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NEW LISTINGS
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$2,975,000
3075 Deep Canyon,
BHPO
Totally updated 5 bedroom 4 bath home with great indoor outdoor flow.
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A beautiful Country French Estate, located in the exclusive Royal Oaks Colony.
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$925,000
12732 W. Washigton Blvd,
Culver City
Commercial Medical Condo in a great location!
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$899,000
4598 Cielo Circle,
Calabasas
This gated property, located in "The Colony," has a perfect floor plan.
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| FOR LEASES
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$5,000/month10724 Wilshire Blvd, #205
Westwood
Beautiful condo for lease in one of the best buildings on the Wilshire Corridor.
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| IN ESCROW
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470 S. Camden Dr, Beverly Hills $2,295,000
261 S. Reeves #PH6,
Beverly Hills
$1,675,000
332 S. Palm Dr, Beverly Hills $1,695,000
4403 Densmore Ave,
Encino
$1,599,000
2728 Edwin Place,
Hollywood Hills
$1,299,000
6001 Chesebro Rd,
Agoura Hills
$999,990
815 S. Le Doux #201,
Beverly Center $977,000
13946 Davana Tr,
Sherman Oaks
$899,000
2848 Overland Ave,
Rancho Park
$859,000
621 Orlando Ave, #1
West Hollywood
$639,000
815 S. Le Doux #302, Beverly Center $599,000 |
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| JUST SOLD
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2965 Hutton Dr, Beverly Hills $1,795,000 3214 Highland Ave, Santa Monica $1,395,000 9664 Farralone Ave, Chatsworth $519,000 |
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GREETINGS FROM SALLY
| September 14, 2010
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Enjoy a Fresh Perspective as the Seasons Change
With Summer now behind us, crisp autumn days are just around the corner. I'm sure many of you are looking forward to the change in Season. Meanwhile the real estate climate has been a little harder to accurately predict. But leading economists recommend stepping back and looking at the bigger picture in order to get a more accurate reading.
Lawrence Yun, Chief Economist for the National Association of Realtors explained in the Wall Street Journal that "given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly."
Mortgage rates are, in fact, at historically low levels and home prices continue to be extremely affordable although values remain firm. So right now there are some great reasons for buyers to step forward, and that can only help push real estate values higher, which is good news for homeowners and sellers. Karl Case - a professor emeritus of economics at Wellesley and the co-creator of the widely respected Case-Shiller housing index - also pointed out in a recent New York Times article that it is important to maintain some perspective. He reminded the reader, that a big part of the yield on any investment in a house is the capital gains that the homeowner realizes if they sell after home values appreciate. Those gains are often significant, especially in the wake of a severe housing recession, but they are exempt from taxation if the property is a primary residence and the gain is less than $500,000 for a married couple filing jointly. Along the way the mortgage interest provides a substantial tax deduction, too, adding to the overall return on investment. Sometimes we get so close to the trees that we cannot see the forest. With fall colors coming into view it's a good idea to keep that in mind - both literally in terms of enjoying nature's splendor and figuratively in terms of turning over a new leaf regarding a longer range view of the housing market. 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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| A Dream Home After All
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| | The New York Times
If you read the coverage of the latest figures on the sales of existing homes from the National Association of Realtors, you may well have come to the conclusion that the American dream is dead. It is indeed worrisome that sales in July were down 25 percent from a year ago. But a little perspective is in order.
First, the bad news. What has happened in the housing markets since 2005 is a catastrophe that may take years for our economy to recover from.Anyone who believed that home prices never fall has learned a tough lesson. The Case-Shiller price indexes released on Tuesday suggest that since their national peak in 2006, home prices have fallen by 29 percent.
Some areas of course look better than others. Las Vegas is down 57percent from its peak and Phoenix is down 51 percent. On the other hand, Boston is down just 13.5 percent and Dallas only 4.2 percent.
The effect on household wealth has been huge. Data maintained by the Federal Reserve show that the value of residential real estate directly held by households fell to $16.5 trillion in the first quarter of 2010, down from $22.9 trillion in 2006. It has yet to be determined who will end up bearing those losses. The decline in wealth has substantially reduced consumption, stifling
the economy.
Depressing, yes - but the end of a dream? Not exactly. I have never quite understood what the American dream really means when it comes to housing. For some people, it means having a
solid and fairly safe long-term investment that is coupled with the satisfaction of owning the house they live in.
That dream is still alive. Others, however, think the American dream is owning property that appreciates by 30 percent a year, making a house into a vehicle for paying bills. But those kinds of dreams have become nightmares for the millions of foreclosed property owners who have found themselves sliding toward bankruptcy.
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| Realtor Chief Economist Stands By Optimistic Forecast
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| | The Wall Street Journal
It must not be easy being Lawrence Yun. At least not in times like these. Mr. Yun is chief economist of the 1.2 million-member National Association of Realtors-the nation's largest trade association, by its own count-and by extension, the expert voice of the real estate brokerage industry as a whole.
So it's understandable that Mr. Yun would want to be a soothing, optimistic voice for an industry that is hurting. Sometimes Mr. Yun toes the line between housing industry economist and housing industry motivational speaker. Today is one of those instances.
The NAR reported this morning that home- sellers closed on 27% fewer homes in July as in June, and 26% fewer homes in July 2010 as in July 2009. NAR's news release took a surprisingly rosy view, with the headline "July Existing-Home Sales Fall as Expected but Prices Rise." Mr. Yun assured the public that this historically-low level of sales could be little more than a "pause."
After September, sales seem primed to recover. "Given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs," Mr. Yun writes, before predicting that annual sales will reach 5 million this year, just a hair above the average yearly sales of 4.9 million over the last two decades (today's report correlates to a yearly, seasonally-adjusted sales pace of 3.83 million homes).
Mr. Yun is clearly on the side of analysts who don't think home prices are headed for a big drop. While the market currently favors buyers, he says that home values have returned to their historical levels against incomes, and new home construction is very low. Consequently, he says, "there is not likely to be any measurable change in home prices going forward." Mr. Yun's dispatches on the housing market haven't always been so rosy.
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| Mortgage Rates to Once Again Set New Record Lows
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| | Realty Times
McLean, VA - Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), and for yet another week, fixed-rate mortgages reached record lows, as did the 5-year adjustable rate in this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)
30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending September 2, 2010, down from last week when it averaged 4.36 percent. Last year at this time, the 30-year FRM averaged 5.08 percent.
15-year FRM this week averaged a record low of 3.83 percent with an average 0.6 point, down from last week when it averaged 3.86 percent. A year ago at this time, the 15-year FRM averaged 4.54 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.54 percent this week, with an average 0.6 point, down from last week when it averaged 3.56 percent. A year ago, the 5-year ARM averaged 4.59 percent. 1-year Treasury-indexed ARM averaged 3.50 percent this week with an average 0.7 point, down from last week when it averaged 3.52 percent.
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