I’m a little late on this story, but I wanted to cover it. This New York town or village has passed major and eventually jail time for lack of curb appeal. This law was untended to banks for letting foreclosed homes go, but it’s on the extreme side. Again, I understand this frustration, but watch it will be abused after this bubble has run it’s cycle.
Look at this quote:
“Said premises shall be maintained in such a condition so as not to constitute an eyesore or unfavorable appearance or dangerous condition, including any unpainted, decaying or unused automobile or other vehicle, or rubbish or any other condition offensive to the appearance of said premises,” according to city code.”
Towns working to right the blight by imposing fines for lack of curb appeal
By Joshua Rhett Miller Published June 14, 2012 FoxNews.com
A New York village’s plan to fine homeowners up to $10,000 for letting their digs get shabby could be the wave of the future for communities around the country as they battle sinking property values and rampant foreclosures.
Home and business owners in Massapequa Park, Long Island, face the five-figure fines and even up to 15 days in jail for such maintenance issues as overgrown lawns, broken windows and graffiti. And while some say the new law is classic governmental overreach, Mayor James Altadonna told FoxNews.com that a “number of other municipalities” — including the nearby Town of Brookhaven — are considering similar measures.
“It was really out of frustration in trying to get banks to maintain [foreclosed] properties, so we wanted to craft a law that would be significant enough to get the attention of the banks,” Altadonna told FoxNews.com. “We’re willing to work with anyone who will respond to us and maintain their property. These fines are only for the most egregious.”
And like those in Mount Pleasant, S.C., and now Massapequa Park, N.Y., the Birmingham, Ala., suburb of Pelham also enforces a local ordinance pertaining to unfavorable appearances at buildings or establishments.
Fullerton Overview
| Median home price is $364,000. Based on a rental parity value of $521,000, this market is under valued. |
| Monthly payment affordability has been improving over the last 2 month(s). Momentum suggests unchanging affordability. |
| Resale prices on a $/SF basis increased to $245/SF to $246/SF. |
| Resale prices have been weak for 12 month(s). Price momentum suggests weak prices over the next three months. |
| Median rental rates declined $83 last month from $$2,242 to $$2,159. |
| Rents have been slowly rising for 3 month(s). Price momentum suggests unchanging rents over the next three months. |
| Market rating = 5 |
Proprietary OC Housing News home purchase analysis 
2124 LOMA ALTA Dr Fullerton, CA 92833
$675,000 …….. Asking Price
$285,000 ………. Purchase Price
9/30/1994 ………. Purchase Date
$390,000 ………. Gross Gain (Loss)
($22,800) ………… Commissions and Costs at 8%
============================================
$367,200 ………. Net Gain (Loss)
============================================
136.8% ………. Gross Percent Change
128.8% ………. Net Percent Change
4.9% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$675,000 …….. Asking Price
$135,000 ………… 20% Down Conventional
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$540,000 …….. Mortgage
$126,578 ………. Income Requirement
$2,516 ………… Monthly Mortgage Payment
$585 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$169 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
………… Homeowners Association Fees
============================================
$3,270 ………. Monthly Cash Outlays
($402) ………. Tax Savings
($806) ………. Equity Hidden in Payment
$173 ………….. Lost Income to Down Payment
$189 ………….. Maintenance and Replacement Reserves
============================================
$2,423 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$8,250 ………… Furnishing and Move In at 1% + $1,500
$8,250 ………… Closing Costs at 1% + $1,500
$5,400 ………… Interest Points
$135,000 ………… Down Payment
============================================
$156,900 ………. Total Cash Costs
$37,100 ………. Emergency Cash Reserves
============================================
$194,000 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
We're sorry, but it seems that we're having some problems loading MLS # P824708 from our database. Please check back soon.
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$829,000 2163 ROOT St |
0.18 miles 4 bd / 2.75 ba 2,930 Sq. Ft. |
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$575,000 1930 CANYON Dr |
0.2 miles 5 bd / 2.5 ba 2,336 Sq. Ft. |
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$824,900 2148 ROOT St |
0.21 miles 4 bd / 2.5 ba 2,650 Sq. Ft. |
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$629,000 2108 CALAVERA Pl |
0.23 miles 6 bd / 3.25 ba 2,833 Sq. Ft. |
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$849,000 2217 SIMON St |
0.34 miles 4 bd / 2.75 ba 2,550 Sq. Ft. |
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$699,000 2066 WINTERWOOD Dr |
0.37 miles 4 bd / 3 ba 2,728 Sq. Ft. |
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$612,900 3003 East SORANO Pl |
0.39 miles 4 bd / 3 ba 2,001 Sq. Ft. |
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$697,000 2160 WINTERWOOD Dr |
0.41 miles 4 bd / 3 ba 2,728 Sq. Ft. |
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$690,000 2020 NORTHAM Dr |
0.41 miles 4 bd / 2.75 ba 2,670 Sq. Ft. |
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$599,999 1833 AVENIDA SELVA |
0.41 miles 5 bd / 2.5 ba 2,022 Sq. Ft. |
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Household Net Worth Plummeted After 2005, Alongside Income
The middle class seemed to take another drubbing Monday with news that U.S. median household net worth fell 35 percent between 2005 and 2010.
Excluding home equity, the Census Bureau found that median household net worth ticked up by 8 percent during the financial crisis.
Who got hit the hardest? Of the many age groups, heads of households from 35 to 44 accounted for nearly 60 percent of the decline in net worth during the five-year period.
But they weren’t alone. Median net worth also declined for all age groups between 2005 and 2010, with householders 65 years and older feeling the brunt of it, as theirs slid from $195,890 to $170,128.
Although heads of households under 35 saw their net worth fall from $8,528 to $5,402 – much less in real terms – percentages tell a different story: Younger homeowners saw their net worth decline by 37 percent, compared with older homeowners, whose net worth fell by only 13 percent.
Census Bureau economist Alfred Gottschalck said in a statement that the overall decline “reflects drops in housing values and stock market indices.”
Government data found that the declines also slammed educational groups across the board. Net worth plunged by 39 percent for those with only high school diplomas and 32 percent for those with bachelor’s degrees.
Even so, the data correlated higher education with higher net worth, with median net worth at $245,763 for heads of households with graduate or professional degrees. Those with bachelor’s degrees saw their median net worth hover at around $142,518.
The dismal news for householders seems to reflect a widening gap for those in the middle class. Last week the Federal Reserve released a survey of consumer finances that found similar results for householders between 35 and 44, whose median worth fell by 54.4 percent.
The survey also found that heads of households with more education saw their median income shrink between 2007 and 2010. Those with college degrees saw their pre-tax income dip from 81.9 percent to 73.8 percent, for example.
Timothy Smeeding, director of the Institute for Research on Poverty at the University of Wisconsin at Madison, tells us that housing and financial crises slammed emerging middle-class families with a one-two, sizably reducing their home equity and net worth.
“The major asset of the middle class is their home,” he says. “Their own home – and that got clobbered.”
The professor says that historically low interest rates allows someone with his background to refinance – he has done so twice in recent years – but that younger householders enter a down market without the equity needed to save money and build their net worth.
“We’re living in an economy in decline,” Smeeding adds. “It’s crawling back a little bit, but it’s going time.”