Timely Real Estate News……………………………..15 March 2019
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The numbers can be painful – but we need to understand them.
Was it too good to last? Sellers managed to elevate themselves to such a level that their high prices — combined with a lack of inventory — had accomplished one thing: Sales are off by 19.7% through the first two months of 2019 compared to a year ago. Total sales volume through February 28 was $737 million vs. $465 million in 2018.

One can’t blame the lack of sales on just sellers’ enthusiasm — other factors like rising mortgage rates and terrible weather contributed to a slow-down in the market. Still, the drop in sales volume by nearly 20% for the first two months of 2019 reflects — perhaps — a shift from a sellers’ to a buyers’ market. Time will tell.

Notable sales drops were seen in Bel-Air/Holmby Hills, where sales through February were down $51 million compared to a year ago. Both Beverly Hills Post Office and Westwood/Century City were each off by $21 million in total sales for the year, and Brentwood was down only $7 million through the first two months. Two other cities I cover include Venice, which was down $10 million in total sales compared to a year ago, and Playa Vista, which was up $4 million.

What is happening when digging deeper into the data from the MLS, many homes are actually selling closer — or at — the asking price, and many are even over. I’m seeing this through the communities I cover each month — and compared to the overall data provided by the MLS, the always-important number to watch is “sales price compared to original listing price”, and it’s rising again, with most areas in the mid-90% range compared to the mid-80% just last month.

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Median Sales Prices have ‘hits’, ‘misses’
There is no crystal ball in predicting how median sales prices are going to turn out each month…I’ve learned my lesson. With a ’touchy’ market with rising mortgage rates, tight inventory, and some high prices in most neighborhoods, I’m seeing some wild fluctuations, especially in Beverly Hills which saw a record median sales price for January of $11.837 million, but it, too, has moderated with the MSP now at a realistic $7.400 million compared to $7.224 million a year ago, for a 13% increase. BHPO was up 2% to $2.607 million…Bel-Air/Holmby Hills was down a rather surprising 58% to $1.544 million, but this February figure is, I believe, an anomaly, and it will jump back as we enter Spring. Part of the anomaly is the fact that in Feb 2018 – there were three large sales, $5,050,000, $7,075,000 and $18,000 were as in Feb of 2019 there was only one sale for $3,250,000 in the multiple listing service (I do not use the information from any private sales in these reports).

Brentwood was up 1% to $2.900 million and Westwood/Century City was down 18% to $1.863 million median sales price (in Westwood in2019 there really were no sales of major consequence in terms of price vs. three healthy sales in February 2018). Venice didn’t move the needle in February compared to last year, as it was at $1.999 million, just $100,000 ahead of February 2018, and Playa del Rey was down 3% to $1.645 million.

While I don’t have a crystal ball, my extensive research of individual sales records these past few weeks show a growing strength in our pricing methods: Sales are closing much nearer to the asking price — across the board. Sellers, I feel, are becoming much more realistic and sensitive to the real estate market and trends. Yes, we have a strong economy now, but we all realize that our view of the economy starts in our home and in our workplace. As a responsible agent, I must tell you of the need for both agents and sellers to change their perspective in setting prices. For a very long time, we have been using the sold properties as the comparables for setting our listing prices, today we need to use the prices of the active listings, and take into consideration the length of time the property has been on the market. If a property has been sitting for a while with no price change you do not want to follow that pattern in setting your listing price. The goal is to get the property sold as quickly as possible at a fair and reasonable price that works for everyone involved. One point I am always making to my seller clients is that unless the transaction is all cash, the buyer has a partner in the purchase of the house and that is the bank, and generally they have a larger stake in the property than a buyer has with the buyer owning the 20% down and the bank the remaining 80% , and believe it or not, banks really don’t want to own property. They are going to look very hard at the appraisals for the loans they are making and if it doesn’t appraise then the loan is not made and everyone is back to square one.

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We’re dumping good water in the ocean
In February, California received a whopping 18 trillion gallons of rain but much of it went ‘down the drain’ heading for the Pacific Ocean. What has become a source of much concern, however, in a state prone to droughts and water shortages, the vast majority of rainwater in urban areas flows into storm drains and it eventually ends up in the ocean. Bottom-line: We haven’t figured out how to save this water.

According to Mark Gold, associate vice chancellor for environment and sustainability at UCLA, “when you look at the Los Angeles River being between 50% and 70% full during a storm, you realize that more water is running down the river into the ocean than what Los Angeles would use in close to a year. It’s such a waste.”

For Southern California, this is shaping up to be the wettest winter in years — serving as a reminder of how much water is wasted when the skies open up. We have already exceeded our average seasonal rainfall of 14.70 inches — we’re at 23.09 inches through mid-March. That’s 54% ahead of the 2017-2018 season.
Local agencies and the Corps of Engineers are working on capturing more of the runoff, but it’s a complex and expensive task. For sure, “March came in like a lion…” The storms have significantly boosted the snowpack in the Sierra, which is a major source of California’s water. As the snow melts, it’s collected in a series of rivers, dams and reservoirs and sent to farms and cities. Experts are working on putting water back into underground aquifers. But it’s a long, expensive process.

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Most homeowners planning renovations for 2019
Notice all the work-a-bees parked on your street lately? Well, they’re part of the “renovation crews” fixing up your neighbors’ homes. More than 73% of homeowners say they plan to renovate this year, up 26% from a year ago, according to a national survey. Homeowners plan to spend more on projects, too—an average of about $9,000. That marks the highest amount since the survey began in 2014, and it’s 32% more than last year.

The most popular remodeling projects include outdoor space (41%), the bathroom (37%), and the kitchen (31%). Survey respondents say that if money wasn’t a factor, they would remodel their kitchen (42%), followed by replacing carpet with other flooring (41%), and then remodeling the bathroom (39%), according to the survey.

Homeowners appear to be more focused on creating a space they love than increasing the value of their home. Twenty-seven % of respondents say that personalization was their number one motivator for investing in a home renovation, followed by increasing the value of their home (14%), improving a home for resale (7%), and preparing for a major life event (4%), such as a new baby or retirement. Caution: Financial stress comes along with the renovation ordeal and can hinder the process. This usually results from improper budgeting and not finding well-qualified contractors whom you can rely on. Check references. Get realistic budgets and plan for contingencies.

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New FEMA flood insurance could cost more
Federal officials are struggling with how to reform the federal flood insurance program, which is already deeply in debt. Federal officials are reportedly exploring a new flood insurance reform plan that would rely more heavily on data, potentially offering homeowners more transparency about the risks they face while also driving up rates in some areas.

We have already seen in Los Angeles County mudslides and flooding as a result of the recent Woolsey Fire in Malibu, Topanga Canyon, and Ventura County. Over the years, we’ve seen most parts of Los Angeles County experiencing costly floods and mudslides…so it’s a real issue for homeowners.
The proposed plan would use data, referred to as “commercial catastrophe models,” to more accurately calculate the actual risk that homes face from flooding. That would contrast with the current system, which uses more generalized data and can thus lead to people in very different parts of flood plains paying the same amount for insurance.

Under the proposed new system, however, someone living in a higher risk area would pay more while people in lower risk areas would pay less. FEMA spokesperson David Maurstad said that the agency is transforming its flood insurance program “to better reflect industry best practices and to improve the policyholder experience.”

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It’s elementary” — Sellers homes must ’sparkle’
Selling a home can be stressful —escaping while you home is open houses for a few hours, constantly fixing up the outside and inside, and still trying to keep your sanity through the selling experience. There is plenty of advice to go around when putting your home on the market. Here’s mine…. I just want to share with you some very simple, handy hints that will insure your home “sparkles” for those very important prospects….

1) Make sure you dust and floors are swept — Sweep and clean all the hard-surfaced floors, and if needed, use a cleaning towel or sponge to clean up spots. Make sure the baseboards and TV sets are wiped clean. 2) Make sure the countertops sparkle — remove the clutter, wipe clean and store small appliances, knick-knacks and odds/ends; 3) Beds should be made and pillows fluffed — Can you bounce a dime off your bed? Have new, fresh bed spreads and pillows, — so that your bedrooms look inviting. Make sure you remove the trash and pet supplies.
4) Vacuum the carpets — nothing looks better than recently vacuumed carpets…you are ready for them!” 5) Let the sunshine in — open up the window shades and blinds, shutters… and why not put in fresh flowers in the living or dining room? Make sure your windows are clean. And finally, 6) Put all the dirty dishes and pots/pans in the dish washer and no dirty clothes.

Buying a home, as you well know, is an emotional decision. Appeal to the best senses of buyers by showing them what a great home you have. Sparkle!

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A ‘growing’ home trend — Garden kitchens
Here is a ‘perky’ idea — put Mother Nature into your kitchen. Living plants are appearing on the back or tops of kitchen islands. They’re also appearing as wall shelving, which include grow lights to keep them thriving even when tucked away onto shelves. In one extreme example of the trend, a dwarf citrus tree was growing in the middle of a kitchen island made by Italy’s Aran Cucine. It included its own irrigation system.

For those who want to keep their plants more contained, they can opt for an under-counter appliance that will grow, light, and water the plants for them. Manufacturers of one such product–the Urban Cultivator—say they’ve been selling most units in coastal markets and high-end communities.
According to Forbes, “plants in the kitchen can provide seasonings for food and fresh ingredients for salads, soups, entrees, and sides, and plants can also create a welcoming atmosphere for residents and guests alike.”

It’s not just the kitchen that is seeing more plants. Plants are entering more master bathrooms to evoke an indoor-outdoor spa and appearing in more living spaces.
The plant movement is gaining attention thanks to studies that increasingly show the benefits of having houseplants, which have been linked to purifying the air, boosting your mood, and even lowering the risk of illness. Homeowners are adding edible plants in the kitchen to use while cooking. That’s a fun idea.

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My Real Estate World
Generally, am not one to pat myself on the back, but I must say that I am once again proud and honored to be part of the top 6% of the sales agents for Coldwell Banker country -wide for 2018. I was also recently awarded for my participation in the referrals for our excellent mortgage affiliate, Guaranteed Rate Affinity. I am constantly amazed at the breath and variety of programs they have for all of our clients. So, THANK YOU TO ALL OF MY CLIENTS FOR THE HONOR AND JOY OF REPRESENTING YOU AND I LOOK FORWARD TO MORE OF THE SAME AND KEEP THOSE REFERRALS COMING IN.

I have had the listing for this lovely condo in Westwood for a few weeks. It feels like a home and we have had a very favorable strong reaction to it, so much so that it appears we have it sold with a short 2 week escrow, to a young family that is purchasing it for their in laws to be near their new born grandchild. It has been on the market for just a few weeks, and we actually thought we had it sold last week, but the buyer changed their mind at the 11th hour. I am in the process of listing a warm, gracious home on lower Roscomare in the Bel Air. It sits on a very large lot (33,793 square feet) that currently services as a fruit orchard and garden. The house is almost $3,000 sq. feet and has been remodeled. Please look for the photos, etc. on my web site in the coming week. In the meantime, please remember that I have two leases available in Bel Air Crest, and another one coming up soon in Westwood Hills. I am here to serve and assist you with any and all of your real estate needs. Please let me know how I can be of help.

Happy “Wearing of the Green”

Wearing of the Green on St. Patrick’s Day?
Like many of us, wearing green on St. Patrick’s Day is a long-held tradition. Not wearing green can get you into trouble — which says that if you don’t display green somewhere, you’re likely to get pinched!

There’s plenty of green to go around for this annual March 17th event – Americans spend nearly $5 billion to celebrate St. Patrick’s Day, which is Sunday this year. That may seem like a lot of green, but it doesn’t compare to the green spent on Valentine’s Day (think “red”), which generates over $21 billion for that non-holiday. July 4th, a national holiday, garners only $6.9 billion in spending.

We Americans celebrate St. Patrick’s Day with parades, green beer, and corn beef/cabbage and Shephard’s pie.

All I can say — Wear the Green and enjoy St. Patrick’s Day!

Timely Real Estate News…………………………………..1 March 2019
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Home sales drop for third month….
We are seeing sales slipping behind last year’s numbers – not surprising to us on the Westside as sales volume has taken a downward turn. According to the National Association of Realtors, existing-home sales experienced a minor drop for the third consecutive month in January. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity last month.

Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.2% from December to a seasonally adjusted annual rate of 4.94 million in January. Sales are now down .085% from a year ago (5.40 million in January 2018).

Lawrence Yun, NAR’s chief economist, stated home sales were the lowest since November 2015. But nationally, median home prices (including all types) was up 2.8%. Please be aware prices are not dipping, just the sales volume. In fact, as I have mentioned in the past, I check the “hot sheet” from the multiple listing every day, and as a study for just one day, of the seven (7) homes that had closed escrow that on were on the report for that day, four (4) of them sold at either the asking price (without a previous reduction in price) or over asking.

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It’s catching — sales dip in California, too
Housing demand in California remained subdued for the ninth consecutive month in January as economic and market uncertainties sent home sales to their lowest level since April 2008, according to the California Association of Realtors.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 357,730 units in January, according to information collected by C.A.R. from more than 90 local realtor associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

January’s sales figure was down 3.9% from the revised 372,260 level in December and down 12.6% from home sales in January 2018 of 409,520. January marked the ninth consecutive month of decline and the sixth month in a row that sales were below 400,000, dipping to the lowest level since April 2008.

As always, I will be reviewing sales and pricing conditions for the communities I cover each month in The SchifferLine — Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City, and Brentwood. See my next SchifferLine on March 15.

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High-end sales feeling it, too…
We are behind in our high-end sales on the Westside, which follows the trends set last year. Sales in the $5 million-plus category are lagging compared to January 2017 — there have been 39 closed sales of $5 million-plus this year versus 52 in 2018, a drop of 25%.

The numbers are better for $10 million-plus homes, as there have been 15 closed sales versus 16 in this range last year. Of these, five were $20 million-plus compared to four this time a year ago. And of these, there was only one sale of $30 million-plus, which occurred in both 2018 and 2019. Buyers for the $20 million-plus homes were three Americans, one British and one unidentified. Three of the sales for these five homes were located Bel-Air, one in Sunset Strip, and one in Beverly Hills.

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Economists make predictions…again
This is what economists do — make predictions. One thing we do know, they’re not always unanimous in looking at the future. However, more than three-quarters of business economists expect the United States to enter a recession by the end of 2021, though a majority still estimate the Federal Reserve will keep raising interest rates this year.
Ten % believe a recession will begin this year, 42% project one next year, and 25% expect a contraction starting in 2021, according to a semiannual National Assn. for Business Economics survey released last week. The rest of the poll of nearly 300 members conducted from Jan. 30 to Feb. 8 expect a recession later than 2021 or expressed no opinion.

The projections come ahead of the Commerce Department’s release this week of the advance reading for fourth-quarter gross domestic product, which was delayed by the partial shutdown of the U.S. government. Economists surveyed by Bloomberg projected that growth cooled to a 2.5% annualized rate in the final months of 2018 from 3.4% in the third quarter. Thirty-six %t of the survey panel said the existing tariffs, if they remain in place, could further drag the economy down. We’ll see what happens with the current China-U.S. trade talks — the market seems to think there is positive news forthcoming.

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Broken heart drives Millennials home again.
Student loan debt and rising housing costs in the last few years have been cited as the chief reasons why many young adults are continuing to move back in with their parents. But a new Homes.com study suggests the real trigger may be a broken heart.

Since the Great Recession, which thwarted many millennials’ plans to move out on their own, an improving labor market has not done much to lure these young adults out of their parents’ houses. Why are they staying? In a recent survey of 500 “boomerang” millennials, 33% of 26- to 30-year-olds who moved back home cited a divorce or breakup as the primary reason for returning to their parents’ nest. Thirty-seven % of 31- to 35-year-olds and 2% of 36- to 40-year-olds say the same, the survey shows.

For millennials, a combination of a breakup and unstable finances may be sending them back home. Couples who live together may help each other financially by splitting housing costs. But after a breakup, the costs may be too much for one person to carry. Also, young adults may be moving back home for emotional support to help them recover post-breakup. “Home is a safe place a lot of times,” Grant Simmons, vice president of Homes.com stated, “perhaps it’s just a safe place to get your act together and start fresh.” Recent studies show that parents are eager to see their kids move out and gain home ownership.

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Desert puts on a ‘blooming’ show
Don’t let the cold weather fool you — the desert is going to put on a spectacular show…and it’s starting now. Despite the recent string of cold weeks that might slow down the wildflower bloom in Southern California, it won’t be enough to halt it.

The recent rain mix with the predicted sun and high temperatures in the coming week will give the wildflowers the extra boost they need for a full bloom this season, recently said Toni Alexander, a retired Anza-Borrego Desert State Park volunteer naturalist. “The sun next week will give the flowers a chance to come to full bloom,” Alexander said. “But also keep in mind that not all wildflowers bloom at the same time.”

During the last week of February and early March, wildflower hunters will be able to find flowers along the north side of San Diego County Highway S-22, between mile markers 30 and 35, and the end of Di Giorgio Road in Borrego Springs. According to Alexander, the best thing to do is take a drive in this beautiful desert and head towards Borrego Springs. “But what people have to do, to really experience the wildflowers, is get down on their hands and knees and smell them because they are glorious.”

Throughout the city of Borrego Springs, and at the state park, information booths will be set up to let people know where to find the biggest blooms. Currently purple verbena, dune primrose, brown-eyed primrose, popcorn flowers, desert dandelions and desert lilies are in bloom.

Caution: If you’re thinking of seeing the spectacular wildflowers in the desert, make sure you know your way around, arrive early, and be prepared for traffic. Most estimate the numbers of visitors to the Anza-Borrego region between 250,000 and 500,000, overloading roads and services. According the local research center, they’re better prepared this year. Enjoy our deserts! You might even encounter some snow!

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Baby It’s Cold & Wet Outside
Atmospheric rivers…what we face in future
We just learned that February was the coldest month in over 60 years for Los Angeles County, an achievement we all experienced as we hustled in and out of cars and into offices and homes. We even had snow flurries in Malibu, Pasadena, and Monrovia. I love wearing my hats, gloves and scarfs!

The snowpack in the Sierra is already 111% of normal for this time of year, and we have already surpassed our average rain fall in Los Angeles County, and its still winter.

So, what is fueling this change in weather? If you’re not already familiar with this term — “atmospheric rivers” — you will be hearing more about them. Atmospheric rivers are long, narrow bands of water vapor that are pushed across the Pacific Ocean by gusty winds. When strong enough, they can account for a disproportionate amount of the annual precipitation — between 30% and 40% — on the West Coast, according to experts. In 2016, a series of intense atmospheric rivers helped ease California’s epic drought by producing record rain and snow in Northern California.

There have already been predictions of mega storms that could have disastrous effects on Southern California, with some scientists starting that a mega storm could provoke monstrous damage to Southern California. Scientists call it California’s “other big one,” and they say it could cause three times as much damage as a major earthquake ripping along the San Andreas fault.

We are already preparing for these mega storms as the U.S. Army Corps of Engineers are working to make our flood control channels and dams (Hansen, Whittier Narrows) ready for these 90-year storms. Let’s hope we do not experience one of these mega storms…we’ve had enough cold and wet weather for a while. One other interesting fact to take note of, we are not out of the woods as pertains to the drought that we have been experienced for the last few years, particularly as a most of the rain water from our recent storms went directly into the ocean according to a recent article in the Los Angeles Times.

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So, Carole how is business?
Generally, business is good. Thank you. I have a wonderful new listing of an elegant condo in the Westwood Ambassador building in Westwood, and we are having a great response. It is a first-floor corner unit that is very light and bright with large open rooms, and the prevailing comments are “It feels just like a home!” We are asking $1,050,000 and it is very easy to see. So, if you know anyone interested in making a life style change of any kind, please let me know and I will be more than happy to show it to you and them. There are a few listings coming up in Bel Air Crest, Mountaingate and Westwood Hills, but there is always room for more business.

Curious to know what the house next door is selling for? Do you just want to keep track of what’s going on in your neighborhood? Then my free app is exactly what you need to give you up to the second real estate news?

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

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Beverly Hills achieves record median sales…
Beverly Hills lived up to its reputation as one of the strongest luxury residential markets in the U.S. — and in the world — with its January median sales price of $11.837 million according to the MLS.  The reason for these number is because there were 4 very large sales (closed escrows) that look place January ($16,350,000, $16,700,000, $13,275,000 and $10,400),000. These kinds of numbers will obviously skew any stat and have to be taken into consideration when one looks at the median sales.  There were six homes sold last month in Beverly Hills.

Beverly Hills has consistently outpaced the rest of Los Angeles’s famous Westside in home prices, but zoomed past what it did a year ago of $7.6 million, a 54% increase.  This was accomplished with total sales of $62.5 million for January compared to just $48.4 million in 2018.

However, the rest of the communities I cover each month in The SchifferLine — Beverly Hills Post Office, Bel-Air/Holmby Hills, Westwood/Century City and Brentwood — did not fare as well.  Median sales prices in BHPO were down 18% to $$1.849 million….Bel-Air/Holmby Hills was down 17% to $1.910 million….Westwood/Century City was down 17% to $1.803 million…and Brentwood was also down 18% to $2.500 million.  Malibu — also one of the communities I serve in my real estate practice — was up 48% for its median sales prices to $3.900 million for January compared to a year ago. Please remember that most likely all of these sales (not closed escrows) took place the late part of 2018, and in talking to other agents, they all reported their business was soft in both November and December, in part due to the stock market, the partial closing of the federal government and the increase in interest rates.

Sales volume was also down substantially from 2018 — for the five communities I report on, total sales volume was $185 million, down 16% from a year ago.  This compares to a year-ending December 2018 of just over 9% negative for all of last year.  So, the point here is:  We’re trending down in both sales and median sales prices, contrary to other parts of the nation.  Beverly Hills appears to be an anomaly, not an unusual position for this high-end market which has always attracted wealthy clients looking for unique, luxury homes.  But as we have seen in the 25 years of reporting in The SchifferLine — this can all change on a dime.  It usually does.
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Sales-to-Listing Price — moving down, too.
Rising home prices, based in part by exuberant sellers who believe the buying frenzy will never end. have gradually moved to lower their prices to achieve the goal of selling their homes, and as you can see by the declining median sales prices in our market — which began early last year — we may not have reached the bottom.

One key statistic I use to measure the “strength of the market” is the Original-Listing-Price to Selling Price that the MLS tracks each month.  Overall, the OLP/SP is down to 84%, meaning that homes are selling for 84% of their original asking price.  Beverly Hills, for example, while achieving high sales prices compared to the rest of the Westside market, the OLP/SP was 76%, meaning sellers are taking nearly 25% off their original price to move their property.  As I have been writing for years, homes that are competitively priced will move quicker than homes that are not.  It’s that simple.
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Is a homebuyer’s market on horizon?
As noted above, home prices are being reduced after sitting on the market longer, and median sales prices in the communities I cover are seeing prices drop.  Is this a harbinger for the future?  Perhaps.  One of the many things I have learned over my long career in selling real estate, is that there are ebbs and flows in the market and one needs to be able with the flow.  Sometimes it is not easy to do, but we need to know and understand that we live in an amazing part of the world and country and are lucky to do so.

Homebuyers may be in for a treat as we move further into 2019.  Already, mortgage rates hit their lowest monthly average in nearly a year last month, and 15% of listings saw a price cut in the same period. Top that off with overall job growth — including 9,000 new jobs in the residential construction sector alone —it seems the housing market may finally be shifting in buyers’ favor, at least partially.

January clocked in with an average mortgage rate of 4.46%, a monthly average not seen since early 2018, according to Freddie Mac. Considering many economists predicted rates would climb for much of this year — eventually surpassing 5% — the welcome change has spurred on-the-fence buyers and refinancers into action.

At the start of the year, refinance applications jumped 23%, and the demand for purchase loans is 6% above its long-run average, according to the Mortgage Bankers Association.  The National Association of Realtors’ data also showed that price corrections are up by 2%. In total, 39 of the 50 largest metros saw a jump in price corrections during January, with Las Vegas taking the lead.

I’m confident we have a strong market — buyers are coming to my open houses, eager to make that all important purchase. I personally am working with more buyers than I have in a long time. The question is:  Will sellers’ price their homes to sell?
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Prices up in U.S. but rose at slower pace…
The National Association of Realtors (NAR) reported inventory increased and metro market prices rose at a slower pace in the fourth quarter of 2018. The national median existing single-family home price in the quarter was $257,600, up 4.0% from the fourth quarter of 2017 ($247,800).

Single-family home prices increased in 9% of measured markets last quarter, with 163 out of 178 metropolitan statistical areas showing sales price gains in the fourth quarter compared to a year ago. Fourteen metro areas (8%) experienced double-digit increases, down from 18 in the third quarter.

The five most expensive housing markets in the fourth quarter were the San Jose-Sunnyvale-Santa Clara, California metro area, where the median existing single-family price was $1,250,000; San Francisco-Oakland-Hayward, California, $952,400; Urban Honolulu, $812,900; Anaheim-Santa Ana-Irvine, California, $799,000; and San Diego-Carlsbad, $626,000.

In the West, existing-home sales in the fourth quarter decreased by 6.5% and are 13.9% below a year ago.

(Note:  The NAR reports on national trends with regional breakdowns vis a vis the local MLS reports I receive monthly for the communities I cover (Beverly Hills, BHPO, Bel-Air/Holmby Hills, Westwood/Century City, and Brentwood.  These numbers do not always transcend to your community or neighborhood. My reports drill down to the key cities on the Westside.)
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Five common mistakes homeowners make…
What mistakes am I talking about?  It’s the little stuff…that can spell trouble down the road…here are just a couple.

1)  Forgetting or ignoring simple stuff, such as the toilet that runs constantly, the faucet that has a slow drop.  A little crack in the deck — all of these can lead to bigger issues down the road, so it is less expensive and easier to fix now.

2)  Not inspecting your home — Many homeowners don’t do ‘walk throughs’ looking for bad stuff, but it’s a good idea to do these inspections on a regular basis — look in the attic, the back of the house or garage…look at all your doors and windows…. easier to fix now.  With the constant rains we’re having now…stuff can happen that will spell trouble for you.  I have my roof checked on a regular 6-month basis. Another thing, please check your gutter guards and make sure your gutters stay clean of debris. When the gutters get full, it tends to cause roof leaks.

3)  Skipping maintenance on appliances — another problem area are often neglected appliances, for example is there any lint in the dryer – big fire danger…also check the hoses connected to the washing and dishwater. Clean your refrigerator coils at least once a year and test your smoke and carbon-monoxide detectors twice/year.

4)  Neglecting other systems — Always look after your HVAC system — change your filters every 6 months, and consider cleaning out your ducts, too. You can get service contracts from an HVAC contractor and they will advise you when it is time for these things to happen.

5)  Not having a home warranty.  This is a simple fix and well worth the investment.  Stuff happens and having a home warranty just makes life easier for you.  It’s not a part of your homeowners’ insurance…it’s a separate transaction.   Generally, sellers supply buyers with one as part of the sale transaction, and I strongly advise you to renew the policy when the time comes.  I just had the control panel on my ovens and the price was $75.00 for the service call.

Your home is one of your most important investments — treat it with love and care.  I also advise you to put one on any rental properties you own. That should help eliminate those late-night phone calls from your tenant.  I have the tenants pay for the service call.
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Is this the right neighborhood for you?
It’s a really good question to ask yourselves before you buy. After all, you will be making one of the biggest investments in your life for your new home, so isn’t appropriate to really find out what exactly are you moving in to?  Of course, it is.

With online tools, a little bit of forethought, and a willingness to explore, it’s easy to feel confident about your potential new neighborhood. Here’s a good place to start. Ask yourself these five questions when choosing a home base.

1)  What do you need to have nearby?  You may want a yoga studio or public library or public transportation nearby.  You can check all of this online (google does amazing things).  Think about your daily routine and what will make your day complete.
2)  Is getting around the neighborhood important to you?  Are there parks, trails nearby?  Are the neighborhoods safe to walk to get around? Are there cafes, restaurants, coffee shops on your close by?
3)  Are you going for a quiet or lively environment?  That’s an important issue.  Some want to crawl into the comfortable cave, shut out the world…others want the world nearby.  That’s easy to check online, too.
4)  Do you want friends nearby?  That’s easy to check before you buy, of course.  But many times, you want to encounter and make new friends — are the ages and interests of neighbors similar to your interests…a bit of on-the-ground research can serve you well.
5)  After you’ve done your research…is the place for you?  Only through careful research — both online and on the ground — will reveal the answers.  Don’t just be impressed with the house — check out the neighbors, environs, and amenities your new neighborhood provides.  It’s the right thing to do.
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Some institutional changes in our “Hood”
I don’t know about you, but in growing up in West Los Angeles I spent a fair amount of my youth at both the Apple Pan & Nate & Al’s.  The hamburger hut the Apple Pan, which opened in April of 1947, has new owners. The previous owner has confirmed that the West L.A. restaurant, which has been owned by members of her family for three generations, quietly changed hands.

“It’s hard to hand that over,” says Sherman, granddaughter of founders Ellen and Alan Baker. “You’ve been doing that for so many years. You have your ways of doing things and you have a real interest in something like that and maintaining something that your grandparents started.”

But hand it over she did.

The new owners plan to keep the restaurant as is. That was a crucial selling point for Sherman.

What made these buyers different? They were longtime customers.

“I have certain criteria,” Sherman says. “I wanted people that hopefully were longtime customers, which I found. People that knew how to run a business and were successful at doing that, I found. People that wanted to keep our employees. That I found. People that didn’t have to make this a big business to survive, to get their money back right away. And people who don’t want to change it. And I got all that. All those points I was able to find in one group of people.”

When it comes to preserving aging culinary landmarks, this isn’t the buyers. He’s part of the team working to save Nate ‘n Al, an old school Jewish deli occupying prime Beverly Hills real estate.

Whatever happens, Sherman confirms that the Apple Pan will remain the small, neighborhood diner it has been for more than seven decades. The longtime cooks and waiters, many of whom have been working there for decades, are staying. You’ll still have to hover awkwardly to grab a seat. Once you do, one waiter will work one side of the U-shaped counter while another covers the other side.

According to Sherman, the new owners have vowed not to change the Apple Pan. Even if they wanted to, Sherman still owns the land it sits on. She only sold the contents of the restaurants and its recipes.
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How is my business?
I am very busy.  I have two lovely leases available in Bel Air Crest, one a 3/2/5 plus den that has been remodeled and is available for $10,900 and the other a fabulous 4/3.5 3 level home furnished with elevator, and pool available for $15,025.  You can see the photos on my web site, caroleschiffer.com and both are easy for you to see.

In addition, there is a lovely great condo in Westwood just south of Santa Monica Blvd,  that will be coming on the market by the 20th of the month.  It is a 2/2.5 first floor corner unit in a secured access building with a pool, gym, etc. The price will be $1,050,000.  In addition, I am working with a few sellers/lessors with homes in Mountaingate, Bel Air Crest, and Westwood Hills. We should have these homes available in the next month or so.  Please contact me about all of these properties. Carole Schiffer – ceschiffer@gmail.com or 310 442-1384.

Curious to know what the house next door is selling for?  Do you just want to keep track of what’s going on in your neighborhood? Then my free app is exactly what you need to give you up to the second real estate news