Timely Real Estate News…………………………………………….. 15 October 2009
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Halloween is coming — is it a Trick or a Treat? The holidays are here!
Halloween is only two weeks away. Can you believe that? Are you ready? The big question is: Is the recession really over. OK, read the newspapers: It is. Read about rising unemployment, and you wonder, for whom does the recovery bell toll? We live in one of the more affluent areas on the Planet, and we seem to survive these downturns better than most. Our homes continue to hold their values better than most other areas in the country, and sure, we have our months when home prices are behind last year’s marks. So, let’s plunge to see how the Westside is doing in general.
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Year-to-Date Median Sales Prices — this number continues to be the bellwether for evaluating overall home price trends for 2009 — Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. We are down for the year in all four communities compared to year-to-date #s for 2008.
Beverly Hills and Bel-Air are both down 16% in median sales prices, Brentwood is down just 5%, and Beverly Hills Post Office is down 10%. The average for all four areas is a minus 11.75%. That’s not bad compared to other up scale areas where the YTD median sales prices are down in the minus 17%-23% range. Everything is relative, especially in real estate. But there is some good news, too. Comparing September 09 to August 09 — we find that three areas are up over last month: Beverly Hills is up 18%; Beverly Hills Post Office is up 10%; and Bel-Air is plus 8%; only Brentwood went south — minus 24%. When comparing September 09 to September 08, we find that Beverly Hills Post Office had an increase in median sales price of 43% (there were a few large sales which as usual skewed the percentages); Bel-Air was plus 18%; but Beverly Hills was down 24%; and Brentwood was down 23%. Sales Volume — now here is some really good news. Sales volume is trending up — with total sales for the four communities down only 22.9%, which compares to sales volume declines in the early part of 2009 in the 35% to 40% range. We are making a comeback, folks.
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There are buyers out there. As I said, buyers are launching their normal “holiday push” — they want to celebrate the holidays in their new home. And we are seeing increases every day in sales activity on the Westside. As you may know, I mentor the new licenses. When we recruit them particularly in a market such as we have been in we tell them to be prepared to not earn any money for at least six – nine months. One of my “stars” has been working with me for about three months, and she has two transactions going and is working on her third!!! I have other examples for you as well. In the lower Bel-Air area of the Sepulveda Pass, near Moraga, a house sold in 4 days. It was originally listed for $869,000, but closed escrow at $931,000 (it is a fixer, but none the less a great sale). And in Mar Vista, another house had multiple offers and sold for $30,000 more than asking price. Buyers are knocking at the door, wanting to take advantage of this opportunity, and are generally more confident. The welcome mat is out, and if the seller is positioned to sell (meaning their home is priced correctly) – their home will sell at a price that is good for everyone! Demand is up; interest rates are low, which is a huge incentive to buyers. This is the “treat”!
However, let me throw some caution to all of this good news. (This is the “trick”!) We all need to be cautious. Actually there were three very interesting articles in last Sunday’s issue dated 11 October , 2009 of the NY Times. I have not had time to really read and/or analyze the articles, but please feel free to read them (they can be found on line at NYTimes.com). They are in the business section: one is entitled “Maybe We’re Getting Ahead of Ourselves and the other one is part of the section talking about the mutual funds report, and the last one is entitled A Bounce? Indeed A Boom? Not Yet”. Basically, they talk in very positive terms about the condition of the economy on a national basis, but also caution about the soft sides of where we are today as well. Getting the proper appraisal continues to haunt buyers and sellers. As I have stated in previous editions of the Schiffer Line lenders are still using out-of-town, sometimes in-experienced appraisers. This has caused great dissatisfaction among realtors, lenders, and sellers — why? Because with so many foreclosed homes on the market, spotted throughout many well-to-do neighborhoods, their bank-owned, heavily discounted sale price is driving valuations down. This hurts everybody.
My advice is when you are refinancing your home, to make sure you get a qualified appraiser from your lender and that you be “pro-active” about getting the right appraisal. Always ask for a ‘second opinion’ if you find a gross discrepancy between ‘your’ estimated value and the appraiser’s estimate. Remember; please give me a call if you find that you are in conflict with appraisal results. When we work together in the purchase or sale of a home, I make sure that the lenders I refer my clients to are totally up to speed in working with appraisers that know the local market. I can help.
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Want to own one of history’s great homes? You can……
Several months ago, we ran a contest to match the famous architect with their famous home they designed. Well, you can own one of these masterpieces – For the first time in a long time some of the houses designed by these very talented architects are on the market, and are not being “snapped up” the minute they come on the market The range of prices is from the low $300,000 range to the multi million range. You can get Frank Lloyd Wright’s famous Ennis House for only $15 million, and his La Miniatura home is listed for just under $7 million. John Lautner’s homes are selling between $1,495,000 and $5,895,000, and a Rudolph Schindler home actually came on the market in Inglewood for $265,000, but that is a rarity. So, go for it. These are classic homes that hold their value over time. I have sold some architectural homes in my career, and love to just see their beauty and brilliance.
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Lemons are wonderful fruits, and have great versatility. Following are some more tips for uses for lemons in our daily lives :
Microwave – Heat a bowl of water and lemon slices in your microwave for 30 seconds to a minute; then wipe out the oven. Stains will be easier to remove and old food odors neutralized.
Fridge – Half a lemon stored in your fridge will help control and eliminate unpleasant smells.
Chrome/copper/brass – Rub a lemon juice and baking soda paste onto chrome or copper, rinse and then wipe/buff with a soft cloth or paper towel.
Toilet – Mix 1/2 cup borax and a cup of lemon juice for a powerful toilet cleaner that will leave it smelling extra clean!
Lime scale – Use a half lemon to clean the lime scale off a sink or taps/faucets; rinse well.
Dishes – A teaspoon of lemon juice added to your dishwashing detergent can help boost grease cutting power Throw in some lemon or orange peel down your garbage disposal from time to time while it’s working in order to keep it smelling fresh.
Chopping boards – Rub lemon juice into your wooden chopping board, leave overnight and then rinse. Wood chopping boards appear to have anti-bacterial properties anyway, but the lemon will help kill off any remaining nasties and neutralize odors.
Glass and mirrors – 4 tablespoons of lemon juice mixed with half a gallon of water makes an effective window cleaner
Degreaser – Straight lemon juice can be used as a general degreaser
Furniture – 2 parts olive oil or cooking oil mixed with 1 part lemon juice makes for an excellent furniture polish!
Cuts, stings and itches – A small amount of lemon juice pour onto minor wounds can help stop bleeding and disinfect the injury (it will sting a bit). Lemon juice applied to itches, poison ivy rashes and wasp stings is said to relieve discomfort.
Mouthwash – A 50/50 mixture of lemon juice and water makes for an effective mouthwash.
Hands – The smell of fish can linger on your hands, even after scrubbing with soap – rubbing your hands with lemon juice will neutralize the smell and leave your hands smelling wonderful.
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Please do not forget some of my wonderful listings, 11730 Stonehenge in Bel Air Crest for $6.500,000, my lease at 11737 Gwynne in Bel Air Crest, the wonderful furnished lease with a golf course view at the Ridge in Mountaingate, the lease on La Villa Marina in Marina Del Rey and my fabulous house at 29 Ketch Mall also in the marina for $1,935,000.
Enjoy!!!
