Timely Real Estate News…………………………………………………1 August 2009
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If we could only spend a day being a dolphin….getting away from it all
Let’s face it; my wheels came off around noon on Thursday. My first thought was: Friday is only hours away and I’m on my way to Coronado, my family’s second home. Coronado Shores, a magnificent high-rise community that has commanding views of the Pacific Ocean and San Diego Bay has been my family’s second home for the past 36 years….and before that, my summer home was the beautiful, historic Hotel Del Coronado, where I literally grew up learning how to play tennis and jumping from pool to pool. This is the one place where I can lick my wounds and soak up the sun and relax. In the past few weeks, the real estate business had gotten to me — a frenzy of new listings, sales, and negotiations. Mostly good news and some distressing sidebars that involved an escrow that eventually fell apart.
I needed a break, and so it was such an inspiration to peer over the balcony and see the most amazing sight: A school of dolphins was literally dancing up and down in the water right below me — just yards from the shore. Oh, they were having such a great time and I wanted to dive in and swim and dance with them.
They would appear every day — a morning- and afternoon-matinee performance. I would take walks on the beach, timed to the dolphin’s performance schedule, and I was so overwhelmed with their magnificent display. You could see the smile on their faces as they would glance over at me as they leapt out of the water. I thought to myself: Wouldn’t it be great to be a dolphin for just one day.
Getting away to Coronado has been my blessing when things are going crazy back in my world. But, in many respects, I’m lucky, too, that my real estate business is going crazy. Yes, it’s summer, and like the dolphins, when I recover, I will remember how much fun it was to leap the waves at Coronado. You know in my next life, it might be fun to come back as a dolphin. If only for a day at the beach. Wouldn’t that be fun?
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And speaking of summer fun….For the Fun of It… another contest!
OK, gang….here’s the deal. I’m challenging your knowledge of landmark gardens in Southern California in our August Contest. I’ve identified eight superb and beautiful gardens sprinkled around Southern California for you to identify, and the one who comes up with the most correct answers (I draw for ties) will win a $100 gift certificate to either the Hotel Bel Air or Universal Studios — both fun places for the summer. The choice will be yours as to which prize you win. Please read the attached document and e-mail me your answers to ceschiffer@aol.com. Have fun and Good Luck!
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A hint of things to come? The 405 and Sepulveda Pass widening project (The carpool lane).
On Friday, July 24, Sepulveda Boulevard was closed from 9:00 p.m. to 6:00 a.m. at Bel Air Crest Road and Sepulveda to take soil samples. This is just one of many future street work notices that will be coming when this project begins to pick up steam. The vote is out as to how much money there is to finish the project, particularly as the money is coming from the Federal, State and local governments. In the meantime they are doing to “little” projects to get ready.
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It’s up. It’s down. It’s the beginning of the turnaround. Really?
I’ve said this before…it would be nice to cut through all the clutter to gain some clarity about all the news that is streaming at us every day.. But it’s tough. In mid July, the housing industry, according to all the latest data, was making a comeback. New housing and home sales are both up for the year compared to last year. But — and here it comes — national or regional stories about an up tick or downtick in the real estate market means little when you’re looking at your home in your neighborhood. All the rest is basically ‘noise’ I say.
So you ask: What is your opinion, Carole? There is good news….there is an enormous amount of activity in the last two weeks — new listings — sales and leases; people are considering either leasing or selling.
Here are two examples of what I am seeing as a ‘good news” trend: A former mentee of mine had a new listing of a condo in Santa Monica, and had 10 offers two weeks ago, which has not been the norm in recent months.. Another one of my current mentees (yes we have people coming into the business which is good news in and of itself), is looking for a home for she and her husband in Venice. They found something that works for them which is a short sale. They made an offer, but are the time I am writing this, there are 4 offers, two all cash, one of 50% down, and the other two including hers with 40% down!
So, what do you see in the near term? I don’t have a crystal ball, but you can read everyone else who appears to have one each day in the Los Angeles Times or Wall Street Journal….Warren Buffet is pessimistic — look for 2011 before the economy rebounds…the latest LA Economic Development Department’s Keyser Center report is much more positive about the turnaround, predicting the local economy will rebound at the end of 2009. The Los Times is forecasting more pain for California as unemployment runs up the ladder, but the bright side is the entertainment and media worlds continue to remain fairly strong, although the major entertainment/media firms are trimming back, like Sony, Viacom, and DreamWorks. All are feeling the pinch of the tighten economy.
So, what’s the strategy? I recommend that if you need/want to sell/sell, and if you need/want to buy, buy. As I have quoted Barbara Corcoran, the New York real estate guru on the Today Show, stated: You can’t wait for the turnaround by sitting on the fence. Because if you do, you won’t have enough time to get off the fence before it goes back up. You’ll miss your window of opportunity.
The real estate business is strong in all of my four communities — Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. I see it every day. The phone is ringing — from sellers and buyers. Deals are being done. Sales volume for all combined areas is up over 30% over last year, same period (January thru June). Of course, I always recommend to my clients: Be cautious. But always, too, if you’re going to be a seller, have your home priced to sell. If you’re going to be a buyer, expect to pay a reasonable price for a property that reasonably priced. Common sense, really.
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Another trend that is picking up steam is that many homeowners — not seeing the price they want (or need) when considering selling — are opting to lease their home instead of putting it on the market. I’m doing at least twice the number of leases for high-quality homes than I did last year. So, if you’re not ready to sell, perhaps your best option is to lease your home. Depending on the area and property, a typical lease will go for 1% of the total value of the home….”but that doesn’t always hold true. I am seeing homes that were leasing for $7,500 last year that are going for $6,500 today.” A word of caution: Every home and every neighborhood is different, so please give me a call to give you an evaluation of what your home might sell (or lease) for., and you have to factor in the “cost” of leasing your home the level of care and maintenance in having a tenant in your property.
One last comment: As Tom Peters said, “…if you’re not confused, you haven’t been listening.” I’m here to help. Call me.
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Green Tips
You may recall that some time back, I had expressed an interest in us being able to use ”Gray-Water” for our irrigation, but that due to state regulations, etc. it was fairly difficult for the regular consumer to be able to install these systems. According to an article in the Los Angeles Times from the middle of last month, it appears that starting 4 August 2009, certain types of residential gray water systems can now be installed or altered without a construction permit. Last summer, Senate Bill # 1258 was passed requiring the state’s Dept of Housing and Community Development to revise the code to conserve water. Homeowners must follow 12 guidelines. For a list of all of them, please go to hcd.ca.gov, and then type in gray water standards in the search field… Good Luc,
There was also another interesting article in the LA Times the middle of last month pertaining to the installation of a “Heat repelling roof” Basically it is heat deflecting coating that is about 855 effective.. Of course, those is us who live in communities that are governed by Architectural Control Committees most likely could not currently use this material as it makes for a very white roof, but hopefully this will be the start of the development of other more esthetically pleasing roofing materials.
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In the meantime, I hope you all keep your cool especially with all of the HOT weather we have been experiencing, and that you remember to have fun, and Count on Carole for All of your Real Estate needs