Timely Real Estate News……………………………………………….. 15 March 2009
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May the luck of the Irish be with you on St. Patrick’s Day, March 17!
As luck would have it, the Irish are a lucky lot. From fields of lucky four-leaf clovers, to quaint pubs conveniently located along the back roads to care for thirsty travelers, not to mention the local gentry, to their traditional dish of Irish stew as they prepare for St. Patrick’s Day, the Irish always seem to enjoy life better than most. A grand sense of humor they have. …..especially around this time of year. And so I wanted to share a bit of the blarney with you…
As Irish legend has it, you mustn’t overlook the contributions of Sean Mulligan to “Irish Luck”. A strapping man of over six feet with a hefty golf swing and errant aim, especially after a pint of Guinness Stout, Sean ruled his local links course in County Cork. He was known to get his way more oft than not, and when he would stroll to the tee box on Number 1, his playing partners who were used to Sean’s shenanigans, and as would always be the case, if his first tee shot wasn’t satisfactory, even in bounds, he would take his ‘do-over’ — as he called it — and hit another one. “It’s a courtesy on the first hole, you know,” he blustered, staring down anyone who objected. And Sean being Sean, they always grudgingly gave in. Other golfers thought it not a bad idea. After all, it was, indeed, an Irish courtesy that seemed reasonable, especially after a pint of Guinness. So Sean’s fellow club members dubbed the ‘do-over’, a Mulligan, in honor of their friend. And that’s a true Irish story.
Perhaps it is best that once every year, we’re all Irish on St. Patrick’s Day. I’m not really into green beer, but Irish stew I love, and if I were a golfer, I’d certainly remember Sean Mulligan.
Are we clear? Well, not exactly
Since I have been selling real estate, I have discovered it’s a lot easier to analyze the past than the future. The Multiple Listing Service provides a plethora of statistics every month, which I share with you through the Schiffer Line. So what do the February statistics show? Let’s get the bad news out of the way first — sales volume is down by 41% comparing February 2008 to February 2009, from $94 million to $55 million.
But when you look at median sales prices, which vary greatly from month to month, area by area, we see some silver linings. Leading the pack for last month was Brentwood which showed a 105% increase in median sales prices for single family homes over February 2008. Brentwood also showed a 106% increase in MSP from January 2009 to February 2009 (there where a lot of high numbered sales – , $13,524,000, $3,700,000, $4,500,000, $4,200,000, $4,000,000 and $3,600,000!!!). Bel-Air also showed marked improvement — 50% increase over February 2008 (there was one sale in February for $6,350, another for $3,200,000 and another for $20,000 over asking!). Beverly Hills and Beverly Hills Post Office were both down in MSP when comparing this February to a year ago — 14% down for BH and 58% down for BHPO. But Beverly Hills showed a 32% increase in MSP for February 2009 over January 2009, a solid trend.
Although we have logged only two months for 2009, year-to-date median sales prices are showing strength in Bel Air, up 40% compared to 2008 year-to-date prices; while Brentwood is up 7% for the same two- month period compared to last year. Beverly Hills is down 17% for YTD and Beverly Hills Post Office is down 46%.
So what does this portend? We see a steadying trend in some areas that are showing increases for the past three months in median sales prices — but as I have said in past months, some areas are up one month and down the next because a large sale will skew the monthly statistics. As one economist remarked after being asked…”when is this going to end?”…. His reply was…”it’s too early to tell.” I can only objectively report what has happened, not what is going to happen. But early signs see strength in at least three of the four communities I cover — Beverly Hills, Bel-Air, and Brentwood. Beverly Hills Post Office is still lagging behind. Hopefully, not for long…. So what does this tell us? These are challenging times for all of us. I know that none of us know when it will get better, but it will happen.
If you are waiting for some sign to tell you when it is time to get back into the market, by the time you see/hear that sign, it will be too late as the change will already have taken place!…. Remember what FDR said… “The only thing we have to fear is fear itself”.
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Need help with your property tax re-appraisal? I’m here. No charge!
Perhaps you have been reading about the scams going on with companies charging outrageous fees for property owners to file for a property tax re-appraisal in light of declining property values. I have had many questions from my neighbors and readers of the SchifferLine — is this a good thing to do? Yes, it is — IF, and it’s a big if, you have a property that can clearly demonstrate its value has dropped significantly. But don’t get caught up in these scams, and unfortunately, that is exactly what they are. There is no reason for anyone to pay for this service when you can get it for FREE!
I will be more than happy to assist you in having this done. If you go to the website for the Los Angeles Country Assessor — http://assessor.lacounty.gov/extranet/default.aspx –, you will see that there is a very simple form that needs to be completed along with some comparables of sales of properties (for the last three months ONLY) .
This is where I come in… Just give me a call, or send me an e-mail, and I will be more than happy to supply you with the “comps” you need to submit along with the completed form. If there is still a question, you are then entitled to a hearing for your request, but generally it is as easy as sending in your form and comps.
The caveat is that they will not take old comps, and they have to be fairly close to being “like for like”, i.e. square footage, etc. For example I received a call from someone recently that had purchased their beautiful home in Mountaingate within the last year, and felt they needed a reduction in their property taxes. The only problem was that when we compared their square footage to that of other sales of properties in Brentwood (there were no “comps” in Mountaingate ) in the last year, it showed that they had in fact gotten a “good deal” and probably would not qualify for the reduction.
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I have a wonderful new listing of a Canyon home in Bel Air Crest. It is 4/3/5 and has been done over from the roof on down. We are asking $1,850,000. If you or anyone you know loves the look of Restoration Hardware, this is the house for you… I also have some other great listings both for sale and lease.
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Lemons – the versatile fruit
Lemons – a fruit with a wonderful fragrance, great in food and beverages, but also very handy for multiple purposes around the home!
Lemons have been cultivated by humans for over a thousand years. The fruit in mentioned in tenth century Arabic literature, but was probably first grown in Assam, India.
Lemons are high in vitamin C, have an anti-bacterial effect and are thought to possess antioxidant and anti-carcinogenic properties. The juice consists of about 5% acid, which also makes them useful for a variety of household purposes.
Selecting and storing lemons The best lemons are those that have smooth, oily skins and are heavy for their size. They should be bright yellow with no green tinges. Lemons will keep for up to a week at room temperature, two to three weeks refrigerated. Lemon zest (peel) can be frozen for months.
Juicing lemons To get the most juice from a lemon, it should be allowed to reach room temperature, or micro-waved for a few seconds prior to juicing. Using your palm to roll the lemon on a hard surface can also help improve juice yields. If you only need a little juice, some people pierce the end with a fork, squeeze the amount needed; cover the holes with tape and then store in the fridge.
There’s so much more to lemons than just using them in cooking and making lemonade! Here’s a selection of handy tips. Remember to test in inconspicuous areas first.
Ant deterrent Pouring lemon juice around areas that ants frequent is said to repel them.
Air freshener An equal amount of lemon juice and water added to an atomizer will create a wonderful synthetic chemical-free green air freshener for your home.
All purpose cleaner An equal amount of lemon juice and water added to a spray bottle is an effective kitchen and bathroom cleaner and can also be used on walls (spot test first).A small amount of lemon juice can also be added to vinegar based cleaning solutions to help neutralize the smell of the vinegar. Use a half lemon to clean the lime scale off a sink or taps/faucets; rinse well.
Laundry A teaspoon of lemon juice thrown into your wash can also help your clothes to smell fresher.
Dishes A teaspoon of lemon juice added to your dishwashing detergent can help boost grease cutting power
More next time…..In the meantime, I hope you have a wonderful St. Patrick’s day, and lift a pint for me….