Timely Real Estate News………………………………………….. 17 October 2008
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Location, location, location — it’s working
The oldest mantra in real estate is location, location, location. But it takes on new meaning in today’s chaotic economic times. Why is that? Because, quite frankly, the location of where we live is the best insurance policy you can have to keep your property value as high as possible. Sure, there are troubling signs in our midst, and perhaps, some of the only good news one can find: gas prices are dropping, as low as $3.35/gallon. But when you realize we live in one of the most desirable locations on the Planet, one can take comfort in the relative security that our community assets provide — making the Westside the envy of the world.
Even though overall sales volumes are down from 2007, in various areas they are improving slightly each month (read below)….and median sales prices continue to fluctuate from month to month in each of the four communities I report to you about….but overall, the prices are generally holding their own over 2008.
Real estate transactions up 85% over 2007 for Greater Los Angeles CB
I want to pass on a few inspirational words of wisdom from our stellar leader, Betty Graham, who is President of the Greater Los Angeles Coldwell Banker Company….stated that “…Buyers need to know there are home loans available today, and with full documentation and an appropriate down payment, the loans are very attractive. And more importantly….the Greater Los Angeles Coldwell Banker Company opened 85% more escrows in September 2008 than in September 2007 and we closed 16.9% more escrows in September 2008 than in 2007.” That is great news.
Our Westside has always been its own ‘best news’ — we tend to run counter to negative national and regional real estate trends — the #s prove that out. Our foreclosures are considerably lower than anywhere else in the country, and while home sales volumes have dipped by more than 50% in many parts of the United States, there is not a community that I cover that is close that number.
Let me review the most current reporting month — September 2008
I have always made it my mission to present you with the monthly Multiple Listing Service sales information; because it is the only reliable source of real estate sales we have for our communities of Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. The MLS stats give us the most accurate snapshot of what has gone in these specific areas for the past month and for year-to-date performance.
We have both good and bad news for September 2008. Beverly Hills and Brentwood both showed median sales price increases for this September over September 2007 — Beverly Hills was up just 1% but Brentwood was up 33%. There was (temporary) bad news for Beverly Hills Post Office (down 57%) and Bel-Air (down 67%). In Bel Air for example, of the 10 homes closing escrow in September 2008, the sales prices on half of the homes were under $1 million, thus dropping the median average (compared to previous months where more higher-priced homes were sold).
Beverly Hills MSP up 3% through September 2008
On a more positive note, the year-to-date MSP (medium sales price) — a more accurate reflection of real estate home values over the past year, we find that Beverly Hills MSP for the year through September 30 was up 3%, Beverly Hills Post Office was down 16%, but both Bel-Air and Brentwood are only off 2% year-to-date.
Sales volumes continue to be improving slightly for the four communities — down to 33% over the previous year-to-date totals (compared to being down 38% for YTD through August 2008). Days on market is another key indicator and homes are spending more days waiting for a qualified buyer. Days on market for Beverly Hills increased from 45 to 53 days in September 2008 vs. September 2007; Beverly Hills Post Office actually went down from 115 days to 89 days for same period; Bel-Air jumped from 79 days to 164; and Brentwood went from 38 days to 51 days on market for September 2008. But these numbers, as well as MSP, tend to fluctuate from month to month.
So, what does this tell us?
It tells us that our four communities are still suffering from the challenges found in other markets. We have some areas up, some down — as it has been case since we have been doing the SchifferLine. There is a silver lining every month in our neighborhoods — we’re still here and enjoying the best of many worlds.
But what is encouraging is the increased activity (transactions) in our business ….as Betty Graham has pointed out — Coldwell Banker Greater Los Angeles Company is up 85% in transactions over last year — and that is saying something. She further pointed out that if your home is priced correctly, there are qualified buyers out there….a point of view I have had since starting in this business.
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Disposable vs. rechargeable batteries
Disposable or dry-cell batteries are usually the alkaline type. They used to contain very high levels of mercury, but the amounts used have greatly decreased over the last couple of decades and some brands use none at all. Still, many do contain a small amount of mercury and given the massive waste involved should be avoided, or at the very least, recycled. In 2006, 40 billion disposable batteries were sold worldwide! According to the EPA, Americans purchase nearly 3 billion dry-cell disposable batteries every year.
Unfortunately, it can be difficult finding places that will actually recycle disposable alkaline batteries. Many recyclers separate them from rechargeable and they do wind up in landfill anyway.
A service I came across for alkaline (and rechargeable) battery recycling is Big Green Box, which is just a box you can dump batteries into and when it’s full, send it back to the recycler. You can purchase a box for your home or office, or utilize one that’s in one of the participating stores mentioned on their site.
Button batteries are a problem as a great deal of metal is used for their comparatively small size and they can contain mercury, silver, cadmium, lithium, or other heavy metals as their main component. Thankfully, due to the increasing price of raw materials, these are a desired recyclable item.
Rechargeable batteries used to be quite environmentally toxic beasties, containing cadmium (NiCad batteries). These days the most commonly sold batteries are Nickel-metal-hydride (NiMH). NiMH batteries have a better life and performance than Nicads and don’t contain as toxic heavy metals, so they are a “greener” choice.
You can also buy rechargeable alkaline batteries, but these perform poorly and will cost you more in the long run – and you’ll create more waste.
Regardless of the lower environmental toxicity of today’s rechargeable batteries, they should definitely be recycled rather than thrown in the bin to wind up in landfill.
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By the way, my great listing in Bel Air Crest is still available.. It is a 6 bedroom, 7.5 bath custom home with 5 fireplaces, including 3 in the master suite, library/office, family room, big rooms with wonderful high ceilings, pool, spa, and closets a dept store would envy. Price $5,295,000.
Please do not forget to give me your e-mail contact information if you would prefer to receive the SchifferLine on line…..caroleschiffer.com
