The SchifferLine
Timely Real Estate News…………………….15 April 2021
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March was a “wow” month as sales, prices zoom
March came in like the lion it is supposed to be — with sales volumes and prices zooming upward. With the year starting in the negative compared to January 2020, sales volume for the five communities I report on took off like a rocket — Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City, and Brentwood — were up 22% to $1.007 billion compared to $813 million this time a year ago. There were some big sales that drove the volume higher, especially in Bel-Air/Holmby Hills which had sales of $18 million and $27 million, not unusual for this high-end market. Beverly Hills had one for $15 million, as did BHPO, and Brentwood had two at $10 million and one at $13 million in March.
One of the true stars on LA’s Westside was Pacific Palisades, a community I also cover, which had a total of $426 million in sales through March, which is 122% higher than they had in the same period in 2020. The other leaders in sale volume increases were Brentwood with $92 million ahead of 2021, followed by Bel-Air/Holmby Hills with $54 million plus, Westwood/Century City was ahead by $49 million, Beverly Hills by $20 minion and only BHPO down by $9 million compared to the first three moons of 2020. Also, has I have oft mentioned, these stats are from the MLS, and does not take into account any private sales.

Despite the dramatic turnaround in sales, buyers are still scrambling for quality properties, and you can be assured that these properties will most likely have multiple offers, and as I research for my clients, targeted homes are often sold before I can get the client out to see the property. So, buyers — Beware! Start early with an experienced agent such as myself and expect a challenging journey. Also, please know, this is the market is all over. I have some clients that are moving to Florida and are experiencing the same rapid, fast paced market there. Patience and tenacity are a virtue for both of us!

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Median sales prices keep doing the expected….
Nothing is more predictable when supply is down, demand goes up…at a price! Median sales prices are zooming upward in the communities I report on.

We are clearly ahead of the same first-quarter results from 2020, as median sales prices across the board continue their upward climb. Brentwood’s median sales price is 20% higher than 2020 at $3.462 million; Beverly Hills is up 15% at $6.475 million; BHPO is also up 15% at $3.202 million; Bel-Air/Holmby Hills is up 13% at $2.210 million and Westwood/Century is down, however, by 5% at $2.470 million. Pacific Palisades is up 12% at $3.291 million.

Median sales prices reflect that “median” only — half of the homes’ sales prices are below the median price, and half are above it. It is not the standard average. What I have noticed is that buyers are coming “armed” with all-cash offers. I agree that all-cash offers can have a definite advantage in today’s market — because sellers are not eager to wait for financing to be approved or long contingencies. As a result, buyers are waiving some of their contingencies, loan, appraisal, and or physical inspections Obviously this practice can be risky, but buyers want to place themselves on a level playing field with all cash buyers. At the same time, all cash buyers many times want the benefit of a discount which might be higher than a buyer with some or all of the normal contingencies. The seller’s decision can be made on the terms of the offer, and I have seen sellers choose a non all cash offer because the terms of the offer are better. My favorite lender, Simon Atik at Great Rate Affinity has a program whereby he can qualify a non-cash buyer as a cash buyer because they do a number of pre-approval steps in qualifying the buyer, that take a little longer to do, but it gives the buyer the advantage of being in essence an all-cash buyer. Not to worry we are still doing sales with non-all-cash offers… it is done all the time, but those buyers with $$ may have a definite advantage in today’s hotly competitive market. Let’s talk as to how you can get into the game!
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A word about interest rates…at our sales meeting this week, Simon discussed that we are currently still seeing low interest rates — 3.125% for a 30-year-fixed loan, although it is projected to be at 3.95% or 4% by the end of the year. The number of re-finance applications are lower; however, purchase applications are growing, which generally means multiple offers across the board. Lenders have let it be known; however, they are installing tougher requirements for second homes and investment properties as they believe that are at a higher risk. Simon also shared the information that the economic recovery we are experiencing is the fastest since 2014!

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Good news continues for high-end
For the high-end market on the Westside, we are far ahead of last year in closed sales. The number of closed sales of $5 million-plus through March 21, 2021, is 214, versus 130 at this time last year— up 65%. Of these, 65 are $10 million-plus, and there were 37 closed sales of $10 million-plus at this time last year, up 76%. Ten of these sales are $20 million-plus, and there were nine closed sales of $20 million-plus at this time last year.
We are still slightly down in the closed sales of $30 and $40 million this year. There are two closed sales of $30 million-plus this year, and there were five closed sales of $30 million-plus at this time last year. There is only one $40 million-plus sale so far this year versus two sales at this time last year.

What is also good news is that we have never seen so many pending sales. There are 106 pending sales of $5 million-plus and 65 of these are $20 million-plus and 10 are for over $20 million.

Of the current 10 sales of $20 million-plus, eight buyers are American, one is Indonesian.. The 10 sales of $20 million-plus are: four in Malibu, three in Beverly Hills, one each in Sunset Strip, Bel Air and Brentwood.

There is good news coming down our real estate path. With LA County opening up, unlocking mass attractions, including my favorite, the Hollywood Bowl, life seems to be better this Spring. Now all we need are April Showers. We need rain.

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Emerging trends in real estate
The COVID-19 pandemic has caused a mass disruption to the way people live and work and prompted sweeping economic fallout felt throughout the world according to the Urban Land Institute’s take on emerging trends in real estate. Global leaders are still coming to grips with the long-term impact to the real estate industry. While the Asian Pacific region appears to be leading the recovery, the U.S. is also posting growth to many of its real estate sectors and seeing some evolve to better compete in the post-pandemic world.

Here are a few of the trends highlighted in Urban Land Institute’s report on real estate trends that are on the radar for global real estate markets:

Real estate continues to attract capital. Low interest rates are fueling interest in real estate across the globe. “Most industry leaders interviewed for this report believe the inherent attraction of real estate income is even stronger this year than in pre-COVID times,” according to the ULI report.

Unknowns loom for the office sector. The office sector, however, is more difficult for real estate leaders to predict. The rise of remote working, the increasing concern for the health and wellbeing of employees, and the lessening appeal of long commutes in big cities could negatively impact leasing activity this year and next year. Many large firms could delay corporate decisions on office space or commit to a greater reliance on remote working. Many real estate leaders predict employees will eventually return to the office, even if in more of a “hybrid” working model.

ESG tops more agendas. The impact of carbon emissions from the built environment remains a pressing issue for more companies, and they’re placing a greater emphasis on environmental, social, and governance agendas. Though decarbonization and climate change have been rising up the agenda for years, it is only in the past 18 months that these issues have moved to the foreground of the industry’s thinking the ULI report notes.

Re-imagined retail. The physical brick-and-mortar retail sector has faced the increasing threat of online competition—even more so since the pandemic. But investors are not shying away from seeking out new opportunities in retail, particularly as they view some falling prices in the sector. As such, retail could be acquired and repositioned either as more usable retail formats or re-envisioned as something completely different, such as residential or urban logistics.

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A list you don’t want to be on — where termites are worse
Watch out in Miami, Los Angeles, and Tampa, Fla.: These places can be hotbeds for termites, according to a nationaltermite treatment company, 2021 Top 50 Termite Cities List. Los Angeles ranks #2, San Francisco #11, San Diego #12.

They report an uptick in termite treatments across the country over the past year. “With people spending more time at home in 2020, termites and termite damage were likely observed more frequently than in previous years,” They further say, “Parallel to this, 2020 held a record-breaking number of storms and hurricanes offering what termites need most in life—moisture.”

The wood-chewing insects have been blamed for causing costly damage to homes.

Property owners should beware that termites like to gravitate to wooden structures, such as porches and decks; firewood leaning against the house; soil that stays damp long-term from leaking faucets or water retention areas near the foundation; and dead trees or other landscaping near the house. Time to check out the ’neighborhood’.

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Cryptocurrency is creeping into real estate…
A major real estate company in Los Angeles is making a long-term bet on the growth of cryptocurrency. The company announced last week that it will start accepting bitcoin as form of a rent payment at its residential and retail properties.
“We believe that cryptocurrency is here to stay,” they said last week at a “Power Lunch” program. “We believe that bitcoin is the right investment for us. We’ve allocated a percentage of what would normally go into the capital markets into bitcoin.”

This Los Angeles based, privately held company is both investing in bitcoin and accepting it as a form of payment. It has partnered with Gemini, a cryptocurrency exchange and custodian. Properties under their brand include outdoor malls, luxury apartments, mixed-use properties, and more.
In a statement, the firm said that it is committed to bringing decentralized retail payment options to its guests through “uncomplicated, efficient, and safe transactions protected by blockchain technology.”
This philosophy reflects the thinking of a growing number of companies that are accepting cryptocurrency as payment, including Tesla, Morgan Stanley, and PayPal, among others.

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Demand for pools, hot tubs is…hot
Blame Covid -19. New in-ground residential pools saw a 21% uptick in 2020 in installation compared to 2019, a spokesperson for the Pool & Hot Tub Alliance, an industry research group stated.

This is historic growth for the industry—the next closest period was in 1983 with 16% growth over a much smaller base according to the Alliance.

Hot tubs are also in demand, with some areas reporting a 400% uptick. Manufacturers are reporting a six-month wait to fulfill hot tub orders. Pool & Hot Tub Alliance members report they’re already contracted out with new orders to fulfill even into 2022.

Since the pandemic, real estate professionals are reporting pools have become a major selling point. Pools also have become one of the most popular keyword searches on real estate listing sites.

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My world and welcome to it…..
It seems with the opening of the world; the real estate market is moving even faster than it has been. I have a new listing of a Canyon home in Bel Air Crest, and due to the timing of having the photographs taken and uploaded, it went on the MLS without the photos. Within 3 hours of it going on the MLS, I have already received three requests for showings! By the time you get this, the photos will be online, and who knows, we may already have an accepted offer! The listing price is $2,525,000 for this lovely 4/3.5 home of approx. 2916 Sq. feet with light everywhere and views!. Please let me know if you know someone who might be interested in seeing it. Don’t think it will last long.

I find myself in the position of once again training a new assistant, Doug, so please say “hello” when you have an opportunity to meet and speak with him. He has 10 years’ experience of selling real estate out of state and will be my mentee while he is being trained in the way of California real estate. I am also enjoying being a mentor to six (6) mentees all in different stages of beginning their real estate careers, one of whom just closed escrow on a 10-unit complex in Santa Monica. And got engaged to be married!

Speaking of the world opening up, have you found that the traffic in our beloved West Los Angeles is pretty much back to what it was pre COVID? They are still in the process of remodeling my office at Coldwell Banker in Brentwood, so until they are finished sometime in June (it was supposed to be last November!) I will continue to be working out of my home office. I must admit that I enjoy not driving as much, but very much enjoy getting out and spending time with friends and look forward to the time when my family will be able to visit here, or I can go there. In the meantime, please DON’T FORGET TO CONTINUIE WEARING THOSE MASKS, GET YOUR VACCINE IF YOU HAVEN’T ALREADY DONE SO, AND PRACTICE SOCIAL DISTTANCING.

Please remember that I am here for you for all of your real estate needs and or questions

carole@caroleschiffer.com – ceschiffer@gmail.com – 310 442-1384

The SchifferLine
Timely Real Estate News…………………….15 March 2021
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Sales catching up as Spring season begins
March did not exactly come in like a lion, but home sales are catching up to last year’s, and that’s good news. With nearly a full year of pandemic-selling conditions, the five communities I report on — Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City and Brentwood — recorded over $548 million in sales through the first two months of 2021, off by just 2% over 2020, or $15 million shy of last year at this time.

Sales volume leaders through the first two months were Brentwood, up $46 million over 2020 at $160 minion and Beverly Hills up $6 million at $199 million through February. Beverly Hills Post Office sales was down $46 million, Bel-Air/Holmby Hills off $18 million and Westwood/Century City just shy of $6 million down.

Santa Monica, an area I also cover, was in the plus range, with $98 million sales through the first two months, up from $94 million in 2020.

There were some large sales in these communities — Beverly Hills had five homes selling for over $10 million, and two of the largest on the Westside in 2021 at $27 million and $36 million. Brentwood had two sales of $10 million and $16 million.

We have traditionally started slow out of the gate in previous years, but now that we’re really in an all-year ’selling mode’. The Spring selling season, which starts in March, will surely tell us what we might expect for the rest of the year. As you will read in the stories below, there is positive news coming with the Covid-19 infections and hospitalizations coming down and vaccinations increasing. Also, please always remember these numbers only reflect sales in the multiple listing service (MLS).

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Median sales prices continue upward push
While sales volumes for the first two months of 2021 were behind those of last year, median sales prices were still moving upward in the communities I report on. Beverly Hills median sales price was up 15% at $7.550 million; BPHO was up 13% at $3.200 million; Bel-Air/Holmby Hills was up 14% at $2.225 million, and Brentwood was up 22% at $3.650 million. Westwood/Century City was down 5% at $2.455 million. Santa Monica showed a strong increase of 32% at $3.437 million through February compared to 2020.

There were some notable improvements in comparing February 2021 to February 2020 — Brentwood, which is off to a fast start, the median sales price is up 34% for February, and Santa Monica is up 32% for the same period. But Bel-Air/Holmby Hills was down 42% for last month compared to February 2020. Both Beverly Hills and BHPO were up 3% for February 2021. As always, with the variance of some large sales each month, these numbers reflect those sale amounts.

So, what is this telling us? Lack of inventory is, of course, driving prices up in our market (as it is everywhere in the country), and this will continue for the balance of the year according to economists. Homeowners are going to be coming ‘out’ more now because they will be able to travel and visit areas where they might want to land next.

As the pandemic resides, real estate experts are pointing to a more robust housing market and increased inventory. But the ones hurting most these days are millennials, the largest home-buying generation in the U.S. today, are challenged with the rising home prices, but so long as we stay near the low mortgage rates we’ve enjoyed this past year, this could be a real plus for everyone.

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Near-record growth predicted for 2021 according to UCLA
The first quarterly UCLA Anderson Forecast of 2021 expects robust growth for the U.S. and California as the COVID-19 pandemic abates.

One year ago, the World Health Organization declared the COVID-19 outbreak a pandemic, and subsequent efforts to stop the spread of the virus led to an unprecedented decline of the U.S economy as non-essential in-person activities came to a halt.

For all of 2020, real GDP fell by 3.5%, the worst annual decline in more than 60 years. But the Anderson Forecast’s December 2020 report offered hope of a strong recovery, dependent on mass vaccinations. With vaccines becoming widely available, the March 2021 forecast now anticipates such a recovery, as well as the establishment of a new post-pandemic norm for the economy.

The Forecast noted for the economy, a waning pandemic combined with fiscal relief means a strong year of growth in 2021 — one of the strongest years of growth in the last 60 years — followed by sustained higher growth rates in 2022 and 2023.

Following the 3.5% decline in real GDP in 2020, the national forecast calls for 6.3% growth in 2021, 4.6% growth in 2022 and 2.7% growth in 2023. These rates of growth are considerably higher than the 2.3% rate the country averaged during the recovery from the Great Recession between 2010 and 2019.

The forecast expects real GDP to surpass its 2019 peak by the end of the second quarter of 2021 and to surpass the trend it was on prior to the pandemic in early 2022.

In its review on the California recovery, the leisure and hospitality sector will be the last to recover because of the depth of the decline in this sector and its reliance on international tourism. UCLA’s lead economist expects the recovery to come earlier in the business, scientific and technical services sector and in the information sector, owing to the demand for new technologies that support how we are working and socializing.

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Federal judge rules eviction ban unconstitutional
What could have serious consequences here in California, a federal judge in Texas ruled that the Centers for Disease Control and Prevention’s eviction moratorium is unconstitutional, a decision that could set legal precedent and have a sweeping effect on housing providers across the country. Under the moratorium, which President Joe Biden has extended through March, housing providers cannot evict tenants who can prove financial hardship due to the COVID-19 pandemic.

U.S. District Judge John Campbell Barker sided with a group of property managers and landlords who brought a lawsuit against the CDC, claiming the agency overstepped its authority by issuing the eviction ban.

“The federal government cannot say that it has ever before invoked its power over interstate commerce to impose a residential eviction moratorium,” Baker wrote in his decision. “The federal government has not claimed such a power at any point during our nation’s history until last year. … Although the COVID-19 pandemic persists, so does the Constitution.”

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Marriage or mortgage…we have an app for that!
Well, it isn’t exactly an app, but there is a new Netflix show that explores the pros/cons of getting married vs. buying a home. Is giving up the chance to make a down payment on a home better than having a dream wedding? These are choices for many couples who have contemplated this issue, well, forever.

Long taken up by columnists and financial planners, the “mortgage vs. wedding” question is now the subject of an entire show on Netflix. Marriage or Mortgage, which debut March 10, follows a real estate agent and a wedding planner in their efforts to win over 10 couples in a choice between an extravagant wedding or a new house.

The shows make every effort to not offend anyone — least of all the bride or her parents — and point out there are “options’, but in these days where home prices are soaring, causing down payments to soar as well, there is a strong argument to focus perhaps more on buying a home now versus spending lavish sums on a wedding.

The ladies point out that for hopeless romantics, a wedding instead of a mortgage is the ‘right’ choice, and the two show hosts point out that perhaps you can do both — scaling back on wedding costs and developing a home-buying/mortgage budget that will work for both parties.
What would you choose or recommend?

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New stimulus relief package to propel U.S. economy
The legislation—following trillions of dollars in federal aid last year and arriving amid rising Covid-19 vaccination rates — prompted economists surveyed by The Wall Street Journal in recent days to boost their average forecast for 2021 economic growth to 5.95%, measured from the fourth quarter of last year to the same period this year.

That was up from their 4.87% projection last month would be the U.S. economy’s fastest since a 7.9% burst in 1983. The analysts also lifted their forecasts for inflation and job growth from last month’s survey.

The new poll found they expected consumer prices would rise 2.48% by December from a year earlier and projected that employers will add an average 514,000 jobs a month over the next four quarters.

President Biden’s Covid-19 bill adds to considerable tailwinds that have already produced a faster-than-expected recovery from last year’s collapse in economic activity amid restrictions to contain the coronavirus.

These include roughly $4 trillion in spending that Congress authorized last year to combat the pandemic, easy-money policies by the Federal Reserve and—most important—an expected reopening of businesses and schools as the population is vaccinated against Covid-19.

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Prospective buyers know what they want…but hurdles ahead
The pandemic dramatically impacted how we view our living spaces — with remote work now fully embraced by millions forced from office buildings, we are taking ’stock’ of what works best for us now. Some wish to have more workspace or a gym or expanding living spaces outdoors.

Buyers are particular about the look and feel of their homes. They’re also looking to stretch out. According to Bank of America’s Homebuyer Insights, 86% of prospective homebuyers wish for more indoor space, and 64% want more space outdoors. Additionally, technology is a must-have with high-speed internet and strong cell service (56%) ranked as important features. Buyers also want proximity to essential businesses (51%) and recreational activities (44%).

Half of millennials, who make up a significant portion of today’s homebuyers, shared that they would make an offer on a home they had only viewed virtually. Moreover, 85% of people believe the way we view homes will be vastly different moving forward. Yes, indeed, the way we now perceive our living spaces has changed — for the better? For many yes, and for others, it’s too early to tell. When the pandemic is winding down and we get back to ’normal’, we will no doubt be living in a ’new normal’.

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Snowmads? Zoombirds? New breed of movers
We’re used to “snowbirds” — those ’northern folks’ who travel down to sunny Southern California starting in October and heading north in April. But the pandemic has created new ‘breeds’ of wanderers to our shores. As remote work grows during the pandemic, so has the flexibility to move more freely.

For some remote workers, that has meant taking their laptops and heading to home rentals along the beach. Some are testing out new spots of the country by booking Airbnb or short-term rentals in warmer destinations during the winter.

The short-term rental site Vrbo reports these “snowmads” are often targeting vacation homes in warmer climates like Arizona, California, and Florida—where long-term stays have been stretching 15 days or more.

This pattern of heading to warmer climates in the winter was once reserved mostly for retirees. Now, it is becoming an alluring possibility for the growing remote workforce who are no longer tethered to an office.

Another term catching on to describe these groups is “Zoombirds.” We’re all too familiar with “Zoom” meetings, which allows any worker anywhere to pop into a work conference no matter where they reside. I, for one, can easily tire of having several Zoom meetings in a day. But that is the way it is today…and who knows how this will end? I think Zoom-ing will be with us for a long time.

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Have you noticed?
With more having received their vaccine, (not near enough, but more is on the way), there are more folks out and about. Crowds and lines for folks just waiting for an available gas pump. People are feeling a little more confident about the direction we are headed in. I hope that they/we are all safe, continue to social distance, wear our masks, and keep us out of another wave of more infections.

Celebrations Coming Up!

St. Patricks’ Day is the 17th of March. It has a great deal of historical and religious significance for many with a large shot of fun thrown in for all with parades, green beer, and “the wearing of the green” for all Irish, even just for the day. Hope you celebrate responsibly and carefully.

The 27th of the month brings Passover. Another time of religious and historical significance. Traditionally families get together to enjoy seders which includes the eating of symbolic foods and prayers. For all of you who celebrate may you have delicious seders and again celebrate responsibly and safely

We are all in the middle of Lent, with Easter and the end of Lent coming up the 5th of April. Ramadan is a way off and runs from the 12t of April to the 12th of May

What is my business world like these days?
First of all, I want to thank those of you who expressed interest in the zoom call I had organized on the issue of Homeowners Insurance. I postponed it as it appeared that there were not a many of you who expressed interest in getting more information on this important issue. If you would like to speak with Robert Feldman who is the person I had made the arrangements with to conduct the call, please let me know and he will speak with you individually.

Coming up in future issues of the Schiffer Line, I will be having “Ask the Expert” articles on various aspects of real estate with the topics ranging from explaining different architectural styles, to what is new and “hot” in home decorating trends, economic and loan trends. If you have a specific topic you would like addressed, please let me know.
carole@caroleschiffer.com or ceschiffer@gmail.com or 310 442-1384

I have some interesting clients in that I will be working with that live and work in various places around the world. They are both purchase and lease clients and live in Mexico, and the Middle East. It will be fun getting to know them better and learn more about their respective cultures!

In the meantime, please do not hesitate to reach out to me for any of your real estate needs or questions. I am just a phone call away.

Stay safe and Happy Celebrations – whatever they might be!

The SchifferLine
Timely Real Estate News…………………….1 March 2021
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Please don’t forget
I am hosting the presentation on the homeowner’s insurance situation on the 10th of March. Please contact me and I will be more than happy to send you the link. ceschiffer@gmail.com

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Southern California prices and sales jumped in January
While home prices were surging around the U.S., prices, and sales they also jumped in Southern California’s six-county region this January.

The six-county region’s median price rose 13% from a year earlier to $599,500 last month, according to data released Monday by data firm DQNews. Sales also increased 13.5%.

The data shows the hot housing market has extended into the new year. January marked the fifth consecutive month in which sales increased by double digits. It was the sixth straight month that saw a double-digit increase in the median price — the point at which half the homes sold for more and half for less.

Real estate agents and other experts say several factors are behind the competitive market during the pandemic. One is that the cost to borrow has plunged, with the average rate on a 30-year fixed mortgage dropping below 3% for the first time ever.

In Los Angeles County, median prices rose 12.6% to $690,000 while sales climbed 14.3%. Orange County media prices rose only 6.7% to $799,000, but sales rose 22%.

Some experts predict home prices will rise less this year than last year, because values can only get so high. Stay tuned!

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Home prices in U.S. skyrocketed in December
Home prices continue to march upward. S&P/Case-Shiller, a national real estate tracking firm, confirmed home prices continued their steady upward trend fueled by inventory shortages and low mortgage rates.

In December, home prices in the U.S. increased by 10.4% year over year to the monthly S&P/Case-Shiller U.S. National Home Price Index, up from 9.5% growth in November. The trend of accelerating prices that began in June 2020 has now reached its seventh month and is also reflected in their 10- and 20-City Composite Index (up 9.8% and 10% respectively).

The market’s strength continues to be broadly based: 18 of the 19 cities for which we have December data rose, and 18 cities gained more in the 12 months ended in December than they had gained in the 12 months ended in November. Historically low inventory all across the country is leading to the kind of fast-paced value appreciation observed for months as buyers try to obtain a limited number of available homes by making higher offers. Phoenix, Seattle, and San Diego saw the greatest increases in home prices at 14.4, 13.6 and 13%%, respectively.

“Persistent buyer demand amid severely undersupplied housing market has undeniably pushed home prices to new highs in 2020,” CoreLogic Deputy Chief Economist Selma Hepp said in a statement last year. “In looking ahead to 2021, pressure on home prices will likely remain strong until either mortgage rates increase or more homes are available for sale,” Hepp stated.

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Home sales could be 20% if they were available
That’s a big “if” — the answer, of course, is that the inventory simply isn’t there. But according to Lawrence Yun, Chief Economist for the National Association of Realtors, home sales could easily be 20% higher if more homes were for sale.

Existing-home sales—completed transactions for single-family homes, townhomes, condos, and co-ops—rose 0.6% in January compared to December 2020 and are up nearly 24% over a year ago, the NAR reported last Friday. All four major regions of the U.S. recorded double-digit annual gains for home sales in January.

“Home sales continued to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” Yun says. Seventy-one % of homes sold in January were on the market for less than a month, according to NAR’s report.

While most of the economy has felt the toll of the lingering COVID-19 pandemic, the housing sector has remained a bright spot, Yun adds. Sales remain high and home prices have continued to rise, adding equity to home sellers.

According to Yun, home sales are continuing to play a part in propping up the economy. With additional stimulus packages likely to pass and several vaccines now available, the housing outlook looks solid for this year. Yun predicts employment to increase, which could spur even more homebuying over the coming months. He predicts existing-home sales to reach at least 6.5 million in 2021.

Some key stats — Home prices jumped 14% over a year ago…Inventory was down, however, by 24%…. First-time buyers comprised 33% of sales in January, up slightly from a year ago when it was 32%.

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44% of Milliennials would buy home from photos only
The ‘virtual real estate world has taken hold as a new study shows 44% of millennials would buy a home now from a photo alone. This just shows how far this generation is willing to go to become homeowners, according to Clever Real Estate, a national real estate research firm.

From crushing student loan debt, stagnant wage growth to booming home prices, there is plenty of obstacles preventing millennials from pursuing homeownership. However, the pandemic and the ensuing dive in interest rates pushed this group to leave the sidelines and make a purchase before rates and prices rise again.

Clever Real Estate’s latest market survey of 1,000 millennials revealed just how committed they are to homeownership, with 30 % of respondents saying “COVID-19 pushed them to begin house hunting earlier than they originally planned.” In addition to upping their homebuying timeline, a majority of millennials were willing to purchase a fixer-upper (71% or could be persuaded to purchase a home sight unseen (80%).

For those willing to make an offer sight unseen, they would need someone to tour the home on their behalf (59%), find a listing at a ‘great price point’ (51%), or find a new build with no previous owners (39%). Respondents also said sellers would need to offer repair credit, perhaps cover the closing costs, or pitch another concession to sweeten the deal (39%). .

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Fed stays the course during pandemic
Jerome H. Powell, the Chair of the Federal Reserve, told lawmakers that the economic rebound from the pandemic recession still had further to go and reiterated that the central bank planned to keep up its growth-stoking policies, which include rock-bottom interest rates and large-scale bond buying.

“The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain,” Powell said in prepared remarks he delivered to the Senate Banking Committee last week.

“Although there has been much progress in the labor market since the spring, millions of Americans remain out of work,” Powell stated

Unemployment has come down sharply after surging last year, but the official job rates remain at nearly double its February 2020 level and probably understates the extent of weakness in the labor market.

Likewise, consumer spending has bounced back but the service sector remains subdued. The Fed slashed interest rates to near-zero last March and is buying about $120 billion in government-backed bonds each month, policies aimed at fueling lending and spending.

Congress and the White House have also provided support in the form of enormous spending packages, and Democrats are now pushing for another $1.9 trillion in relief for workers and businesses.

Some economists have warned that inflation could take off as vaccines allow consumer activity to pick up and as the government pumps money into the economy, but Fed officials have generally played down those concerns. Powell said that inflation dynamics generally do not “change on a dime” and that if unwanted price pressures arise, the Fed has the tools to push back on them.

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Did you miss the Los Angeles Alligator Farm? Probably!
In Los Angeles, eccentric residents aren’t difficult to find. Few stand out as much as “Alligator Joe” Campbell and Francis Earnest, the exceptionally unique Angelenos who ran an alligator farm in the early 20th century.

At the California Alligator Farm, which operated in the Lincoln Heights neighborhood of Los Angeles between 1907 and 1953, visitors forked over a quarter to see more than 1,000 gators of all sizes and ages. The farm had 20 ponds for the trained alligators, and the animals performed daily in front of large crowds.

In a 1910 article, it describes how the alligators were captured, how the eggs were incubated and even how the animals exercised. “With a strong line and a big steel hook baited with pork, it is as easy to catch an alligator as to catch some trout with a minnow,” Inkersley wrote, “but you must know what to do with your alligator when you have caught him.”
Tiny alligators were reportedly sold to park guests, who would also pay to ride them, watch them ride down slides, feed on live chickens and wrestle with people.

Despite signs admonishing visitors not to “throw stones at the alligators, spit on, punch or molest them in any way,” adults and children regularly handled alligators at the farm. Some were even stolen by college pranksters.
Eventually, visitors to the Alligator Farm dwindled, so it was moved to nearby Buena Vista and then to Florida. Though it’s been a half-century since alligators roamed the neighborhoods of Los Angeles, perhaps the unbridled, over-the-top, rules-be-damned spirit of the bizarre park lives on within the city itself.

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Breaking News
After much frustration, I finally got m appointment for my second vaccination. I got caught up in the delay of the shipment of the materials from the east coast because of the horrible snowstorms they had last week. My date is the 25th. I must admit that I have mixed feelings about getting the vaccine: not looking forward to the reaction, but oh so glad to have it be over with.

As some of you may know, both my assistant & I have been working out of my home office since the beginning of August while they remodel the office and rework the space as Coldwell Banker, like so many other businesses understand that the large, beautiful space we have on the top floor of the Union Bank building in Brentwood is being underutilized as more and more agents have been working at home, pre-Covid so they will now be sub leasing a small portion of our space. Sometime in mid-March or so, my assistant Janelle & I will be moving back into the CB space. Once that happens, I will begin the fun chore of replacing the carpet in my house and re-panting the interior. Oh Joy!!!!!

Keeping Busy
I continue to keep busy with buyers, and still looking for more listings. In addition, I have 3 mentees, including my assistant Janelle so training them also keeps me on my toes. Two of the three are gearing their buying prospects towards income property, one in Santa Monica exclusively. I love this as I generally don’t concentrate on income property, and Janelle lives in Westlake Village which is also a little different perspective for me in working more of the San Fernando Valley… …. So, bottom line, the teacher is also the student, and I love learning new things, and also know that this newfound knowledge is great for me with my clients.. If you have any interest in income property or the San Fernando Valley, please do not hesitate to let me know how I can assist you.

Local news update
The two primary battles facing the Westside other than the on-going homeless situation are the proposals for the rapid transit system that would take traffic from the Valley to LAX.

The other day the Los Angeles Times came out with an editorial against one of metro rail formats which is one of the formats being considered. Those studies continue to take place. The other battle is the potential construction of the Berggruen Institute on the last undeveloped acreage in the Santa Monica Mountains immediately adjacent to the Mountaingate community. Both of these programs are on-going studies, and in the case of the Berggruen project is in court and both will probably be going on for the next number of years. If you want more specific information please contact me.. ceschiffer@gmail.com

Please let me know how I can assist you with any and all of your real estate needs. I am here to help you.

As always
Stay safe!

 

The SchifferLine
Timely Real Estate News…………………….15  February 2021
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Save the Date
On Wed the 10th of March at 7:00 pm I will be hosting a Zoom call forum from an expert in Homeowners Insurance.  If you wish to join us and send me your email address so I can send you the link.  There are still a great number of people who are being told their insurance is being cancelled. He can help.  Please send your information to… ceschiffer@gmail.com.

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2021 starts off with mixed results
As we ended 2020, we were seeing a comeback in sales volume (down to 4% from 2019), and sales prices continued their steady climb upward, with four of the five communities I report on averaging a 4% increase in median sales prices over 2019.  But in January — entering our11th month of this global pandemic — we are seeing mixed results in volume and pricing as some areas are strongly up, others down.

Sales volume for January for the five communities I report on — Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City, and Brentwood — was $202 million vs. $305 million, down 33%.  Each of these communities were down, with BHPO off $43 million in sales volume, Brentwood was off by $26 million, Bel-Air/HH down $20 million, Westwood/CC was down $14 million, and Beverly Hills was only off $8 million in sales volume compared to January 2020.   It is a bit surprising as the stock market was zooming upward after the start of the year, but we will no doubt hear more after the first quarter reports.

Malibu, an area I also cover, was up 147% with sales of $47 million vs. $19 million for January 2021.

In January Beverly Hills had three sales over $10 million; BHPO had one sale of $17 million; Brentwood had one sale for $10 million Bel-Air/HH had three sales of $4 million; and Westwood/CC highest sale was $7 million. Please remember the majority of these numbers for sales reflect transactions that have closed escrow thus actually the sale itself took place last year.

Sales volume has started off slow, but as I have seen in so many years in tracking sales on the Westside, sales always get better, and we will see larger volumes as the economy perks up with lifting of economic restrictions due to more of us getting vaccinated.  Let’s hope so!

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Median sales prices are scrambled too
We had two winners for January — Beverly Hills Post Office was up 47%, with a new median sales price of $3.397 million, and Bel-Air/Holmby Hills was 20% ahead of last year at this time with a median sales price of $2.100 million, and Malibu was ahead of 2020 with a median sales price of $2.142 million, an increase of 7%.

High-end sales had a record year (homes selling for $5 million-plus) on the Westside, but Beverly Hills was off 7% from its previous high at $5.212 million for January…Brentwood was down 11% at $3.627 million and Westwood/Century City was down 3% at $2.520 million.

For the most part, sales prices are sticking close to the original selling price — in the mid-90%, with only Beverly Hills Post Office considerably off at 79% of the original listing price.

It goes without saying how our communities are valued and respected around the world today.  2021 is projected by our experts and economists to be a solid year for real estate.  I share their optimism.

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Sales activity remains strong
If you recall in the last Schiffer Line I talked about a house in the Rancho Park area that had just come on the market and on the first day, they had 19 showings!  They ended up with 40 offers, issued counter offers to 9 potential buyers and after 2 weeks of negotiation just opened escrow this past week.  The original listing was $1,595,000 and the final price was just under $2,000,000.

I know that sometimes sellers take the philosophy to underprice their listing to generate this kind of activity, which is not a philosophy I generally take, and I can assure that is not what this particular seller had in mind.  It simply is just a case of a strong property, positioned well, including being properly prices for the comps in the area and ALOT of buyers out there wanting to take advantage of the market and interest rates.

U.S. home prices accelerating in housing boom
A report from the National Association of Realtors show that we are in the strongest housing boom in more than a decade, boosting home values from major metro areas to small cities and vacation spots.

The median sales price for existing homes in each of more than 180 metro areas tracked by the NAR rose in the fourth quarter from a year earlier.

That is the second consecutive quarter that every metro area tracked by NAR posted an annual price increase, marking the first time this milestone has been achieved in back-to-back quarters.

The latest data underscores how the home-price rally, which over the years has played out in distinct pockets such as Idaho or across parts of the Sun Belt, has become much more widespread and continues to gain momentum. In the fourth quarter, 161 metro areas posted double-digit-percentage price increases, up from 115 metro areas with double-digit gains in the third quarter.

Demand for homes has surged in the past year as buyers took advantage of record-low interest rates and the pandemic prompted many households to seek bigger houses that could better accommodate remote work. Home sales in 2020 rose 5.6% to the highest pace since 2006.  Simply put, the NAR said this is a “Race for Space”!!

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Federal Reserve will continue to support U.S. economy
Fed Chairman Jerome Powell indicated last week the Federal Reserve will continue supporting the U.S. economy through low interest rates and hefty asset purchases, stressing the labor market remains stunted by the pandemic.

Powell reiterated his view that “a patiently accommodative monetary-policy stance” will be an important factor in returning the economy to a healthy state in which workers—particularly low-income ones—can find jobs. That means the Fed is likely to refrain from raising interest rates or reducing the pace of its bond purchases for the foreseeable future.

The Fed chief also repeated his call for more fiscal support for the economy, saying that monetary policy alone won’t be enough to restore the labor market to full strength. “It will require a society-wide commitment, with contributions from across government and the private sector,” Powell stated.

The Fed took extraordinary steps last year to stabilize markets and support the economy by pushing short-term interest rates to near zero, launching an array of emergency lending programs and making large-scale purchases of Treasury securities and mortgage bonds. Since June, it has bought at least $120 billion a month, net of redemptions.

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Spouses take money seriously, especially on dates
Money can be a hot topic for couples. A 2020 poll by Personal Capital revealed that 53% of respondents found talking money with their significant other stressful. The same poll found that 35% of respondents have kept secrets about financial decisions to avoid conflict.  The poll also discovered that budgeting for ‘couple events’ — like a date night, can be potentially troublesome — and they recommend developing a budgeting strategy to make each other happy!

Here are some simple ideas you might follow— 1) Make a Date Night First — you need a plan, so pick a date in the future that is ‘free’ where both partners are not frazzled with heavy work day loads.…2)  Consider each other’s feelings and experiences — Since money can sometimes be an issue, pick a ‘date’ that isn’t going to create a hassle by causing the other to feel uncomfortable…like a movie and dinner afterward, or a dinner at your spouse’s favorite restaurant.  In their opinion it is truly is not how much you spend but how you spend it. 3)  You don’t have to it all in one date — You can spread it out.  Their best advice is to ’talk’ about dating and find out what ’they want to do’ — perhaps you can plan a weekend program — half on a Saturday, the rest on Sunday…. visiting a museum one day, picnic in the park the other…be creative.  4)  Make it a priority — If you bring up the date night concept, be prepared to follow through.  Don’t believe the other spouse hasn’t already put this into their memory bank — the worst you can do is not following up.  And 5) Take action — be creative with your budgeting — think outside the ‘date box’ and perhaps go back in time when life was simpler, and yes, less expensive.  The key experts have concluded that dating in a marriage or long-term relationship is about having fun — for both parties.  During these pandemic times, we have less choices and money can be a challenge, too.  Talk, work it out, and have fun!

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Millennials changing luxury real estate market
It was bound to happen:  Tech-savvy and environmentally conscious, millennials’ preferences are poised to dramatically reshape the high-end housing market.  In sharp contrast to the “slacker” stereotype that has defined their generation, millennials aren’t living in parents’ basements. They’re buying multimillion-dollar homes.

At 38%, millennials—adults born from 1981 to 1996—represent the largest share of home buyers in the U.S., according to a survey by the National Association of Realtors.  According to the NAR survey, it is not uncommon for millennials, who would normally be focusing on starter homes in lower-priced markets, are now jumping into multi-million homes in high-priced markets.

Millennials are the most educated generation in history, have higher earnings, and are set to inherit more than any prior generation, according to a May 2020 report by the Brookings Institute.

Characterized by their tech savvy and environmentally conscious values, millennial preferences are poised to dramatically shape the market, a dynamic that has been on display during the Covid-19 pandemic.

Beginning almost immediately after the coronavirus hit, for instance, buyers began to flock to areas that offered walkability, nature, and a well-rounded quality of life — think Aspen, Austin, Montecito.  I am seeing this on the Westside, especially for those millennials in the entertainment and tech industries who are attracted to what we offer in our communities.

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Home equity is on rise in the West
Housing appreciation has grown over the last few months with the surging real estate market. 30%—nearly one in three—of homes with a mortgage in the U.S. are now considered “equity-rich,” according to a new report from ATTOM Data Solutions, a real estate research firm.

A home being equity-rich means that the combined estimated amount of loans secured by the property is 50% or less of the estimated market value. In short, it means homeowners themselves have accumulated at least half of the equity in their homes. This is one of the primary reasons when buyers say they “are waiting for the market to collapse” are wrong.  Because there is so much equity in a number of homes, and this includes condos and townhouses, owners are not likely to walk away from that equity and allow their properties to go into foreclosure.  For the most part, they will sell their properties instead.

Leading the percentage of those homes that are in that category is California, which grew 46.1% in the fourth quarter, compared to 39% in the third quarter.  Of the top 10 Zip codes in the U.S. that have the most equity-rich homes, seven are located in California — Oxnard, Inglewood (2 zip codes), Glendale, Carpinteria, Bloomington, and Santa Maria.

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Do you know the history of the closet?
Closets have been around since Egyptian times when pharaohs built huge pyramids and buried all their ‘stuff’ to serve

them in the next life.  But it wasn’t really until the industrial revolution when homes required storage space or built-in closets, and we soon food and beverages were stored in a separate place — called pantries.

To appeal to wealthy residents, the first closets in the U.S. were introduced at the Dakota apartments in New York in

the late 1800s, which featured closets 2.5 ft deep and 6 ft. wide. But as their utility and benefits became wider known, closets became standard in the housing boom following WW2.  Fast becoming entrenched in housing plans, closets took on new meaning — walk-in closets, sectionalized for shoes, apparel, accessories.  Companies were formed to create or re-do closets.  Architects became more sensitive to ’stuff’.

Armoires, walk-ins, built-ins and storage systems — there are a myriad of ways we store our stuff today.  But closets have achieved new status — what sets them apart and how their design and purpose have evolved brings new meaning to storage.  Buyers today put more emphasis on closet spaces and how they are designed, because we all are now spending more time at home.

Today, we see built-in storage walls, also called storage “systems’ that can consume an entire bedroom-area space.  Entire walls, from floor to ceiling can be outfitted with systems of doors and drawers.

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This & That
First of all, I apologize for my lack of sensitivity in honoring the Lunar New Year.  I hope I did not offend anyone by referring to the celebration as Chinese New Year, when in fact it is a holiday that is celebrating universally by all Asian nationalities.   ENJOY!

For the past number of years, I have served as the Liaison between the Greater Los Angeles Foundation and our parent company in New Jersey.  Effective as of this week, I have the extreme honor of having been asked to be the Liaison for the newly formed Foundation for the entire Southern California Region which encompasses 78 offices and approximately 4000 agents.  This will enable me to interface with more the Coldwell Banker agents though out Orange, San Diego, Riverside Counties as well as the Desert Region and be able to further market my listings as well as find properties for my clients that are interested in purchasing or selling property int those areas.

As we discussed, listing inventory is quite low, and properties that are properly presented which means, well priced, shown in good condition and for the most part staged effectively are selling very quickly.  I am looking forward to working with you in representing your property to assist you in achieving your goals to move.  Please let me know how I can assist you in that regard.

I hope you are successful in making those arrangements for your vaccine.  I am in my quest to obtain my appointment for my second one.

In the meantime, enjoy our beautiful weather and stay safe and wear those double masks.  Hopefully, we are coming down to the home stretch, let’s not blow it and be careless.

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The SchifferLine
Timely Real Estate News…………………….1 February 2021
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Happy Valentine’s Day
This is a ‘happy holiday’ — meant for lovers and friends to send warm, heartfelt greetings to cheer up their world. …we all need to laugh, smile, and feel-good inside. Chocolates and flowers are order of the day. Have a lovely Valentine’s Day…

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U.S. home sales reach highest level since 2006
According to the National Association of Realtors (NAR), existing-home sales rose in December, with home sales in 2020 reaching their highest level since 2006,). Activity in the national major regions was mixed on a month-over-month basis, but each of the four areas recorded double-digit year-over-year growth in December for the U.S.

Total existing-home sales completed transactions that include single-family homes, townhomes including condominiums, and co-ops, increased 0.7% from November to a seasonally adjusted annual rate of 6.76 million in December. Sales in total rose year-over-year, up 22.2% from a year ago (5.53 million in December 2019).

“Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic,” said Lawrence Yun, NAR’s chief economist. “What’s even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market.”

Yun predicts a continuation of the strong activity that’s currently taking place in the housing market and in the overall economy.

The median existing-home price for all housing types in December was $309,800, up 12.9% from December 2019 ($274,500), as prices increased in every region. December’s national price increase marks 106 straight months of year-over-year gains.

Existing-home sales in the West fell 1.4% from the month prior, recording an annual rate of 1,380,000 in December, a 17.9% increase from a year ago. The median price in the West was $467,900, up 14.2% from December 2019. These are national numbers and don’t necessarily reflect our current market conditions on Los Angeles’ Westside. This is good news for the country’s overall housing market.

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Rents are back on the rise….
A new report from CoreLogic shows that national single-family rental prices increased 3.7% year over year in November and are now above the levels before the COVID-19 pandemic started.

“This is in contrast to rents for multifamily properties, which have decreased as tenant preferences shifted away from high-density apartment buildings to low-density, single-family homes,” said Molly Boesel, principal economist at CoreLogic.

Meanwhile, single-family homes for rent are becoming more of a draw due to their extra space. Single-family rental inventories, however, have fallen across price tiers. Lower-priced rentals are seeing some of the most vacancies and rent growth in that area has lagged the most behind other price tiers, CoreLogic said. Here are two pricing areas:

• Higher-middle priced (100% to 125% of the regional median): 4%, up from 2.7% in November 2019
• Higher-priced (125% or more than the regional median): 3.7%, up from 2.5% in November 2019

Employment rates continue to fluctuate across the U.S, with some regions and metros experiencing higher job losses than others. But Core Logic stated that as employment stabilizes rents will, too.

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What is Happening in Our “Neck of the Woods?
There is a house for sale in the Rancho Park area of West Los Angeles that is on the market for approximately $3,000,000 and earlier in the week we had 19 showings! It is going to be interesting to see where the final sales price ends up. The price point between $1,500,000 and $3,500,000 is ON FIRE RIGHT NOW! Who are these buyers? Generally, they are first time buyers taking advantage of the interest rates and the fact that we are seeing the “possible light at the end of the tunnel” as far as COVID-19 is concerned. Come join the party!

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High-end sales on Westside have never been better
It is, indeed, strange to witness a robust housing market during a pandemic, although we have never experienced a pandemic before like we are now. But high-end sales on LA’s beautiful Westside have never been better. According to the latest Coldwell Banker survey of the $5 million-plus market, 2020 was the best year ever.

There were 725 closed sales of $5 million-plus in 2020, versus 560 in 2019, up 30%. Of these, 219 were $10 million-plus versus 162 in 2019, up 35% Sixty-one (61) of these were $20 million-plus versus 43 in 2019, up 42%.
We ended the year slightly down in the $30 million-plus and $40 million-plus sales category. There were 19 closed sales of $30 million-plus in 2020 and 21 closed sales of $30 million-plus in 2019. Of these, eight were $40 million-plus in 2020 and there were 10 closed sales of $40 million-plus in 2019.

Americans were the predominant buyers (89%). Most of the sales were in Beverly Hills (15), Malibu (12), Bel-Air (10). Brentwood (8), and Beverly Hills Post Office (5). Others were in Holmby Hills, Sunset Strip, Pacific Palisades, and Santa Monica.

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Pandemic expanding divide between haves, have-nots.
Homeowners, in particular, have benefited from the pandemic. Homeowners with mortgages gained about $17,000 in equity in just the third quarter of 2020 alone. That is the largest equity gain since 2014, according to data from CoreLogic, a real estate research firm.

“There is robust home price appreciation and that builds wealth for those who own a home,” stated Laurie Goodman, vice president at the Urban Institute. However, a shortage of homes for sale is prompting home prices to rise fast and that is shutting out many buyers. The national median existing-home price in December was $309,800, up nearly 13% compared to a year earlier according to the National Association of Realtors.

“Housing affordability, which had greatly benefited from falling mortgage rates, is now being challenged due to record-high home prices,” says Lawrence Yun, NAR’s chief economist, told CNN. “That could place strain on some potential consumers, particularly first-time buyers.”

The homeownership divide has been growing since the Great Recession in 2007. Between 2007 and 2016, wealth among U.S. households grew increasingly unequal, according to a study from the Mortgage Bankers Association’s Research Institute for Housing America. Real household net worth has improved between 2016 and 2019 due to rising home prices and increases in the stock market but only among a portion of already wealthy households.

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A shot in the arm!
Finally got my first vaccine the other day, and I must tell you that getting that appointment was an exercise in frustration. Those of you who are in the approved categories know what I am referring to. After searching online for a bit to find an appointment, you begin the registration process only to have it all go away while you are in the process of registering and then finding another opening, securing the appointment, and then having it cancelled because they have run out of product. So far, so good no problems.. Hope it stays that way, and soon everyone will be able to their vaccines.

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Happy Chinese New Year — Year of the Ox
Traditionally referred to as the Spring Festival, Chinese New Year marks the beginning of the spring season and end of winter. This year, the first day of Chinese New Year will be Friday, February 12, which will kick off many celebrations throughout Southern California, which has a large Asian community. This is the Year of the Metal Ox, which will end on January 31, 2022.

Food offerings are a prayer or a wish and can be addressed to ancestors and other beings such as the Jade Emperor and The Kitchen God. The offering of food serves to bring ancestors and other beings in the other world closer to oneself. There are many foods to be eaten during the celebration, including long life noodles. Here are some facts about some of the symbolic foods:

Presenting a ‘whole’ chicken with its head, tail and feet symbolizes completeness.
Fresh bean curd / tofu is not included as it is white and unlucky for New Year as the color signifies death and misfortune. Fresh fruits symbolize life and new beginnings.

Sugared fruits are supposed to sweeten one’s upcoming year. Sweets and fruits are served on a round tray, the form resembling togetherness, hence the tray is called the ‘Tray of Togetherness’. Sweets offered on the tray add up to the number 8, because eight is a lucky number and symbolizes fortune. A coin might be hidden in one dumpling, and the person who will find it is supposed to be showered with good fortune and wealth.

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This and that
Please check out my Valentine’s day promotion. For every tag I receive with at least 2 referrals for either a sale or purchase, those individuals’ names will be put into a drawing for a $100 gift certificate from Nordstrom’s. The drawing will be held on the 7th of Feb. Just go to facebook@caroleschifferrealtor.com.

Also, lately I have been doing a few videos that you can find on my YouTube channel. Caroleschiffer@youtube.com.. They are on a number of different subjects including getting emotionally qualified to either buy or sell a house!

With the New Year, there are a number of new regulations mostly pertaining to those of us who live in “high fire zones”. Some of them pertain to the clearance of brush from our properties, the installation of the fire guards for our homes to prevent embers from entering into our homes, (please get in touch with me for some information about the company I used, who did a great job on my home).

Looking forward to watching the Super Bowl next Sunday. It should be an exciting game. Who are you rooting for? I hope your team wins!

In the meantime, I look forward to hearing from you for all of your real estate needs, or just to say “Hello”! 310 471-2007 or carole@caroleschiffer.com

Stay safe, wear that mask, and stay home