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PIRS/ HARRIS COMPANY AND THE SCIENCE OF REAL ESTATE - PARTNERS
Fannie Mae Ex-Exec’s Sued For 215 Million Dollars
December 19th, 2006 · No Comments
Former CEO Franklin D. Raines, former Chief Financial Officer J. Timothy Howard and former
Controller Leanne Spencer have been named in a lawsuit filed by the Office of Federal Housing
Enterprises Oversight trying to recover 215 million dollars. Fannie Mae had over 6.3 Billion dollars
in accounting errors and had paid these 3 115 million dollars in bonus’s during the period.
If it was me, I would have thrown these louts in jail. The democratic appointees were in the midst of
a fraud that was of Enron-ian proportions yet the media is giving them a pass, and there is very
little being said about the situation.
As we have covered here, here, and here, Fannie Mae has been run so poorly during one of the
biggest housing growth periods in the countries history. Now facing the downturn, the federally back
company is in economic turmoil and the only thing these culprits are facing are monetary fines? Let’
s go after them and get to the truth.
Sunset Millennium Assocs.. v. LHO Grafton Hotel, No B188995 (Cal. 2d App. Dist. December 29,
2006) In a case involving competing hotels, and a dispute over one hotel's expansion efforts,
granting of a renewed Code of Civil Procedure section 425.16 special motion to strike the complaint
is reversed as there is a triable controversy as to whether defendant's objections to the city and the
filing of the mandate petition violated its duties not to oppose the improvements on plaintiff's
property.
President Signs Legislation Extending Key BOMA Tax Provisions
On December 20, 2006, President Bush officially signed into law H.R. 6111, legislation that includes
a two-year extension of the 15-year cost recovery for depreciating leasehold improvements and the
immediate expensing of brownfields clean-up costs. Additionally, negotiators inserted a one-year
extension of the tax deduction for energy efficient buildings that was set to expire at the end of
2007. Governor Signs BOMA CAL Supported Brownfields Bill
On September 30, 2006, Governor Arnold Schwarzenegger signed legislation aimed at creating
another tool designed to free up capital to facilitate the cleanup and redevelopment of brownfield
properties. The goal of S.B. 989 authored by the Senate Environmental Quality Committee is to
encourage investment in contaminated properties by providing a mechanism to limit liability risks
associated with those cases where cleanup costs turn out to be substantially higher than the value
of the property itself. The relief contained in S.B. 989 is available only where a developer occupies
a property as a long-term ground tenant, but has no impact on the existing statutory liability scheme
that applies to present, prior or future owners of property. BOMA CAL supported S.B. 989 and
applauds the Governor's action.
Am. Canyon Cmty. United for Responsible Growth v. City of Am. Canyon, No A111278, A112088
(Cal. 1st App. Dist. December 18, 2006)
Denial of petitions for writ of mandate challenging defendant city's approval of 24-hour Wal-Mart
supercenter combining big-box discount store and full grocery store, without requiring supplemental
environmental review under CEQA, is reversed where defendant prejudicially violated: 1) CEQA by
unreasonably minimizing the size increase of the retail development, and then failing to proceed as
required by law when it refused to consider the extraterritorial effects of the proposed supercenter;
and 2) its own zoning ordinance by approving the supercenter without approving a major
modification application.
[To view the full-text of cases you must sign in to FindLaw.com.]
http://caselaw.lp.findlaw.com/data2/californiastatecases/a111278.doc
[To view the full-text of cases you must sign in to FindLaw.com.] http://caselaw.lp.findlaw.
com/data2/californiastatecases/a111278.pdf
Considerations in the Design and Construction of Investment Real Estate Research Indices
2006-12-12
Journal of Real Estate Research, Th
Abstract
This paper surveys some of the major technical issues in the design and construction of real estate
research indices, both appraisal-based and transactions-based. The paper considers property
sampling issues, differences between transaction prices, market values, and appraised values, the
trade-off between random measurement error and temporal lag bias, optimal reporting and
property revaluation frequencies, and the uses and limitations of modern statistical techniques.
Although one of the conclusions of the analysis is that most research questions are best addressed
with transactions-based, rather than appraisal-based, indices in the United States, the paper
suggests how appraisal-based indices can still be useful for some research purposes.
The past decade has seen the development of technological and information advances that hold
great potential for moving investment real estate performance measurement to a new level of
accuracy and usefulness for the industry. In particular, the development of large- scale electronic
databases of commercial property transaction prices, and the advance of econometric techniques
honed by the academic real estate community offers a tremendous new opportunity to advance the
level of information and knowledge about the commercial real estate asset class.
Lobbyist had help in deal for land
By Tom Dubocq
Palm Beach Post Staff Writer
Saturday, December 09, 2006
WEST PALM BEACH — Palm Beach County managers steered a public land sale to a politically
powerful lawyer now accused of conspiring with former County Commissioner Tony Masilotti, a deal
that was scuttled after federal authorities opened their investigation of the two men.
William R. Boose III, a county lobbyist charged last month in Masilotti's corruption case, was first in
line to get the county-owned land — 10 acres off Lake Worth Road known as the "Pike" property —
when he and partner Herb Kahlert yanked their bid, records show. Their withdrawal, on June 6,
came weeks after a federal grand jury began pursuing published
Quinn v. Ocwen Fed. Bank FSB (12/08/06 - No. 06-1982)
Dismissal of plaintiffs' claims arising from a dispute over a foreclosure and automatic debiting of
mortgage payments is affirmed where: 1) a breach of contract claim failed as plaintiffs could not
show the existence of a valid contract with defendant-bank; 2) a negligence claim failed as plaintiffs
could not show that bank owed a legal duty to debit plaintifs' bank account under an automated
clearing house (ACH) authorization; 3) a defamation claim failed as bank's credit reporting activity
was truthful; and 4) they failed to state a Fair Debt Collection Practices Act claim and dismissal of
state law claims was proper.
In re: First Alliance Mortgage Co., No. 04-55396, 04-55920, 04-55942 (9th Cir. December 08, 2006)
In a case arising from a "subprime" mortgage lender's bankruptcy and liquidation due to fraudulent
lending practices, a district court's judgment is affirmed in part as to its holdings imposing liability on
defendants for aiding and abetting a class-wide fraud perpetrated by bankruptcy debtor, and
rejecting borrowers’ claims for relief in the form of equitable and punitive remedies, as well as
bankruptcy trustee’s claims for equitable relief under the Bankruptcy Code. A damages verdict is
vacated and remanded for further proceedings on the proper calculation of “out-of-pocket”
damages caused by bankruptcy debtor’s fraudulent lending scheme, to be proportionately
attributed to defendants pursuant to the terms of a certain order.
Calvert v. County of Yuba , No C047857 (Cal. 3d App. Dist. December 05, 2006)
Judgment for plaintiffs, ranchowner and coalition of residents and taxpayers, is affirmed in case
challenging determination that appellant has vested right to mine aggregate from Yuba Goldfields,
based on main holding that if an entity claims a vested right under the Surface Mining and
Reclamation Act to conduct mining that is subject to the diminishing asset doctrine, that claim must
be determined in a public adjudicatory hearing that meets procedural due process requirements.
BALTIMORE -
As real estate prices climb — especially in coastal regions such as the Baltimore area — along with
middle-class qualms about first-home affordability, at least one government agency is looking at an
obscure cause of home cost inflation: mortgage fraud.
“Appraisal fraud has a snowball effect on inflating real estate values, with fraudulent values being
entered into real estate multiple listing systems and then used by legitimate appraisers ... for
determining market values,” reported the U.S. Treasury Department’s Financial Crimes
Enforcement Network on one aspect of what appears to be a recent rash in mortgage fraud
Cal. High Court Gives Web Publishers Broad Protection From Libel Suits
BARRETT V. ROSENTHAL
California Supreme Court, Nov. 20, 2006
In the context of defamation, the Communications Decency Act of 1996, codified at 47 U.S.C.
section 230, prohibits "distributor" liability for Internet publications. Further, section 230(c)(1)
immunizes individual "users" of interactive computer services, and no practical or principled
distinction can be drawn between active and passive use.
AFSA Statement Regarding the Ohio Supreme Court's decision in American Financial Services
Association v. Cleveland
November 20, 2006
Today's 5-2 ruling by the Ohio Supreme Court is good news for current and prospective
homeowners in Ohio, as it resolves uncertainty that has surrounded the state's mortgage market
since 2002.
AFSA's Media Statement | Ohio Supreme Court Decision
From: phoenixrlc-bounces@listserve.com [mailto:phoenixrlc-bounces@listserve.com] On Behalf Of
phoenixrlc@listserve.com
Sent: Thursday, November 16, 2006 1:46 PM
To: phoenixrlc@listserve.com
Subject: Phoenix RLC Information Release New Specially Adapted HousingCircular (26-06-7)
Circular 26-06-7: http://www.warms.vba.va.gov/admin26/circular/26_06_07.doc - Implementation of
Public Law 109-23, Section 101 - Specially Adapted Housing.
Katz v. Campbell Union Sch. Dist., No H028994 (Cal. 6th App. Dist. November 14, 2006)
Dismissal of action for failure to publish a summons that conformed to the requirements of the
validation statutes, in case challenging $85 parcel tax approved by voters, is affirmed where
plaintiff's published summons did not specify a concrete date for response, the date calculable from
the language of the summons did not provide the full amount of time required, and plaintiff did not
demonstrate good cause for his failure to comply with these statutory requirements.
TRB Invs., Inc. v. Fireman's Fund Ins. Co., No. S136690 (Cal. November 13, 2006)
In a coverage dispute involving a property insurance policy that excludes coverage for specified
perils while the insured premises are vacant, but with an exception stating that buildings "under
construction" are not considered vacant, summary judgment for insurer is reversed and remanded
where: 1) contrary to an appellate court's determination, the word "construction" cannot reasonably
be understood to be limited only to the erection of a new structure; 2) the term contemplates all
building endeavors, whether classified as new construction, renovations, or additions, which require
the substantial and continuing presence of workers at the premises; and 3) a remand was
necessary for application of the proper standard.
Commercial Appraiser Los Angeles, Commercial appraisal, Appraiser Commercial Los Angeles,LA,
L.A., Commercial Real Estate Appraiser, Commercial Real Estate Appraisal, Residential Appraiser,
Apartment Appraiser, Commercial Appraisal, Special Purpose Property, Office Property,
California Appraiser, Forensic Appraiser, PMI Removal Appraiser, Fee Appraisal. Certified General
Appraiser, Tax Appraiser, Construction Loan Appraiser.
« Marc Sandalow: GOP's... | Main | Special election... »
Carla Marinucci: Schwarzenegger comes out against Proposition 90
With a week to go before the election, Gov. Arnold Schwarzenegger has taken a position in
opposition to his own Republican party and a host of conservative groups like the Howard Jarvis
Taxpayers Association by coming out against Prop. 90 -- the eminent domain initiative that
opponents say represents a regulatory nightmare which could tie up many infrastructure
improvements in a legal chokehold.
"Rebuilding our schools, roads, levees and housing is a critical priority of my administration," writes
Schwarzenegger in an op-ed piece released today. "Unfortunately, Proposition 90 also includes
language that would make rebuilding our system or public infrastructure prohibitively expensive.
When agencies must acquire property to build vital public works projects, current law provides for
just compensation based on fair market value of the property. Proposition 90 makes changes to
this system that would require inflated payments, at taxpayer expenses."
IRWA Chapter 1 – Los Angeles County’s
2006 ANNUAL FALL SEMINAR
Right of Way – Past, Present and Future
October 24, 2006
Quiet Cannon Montebello
We are thrilled that you saved the date as there is something for every professional!
The presenters are proven to be leaders in their fields and will provide us with lessonslearned
on topics including survey engineering, functional replacement, valuation of
inverse condemnation, title, relocation, in addition to project lessons from three (3)
different transportation agencies; California High-Speed Rail Authority, Los Angeles
County METRO, and Los Angeles World Airports.
If you are unable to spend the day with us, plan on joining us for lunch. The luncheon
Keynote Address is “…Fly California, without ever leaving the ground,” presented by
Dan Leavitt, Deputy Director of the California High-Speed Rail Authority. Yes, that
bullet train is coming!
Just added to the lunch schedule will be an update on the Anderson Initiative that is
slated for California’s 2006 November Ballot. John C. Murphy, a Partner with the law
firm of Nossaman Guthner Knox Elliott, LLP will provide us with a sound-bite on the
current provisions.
Now if the wealth of information that you will receive coupled with a great networking
opportunity are not enough, continuing education credits are approved for 8.5 hours
from IRWA, pending from OREA, and MCLE and will be approved for 8.0 hours from
DRE.
SAN FRANCISCO-Ten new real estate indices are in the works thanks to a new partnership of
locally headquartered Global Real Analytics and Standard & Poor’s. Developed by GRA for S&P,
the indices are expected to launch during first quarter of 2007. The Chicago Mercantile Exchange
has said it will trade futures and options on futures on the indices.
The S&P/GRA Commercial Real Estate Indices will be calculated to reflect underlying real estate
and capital market fundamentals by measuring the change in commercial real estate prices by
property sector and geographic region, according to GRA. Reported index values will be based on
a three-month rolling average transaction price per sf, calculated using the broad-based target
market geographic definitions, refined property type definitions, and commercial stock weights.
Founded in 1985, the National Real Estate Index (NREI) is the longest proprietary time-series of
local market property prices, rental rates, and capitalization rates. It provides comprehensive
analyses - real estate, economic, and demographic - of 60 major local markets. All NREI
publications, described below, are updated in full, on a quarterly basis.
Homeowner refuses to sell; O.C. threatens eminent domain
By MICHAEL MILLER Staff Writer, (609) 463-6712
Published: Tuesday, October 31, 2006
OCEAN CITY — A downtown property owner said the city is in for a battle if it pursues eminent
domain to take his wife's land.
C. Jan Mathes, of Newtown Square, Pa., said the city wants to buy his north-end vacation home for
a new downtown parking lot.
Neither he nor his wife, Suzanne Mathes, is interested in selling. It's not the house itself that holds
sentimental value, even though it has been passed down for three generations. The couple has
local permits to demolish the house to make way for a new vacation home. Instead, it's the location
at 724 Central Ave. they appreciate.
The home is far from any other residential homes. It is surrounded by a church, a parking lot and a
thrift store in the heart of downtown in the resort's historic district.
by Cochise on October 26, 2006 at 18:50:51:
Vivian D. Howell, MBA, SR/WA, R/W-NAC is IRWA Chapter 1’s 2006 Fall Education Seminar Chair,
Board Secretary and member of the Professional Development Committee as well as a member of
other professional organizations. Ms. Howell earned her MBA from Loyola Marymount’s Executive
MBA Program and her Bachelor of Science in Business Administration – Finance from California
State University, Los Angeles. She is a licensed California State Real Estate Broker and has
worked in the field of real estate for over 20 years. Ms. Howell has worked in the public arena in
various departments of the City of Los Angeles in right of way related capacities and is currently a
manager at its Los Angeles World Airports’ Real Estate and Economic Development Group. Ms.
Howell manages and trains professionals in negotiation, acquisition, relocat1on and subdivisions.
She is a certified instructor for the IRWA, a member of the Strategic Planning Committee of the
IRWA International Relocat1on Committee and chairs its Research and Study Committee. Since
1996, Ms. Howell has been a volunteer mediator and facilitator with the Dispute Resolution
Program, City Attorney’s Office of the City of Los Angeles. She continues to make presentations on
right of way and development projects to numerous public entity’s educational seminars and
conventions.
Where does she find the time? Who is sufffering as a result of her outside activities? Tax Payers?
Homeowners? the General Public? Do you think Government Employees should be more focused
on their Jobs?
Email her @ vhowell@lawa.org
Real Estate Dictionary of Real Estate Terms.
Are you confused and overwhelmed by the extensive lexicon of real estate terms and words? Every
person working in real estate or planning to buy or sell real estate can benefit by using our free real
estate dictionary. This dictionary of real estate terms is one of the most extensive in the industry
and is used by many real estate agents, real estate brokers, mortgage brokers, and instructors in
major real estate schools across the country.
While great care and research was undertaken to provide accurate explanations and definitions for
the thousands of real estate terms and words in our real estate terms dictionary, one real estate
vocabulary dictionary cannot be 100% accurate in all jurisdictions. The definitions are for general
purposes only and should not be used for legal purposes. We disclaim any responsibility for any
liability, loss or risk that may be claimed or incurred as a consequence of using this information.
We hope you benefit from using our concise online real estate dictionary.
SC Mfr'd. Homes, Inc. v. Canyon View Estates, Inc., No B182088 (Cal. 2d App. Dist. October 27,
2006)
Denial of attorney fees and costs, after plaintiff dealer of mobilehomes dismissed most defendants
in case involving suit against defendant dealers and others alleging a kickback scheme, is affirmed
as defendants are not entitled to attorney fees and costs under Civil Code section 789.85 because
this case did not arise out of the Mobilehome Residency Law and did not involve the application of
MRL provisions in specific factual contexts addressed by the MRL.
Gunther v. Lin, No G036042 (Cal. 4th App. Dist. October 26, 2006)
In case involving ADA suit for defendant's failure to have an insulated pipe under the sink, and
placing a mirror too high, summary judgment for defendant is affirmed as plaintiff, in seeking a
higher minimum penalty under Civil Code section 52 rather than the lower penalty of section 54.3,
could not meet his burden of showing defendant intended to violate the ADA Accessibility
Guidelines.
Pac. Gas & Elec. Co. v. Superior Court of San Joaquin County, No C053352 (Cal. 3d App. Dist.
October 24, 2006)
In an insurer's action against PG&E for property damages arising from an industrial power failure
that injured its insured, a petition for a writ of mandate challenging a denial of PG&E's motion to
strike a prayer for recovery of insured-nonparty's deductible is granted where the administrative
regulation relied on by the insurer did not authorize it to recover its insured's deductible in litigation.
PROBATE, TRUSTS & ESTATES
Tunstall v. Wells, No B188711 (Cal. 2d App. Dist. October 31, 2006)
A testamentary trust's no contest clause providing that one beneficiary's contest voids other non-
contesting beneficiaries' bequests along with the contestant's does not, in itself, violate public policy.
The Bonnie and Clyde of mortgage fraud
A master con artist and his partner went on a six-state crime spree, ripping off homeowners,
stealing identities and defrauding lenders.
By Marcia Vickers, Fortune senior writer
October 30 2006: 11:08 AM EST
(Fortune Magazine) -- In December 2004, Dr. Bruce Brown and his wife, Bridget, got a call around
seven in the evening from a man who had seen the sales listing for their Columbia, S.C., house. He
asked if he could come over right away. The Browns agreed.
They desperately wanted to sell the property, which had been on the market for six months. Dr.
Brown was starting a new job in Augusta, Ga., in weeks. Just days before, they had amended their
listing to offer $201,000 in owner financing, "hoping to broaden the pool of candidates," says
Bridget. They did.
Matthew Bevan Cox is on the Secret Service's Most Wanted list, and is still at large.
More from FORTUNE
Are you at risk for mortgage fraud?
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Within an hour, a man showed up in a fancy sports car and introduced himself as Gary Sullivan.
With him was a petite blond woman he said was his realtor. Sullivan told the Browns he owned a
temp staffing agency called Labor on Demand but had run up too much credit card debt and
needed owner financing to buy a home. The two cased the traditional two-story house quickly and
left. Within days, the Browns had a deal.
What is "Fair Market Value?" IRS
Fair Market Value is defined as: "The fair market value is the price at which the property would
change hands between a willing buyer and a willing seller, neither being under any compulsion to
buy or to sell and both having reasonable knowledge of relevant facts. The fair market value of a
particular item of property includible in the decedent's gross estate is not to be determined by a
forced sale price. Nor is the fair market value of an item of property to be determined by the sale
price of the item in a market other than that in which such item is most commonly sold to the public,
taking into account the location of the item wherever appropriate." Regulation §20.2031-1.
Questions remain on use of public funds
By Jeanette Steele
UNION-TRIBUNE STAFF WRITER
October 28, 2006
A proposal to build a park in City Heights' Fox Canyon is dead after months of debate, and
questions are swirling about whether public money was misused because of false representations
by city staff.
The park proposal itself seemed simple: Turn a trash-strewn canyon into a small playground for a
poor, multi-ethnic neighborhood where children now play in the street.
The controversy erupted over plans to build a two-lane road that would connect streets on either
end of the greenbelt, creating 2,000 daily car trips there.
The fight has split City Heights, with some community groups supporting the Ontario Avenue
extension and others opposing it.
Meanwhile, the city attorney's Public Integrity Unit is reviewing a complaint from the Park and
Recreation Board over the city's use of money for the proposed park.
mong the objections:
The city has spent $375,000 planning a park on land it didn't own.
The city offered $475,000 for property that an appraisal says is worth $52,500.
The Real Estate Assets Department and the City Manager's Office may have misled the City
Council in a June 2005 memo that said the city had negotiated a sale and had the land in escrow.
Believing that claim, the City Council voted that June to spend $480,000 for the 1.9-acre parcel.
But the landowner, Larry Zajonc, said he never agreed to a sale.
“Our clients were not pleased with the public comments stating that they had agreed to sell their
property,” Zajonc's attorney, Rebecca Michael, wrote in a letter to the city in May.
The city's new real estate director rejects some of these claims.
Jim Barwick said a city official had a “handshake deal” with the landowner and on that basis opened
escrow. “It's something I wouldn't do, but apparently you can do that and it was done,” Barwick said.
“I think the key there was they were trying to expedite the transaction.”
Abandoned park deal
The city secured a $2.36 million state grant for a park in City Heights even though it didn't own the
land. Now, the city wants to shift the money to build a similar park nearby. Meanwhile, the matter
has been referred to the City Attorney's Office because of possible misrepresentations.
Where the money is coming from
State grant from Proposition 40: $2.36 million
Mid-City special park fees: $900,000 Community Development Block Grant, $30,000
The city has already spent $375,000 of its money on pre-development work.
The city was willing to pay $475,000 – though the appraisal later showed the land's value to be
much lower – because it was necessary for the park, he said.
October 26, 2006 · Last updated 5:09 p.m. PT
Complaint targets Zillow.com's house values
By JOHN COOK
P-I REPORTER
Zillow.com has landed in the hot seat over claims that its home valuation tool is inaccurate.
The National Community Reinvestment Coalition, a Washington, D.C.-based non-profit that
promotes equal access to credit and capital for underserved communities, filed a 12-page
complaint against Zillow on Wednesday with the Federal Trade Commission.
It says that Zillow's valuation "mechanism is highly inaccurate and misleading to consumers." The
complaint seeks immediate action from the FTC to stop Zillow from engaging in activities that it says
deceive consumers.
The NCRC also notes -- citing its own audit -- that Zillow is off the mark with its home value
estimates more than two-thirds of the time.
"Zillow is placing the American dream of homeownership at risk for countless working families," says
John Taylor, president and chief executive of the NCRC in a prepared statement. "For a company
that represents to consumers that they are the 'Kelley Blue Book of Homes,' this is a very
dangerous situation. We call upon the FTC to intervene and ensure that Americans receive
accurate appraisals and valuation information to protect the single most important investment of
their lives: their home."
Seattle-based Zillow, which is backed with $57 million in venture capital and unveiled its home
valuation Web site eight months ago, called the allegations "groundless."
Condemnation panel appointed for L.B. home
Judge: City does not have to move forward on taking of home
BY CHRISTINE VARNO
Staff Writer
Astate Superior Court judge has appointed a panel of three commissioners to determine the
amount of just compensation Long Branch must pay for a home in one of the city's redevelopment
zones.
Judge Lawrence M. Lawson also ruled last week that the city does not have to move forward with
the condemnation of Frances DeLuca's Ocean Terrace home.
Lawson appointed two attorneys and a real estate broker to set the value for DeLuca's home, which
is located in the Beachfront North Phase II redevelopment zone.
WEIGHING AND REWEIGHING EMINENT DOMAIN’S POLITICAL PHILOSOPHIES POST-KELO
Alberto B. Lopez*
I. INTRODUCTION
Referring to the emergence of the civil rights movement, Justice Felix Frankfurter wrote that “[y]
esterday the active area . . . was concerned with ‘property.’ Today it is ‘civil liberties.’ Tomorrow it
may again be ‘property.’”1 Frankfurter’s tomorrow has arrived—that is, if media attention is an
accurate gauge of what area is “active.” Two of the most anticipated and widely covered decisions
from the Supreme Court’s October Term 2004 involved issues of property law. One of the headline-
grabbing cases addressed the legality of music and movie downloads from the Internet under
copyright law.2 The other property issue in the limelight, both before and after the Court’s decision,
involved the one property issue that has rocketed into courtrooms and newspapers around the
nation—eminent domain.3 Eminent domain refers to the authority of the sovereign to seize an
individual’s private property without the
Real Estate
January 17, 2006
Court Affirms Use Of Specific Provisions To Rebut Evidence Of Misrepresentation In The
Inducement Of A Lease
August 10, 2005
Right To Jury Trial May Not Be Waived Prior To A Dispute Arising
December 8, 2004
Court of Appeal Addresses Language Requirements For Landlord Exculpation Clause In Case
Involving Mold
November 8, 2004
Broker-Arranged Exception to Usury Laws Interpreted by Court; Lender Lost and Forced to Forfeit
All Interest
Eminent Domain Reform Has Arrived In California
Governor Arnold Schwarzenegger and our California Legislature have boarded the eminent domain
reform bus. Last Friday, September 29, the Governor signed no fewer than five eminent domain
reform bills. These new laws will impact all condemnation cases – not just those involving
redevelopment. Regardless of how Proposition 90 (The Anderson Initiative) fares this November,
eminent domain reform has arrived.
Some Highlights: Upon these bills’ effective date, agencies must now (a) pay up to $5,000 for
owners to get independent appraisals; (b) undergo hearings on applications for orders of
immediate possession; and (c) include a statement of the specific anticipated public use in all
resolutions of necessity.
Condemnation/Eminent Domain
October 4, 2006
Eminent Domain Reform Has Arrived In California
July 10, 2006
A Brave New World For Condemning Agencies: Coping with the Anderson Initiative and its Radical
Redrawing of California Eminent Domain Law
June 23, 2006
Anderson Initiative Could Radically Impact California Eminent Domain Law
June 23, 2005
CIVIL PROCEDURE, CONTRACTS, DISPUTE RESOLUTION & ARBITRATION, PROPERTY LAW &
REAL ESTATE Patchett v. Bergamot Station, Ltd., No. B183049 (Cal. 2d App. Dist. October 17,
2006) Confirmation of second arbitration award, involving a dispute regarding certain galleries, is
affirmed as it was within the arbitrator's authority, after issuing an award in an initial dispute, to
construe the arbitration agreement as authorizing him to act as the arbitrator for subsequent
disputes between the parties.
Californians will soon go to the polls to vote on Proposition 84, a $5.4 billion bond to pay for water
projects and park land -- the largest such bond in state history. But even as that campaign plays
out, questions are arising over whether taxpayers are getting a fair price when state agencies buy
land for parks and wildlife. Environmentalists, taxpayer groups and several Bay Area political
leaders last week called for new laws to require California agencies to make appraisals public
before they buy ranches, forests, wetlands and other property. They argue that this would reduce
the risk of error and overpayment, particularly amid new concerns that taxpayers paid too much in
the government's 2003 purchase of 16,500 acres of Cargill salt ponds along the southern edges of
San Francisco Bay.
The BIG AVM Lie
Automated Valuation Models (AVMs)
Many lenders, including Fannie Mae, Freddie Mac, Wells Fargo, Countrywide and Washington
Mutual made very risky decisions a couple of years back to utilize computer generated appraisals
(known as AVMs) instead of licensed real estate appraisers.
This extraordinary "Risk taking" by lenders in the name of greed nationwide is now beginning to
cause problems in the bond markets because of the extraordinary risk of backing mortgages when
nobody ever even looked at the property (homes and property) being financed.
Lenders nationwide were warned in the spring of 2004, that when they use anything less than a full,
traditional appraisal in housing markets where values are soft, they could be penalized on Wall
Street.
Fitch Ratings, one of the major risk-assessment firms for the global bond market, believes that
anything less than what it calls "the full monty" -- an on-site, exterior and interior professional
appraisal -- is likely to overstate the true worth of the property if it's located in any of dozens of
slowly appreciating markets around the country.
Fitch plans to impose a 10 to 15 percent "haircut," or devaluation, of the homes backing mortgages
in bond pools if they are in soft real estate markets and did not get traditional full appraisals. That
rules out all the quicker and less costly valuation alternatives in wide use, including online database
"automated valuation models" (AVMs), broker price opinions, desk reviews, tax assessments and
drive-bys.
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CIVIL PROCEDURE, INSURANCE LAW, PROPERTY LAW & REAL ESTATE, REMEDIES
State Farm Gen. Ins. Co. v. Wells Fargo Bank, N.A., No A111643 (Cal. 1st App. Dist. October 10,
2006) Summary judgment for defendants, in subrogation case alleging fire loss to condominiums
was caused by neighboring apartment building owner's, managers', and refuse company's
negligent failure to provide for safe disposal of fireplace ashes, is reversed as the trial court
improperly interpreted and applied the doctrine of superior equities in finding plaintiffs' claims
barred.
SARASOTA -- While Sarasota investor Neil Mohamed Husani grabbed headlines for deals that
boosted some real estate values by tens of millions of dollars in the region, another group of
Southwest Florida investors, using similar tactics, are collectively facing years of prison time.
The leader of the group, Todd A. Kolbe, will spend 30 months in a federal prison in South Dakota
for organizing a scheme that bilked a New Jersey-based mortgage lender out of at least $3 million
by artificially boosting the value of regional real estate.
Rackham has different value as golf course, development, community jewel
Judge rules Rackham must stay golf course
BY MARTHA WOOD
STAFF WRITER
HUNTINGTON WOODS -- In the ongoing saga of a land sale that has residents outraged and a
suburb fighting Detroit over a deed restriction, the high bidder on Rackham Golf Course has
comparably underbid on the property that the community sees as invaluable. So, just what is the
land worth?
Many houses and apartments built before 1978 have
paint that contains high levels of lead (called leadbased
paint). Lead from paint, chips, and dust can
pose serious health hazards if not taken care of properly.
Federal law requires that individuals receive certain information
before renting, buying, or renovating pre-1978 housing:
LANDLORDS have to disclose known information
on lead-based paint and lead-based
paint hazards before leases take effect.
Leases must include a disclosure form
about lead-based paint.
SELLERS have to disclose known information
on lead-based paint and lead-based
paint hazards before selling a house. Sales
contracts must include a disclosure form
about lead-based paint. Buyers have up to
10 days to check for lead.
RENOVATORS have to give you this
pamphlet before starting work.
IF YOU WANT MORE INFORMATION
on these requirements, call the
National Lead Information Center at
1-800-424-LEAD (424-5323).
Lawsuit filed related to alleged scam
Wednesday, October 11, 2006
By DEBBIE HALL - Bulletin Staff Writer
Two possible victims of an alleged real estate fraud scam filed a lawsuit last week in federal court in
Indiana, seeking to recover monetary damages and losses resulting from the incident.
The suit also asks to be considered as a class action suit that could include all the people claiming
to be victims of the alleged scam. The alternative is filing individual suits for the estimated 100 to
200 people involved, according to Russ Sipes of the Indianapolis-based law firm of George & Sipes,
LLP. The civil suit could qualify as a class action suit because facts and other details associated
with individual participants often are “common to all” participants, Sipes said.
FICO Rules, but Other Options Remain
Washington Post Staff Writer
Sunday, October 1, 2006; Page R06
If you have been looking for a mortgage, you know that your credit score is key to opening that next
front door. The higher your score, the less you pay to buy big-ticket items such as houses or cars
on credit. For example, on a $300,000 30-year, fixed-rate mortgage, borrowers with scores of 760
to 850, the highest range possible, pay $470 less a month than those with a score in the 580 to
619 range. Much lower than that, many lenders say, and you will pay a huge premium if you can
get credit at all from traditional sources. Other lenders say the magic numbers are 600 and 720 --
anything below 600 is too risky while anything above 720 gets the best of the best interest rates.
Fair Isaac Corp., the company that came up with the mathematical system behind the most widely
used score, FICO, doesn't label the ranges
Column: What's in a Credit Score?
Tuesday, October 10, 2006; 11:39 AM
-- Q: I just applied for a mortgage and found out that my credit score is much lower than I thought.
What makes up a credit score?
A: One of the worst times to find out that your credit score is lower than you'd estimated is when
you're sitting across from a mortgage lender. But you're not alone in guessing wrong. In a recent
survey from LivingWithBadCredit.com, an educational Web site, more than three-fourths of people
surveyed reported not knowing their credit scores within a 200-point range. Nearly half of them had
never checked their own credit report and score, while 17 percent hadn't checked in several years.
2006 Real Estate Capital Markets Industry Fall Update
Rumor has it the residential (home) real estate market is on a downward trend, but don't confuse
that with the commercial side—the two are radically different. Residential real estate is a personal
investment and is driven by how consumers wish to spend their money. Commercial real estate is a
business investment driven by economic factors. And, according to a new study just released by
Deloitte & Touche USA LLP titled "2006 Real Estate Capital Markets Industry Fall Update,"
commercial real estate is likely to continue to be a solid investment for the second half of 2006 and
into 2007. It seems the only thing commercial and residential real estate have in common right now
is the fact they both end in "real estate." The report goes on to examine how the flow of capital has
accelerated beyond predictions; why reinvestment is emerging as a capital issue as cap rates enter
a "red zone;" the push that is moving real estate investment trusts (REITs) even further onto the
global stage; why private global investment is moving into overdrive; and how taxes remain a critical
issue.
The printed report for the 2005 American Housing Survey
national data is now available for purchase or download.
You can download it in PDF format from the Census Bureau web
site, http://www.census.gov/hhes/www/housing/ahs/nationaldata.html .
You can order the paper version from the HUD USER webstore.
For your convenience, there is an "order" button on the AHS
2005 page: http://www.huduser.org/datasets/ahs/ahsdata05.html .
Dav Vandenbroucke
Senior Economist
U.S. Dept. HUD
david_a._vandenbroucke@hud.gov
202-708-1060 ext. 5890
From: HUD USER News
On Thursday, September 28, 2006, HUD published the 2007
lists of Difficult Development Areas (DDAs) and
Qualified Census Tracts (QCTs) for Section 42 of the
Internal Revenue Code, the Low-Income Housing Tax Credit
(LIHTC), in the Federal Register. DDAs are metropolitan areas and nonmetropolitan counties
with high land, construction, and utility costs relative
to area median gross income. QCTs are census tracts
where either 50 percent or more of the households have
incomes below 60 percent of the area median gross
income, or the poverty rate is 25 percent or higher,
subject to the constraint that the population of
designated tracts in a metropolitan area, or the
nonmetropolitan part of a state, cannot exceed 20
percent of total population of the area.
These data and information about the QCT designations
are available to the public from HUD USER
at qct.huduser.org/index.html and www.huduser.org/datasets/qct.html.
For explanation of how the FY2006 FMRs and FMR areas were
determined, and how FY2006 VLILs were computed,
see and www.huduser.org/datasets/il.html.
Warren v. City of Piedmont, No A112886 (Cal. 1st App. Dist. October 06, 2006)
Summary judgment for defendant city based on trail immunity under Government Code section
831.4(b), in case involving slip and fall on a pathway in a dog park, is affirmed as: 1) the pathway in
question, even if it was a "sidewalk," was a "trail" under section 831.4; and 2) trail immunity
precludes liability for the design and location, as well as the maintenance, of this trail.
In Re: The Penn Traffic Co. (10/04/06 - No. 05-5305)
Appeal from order affirming in part, reversing in part and remanding an order of the bankruptcy
court related to issues in a real estate project agreement, is dismissed, as courts of appeals lack
jurisdiction over appeals from orders of district courts remanding for significant further proceedings
in bankruptcy courts, which is the case here.
REAL ESTATE Q&A: Seek a second opinion if home appraisal raises ...
Asheville Citizen-Times - NC,USA
... a local real estate professional for a comparative market analysis, or CMA, as only licensed or
certified appraisers may complete an appraisal under national ...
Gravillis v. Coldwell Banker Residential Brokerage Co., No B182588 (Cal. 2d App. Dist. September
29, 2006)
In suit brought by home buyers against brokers after learning the home they bought was
unihabitable from extensive structural damage, and alleging they experienced emotional distress
and developed diabetes, denial of motion to compel arbitration on ground that the action fell within
exclusion for bodily injury is reversed, as an action for bodily injury, within the meaning of an
arbitration exclusion in a residential purchase agreement, does not encompass plaintiffs' claims.
Nightmare Mortgages
They promise the American Dream: A home of your own -- with ultra-low rates and payments
anyone can afford. Now, the trap has sprung
COVER STORY PODCAST
For cash-strapped homeowners, it was a pitch they couldn't refuse: Refinance your mortgage at a
bargain rate and cut your payments in half. New home buyers, stretching to afford something in a
super-heated market, didn't even need to produce documentation, much less a downpayment.
Those who took the bait are in for a nasty surprise. While many Americans have started to worry
about falling home prices, borrowers who jumped into so-called option ARM loans have another,
more urgent problem: payments that are about to skyrocket.
SOUTHFIELD -- A multimillion-dollar mortgage fraud scheme involving pricey homes in Bloomfield
Hills and Birmingham has resulted in a half-dozen firings and resignations at Fifth Third Bank,
according to court documents.
The alleged scheme involved a conspiracy among bank employees, appraisers, title companies,
and others.
Fifth Third first went to court last year over one of the suspect mortgages but later said at least 11
fraudulent deals were part of the scheme. It filed an amended lawsuit in August seeking more than
$10.8 million in damages from 44 defendants it alleges were involved in seven of the real estate
deals.
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North Bay Constr., Inc. v. City of Petaluma, No. A111591 (Cal. 1st App. Dist. September 28, 2006)
Dismissal of complaint seeking to recover for grading work performed on city land, and to foreclose
a mechanic's lien against the property and to obtain judgment on theory of quantum meruit, is
affirmed as a mechanic's lien cannot be enforced against property owned by municipality, even if
the work was not performed as part of a "public work" project, and a contractor cannot recover in
quantum meruit for improvements to a municipality's property performed under a contract with a
third party.
Warren v. Merrill, No B186698 (Cal. 2d App. Dist. September 21, 2006)
Order quieting title to condominium in favor of buyer, imposing constructive trust on the property in
favor of buyer, and awarding noneconomic and punitive damages, is affirmed as defendant's
challenges to the trial court's findings of fact and conclusions of law do not withstand scrutiny.
Slovensky v. Friedman, No. C049442 (Cal. 3d App. Dist. September 19, 2006)
Summary judgment for defendants on plaintiff's claims for legal malpractice and breach of fiduciary
duty, related to toxic mold personal injury settlement, is affirmed as the statute of limitations had run
on plaintiff's toxic tort claims before she consulted defendants and, moreover, plaintiff cannot prove
damages from any misrepresentation or concealment because defendants obtained a recovery for
her in the underlying action to which she was not legally entitled.
McKell v. Washington Mut., No B176377 (Cal. 2d App. Dist. September 18, 2006)
In class action alleging defendant banks overcharged plaintiffs for underwriting, tax services, and
wire transfer fees in conjunction with home loans, order of dismissal entered after sustaining of
defendants' demurrer to second amended complaint without leave to amend is reversed as the trial
court erred in sustaining defendant's demurrer without leave to amend as to the UCL and breach of
contract causes of action.
The federal government has issued the final set of guidelines for claiming the full $1.80 psf
deduction for specified energy efficiency improvements as part of the 2005 Energy Bill. The Energy
Bill offers a targeted, temporary tax deduction for energy efficient building construction and
renovation, and the deduction is “performance based” in so far as the property must meet certain
ambitious energy efficiency standards in order for the relevant expenditures to be deductible in the
year in which they are made. This audio seminar will outline:
The implications of this bill for commercial real estate owners and operators
What types of buildings, projects and upgrades are covered by the legislation
How the deductions will work
How to apply for appropriate tax deductions.
Time is running out to claim the tax deductions. They must be claimed the year the upgrade is
placed into service and the tax deduction expires in December 2007, so don’t miss this vital
program to learn how to maximize energy investments and take advantage of these tax deductions!
Fannie Mae and Freddie Mac recently announced the joint availability of 83 non-executable
Spanish translations of the Fannie Mae/Freddie Mac Uniform Instruments to help lenders and
others in the residential mortgage industry better serve Spanish-language dominant consumers in
becoming homeowners. The translations are meant to complement the English-language
documents a mortgage borrower would sign. While these documents are non-executable, we
encourage our lenders and others in the mortgage industry to distribute these complimentary
translations to Spanish-language dominant consumers early in the home-buying process, so that
potential borrowers can better familiarize themselves with the terms of the English-language
documents they will be signing at closing. The documents are available for all 50 states, the District
of Columbia, Guam, and the U.S. Virgin Islands.
You may access these documents on www.efanniemae.com
in our Single-Family Forms & Documents section. We have also provided all of the documents to
the forms companies.
Possible New Federal Energy Legislation in 2006
The U.S. Congress passed the Energy Policy Act of 2005 in August 2005 after about five years of
work (for more information, see http://aceee.org/energy/legsttus.htm). But as soon as the ink was
dry, energy prices started climbing, driven by tight energy markets and Hurricanes Katrina and Rita.
As a result, many legislative proposals are now being discussed and are likely to receive attention
in 2006. Whether legislation actually passes will depend on whether compromises can be reached
on a variety of contentious issues and also on energy prices—the higher prices are, the more
pressure there will be to "do something." On the other hand the congressional schedule is very
tight this year, and unless energy problems are compelling there may not be time to consider a
major energy bill this year. Some of the major issues now under discussion are as follows:
Kaatz v. City of Seaside, No H027562 (Cal. 6th App. Dist. September 20, 2006)
Dismissal of taxpayer suit, challenging actions of defendant city arising out its purchase and sale of
105 acres of residential property that were formerly part of a military base, as time-barred is
reversed where the trial court erred in its application of the 60-day statute of limitations for
validation proceedings and consequent dismissal of the action, as defendant's conveyance of
property and prior execution of a contract with a developer was not subject to validation.
California Environmental Protection Agency Unified Program Listserv
September 2006 Unified Program Newsletter
IN THIS ISSUE:
Cal/EPA
~State Surcharge for Fiscal Year 2006/2007
~Annual UP Training Conference, Enforcement
Track
~Annual Summary Reports Due
SWRCB
~Ameron Pressurized ILLM Method Added to LG-113
~Matrix of Pipe Monitoring Applications
~Tanks Operating Permit Application Forms
~Enhanced Leak Detection (ELD) Follow-up
~Marina Fueling Facility (MFF) Project Report
~Single-Walled UST Survey
OES
~Fact Sheet
~Regional Training
~Basic Training
Elnekave v. Via Dolce Homeowners Ass'n, No B184526 (Cal. 2d App. Dist. September 12, 2006)
Judgment entered against defendant to enforce a settlement agreement with plaintiffs, in action for
water and mold damage to plaintiffs' condominium, is reversed where only defendant's insurer and
a third party representative agreed to the settlement, and not a member of defendant's corporate
board or a corporate officer. Dismissal of complaint is also reversed.
Real Estate Valuation Magazine, Summer 2006
E.I. Dupont de Nemours & Co. v. US (08/29/06 - No. 04-2096)
In an action brought by owners and operators of industrial facilities contaminated with hazardous
waste seeking a ruling that the government must contribute a share of cleanup costs under the
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the court
finds pursuant to controlling precedent that, because the owners/operators were themselves partly
responsible for the contamination at the subject sites, and their cleanups were voluntary, they may
not seek contribution from other potentially responsible parties including the government.
Johnston v. Comm'r of Internal Revenue, No. 04-73833 (9th Cir. September 01, 2006)
When a taxpayer offered to pay the IRS a sum certain to "fully resolve all adjustments at issue" for
certain tax years, and the Commissioner accepted his offer, the taxpayer could not then apply net
operating losses (NOLs) from his real estate business to reduce his agreed payments under the
settlement where the taxpayer did not reserve the right to use NOLs in the settlement agreement,
nor raised the issue of using the NOLs before the Commissioner accepted his settlement offer.
California Construction Company Owner Sentenced to One Year in Jail For Insurance Fraud
By Kelly Sheehan, Online News Editor
AUGUST 31, 2006 -- San Diego -- The owner of a local construction company that specializes in
condo conversion was sentenced to one year in jail and ordered to pay $709,282 in restitution for
committing Workers' Compensation insurance premium fraud.
Damian Seiler, 57, a licensed general contractor and owner of the Pacific Home Co., underreported
wages of his employees by more than $1.1 million in order to receive a lower insurance premium.
Seiler was also sentenced to five years of probation.
Seiler’s fraud was uncovered after he filed a Workers' Compensation claim for an employee for
whom he had never paid wages to the State Compensation Insurance Fund. The State Fund
performed an audit of the Pacific Home Co. and found "irregularities," the fund said. The case was
referred to the San Diego County District Attorney's Office in August of 2005 and a search warrant
was obtained on Seiler’s company.
Bernard v. Foley, No S136070 (Cal. August 21, 2006)
When an unrelated person renders substantial, ongoing health services to a dependent adult, that
person may be a "care custodian" for purposes of statutory provisions that presumptively disqualify
care custodians as beneficiaries of testamentary transfers from dependent adults to whom they
provide such services, notwithstanding that the service relationship between the individuals arose
out of a preexisting personal friendship rather than a professional or occupational connection.
Cebular v. Cooper Arms Homeowners Ass'n, No B182555 (Cal. 2d App. Dist. August 21, 2006)
Judgment for defendant after trial, with declaration that CC&Rs and bylaws did not violate the Davis-
Stirling Common Interest Development Act despite unequal assessments, is affirmed as to the
legality of the voting and assessment methodology, but is reversed as to amount of award of
attorney fees.
Woodside Homes of California, Inc. v. Superior Ct. (Wheeler), No C052432 (Cal. 3d App. Dist.
August 21, 2006)
Petition for writ of mandate to reverse orders vacating appointment of referee is granted where the
trial court erred in finding that Grafton Partners v. Superior Court (2005) 36 Cal.4th 944, prohibiting
predispute waiver of the right to jury trial in the judicial forum, precludes enforcement of such a
predispute contract for reference.
Ray v. Goodman, No A112611 (Cal. 1st App. Dist. August 21, 2006)
Post-judgment order awarding plaintiff pre-judgment interest from the date of his second, not his
first, Code of Civil Procedure section 998 settlement offer to defendants is reversed where: 1) the
order is inconsistent with the language of Civil Code section 3291; and 2) several cases expressly
hold that only the last section 998 offer is valid are inapplicable to the facts of this case.
Rancho Murieta Airport v. County of Sacramento, No C049783 (Cal. 3d App. Dist. August 28, 2006)
Order granting plaintiff's petition to compel county defendant to trim or remove trees from an airport
clear zone that obstructed certain navigable airspace is affirmed as defendant fails to provide any
authority to support its untenable position that it can evade its statutory and municipal duty to
maintain its property so as not to endanger the health and safety of the public.
Vandermoon v. Sanwong, No C050789 (Cal. 3d App. Dist. August 28, 2006)
Denial of defendants' motion to set aside the judgment under Code of Civil Procedure section 473
is affirmed as the mandatory provision of section 473(b) does not apply to a judgment entered after
an uncontested trial in a defendant's absence, because such a judgment is neither a "default," a
"default judgment" nor a "dismissal" within the meaning of section 473(b).
Markowitz v. Fidelity Nat'l Title Co., No B179923 (Cal. 2d App. Dist. August 30, 2006)
Grant of nonsuit in favor of defendant, which acted as a sub-escrow in a real property transaction,
is affirmed where plaintiff could not establish that defendant owed any statutory or fiduciary duties
him.
Armenta ex rel. City of Burbank v. Mueller Co., No B175530 (Cal. 2d App. Dist. August 30, 2006)
Summary judgments in favor of defendants are reversed where triable issues of fact exist, and the
trial court abused its discretion by imposing a condition on granting plaintiff leave to file a second
amended complaint alleging violation of the California False Claims Act with respect to 130
governmental entities.
Petropoulos v. Department of Real Estate , No A110536 (Cal. 1st App. Dist. August 30, 2006)
Revocation of plaintiff's broker's license based on his guilty plea to a charge of misdemeanor
battery is reversed as there is no statutory authorization for defendant to revoke plaintiff's license
for the commission of a misdemeanor not involving moral turpitude.
Ailanto Properties, Inc. v. City of Half Moon Bay, No A098920 (Cal. 1st App. Dist. August 30, 2006)
Holding that, under Government Code section 66452.6(b)(1), the expiration of plaintiff's vesting
tentative map was tolled for only five years, is affirmed as section 66452.6(b)(1) limits to five years
the length of any moratorium-related tolling of the expiration of a tentative map. Ruling that
plaintiff's delivery of a purported phased final map to the city engineer constituted an effective filing
entitling plaintiff to a 36-month extension of its vesting tentative map under section 66452.6(a)(1) is
reversed as such filing does not entitle plaintiff to a further extension of the life of its vesting
tentative map because the phased final map does not conform to the requirements of the vesting
tentative map.
HUD Glossary
Fair market value: the hypothetical price that a willing buyer and seller will agree upon when they
are acting freely, carefully, and with complete knowledge of the situation
Assessors' Handbook sections are available here for viewing and printing. You may also purchase
copies of Assessors' Handbook sections by downloading, printing, and submitting the following form:
BOE-663-AH, Purchase Order For Assessor's Handbook Sections, Rev. 18 (01-05)
Table of Contents
AH 201, Assessment Roll Procedures, (06-85)
AH 215, Assessment Map Standards, (08-92)
AH 265, Cemetery Exemption, (08-77)
AH 267, Welfare, Church, and Religious Exemptions, (10-04)
AH 501, Basic Appraisal, (01-02)
AH 502, Advanced Appraisal, (12-98)
AH 503, Cash Equivalent Analysis, (03-85)
AH 504, Assessment of Personal Property and Fixtures, (10-02)
AH 505, Capitalization Formulas and Tables, (06-93)
AH 510, Assessment of Taxable Possessory Interests, (12-02)
AH 511, Assessment of Manufactured Homes and Parks, (11-01)
AH 513, Assessment of Shopping Centers, (01-83)
AH 515, Assessment of Golf Courses, (01-83)
AH 516, Assessment of Cemeteries, (01-83)
AH 521, Assessment of Agricultural and Open-Space Properties, (10-03)
AH 531, Residential Building Costs, (01-06)
AH 534, Rural Building Costs, (01-06)
AH 542, Assessment Of Water Companies And Water Rights, (12-00)
AH 560, Assessment of Mining Properties, (03-97)
AH 566, Assessment of Petroleum Properties, (01-99)
AH 570, Assessment of Commercial Aircraft, (01-72)
AH 576, Assessment of Vessels, (02-02)
AH 577, Assessment of General Aircraft, (11-03)
AH 581, Equipment Index and Percent Good Factors, (01-06)
AH 582, Explanation of the Derivation of Equipment Percent Good Factors, (02-81)
Assessment Appeals Manual, (5-03)
State Assessment Manual, (3-03)
Timber Tax Manual, (11-05)
IRS employees must be able to reasonably justify any departure from these guidelines. These
documents incorporate by reference, the ethical and conduct provisions, contained in the Office of
Government Ethics Standards of Ethical Conduct, applicable to all IRS employees. The Real
Property Valuation Guidelines can be found at www.irs.gov/irm/part4/ch42s06.html.The other
guidelines can be found at the following links: www.irs.gov/irm/part4/ch42s03.html for Tangible
Personal Property Valuation Guidelines; www.irs.gov/irm/part4/ch42s04.html for Business Valuation
Guidelines; and www.irs.gov/irm/part4/ch42s05.html for Intangible Property Valuation Guidelines.
Tax and Accounting Sites Directory
Forensic Appraiser, Commercial Appraiser Los Angeles,Los Angeles Appraiser, Commercial
appraisal LA, Appraiser Commercial, LA, L.A., Commercial Real Estate Appraiser, Commercial Real
Estate Appraisal, Residential Appraiser, Apartment Appraiser, Commercial Appraisal, Special
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Certified General Appraiser Tax Appraiser la, Forensic Appraiser
Reilly v. City and County of San Francisco, No. A109062 (Cal. 1st App. Dist. August 29, 2006)
Summary judgment in favor of defendant, on trustee's claim for property tax refund on real property
held by a testamentary trust, is affirmed since when an income beneficiary of the trust dies and is
succeeded by another income beneficiary, there is a change in ownership under Taxation Code
section 60, as the death caused a transfer of the property's primary economic value to the
successor beneficiary, who acquired a present beneficial interest in the property.
Fitzgerald Living Trust v. US, No. 04-16149 (9th Cir. August 30, 2006)
In a dispute over property owners' right of access over a national forest road and a proposed
statutory easement by the Forest Service providing them with access over the road, summary
judgment for the Forest Service is affirmed as the Federal Land Policy Management Act (FLPMA)
vests the Secretary of Agriculture with the authority to regulate access over a national forest, and
the FLPMA easement offered to plaintiffs, who hold no common law easements over the forest
service land, was a reasonable exercise of that authority.
( Fee Event) The Appraisal Foundation is pleased to announce the First Annual Valuation Fraud
Symposium. The focus of this event is to target fraud from a valuation specific context.
The Appraisal Foundation will bring together industry experts and insiders from banking,
compliance, mortgage lending, residential valuation, federal and state regulatory agencies as well
as law enforcement organizations. While meaningful discussions and dialogue on key topics
relating to valuation fraud will be the order of the day, the identification, development and
implementation of meaningful solutions are the key deliverable for this event.
Residential and Commercial Real Estate Continue to Move in Opposite Directions
The national housing market continues to cool, producing a decline in sales and, in some cases,
housing prices, according to the latest report from the National Association of Realtors. But as the
housing market softens, the commercial real estate sector has continued its recovery, with the
leading commercial market indicator rising in 11 of the past 12 quarters. Although the commercial
growth rate has slowed a bit, market observers expect the upward momentum to carry well into
2007.
hio Supreme Court Rules Against Eminent Domain for Economic Development
In a case with important national implications for property owners and cities' redevelopment efforts,
the Ohio Supreme Court unanimously ruled July 26 that the city of Norwood, Ohio, could not use its
power of eminent domain to condemn private property to make way for a $125 million
redevelopment project.
In City of Norwood v. Horney, the municipality sought to apply eminent domain to seize private
properties in an area considered to be in a state of deterioration. Ohio Supreme Court Justice
Maureen O'Connor wrote that targeting property for economic development because it is in a
"deteriorating area" is unconstitutional since the term is too vague and overly broad in its potential
application. O'Connor added that that cities must "apply heightened scrutiny" to ensure the
property rights of private citizens.
Norwood is the first legal challenge involving eminent domain to reach a high state court since last
summer's U.S. Supreme Court 5-4 ruling in Kelo v New London, Conn. In Kelo, the Supreme Court
ruled that municipalities could condemn private property for development efforts that economically
benefit their community, while making it clear that state constitutions could set different standards
for property rights.
Since the Kelo decision, a number of state courts �" including the Ohio Supreme Court �" have
interpreted their state constitutions as less permissive of eminent domain for economic
development purposes than the U.S. Constitution. Since decisions based on state constitutions
cannot be appealed to the U.S. Supreme Court, the City of Norwood announced it would not appeal
the decision.
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Appraiser, Tax Appraiser
AN IMPORTANT E-NEWS ANNOUNCEMENT FROM CalHFA:
The California Housing Finance Agency lowers interest rate for Multifamily Housing Developments.
For detailed information visit the Press Releases page on CalHFA’s web site.
PROPERTY LAW & REAL ESTATE
Bernard v. Foley, No S136070 (Cal. August 21, 2006)
When an unrelated person renders substantial, ongoing health services to a dependent adult, that
person may be a "care custodian" for purposes of statutory provisions that presumptively disqualify
care custodians as beneficiaries of testamentary transfers from dependent adults to whom they
provide such services, notwithstanding that the service relationship between the individuals arose
out of a preexisting personal friendship rather than a professional or occupational connection.
PROPERTY LAW & REAL ESTATE
Cebular v. Cooper Arms Homeowners Ass'n, No B182555 (Cal. 2d App. Dist. August 21, 2006)
Judgment for defendant after trial, with declaration that CC&Rs and bylaws did not violate the Davis-
Stirling Common Interest Development Act despite unequal assessments, is affirmed as to the
legality of the voting and assessment methodology, but is reversed as to amount of award of
attorney fees. ,
PROPERTY LAW & REAL ESTATE
Woodside Homes of California, Inc. v. Superior Ct. (Wheeler), No C052432 (Cal. 3d App. Dist.
August 21, 2006)
Petition for writ of mandate to reverse orders vacating appointment of referee is granted where the
trial court erred in finding that Grafton Partners v. Superior Court (2005) 36 Cal.4th 944, prohibiting
predispute waiver of the right to jury trial in the judicial forum, precludes enforcement of such a
predispute contract for reference.
PROPERTY LAW & REAL ESTATE
Ray v. Goodman, No A112611 (Cal. 1st App. Dist. August 21, 2006)
Post-judgment order awarding plaintiff pre-judgment interest from the date of his second, not his
first, Code of Civil Procedure section 998 settlement offer to defendants is reversed where: 1) the
order is inconsistent with the language of Civil Code section 3291; and 2) several cases expressly
hold that only the last section 998 offer is valid are inapplicable to the facts of this case.
Red Mountain, LLC. v. Fallbrook Pub. Util. Dist., No. D044546 (Cal. 4th App. Dist. August 18, 2006)
Verdict for plaintiff for breach of contract and inverse condemnation, compensation for a direct
taking in eminent domain, and award of attorney fees and costs, is reversed as to the portion of the
judgment awarding damages for breach of contract and inverse condemnation and the order
awarding litigation expenses.
Mendoza v. Brodeur, No. A109303 (Cal. 1st App. Dist. August 18, 2006)
Summary judgment for defendant, on ground that plaintiff was not an employee under workers'
compensation law and had not come forward with evidence supporting a triable issue of fact for tort
liability, is reversed as plaintiff is defendant's employee for purposes of tort liability under Labor
Code section 2750.5 and applicable case law.
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Borten v. Santa Monica Rent Control Bd. , No B181840 (Cal. 2d App. Dist. August 14, 2006)
Judgment in favor of defendant, finding Rent Control Law as applied to non-resident tenants is not
an unconstitutional taking as it substantially advances the City's interest in providing affordable
housing, is affirmed as the case of Bisno v. Santa Monica Rent Control Bd. (2005) 130 Cal.App.4th
816 defeats plaintiff's constitutional challenge to defendant's involvement with a tenant not in
occupancy.
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http://caselaw.lp.findlaw.com/data2/californiastatecases/b181840.pdf
OSHA Offers New Fire Service Publication
Fire Service Features of Buildings and Fire Protection Systems is the focus of a new OSHA
publication that will help increase the safety of building occupants and emergency responders by
streamlining fire service interaction with building features and fire protection systems. The manual
explains how fire service operations can be influenced by different building features and offers
considerations for design professionals that can help facilitate these operations. The booklet can
be downloaded from OSHA's Web site on the publications page, or obtained by calling the
publications office at (202) 693-1888.
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LEONARD V. NATIONWIDE MUTUAL INSURANCE CO.
August 15, 2006
A federal judge rules that the Nationwide Mutual Insurance homeowners' policy purchased by a
Mississippi couple before Hurricane Katrina excludes coverage for "water and water-borne"
damages caused by "flood, surface water, waves, tial waves, overflow of a body of water, [and]
spray from these..." The legal decision could affect thousands of similiar Nationwide Mutual
Insurance policyholders affected by Hurricane Katrina.
Kenney v. US, No. 04-16748, 04-17019, 05-15354, 05-15386 (9th Cir. August 17, 2006)
In a case concerning government tax liens on the proceeds of the sale of a house owned by plaintiff
and his former wife: 1) summary judgment for the government on plaintiff's diminishing interest
theory is affirmed; 2) calculation of plaintiff's equitable subrogation is affirmed with an adjustment;
3) denial of interest on the equitable subrogation is affirmed; and 4) an award of litigation costs for
plaintiff is reversed where the district court abused its discretion in finding the government's
litigation position not substantially justified.
U.S. 3rd Circuit Court of Appeals
Regents of the Mercersburg Coll. v. Republic Franklin Ins. Co. (08/16/06 - No. 04-3653)
The Americans with Disabilities Act (ADA) applies to private-school dormitories. In an insurance
coverage dispute arising out of a lightning strike and fire that damaged a building on a private
school's campus, summary judgment for the insurer is reversed in part as to an ADA claim where
the district court erred in holding that the ADA did not apply because the dormitory space in the
damaged hall was not a "public accommodation" within the meaning of the statute.
U.S. 7th Circuit Court of Appeals
Murdock & Sons Constr., Inc. v. Goheen Gen. Constr., Inc. (08/17/06 - No. 05-3036)
Judgment for defendants in a constructive acceleration claim is affirmed where plaintiff did not
experience an "excusable delay" as outlined in the construction contract that would warrant an
extension of time for completion of the project.
http://caselaw.lp.findlaw.com/data2/circs/7th/053036p.pdf
Reg'l Airport Auth. of Louisville & Jefferson County v. LFG, LLC (08/17/06 - No. 05-5754)
Fed. R. Civ. P. 26 creates a bright-line rule mandating disclosure of all documents, including
attorney opinion work product, given to testifying experts.
LEONARD V. NATIONWIDE MUTUAL INSURANCE. CO.
August 15, 2006
A federal judge rules that the Nationwide Mutual Insurance homeowners' policy purchased by a
Mississippi couple before Hurricane Katrina excludes coverage for "water and water-borne"
damages caused by "flood, surface water, waves, tial waves, overflow of a body of water, [and]
spray from these..." The legal decision could affect thousands of similiar Nationwide Mutual
Insurance policyholders affected by Hurricane Katrina.
http://news.findlaw.com/hdocs/docs/katrina/lnrdntnwd81506opn.html
Homeowners Insurance Basics
http://realestate.findlaw.com/homeownership/home-buying/home-buying-homeowner-insurance.html
Insurance Lawyers
http://lawyers.findlaw.com/lawyer/practice/Insurance-Law
Real Estate Lawyers
http://lawyers.findlaw.com/lawyer/practice/Real-Estate-Law
Graduate Student Research Program
HUD's Office of Policy Development and Research (PD&R)
sponsors the Graduate Student Research Program (GSRP).
The goal of the program is to recruit graduate students
who are interested in starting or advancing their
careers in housing and urban development. The program
combines educational with practical experience to
enhance learning. Applicants must currently be enrolled
in a graduate program at a four-year college or
university. The GSRP provides an hourly stipend and
flexible work schedule of up to 30 hours of work per
week for a minimum of six months.
Visit www.huduser.org/resources/gsrp.pdf
or www.danya.com/hudgsr/ for more information. The
application is online at www.danya.com/hudgsr/frmApp1.aspx.
Additional information can be obtained by contacting
Steve Owens at sowens@danya.com or (301)523-6572.
Two of the finest and most extensive oblique photograph collections of California are housed in the
The Benjamin and Gladys Thomas Air Photo Archives at the UCLA Department of Geography.
Many researchers find our collections an invaluable historical record for sites of interest. Because
the photographs are oblique (photos taken at an angle instead of straight down) they provide a
very descriptive view allowing easier determination of how property was used over the years.
When a mortgagor dies and the property is not the principal residence of at least one surviving
mortgagor, the HECM mortgage balance becomes due and payable in full. The mortgagee is
required to notify the Department (see 24 CFR 206.27 (c)(1)).
This Notice must occur as soon as possible following the death, but no later than 60 days from the
date of the mortgagor's death.This notice must be in writing, must provide the FHA case number,
the mortgagor's name, the property address and the date of death, which may be delivered via
facsimile or letter. The Notice must be delivered to the Department's HECM servicing contractor:
U.S. Department of Housing and Urban Development
National Servicing Center.
c/o First Madison Services, Inc.
4111 S. Darlington, Suite 300,
Tulsa, OK 74135
ATTN: Document Custodian
Welcome to the website for the Los Angeles County Economic Development Corporation.
As the region’s premier business leadership organization, the LAEDC's mission is to attract, retain
and grow business and jobs in the regions of Los Angeles County, as well as to identify trends and
affect positive change for the local economy.
The LAEDC also offers free Business Assistance services such as site selection, workforce
resources, incentive packages, permits, licenses, zoning or local industry analyses for companies
expanding or relocating in LA County.
LAEDC regional managers work one-on-one with businesses throughout the regions of LA County
Metro and South LA, San Fernando Valley, San Gabriel Valley, the Valleys of Santa Clarita,
Antelope, South Bay, Westside and Gateway Cities.
Border Bus. Park, Inc. v. City of San Diego , No E035881 (Cal. 4th App. Dist. September 19, 2006)
In an action involving annexation of land by defendant for plans to first create an international
airport and a second to divert truck traffic, judgment for inverse condemnation awarding millions in
damages to plaintiff is reversed to the extent that the evidence was insufficient as a matter of law to
support a finding of inverse condemnation on both claims.
GAO: Better Info on Mortgage Risks
By JEANNINE AVERSA AP Economics Writer
(AP) - WASHINGTON-Federal regulators need to do a better job of explaining to people the
workings and potential risks of interest-only and other nontraditional mortgages, congressional
investigators said Wednesday. Nontraditional home loans that once were mostly the domain of the
wealthy, especially interest-only mortgages and option adjustable-rate mortgages, have exploded in
popularity in recent years as people stretched to buy high-priced homes during the housing boom.
"Although lenders and certain brokers are required to provide borrowers with written disclosures at
loan application and closing, federal standards on these disclosures do not currently require
specific information on (alternative mortgage products) that could better help borrowers understand
key terms and risks," the Congress' General Accountability Office said in a report released
Wednesday.
U.S. Court of Appeals for the Federal Circuit
John R. Sand & Gravel Co. v. US (08/09/06 - No. 05-5033)
A decision finding that the U.S. was not liable to plaintiff under the Fifth Amendment to the
Constitution for the alleged taking of its leasehold interest in certain land is vacated where plaintiff's
takings claim accrued not later than February of 1994, it did not file its complaint until over six years
later, and thus, the claim was barred by the statute of limitations and the Court of Federal Claims
lacked jurisdiction to consider it.
Vacancy Rate Projected to Reach 10% by Year-End 2006; Asking Rents Climb 6.4%
The vacancy rate in the Los Angeles Basin dropped to 10.9% at the end of Q2 2006, down from
13.0% a year ago. Rates were below 10% in four of the area's six major markets (West LA,
8.0%; Orange County, 9.0%, Tri-Cities, 9.2%, and San Fernando Valley/ Ventura County, also
9.2%.) Asking rental rates were up 6.4% on average, and by a strong 11.3% in Orange County and
9.8% in West Los Angeles.
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Orange County Industrial, 2Q06, A strong economy, still relatively low interest rates and a general
lack of available product for sale caused sales prices to climb to new highs in Orange County. The
average price per SF of buildings sold was up 17R0over a year ago. The vacancy rate in the
county at quarter-end was a low 3.5å20
Advantages of GHADs
GHADs offer long term "guarantees" with respect to security of property values. They provide a
means of documenting property conditions, maintenance and repairs. Property values of GHAD
parcels are typically higher than adjacent parcels without GHAD protection. GHADs are a form of
casualty settlement which perpetuates itself, thereby preserving property investment. GHADs are
also looked upon very favorably by lenders and governmental agencies. GHADs can also require
certain governmental agencies to be involved, both in terms of peer professional review and/or
fiduciary contributions. Public agency participation is common when publicly-owned streets, sewers
or storm drains cross the GHAD area.
Disadvantages of GHADs
There are some possible long term disadvantages of GHADs as well. For one thing, GHADs cannot
be easily dissolved (see Las Tunas Beach GHAD vs Superior Court [1995] 38 CA4th 1002, 45
CR2d 529). GHADs can be added to by a vote of 51% of the adjacent property owners, forcing
some reticent parties to be a part. GHADs cannot compensate members for "soft" losses, such as
emotional distress or diminution in value. GHADs are an entity that can be enjoined in legal action
by disgruntled members or adjacent parcel owners, increasing operating costs.
Advantages of HOAs
HOAs are a mechanism by which the aggregate total of parcel owners can jointly share in long-term
maintenance activities that jointly benefit the entire development. It also sets forth a mechanism
where such activities cannot legally be ignored, until some major problem occurs. By collecting
annual fees, a "slush fund" can be accumulated that can better defer high costs normally
associated with earth movement damages, which only occur once every 8 to 15 years, on average.
If a well organized plan is put into place, and maintenance kept up to date, a great deal of storm-
related damage can be avoided. In the past, many residents ignored any measure of upkeep, with
the assumption that offsite maintenance was "someone else's responsibility". HOAs also serve to
make better stewards of local residents, causing them to keep a closer eye on condition of common
area improvements.
Disadvantages of HOAs
HOAs are legal entities which cannot be ignored. The Courts have determined that homeowner's
written consent to extension of CC&Rs is irrevocable (La Jolla Vista Mesa Improvement Assn.. vs La
Jolla Vista HOA [1990] CA3d 1187, 269 CR 825). In the past, most homeowners were spatially
aware of those neighbors whose parcels bordered open space areas or creeks, often prone to
flood or earth movement damage, and assumed that these individuals bore greater responsibility to
maintain such offsite areas. In addition, buyers of new homes often assume that the developer is
"on the hook" for any expense incurred for maintenance or storm damage, for up to 10 years after
certificate of occupancy. HOAs are usually responsible for long-term upkeep, and a developer of
real property may be be culpable for the HOA's inaction and/or negligence, and may be able to
bring countersuit against the HOA forcing it to pay for repairs, as well as litigation.
HOA maintenance plans usually only address common area improvements. Soil movement, due to
expansion, settlement or creep, on an individual's property, are usually exempt from consideration
for upkeep and repair by HOA. A common complaint in hillside HOAs is replacement of borderline
fences and wood retaining walls. Though expensive to replace, these improvements are usually
situated on the private parcel, or assumed to be within the private parcel (good faith improver tort),
and their maintenance or replacement is not usually considered eligible for HOA expenditures. An
exception would be HOA board action to replace or repair everyone's fence bordering a common
area, which can be granted through special election. All residents must be treated equally,
regardless of the trouble they might foment.
December 19th, 2006 · No Comments
Former CEO Franklin D. Raines, former Chief Financial Officer J. Timothy Howard and former
Controller Leanne Spencer have been named in a lawsuit filed by the Office of Federal Housing
Enterprises Oversight trying to recover 215 million dollars. Fannie Mae had over 6.3 Billion dollars
in accounting errors and had paid these 3 115 million dollars in bonus’s during the period.
If it was me, I would have thrown these louts in jail. The democratic appointees were in the midst of
a fraud that was of Enron-ian proportions yet the media is giving them a pass, and there is very
little being said about the situation.
As we have covered here, here, and here, Fannie Mae has been run so poorly during one of the
biggest housing growth periods in the countries history. Now facing the downturn, the federally back
company is in economic turmoil and the only thing these culprits are facing are monetary fines? Let’
s go after them and get to the truth.
Sunset Millennium Assocs.. v. LHO Grafton Hotel, No B188995 (Cal. 2d App. Dist. December 29,
2006) In a case involving competing hotels, and a dispute over one hotel's expansion efforts,
granting of a renewed Code of Civil Procedure section 425.16 special motion to strike the complaint
is reversed as there is a triable controversy as to whether defendant's objections to the city and the
filing of the mandate petition violated its duties not to oppose the improvements on plaintiff's
property.
President Signs Legislation Extending Key BOMA Tax Provisions
On December 20, 2006, President Bush officially signed into law H.R. 6111, legislation that includes
a two-year extension of the 15-year cost recovery for depreciating leasehold improvements and the
immediate expensing of brownfields clean-up costs. Additionally, negotiators inserted a one-year
extension of the tax deduction for energy efficient buildings that was set to expire at the end of
2007. Governor Signs BOMA CAL Supported Brownfields Bill
On September 30, 2006, Governor Arnold Schwarzenegger signed legislation aimed at creating
another tool designed to free up capital to facilitate the cleanup and redevelopment of brownfield
properties. The goal of S.B. 989 authored by the Senate Environmental Quality Committee is to
encourage investment in contaminated properties by providing a mechanism to limit liability risks
associated with those cases where cleanup costs turn out to be substantially higher than the value
of the property itself. The relief contained in S.B. 989 is available only where a developer occupies
a property as a long-term ground tenant, but has no impact on the existing statutory liability scheme
that applies to present, prior or future owners of property. BOMA CAL supported S.B. 989 and
applauds the Governor's action.
Am. Canyon Cmty. United for Responsible Growth v. City of Am. Canyon, No A111278, A112088
(Cal. 1st App. Dist. December 18, 2006)
Denial of petitions for writ of mandate challenging defendant city's approval of 24-hour Wal-Mart
supercenter combining big-box discount store and full grocery store, without requiring supplemental
environmental review under CEQA, is reversed where defendant prejudicially violated: 1) CEQA by
unreasonably minimizing the size increase of the retail development, and then failing to proceed as
required by law when it refused to consider the extraterritorial effects of the proposed supercenter;
and 2) its own zoning ordinance by approving the supercenter without approving a major
modification application.
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http://caselaw.lp.findlaw.com/data2/californiastatecases/a111278.doc
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com/data2/californiastatecases/a111278.pdf
Considerations in the Design and Construction of Investment Real Estate Research Indices
2006-12-12
Journal of Real Estate Research, Th
Abstract
This paper surveys some of the major technical issues in the design and construction of real estate
research indices, both appraisal-based and transactions-based. The paper considers property
sampling issues, differences between transaction prices, market values, and appraised values, the
trade-off between random measurement error and temporal lag bias, optimal reporting and
property revaluation frequencies, and the uses and limitations of modern statistical techniques.
Although one of the conclusions of the analysis is that most research questions are best addressed
with transactions-based, rather than appraisal-based, indices in the United States, the paper
suggests how appraisal-based indices can still be useful for some research purposes.
The past decade has seen the development of technological and information advances that hold
great potential for moving investment real estate performance measurement to a new level of
accuracy and usefulness for the industry. In particular, the development of large- scale electronic
databases of commercial property transaction prices, and the advance of econometric techniques
honed by the academic real estate community offers a tremendous new opportunity to advance the
level of information and knowledge about the commercial real estate asset class.
Lobbyist had help in deal for land
By Tom Dubocq
Palm Beach Post Staff Writer
Saturday, December 09, 2006
WEST PALM BEACH — Palm Beach County managers steered a public land sale to a politically
powerful lawyer now accused of conspiring with former County Commissioner Tony Masilotti, a deal
that was scuttled after federal authorities opened their investigation of the two men.
William R. Boose III, a county lobbyist charged last month in Masilotti's corruption case, was first in
line to get the county-owned land — 10 acres off Lake Worth Road known as the "Pike" property —
when he and partner Herb Kahlert yanked their bid, records show. Their withdrawal, on June 6,
came weeks after a federal grand jury began pursuing published
Quinn v. Ocwen Fed. Bank FSB (12/08/06 - No. 06-1982)
Dismissal of plaintiffs' claims arising from a dispute over a foreclosure and automatic debiting of
mortgage payments is affirmed where: 1) a breach of contract claim failed as plaintiffs could not
show the existence of a valid contract with defendant-bank; 2) a negligence claim failed as plaintiffs
could not show that bank owed a legal duty to debit plaintifs' bank account under an automated
clearing house (ACH) authorization; 3) a defamation claim failed as bank's credit reporting activity
was truthful; and 4) they failed to state a Fair Debt Collection Practices Act claim and dismissal of
state law claims was proper.
In re: First Alliance Mortgage Co., No. 04-55396, 04-55920, 04-55942 (9th Cir. December 08, 2006)
In a case arising from a "subprime" mortgage lender's bankruptcy and liquidation due to fraudulent
lending practices, a district court's judgment is affirmed in part as to its holdings imposing liability on
defendants for aiding and abetting a class-wide fraud perpetrated by bankruptcy debtor, and
rejecting borrowers’ claims for relief in the form of equitable and punitive remedies, as well as
bankruptcy trustee’s claims for equitable relief under the Bankruptcy Code. A damages verdict is
vacated and remanded for further proceedings on the proper calculation of “out-of-pocket”
damages caused by bankruptcy debtor’s fraudulent lending scheme, to be proportionately
attributed to defendants pursuant to the terms of a certain order.
Calvert v. County of Yuba , No C047857 (Cal. 3d App. Dist. December 05, 2006)
Judgment for plaintiffs, ranchowner and coalition of residents and taxpayers, is affirmed in case
challenging determination that appellant has vested right to mine aggregate from Yuba Goldfields,
based on main holding that if an entity claims a vested right under the Surface Mining and
Reclamation Act to conduct mining that is subject to the diminishing asset doctrine, that claim must
be determined in a public adjudicatory hearing that meets procedural due process requirements.
BALTIMORE -
As real estate prices climb — especially in coastal regions such as the Baltimore area — along with
middle-class qualms about first-home affordability, at least one government agency is looking at an
obscure cause of home cost inflation: mortgage fraud.
“Appraisal fraud has a snowball effect on inflating real estate values, with fraudulent values being
entered into real estate multiple listing systems and then used by legitimate appraisers ... for
determining market values,” reported the U.S. Treasury Department’s Financial Crimes
Enforcement Network on one aspect of what appears to be a recent rash in mortgage fraud
Cal. High Court Gives Web Publishers Broad Protection From Libel Suits
BARRETT V. ROSENTHAL
California Supreme Court, Nov. 20, 2006
In the context of defamation, the Communications Decency Act of 1996, codified at 47 U.S.C.
section 230, prohibits "distributor" liability for Internet publications. Further, section 230(c)(1)
immunizes individual "users" of interactive computer services, and no practical or principled
distinction can be drawn between active and passive use.
AFSA Statement Regarding the Ohio Supreme Court's decision in American Financial Services
Association v. Cleveland
November 20, 2006
Today's 5-2 ruling by the Ohio Supreme Court is good news for current and prospective
homeowners in Ohio, as it resolves uncertainty that has surrounded the state's mortgage market
since 2002.
AFSA's Media Statement | Ohio Supreme Court Decision
From: phoenixrlc-bounces@listserve.com [mailto:phoenixrlc-bounces@listserve.com] On Behalf Of
phoenixrlc@listserve.com
Sent: Thursday, November 16, 2006 1:46 PM
To: phoenixrlc@listserve.com
Subject: Phoenix RLC Information Release New Specially Adapted HousingCircular (26-06-7)
Circular 26-06-7: http://www.warms.vba.va.gov/admin26/circular/26_06_07.doc - Implementation of
Public Law 109-23, Section 101 - Specially Adapted Housing.
Katz v. Campbell Union Sch. Dist., No H028994 (Cal. 6th App. Dist. November 14, 2006)
Dismissal of action for failure to publish a summons that conformed to the requirements of the
validation statutes, in case challenging $85 parcel tax approved by voters, is affirmed where
plaintiff's published summons did not specify a concrete date for response, the date calculable from
the language of the summons did not provide the full amount of time required, and plaintiff did not
demonstrate good cause for his failure to comply with these statutory requirements.
TRB Invs., Inc. v. Fireman's Fund Ins. Co., No. S136690 (Cal. November 13, 2006)
In a coverage dispute involving a property insurance policy that excludes coverage for specified
perils while the insured premises are vacant, but with an exception stating that buildings "under
construction" are not considered vacant, summary judgment for insurer is reversed and remanded
where: 1) contrary to an appellate court's determination, the word "construction" cannot reasonably
be understood to be limited only to the erection of a new structure; 2) the term contemplates all
building endeavors, whether classified as new construction, renovations, or additions, which require
the substantial and continuing presence of workers at the premises; and 3) a remand was
necessary for application of the proper standard.
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California Appraiser, Forensic Appraiser, PMI Removal Appraiser, Fee Appraisal. Certified General
Appraiser, Tax Appraiser, Construction Loan Appraiser.
« Marc Sandalow: GOP's... | Main | Special election... »
Carla Marinucci: Schwarzenegger comes out against Proposition 90
With a week to go before the election, Gov. Arnold Schwarzenegger has taken a position in
opposition to his own Republican party and a host of conservative groups like the Howard Jarvis
Taxpayers Association by coming out against Prop. 90 -- the eminent domain initiative that
opponents say represents a regulatory nightmare which could tie up many infrastructure
improvements in a legal chokehold.
"Rebuilding our schools, roads, levees and housing is a critical priority of my administration," writes
Schwarzenegger in an op-ed piece released today. "Unfortunately, Proposition 90 also includes
language that would make rebuilding our system or public infrastructure prohibitively expensive.
When agencies must acquire property to build vital public works projects, current law provides for
just compensation based on fair market value of the property. Proposition 90 makes changes to
this system that would require inflated payments, at taxpayer expenses."
IRWA Chapter 1 – Los Angeles County’s
2006 ANNUAL FALL SEMINAR
Right of Way – Past, Present and Future
October 24, 2006
Quiet Cannon Montebello
We are thrilled that you saved the date as there is something for every professional!
The presenters are proven to be leaders in their fields and will provide us with lessonslearned
on topics including survey engineering, functional replacement, valuation of
inverse condemnation, title, relocation, in addition to project lessons from three (3)
different transportation agencies; California High-Speed Rail Authority, Los Angeles
County METRO, and Los Angeles World Airports.
If you are unable to spend the day with us, plan on joining us for lunch. The luncheon
Keynote Address is “…Fly California, without ever leaving the ground,” presented by
Dan Leavitt, Deputy Director of the California High-Speed Rail Authority. Yes, that
bullet train is coming!
Just added to the lunch schedule will be an update on the Anderson Initiative that is
slated for California’s 2006 November Ballot. John C. Murphy, a Partner with the law
firm of Nossaman Guthner Knox Elliott, LLP will provide us with a sound-bite on the
current provisions.
Now if the wealth of information that you will receive coupled with a great networking
opportunity are not enough, continuing education credits are approved for 8.5 hours
from IRWA, pending from OREA, and MCLE and will be approved for 8.0 hours from
DRE.
SAN FRANCISCO-Ten new real estate indices are in the works thanks to a new partnership of
locally headquartered Global Real Analytics and Standard & Poor’s. Developed by GRA for S&P,
the indices are expected to launch during first quarter of 2007. The Chicago Mercantile Exchange
has said it will trade futures and options on futures on the indices.
The S&P/GRA Commercial Real Estate Indices will be calculated to reflect underlying real estate
and capital market fundamentals by measuring the change in commercial real estate prices by
property sector and geographic region, according to GRA. Reported index values will be based on
a three-month rolling average transaction price per sf, calculated using the broad-based target
market geographic definitions, refined property type definitions, and commercial stock weights.
Founded in 1985, the National Real Estate Index (NREI) is the longest proprietary time-series of
local market property prices, rental rates, and capitalization rates. It provides comprehensive
analyses - real estate, economic, and demographic - of 60 major local markets. All NREI
publications, described below, are updated in full, on a quarterly basis.
Homeowner refuses to sell; O.C. threatens eminent domain
By MICHAEL MILLER Staff Writer, (609) 463-6712
Published: Tuesday, October 31, 2006
OCEAN CITY — A downtown property owner said the city is in for a battle if it pursues eminent
domain to take his wife's land.
C. Jan Mathes, of Newtown Square, Pa., said the city wants to buy his north-end vacation home for
a new downtown parking lot.
Neither he nor his wife, Suzanne Mathes, is interested in selling. It's not the house itself that holds
sentimental value, even though it has been passed down for three generations. The couple has
local permits to demolish the house to make way for a new vacation home. Instead, it's the location
at 724 Central Ave. they appreciate.
The home is far from any other residential homes. It is surrounded by a church, a parking lot and a
thrift store in the heart of downtown in the resort's historic district.
by Cochise on October 26, 2006 at 18:50:51:
Vivian D. Howell, MBA, SR/WA, R/W-NAC is IRWA Chapter 1’s 2006 Fall Education Seminar Chair,
Board Secretary and member of the Professional Development Committee as well as a member of
other professional organizations. Ms. Howell earned her MBA from Loyola Marymount’s Executive
MBA Program and her Bachelor of Science in Business Administration – Finance from California
State University, Los Angeles. She is a licensed California State Real Estate Broker and has
worked in the field of real estate for over 20 years. Ms. Howell has worked in the public arena in
various departments of the City of Los Angeles in right of way related capacities and is currently a
manager at its Los Angeles World Airports’ Real Estate and Economic Development Group. Ms.
Howell manages and trains professionals in negotiation, acquisition, relocat1on and subdivisions.
She is a certified instructor for the IRWA, a member of the Strategic Planning Committee of the
IRWA International Relocat1on Committee and chairs its Research and Study Committee. Since
1996, Ms. Howell has been a volunteer mediator and facilitator with the Dispute Resolution
Program, City Attorney’s Office of the City of Los Angeles. She continues to make presentations on
right of way and development projects to numerous public entity’s educational seminars and
conventions.
Where does she find the time? Who is sufffering as a result of her outside activities? Tax Payers?
Homeowners? the General Public? Do you think Government Employees should be more focused
on their Jobs?
Email her @ vhowell@lawa.org
Real Estate Dictionary of Real Estate Terms.
Are you confused and overwhelmed by the extensive lexicon of real estate terms and words? Every
person working in real estate or planning to buy or sell real estate can benefit by using our free real
estate dictionary. This dictionary of real estate terms is one of the most extensive in the industry
and is used by many real estate agents, real estate brokers, mortgage brokers, and instructors in
major real estate schools across the country.
While great care and research was undertaken to provide accurate explanations and definitions for
the thousands of real estate terms and words in our real estate terms dictionary, one real estate
vocabulary dictionary cannot be 100% accurate in all jurisdictions. The definitions are for general
purposes only and should not be used for legal purposes. We disclaim any responsibility for any
liability, loss or risk that may be claimed or incurred as a consequence of using this information.
We hope you benefit from using our concise online real estate dictionary.
SC Mfr'd. Homes, Inc. v. Canyon View Estates, Inc., No B182088 (Cal. 2d App. Dist. October 27,
2006)
Denial of attorney fees and costs, after plaintiff dealer of mobilehomes dismissed most defendants
in case involving suit against defendant dealers and others alleging a kickback scheme, is affirmed
as defendants are not entitled to attorney fees and costs under Civil Code section 789.85 because
this case did not arise out of the Mobilehome Residency Law and did not involve the application of
MRL provisions in specific factual contexts addressed by the MRL.
Gunther v. Lin, No G036042 (Cal. 4th App. Dist. October 26, 2006)
In case involving ADA suit for defendant's failure to have an insulated pipe under the sink, and
placing a mirror too high, summary judgment for defendant is affirmed as plaintiff, in seeking a
higher minimum penalty under Civil Code section 52 rather than the lower penalty of section 54.3,
could not meet his burden of showing defendant intended to violate the ADA Accessibility
Guidelines.
Pac. Gas & Elec. Co. v. Superior Court of San Joaquin County, No C053352 (Cal. 3d App. Dist.
October 24, 2006)
In an insurer's action against PG&E for property damages arising from an industrial power failure
that injured its insured, a petition for a writ of mandate challenging a denial of PG&E's motion to
strike a prayer for recovery of insured-nonparty's deductible is granted where the administrative
regulation relied on by the insurer did not authorize it to recover its insured's deductible in litigation.
PROBATE, TRUSTS & ESTATES
Tunstall v. Wells, No B188711 (Cal. 2d App. Dist. October 31, 2006)
A testamentary trust's no contest clause providing that one beneficiary's contest voids other non-
contesting beneficiaries' bequests along with the contestant's does not, in itself, violate public policy.
The Bonnie and Clyde of mortgage fraud
A master con artist and his partner went on a six-state crime spree, ripping off homeowners,
stealing identities and defrauding lenders.
By Marcia Vickers, Fortune senior writer
October 30 2006: 11:08 AM EST
(Fortune Magazine) -- In December 2004, Dr. Bruce Brown and his wife, Bridget, got a call around
seven in the evening from a man who had seen the sales listing for their Columbia, S.C., house. He
asked if he could come over right away. The Browns agreed.
They desperately wanted to sell the property, which had been on the market for six months. Dr.
Brown was starting a new job in Augusta, Ga., in weeks. Just days before, they had amended their
listing to offer $201,000 in owner financing, "hoping to broaden the pool of candidates," says
Bridget. They did.
Matthew Bevan Cox is on the Secret Service's Most Wanted list, and is still at large.
More from FORTUNE
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Within an hour, a man showed up in a fancy sports car and introduced himself as Gary Sullivan.
With him was a petite blond woman he said was his realtor. Sullivan told the Browns he owned a
temp staffing agency called Labor on Demand but had run up too much credit card debt and
needed owner financing to buy a home. The two cased the traditional two-story house quickly and
left. Within days, the Browns had a deal.
What is "Fair Market Value?" IRS
Fair Market Value is defined as: "The fair market value is the price at which the property would
change hands between a willing buyer and a willing seller, neither being under any compulsion to
buy or to sell and both having reasonable knowledge of relevant facts. The fair market value of a
particular item of property includible in the decedent's gross estate is not to be determined by a
forced sale price. Nor is the fair market value of an item of property to be determined by the sale
price of the item in a market other than that in which such item is most commonly sold to the public,
taking into account the location of the item wherever appropriate." Regulation §20.2031-1.
Questions remain on use of public funds
By Jeanette Steele
UNION-TRIBUNE STAFF WRITER
October 28, 2006
A proposal to build a park in City Heights' Fox Canyon is dead after months of debate, and
questions are swirling about whether public money was misused because of false representations
by city staff.
The park proposal itself seemed simple: Turn a trash-strewn canyon into a small playground for a
poor, multi-ethnic neighborhood where children now play in the street.
The controversy erupted over plans to build a two-lane road that would connect streets on either
end of the greenbelt, creating 2,000 daily car trips there.
The fight has split City Heights, with some community groups supporting the Ontario Avenue
extension and others opposing it.
Meanwhile, the city attorney's Public Integrity Unit is reviewing a complaint from the Park and
Recreation Board over the city's use of money for the proposed park.
mong the objections:
The city has spent $375,000 planning a park on land it didn't own.
The city offered $475,000 for property that an appraisal says is worth $52,500.
The Real Estate Assets Department and the City Manager's Office may have misled the City
Council in a June 2005 memo that said the city had negotiated a sale and had the land in escrow.
Believing that claim, the City Council voted that June to spend $480,000 for the 1.9-acre parcel.
But the landowner, Larry Zajonc, said he never agreed to a sale.
“Our clients were not pleased with the public comments stating that they had agreed to sell their
property,” Zajonc's attorney, Rebecca Michael, wrote in a letter to the city in May.
The city's new real estate director rejects some of these claims.
Jim Barwick said a city official had a “handshake deal” with the landowner and on that basis opened
escrow. “It's something I wouldn't do, but apparently you can do that and it was done,” Barwick said.
“I think the key there was they were trying to expedite the transaction.”
Abandoned park deal
The city secured a $2.36 million state grant for a park in City Heights even though it didn't own the
land. Now, the city wants to shift the money to build a similar park nearby. Meanwhile, the matter
has been referred to the City Attorney's Office because of possible misrepresentations.
Where the money is coming from
State grant from Proposition 40: $2.36 million
Mid-City special park fees: $900,000 Community Development Block Grant, $30,000
The city has already spent $375,000 of its money on pre-development work.
The city was willing to pay $475,000 – though the appraisal later showed the land's value to be
much lower – because it was necessary for the park, he said.
October 26, 2006 · Last updated 5:09 p.m. PT
Complaint targets Zillow.com's house values
By JOHN COOK
P-I REPORTER
Zillow.com has landed in the hot seat over claims that its home valuation tool is inaccurate.
The National Community Reinvestment Coalition, a Washington, D.C.-based non-profit that
promotes equal access to credit and capital for underserved communities, filed a 12-page
complaint against Zillow on Wednesday with the Federal Trade Commission.
It says that Zillow's valuation "mechanism is highly inaccurate and misleading to consumers." The
complaint seeks immediate action from the FTC to stop Zillow from engaging in activities that it says
deceive consumers.
The NCRC also notes -- citing its own audit -- that Zillow is off the mark with its home value
estimates more than two-thirds of the time.
"Zillow is placing the American dream of homeownership at risk for countless working families," says
John Taylor, president and chief executive of the NCRC in a prepared statement. "For a company
that represents to consumers that they are the 'Kelley Blue Book of Homes,' this is a very
dangerous situation. We call upon the FTC to intervene and ensure that Americans receive
accurate appraisals and valuation information to protect the single most important investment of
their lives: their home."
Seattle-based Zillow, which is backed with $57 million in venture capital and unveiled its home
valuation Web site eight months ago, called the allegations "groundless."
Condemnation panel appointed for L.B. home
Judge: City does not have to move forward on taking of home
BY CHRISTINE VARNO
Staff Writer
Astate Superior Court judge has appointed a panel of three commissioners to determine the
amount of just compensation Long Branch must pay for a home in one of the city's redevelopment
zones.
Judge Lawrence M. Lawson also ruled last week that the city does not have to move forward with
the condemnation of Frances DeLuca's Ocean Terrace home.
Lawson appointed two attorneys and a real estate broker to set the value for DeLuca's home, which
is located in the Beachfront North Phase II redevelopment zone.
WEIGHING AND REWEIGHING EMINENT DOMAIN’S POLITICAL PHILOSOPHIES POST-KELO
Alberto B. Lopez*
I. INTRODUCTION
Referring to the emergence of the civil rights movement, Justice Felix Frankfurter wrote that “[y]
esterday the active area . . . was concerned with ‘property.’ Today it is ‘civil liberties.’ Tomorrow it
may again be ‘property.’”1 Frankfurter’s tomorrow has arrived—that is, if media attention is an
accurate gauge of what area is “active.” Two of the most anticipated and widely covered decisions
from the Supreme Court’s October Term 2004 involved issues of property law. One of the headline-
grabbing cases addressed the legality of music and movie downloads from the Internet under
copyright law.2 The other property issue in the limelight, both before and after the Court’s decision,
involved the one property issue that has rocketed into courtrooms and newspapers around the
nation—eminent domain.3 Eminent domain refers to the authority of the sovereign to seize an
individual’s private property without the
Real Estate
January 17, 2006
Court Affirms Use Of Specific Provisions To Rebut Evidence Of Misrepresentation In The
Inducement Of A Lease
August 10, 2005
Right To Jury Trial May Not Be Waived Prior To A Dispute Arising
December 8, 2004
Court of Appeal Addresses Language Requirements For Landlord Exculpation Clause In Case
Involving Mold
November 8, 2004
Broker-Arranged Exception to Usury Laws Interpreted by Court; Lender Lost and Forced to Forfeit
All Interest
Eminent Domain Reform Has Arrived In California
Governor Arnold Schwarzenegger and our California Legislature have boarded the eminent domain
reform bus. Last Friday, September 29, the Governor signed no fewer than five eminent domain
reform bills. These new laws will impact all condemnation cases – not just those involving
redevelopment. Regardless of how Proposition 90 (The Anderson Initiative) fares this November,
eminent domain reform has arrived.
Some Highlights: Upon these bills’ effective date, agencies must now (a) pay up to $5,000 for
owners to get independent appraisals; (b) undergo hearings on applications for orders of
immediate possession; and (c) include a statement of the specific anticipated public use in all
resolutions of necessity.
Condemnation/Eminent Domain
October 4, 2006
Eminent Domain Reform Has Arrived In California
July 10, 2006
A Brave New World For Condemning Agencies: Coping with the Anderson Initiative and its Radical
Redrawing of California Eminent Domain Law
June 23, 2006
Anderson Initiative Could Radically Impact California Eminent Domain Law
June 23, 2005
CIVIL PROCEDURE, CONTRACTS, DISPUTE RESOLUTION & ARBITRATION, PROPERTY LAW &
REAL ESTATE Patchett v. Bergamot Station, Ltd., No. B183049 (Cal. 2d App. Dist. October 17,
2006) Confirmation of second arbitration award, involving a dispute regarding certain galleries, is
affirmed as it was within the arbitrator's authority, after issuing an award in an initial dispute, to
construe the arbitration agreement as authorizing him to act as the arbitrator for subsequent
disputes between the parties.
Californians will soon go to the polls to vote on Proposition 84, a $5.4 billion bond to pay for water
projects and park land -- the largest such bond in state history. But even as that campaign plays
out, questions are arising over whether taxpayers are getting a fair price when state agencies buy
land for parks and wildlife. Environmentalists, taxpayer groups and several Bay Area political
leaders last week called for new laws to require California agencies to make appraisals public
before they buy ranches, forests, wetlands and other property. They argue that this would reduce
the risk of error and overpayment, particularly amid new concerns that taxpayers paid too much in
the government's 2003 purchase of 16,500 acres of Cargill salt ponds along the southern edges of
San Francisco Bay.
The BIG AVM Lie
Automated Valuation Models (AVMs)
Many lenders, including Fannie Mae, Freddie Mac, Wells Fargo, Countrywide and Washington
Mutual made very risky decisions a couple of years back to utilize computer generated appraisals
(known as AVMs) instead of licensed real estate appraisers.
This extraordinary "Risk taking" by lenders in the name of greed nationwide is now beginning to
cause problems in the bond markets because of the extraordinary risk of backing mortgages when
nobody ever even looked at the property (homes and property) being financed.
Lenders nationwide were warned in the spring of 2004, that when they use anything less than a full,
traditional appraisal in housing markets where values are soft, they could be penalized on Wall
Street.
Fitch Ratings, one of the major risk-assessment firms for the global bond market, believes that
anything less than what it calls "the full monty" -- an on-site, exterior and interior professional
appraisal -- is likely to overstate the true worth of the property if it's located in any of dozens of
slowly appreciating markets around the country.
Fitch plans to impose a 10 to 15 percent "haircut," or devaluation, of the homes backing mortgages
in bond pools if they are in soft real estate markets and did not get traditional full appraisals. That
rules out all the quicker and less costly valuation alternatives in wide use, including online database
"automated valuation models" (AVMs), broker price opinions, desk reviews, tax assessments and
drive-bys.
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CIVIL PROCEDURE, INSURANCE LAW, PROPERTY LAW & REAL ESTATE, REMEDIES
State Farm Gen. Ins. Co. v. Wells Fargo Bank, N.A., No A111643 (Cal. 1st App. Dist. October 10,
2006) Summary judgment for defendants, in subrogation case alleging fire loss to condominiums
was caused by neighboring apartment building owner's, managers', and refuse company's
negligent failure to provide for safe disposal of fireplace ashes, is reversed as the trial court
improperly interpreted and applied the doctrine of superior equities in finding plaintiffs' claims
barred.
SARASOTA -- While Sarasota investor Neil Mohamed Husani grabbed headlines for deals that
boosted some real estate values by tens of millions of dollars in the region, another group of
Southwest Florida investors, using similar tactics, are collectively facing years of prison time.
The leader of the group, Todd A. Kolbe, will spend 30 months in a federal prison in South Dakota
for organizing a scheme that bilked a New Jersey-based mortgage lender out of at least $3 million
by artificially boosting the value of regional real estate.
Rackham has different value as golf course, development, community jewel
Judge rules Rackham must stay golf course
BY MARTHA WOOD
STAFF WRITER
HUNTINGTON WOODS -- In the ongoing saga of a land sale that has residents outraged and a
suburb fighting Detroit over a deed restriction, the high bidder on Rackham Golf Course has
comparably underbid on the property that the community sees as invaluable. So, just what is the
land worth?
Many houses and apartments built before 1978 have
paint that contains high levels of lead (called leadbased
paint). Lead from paint, chips, and dust can
pose serious health hazards if not taken care of properly.
Federal law requires that individuals receive certain information
before renting, buying, or renovating pre-1978 housing:
LANDLORDS have to disclose known information
on lead-based paint and lead-based
paint hazards before leases take effect.
Leases must include a disclosure form
about lead-based paint.
SELLERS have to disclose known information
on lead-based paint and lead-based
paint hazards before selling a house. Sales
contracts must include a disclosure form
about lead-based paint. Buyers have up to
10 days to check for lead.
RENOVATORS have to give you this
pamphlet before starting work.
IF YOU WANT MORE INFORMATION
on these requirements, call the
National Lead Information Center at
1-800-424-LEAD (424-5323).
Lawsuit filed related to alleged scam
Wednesday, October 11, 2006
By DEBBIE HALL - Bulletin Staff Writer
Two possible victims of an alleged real estate fraud scam filed a lawsuit last week in federal court in
Indiana, seeking to recover monetary damages and losses resulting from the incident.
The suit also asks to be considered as a class action suit that could include all the people claiming
to be victims of the alleged scam. The alternative is filing individual suits for the estimated 100 to
200 people involved, according to Russ Sipes of the Indianapolis-based law firm of George & Sipes,
LLP. The civil suit could qualify as a class action suit because facts and other details associated
with individual participants often are “common to all” participants, Sipes said.
FICO Rules, but Other Options Remain
Washington Post Staff Writer
Sunday, October 1, 2006; Page R06
If you have been looking for a mortgage, you know that your credit score is key to opening that next
front door. The higher your score, the less you pay to buy big-ticket items such as houses or cars
on credit. For example, on a $300,000 30-year, fixed-rate mortgage, borrowers with scores of 760
to 850, the highest range possible, pay $470 less a month than those with a score in the 580 to
619 range. Much lower than that, many lenders say, and you will pay a huge premium if you can
get credit at all from traditional sources. Other lenders say the magic numbers are 600 and 720 --
anything below 600 is too risky while anything above 720 gets the best of the best interest rates.
Fair Isaac Corp., the company that came up with the mathematical system behind the most widely
used score, FICO, doesn't label the ranges
Column: What's in a Credit Score?
Tuesday, October 10, 2006; 11:39 AM
-- Q: I just applied for a mortgage and found out that my credit score is much lower than I thought.
What makes up a credit score?
A: One of the worst times to find out that your credit score is lower than you'd estimated is when
you're sitting across from a mortgage lender. But you're not alone in guessing wrong. In a recent
survey from LivingWithBadCredit.com, an educational Web site, more than three-fourths of people
surveyed reported not knowing their credit scores within a 200-point range. Nearly half of them had
never checked their own credit report and score, while 17 percent hadn't checked in several years.
2006 Real Estate Capital Markets Industry Fall Update
Rumor has it the residential (home) real estate market is on a downward trend, but don't confuse
that with the commercial side—the two are radically different. Residential real estate is a personal
investment and is driven by how consumers wish to spend their money. Commercial real estate is a
business investment driven by economic factors. And, according to a new study just released by
Deloitte & Touche USA LLP titled "2006 Real Estate Capital Markets Industry Fall Update,"
commercial real estate is likely to continue to be a solid investment for the second half of 2006 and
into 2007. It seems the only thing commercial and residential real estate have in common right now
is the fact they both end in "real estate." The report goes on to examine how the flow of capital has
accelerated beyond predictions; why reinvestment is emerging as a capital issue as cap rates enter
a "red zone;" the push that is moving real estate investment trusts (REITs) even further onto the
global stage; why private global investment is moving into overdrive; and how taxes remain a critical
issue.
The printed report for the 2005 American Housing Survey
national data is now available for purchase or download.
You can download it in PDF format from the Census Bureau web
site, http://www.census.gov/hhes/www/housing/ahs/nationaldata.html .
You can order the paper version from the HUD USER webstore.
For your convenience, there is an "order" button on the AHS
2005 page: http://www.huduser.org/datasets/ahs/ahsdata05.html .
Dav Vandenbroucke
Senior Economist
U.S. Dept. HUD
david_a._vandenbroucke@hud.gov
202-708-1060 ext. 5890
From: HUD USER News
On Thursday, September 28, 2006, HUD published the 2007
lists of Difficult Development Areas (DDAs) and
Qualified Census Tracts (QCTs) for Section 42 of the
Internal Revenue Code, the Low-Income Housing Tax Credit
(LIHTC), in the Federal Register. DDAs are metropolitan areas and nonmetropolitan counties
with high land, construction, and utility costs relative
to area median gross income. QCTs are census tracts
where either 50 percent or more of the households have
incomes below 60 percent of the area median gross
income, or the poverty rate is 25 percent or higher,
subject to the constraint that the population of
designated tracts in a metropolitan area, or the
nonmetropolitan part of a state, cannot exceed 20
percent of total population of the area.
These data and information about the QCT designations
are available to the public from HUD USER
at qct.huduser.org/index.html and www.huduser.org/datasets/qct.html.
For explanation of how the FY2006 FMRs and FMR areas were
determined, and how FY2006 VLILs were computed,
see and www.huduser.org/datasets/il.html.
Warren v. City of Piedmont, No A112886 (Cal. 1st App. Dist. October 06, 2006)
Summary judgment for defendant city based on trail immunity under Government Code section
831.4(b), in case involving slip and fall on a pathway in a dog park, is affirmed as: 1) the pathway in
question, even if it was a "sidewalk," was a "trail" under section 831.4; and 2) trail immunity
precludes liability for the design and location, as well as the maintenance, of this trail.
In Re: The Penn Traffic Co. (10/04/06 - No. 05-5305)
Appeal from order affirming in part, reversing in part and remanding an order of the bankruptcy
court related to issues in a real estate project agreement, is dismissed, as courts of appeals lack
jurisdiction over appeals from orders of district courts remanding for significant further proceedings
in bankruptcy courts, which is the case here.
REAL ESTATE Q&A: Seek a second opinion if home appraisal raises ...
Asheville Citizen-Times - NC,USA
... a local real estate professional for a comparative market analysis, or CMA, as only licensed or
certified appraisers may complete an appraisal under national ...
Gravillis v. Coldwell Banker Residential Brokerage Co., No B182588 (Cal. 2d App. Dist. September
29, 2006)
In suit brought by home buyers against brokers after learning the home they bought was
unihabitable from extensive structural damage, and alleging they experienced emotional distress
and developed diabetes, denial of motion to compel arbitration on ground that the action fell within
exclusion for bodily injury is reversed, as an action for bodily injury, within the meaning of an
arbitration exclusion in a residential purchase agreement, does not encompass plaintiffs' claims.
Nightmare Mortgages
They promise the American Dream: A home of your own -- with ultra-low rates and payments
anyone can afford. Now, the trap has sprung
COVER STORY PODCAST
For cash-strapped homeowners, it was a pitch they couldn't refuse: Refinance your mortgage at a
bargain rate and cut your payments in half. New home buyers, stretching to afford something in a
super-heated market, didn't even need to produce documentation, much less a downpayment.
Those who took the bait are in for a nasty surprise. While many Americans have started to worry
about falling home prices, borrowers who jumped into so-called option ARM loans have another,
more urgent problem: payments that are about to skyrocket.
SOUTHFIELD -- A multimillion-dollar mortgage fraud scheme involving pricey homes in Bloomfield
Hills and Birmingham has resulted in a half-dozen firings and resignations at Fifth Third Bank,
according to court documents.
The alleged scheme involved a conspiracy among bank employees, appraisers, title companies,
and others.
Fifth Third first went to court last year over one of the suspect mortgages but later said at least 11
fraudulent deals were part of the scheme. It filed an amended lawsuit in August seeking more than
$10.8 million in damages from 44 defendants it alleges were involved in seven of the real estate
deals.
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North Bay Constr., Inc. v. City of Petaluma, No. A111591 (Cal. 1st App. Dist. September 28, 2006)
Dismissal of complaint seeking to recover for grading work performed on city land, and to foreclose
a mechanic's lien against the property and to obtain judgment on theory of quantum meruit, is
affirmed as a mechanic's lien cannot be enforced against property owned by municipality, even if
the work was not performed as part of a "public work" project, and a contractor cannot recover in
quantum meruit for improvements to a municipality's property performed under a contract with a
third party.
Warren v. Merrill, No B186698 (Cal. 2d App. Dist. September 21, 2006)
Order quieting title to condominium in favor of buyer, imposing constructive trust on the property in
favor of buyer, and awarding noneconomic and punitive damages, is affirmed as defendant's
challenges to the trial court's findings of fact and conclusions of law do not withstand scrutiny.
Slovensky v. Friedman, No. C049442 (Cal. 3d App. Dist. September 19, 2006)
Summary judgment for defendants on plaintiff's claims for legal malpractice and breach of fiduciary
duty, related to toxic mold personal injury settlement, is affirmed as the statute of limitations had run
on plaintiff's toxic tort claims before she consulted defendants and, moreover, plaintiff cannot prove
damages from any misrepresentation or concealment because defendants obtained a recovery for
her in the underlying action to which she was not legally entitled.
McKell v. Washington Mut., No B176377 (Cal. 2d App. Dist. September 18, 2006)
In class action alleging defendant banks overcharged plaintiffs for underwriting, tax services, and
wire transfer fees in conjunction with home loans, order of dismissal entered after sustaining of
defendants' demurrer to second amended complaint without leave to amend is reversed as the trial
court erred in sustaining defendant's demurrer without leave to amend as to the UCL and breach of
contract causes of action.
The federal government has issued the final set of guidelines for claiming the full $1.80 psf
deduction for specified energy efficiency improvements as part of the 2005 Energy Bill. The Energy
Bill offers a targeted, temporary tax deduction for energy efficient building construction and
renovation, and the deduction is “performance based” in so far as the property must meet certain
ambitious energy efficiency standards in order for the relevant expenditures to be deductible in the
year in which they are made. This audio seminar will outline:
The implications of this bill for commercial real estate owners and operators
What types of buildings, projects and upgrades are covered by the legislation
How the deductions will work
How to apply for appropriate tax deductions.
Time is running out to claim the tax deductions. They must be claimed the year the upgrade is
placed into service and the tax deduction expires in December 2007, so don’t miss this vital
program to learn how to maximize energy investments and take advantage of these tax deductions!
Fannie Mae and Freddie Mac recently announced the joint availability of 83 non-executable
Spanish translations of the Fannie Mae/Freddie Mac Uniform Instruments to help lenders and
others in the residential mortgage industry better serve Spanish-language dominant consumers in
becoming homeowners. The translations are meant to complement the English-language
documents a mortgage borrower would sign. While these documents are non-executable, we
encourage our lenders and others in the mortgage industry to distribute these complimentary
translations to Spanish-language dominant consumers early in the home-buying process, so that
potential borrowers can better familiarize themselves with the terms of the English-language
documents they will be signing at closing. The documents are available for all 50 states, the District
of Columbia, Guam, and the U.S. Virgin Islands.
You may access these documents on www.efanniemae.com
in our Single-Family Forms & Documents section. We have also provided all of the documents to
the forms companies.
Possible New Federal Energy Legislation in 2006
The U.S. Congress passed the Energy Policy Act of 2005 in August 2005 after about five years of
work (for more information, see http://aceee.org/energy/legsttus.htm). But as soon as the ink was
dry, energy prices started climbing, driven by tight energy markets and Hurricanes Katrina and Rita.
As a result, many legislative proposals are now being discussed and are likely to receive attention
in 2006. Whether legislation actually passes will depend on whether compromises can be reached
on a variety of contentious issues and also on energy prices—the higher prices are, the more
pressure there will be to "do something." On the other hand the congressional schedule is very
tight this year, and unless energy problems are compelling there may not be time to consider a
major energy bill this year. Some of the major issues now under discussion are as follows:
Kaatz v. City of Seaside, No H027562 (Cal. 6th App. Dist. September 20, 2006)
Dismissal of taxpayer suit, challenging actions of defendant city arising out its purchase and sale of
105 acres of residential property that were formerly part of a military base, as time-barred is
reversed where the trial court erred in its application of the 60-day statute of limitations for
validation proceedings and consequent dismissal of the action, as defendant's conveyance of
property and prior execution of a contract with a developer was not subject to validation.
California Environmental Protection Agency Unified Program Listserv
September 2006 Unified Program Newsletter
IN THIS ISSUE:
Cal/EPA
~State Surcharge for Fiscal Year 2006/2007
~Annual UP Training Conference, Enforcement
Track
~Annual Summary Reports Due
SWRCB
~Ameron Pressurized ILLM Method Added to LG-113
~Matrix of Pipe Monitoring Applications
~Tanks Operating Permit Application Forms
~Enhanced Leak Detection (ELD) Follow-up
~Marina Fueling Facility (MFF) Project Report
~Single-Walled UST Survey
OES
~Fact Sheet
~Regional Training
~Basic Training
Elnekave v. Via Dolce Homeowners Ass'n, No B184526 (Cal. 2d App. Dist. September 12, 2006)
Judgment entered against defendant to enforce a settlement agreement with plaintiffs, in action for
water and mold damage to plaintiffs' condominium, is reversed where only defendant's insurer and
a third party representative agreed to the settlement, and not a member of defendant's corporate
board or a corporate officer. Dismissal of complaint is also reversed.
Real Estate Valuation Magazine, Summer 2006
E.I. Dupont de Nemours & Co. v. US (08/29/06 - No. 04-2096)
In an action brought by owners and operators of industrial facilities contaminated with hazardous
waste seeking a ruling that the government must contribute a share of cleanup costs under the
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the court
finds pursuant to controlling precedent that, because the owners/operators were themselves partly
responsible for the contamination at the subject sites, and their cleanups were voluntary, they may
not seek contribution from other potentially responsible parties including the government.
Johnston v. Comm'r of Internal Revenue, No. 04-73833 (9th Cir. September 01, 2006)
When a taxpayer offered to pay the IRS a sum certain to "fully resolve all adjustments at issue" for
certain tax years, and the Commissioner accepted his offer, the taxpayer could not then apply net
operating losses (NOLs) from his real estate business to reduce his agreed payments under the
settlement where the taxpayer did not reserve the right to use NOLs in the settlement agreement,
nor raised the issue of using the NOLs before the Commissioner accepted his settlement offer.
California Construction Company Owner Sentenced to One Year in Jail For Insurance Fraud
By Kelly Sheehan, Online News Editor
AUGUST 31, 2006 -- San Diego -- The owner of a local construction company that specializes in
condo conversion was sentenced to one year in jail and ordered to pay $709,282 in restitution for
committing Workers' Compensation insurance premium fraud.
Damian Seiler, 57, a licensed general contractor and owner of the Pacific Home Co., underreported
wages of his employees by more than $1.1 million in order to receive a lower insurance premium.
Seiler was also sentenced to five years of probation.
Seiler’s fraud was uncovered after he filed a Workers' Compensation claim for an employee for
whom he had never paid wages to the State Compensation Insurance Fund. The State Fund
performed an audit of the Pacific Home Co. and found "irregularities," the fund said. The case was
referred to the San Diego County District Attorney's Office in August of 2005 and a search warrant
was obtained on Seiler’s company.
Bernard v. Foley, No S136070 (Cal. August 21, 2006)
When an unrelated person renders substantial, ongoing health services to a dependent adult, that
person may be a "care custodian" for purposes of statutory provisions that presumptively disqualify
care custodians as beneficiaries of testamentary transfers from dependent adults to whom they
provide such services, notwithstanding that the service relationship between the individuals arose
out of a preexisting personal friendship rather than a professional or occupational connection.
Cebular v. Cooper Arms Homeowners Ass'n, No B182555 (Cal. 2d App. Dist. August 21, 2006)
Judgment for defendant after trial, with declaration that CC&Rs and bylaws did not violate the Davis-
Stirling Common Interest Development Act despite unequal assessments, is affirmed as to the
legality of the voting and assessment methodology, but is reversed as to amount of award of
attorney fees.
Woodside Homes of California, Inc. v. Superior Ct. (Wheeler), No C052432 (Cal. 3d App. Dist.
August 21, 2006)
Petition for writ of mandate to reverse orders vacating appointment of referee is granted where the
trial court erred in finding that Grafton Partners v. Superior Court (2005) 36 Cal.4th 944, prohibiting
predispute waiver of the right to jury trial in the judicial forum, precludes enforcement of such a
predispute contract for reference.
Ray v. Goodman, No A112611 (Cal. 1st App. Dist. August 21, 2006)
Post-judgment order awarding plaintiff pre-judgment interest from the date of his second, not his
first, Code of Civil Procedure section 998 settlement offer to defendants is reversed where: 1) the
order is inconsistent with the language of Civil Code section 3291; and 2) several cases expressly
hold that only the last section 998 offer is valid are inapplicable to the facts of this case.
Rancho Murieta Airport v. County of Sacramento, No C049783 (Cal. 3d App. Dist. August 28, 2006)
Order granting plaintiff's petition to compel county defendant to trim or remove trees from an airport
clear zone that obstructed certain navigable airspace is affirmed as defendant fails to provide any
authority to support its untenable position that it can evade its statutory and municipal duty to
maintain its property so as not to endanger the health and safety of the public.
Vandermoon v. Sanwong, No C050789 (Cal. 3d App. Dist. August 28, 2006)
Denial of defendants' motion to set aside the judgment under Code of Civil Procedure section 473
is affirmed as the mandatory provision of section 473(b) does not apply to a judgment entered after
an uncontested trial in a defendant's absence, because such a judgment is neither a "default," a
"default judgment" nor a "dismissal" within the meaning of section 473(b).
Markowitz v. Fidelity Nat'l Title Co., No B179923 (Cal. 2d App. Dist. August 30, 2006)
Grant of nonsuit in favor of defendant, which acted as a sub-escrow in a real property transaction,
is affirmed where plaintiff could not establish that defendant owed any statutory or fiduciary duties
him.
Armenta ex rel. City of Burbank v. Mueller Co., No B175530 (Cal. 2d App. Dist. August 30, 2006)
Summary judgments in favor of defendants are reversed where triable issues of fact exist, and the
trial court abused its discretion by imposing a condition on granting plaintiff leave to file a second
amended complaint alleging violation of the California False Claims Act with respect to 130
governmental entities.
Petropoulos v. Department of Real Estate , No A110536 (Cal. 1st App. Dist. August 30, 2006)
Revocation of plaintiff's broker's license based on his guilty plea to a charge of misdemeanor
battery is reversed as there is no statutory authorization for defendant to revoke plaintiff's license
for the commission of a misdemeanor not involving moral turpitude.
Ailanto Properties, Inc. v. City of Half Moon Bay, No A098920 (Cal. 1st App. Dist. August 30, 2006)
Holding that, under Government Code section 66452.6(b)(1), the expiration of plaintiff's vesting
tentative map was tolled for only five years, is affirmed as section 66452.6(b)(1) limits to five years
the length of any moratorium-related tolling of the expiration of a tentative map. Ruling that
plaintiff's delivery of a purported phased final map to the city engineer constituted an effective filing
entitling plaintiff to a 36-month extension of its vesting tentative map under section 66452.6(a)(1) is
reversed as such filing does not entitle plaintiff to a further extension of the life of its vesting
tentative map because the phased final map does not conform to the requirements of the vesting
tentative map.
HUD Glossary
Fair market value: the hypothetical price that a willing buyer and seller will agree upon when they
are acting freely, carefully, and with complete knowledge of the situation
Assessors' Handbook sections are available here for viewing and printing. You may also purchase
copies of Assessors' Handbook sections by downloading, printing, and submitting the following form:
BOE-663-AH, Purchase Order For Assessor's Handbook Sections, Rev. 18 (01-05)
Table of Contents
AH 201, Assessment Roll Procedures, (06-85)
AH 215, Assessment Map Standards, (08-92)
AH 265, Cemetery Exemption, (08-77)
AH 267, Welfare, Church, and Religious Exemptions, (10-04)
AH 501, Basic Appraisal, (01-02)
AH 502, Advanced Appraisal, (12-98)
AH 503, Cash Equivalent Analysis, (03-85)
AH 504, Assessment of Personal Property and Fixtures, (10-02)
AH 505, Capitalization Formulas and Tables, (06-93)
AH 510, Assessment of Taxable Possessory Interests, (12-02)
AH 511, Assessment of Manufactured Homes and Parks, (11-01)
AH 513, Assessment of Shopping Centers, (01-83)
AH 515, Assessment of Golf Courses, (01-83)
AH 516, Assessment of Cemeteries, (01-83)
AH 521, Assessment of Agricultural and Open-Space Properties, (10-03)
AH 531, Residential Building Costs, (01-06)
AH 534, Rural Building Costs, (01-06)
AH 542, Assessment Of Water Companies And Water Rights, (12-00)
AH 560, Assessment of Mining Properties, (03-97)
AH 566, Assessment of Petroleum Properties, (01-99)
AH 570, Assessment of Commercial Aircraft, (01-72)
AH 576, Assessment of Vessels, (02-02)
AH 577, Assessment of General Aircraft, (11-03)
AH 581, Equipment Index and Percent Good Factors, (01-06)
AH 582, Explanation of the Derivation of Equipment Percent Good Factors, (02-81)
Assessment Appeals Manual, (5-03)
State Assessment Manual, (3-03)
Timber Tax Manual, (11-05)
IRS employees must be able to reasonably justify any departure from these guidelines. These
documents incorporate by reference, the ethical and conduct provisions, contained in the Office of
Government Ethics Standards of Ethical Conduct, applicable to all IRS employees. The Real
Property Valuation Guidelines can be found at www.irs.gov/irm/part4/ch42s06.html.The other
guidelines can be found at the following links: www.irs.gov/irm/part4/ch42s03.html for Tangible
Personal Property Valuation Guidelines; www.irs.gov/irm/part4/ch42s04.html for Business Valuation
Guidelines; and www.irs.gov/irm/part4/ch42s05.html for Intangible Property Valuation Guidelines.
Tax and Accounting Sites Directory
Forensic Appraiser, Commercial Appraiser Los Angeles,Los Angeles Appraiser, Commercial
appraisal LA, Appraiser Commercial, LA, L.A., Commercial Real Estate Appraiser, Commercial Real
Estate Appraisal, Residential Appraiser, Apartment Appraiser, Commercial Appraisal, Special
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Reilly v. City and County of San Francisco, No. A109062 (Cal. 1st App. Dist. August 29, 2006)
Summary judgment in favor of defendant, on trustee's claim for property tax refund on real property
held by a testamentary trust, is affirmed since when an income beneficiary of the trust dies and is
succeeded by another income beneficiary, there is a change in ownership under Taxation Code
section 60, as the death caused a transfer of the property's primary economic value to the
successor beneficiary, who acquired a present beneficial interest in the property.
Fitzgerald Living Trust v. US, No. 04-16149 (9th Cir. August 30, 2006)
In a dispute over property owners' right of access over a national forest road and a proposed
statutory easement by the Forest Service providing them with access over the road, summary
judgment for the Forest Service is affirmed as the Federal Land Policy Management Act (FLPMA)
vests the Secretary of Agriculture with the authority to regulate access over a national forest, and
the FLPMA easement offered to plaintiffs, who hold no common law easements over the forest
service land, was a reasonable exercise of that authority.
( Fee Event) The Appraisal Foundation is pleased to announce the First Annual Valuation Fraud
Symposium. The focus of this event is to target fraud from a valuation specific context.
The Appraisal Foundation will bring together industry experts and insiders from banking,
compliance, mortgage lending, residential valuation, federal and state regulatory agencies as well
as law enforcement organizations. While meaningful discussions and dialogue on key topics
relating to valuation fraud will be the order of the day, the identification, development and
implementation of meaningful solutions are the key deliverable for this event.
Residential and Commercial Real Estate Continue to Move in Opposite Directions
The national housing market continues to cool, producing a decline in sales and, in some cases,
housing prices, according to the latest report from the National Association of Realtors. But as the
housing market softens, the commercial real estate sector has continued its recovery, with the
leading commercial market indicator rising in 11 of the past 12 quarters. Although the commercial
growth rate has slowed a bit, market observers expect the upward momentum to carry well into
2007.
hio Supreme Court Rules Against Eminent Domain for Economic Development
In a case with important national implications for property owners and cities' redevelopment efforts,
the Ohio Supreme Court unanimously ruled July 26 that the city of Norwood, Ohio, could not use its
power of eminent domain to condemn private property to make way for a $125 million
redevelopment project.
In City of Norwood v. Horney, the municipality sought to apply eminent domain to seize private
properties in an area considered to be in a state of deterioration. Ohio Supreme Court Justice
Maureen O'Connor wrote that targeting property for economic development because it is in a
"deteriorating area" is unconstitutional since the term is too vague and overly broad in its potential
application. O'Connor added that that cities must "apply heightened scrutiny" to ensure the
property rights of private citizens.
Norwood is the first legal challenge involving eminent domain to reach a high state court since last
summer's U.S. Supreme Court 5-4 ruling in Kelo v New London, Conn. In Kelo, the Supreme Court
ruled that municipalities could condemn private property for development efforts that economically
benefit their community, while making it clear that state constitutions could set different standards
for property rights.
Since the Kelo decision, a number of state courts �" including the Ohio Supreme Court �" have
interpreted their state constitutions as less permissive of eminent domain for economic
development purposes than the U.S. Constitution. Since decisions based on state constitutions
cannot be appealed to the U.S. Supreme Court, the City of Norwood announced it would not appeal
the decision.
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L.A., Commercial Real Estate Appraiser, Commercial Real Estate Appraisal, Residential Appraiser,
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Appraiser, Tax Appraiser
AN IMPORTANT E-NEWS ANNOUNCEMENT FROM CalHFA:
The California Housing Finance Agency lowers interest rate for Multifamily Housing Developments.
For detailed information visit the Press Releases page on CalHFA’s web site.
PROPERTY LAW & REAL ESTATE
Bernard v. Foley, No S136070 (Cal. August 21, 2006)
When an unrelated person renders substantial, ongoing health services to a dependent adult, that
person may be a "care custodian" for purposes of statutory provisions that presumptively disqualify
care custodians as beneficiaries of testamentary transfers from dependent adults to whom they
provide such services, notwithstanding that the service relationship between the individuals arose
out of a preexisting personal friendship rather than a professional or occupational connection.
PROPERTY LAW & REAL ESTATE
Cebular v. Cooper Arms Homeowners Ass'n, No B182555 (Cal. 2d App. Dist. August 21, 2006)
Judgment for defendant after trial, with declaration that CC&Rs and bylaws did not violate the Davis-
Stirling Common Interest Development Act despite unequal assessments, is affirmed as to the
legality of the voting and assessment methodology, but is reversed as to amount of award of
attorney fees. ,
PROPERTY LAW & REAL ESTATE
Woodside Homes of California, Inc. v. Superior Ct. (Wheeler), No C052432 (Cal. 3d App. Dist.
August 21, 2006)
Petition for writ of mandate to reverse orders vacating appointment of referee is granted where the
trial court erred in finding that Grafton Partners v. Superior Court (2005) 36 Cal.4th 944, prohibiting
predispute waiver of the right to jury trial in the judicial forum, precludes enforcement of such a
predispute contract for reference.
PROPERTY LAW & REAL ESTATE
Ray v. Goodman, No A112611 (Cal. 1st App. Dist. August 21, 2006)
Post-judgment order awarding plaintiff pre-judgment interest from the date of his second, not his
first, Code of Civil Procedure section 998 settlement offer to defendants is reversed where: 1) the
order is inconsistent with the language of Civil Code section 3291; and 2) several cases expressly
hold that only the last section 998 offer is valid are inapplicable to the facts of this case.
Red Mountain, LLC. v. Fallbrook Pub. Util. Dist., No. D044546 (Cal. 4th App. Dist. August 18, 2006)
Verdict for plaintiff for breach of contract and inverse condemnation, compensation for a direct
taking in eminent domain, and award of attorney fees and costs, is reversed as to the portion of the
judgment awarding damages for breach of contract and inverse condemnation and the order
awarding litigation expenses.
Mendoza v. Brodeur, No. A109303 (Cal. 1st App. Dist. August 18, 2006)
Summary judgment for defendant, on ground that plaintiff was not an employee under workers'
compensation law and had not come forward with evidence supporting a triable issue of fact for tort
liability, is reversed as plaintiff is defendant's employee for purposes of tort liability under Labor
Code section 2750.5 and applicable case law.
http://login.findlaw.com/scripts/callaw?dest=ca/caapp4th/slip/2006/a109303.html
http://caselaw.lp.findlaw.com/data2/californiastatecases/a109303.pdf
Borten v. Santa Monica Rent Control Bd. , No B181840 (Cal. 2d App. Dist. August 14, 2006)
Judgment in favor of defendant, finding Rent Control Law as applied to non-resident tenants is not
an unconstitutional taking as it substantially advances the City's interest in providing affordable
housing, is affirmed as the case of Bisno v. Santa Monica Rent Control Bd. (2005) 130 Cal.App.4th
816 defeats plaintiff's constitutional challenge to defendant's involvement with a tenant not in
occupancy.
http://login.findlaw.com/scripts/callaw?dest=ca/caapp4th/slip/2006/b181840.html
http://caselaw.lp.findlaw.com/data2/californiastatecases/b181840.pdf
OSHA Offers New Fire Service Publication
Fire Service Features of Buildings and Fire Protection Systems is the focus of a new OSHA
publication that will help increase the safety of building occupants and emergency responders by
streamlining fire service interaction with building features and fire protection systems. The manual
explains how fire service operations can be influenced by different building features and offers
considerations for design professionals that can help facilitate these operations. The booklet can
be downloaded from OSHA's Web site on the publications page, or obtained by calling the
publications office at (202) 693-1888.
Appraisal Services: Commercial Appraiser Los Angeles,Los Angeles Appraiser, Commercial
appraisal LA, Appraiser Commercial, LA, L.A., Commercial Real Estate Appraiser, Commercial Real
Estate Appraisal, Residential Appraiser, Apartment Appraiser, Commercial Appraisal, Special
Purpose Property, Office Property, California Appraiser, PMI Removal Appraiser, Free Appraisal.
Certified General Appraiser Tax Appraiser la, Forensic Appraiser
LEONARD V. NATIONWIDE MUTUAL INSURANCE CO.
August 15, 2006
A federal judge rules that the Nationwide Mutual Insurance homeowners' policy purchased by a
Mississippi couple before Hurricane Katrina excludes coverage for "water and water-borne"
damages caused by "flood, surface water, waves, tial waves, overflow of a body of water, [and]
spray from these..." The legal decision could affect thousands of similiar Nationwide Mutual
Insurance policyholders affected by Hurricane Katrina.
Kenney v. US, No. 04-16748, 04-17019, 05-15354, 05-15386 (9th Cir. August 17, 2006)
In a case concerning government tax liens on the proceeds of the sale of a house owned by plaintiff
and his former wife: 1) summary judgment for the government on plaintiff's diminishing interest
theory is affirmed; 2) calculation of plaintiff's equitable subrogation is affirmed with an adjustment;
3) denial of interest on the equitable subrogation is affirmed; and 4) an award of litigation costs for
plaintiff is reversed where the district court abused its discretion in finding the government's
litigation position not substantially justified.
U.S. 3rd Circuit Court of Appeals
Regents of the Mercersburg Coll. v. Republic Franklin Ins. Co. (08/16/06 - No. 04-3653)
The Americans with Disabilities Act (ADA) applies to private-school dormitories. In an insurance
coverage dispute arising out of a lightning strike and fire that damaged a building on a private
school's campus, summary judgment for the insurer is reversed in part as to an ADA claim where
the district court erred in holding that the ADA did not apply because the dormitory space in the
damaged hall was not a "public accommodation" within the meaning of the statute.
U.S. 7th Circuit Court of Appeals
Murdock & Sons Constr., Inc. v. Goheen Gen. Constr., Inc. (08/17/06 - No. 05-3036)
Judgment for defendants in a constructive acceleration claim is affirmed where plaintiff did not
experience an "excusable delay" as outlined in the construction contract that would warrant an
extension of time for completion of the project.
http://caselaw.lp.findlaw.com/data2/circs/7th/053036p.pdf
Reg'l Airport Auth. of Louisville & Jefferson County v. LFG, LLC (08/17/06 - No. 05-5754)
Fed. R. Civ. P. 26 creates a bright-line rule mandating disclosure of all documents, including
attorney opinion work product, given to testifying experts.
LEONARD V. NATIONWIDE MUTUAL INSURANCE. CO.
August 15, 2006
A federal judge rules that the Nationwide Mutual Insurance homeowners' policy purchased by a
Mississippi couple before Hurricane Katrina excludes coverage for "water and water-borne"
damages caused by "flood, surface water, waves, tial waves, overflow of a body of water, [and]
spray from these..." The legal decision could affect thousands of similiar Nationwide Mutual
Insurance policyholders affected by Hurricane Katrina.
http://news.findlaw.com/hdocs/docs/katrina/lnrdntnwd81506opn.html
Homeowners Insurance Basics
http://realestate.findlaw.com/homeownership/home-buying/home-buying-homeowner-insurance.html
Insurance Lawyers
http://lawyers.findlaw.com/lawyer/practice/Insurance-Law
Real Estate Lawyers
http://lawyers.findlaw.com/lawyer/practice/Real-Estate-Law
Graduate Student Research Program
HUD's Office of Policy Development and Research (PD&R)
sponsors the Graduate Student Research Program (GSRP).
The goal of the program is to recruit graduate students
who are interested in starting or advancing their
careers in housing and urban development. The program
combines educational with practical experience to
enhance learning. Applicants must currently be enrolled
in a graduate program at a four-year college or
university. The GSRP provides an hourly stipend and
flexible work schedule of up to 30 hours of work per
week for a minimum of six months.
Visit www.huduser.org/resources/gsrp.pdf
or www.danya.com/hudgsr/ for more information. The
application is online at www.danya.com/hudgsr/frmApp1.aspx.
Additional information can be obtained by contacting
Steve Owens at sowens@danya.com or (301)523-6572.
Two of the finest and most extensive oblique photograph collections of California are housed in the
The Benjamin and Gladys Thomas Air Photo Archives at the UCLA Department of Geography.
Many researchers find our collections an invaluable historical record for sites of interest. Because
the photographs are oblique (photos taken at an angle instead of straight down) they provide a
very descriptive view allowing easier determination of how property was used over the years.
When a mortgagor dies and the property is not the principal residence of at least one surviving
mortgagor, the HECM mortgage balance becomes due and payable in full. The mortgagee is
required to notify the Department (see 24 CFR 206.27 (c)(1)).
This Notice must occur as soon as possible following the death, but no later than 60 days from the
date of the mortgagor's death.This notice must be in writing, must provide the FHA case number,
the mortgagor's name, the property address and the date of death, which may be delivered via
facsimile or letter. The Notice must be delivered to the Department's HECM servicing contractor:
U.S. Department of Housing and Urban Development
National Servicing Center.
c/o First Madison Services, Inc.
4111 S. Darlington, Suite 300,
Tulsa, OK 74135
ATTN: Document Custodian
Welcome to the website for the Los Angeles County Economic Development Corporation.
As the region’s premier business leadership organization, the LAEDC's mission is to attract, retain
and grow business and jobs in the regions of Los Angeles County, as well as to identify trends and
affect positive change for the local economy.
The LAEDC also offers free Business Assistance services such as site selection, workforce
resources, incentive packages, permits, licenses, zoning or local industry analyses for companies
expanding or relocating in LA County.
LAEDC regional managers work one-on-one with businesses throughout the regions of LA County
Metro and South LA, San Fernando Valley, San Gabriel Valley, the Valleys of Santa Clarita,
Antelope, South Bay, Westside and Gateway Cities.
Border Bus. Park, Inc. v. City of San Diego , No E035881 (Cal. 4th App. Dist. September 19, 2006)
In an action involving annexation of land by defendant for plans to first create an international
airport and a second to divert truck traffic, judgment for inverse condemnation awarding millions in
damages to plaintiff is reversed to the extent that the evidence was insufficient as a matter of law to
support a finding of inverse condemnation on both claims.
GAO: Better Info on Mortgage Risks
By JEANNINE AVERSA AP Economics Writer
(AP) - WASHINGTON-Federal regulators need to do a better job of explaining to people the
workings and potential risks of interest-only and other nontraditional mortgages, congressional
investigators said Wednesday. Nontraditional home loans that once were mostly the domain of the
wealthy, especially interest-only mortgages and option adjustable-rate mortgages, have exploded in
popularity in recent years as people stretched to buy high-priced homes during the housing boom.
"Although lenders and certain brokers are required to provide borrowers with written disclosures at
loan application and closing, federal standards on these disclosures do not currently require
specific information on (alternative mortgage products) that could better help borrowers understand
key terms and risks," the Congress' General Accountability Office said in a report released
Wednesday.
U.S. Court of Appeals for the Federal Circuit
John R. Sand & Gravel Co. v. US (08/09/06 - No. 05-5033)
A decision finding that the U.S. was not liable to plaintiff under the Fifth Amendment to the
Constitution for the alleged taking of its leasehold interest in certain land is vacated where plaintiff's
takings claim accrued not later than February of 1994, it did not file its complaint until over six years
later, and thus, the claim was barred by the statute of limitations and the Court of Federal Claims
lacked jurisdiction to consider it.
Vacancy Rate Projected to Reach 10% by Year-End 2006; Asking Rents Climb 6.4%
The vacancy rate in the Los Angeles Basin dropped to 10.9% at the end of Q2 2006, down from
13.0% a year ago. Rates were below 10% in four of the area's six major markets (West LA,
8.0%; Orange County, 9.0%, Tri-Cities, 9.2%, and San Fernando Valley/ Ventura County, also
9.2%.) Asking rental rates were up 6.4% on average, and by a strong 11.3% in Orange County and
9.8% in West Los Angeles.
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Orange County Industrial, 2Q06, A strong economy, still relatively low interest rates and a general
lack of available product for sale caused sales prices to climb to new highs in Orange County. The
average price per SF of buildings sold was up 17R0over a year ago. The vacancy rate in the
county at quarter-end was a low 3.5å20
Advantages of GHADs
GHADs offer long term "guarantees" with respect to security of property values. They provide a
means of documenting property conditions, maintenance and repairs. Property values of GHAD
parcels are typically higher than adjacent parcels without GHAD protection. GHADs are a form of
casualty settlement which perpetuates itself, thereby preserving property investment. GHADs are
also looked upon very favorably by lenders and governmental agencies. GHADs can also require
certain governmental agencies to be involved, both in terms of peer professional review and/or
fiduciary contributions. Public agency participation is common when publicly-owned streets, sewers
or storm drains cross the GHAD area.
Disadvantages of GHADs
There are some possible long term disadvantages of GHADs as well. For one thing, GHADs cannot
be easily dissolved (see Las Tunas Beach GHAD vs Superior Court [1995] 38 CA4th 1002, 45
CR2d 529). GHADs can be added to by a vote of 51% of the adjacent property owners, forcing
some reticent parties to be a part. GHADs cannot compensate members for "soft" losses, such as
emotional distress or diminution in value. GHADs are an entity that can be enjoined in legal action
by disgruntled members or adjacent parcel owners, increasing operating costs.
Advantages of HOAs
HOAs are a mechanism by which the aggregate total of parcel owners can jointly share in long-term
maintenance activities that jointly benefit the entire development. It also sets forth a mechanism
where such activities cannot legally be ignored, until some major problem occurs. By collecting
annual fees, a "slush fund" can be accumulated that can better defer high costs normally
associated with earth movement damages, which only occur once every 8 to 15 years, on average.
If a well organized plan is put into place, and maintenance kept up to date, a great deal of storm-
related damage can be avoided. In the past, many residents ignored any measure of upkeep, with
the assumption that offsite maintenance was "someone else's responsibility". HOAs also serve to
make better stewards of local residents, causing them to keep a closer eye on condition of common
area improvements.
Disadvantages of HOAs
HOAs are legal entities which cannot be ignored. The Courts have determined that homeowner's
written consent to extension of CC&Rs is irrevocable (La Jolla Vista Mesa Improvement Assn.. vs La
Jolla Vista HOA [1990] CA3d 1187, 269 CR 825). In the past, most homeowners were spatially
aware of those neighbors whose parcels bordered open space areas or creeks, often prone to
flood or earth movement damage, and assumed that these individuals bore greater responsibility to
maintain such offsite areas. In addition, buyers of new homes often assume that the developer is
"on the hook" for any expense incurred for maintenance or storm damage, for up to 10 years after
certificate of occupancy. HOAs are usually responsible for long-term upkeep, and a developer of
real property may be be culpable for the HOA's inaction and/or negligence, and may be able to
bring countersuit against the HOA forcing it to pay for repairs, as well as litigation.
HOA maintenance plans usually only address common area improvements. Soil movement, due to
expansion, settlement or creep, on an individual's property, are usually exempt from consideration
for upkeep and repair by HOA. A common complaint in hillside HOAs is replacement of borderline
fences and wood retaining walls. Though expensive to replace, these improvements are usually
situated on the private parcel, or assumed to be within the private parcel (good faith improver tort),
and their maintenance or replacement is not usually considered eligible for HOA expenditures. An
exception would be HOA board action to replace or repair everyone's fence bordering a common
area, which can be granted through special election. All residents must be treated equally,
regardless of the trouble they might foment.
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