Timely Real Estate  News……………………………………………..25 January 2008
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Do we live in our own country?
What does this mean exactly? Is the Westside its own little piece of the world? Prices and the real estate market on the Westside seem to be in a country of its own. Are we being impacted by the real estate and lending markets, stock market and the overall malaise of the economy? Absolutely. But not — at least at this point in time â as has been felt in other parts of the country or state.
What does this mean exactly? Is the Westside its own little piece of the world? Prices and the real estate market on the Westside seem to be in a country of its own. Are we being impacted by the real estate and lending markets, stock market and the overall malaise of the economy? Absolutely. But not — at least at this point in time â as has been felt in other parts of the country or state.
Will this change — who knows — but I can tell you while it is a little quieter than it has been, there is still a good amount of activity out there.
Houses are still being sold, sometimes with multiple offersâŚ.open houses are still being well attended. Sometimes we are seeing as many as 50 groups coming through on a Sunday afternoon, and they are not all âlooky loosâ or curious neighbors — they are buyers looking to make a purchase! Inventory is up and for now it appears that prices are holding steady, and as alwaysâŚproperty that is well positioned is selling and will continue to do. So, in our little world, weâre doing better than most. And thatâs good.
2007 really wasn’t a bad year for Westside real estate. As I mentioned in my Quarterly Newsletter at the end of last year, overall prices and sales volumes on the Westside held in 2007. According to the MLS for the month of December, there was an increase of 13% in the median sales price — over 2006 — for Beverly Hills, an 18% increase for Beverly Hills Post Office, and median sales prices were essentially even for Bel-Air and Brentwood compared 2006. In an economy fraught with horror stories of double-digit declines in sales and home prices nearing 20%, you have to step back and say, “well, we’re not too bad after all.” Sales volume for all four areas was up a modest 1.5% — the total sales volume for 2007 was $3.256 billion . So, when you really step back and look at our Westside Country. There are few areas in the world where these volumes compare. I will have the January stats in the next SchifferLine.
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A Green Tip: Recycling Helps!
I have set up a recycling program in my office that I would like to extend to you. We are collecting all ink and toner cartridges as well as cell phones. They are sent to a company that recycles them and then donates the money to schools all over the state of California. If you would like to participate with me in this most valuable program, please give me a call at 310 442-1384, and I will be more than happy to stop by and pick up your items for recycling. We all need do our part to help out.
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Smart homes are here now…
If you ever went to Disneyland as a kid, you saw the ‘home of the future’ (GE Theater)….sort of a Fred Flintstone version of what the modern home would be like in 20-30 years. New and cheaper technologies and an intense desire of homeowners to make life easier (and more secure) drove this burgeoning industry to develop efficient, cost-effective ‘intelligent homes’
The future is certainly here now — and it’s not science fiction. There are many small-to-large companies specializing in this field today (my son in law is involved in this in Bend, Oregon, and the activity there is off the charts!).. And the forecast is that homeowners will spend $1.3 billion on home intelligent systems this year, and will spend $10 billion in 2010. This includes sales for home security, lighting, and temperature controls as well as home entertainment systems. It is not about upgrading your individual systems to more state-of-the-art technology, it is about integrating the systems into a comprehensive management program that is designed to fit everyone’s needs within the household.
These systems add greatly to the valuation of your home, and my experience has shown that when a home is on the market with a ‘working, easy-to-use’ system, it greatly increases the value and ability to sell the property more quickly. The trouble is that many homeowners have some type of ‘intelligent’ system installed (speakers systems is an example) — that don’t work. So, if you have a system installed already, make sure it works. If you really want to enhance your living environment, then I highly recommend you look at an Intelligent Home system.
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Lowest mortgage rates on fixed loans in four years!
It was reported on Thursday that fixed rate mortgages moved lower and actually are now at their lowest levels in four years. This translates into more buying power for anyone in the market to buy a home. In addition, sellers with properly priced homes will have more buyers looking at their property and therefore a higher probability of a sale. This is great news for both buyers and sellers!
There are some components that are a part of the economic stimulus package that will be great for our area, but until the package is approved, we obviously wonât know what exactly we will be dealing so.. so that will be covered in the next SchifferLine as well.
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Thank you to all of you who let me know that you are reading the SchifferLine and care. It is always such fun to meet you and have various lines from past SchifferLinesâ quoted back to me or to be asked how my niece is enjoying USC â she has settled in nowâŚthough I am still trying to get out of the âclothes-washing thingâ and very glad that she will soon have her own car!. Or where is my next trip? I also want to thank who ever it was that wrote and made some suggestions and corrections about the hyphenation of Bel-Air. It is wonderful to know you care .Keep all of your cards, letters and calls coming!
