and rents.
- Preparing escrow instructions.
- Receiving purchase funds from the buyer.
- Receiving loan funds from buyer’s lender.
- Closing the escrow pursuant to instructions supplied by the seller, buyer and lender.
- Recording the deed and any other documents.
- Disbursing funds as authorized by the instruction including charges for title insurance, recording fees, real estate commissions and loan payoffs.
- Preparing final statements for all parties involved that account for the disposition of all funds held in the escrow account.

Opening the Escrow

The Buyer’s Real Estate Agent will open the escrow and place the initial deposit into an escrow account as soon as the buyer executes the sales agreement. At the opening of escrow, the buyer may be asked to provide identification information such as you birth date and social security number. This information remains confidential.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Palm Springs - La Quinta The Perfect Time To Buy

Our community is growing rapidly. People are relocating for full-time enjoyment, while a large majority are buying vacation and investment homes so they can take full advantage of all our communities have to offer. The perfect weather to enjoy golf & tennis, or the perfect mid-century architectural gem. There's something for everyone. The constant is the magnificant views throughout the valley.

There has been a significant number of reports by media outlets regarding a downturn in the market, but as we saw previously taking "the bubble" for instance the media can tend to play doom-and-gloom far more than they might should. We certainly have a wonderful inventory of homes. This allows buyers a variety of choices, with the best properties selling quickly. Palm Springs and the surrounding communities are primarily a second home / vacation home market that is different in scope than primary housing markets. We continue to grow and as we grow our prices continue to rise, so there's no time like the present to find your perfect retreat or investment property. Whether you plan on retiring here in a few years or are ready to make weekend trips more often the perfect getaway is here, from Palm Springs - La Quinta there's no time like present time.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Vacation Home Sales Set Record

Published in: Unique Homes Magazine
Written by: Ken Weingartner


The vacation home market enjoyed a record 2006 and forecasts point toward a sunny future.


According to the National Association of Realtors, a record 1.07 million vacation homes were purchased last year, an increase of 4.7 percent from the 1.02 million sold in 2005. According to NAR's data, the typical vacation home buyer was 44 years old with a median income of $102,200 and bought property a median distance of 215 miles from their primary residence. One-fourth of the buyers paid cash.


"The demographics favor vacation home sales because large numbers of buyers are in prime buying ages, and buyers want recreation property for personal use," said David Lereah, NAR's chief economist.


A study released in May by the American Affluence Research Center determined the potential existed for the purchasing of 1.1 million homes over the next 12 months by the wealthiest 10 percent of Americans. Nearly 6 percent of respondents, representing 11.2 million households, planned to purchase a vacation home, compared to 4 percent planning to purchase a primary residence.


One result, labeled as "surprising," was that 60 percent of the target market for private residence and destination clubs expressed being unfamiliar with either concept.

Vacation and investment home sales accounted for 36 percent of all existing and new residential transactions in 2006.


"You can't lump second home sales in with overall home sales; they really are two separate and distinct markets," author/analyst Christine Karpinski said. "So don't let the doom-and-gloom sayers discourage you, and don't let a sluggish real estate market in your area do so, either. You're on a whole different playing field." CLICK HERE to find more information at Unique Homes.


Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Professional Photography Key For Online Success

The Internet is continuing to grow more and more significant in the marketing of real estate. Reports show that over 80% of all home buyers go online when starting their real estate search. This gives the support to why it is more important than ever to have professional photographs taken of properties when the home is listed for sale. With each property having only seconds to attract interest, the photographs are the key in attracting a buyers attention.

Take for example: If you're in the bookstore walking down the isle searching for a magazine that sparks your interest the first thing that attracts your attention is the cover photograph. If the image captures your attention you'll pick the magazine up and flip through it.

The same goes for online property searches. If you are looking for a home online and hundreds of thousands of listings are at your fingertips you are certainly looking for the house that has all your criteria, but in today's high inventory market you aren't going to take time to look at every property. You'll scroll through the images and as a photograph captures your attention you'll stop, open it and read the property information.

We recommend all properties to have professional photography taken to represent the property in its best light...next time we'll discuss those pesky marketing remarks.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Home ImprovementsThat Pay Off

HGTV on-the-web
In an up-and-down market it's important to make the right decisions when it comes to updating your home. Find out how the top 15 home improvements rank, plus get tips on maximizing the return at resale. HGTV's guide to renovation is an asset to keep in mind when starting any project. CLICK HERE for more information.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Merv Griffin's dream will live on in La Quinta

Construction at housing development bearing entertainer's name will continue.

THE DESERT SUN - August 15, 2007
LA QUINTA - Merv Griffin has died, but his dream of an equine community will live on according to his plan.


The developers of Griffin Ranch, a venture consisting of MG Ranch Land, a real estate company founded by the late Merv Griffin, and Trans West Housing announced Tuesday that they intend to complete the community with full respect to Griffin's visions and specifications.
The master-planned equestrian community sits on 259 acres that originally was part of Griffin's personal estate.
Griffin's home, barns and thoroughbred training track are adjacent to the new ranch.
According to Trans West Housing President Barry McComic, the late entertainer and astute entrepreneur participated at every level in the planning of the community.
"Griffin Ranch was his idea, and we're fortunate that he was an active, creative participant throughout the planning process. He had a special, people-oriented style and a great sense of humor that engaged and amused the Griffin team. He was a true visionary, and he was an inspiration to all of us who worked with him." With complete build-out of Griffin Ranch planned... (For more information on this article Click Here.)

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Christie's Great Estates Magazine

An outstanding estate on the shores of Lake Washington, in Seattle's most exclusive waterfront area, was selected as the cover of Christie's Great Estates magazine. The architecturally rich home features 135 feet of lake frontage, including a private beach, boat hoists, and exquisite gardens. The expansive interior includes stunning views of Lake Washington from almost every room in the residence. Madison House, the exclusive affiliate of Christie's Great Estates in Washington, is offering the property for $15,500,000. Published four times a year, Christie's Great Estates magazine is mailed globally to a strategically targeted list of the wealthiest homeowners in more than 100 major cities and towns. With a readership comprising approximately 280,000 of the world's most influential people, including international entrepreneurs, business executives, celebrities, and other affluent individuals, the magazine is sold at newsstands and bookstores in upscale communities throughout the world. Click here for more information on Christie's Great Estates magazine.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.

Short Sale Information

Our market is beginning to have foreclosures, with that the option of short sale arises. Here is a Q&A from the LA Times that gives information for agents and their clients.

LA Times: Real Estate Q&A
By Robert J Bruss
Inman News

Question:
After listing our home for six months with no purchase offers, we were unable to keep up the mortgage payments and defaulted. The realty agent suggested a “short sale” for less than the mortgage balance. Rather than foreclosure, our mortgage lender agreed to accept a purchase offer for about $16,000 less than the mortgage balance. We were happy to get rid of the house and its mortgage. But then we received an IRS 1099 form showing $16,000 taxable income to us. Is this a mistake?

Answer:
It’s no mistake. When a mortgage lender agrees to a short sale for less than the mortgage balance, the IRS considers the amount received by the lender, which was less than the amount owed, to be taxable debt relief income to you as the borrower.
The IRS reasons that because you won’t have to repay that $16,000 loss the lender incurred, it is the same as if you had received $16,000 income, such as job salary. Although you may not agree with the IRS viewpoint, debt relief in the form of a mortgage short sale is taxable to borrowers.