Timely Real Estate News…………………………………………..15 October 2007
****************************************************************************************************************************************
Trying to make sense out of MLS requires patience and more data….….
As a Realtor, it is always difficult to understand just where a property stands relative to the competition for a number of reasons. One of the reasons is because real estate professionals rely on the comparable sales from the MLS (Multiple Listing Service) to establish the selling price. Up to May, 2007, any seller or buyer could ask that the sales price not be published for purposes of privacy. This policy changed in May whereby the MLS would no longer accept ‘zero’ sales prices. The MLS is now taking them out of the public records, which may take as long as three months after the close of escrow to be made public, thus adding to the comps on a delayed basis.
What about private sales? I generally have not figured any private sales in the SchifferLine monthly statistical analyses, although they are always listed in my quarterly update. I get a monthly report from the title company which gives me all of the sales activity in the areas that I report (Beverly Hills, Bel Air, and Brentwood). Speaking of reports, because I sell a fair amount of property in Beverly Hills Post Office, which is the area just above Beverly Hills, and immediately adjacent to Bel Air along the ridge line off of Mulholland, effective with this issue of the SchifferLine, I will also be giving you those stats along with the initial three areas in the future SchifferLines’.
So, what is happening in your neighborhood?
September illustrates what I am talking about — how the #s sometimes don’t make sense. I have been consistent in relaying to you the latest MLS year-to-year statistics on the Median Sales Price — and there tends to be large swings in some communities one month and steady for the next several months. For example, in Bel Air, there was a 120% increase in the median sales price on a home in September 2007 vs. September 2006, but for the same period, Brentwood’s median sales price declined by 36%….and in Beverly Hills, there was a 70% increase. Wild swings! Beverly Hills Post Office showed only a 5% increase vs. 2006. But if you compare the median sales prices for ‘year-to-date’ for all four areas, the averages are almost identical except BHPO had a 19% increase in year-to-date totals. What this tells us, of course, is that some months you’ll see a huge home sale skew the statistics, and when a major sale is not recorded, it also affects the median sales price. Bottom line: We’re holding our own.
In the end, we’re going to see greater consistency in our reporting. And that will help us all deal with the setting the right price for your home. As I have learned from the many years I have had in real estate, setting the right price is probably the most challenging, most difficult decision we (me and the seller) have to make. So….after all is said and done, one of the reasons to select Carole Schiffer as your Realtor is that she truly understands the market conditions in your neighborhood.
****************************************************************************************************************************************
Great Tastes Celebrates 20 years!
I just wanted to pass on a personal note — Great Tastes In Brentwood celebrated its 20th Annual event on Sunday, October 7, on San Vicente Boulevard. We have had more than 500,000 attend this street faire over the past 20 years of great tastes and great smells– with the proceeds benefiting the local public schools. As the creator, producer, director and chairman of the event since we first started in 1987, I want to thank all of you who have made this possible. Our guests, sponsors, restaurants, and donors. And, I want to congratulate Franklin Farinas, a Brentwood resident, for winning the weeklong trip for two to Tuscany with the Tuscan Women Cook program. Franklin promises to invite all of us who did not win over for a wonderful Italian meal…. Can’t wait!.
***************************************************************************************************************************************
Sepulveda Reversible Lane
It looks like this project is moving forward, even though there are still some undetermined components that need to be finalized. It has passed the necessary committees in the Los Angeles City Council, and should it be passed by the entire City Council, construction should begin some in the first quarter of next year.
****************************************************************************************************************************************
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 SchifferLines’ quoted back to me or to be asked how my niece is enjoying USC – she has settled in now…though I am still trying to get out of the “clothes-washing thing”. I also want to thank who ever it was that wrote and made some suggestions and corrections about the hyphenation of the Bel Air. It is wonderful to know you care.
Thank you.
