Timely Real Estate News………………………………………………….16 July, 2007
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Westside’s Micro-Climate Continues To Show Strength
While May was the slowest month for Southern California home sales in 12 years — mainly because of sharp declines in lower-cost markets (Inland Empire) — the Southland’s median sales price was unchanged, according to La Jolla-based Data quick. But significantly, home prices are up and remaining strong in all three of my neighborhoods. According to the Beverly Hills/Los Angeles Multiple Listing Services (MLS), Beverly Hills was up 33% in June over 2006’s same period….Brentwood home prices were up 6%, and Bel Air was down just a smidge (1.7%) from June 2006.
With all of the national angst about dropping home sales and falling prices, month-to-month sale prices on the Westside have continue to prove the point that we have highly desirable, unique residential communities that despite recent economic housing downturns, we seem to be immune to real estate storms affecting other parts of the country.
Betty Graham, President Coldwell Banker Greater Los Angeles, in quoting one of the speakers at the recent Anderson Business Forecast at UCLA noted earlier this month that our real estate market has experienced a “…soft landing on a lubricated runway!” How true. Yes, inventory is up in every Westside area, but the median sales price strengths demonstrate homes that are priced right stay on the market less than homes that are overpriced…it’s that simple. Price drives the selling timeline.
Foreclosures Are Up Nationally….But Appear Not To Be A Factor On The Westside
According to Matt Grainger of Equity Title and RETRAN foreclosures for the January thru May period there were only three for single family residences in Brentwood and only one in Bel Air. While this information is deemed reliable, Matt said it is not guaranteed because of non-reporting on some properties. Significantly, the foreclosure process occurs in three stages — Stage #1 — Notice of Default (NOD), #2 — Notice of Trustee Sale; and #3 — final foreclosure by the lender (Real Estate Owned or REO). As an example, there were 17 NOD issued in Brentwood in this five-month period, but only three ended up being taken over by the lender, which means that 14 homeowners were able to avoid foreclosure. Bel Air had 19 NODs but only one ended back with the lender. The conclusion is homeowners who enter the foreclosure process either clear up the balances through paying off their liens, selling their property, re-financing or bringing the loan current.
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Stan Lefcourt Dies….Known as Mister Brentwood
Memorial services were held for Stan Lefcourt July 15 at the Luxe Sunset Hotel to honor one of the area’s most loved community leaders. Known as Mr. Brentwood for his more than 50 years of service to a broad variety of activities, he served as president of the Brentwood Homeowners Association, ran the Brentwood Chamber of Commerce, and organized Memorial Day parades, and the “Concert on the Green” series. He also spearheaded local crime-watch programs, and Stan wrote a popular column in the Brentwood News — “This Is Your Brentwood.” A former Citizen of the Year, Stan was just well loved for his generosity and commitment to building Brentwood into the fine community it is today.
“I know Stan will be missed by all who knew him,” according to Wendy Sue Rosen, chairwoman of the Brentwood Community Council. Stan was an accomplished poet….and is best known for his “Color Me Equal” poem written in 1992. Stan was named Poet Laureate for this poem and was included in his published book of poems…While all of us who knew and loved Stan will and do miss him, we will especially miss his old, and corny jokes, sunny smile, and positive can do attitude for everything.
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My Niece, Morgan, Begins Her USC Journey
It’s strange, but I’m filled with such pride that my wonderful niece, Morgan, begins her college life at the University of Southern California this week when she attends her new student orientation. As a double graduate of USC’s cross-town rival, UCLA, it doesn’t matter a twit now that she is here, close to my home (she was raised in Vancouver, BC). I’m so excited for her…as many of you have also experienced when a son or daughter are sent off to school far away. Auntie Carole will be around….for those special needs (like a washer and dryer and a well-stocked refrigerator). We’ll probably have some differences of opinion on December 1 when the Bruins meet the Trojans at the Coliseum. But, who’s counting!
I hope you are enjoying the summer,