Timely Real estate News …………………………………………..1 August 2008
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No recession now…but it depends on where you sit. Real estate is feeling ‘pinch’……
Doom and gloom has yet to hit some parts of Los Angeles, and for others it has hit. It appears that UCLA Anderson School’s prediction that we are not going to fall into a recession this year (so far) was bolstered by the news that the economy grew a modest 1.9% in the second quarter of 2008. But if you’re in the real estate industry, you might think different — but again, it depends on where you sit.
Beverly Hills real estate continues to show its strength in 2008 with median sales prices since January growing at 13% as of July 31, and prices climbed 23% in July compared to a year ago.
Bel-Air, which suffered much of 2007, rebounded with an 11% growth in MSP since the first of the year, and a 19% growth for July 2008 vs. July 2007. Taking hits were Beverly Hills Post Office and Brentwood who are both lagging behind — .showing a 15% and 8% decline respectively in MSP from the start of 2008 through July 31.
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But that is only half the story. We also look at # of homes sold to give us a better indication of market activity and strength. Again Beverly Hills leads in the four areas I focus on, with 25% more homes sold in 2008 vs. 2007 for the month of July. Bel-Air was marginally even for the same period. However, Beverly Hills Post Office and Brentwood home sales were significantly down — 50% and 37% respectively.
Sales volumes in all four areas continue to show anomalies — large sales in each of these areas skew monthly and year-to-date statistics. But as I have written before, there is strength in the $5 million-plus price range. And foreign buyers continue to have a strong presence in the market, taking advantage of the weak US dollar. I am currently representing a number of buyers who are seeking homes in this price range.
Also don’t forget that these numbers which come from the multiple listing service reflect transactions that most were begun 45 – 60 days ago. I can tell you that open houses are still active, there are still multiple offers if the property is priced properly, and there are still people who want to buy real estate in West Los Angeles.
While it’s been a challenging year, my business has really accelerated since the start of summer, and I attribute it to quality listings, a growing, active market, and the continued strength of West Los Angeles — in terms of our area assets and location, does it get any better than this? I don’t think so.
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And now a word about shake, rattle and roll….time to check things out
Where were you at 11:42 a.m., Tuesday, July 29? If you were like most of us, you were shaking, rattling, and rolling with LA’s areas first significant earthquake in many years. No, this wasn’t as bad as the Northridge quake in January 17, 1994, but it made the news across the US. And while many experts have downplayed this last earthquake’s capacity for doing major damage, the Los Angeles Times did offer some handy tips on how to better prepare yourself and your home for the “big one”, which is predicted as a “sure thing” in the future. Here is what the Times recommended:
Walls — make sure heavy mirrors, picture frames and bookcases are anchored to studs;
Chimney — nail plywood around the base of the chimney in the attic to protect the ceiling from falling bricks;
Hanging plants, plants — anchor any hanging objects to wood beams;
Wall units — two things: 1) use L-shaped braces attached to studs to support any wall unit and 2) install small rails on the front to prevent objects from flying off the shelf;
Gas appliances — if you have rigid gas-line piping, consider replacing with approved, corrugated connectors which are not likely to break;
Kitchen, dining room — several things you should do: 1) install latches to your cupboard doors (like child proof locks); 2) apply small pieces of adhesives to collectibles; and 3) strap water heater, and any other large appliances to studs;
Gas leak primer — 1) know where your gas meter is located; 2) know where your gas shut-off value is located and that you can reach it; 3) have an adjustable wrench (or mechanism) to shut off the valve.
Other handy hints I would pass on: Cell phones — many cellular stations were knocked out in our last earthquake — consider having more than one carrier for the family; if one carrier is down, the other may be up and working; Gasoline — always keep your gas tank as full as possible, and never let it get below a 1/2 of a tank; Spare water/radio/earthquake kit –be prepared with earthquake supplies (water, battery-operated radio, and other medical/emergency equipment) stored in your car and in your garage or easily accessible closet. One can never be over-prepared for an earthquake or any disaster….
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Green Tip
Your computer – Part 2
For your next computer, consider a notebook instead of desktop – these use under 50% the electricity of a desktop machine
– If you can afford it, buy extended warranty with your new system so there’s less likelihood of you needing to junk the computer within the first few years if an expensive repair is needed.
– Do you really need a 22 inch screen? When considering your next screen purchase, balance your wants with your actual needs.
– Before purchasing a new computer, consider upgrading the hardware in your current machine. Some extra RAM (memory) or a new hard drive may be all you need to restore life to your current system. According to this site, the energy needed to churn out a new computer is enough to power a system for a decade!
– Following on from the above point; it’s not uncommon for Windows to get slower as time goes on. This isn’t necessarily your machine, but software bloat. All the updates, installing and uninstalling of software, applications running in the background that you don’t really need take their toll and basically clog your machine up; seriously impacting on performance, which in turn is more wear and tear on hardware and increase electricity consumption. Consider doing a reinstallation of Windows and your software. A lean machine will sip less electricity and perform much better.
– Consider a refurbished computer for your next purchase. These aren’t dusty old machines that have just been wiped over; often they are display models or recent purchase returns with very little wear and tear that is thoroughly checked before sale, and often has the same guarantee that new units do. You can save a ton of cash this way!
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Know anyone that wants to lease a really snazzy home in Mountaingate??? Check out my listing at 12540 Promontory for $9,000 a month. It is 4 bedrooms, 3/5 baths, pool, spa and city view. You can see the photos on my web site…. Caroleschiffer.com
