SchifferLine LA Real Estate News | Los Angeles Realtor - Carole Schiffer

SchifferLine 15 September 2019

Timely Real Estate News………………………………….. 15 September 2019

Sales up, prices mixed as Fall comes

With a total sales amount of $2.577 billion versus $2.377 billion this time in 2018, an increase of 8%. The sales surge began July 2019 with a big jump in sales volume that had been preceded by six months of stagnant and lagging sales performance in the communities of Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City and Brentwood.

Notable increases came in Beverly Hills, which saw a jump of $200 million in sales volume over this time last year, and Bel-Air/Holmby Hills came in with $190 million more than a year ago. The other areas were either down or had no real change in sales volume — BHPO was down $40 million in total sales compared to 2018, Westwood/Century City was down $20 million, and Brentwood was off $30 million. But we all know; a month doesn’t make a year or a trend. What is good news is the buyers are “out there”, and they’re picking up quality homes at competitive prices.

Median prices were mixed across the board

There were no ‘stars’ this past August — there was little momentum up or down, while volume fluctuated among our five communities. Beverly Hills led the way with a median sales price of $6.200 million, up 3% over August 2018. Beverly Hills Post Office was also in positive territory — 3% ahead of last year at $750 million. The other median sales prices all hovered in the less-than-5% range — Bel-Air/Holmby Hills was down 4% at $2.194 million…Westwood/Century City was down 5% at $2.150, and Brentwood almost broke even, at -01% over last year at $3.175 million.

What does this mean? It simply means that with all of the chaos going on in our economic world of trade wars, stock markets zooming up and then down…we’re seeing a ‘steadiness’ in our real estate markets, with the perennial stars (BH and BHPO) staying above the fray but others are close behind.

On a more sobering note, there were some recent monthly stats that bothered me — Comparing median sales prices for August 2019 to August 2018, we saw Beverly Hills leading the pack with a 33% increase over last year, and Brentwood with a modest 2% increase…the other areas’ median sales prices for August were down – notably BHPO and Bel-Air/Holmby Hills were down 25% and 46% respectively, Westwood/Century City was off 28% compared to a year ago. Palisades was up just 1% in median sales price over August 2018. This isn’t a trend, it’s just one month. I’m predicting we’re heading in a positive direction.

Keep your eye on “year-to-date” median sales prices — because it is the accumulation of sales performance month after month that gives a true picture of pricing trends. Volumes, on the other hand, can zoom up and down as we tend to have large sales occurring in sporadic moments.

Home prices projected to rise 5.4% thru July 2020
If you thought we were leveling off the home-price increase binge we’ve been on these past few years, Core Logic, a San Diego-based real estate data tracking company, said ‘forget it’. Home prices will continue to increase on an annual basis with the CoreLogic Forecast indicating annual price growth will increase by 5.4% by July 2020.
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On a month-over-month basis, the forecast calls for home prices to increase by 0.4% from July 2019 to August 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for

“Although the rise in home prices has slowed over the past several months, we see a reacceleration over the next year to just over 5% on an annualized basis,” said Frank Martell, president and CEO of CoreLogic. “Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.”

Forced out, young adults moving far away
It’s not “Go West, young man” any more…. it’s “go where the money is”. If it isn’t nearby, young adults are heading for areas where the investment climate is more ‘user friendly’.

Millennials who have been priced out of their local housing market are jumping online and searching for investment properties to buy elsewhere a leading observer of real estate trends, reported.

Their study found that millennials see the investment landscape very different than their parents do. They’re jaded by the home buying story, they’ve seen people overpay during the peak and be upside-down (owning more than their home is worth) in their homes, and they see stock market volatility and don’t have an appetite for it. They want something that offers a departure from the rollercoaster ride.

That doesn’t mean they’re shunning homeownership. They believe it’s still lucrative to own, but when they live in an area where it’s harder to achieve, they’re finding

another way to break into ownership. New technologies are making it easier for them to search and find properties that appeal to their budgets now but offer longer-term investment returns than if they looked locally. These younger real estate players are tech savvy, searchers on steroids and willing to break away from the traditional model of buying where they live. The apple is falling farther away from the tree these days.

Extreme wildfire risk with Los Angeles leading the list

According to the 2019 Core Logic Wildfire Risk Report, approximately 776K homes in Southern California are at extreme risk of being damaged. The reconstruction cost value

of repairing those homes has been estimated at $221 billion. Homes within Southern California face the greatest risk, with Los Angeles, Riverside and San Diego metropolitian areas having 42% of their residences at high-to extreme wildfire risk and claim potential.
We all need to be vigilant in making sure that our properties are as safe as they can be by keeping the brush around them clear, obey the no smoking regulations in the area, make sure that others obey them as well, have emergency plans including evacuation if necessary. As most of you know, this is a HOT BUTTON item for me.

Want a loan? FICO plays a key role, and scores are up.
Where did this guy, FICO, come from? FICO is an acronym for Fair Issac Company, which introduced its credit scores in 1989. The scores are a three-digit number meant to help lenders determine how much risk a potential borrower represents. Lenders rely heavily on FICO scores, among other factors, to evaluate the credit worthiness of potential homebuyers.

FICO scores are now at an all-time high. There have been nine consecutive years of increases in the national average FICO Score to bring this year’s average to 706. Average scores had previously bottomed out a decade ago, in October 2009, during the housing and financial crisis. At that time, the average score fell to 686.

A FICO spokesman attributed the new high average scores to “increased consumer awareness around FICO Scores and credit education.” The company also pointed out that consumers have managed to purge from their files negative credit information that they accumulated during the recession, thus boosting their scores.

It is important to remember that with the 3 credit reporting agencies, they all rate the scores differently and that lenders use the score differently depending on what time of loan application.

When buying a home, do you renovate or tear down?
It’s a question we all consider when looking at homes to purchase, (or just fantasying what you might do if you bought that house). For those actually in the purchasing mode, it’s a critical issue that requires a lot of forethought because it gets down to dollars and cents — fix it up or tear it down?

Purchasing a property in need of a lot of work can be a smart investment, or it can quickly turn into a money pit. If an investor decides to go that route, the first decision they will need to make is whether to undergo renovation work to make the property not only livable but enticing, or if the entire home needs to be torn down.

Bobby Montagne, the CEO of Walnut Street Finance, put together some tips outlining crucial points when deciding whether you should tear down the as-is property you just purchased, or try to fix it up.

The most important task you need to do: Set a budget. A couple of small fixes can increase the value of a home and come at a low cost, but a full rebuild can prove much more costly. You should always allocate additional money for overages. “If you’re sure you’ve got enough, that’s great,” Montagne wrote. “But remember – if you run out of money during a rebuild, your partially-built house could turn into a massive money pit.”

Montagne also said that time is a significant factor. If it’s going to be a primary home and you need to move in quickly, you might not have time for a full rebuild, but if it’s an investment property that doesn’t need to be occupied right away, you can take the time.

Buyers should also consider different financing options. If you’re looking for a full rebuild, you can get a construction loan, which can be issued in installments, meaning investors can move through the different phases of a project without worrying about money running out.
There are no easy answers — knowledge of costs is critical in the decision process…and having experts help you gather ideas and costs to go with them are essential.

Ms. Monopoly is here…it’s their game now
Being someone who loves Real Estate. I was thrilled to learn that Hasbro, the toy maker of Monopoly has come up with a new version – Ms. Monopoly!
What is this all about? It’s a new game and new take on the classic Monopoly game that will now celebrate female trailblazers. After all, Monopoly was invented by a woman over a century ago! True story. The modernized reboot of its iconic money-making board game meant to celebrate female trailblazers and create a world where women make more money than men. There is a new mascot on the game’s cover, too: the brunet Ms. Monopoly, niece of the dapper, top-hat-wearing Mr. Monopoly (also known as Rich Uncle Penny Bags). Alas, she does not sport a monocle, but she does wear some pretty mean M-shaped earrings. Glad they caught up with this century!

Speaking of real estate, please do not forget my lovely lease listing on 2370 Brookshire Lane, a 4/3.5 home with an elevator and pool as well as my lease listing at 2367 Weybridge. It is 5/6.5 bath with a lovely garden & has been recently remodeled. I am also looking for some off-market Canyon homes. I have two well qualified buyers who have seen everything currently on the market. For more information, please contact me at 310 442-1384 or carole@caroleschiffer.com

One last thing – September 16th is the celebration for Mexican independence – El Grito (the shout). Perhaps you might have enjoyed a celebration or two.

Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com www.caroleschiffer.com
CalBRE 00677619
©2019 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC

SchifferLine 1 September 2019

The Schiffer Line 1 September 2019

Timely Real Estate News………………………………….. 1 September 2019

Good news for SoCal sales, prices
Real estate sales hit its stride this summer. Lower interest rates, softening prices and more inventory pushed median prices up 1.9%. In a reprieve for Southern California’s sluggish housing market, home sales rose in July from a year earlier. It was the first sales increase in 12 months.

The six-county median price — the point at which half the homes sold for more and half for less data last Wednesday, attributed a 3.7% sales gain to a variety of factors, including falling mortgage rates, moderating prices and a rise in inventory.

Also, there was one additional business day last month compared to July 2018. Accounting for the difference could yield a small drop in sales, but over the last year, monthly sales had been falling by an average of 10% each month. “The flattening of price growth and lower some,” said CoreLogic analyst Andrew LePage.

When tracked across the six-county region, price gains were modest compared with years earlier, when homes flew off the market after aggressive bidding wars and the median price consistently rose by mid to high-single digits.

Economists have blamed the lack of affordability for drastically slowing the housing market toward the end of last year and causing the region’s median home price to fall slightly in March from a year earlier — the first decline since 2012. Now, few economists expected a huge decline, citing a relatively healthy economy and a lack of home building.

More good news — Mortgage rates move steadily down
As a result of the increased inventory and softening of prices, mortgage rates have since come down steadily, which real estate agents say has helped increase demand and firm up prices. The average rate on a 30-year fixed mortgage was 3.55% recently, down from a recent high of 4.94% in November, according to Freddie Mac. Depending on the amount of the loan, the drop would save approximately $352 on a monthly mortgage payment for a $540,000 house.

The interest rate drop helped lead to an increase in the number of L.A. County households that could afford a home, even though most remain locked out. In the second quarter, the percentage of people who could afford a median-priced home stood at 29%, up from 26% a year earlier.

When broken down by county, the market was mixed in July. In Los Angeles County, the median price posted the largest gain since November, while in Orange County the median still fell compared with a year earlier: 1) In Los Angeles County, the median rose 5% to $635,000, and sales were flat. 2) In Orange County, the median fell 0.8% to $729,000, and sales dropped 1.7%. 3) In Riverside County, the median rose 2.9% to $395,000, and sales climbed 8.6%, and in 4) San Bernardino County, the median rose 4.6% to $340,000, and sales climbed 3.3%.

This is great news — combined with the increase in sales volume locally for the five communities I report on — Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City and Brentwood. Sales were up 10% through the first seven months of 2019. We are looking for a strong Fall selling period.

Homes selling above list price returns to past levels
Another positive sign in the real estate industry is that the share of homes selling at or above list price has returned to levels comparable with the early 2000s, according to CoreLogic, a San Diego-based real estate data firm. As I have mentioned in the past, I track sales in a number of different categories every day, and while the numbers of closed escrows at asking price or over is lower, there still are a fair amount in that category. The properties that are selling at asking or over the asking price is not for the most part in the high-end price range.

Annual home price growth began to slow in the third quarter of 2018. As such, the share of home buyers able to negotiate a better price began to rise. In the second quarter of 2018, the share of homes selling at or above list price peaked at 43% of total sales, which is nearly triple the level during the housing crisis in January 2008.

As of June 2019, the share of homes that were sold at or above list price dropped to 39.2%. That is still 10 % higher than the average since 2000, CoreLogic researchers note.

San Francisco had the highest share of homes that sold above list price. 83 % of homes there in June sold for at least the list price. Seattle and Minneapolis followed at 74% and 62%, respectively. On the other hand, of the 20 metros tracked, Miami had the lowest share at 19% of homes selling at or above the list price in June.

Not-so-good on the high end
While we’re seeing a stronger performance for the broader real estate market across Southern California and in the nation, we continue to see a lag in high-end sales on the Los Angeles West Side. We consider the price of $5,000,000 to be the high end here on the West Side, but it varies in other parts of the city, such as the San Fernando Valley where the barrier is a little lower. For the West Side, there have been 339 closed sales of $5 million-plus homes this year, compared to 402 a year ago, a 16% drop. Of these, 90 were in the $10 million-plus vs. 111 homes in this category last year, down 19%.

Twenty-four (24) were $20 million-plus this year, vs. 33 in 2018 by this time last year or a drop of 24%. In this range, 13 were sales of $30 million-plus in 2018 vs. 12 so far in 2019. There are 6 homes of $40 million-plus last year vs.5 this year.

There are 50 pending sales of $5 million-plus as of the end of August, and notably two are in the $40 million plus range.

The buyers are mostly American, followed by Saudis, Chinese, Qatar, English, and Bulgarian. Most of the sales were in Beverly Hills and Bel-Air.

If you’re buying a home, cash is no longer king
Just a few years ago, more than a third of home buyers didn’t blink at throwing down cold hard cash to make their purchases. But the share of all-cash home buyers has trended down since 2014, and the decline has accelerated in recent months. In June, just 16% of home buyers paid in cash, down from 23% in February, according to the National Association of Realtors.

The rest bought their new homes the old-fashioned way – by taking out a mortgage. Applications for home loans jumped 9.5% last month from a year earlier, according to the Mortgage Bankers Association. The shift can be traced to several factors, including a less competitive, more buyer-friendly market and tumbling mortgage rates.

The trend could be good news for a sluggish housing market in which existing home sales fell 4.2% the first half of the year compared with the same period in 2018, according to NAR figures.

Staging your home helps it sell faster, higher price
As prospective buyers view your home, a question they will undoubtedly be asking themselves is, “Can I see myself living here?” As the seller, your job is to make their answer a definitive yes! Use visual cues and consider the following points, to guarantee your staged home is attracting potential buyers in all the right ways.

Here are some easy-to-understand tips on getting your home ready to sell: #1 Depersonalize your space…stow away all personal items, photos so buyers can easily plant themselves in your space; #2 De-clutter — clean it all up and make your space simple and without all of the clutter, the space will look larger: #3 Paint one wall a different color — go with a trendy, but neutral color, that brings some zest to the visual. #4 Get rid of pet orders. #5 Let in the light — open up the blinds, curtains. #6 Dress up the bed and bath — invest in duvets, pillows, and throws…. #7 Add natural harmony — fresh flowers, in-door plants well placed (there is a lot of discussion today about the popularity of the Fig tree as an interior plant). #8 Add light with pillows — every woman loves pillows and they can lighten up a room with bright colors. And #9 Create vignettes — create attractive and inviting place settings where prospective buyers can easily place themselves into the scene.

All sales are emotional…it’s not just about price. Appeal to the emotions of your prospective buyers. After all, you’re in ’show business’!!

Is recycling really working?
It is shocking to see how many things we think are being recycled that end up in landfills. The recycling market has changed and the waste that has been collected and sold to other countries is no longer happening. You can see some pretty gross photos of it just floating in the water! Moreover, people are tossing garbage into those blue bins that they shouldn’t be.

“People are engaged in wish recycling,” says Mark Oldfield, public affairs director at Cal Recycle, which runs the state’s recycling program. “They think: ‘This should be recycled. I’m going to put it in the bin “. It’s amazing what people put in recycling bins,” Oldfield continues. “Dirty diapers. Broken crockery. Old garden hoses. Some of the worst offences are old batteries. Recyclers these days don’t want items with mixed material such as paper and plastic, or cardboard and tape. It doesn’t pay to tear the stuff apart. Off to the landfill. Moreover, what used to be California’s — and the world’s — largest overseas market for recyclables recently shut its door.

What doesn’t go in the Blue bin: ovenware, ceramic pottery, cups, dishes, plastic wrap, plastic motor oil bottles, frozen food boxes, micro food boxes, books, anything with gummed or blue bindings, paper towels, napkins, paper plates,, pet food bags, scrap metal, light bulbs, styrofoam or aluminum foil boxes, sticky notes, and disposable diapers, and anything with food particles on it. These all go into the black bin (trash).

What does go in the Blue bin: All cardboard boxes and chipboard, all refrigerated, shelf-stable, aseptic packaging, all clean dry paper, all plastics, all glass bottles and jars, all aluminum, tin, metal, and bi-metal cans.

Also, as a reminder, don’t forget the SAFE recycle centers around the city for your electric and hazardous waste. I go to the one at UCLA on regular basis. It is so very easy; you just drive up and they take it all out of your car. The center is located at 550 Charles E Young Dr. West and is open Thursday – Saturday, but only take E waste on Sat.

“Summertime and the Living is Easy” – With Labor Day this week end, and school back in session, Summer is winding down. The year is going by so very quickly. For us hard working stiffs, we are in the office every day, but I say that it has been quiet and there haven’t been a ton of people in the office. I am looking forward to a full compliment of my associates coming back to work next week. As a reminder, my lease listings in Bel Air Crest are still available, 2370 Brookshire, 4/3.5 pool, elevator den, and downstairs bonus room for $12,750, and a lovely custom home that can be seen before it comes on the market officially with 5/4.5 pool, some recent remodeling, and behind its own gate, $23,500 furnished, and $22,500 furnished. Please give me a call to see them. Both owners are most anxious to lease these lovely homes.

On another note, it appears that the possibility of some type of development of the Berggruen Institute may be gearing up. Currently there is not a lot of public information being released, but I am working to find out as much as I can and will share it with you when I know it is established fact and not just gossip which is what we are dealing with currently. If you want any information on any of this, please do not hesitate to contact me at 310 442-1384 or carole@caroleschiffer.com. Please let me know how I can assist you with all of your real estate needs.

SchifferLine 15 August 2019

Timely Real Estate News………………………………….. 15 August 2019

Sales surge in July…. back in positive territory
It was good news to see that July single-family home sales surged more than 10% compared to a year ago. Sales for the five communities I report on had total sales of $2.311 billion compared of $2.093 billion in 2018. That’s a nice bump considering that we have been in negative territory for over 18 months.

Word writing text Higher Sales. Business concept for The average sold products and services of a company has grown Open notebook page markers clothespin holding paper heart wooden background.

Sales for Beverly Hills was plus $164 million for July compared to July 2018 and Bel-Air/Holmby Hills was $165 million to the good. Brentwood turned positive with $10 million over 2018, but the others were down. Beverly Hills Post Office was off $106 million, Westwood/Century City was down $24 million and Venice was down $70 million compared to last year

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Median Sales Prices — a Wow month for BH
Again, Beverly Hills is the leader in median sales prices for July 2019 — having reached $8,599 million MSP for July 2019, a 52% jump over June 2019. Brentwood was another MSP winner, growing by more than 77% over June for July with an MSP of $5.007 million. BHPO was up just 2% for July. The other communities I report on were down — Bel-Air/Holmby Hills was down 46%, Westwood/Century City was off 4%, Venice was off 5% from June. As always, I must remind you that one or two high number sales skew the numbers.

What we are seeing is a resurgence in the area’s most popular cosmopolitan community — Beverly Hills. It’s always on the high-end buyer’s radar because of its attractiveness in residential neighborhoods, shopping, and dining. But as I have said so many times, the median sales prices are like roller coaster with home prices and sales volumes very volatile, especially in these economic times.

It is interesting to note that the median sales prices for all these communities stayed within the range of a minus 5% to a plus 2% on year-to-date performance…meaning, we’re continuing to hold our prices steady but are surging in sales volume in some of our communities. There is a ‘drag effect’ on the nearby communities to Beverly Hills, always the leader in sales and pricing — so their ‘water lifts all boats’ so to speak.

California affordability dips in second quarter
Affordability is dipping everywhere it seems, so it’s no surprise that California is experiencing this challenge. Thirty percent of California households could afford to purchase the $608,660 median-priced home in the second quarter of 2019, down from 32% in first-quarter 2019 but up from 26% a year ago. according to the California Association of Realtors.

Home Mortgage Affordability, A gray house, brown card and calcul

A minimum annual income of $122,960 was needed to make monthly payments of $3,070, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 4.17% interest rate. 40% of home buyers were able to purchase the $475,000 median-priced condo or townhome. An annual income of $95,960 was required to make a monthly payment of $2,400.

Higher home prices negated the lowest interest rates in more than a year and reduced Californians’ ability to afford a home purchase in the second quarter of 2019,
Affordability remains the biggest challenge for us in California which is faced with an influx of new residents and not enough housing — including the shortage of multi-dwelling housing. And compounding the affordability issue is that builders and developers are pulling back on their plans for 2020, meaning that new housing will continue to be lacking throughout California and the rest of the nation.

Most metro areas saw price gains

BANGKOK, THAILAND - December 14 2019: Heavy traffic in front of Central World. Central World is one of the most jammed traffic congestion in Bangkok metro city Price gains occurred in most metro areas in the U.S. under marginal inventory growth in the second quarter of 2019, according to the National Association of Realtors. Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas showing sales price gains. That is up from the 86% share in the first quarter of 2019. The national median existing single-family home price in the second quarter was $279,600, up 4.3% from the second quarter of 2018 ($268,000).
The metro areas where single-family median home prices declined included the high-cost areas of San Jose-Sunnyvale-Santa Clara, Calif., (-5.3%), San Francisco-Oakland-Hayward, Calif., (-1.9%) and Urban Honolulu, Hawaii (-1.2%). Ten metro areas experienced double-digit increases, including the moderate-cost metro areas of Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo.; Burlington-South Burlington, Vt. and Atlantic City-Hammonton, N.J. Lawrence Yun, NAR’s chief economist, said home builders must bring more homes to the market. “New home construction is greatly needed; however, home construction fell in the first half of the year,” he said. “This leads to continuing tight inventory conditions, especially at more affordable price points. Home prices are mildly reaccelerating as a result.”

Ninety-three out of 178 metro markets under study have price growth of 5% or better. “Housing unaffordability will hinder sales irrespective of the local job market conditions,” Yun said. “This is evident in the very expensive markets as home prices are either topping off or slightly falling.”

The five most expensive housing markets in the second quarter were the San Jose-Sunnyvale-Santa Clara, Calif., metro area, where the median existing single-family price was $1,330,000; San Francisco-Oakland-Hayward, Calif., $1,050,000; Anaheim-Santa Ana-Irvine, Calif., $835,000; Urban Honolulu, Hawaii $785,500; and San Diego-Carlsbad, Calif., $655,000.

Consumers put more faith in real estate than stocks
According to a nationwide survey by Bankrate, real estate has surpassed stocks as Americans’ favorite long-term investment. In the survey, 33% of 1,000 respondents named real estate as their favorite investment for building wealth that they don’t need access to for a decade or more. That is the best that real estate has performed on Bankrate’s annual survey in the last seven years. In 2018, stocks were the most popular investment.

businessman is watching bull and bear , concept of stock market Millennials, at 36%, were the most likely age group to call real estate their top long-term investment choice. Other generations also favored real estate, including generation X (31%), baby boomers (30%), and the silent generation (23%). “Millennials who are higher on real estate than any other age group, have cooled a bit on cash, and still aren’t keen on the stock market when investing for more than ten years,” says Greg McBride, Bankrate’s chief financial analyst.

Well, of course, we have seen these up/down trends since I have been in real estate for over 30 years. One only has to look at home prices and inventory shortages to understand the real estate dynamics — property values are climbing every year.

It pays to be near a Trader Joe’s….home values increase
Where’s the power of a brand? Well, one thing is sure, being located near a Trader Joe’s has advantages. If you’ve ever had to drive 10 miles just to get some groceries, you’ll know just how much of a difference a supermarket can make in your day-to-day life.

Living in a food desert, or an area that has only quick-stop conveniences stores rather than supermarkets with fresh fruit and vegetables, is synonymous with more health problems, lower quality of life and, naturally, lower home values.

Brand

In a study by Attom Data Solutions, released last week, confirmed what many may have already felt intuitively. Homes within a close range of popular food stores such as Trader Joe’s and Whole Foods have high home value rates and investment returns.

On average, a home within close range of a Trader Joe’s is worth $608,305. Homes near a Whole Foods. Trader Joe’s is a Southern California tradition — having been founded in Pasadena in 1958. Bottom line, even though we Angeleno’s are tied to our cars, we all prefer to live near important services such as schools, dry cleaners, gas stations and markets. One of the questions I am asked almost every time I am showing property in either Bel Air Crest or Mountaingate… “where to you shop?”

We are lucky, we basically are in the middle of markets, in either Westwood or Sherman Oaks.

New FHA loan policies will help alleviate affordability
The Department of Housing and Urban Development finalized new Federal Housing Administration condominium loan policies. The changes should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country.

FHA Mortgage Shows Federal Housing Administration 3d Illustratio

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

June condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units. The figure represents a decline of 3.3% from May and a 6.5% drop from the same time last year. With more than 8.7 million condo units nationwide, only 17,792 FHA condo loans have been originated in the past year

Competition for starter homes heating up
There are 19 million millennials renting, many of whom want to purchase homes. But market trends and emerging businesses and tools are hampering their dream of owning a home today. Many prospective first-time buyers cannot find a home that they can afford, or, even worse, overpay for their first homes, thanks to the legions of investors in single-family rentals (SFRs), whose cash offers often beat out bids from other buyers. Competition with investors is one of the reasons these 19 million millennials who want to buy a home and have the income to do so are still renting.

It is hard to fault a seller for preferring a cash offer over one backed by a mortgage, especially one from a first-time buyer who has yet to be approved. More than one out of four applications for purchase mortgages fail to close each month.

21160845 - new homeowners pushing a cart with a house Still, many investors don’t pay all cash and rely on mortgage financing, which allows them to leverage the size of their cash investment, just like homeowners. About one in five purchases by small investors finance one-third or more of their investments. “Small investors” are defined by researchers at the Federal Reserve as those who purchase between three to 10 properties.

Investors are less sensitive to rising prices than home buyers, and rents for single family homes are rising as fast or faster than home prices. And getting a mortgage for a single family home as an investor is easier than ever before. So, the cards, in many ways, are stacked against the first-time home buyer “out there” on their own.

Rising sea level could be devastating to our State
It is an alarming study — researchers say damage by the end of this century could be far more devastating than the worst earthquakes and wildfires in state history. In the most exhaustive study ever done on sea level rise in California, a team of U.S. Geological Survey scientists concluded that even a modest amount of sea level rise — often dismissed as a creeping, slow-moving disaster — could overwhelm communities when a storm hits at the same time.

View of melting down glacier due to global warming

The study combines sea level rise and storms for the first time, as well as wave action, cliff erosion, beach loss and other coastal threats across California. These factors have been studied extensively but rarely together in the same model.

The results are sobering. More than half a million Californians and $150 billion in property are at risk of flooding along the coast by 2100 — equivalent to 6% of the state’s GDP, the study found, and on par with Hurricane Katrina and some of the world’s costliest disasters. The number of people exposed is three times greater than previous models that considered only sea level rise.

And at a time when marshes are drowning, cliffs eroding, beaches disappearing and severe storms likely to become more frequent, scientists say even a small shift in sea level rise could launch a new range of extremes that Californians would have to confront every single year. And do not forget the recent cliff collapse where three lost their lives in San Diego two weeks ago.

How are the “dog days of summer” affecting me?
Honestly, it has been a rough two weeks or so. You might have noticed that the last

I love summer. Vector illustration of traditional summer vacatio

Schiffer Line came out a little late last time, and it will again this time as well. I have prided myself on getting it out on the 1st and 15th of each month but unfortunately we had some challenges in the office that couldn’t be overcome, but we’re back on track now.

I am looking forward to a robust rest of the year. I know we all look at the ups and downs of the stock market, but as indicated in the article in this issue with all of us putting more “stock – pun intended” in real estate than in the stock market, we will ride out all of these uncertainties, so if I can assist you with any of your real estate needs, please let me know. Call me – Carole Schiffer at 310 442-1384.
Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com www.caroleschiffer.com
CalBRE 00677619
©2019 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC

SchifferLine 1 August 2019

Timely Real Estate News………………………………….. 1 August 2019

It’s Hot, hot, hot… summer’s here and so is fire season

We can easily check our phones to tell us exactly how hot it is, by the hour, by location, and we’re seeing August roll in with 90+ degrees every day. What that means — fire season is here. It never left. As the LA Fire Department warns everyone, it’s a 12-month season.

Even though we have somewhat recovered from the drought (we had a great snowpack this winter in the Sierra), the lush, dry-brush landscape is just perfect fuel for fires, and they will come (we just had one in the Sepulveda Basin on the 30th – it was set off by propane cannisters). Remember last November, the Woolsey Fire — straddling the LA and Ventura County lines, it consumed over 97,000 acres as it marched from Thousand Oaks to Malibu. That fire cost 3 lives and 1500+ structures destroyed.

In my interview with Robert Feldman, one of California’s top fire and earthquake insurance professionals, he urges you to review your policies for both potential disasters. Remember, most home owner policies with a wrap-around do NOT cover smoke damage. And Feldman noted there are many options beyond what California plans that offer fire or earthquake insurance that can give you the coverage you need.

One more thing — make sure you have your Emergency Preparedness kits for home, office, and automobile.

$236 billion worth of homes at risk from wildfires

According to the latest survey there are $236 billion worth of homes at risk of wildfire damage. Riverside is where the most homes are at a high risk of being damaged by wildfires, the study shows. An estimated 477,039 homes worth approximately $268 billion are at high risk — or a very high risk — of being damaged by wildfires. Riverside has more than $40 billion worth of homes at least at high risk, based on data pulled of “at-risk” homes flagged by the U.S. Forest Service. Sacramento is the metro with the second-highest number of homes at high risk, with slightly less than 55,000.

Affordability is a drag on housing

This is no surprise as I have been focusing on critical housing shortages in California for the last decade where affordability has become a red-hot issue across all parts of our state. According to CoreLogic, the San Diego-based real estate tracking firm, there are just a lot of folks priced out of the market an analyst says, leading to a sales decline in Southern California as home prices rose only 1.2% in June from a year earlier, while sales fell 8.8%, reflecting a broad slowdown in the region’s pricey housing market.

The six-county region’s median price — the point at which half the homes sold for more and half for less — clocked in at $541,250 last month,
Economists have blamed the lack of affordability for drastically slowing the housing market toward the end of last year and causing the region’s median home price to fall slightly in March from a year earlier — the first decline since 2012.

“Affordability has gotten to the point where there are just a lot of folks priced out,” said Jordan Levine, an economist with the California Assn. of Realtors. As I have also pointed out, buyers are becoming pickier and more sophisticated in their purchasing decisions. Frankly, they’re smarter and much more discriminating.

Mortgage interest rates have steadily declined this year, however, what I have seen is that we have been able to draw some people back into the market. This last week, the average rate on a 30-year fixed mortgage was 3.75%, down from 4.94% in November, according to Freddie Mac. For a $500,000 mortgage, the change would lower a borrower’s monthly payment by $280.

Carole Schiffer named in top 500 for Colldwell Banker in U.S.

NRT (Coldwell Banker’s parent company) CEO & President, M. Ryan Gorman recognized Carole Schiffer for her outstanding performance in the fourth quarter 2018 for being one of the company’s top performers, placing in the top 500 agents out of 47,000 who work for NRT’s retail residential brokerage. NRT is the nation’s largest residential real estate firms. Carole offices at NRT’s Coldwell Banker’s Brentwood office on San Vicente, one of the company’s most successful brokerages in the U.S. Thank you all again for helping me get there! I really appreciate it.

Carole’s achievement is one of many she has received from NRT over the years, as she specializes in gated communities as well in properties in Bel-Air, Brentwood, Westwood and Century City, Santa Monica, Venice and Marina del Ray. Carole is a native of Los Angeles, graduating from UCLA with a BS in business, and receiving her MBA from UCLA’s Anderson School of Business. She has been a resident of Bel Air Crest since 1992 and has served in a variety of leadership posts. At Coldwell Banker’s Brentwood office Carole has served as a mentor for nearly 20 years and currently is a board member of the company’s non-profit foundation, Coldwell Banker Residential Community Foundation.

As expected, Fed cuts interest rate

Fed Chairman Jerome Powell announced Wednesday the Federal Reserve would cut interest rates from 2.5% to 2.25%, a modest cut. Economists have been expecting this for months, and Powell indicated further cuts could be on the way. It’s the first cut in rates since 2008.

What impact will this have on the economy and in particular, real estate? Economists don’t agree on its impact — some believe the small cut will have little impact since the real estate industry had already anticipated the cut and had already lowered mortgage rates. Most corporations haven’t had trouble getting credit or loans, and lowering borrowing costs probably won’t boost car sales, which have already peaked after years of strong pent-up demand.

So, what’s the beef? Some economists feel that the lowering of the rates now will give the Fed little room to manage its firepower if and when a real downturn comes, but it could also add fuel to stocks and other assets that are already a very high level.

As for as our local real estate business — the lower rate cut really doesn’t impact sales today as our mortgage rates are still low and attractive to buyers who are in the market. Most economists feel the impact will be felt for those with short term car loans, home equity loans, etc.

Rising home vacancies are a hidden part of inventory crisis

It’s not only the inability to find affordable housing, another reason may be that buyers can’t even find a house. Most of the focus over the housing crisis has centered on a shortage of homes for sale. But housing analysts and a new report from the National League of Cities are raising the issue that vacant and abandoned homes nationwide remain part of our housing crisis.
In some smaller cities and rural areas, vacancy rates have pushed upwards to 20% of the housing stock. Abandoned homes can sit for years and become a real drain on the local government according to Kim Hart, managing editor at Axios.
Cities hit hardest by housing vacancies are in the ‘rust belt and Northeast. In California, the Governor is actively pushing cities and developers to do more to alleviate the housing crisis.
Cities are exploring how best to tackle the blight. For example, some lawmakers plan to demolish many of the abandoned homes to clear the lots and make them more attractive to developers to add affordable housing. Some of these are homes that ended up in the foreclosure debacle and are still sitting there, — empty.
But demolition of a deteriorated home isn’t always the most feasible path financially. experts say it costs about $10,000 to demolish a single-family home—calling that estimate on the conservative side. And some cities are exploring other ideas such as taking possession of an abandoned or near-abandoned property and work with nonprofits to rehabilitate the homes for first-time buyers.

Buyers flocking to gated communities

New US Census data shows that homes in homeowner’s associations are taking up a larger share of new construction and new sales than ever before. According to new data from the U.S. Census Bureau, there were 840,000 single-family homes completed in 2018. Of those homes, 64% or about 535,000, were part of an HOA. That compares to only 306,000 new, single-family homes that weren’t part of HOAs. Please remember this report is national. Unfortunately, we do not have the land available to build more gated communities in West Los Angeles. That is what makes the homes in our local gated communities all the more valuable.
Census data on the number of homes sold is even more lopsided: Americans bought 472,000 newly constructed HOA homes in 2018, but only 145,000 without HOAs. As a long-time resident of one of the largest gated communities on the Westside — Bel Air Crest — I can attest to the popularity of these private communities.

As a specialist in gated communities on Los Angeles’s Westside, I can attest to the rapidly growing interest in these projects because of the many advantages they have over traditional residential neighborhoods. Privacy and security are the primary reasons buyers are flocking to these gated projects, and also one of the major benefits is that an HOA-managed community can better maintain the roads, parks, common areas, and even the homes themselves.

Real estate developers also point out that is gated communities are great for the local government in the longer run because homeowners in HOA communities pay property taxes, but the local government doesn’t have to provide all the same sort of benefits.

Bathroom economics — it pays to upgrade

One of the rooms in a house that everyone looks at when they are considering making a purchase are the bathrooms It is where buyers increasingly are making key decisions on whether to purchase the home. It’s not just a matter of tubs, sinks, faucets, and tile — it’s the little things that can make a different. It is very personal.

Here are four effective ways to help elevate a bathroom’s look…

#1 A “luxe” shower head — Let’s face it, everyone loves a great shower and there are a number of deluxe shower heads available on today’s market — an abundance of choices…it also helps to raise the shower head. It can be done for very little cost.

#2 Clean the tile grout. Grout has the potential to make a bathroom look cleaner. Just make sure the grout blends with your tile.

#3 Towel racks. If you’re not on a budget, install heated racks, but for sure, make sure the racks are properly placed next to the shower and are if possible large enough for two towels.

#4 Sink Faucets. A personal choice always that comes in many different shapes and sizes. According to one-bathroom designer, the key is to find one that ‘basically makes a statement’ in your bathroom. Have plenty of room around the faucets…. it’s easier to clean and manage.

Back to School Month

Did you know that August is back to school month and has been since the 1960’s? I remember when I was going to school, traditionally it started in the fall, and ended in late spring. It was always still hot, particularly as the majority of the class rooms did not have AC. The reason for this was to allow the children of farmers in our agricultural society to help with planting and harvesting. Today, with families now living in urban and suburban areas, those needs have changed. With the change is school schedules, families that typically had taken their vacations in August, are now doing so in July, which has an impact in a lot of areas including the real estate market. I remember how much fun it was to to shop for all of those new school clothes and school supplies including the new lunch box/kit and back pack!

What is going on with me?

We just leased the house on Folkstone to a lovely new tenant who will be moving in with her two young children in mid Sept. The fabulous home on Brookshire is still available for lease, but with the owner being gone now, I am not showing it until they return, and my other lease in Bel Air Crest on Weybridge for $23,500 is still being re-financed and until that process is finished, which be in the next few days. I can only show it as a “pocket listing”, so if you know of anyone who wants to lease a GREAT home in Bel Air Crest, preferably furnished, please let me know. At the moment, I am working with about 6 – 7 buyers, all of whom are looking for that “special” house in Bel Air Crest, Brentwood, and Santa Monica. With one of those clients we looked at a house the other day that had amazing ocean views, but was up a narrow and windy road and was basically on the edge of a cliff (certainly not my cup of tea, nor that of my client either). It is always fun for me to explore other areas.

I hope you keep cool in this hot weather, and please let me know how I can assist you in this “hot” real estate market. I look forward to seeing you soon.

Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com
CalBRE 00677619
©2019 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC

Schifferline 15 July 2019

Timely Real Estate News………………………………….. 15 July 2019

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Behind enemy lines…but we’re overcoming…

It seems we’ve been fighting from behind since early 2018 when we ended last year 9% behind our total sales volume for 2017. It only got worse as we moved into 2019 with sales volumes down by as much as 25% through April for the five communities whose information I share with you.

However, since April, we have made our way back in sales across the board — and as of June, 2019, we’re only 2% behind for the year compared to a year ago at this time. That’s good news. Sales

volume for Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City and Brentwood was $1.726 billion vs. $1.775 billion last year at this time. Beverly Hills was up by $95 million over last year, and Brentwood was up $4 million, but BHPO was down over $100 million in sales volume for June, Bel-Air/Holmby Hills was down $24 million, and Westwood/Century City was down $31 million.

One of the other westside areas I work in is Malibu, which saw sales volume down substantially by over $152 million from $257 million, a 57% drop. No doubt the impact of the Woolsey Fire played a major role in their on-going recovery from this disastrous fire. More than 96,000 acres were consumed in that terrible fire which straddled LA County’s northern border with Ventura County.

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Median sales prices sound like a broken record….

The only trend emerging from June statistics — it’s just more of the same…flat, inertia. Our marquee market, Beverly Hills, came in with the almost the same median sales prices as 2018 of $6.235 million, just barely 1% behind. Its neighbor, Beverly Hills Post Office, was 5% ahead of last year, but the other communities were down — Bel-Air/Holmby Hills was down 5%, Westwood/Century was down 10%, and Brentwood was down 2%. Malibu was also down…by 9%.
In looking deeper at the MLS stats for last month, Beverly Hills had five homes over $10 million, the highest on Rodeo Drive at $19.5 million. Bel-Air/Holmby Hills had two over $15 million, with the highest at $31 million. Brentwood had a sale of $22.7 million.

Overall, median sales prices tend to be firming up — which is a good thing, and prices are holding their own for the most part as the range of matching the final sales price to the original listing price is in the mid-90% range, which means, sellers are getting more realistic about pricing their homes more competitively. And why not? We have buyers who have become much more discerning and sophisticated in their home purchases, and through their own research methods combined with a knowledgeable agent, there are transactions being made.

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Pending Home sales increased in May
This is good news….as always, pending homes sales is a key indicator of future sales volume and closings in the marketplace. Pending home sales increased in May, a positive variation from the minor sales dip seen the previous month, according to the National Association of Realtors. Three of the four major regions saw growth in contract activity, with the West experiencing a slight sales decline.

The Pending Home Sales Index is based on contract signings, climbed 1.1% to 105.4 in May, up from 104.3 in April. Year-over-year contract signings declined 0.7%, marking the 17th straight month of annual decreases.

Lawrence Yun, National Association of Realtors’ chief economist, said lower-than-usual mortgage rates have led to the increase in pending sales for May. “Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in these rates.

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LA Home prices have never been higher
That is good news if you’re a seller, not so much if you’re a buyer. According to real estate tracker CoreLogic, LA’s median sale price climbed to $615,000 in May, tying an all-time high.

Still, the growth of home values has slowed since last year, when price records fell in every month of the summer. May’s median sale price was just 1.7% higher than it was 12 months earlier. At that time—May 2018—prices were more than 8% above where they were the year before.
Across all of Southern California, the median sale price grew just 0.2% in the last year. CoreLogic analyst Andrew LePage suggests the slower rate of price growth may have a lot to do with the fact that home values are entering uncharted territory. “The flattening out of home price growth reflects the erosion of buyer affordability after years of rising home prices and last year’s run-up in mortgage rates,” he writes in a monthly report.

Many buyers according to CoreLogic may be waiting for a drop in prices before purchasing; others may simply be priced out of the market. But it is clear that prices are not receding to the point where the market in West Los Angeles is for the most part willing to accept more first-time buyers with limited budgets. Affordability is the issue, and that is true throughout Southern California, not just in LA County.

In a review with CoreLogic and a panel of experts, home prices may come down slightly, but “don’t expect a steep decline. It won’t happen.” California is feeling the full force of a booming economy with an unemployment rate clocked at a record low of 4.2%.

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Supersized mortgages are “in”
Borrowers are not shying away from “supersized” mortgages according to a recent report from the Mortgage Bankers Association. They found it easier to access credit in June, but it was jumbo mortgage credit that saw some of the highest growth. Jumbo loans—mortgages with higher debt—are on the rise and were easier to get in June than any other

month in the past eight years.

Jumbo mortgage credit rose for the sixth straight month, rising to its highest level since 2011, when the MBA’s survey began.

A jumbo loan is a type of financing designed to finance luxury properties and homes that exceeds the limits set by the Federal Housing Finance Agency. The values vary by state. As of 2019, the limit for a jumbo mortgage was set at $484,350 for most of the country, and up to $726,525 in counties with higher home values.

Mortgage rates for jumbo loans have remained low, which may be adding to their appeal.

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Fed to cut interest rates?
Chairman Powell thinks so. Federal Reserve Chairman Jerome Powell signaled to Congress last week that the central bank is prepared to cut interest rates as soon as this month despite an improved employment picture and less incendiary trade battle with China.

Testifying before the House Financial Services Committee, Powell noted that in June, Fed policymakers believed the case for lower rates had strengthened amid the trade tensions, a slowing global economy and muted inflation.

“Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook,” Powell said in his prepared testimony.

He later added, “We see the economy as being in a good place, and we’re committed to using our tools to keep it there.”

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Earthquake Insurance — a whole lot of shakin’ going on
It’s never dull in Southern California. Yes, Mister Earthquake, we’ve been expecting you…we now have a major statement, albeit 100 miles north of Los Angles. But big, shaken’ statements they were…like 6.4 and 7.1 on the Richter scale. If you were driving, sleeping or even taking a shower, you probably didn’t even feel them. But I did in Coronado. It was very faint, but I felt it none the less. I also felt the one this past Friday morning at home in LA. My sister tells me that they had 3 last week in Vancouver, BC Canada which might have also been part of the one in Seattle.

I’ve been getting a lot of questions about earthquake insurance, and no, your homeowners insurance policy doesn’t cover specific damage caused by an earthquake. I shared with you the keen insights of disaster insurance guru, Robert Feldman, about the challenges of getting the right coverage for fire and smoke damage insurance. Now, it’s time for his views on Earthquake Insurance.

* There is a lot of insurance coverage out there — private companies and the state-issued California Earthquake Authority insurance, which Feldman feels is not as good in terms of price and coverage. Private firms offer more-than-adequate coverage but you have to be careful in comparing coverages and price. It can get complicated.

* Of the four major companies that Feldman represents, only three are still offering earthquake coverage after the latest round of quakes. “One company has put a moratorium on providing this insurance for the whole state. But the other three offer solid coverage and fair prices.”

* Ideally, you should always have what is known as a Combined Single Limit policy that covers all categories. This is the standard for the best coverage, and Feldman says that many homeowners fall into the trap of not accepting the full coverage because they want to save a few bucks.” like $50 to $100 that could drastically affect their total coverage. You have to look at the coverage and not the price!”

Feldman notes that the recent California fires and earthquakes have awakened homeowners and businesses up and down the state that they need to review their coverage for fire and earthquakes because they could strike anywhere, anytime.

If you would like more information, please contact me…Carole Schiffer, 310-442-1384. Or visit my website — www.caroleschiffer.com.

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Thank Kate Sessions for the beautiful Jacaranda trees
There is nothing really more inspiring than to drive under a canopy of blooming jacaranda trees, their vibrant purple flowers forming a tunnel of pure beauty that puts a smile on your face. You can’t help but feel pleasure to experience these magnificent creatures of Mother Nature.

Well, we can thank a pioneering horticulturist, Kate Sessions, for making the jacarandas so popular and making over our natural environment in Southern California. Born in 1857, Kate was one of the first females to graduate from the University of California Berkley in 1881. She moved to San Diego where she eventually found a way to feed her passion for plants by leasing 32 acres across from the city of San Diego in 1892, where she focused on planting trees in the adjacent city land, which by now was the genesis of Balboa Park.

She single-handedly transformed much of San Diego with her horticultural work, and as word of San Diego’s transformation into a colorful and lush environment quickly spread up the coast, her popularity and success with exotic plants expanded. She demonstrated that these new plants and trees could flourish here in Southern California. She quickly made such species as the Jacarandas, with their beautiful blossoms in a distinctive purple color, an easy sell. Jacarandas were planted extensively in Los Angeles and Santa Barbara in the 1920s and 1930s.

Sessions died in 1942, and she is the only woman in San Diego that has a statue dedicated to her achievements, now displayed in Balboa Park.

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Carole’s Business`
I want to personally thank all of you for helping me be part of the prestigious top 1000 Sales Associates, and the top half of that of all of the
50,000 Coldwell Banker agents nationally. I could not have done it with you!!!!!

We are experiencing a little of the summer doldrums with families on holiday. I am still getting a lot of activity on my lease at 11812 Folkstone Lane, which is listed for $10,000 a month. Unfortunately, we have not been able to reach an agreement with any of the prospective tenants but we will keep trying.
The house on Brookshire is temporarily off the market while the owner is out of the country. I have a new lease listing coming on the market in the next few days. It is a lovely Custom home in Bel Air Crest, approximately 7285, sq. feet, according to the county assessor, 7/7.5 lovely yard & garden with pool & spa. We will be asking $23,500 furnished, and $22,500 unfurnished. Please let me know if are interested in seeing it as I can show it anytime.

If you have the chance, please call my office at 310 442-1384 and introduce yourself to my new assistant, Angela. I know she is looking forward to getting to know all of you.

In the meantime, please stay safe with the fire season and current swath of earthquakes and let me know how I might assist you with any and all of your real estate needs.