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CLICK HERE TO VIEW ALL ACTIVE PROPERTIESť |
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$39,995,000
10451 Revuelta Way,
Bel Air
The Chateau d'Or is situated on 2.5 acres in prime Bel Air. Your own private compound. Imagine life as it could be!
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$869,000
4598 Cielo Circle,
Calabasas
Located in the exclusive gated community, 'The Colony'. 4 bed 4.5 baths, built in 2006. |
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$859,000
5454 Genesta Ave.,
Encino
Prime Encino neighborhood off Amestoy. 3 bed 2 baths with skylights, pool and a huge backyard.
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Great cul-de-sac home in the Stone Gate Estates. 2 story 4 bedroom, 2.5 bath home with a sparkling pool. |
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$549,000
1888 Greenfield Ave. #207,
Westwood
Front facing, 2 bed corner unit with an open floor plan in an amazing location seconds from UCLA and Century City. |
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$539,000
10433 Wilshire Blvd. #406,
Los Angeles
Updated 2 bed, 2 bath corner unit with north/west exposure that sets the stage for dramatic open views. Beautiful! |
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$429,000
440 Veteran Ave. #408,
Westwood
Wonderful 1 bed 1.5 bath condo close to UCLA and Westwood Village. Move-in ready! |
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$299,995
21139 Avenida de Sonrisa #14,
Saugus
Built in 2005, this 3 bed, 2.5 bath home is bright, spacious and priced to sell! |
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$14,995/month
10580 Wilshire Blvd #4SE,
Westwood
Sophisticated condo in The Wilshire building. Completely ready to call home in this top-of-the-line posh unit. |
$4,850/month
10724 Wilshire Blvd #205,
Westwood
Reduced!! Beautiful condo for lease fully furnished in one of the best buildings on the Wilshire Corridor.
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$1,800/month
1230 N Horn St. #627,
West Hollywood
Superb location in the heart of the Sunset Strip. Spacious quiet condo in a very safe building with lots of amenities. |
$27,500,000
23402 Malibu Colony Rd. #105, Malibu
Rare estate on a double lot in the Malibu Colony. Absolutely stunning!
720 Huntley #206,
West Hollywood
Superb location. Corner penthouse with two story ceilings! Price upon request. |
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10287 Century Woods,
Century City
$6,495,000
2383 Mandeville Cyn. Rd.,
Los Angeles
$4,495,000
116 S Vista,
Beverly Center - Miracle Mile
$1,295,000
2160 Century Park East #1509,
Century City
$594,500 |
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470 S Camden Dr.,
Beverly Hills
$2,295,000
261 S Reeves Dr. #PH6,
Beverly Hills
$1,675,000
3214 Highland Ave.,
Santa Monica
$1,395,000
2728 Edwin Pl.,
Los Angeles
$1,299,000
2848 Overland Ave.,
Los Angeles
$859,000
815 S Le Doux Rd. #302,
Los Angeles
$599,000 |
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GREETINGS FROM SALLY
| October 27, 2010
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Cautious Optimism Supported by Market Evidence
Thanksgiving will be here before we know it, and it looks like we will have plenty to be thankful for this time around. The stock market has regained some long-lost momentum, with the Dow finally breaking confidently above the significant 11,000 benchmark, and CNN just reported that home prices are simultaneously rising across the USA.
Housing prices in the Golden State have climbed steadily for nine consecutive months, and in July they posted a nearly 10.5 percent increase compared to last year's figures. While the medium price of a single family home across the nation is now $183,000, for instance, the medium price of homes in Los Angeles is nearly twice that much at $345,000.
But as professional investors like Warren Buffett often remind us, no alarm bells go off to notify us when it is time to buy. We have to trust our instincts and watch for positive confirmation. As Lesley Appleton-Young, chief economist for the California Association of Realtors explained to reporters "Prices went down so far and so quick, that left a lot of people saying 'Wow, affordable California housing!'" Many experts believe that this is the beginning of sustainable long-term gains for investors who are prescient enough to buy before the discounts have all evaporated.
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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CALIFORNIA HOUSING PRICES ON THE REBOUND |
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CNNMoney.com
Home prices are rising in virtually every corner of the state. They've climbed for nine consecutive months, and in July posted a 10.4% gain year-over-year. That puts the state's median price at $315,000 -- nearly twice the national median of $183,000.
And the news is even better in coastal cities.
Meanwhile, Florida, Arizona and Nevada -- California's erstwhile bubble-state partners -- continue to struggle. So where is the Golden State's strength coming from?
"I think it comes from the fact that prices went down so far and so quick," said Lesley Appleton-Young, California Association of Realtors' chief economist. "That left a lot of people here saying, 'Wow, affordable California housing.'"
However, a quick home price rebound was delayed by the crush of foreclosures that accompanied the subprime mortgage meltdown. California real estate had become so expensive that a basic single-family home required many buyers to overextend themselves with exotic loans.
That is no longer the case. Most of the subprime-related distressed properties have been flushed from the system. And when a foreclosure does hit the market, it's snapped up. The median days it took to sell a home in July was just 44 -- lightening fast.
"It's the dearth of supply for distressed properties that has put pressure on home prices," said Appleton-Young. "More than half the homes on the market last year drew multiple offers."
Plus, the California economy is picking up. Even in a recession, it has remained one of the world's 10 largest economies, mainly because it is driven by every major industry -- aerospace, tech, software, finance, agriculture, tourism. So as more of those industries recover and employment picks up, demand for housing will jump.
"California is a much larger, stronger and more diversified economy than the other [bubble] states," according to Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA.
Another factor that has helped lift prices is a trend toward more short sales. Fewer of the distressed properties are going all the way through the foreclosure process. "The shift to short sales in itself would increase home prices," said Mark Goldman, who teaches real estate at San Diego State University.
That's because short sellers usually occupy and take care of the homes until they're sold, leaving the properties in better condition and worth more than similar foreclosed homes.
Goldman added that California markets are, generally, more constrained than any of the other bubble states. Florida and Nevada, for example, still have room to develop and grow in most areas. But the lack of developable land is especially acute in California, pushing home prices up.
Read Full Article
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THE LARGEST BANK WILL RESUME FORECLOSURE PUSH IN 23 STATES |
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The New York Times
Bank of America announced on Monday that it would resume home foreclosures in nearly two dozen states, despite the running controversy over how banks handled tens of thousands of cases of homeowners facing eviction.
Bank of America, the nation's largest bank and the servicer of roughly one in five American mortgages, insisted that it had not found a single example where a foreclosure proceeding was brought in error.
The move is also likely to encourage other giant lenders, like JPMorgan Chase, to resume the foreclosure process that threatens two million homeowners.
"California is a much larger, stronger and more diversified economy than the other [bubble] states," according to Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA.
Meanwhile, GMAC Mortgage, whose procedures helped prompt the controversy when one its executives testified that he had signed 10,000 documents in a month, is also proceeding with foreclosures.
"We announced a temporary suspension of evictions and foreclosure sales in the 23 judicial states several weeks ago so we could commence the appropriate review," said Gina Proia, a spokeswoman for GMAC. "As cases are being reviewed and, when needed, remediated, the foreclosure process moves forward as appropriate."
Guy Cecala of Inside Mortgage Finance, an industry publication, said: "This draws a line in the sand that the banks expect this problem will be over in relatively short order and it will be back to business as usual. If Bank of America can do it, certainly the smaller ones will follow suit."
Bank of America plans to begin filing new paperwork for 102,000 foreclosures by Monday.
Consumer advocates and lawyers for homeowners expressed skepticism that Bank of America could complete a review of the paperwork so quickly. But the banking industry has come under increasing pressure from investors to resolve the problem.
Investors have fled bank stocks in recent days, worrying that the foreclosure halt would cost banks billions of dollars and inflict further harm on the nation's struggling housing market. Bank of America is scheduled to report its latest quarterly results on Tuesday. Its shares have suffered more than those of other big banks, so any sign that the crisis is easing is likely to be greeted favorably by shareholders.
Read Full Article
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WHY THE NEXT RALLY COULD BE A MONSTER |
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NASDAQ
While the stock market has moved up nicely in the last 3 months, it's hardly moved stocks above reasonable valuations. IBM sells at 12.77 times earnings. Intel goes for 11.67 times. Microsoft has a Price to Earnings ratio (P/E) of 11.74. Google sports one of 22.8, but even that isn't too noteworthy when many of these stocks at one time or another traded at 50 to 100 times their earnings. Of course, those were days when there was only up, and everyone was on ecstasy. Thankfully, every stock, and everyone, is back on earth.
Those relatively benign valuations come from the reality of a slow global economy. In the U.S. it's more like a smashed-into-a-brick-wall economy. No matter the degree of the economic slowdown, all investors are cautious, not willing to bid up stocks when they believe things will only get worse, that profits will only decrease.
Companies have reacted as any living organism does when threatened: they've gone into survival mode, cut costs to a minimum, laid off people, shut plants, minimized inventories. They don't know what will happen, but they feel what just hit. Many took losses as consumers stopped buying. They're scrambling to adjust to the new reality.
The thing for investors to remember is that economies go in cycles. While this one has been much deeper in its low levels, it will end. There will be a time when consumers open their shutters and drapes, let in the sun again, walk outside and start spending. When that will happen is anyone's guess, but it will most assuredly.
When it does, expect to see a stock market rally that will be breathtaking in its rise. Much like a rocket ship that takes months to prepare, fuel, then launch, the stock market will move higher at remarkable speed, maybe gaining as much as 1000 points in a day. And why would it do that?
Because the very companies that are now running on skeleton crews, gas vapors, and lots of hope, will see a tsunami of profits in the first few quarters of an economic turnaround. They will be slow to hire workers, push their existing staff to their limits, and see their bottom lines inflate like an emergency raft from a downed airplane. Profits will boom as companies scramble to keep up with orders.
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