Timely Real Estate News………………………………………………1 February 2013
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Chinese New Year is one big celebration — Year of the Water Snake
Come February 10, 2013, the “world’s largest New Year’s party” begins in earnest with more than 1.3 billion Chinese — plus millions more Koreans and Vietnamese — celebrating their New Year. They all begin the same day. As is the custom, the commonly called Chinese New Year — sometimes known as the “Spring Festival or Lunar New Year” — is centuries old and enjoys popular myths and traditions. What determines when the New Year is held is the āsolnal Chinese calendar” — which has been used in countries that have adopted or have been influenced by the Han culture, mostly by the Koreans, Japanese and Vietnamese who share common ancestry with similar New Years festivals.
This is the Year of the Water Snake — which means it is a good omen because your family will not starve….and the Water Snake is keen and cunning, quite intelligent and wise. Water snakes are influential and insightful according to the cultures and mythology of all three countries.Ā People born under this sign manage others well and tend to be good at organizing staffs — motivated, intellectual, very determined, and resolute about success.Ā All three cultures celebrate both the calendar and lunar holidays, but each a little differently from the other.
The Chinese New Year.. is replete with long-standing cultural traditions of dress, food, and symbology. For example, the Chinese celebrate with their traditional Reunion Dinner, which consists of fish that appears on family tables. It is for display, and it is customary to make Dumplings after dinner, which normally occurs around midnight. Dumplings signify wealth in the North, but in the South of China, it is customary to make glutinous New Year cake and send pieces of it as gifts to relatives and friends for the coming days of the New Year.
The Korean New Year...Ā Koreans are very family oriented — and their three-day holiday is used by many to return to their hometown and visit their parents and other relatives. In Korea, many Koreans dress up in traditional, colorful Korean clothing called hanbok, but today, many small families become less formal and wear other formal clothing and will visit East-coast areas such as Gangneung or Donghae in Gangwon province. Children receive gifts of money and words of wisdom for the New Year, and everyone wishes each other blessings.
The Koreans celebrate the traditional New Year’s meal in their own, unique way. Because everyone turns a year older with the start of each New Year (and not on their birthday), many people tell their children that they can’t get older unless they’ve eaten some duk gook, which is a soup. Some type of Duk (rice cakes, ttuk or tteok) is enjoyed at every important Korean celebration, and the white rice cakes in the soup represent a clean start and new beginning for the New Year.Ā One of my clients told me that there is always one daughter or daughter in law who is assigned the responsibility for preparing all of the meals for the family celebration and that is her responsibility for the rest of her life (3 meals a day for the entire family)!
Following breakfast or lunch, there is the traditional “family timeā which could mean traditional outdoor games like kite-flying….Korean board games like noltigi or yutnori. Younger generations will be playing video or board games together, karaoke, or just conversation and relaxation. If family members are not all gathering in one place, then it also customary for the younger generations to visit older uncles, aunts, and relatives that live close enough to share the bae and give well wishes for the New Year.
The Vietnamese New Year — more commonly known by its shortened name — Tet, is the also celebrated on the same date and many Vietnamese prepare for Tet by cooking special holiday foods and cleaning the house. There are many
customs within the Vietnamese culture surrounding New Years such as visiting a person’s house on the first day of the New Year, ancestral worshipping, and giving lucky money to children and elderly people. It is also a time for pilgrims and family reunions. One other tradition is to have a lot flowers that are arranged around the house including many orchids.
One of the delicious Vietnamese traditions is the making of Chung cake (Banh Chung), which is a traditional, irreplaceable cake that brings the family together to create the Chung cake which will contain glutinous rice, pork meat, green beans wrapped in a square of bamboo leaves. In ancient times, there were two shapes of cakes, one square to represent the shape of the world, and the
other round symbolizing the sky.Ā In Viet Nam, families gather to prepare the cake and then come together in front of the fire to share ancestral stories and to honor the role of rice and nature in a water rice culture.
However you might celebrate it.. HAPPY NEW YEAR!
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“View” comes to China….to give you an idea how important the Chinese market is to Coldwell Banker: Our very popular and
successful “View” publication that comes out each SaturdayĀ (16,000,000 have been published) and is included with the Los Angeles Times is now being published in Chinese and distributed in China’s major markets. And we are seeing the results of our new distribution channel ā we are gettingĀ many Chinese buyers here in Los Angeles, one of their most popular stops on their real estate shopping tour!
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Good news comes from many places in our real estate market
Some call it the “perfect storm”…..some say, “it’s about time”….and I say, “it’s too early to tell, but it is looking good.” Yes, we are getting good news from several different sectors in the local real estate market — for example….
Foreclosures are down sharply….Foreclosure activity sank to its lowest level in six years in California and the Southland during
last year’s fourth quarter, reflecting an improving economy according to Data Quick, a La Jolla-based real estate tracking firm. During the October-through-December period, lenders issued 38,212 default notices statewide, down 37.9 percent from 61,517 a year earlier. Defaults also declined 22.1 percent from 49,026 in the third quarter (these numbers are for all of California).
Fourth quarter filings were the lowest since 37,994 issued in the fourth-quarter 2006. Defaults peaked at 135,431 in the first quarter of 2009.
“We’re getting closer to the end of it, but we’re not there yet,” Data Quick analyst Andrew LePage said of foreclosures that have roiled the market the last part of the 2000s. “If the economy stays on the mend and home prices rise the way they did last year, then we should see foreclosures continue to fall.”
Foreclosures in the fourth quarter fell 32.4 percent to 21,127 properties from 31,260 a year ago. That was the lowest for any quarter since the second quarter of 2007 when 17,458 homes were foreclosed. For the entire year defaults fell 23.1 percent to 198,111 from 257,665 in 2011, Data Quick said.
Some more good news….California’s luxury housing market is booming. Reminiscent of real estate’s “bubble years”, the number of homes statewide selling at more than $5 million reached an all-time high in 2012, while those selling at $1 million or more rose to the highest level since 2007. Data Quick reported that sales are up sharply because well-heeled US and international buyers are flooding the market, taking advantage of low-interest rates, comparatively low prices, and also playing a role with a rush among the very wealthy to take advantage of lower capital gains taxes by selling before year end. Across California, there were 297 homes that sold for more than $5 million — the previous high was 491 was in 2011.
Southern California communities with the most $1 million-plus sales include two of the areas I report on — Beverly Hills and Brentwood, and also include Manhattan Beach, Newport Beach, La Jolla, and Laguna Beach. Hillsborough, in the San Francisco Bay Area, had 422 sales at $1 million-plus last year. According to Paul Habibi, who teaches real estate at UCLA’s Anderson School of Management, “we’re hitting that perfect storm of buyer demand, low inventory and attractive housing prices. There was a HUGE sale ($117,000 ,000) in Woodside in Northern California in November of last year!
Overall, there was a 26.9% jump in $1 million-plus homes sold (26,993) in 2012 vs. the previous year, but that is still down from the 54,773 homes sold in 2005, a record year.
According to Gary Painter, director of research and an economist with USC’s Lusk Center for Real Estate, the high-end niche is more likely to be driven by the international economy rather than what is going on in the US. The luxury market is benefiting from a continued influx of wealthy international buyers who “are betting on the potential of prime housing to appreciate and view the luxury home prices in the US as bargains versus other parts of the world.”
I am witnessing this trend on a daily basis ā Our open house attendance is up substantially from a year ago….these are serious buyers who are very deliberate in what they want to see. And with the lowest inventory that I’ve seen for in several years, we are seeing stronger and more intense bidding for homes. This results in multiple offers.Ā At the Previews Directors meeting I attended yesterday, we discussed the fact that in almost every segment of the Los Angeles Market, the numbers of sales and prices are much greater than 2006 ā 2007, in some cases up as much as 40%.Ā My advice to you is to strap yourself and join the party, we are in for a wild ride!
As I reported in my year-end Quarterly Update, the lack of inventory is very, very real in the four communities I report on — Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood — and while I am working with many buyers right now, I know that some sellers are still a bit leery about putting their homes on the market now: They might want to wait for the future. But as I counsel them, I feel the “future is now” — interest rates are low….prices are firming up and moving upward — and there are willing buyers. For sellers who are selling because they want to move up, then you have to take into consideration that the longer you wait to move, the higher the price is going to be for their new home….and interest rates are going up as well.Ā The 10 Year Treasury yield rose briefly above 2% last week, and as those yields and bond prices change, it will impact interest rates. If you’re downsizing, you’re facing the same issues of replacement costs and interests.
Cash works...Cash buyers accounted for a record 7,791 of the $1 million-plus home sales, up from 5,802 in 2011. Many of those, according to Data Quick, are investors looking for better places to put their money than in the stock market or other investments. Many times an all cash buyerĀ will expect a greater discount than they might receive if they were getting a loan and are surprised when they donāt get that discount because at the end of the day, it is the same money to the seller.Ā The primary advantage of an all cash buyer is the lack of what I called āthe unknownistā of the buyer being able to get their loan. So for the 
time while the buyer is waiting to hear that the property will appraise and they will get their loan, they are at a disadvantage to the all cash buyer. Ā
So, in the end, there are many positive signs in the market — reduced foreclosures, rising home prices, continuing low interest rates, still-climbing sales volumes, and well-qualified buyers in our market. The negative — low inventory, in some cases, we have gone from a two years supply to one to two months supply.Ā There is also an important fact that we need to remember, just because weĀ have low inventory, and a strong market, there are still going to be houses that will sit on the market because they have issues, price, location, condition and or a combination of any of the three.Ā But on the flip side, the old adage of “supply and demand” kicks in. In my humble opinion, we’re still in the recovery stage from our real estate debacle of five years ago, but at least we are strongly moving in the right direction.
Are there any negatives about this surge?Ā Yes, there still is the instability of the ongoing European debt challenges as well as our debt ceiling debate, and a few economists are concerned that this oh so quick run up in prices may create a new ābubbleā.Ā We will have to see how this all plays out.
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Coronado is America’s sand box….
There are several ways to visit Coronado, California, a luxury resort town west of San Diego on the Pacific. You can absolutely, thoroughly enjoy a decadent weekend at the famous Hotel del Coronado. You can spend a weekend wandering this famous resort town and have a fun slice of history to boot. What stands out about Coronado, of course, is the world famous “del” — the Hotel del Coronado, built in 1888 and still magnificently preserved — was the site of the classic Hollywood film, “Some Like it Hot”, starring Marilyn Monroe, Jack Lemmon, Tony Curtis and Joe E. Brown. What many people don’t know, the Prince of Wales and Wallace Simpson met at the “del”….and it remains one of America’s most respected and premier hotels to this day, some 125 years after it was completed ( the bungalow she was staying in is to this part of the hotel complex!).
Ā There are two primary ways to access Coronado from San Diego proper; one is via its iconic bridge or to drive on the 5 freeway closer to the USA/Mexico border and come up the ābackā way.Ā Coronado delivers a unforgettable locale that is blessed with warm weather (averaging between 65 and 77) and spectacular beaches and palm-lined streets that feature quaint cottages, condos, and unique, one-of-a-kind shops. In other words, Coronado can fulfill your “dream vacation” and it’s only a two-hour drive from Los Angeles.
I
t’s my ‘place in the sun’…..my family has been going to Coronado since the mid-1960s, when my parents purchased a beautiful, corner-view condominium in Coronado Shores. How lucky I feel to have a home there — it’s our “family happy place”. From
wherever we all live; Vancouver, BC, Montreal, and Denver, we all congregate in Coronado sometime during the year — it’s a treasured time for all of us.
Ā Once I take off for San Diego, I gradually slide into another world. We have a few favorite places to stop along the way — lunch at South Coast Plaza “Anqi” restaurant….Tip Top Market in Carlsbad which features great meats and a super quick lunch stop. We may stop by the Candle Store in Del Mar or Ark Antiques in La Jolla on our way.Ā It is all part of the process.
And when I arrive — usually mid-day (after all of the stops listed above) — I just sit there in the living room, looking at the incredible views we have. I feel so special, so lucky — relaxing, away from it all. It’s in my blood, my DNA.
We love to stroll the main avenue and visit the small shops; one of our favorites is Moo Time, which serves some of the absolutely best ice cream ever! The Village movie theatre which was just remodeled after being shuttered for 3years, is in its Art Deco style one of the prettiest movie theatres I have ever seen (people come in just to peek inside!) We walk on the beach and on Sundays, there is the art show in the park….and during the summer, we have wonderful concerts each Sunday night. But the highlight of the year is our famous Coronado 4th of July Parade — truly a hometown special event featuring “Dad” hauling his kids on their wagons down main street… local high school marching bands, the American Legion and several neighborhood-made floats. And of course, we have fireworks in the Bay, always spectacular, on the 4th of July as well.
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An eco-friendly shave
After looking into this subject, I determined that I think we might be seeing a whole lot more hairy faces and even legs and arms (yuk).
Shaving is one of those personal care issues that we can probably all green a little more.Ā I am writing this from a female perspective, and am not addressing electric razors which can be an issue in and of itself.
Disposable razors:Ā The disposable plastic handled razors are still ultra-cheap, but create a lot of waste ā even if you can squeeze a number of uses out of them. 2 billion disposable razors are purchased annually in the USA. There are also many replaceable head brands, but what happens with those is that after X period, the blades can be discontinued.
Extending disposable razor life:Ā You donāt *have to* throw out a disposable razor after the first use. Thereās no law against using it until it no longer serves its purpose. To extend their life, as a disposable razor blade rusts quite rapidly and itās this corrosion that speeds up the dulling process, you can slow the degradation down by rinsing the razor after use, flicking off the excess water and then placing it in a container of olive oil.
What about shaving cream? This is another scary area and one we donāt have to deal with when using an electric shaver.Ā There are a lot of chemicals in shaving cream that can have a negative effect on water. Thatās just frightening ā some of those ingredients such as Sodium Lauryl Sulfate are particularly nasty in an aquatic environment, waterways are where all this gunk ends up.
A more natural shaving lather: So how the heck did our forefathers achieve a comfortable and effective shave? With a soap bar 
and bristle brush for lathering. The soaps used back then were quite environmentally friendly, consisting primarily of vegetable oil.
Shaving brushes. Shaving brushes pose a bit of a challenge as well.Ā The best quality shaving brushes are said to be made from badger hair ā and that hair isnāt obtained through the badger having a hair cut unfortunately. As badgers are a protected species in North America and most of Europe, most badger hair comes from China where in some places they are considered a nuisance. Boar hair or horse hair is also used in some brushes.
If youāre concerned with animal welfare issues; the only option might be a nylon bristle brush ā which is plastic; so itās a case of being caught between a rock and hard place, but a good brush should last many years.
While taking a more earth friendly approach to shaving certainly wonāt save the planet on its own, itās one of the many small things we do that in total do make a positive difference and slightly reduces our impact.
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