Timely Real Estate News………………………………………………. 16 May 2008
***********************************************************************************************************************************************
Reader asks: Am I chopped liver?
One of my favorite people pointed out that I might tend to ignore ‘the other people’ — those living outside of Beverly Hills, Brentwood and Bel-Air. “Am I chopped liver, or what?” he queried after receiving the latest Schifferline. Of course not, I reassured him. But he had a point — my traditional, primary areas are in those cities, and I admit I focus much of what is in my semi-monthly newsletter on these areas. So I want to share with you as to how other Westside areas were ‘tracking’ — sales volume and median sales price. And here’s what is going on: The Westside communities all appear to be in the same boat. The higher-priced neighborhoods are holding firm on prices or showing significant increases in median sales prices. Some areas are up one month, some down the next. So, let’s take a closer look at some of these other areas.
Westwood and Century City median sales price for 2008 (vs. 2007) year to date is up 7.5%; Palms-Mar Vista is down 6.7%; but Santa Monica and Pacific Palisades are both up — 43% and 17% respectively over year-to-date MSP in 2007. What is interesting regarding sales volume (where sales are down significantly over 2007); Westwood-Century City sales are even for the comparable four-month 2008 period over last year. The other three areas show the same softer sales volume as we have seen in Beverly Hills, Brentwood and Bel-Air — Palms-Mar Vista is down 34%….Santa Monica is down 53%….and Pacific Palisades is down 23% over 2007 year-to-date totals.
My friend happens to live in a condo in Westwood, and as the above information pertains to single family residences rather than condos, it would not be as pertinent for him, but in general it is also interesting to see what is happening all over. No matter — the Westside continues to run counter to national and regional trends — prices remain firm or increasing over 2007; sales volumes are significantly down. Opportunity? There are some outstanding properties on the market now — and as I have said — properties that are priced right sell quickly.
Remember Please — I work in the entire Los Angeles area, houses, condos, investment properties and leases….and just recently sold a house in Westwood.
One marketing note, you may want to check out OpenHouseLA on Sat. 24 May at 7:00 pm on NBC 4,. I will be appearing with my beautiful new listing for $14,000,000 in Bel Air Crest. You can also see photos of this fabulous house on its website… www. Villabelaircrest.com
***********************************************************************************************************************************************
Morgan Faces Life at USC….it could be worse
So there I was helping shepherd my niece, Morgan, through her first year at the University of Southern California. For Auntie Carole (a UCLA grad), it was, indeed, a new experience. It turned out to be a challenging but fruitful first year away from Morgan’s Vancouver, B.C. home. After attending a relatively small, private school in Canada, she found the expansive USC campus in the middle of Los Angeles somewhat intimidating at first, but she gradually slid into her comfort zone meeting new friends at her dorm and in the classroom. She learned to drive the freeways using the GPS system I bought for her (“I still have a ways to go on this…”), and she enjoyed the weather, especially in January and February when one wears ski parkas in Vancouver. Southern California seemed to agree with her — she told her mom about the many benefits of sitting around her dorm pool and studying.
Morgan, 18, excelled in both her pre-med and English studies the first semester, but her grades for the spring semester won’t be out until she returns home. And how did Auntie survive? Well, it was wonderful to have her here. In the end, she did great and both my mother and I loved living through her experiences with her — it took us both back to our child-raising and college days. Will she come back? Morgan is exploring the possibility of a smaller college for her next year, so we’ll see if she returns in the fall. Turns out that USC ain’t so bad after all.
**********************************************************************************************************************************************
Baseline Mansionization Ordinance
As you may know, the Los Angeles City Council passed a new ordinance pertaining to how an owner can develop, remodel and/or make improvement to or rebuild their property, including square footage (Los Angeles City Planning Case No 2007-106 CA). At this time, this ordinance only pertains to properties that are in the “flats” and not the hillside such as Bel Air Crest, Mountaingate, Bel Air Park, and lower Casiano. The City Council is now working on this and hope to have it sometime soon for passage as well. For additional information regarding the Ordinance, I am attaching a link for you so that you can read what the ordinance means http://zimas.lacity.org/. I do not have expertise in this Mansionization Ordinance area, and am passing this along for information purposes only.
**********************************************************************************************************************************************
Going Green — Transitional and Organic Cotton
Much has been written lately about organic (and transitional) cotton that has positive affects on the environment and for your personal wardrobe.
Organic cotton is cotton that has been grown for at least three years without chemical pesticides, defoliants, or fertilizers. Fertilizers that are used include compost, manure, naturally derived mineral and plant fertilizers, and crop rotation. Insect controls involve the use of beneficial insects and natural pesticides certified for organic crops. Organic cotton is also processed without oils, chemicals, and pesticides. Transitional cotton is cotton grown organically but for less than three years (which is the threshold for being classified as ‘organic’).
Because of the rapidly developing bodies and immature immune systems, babies and children can benefit greatly from pure, organic cotton products. Organic cotton feels softer, smells cleaner, and is less likely to trigger allergies.
The sustainable farming practices used to grow organic cotton do not pollute groundwater, surface water, soil, or air. In fact, soil quality is actually improved by the production of organic cotton. Organic cotton is safer for farmers, for you, for your baby, for the environment, and for all the other creatures with whom we share this amazing planet.
Wal-Mart recently announced the purchase of 12 million lbs. of transitional cotton to spur the growing of organic cotton. Wal-Mart is selling a line of transitional cotton T-shirts called Faded Glory
When you purchase organic cotton products, you send a message with your money, a “dollar vote”, that says 1) you will not tolerate conventional cotton production, with its dangers to human health and the environment, and that 2) you support sustainable farming practices. Hopefully, other apparel manufacturers and retailers will offer organic cotton products.
**********************************************************************************************************************************************
Have a wonderful Memorial Day… See you around.
