Thursday, September 27, 2007

Commercial Office Building for sale in San Pedro

This office building is located at 336 N. Gaffey, San Pedro, CA 90731.
It is available for $2,200,000.
Two story Office Building built in 1990. It has ground parking for 14 cars and security gated subterranean parking for 15 cars. Level 1 approximately 5420 Sq.ft., Level 2 approximately 2215 Sq.ft.. Central Air / Heat with separate meters. Newer roof in 2006. Level 2 currently leased, downstairs to be vacated by Sept. 30th. 12.7 X gross / current cap rate 6.12
Call Jack at 310 346-0391 to find out more.

Wednesday, September 19, 2007

Fed Half-Point Rate Cut

The Federal Reserve Tuesday sliced one-half a percentage point off the federal funds rate, cutting it to 4.75 percent from 5.25 percent.
It also cut its discount rate by the same amount, also bringing it to 5.25 percent.
The cuts could be a mixed blessing for homebuyers, pushing fixed-rate mortgages higher if inflation worries grow, economists say.
But relief could come in other ways. Consumers should start feeling the impact quickly in the form of reduced payments on home-equity lines of credit, credit cards and some car loans.
There is likely to be little immediate relief for borrowers with many adjustable-rate mortgages because the rates on roughly half of these loans are tied to the London interbank offered rate (LIBOR). Libor recently jumped sharply above the Fed funds rate because of the continuing credit crunch in the markets.
"If Libor doesn't come down, there is no relief" for many mortgage borrowers, says James Bianco, president of Bianco Research LLC, a market-research firm in Chicago.
Source: The Wall Street Journal, Jane J. Kim and Ruth Simon

Thursday, September 06, 2007

Conforming loan limits

California Association of Realtors is pushing for swift passage of a bill in the Senate calling for increases in loan limits to match median home prices in California and other high-cost areas and the creation of a new regulator to oversee Government Sponsored Enterprises (GSEs), such as Fannie Mae and Freddie Mac.
Vigorous support helped push the measure, HR 1427, through the House in May, but it has since stalled in the Senate. The bill would raise the current maximum size of a conforming mortgage loan from $417,000 to a capped amount at 150 percent of the national limit or $625,500, allowing low- and moderate-income home buyers in high-cost areas better access to low-cost, low-rate fixed mortgages.C.A.R.
President Colleen Badagliacco was recently quoted in a "San Jose Mercury News" story on the issue, saying that a loan of $417,000 "may buy a mansion in Des Moines but it doesn't buy anything in San Jose."