Timely Real Estate News……………………………………………. 1 February 2012
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In case you haven’t noticed, Super Bowl XLVI is coming to a living room near you.
Even if you don’t like professional football, you can watch this Sunday’s 46th Super Bowl ads and know that you are making history (again) as being part of the largest American television broadcast ever. Last year’s 2011 Super Bowl attracted the largest-ever telecast in American TV history with 111 million viewers (160 million worldwide), and this year’s match between New York Giants and the New England Patriots is expected to surpass that landmark. Whether you are game watcher, ad watcher or just like to graze the food, the Super Bowl has become an unofficial national holiday and Americans consume more food on Super Bowl Sunday than any other holiday except Thanksgiving.
Held in the Lucas Oil Stadium in Indianapolis Sunday, February 5, the game’s history is replete with football heroics and, most importantly, with television’s most expensive advertising — this year, ads will cost $3.5 million for a 30-second spot, not including production, which adds a minimum of another $1 million.
What is the most famous Super Bowl ad? You’re right: It was the legendary 1984 Apple commercial which introduced the Macintosh, created by Chiat Day Advertising right here in Los Angeles.
This 60-second commercial, developed by Lee Cloud and directed by Ridley Scott, has been voted not only the best-ever Super Bowl ad but the best television commercial produced in the last century. Super Bowls have a way of inspiring the creative minds we have in advertising.
You can expect this year’s Super Bowl advertisers will have that famous commercial in mind — from the acclaimed Budweiser frogs to e-Trade’s talking baby to sexy GoDaddy.com ads, the ads have become as much a part of the spectacle as the game.
The National Football conference leads the American Football conference 24-21 since the two met for the first time in January 1967 before 61,946 at the Los Angeles Coliseum, which featured Vince Lombardi’s Green Bay Packers who beat Kansas City, 35-10. The Pittsburgh Steelers have won six Super Bowls….Dallas Cowboys and San Francisco 49ers each have won five…..Green Bay has won four….and the New England Patriots are pointing toward the fourth win. Who are you rooting for? I’m pulling for the Giants.
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The “405” takes on new meaning…..a term some say will live in infamy
I’m not normally in for hyperbole, but it was interesting to hear a recent New York transplant describe her reaction to driving the 405 freeway after arriving in our Golden State from New York (actually she is now bi coastal). “I’ve learned to swear in Californian: 405!” Heard that before? That’s California Speak — and for all of us who have struggled on the 405, we wonder “why am I doing this?”
What is particularly depressing at times is that as you drive up or down this critical Los Angeles artery, you can see the nightmare stretching out before you…there is no break, no speed up. However, I have learned that simply by using the 405 widening project’s Twitter site , you can get timely updates that can help you navigate your daily comings and goings. It really works, and once you get used to scanning Twitter.com/I_405 a few times a day, you’ll be able to 1) get where you need to get by missing clogged arteries, and 2) lower your blood pressure. It tells us what is open, what is closed and the timing for openings and closings of streets, freeways, etc. Perhaps one day, the 405 will take on a newer, more pleasant meaning…..we can hope.
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Valentine’s Day creates a great opportunity to show ‘you care ‘
Just to remind you….in a recent survey, 67% of females felt their Valentine’s Day celebration “failed their expectations.” So, I thought it worthwhile to pass on different, fun ways to celebrate Valentine’s Day…..Balloon Goodies — insert candy surprises into balloons before inflating them….add a folded-up Valentine’s message and then inflate each balloon — tie with a red ribbon and present on Valentine’s morning. Family Affair — have the children help you prepare red Jell-O with cinnamon hearts mixed in….or heart-shaped cookies….pink-colored Angel food cake, topped with strawberries and Cool Whip. The Gift of Time — give a hand-made coupon for some work you can do to free up time for your spouse or parent. Scavenger Hunt — Prepare hand-written Post It Notes with sweet messages and attach with a candy heart or other treat…..place around the house where they will be found all day. Picnic fun — you can either place a blanket on the floor near a ‘lit fireplace’ with candles on the mantel…and have a Valentine’s meal with a bottle of your favorite bubbly or invite your friend or spouse to a Valentine’s picnic in the park. And , of course, there are the traditional flowers and card — the most popular gift of all are roses delivered to work or home to your loved one….interestingly, women surveyed prefer other colors besides red, too!
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Out of the box — extending your reach, your market
Having spent 30 years in the real estate business, the hallmark of my survival (and success) has been my ability to work “out of the box.” Every two weeks, I report on four communities in The SchifferLine — Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. But my reach is much longer and my “box” is much bigger than these four communities! My discerning clients come from and go everywhere — from far away in China or Mexico or Russia — or from just around the corner. So it is critical that I can serve ALL their needs — and that’s exactly what I do. They all have unique wants and needs that cannot always be served by one community or the next.
During my career, which started in Marina del Rey and extended into Venice and Santa Monica in the early 1980s, I have always been involved in the ‘goings and comings’ of the entire Westside — alert to local trends, real estate values, and most importantly what is happening in every community on the Westside, that is one of the reasons I serve on the Board of Directors of both the Century City and West Los Angeles Chamber of Commerce.. Knowing ‘the neighborhood’ is not a fancy marketing phrase — it’s the foundation of my core business philosophy of serving a diverse, demanding client list that expects a real estate agent who goes that extra mile — outside the box, too!
Here is a partial list of properties I’ve sold in the past five years:
A partial list of homes and condos I have sold in the last five years that are not in Bel Air Crest, Mountaingate, Brentwood Circle, Beverly Hills Post Office
Beverly Hills: Spaulding, Chevy Chase, Wetherly, Bedford, Rodeo, Tower, Summit, Camden.
Brentwood Park: Avondale, Rockingham, South Bristol, Carmelina North & South
Marina Del Rey & Playa Vista: Via Dolce, Playa Vista, Ketch Mall – Bought & Sold
Westwood: Wilkins -Bought & Sold, Wilkins – house & condo, Rochester Av, Ohio
Pacific Palisades: Palisades Drive, Paseo Miramar, Castlemar, Strathmore
Santa Monica: Ocean Ave – house, Ocean Ave – condos, Alta, Margarita, 11th, 24th, 25th, Montana
Other Areas: Avenida Del Mundo, Coronado CA, House in Arizona, House in Hawaii
* – not a complete list
I represented the clients as buyers, sellers and sometimes both buyers & sellers.
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Investment properties are on the radar as demand grows
Over the years, I have assisted clients in a variety of real estate investments, and I wanted to share with you some information about the investment property market. In addition to single-family residences, I can help you with your investment property search. Here is a recent update from the Reis Observer on real estate investment published in November, 2011:
The Reis Observer, which publishes quarterly reviews of real estate news on the major US markets, identifies the Westside (which this report covers from downtown Los Angeles to the ocean) as the most affluent section of Los Angeles County. Northern sections such as the San Fernando Valley and Tri-Cities area (Glendale, Burbank and Pasadena) mix affluent and middle-income communities. Southern and eastern sections of the county are less well off. Downtown has been the location of a recent condominium and apartment development boom, beginning with the reuse of older office buildings and shifting to new construction. While the economy in Los Angeles County isn’t not faring well at year end according to Reis, the good news is that the 761,500-unit market-rate, investment-grade Los Angeles rental apartment market continued to tighten in the third quarter of 2011, and rent gains began to accelerate. While new supply is gearing up, demand far exceeds it, and this is expected to continue through the end of the year. The national press has noticed.
According to Multifamily Executive magazine, “job growth, healthy investment sales, and a long-awaited decline in vacancy have the apartment sector looking up in Los Angeles County.”
Here is a list of the various sub markets in Los Angeles County:
Westside
As of October 31, 2011, the 40,991-unit Beverly Hills submarket has a vacancy rate of 3.3%, and an average asking rent of $1,844 per month for the third quarter of 2011, fourth highest among 37 submarkets in Los Angeles County according to Reis. The vacancy rate fell 20 basis points in the third quarter, and is down 60 basis points year-over-year. Rent gains were above average, with the average asking rent up 1.0% for the quarter, and the average effective rent up 1.2% to $1,797 per month. The year-over-year gains were 2.4% and 2.6%, respectively.
In the 35,975-unit West LA/Brentwood/Westwood submarket, the vacancy rate is 4.5% and the average asking rent is $2,194 per month, the second highest county-wide, Reis reports. The vacancy rate was unchanged during the quarter, but is down 100 basis points year-over-year. Both the average asking rent and the average effective edged up 0.1%, the latter to $2,109 per month. The year-over-year gains are 1.6% and 1.8%, respectively.
The average asking rent in the 18,300-unit Santa Monica submarket, at $2,358 per month, is once again the highest in metro LA, according to Reis. The third quarter vacancy rate is 3.3%. Rents rose sharply here during the quarter, with the average asking rent up 1.5%, and the average effective rent up 1.6% to $2,234 per month. The quarter accounts for nearly all of the increase from a year earlier. Vacancy has been essentially flat in Santa Monica for a year.
Central Los Angeles
The 14,065-unit South/Central Los Angeles submarket has a vacancy rate of 3.6%, and an average asking rent of $901 per month, the second lowest recorded by Reis. In the third quarter the vacancy rate increased 20 basis points, but it is unchanged from a year earlier. The average asking rent rose 0.6%, and the average effective rent increased 0.5% to $875 per month during the quarter. The year-over-year increase is 1.0% by both
measures.
For the 44,402-unit Wilshire/Westlake submarket, Reis reports a third quarter vacancy rate of 3.9%, and an average asking rent of $1,207 per month. The vacancy rate was fell 20 basis points in the third quarter, and is down 70 from a year earlier. Both the average asking rent and the average effective rent rose up 0.6%, the latter to $1,184 per month.
In the well-established pattern of gentrification moving out from a central core, much of the multifamily development action is in this submarket near Downtown. In the 8,780-unit Downtown submarket, the vacancy rate is 5.8%, and the average asking rent is $1,809 per month, fifth highest according to Reis.
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