4080 Tujunga #107 in Studio City is now on the market!

Love Tujunga Village and Woodbridge Park in Studio City? Always wished you could live within an easy walk of both? In a fabulous townhouse with 2 beds and 2.5 baths? Here ya go -- 4080 Tujunga Ave. #107 is now on the market for $599,999. This refreshed townhome features 1311 sq. ft., new paint, new carpet, bright kitchen with new heating appliances, darling patio, fireplace, two parking spaces and more.  Each bedroom has its own bath and plenty of closet space.  The HOA is proactive, features earthquake insurance, allows pets and dues are $410/mo.  The security building also has a nice green back area, a spa, bbq and a gym.  This area of Studio City is one of the most highly desired areas in the city and there are lots of shops and restaurants -- including Aroma Cafe! -- close by  See 4080Tujunga107.com for more pictures (some are virtually staged) and call me for showings.

Great news from FHA re condo rules

FHA announced that it is relaxing some of its condo rules to make condo loans easier to get.  This is huge and ought to improve affordability as well.  As it exists, condo complexes need to be approved by FHA in order for lenders to make FHA loans on them.  FHA loans differ from conventional loans in that the down payment and qualifying credit scores can be lower.  That makes these loans perfect for first-time buyers.  Here's the catch -- the approvals include lots of Byzantine rules and restrictions, and home owners associations have to pay to be FHA-approved.  This effectively cuts out many would-be buyers, who need to rely on FHA mortgages to get a mortgage at all.

Specifically, the new guidance extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The rule will go into effect in mid-October – 60 days from publication. HUD believes the changes will extend critical benefits to aspiring homeowners and confirm the agency is properly serving the public.

I will miss you, Starr and Alex

Remember Egbert? Whose house I had for sale? The humans above are his parents, Starr and Alex.  I met Starr and Alex six years ago when I helped them find their first home in Burbank.  We've stayed in touch and have had a lot of laughs over the years.  And I've been honored to sell their home at 2112 Hilton, pictured in another post below.  We listed the house in early July, had an open house which 116 people attended, and accepted an offer from another great couple later that week.  The escrow only took three weeks.  I will miss Starr and Alex -- their good humor, their sensibilities, and the fun we had when we got together.  Good luck, guys, and I hope to visit you in WA some day soon.