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NEW LISTINGS
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IN ESCROW
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17441 Weddington Street, Encino
$3,295,000
2120 Westridge Road,
Brentwood
$ 2,795,000
505 N. Bonhill Road,
Brentwood
$1,795,000
10724 Wilshire Blvd #612,
Westwood/Wilshire Corridor
$1,049,000
8201 Park Hill Drive,
Westchester
$869,000
135 S. Swall Drive #203,
Beverly Center/Miracle Mile
$839,000
8571 Rugby Drive,
West Hollywood
$999,000
5130 Melvin Ave,
Tarzana
$979,000
4700 Natick Ave #301,
Sherman Oaks
$339,000
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JUST SOLD
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21360 Pacific Coast Hwy,
Malibu
$5,995,000
1137 El Medio Ave,
Pacific Palisades
$3,750,000
801 Devon Ave,
Little Holmby
$3,195,000
2815 Forrester Drive,
Cheviot Hills
$1,995,000
261 S. Swall Drive,
Beverly Hills
$1,995,000
350 Dalkeith Ave,
Westwood Hills
$1,499,000
7127 Crest Road,
Rancho Palos Verdes
$1,360,000
135 S. Swall Dr. #PH3,
Beverly Center/Miracle Mile
$1,129,000
2054 Malcolm Ave,
Los Angeles
$1,050,000
1944 Livonia Ave,
Beverlywood
$995,000
1420 S. Spaulding,
Miracle Mile
$949,000
1505 Roscomare Road,
Bel Air
$899,000
2249 Beverly Glen Place,
Bel Air
$899,000
135 S. Swall Dr. #303,
Beverly Center/Miracle Mile
$859,000
135 S. Swall Dr. #201,
Beverly Center/Miracle Mile
$839,000
118 S. Clark #102
Beverly Center/Miracle Mile
$799,000
135 S. Swall Dr. #304,
Beverly Center/Miracle Mile
$739,000
135 S. Swall Dr. #204,
Beverly Center/Miracle Mile
$729,000
6209 Nita Ave, Woodland Hills
$349,000
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GREETINGS FROM SALLY
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January 7, 2009
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Happy New Year and welcome to
a new year of improvement and prosperity in the housing market - especially
here in Southern California.
Many of my clients are asking
me now to look ahead and offer predictions, both for the year and the long-term
outlook. I must say that my many years of experience in the Southern California
luxury home market leads me to believe that things are looking
auspicious for 2010.
In 2009, banks began to aggressively authorize more short sales in
lieu of foreclosures, a move assisted and encouraged by new directives and financial
incentives from the Treasury Department. The effort is now yielding measurable
results, and home prices in Southern California rose in November for the
seventh consecutive month while the number of sold listings is up almost 15
percent compared to this time last year.
That's definitely an improvement for anyone
selling in 2010, yet there's still opportunity for those looking to buy a
home. Also, Congress recently extended the popular new home
buyer tax credit and added a completely new tax incentive for buyers who
already own a home.
Ahead of the peak first quarter real estate season, I've seen a surge of buyers hurrying to take advantage of those
perks plus realistic pricing and historically low mortgage
rates that are not expected to last much longer.
So I'm happy to be able to
say with confidence that the real estate market for 2010 looks promising and bodes well
for the new decade. Please don't hesitate to call or send me an email if you'd like further information regarding the market. Sincerely,  |
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| SOUTHERN CA HOME PRICES & SALES IMPROVE IN NOVEMBER |
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LA Times
The median home price rises 1.8%, to $285,000, from October. The number of houses sold is up 14.7% from the same month last year.
Data released Tuesday showed the Southland housing market gaining strength in the traditionally slow month of November. The median price paid for a Southern California home increased 1.8% in November from October, to $285,000, according to MDA DataQuick, a San Diego real estate research firm. It's the seventh consecutive month in which prices have improved or held steady.
Sales of new homes in Southern California also rose unexpectedly last month, and the percentage of foreclosures making up the total resale market continued to drop.
But the market hasn't returned to full health, and a glut of foreclosures remains a concern because a flood of cheap homes could slow the recovery next year. A separate report Tuesday showed that the number of California properties repossessed by banks in November continued to increase when measured on a daily basis.
Still, rising home prices have translated into some jobs for real estate professionals this year, and more will follow in 2010 if the economy continues to rebound, those in the industry said...
Read Full Article
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| BANKS WARMING UP TO SHORT SALES TO REDUCE FORECLOSURES
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Bloomberg News
Three years into a U.S. housing slump that pushed the economy into a recession and cut resale values by 30 percent from their peak in 2006, banks are beginning to go along with short sales in increasing numbers.
Short sales tripled to 40,000 in the first six months of this year compared with the first half of 2008. Yet for each short sale, there were 25 foreclosures started or completed in the first half of this year, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
"It's really finally dawning on banks that they're better off with a short sale," said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California. "I think banks were in denial."
Wells Fargo, Bank of America Corp. and JPMorgan Chase & Co. this year have hired and trained more staff, developed software systems for expediting short sales, and increased marketing of short sales to delinquent borrowers.
Banks are increasing such sales under pressure from the Obama administration and lawmakers who criticized them for favoring foreclosures and delaying short sales, Green said. Lenders and loan servicers also stand to receive up to $2,000 in incentives to close short sales under a Treasury Department plan unveiled Nov. 30.
The increase in banks agreeing to take losses on mortgages is helping some homebuyers and real estate brokers...
Read Full Article
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COLDWELL BANKER REAL ESTATE REDEFINES ONLINE PROPERTY SEARCH WITH LAUNCH OF NEW WEB SITE
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Press Release
Coldwell Banker Real Estate LLC has
unveiled its next great online "property" - the wholly redesigned
Coldwell Banker Web site available now at beta.coldwellbanker.com." A
key objective of the site relaunch is to help redefine real estate
search which, to date, has focused primarily on such functional aspects
of home-buying as number of bedrooms or listing price.
The beta launch
of the new Coldwell Banker Web site offers consumers a unique portfolio
of new search options that incorporate elements of such online
innovators as music recommendation engines and major e-commerce sites.
One of the new search options is the BlueScapesm
platform that allows consumers to give a 'thumbs up' or a 'thumbs down'
to various images that are displayed - similar to how popular music
sites learn users' preferences based on how they rate different songs.
After rating various photos, consumers can then submit a query and the
BlueScapeSM technology will identify homes that might be a
fit. Developed to help consumers actively looking to purchase a home as
well as those still in the "dreaming phase," this visually driven
approach to search is new to the real estate category.
Features of the new site include:
- The ground-breaking BlueScapesm
search platform, a fresh approach to real estate search that allows
consumers to discover the aspects of their "dream home" based on their
attraction to a series of images and settings
- A "You May Also Like"
feature that offers additional homes of interest, based on a range of
characteristics from properties consumers select as "preferred"
- Technology
that immediately identifies a consumer's current location via their
computer's unique IP address, and offers up properties for sale in that
area
- Keyword searching
that enables users to find properties featuring specific details of
their choice, such as a terrace or mountain view - taking "functional"
search beyond the basics like numbers of bedrooms or bathrooms
- Integration and expansion of virtual tours and video display of select listings where available
Additional enhancements to the Coldwell Banker Web site include integrated video and social networking capabilities.
Read Full Article
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