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NEW LISTINGS
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| NEW LEASES
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IN ESCROW
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10772 Chalon Rd,
Bel Air
$5,950,000
1210 Casiano Rd,
Bel Air
$3,295,000
10727 Wilshire Blvd #1404,
Westwood/Wilshire Corridor
$2,675,000
470 S. Camden Dr,
Beverly Hills
$2,295,000
2965 Hutton Dr,
BHPO
$1,795,000
2865 Motor Ave,
Cheviot Hills
$1,795,000
332 S. Palm Dr,
Beverly Hills
$1,695,000
815 S. Le Doux #401,
Beverly Center
$1,077,000
815 S. Le Doux #201,
Beverly Center
$977,000
4362 Irvine Ave,
Studio City
$949,000
3547 McLaughlin Ave,
Mar Vista
$849,000
312 N. Windsor Blvd,
Hancock Park
$789,000
3540 Wesley St,
Culver City
$775,000
815 S. Le Doux #102,
Beverly Center
$599,000
815 S. Le Doux #302,
Beverly Center
$599,000
9664 Farralone Ave,
Chatsworth
$519,000
1230 N. Horn St #627,
West Hollywood
$399,000 |
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JUST SOLD
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928 N. Beverly Dr,
Beverly Hills
$3,495,000
505 N. Bonhill Rd,
Brentwood
$1,699,000
10101 Lovelane Place,
Cheviot Hills
$1,599,000
4118 Prado De La Puma,
Calabasas
$1,545,000
9914 Girla Way,
Cheviot Hills
$1,450,000
865 Comstock #8D,
Wilshire Corridor/Westwood
$830,000
815 S. Le Doux #101,
Beverly Center
$847,000
948 16th St. #105,
Santa Monica
$699,000
11870 Idaho Ave #201,
West LA
$629,000
11737 Darlington #101,
Brentwood
$625,000
1912 Broadway #308,
Santa Monica
$619,000
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GREETINGS FROM SALLY
| July 9, 2010
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Welcome to our summer newsletter! I hope that everyone had a wonderful 4th of July weekend and a chance to spend some quality time with friends and family. While the summer mercury continues to rise, so do home prices in our area - another strong indication that the credit markets have finally thawed out and the real estate market is heating up again. Median home prices in Southern California have risen more than 22 percent compared to this time last year and buying activity is also up more than 7 percent. One factor fueling sales is tax incentives. An unprecedented number of first-time buyers signed contracts to purchase before the end of April in order to qualify for IRS tax credits. The deadline for closing on those transactions was recently extended until September 30th. That came as good news to many whose collective rush to take advantage of those $8,000 perks was so great that it created a temporary backlog at mortgage and title company offices. But California also has its own unique tax credit program worth up to $10,000 for first-time buyers. Almost 13,000 people have already applied for their share of the special $100 million allotment set aside by the Franchise Tax Board. There are also attractive statewide tax credit incentives available to those who buy brand new construction. If you want to get your share of those exceptionally rare and generous rewards you must act quickly. Nearly 70 percent of the money that was set aside for the first-time buyer tax credit program has already been spent. Rates on reliable 30-year fixed-rate mortgages are still at rock bottom prices, too, which is another compelling reason to buy now. They recently hit 4.58 percent, compared to year-ago rates of 5.32 percent. Rates on 15-year mortgages are a bargain at around four percent, and there are adjustable rate mortgages available for as low as 3.79 percent. 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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| Obama signs homebuyer tax credit extension
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| | Housing Wire
President Barack Obama this morning signed HR 5623, the "Homebuyers Assistance and Improvement Act of 2010," a three-month extension on the closing deadline for first-time home buyers to receive the tax credit.
Potential homeowners with offers currently under contract now have until September 30 to close the deal, instead of the original June 30 deadline. The tax credit remains at a maximum $8,000. The Senate approved the bill late evening on June 30th, a day after it passed the House of Representatives. A copy of the HR 5623 can be downloaded here. The bill is worded to retroactively include properties that closed in the last two days. According to the Internal Revenue Service, besides providing a tax benefit to first-time homebuyers and purchasers who haven't owned homes in recent years, the law also allows a long-time resident of the same main home to claim the credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home.
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| | Southern California median home price surges 22.5% | |
| | LA Times
The Southland's housing market surged in May with the median home price soaring 22.5% from its year-earlier level as tax incentives for buyers and rock-bottom interest rates ignited sales, a real estate research firm reported Tuesday.
The median hit $305,000, according to MDA DataQuick of San Diego, putting the closely watched figure above $300,000 for the first time since October 2008, when valuations were declining rapidly amid the fallout from the subprime mortgage debacle, credit crunch and financial crisis.
Despite the May gains, experts and real estate professionals fear Southern California is headed for a slump in coming months as the effect of federal and state tax credits for buyers begins to wane. A rise in interest rates also could put further downward pressure on real estate in the region.
"I just think Southern California is headed for one heck of a hangover," said Glenn Kelman, chief executive of online real estate brokerage Redfin. "If the state credit runs out, and interest rates run up, I just think the market could be in a real jam."
A total of 22,270 new and previously owned single-family homes, condominiums and town houses were sold in the Southland last month, a 7.2% jump from May 2009 and a 9.7% increase from April. Sales last month hit their highest level for a May since 2006.
DataQuick reports its figures when contracts close, so the May surge probably reflects a rush of buyers finalizing deals ahead of the June 30 deadline to grab the federal credit.
The California tax credit of as much as $10,000 for first-time purchasers and those buying new homes helped sweeten that deal, with some qualifying first-time buyers able to grab as much as $18,000 in incentives if they timed their purchase just right.
"We have a medicated economy," said Ed Leamer, director of the UCLA Anderson Forecast. "When we remove the meds, we are not so sure how the economy is going to perform. We know there is going to be softness compared to where we are now, because people accelerate their decision-making to take advantage of these programs."
The federal credits of up to $8,000 for first-time buyers and $6,500 for some current homeowners required that deals be reached by April 30 and close by June 30. The California credits, which kicked in May 1, are for both first-time buyers and purchasers of new homes, with $100 million set aside for each credit...
Read Full Article |
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| | Once again all rates but 1-year ARM hit yet another record low | |
| | Realty Times
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.58 percent with an average 0.7 point for the week ending July 1, 2010, down from last week when it averaged 4.69 percent. Last year at this time, the 30-year FRM averaged 5.32 percent.
The 15-year FRM this week averaged 4.04 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.77 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.79 percent this week, with an average 0.7 point, down from last week when it averaged 3.84 percent. A year ago, the 5-year ARM averaged 4.88 percent. The 1-year Treasury-indexed ARM averaged 3.80 percent this week with an average 0.7 point, up from last week when it averaged 3.77 percent. At this time last year, the 1-year ARM averaged 4.94 percent. "Interest rates on fixed-rate mortgages and the 5-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains very low," said Frank Nothaft, Freddie Mac vice president and chief economist. "Growth estimates for first quarter GDP were revised down by a half percentage point over the past two months to 2.7 percent, according to the Bureau of Economic Analysis. Annual inflation, as measured by the 12-month change in the core CPI, held at 0.9 percent in April and May, which is the slowest pace in over 44 years, as reported by the Bureau of Labor Statistics." "Meanwhile, house prices are improving due in part to the homebuyer tax credit. The S&P/Case-Shiller® 20-city home price index grew 0.4 percent between March and April and was up 3.9 percent from April 2009, representing the largest annual gain since October 2006. Moreover, 17 of the metropolitan areas experienced monthly gains in April, compared to 10 in March and six in February." Read Full Article |
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