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| NEW LISTINGS
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$2,395,000
8411 Hollywood Blvd,
Sunset Strip
Endless views from this architectural Hollywood Hills home. 3 bed 2 bath with beautiful open living space. |
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$1,450,000
3215 Barbydell Dr.,
Cheviot Hills
Meticulously maintained contemporary home with soaring beamed ceilings and 6 window filled bedrooms. |
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$835,000
2964 Motor Ave.,
Cheviot Hills
First time on the market in 60 years! Sweet 1930's traditional home in one of the best neighborhoods in Los Angeles.
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$619,000
1135 Shenandoah St. #402, Beverlywood Adj.
Brand new construction, one of only two units left. Top floor, 3 bed, 2.5 bath condo with terrific treetop views.
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$589,000
1135 Shenandoah St. #403, Beverlywood Adj.
Brand new construction! Second available condo in an almost sold out complex. 3 bed 2.5 bath and over 1,500 sq. ft.
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| | LEASES | |
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$21,000/month
1705 Carla Ridge,
Beverly Hills
Contemporary Trousdale villa within the Beverly Hills School District. Completely redone from the studs up!
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$9,500/month
6206 Pacific Ave. #2,
Playa del Rey
Quintessential beach penthouse. Unbelievable channel and beach views from this 3 bed 3 bath 3,200 sq.ft. condo.
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$4,895/month
10660 Wilshire #1206, Westwood
Fantastic city light views without another building next door. Spacious 2 bed 2.5 bath with over 1,800 sq.ft.
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$3,750/month
3641 Meier St.,
Palms - Mar Vista
Newly remodeled home on a quiet tree-lined street. 3 bed 2 bath, 1,320 sq.ft. with beautiful hardwood floors.
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$2,600/month
11970 Montana Ave. #104, Brentwood
Spacious and stylish, in the heart of Brentwood Village. 2 bed 2 bath with over 1,400 sq.ft.
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| | JUST SOLD | |
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101 California Ave. PH.,
Santa Monica
$6,695,000
2383 Mandeville Canyon Rd., Brentwood $4,495,000
220 Carmelina Ave.,
Brentwood
$3,395,000
4001 Hayvenhurst Dr.,
Encino
$2,195,000
3823 Mandeville Canyon Rd.,
Brentwood
$1,575,000
116 S. Vista St.,
Beverly Center
$1,295,000
5972 Vista De La Luz,
Woodland Hills
$929,990
2265 Parnell Ave.,
Westwood
$899,000
7391 E. Kite Dr.,
Anaheim Hills
$699,000 8265 Fountain Ave. #202,
West Hollywood
$679,000 |
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| IN ESCROW
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806 N. Foothill Rd.,
Beverly Hills
$6,495,000
4310 Park Paloma,
Calabasas
$899,000
4598 Cielo Circle,
Calabasas
$849,000
21139 Avenida de Sonrisa #14,
Saugus
$319,995
1526 E. Garvey Ave.,
West Covina
$299,995 |
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GREETINGS FROM SALLY
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January 21, 2011
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2011: Real Estate Poised to Regain Normalcy and Reason
Happy New Year! The new year brought in freezing temperatures to most of the US, but things are starting to warm up and the California real estate market shows a definite sign of thawing.
The Los Angeles Times recently asked five California experts for their 2011 real estate predictions. The general consensus is that we will not see a repeat of the hyperactive market that caused the crash, and the worst is finally behind us. The market is in recovery and poised for sustainable, reliable, sensible growth. As Christopher Thornberg (an economist who was one of the few people to accurately predict the housing market crash) put it, "Prices went from stupid-high levels to levels that made sense again."
Lawrence Yun, Chief Economist for the National Association of Realtors, said that if lenders feel safe in extending loans to qualified buyers "there would be a bigger boost to the housing market and spillover benefits for the broader economy." Meanwhile the Fed plans to continue stimulating the economy in ways that it hopes will ease credit restrictions.
The Massachusetts high court also recently issued a ruling that reversed two foreclosures in a landmark case. Justice Ralph Gants, writing for the Massachusetts Supreme Court, said that the banks "failed to make the required showing that they were the holders of the mortgages at the time of foreclosure." Dozens of similar cases are pending in other courts across the nation, and it is too soon to predict the impact of upcoming legal decisions. However for the time being we can definitely expect banks to slow the pace of foreclosures as they pause to double-check their paperwork.
That will put the brakes on the massive volume of foreclosures and bring additional calm and quiet to the market. A tranquil foreclosure market will, in turn, contribute stability and price support to the rest of the housing sector. My prediction is that 2011 will be remembered as the year that peace and prosperity finally returned to the California real estate arena.
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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SALLY ON EXTRA'S "MANSIONS AND MILLIONAIRES" FOR THE CHATEAU D'OR ESTATE IN BEL AIR | |
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NBC - EXTRA
Click Here to View the Video!
10451 Revuelta Way, Bel Air: Aerial 360 Tour |
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WHEN WILL HOUSING COME BACK IN CALIFORNIA? FIVE EXPERTS OFFER THEIR VIEWS | |
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LA Times
Foreclosures in the state are still high. Sales of new homes are at historic lows. And millions of homeowners are underwater on their mortgages. So what's the outlook for 2011 and beyond?
As housing recoveries go, this one is in need of a cure.
Homeownership - and the buying and selling of residences - is an economic keystone that carries overwhelming weight in Californians' personal sense of financial well-being.
But the momentum of the state's housing rebound has faltered, with sales falling and prices softening despite bargain-basement interest rates. Foreclosures in California are still high. Sales of new homes are at historic lows. The construction sector is in the doldrums. And millions of the state's homeowners owe more on their mortgages than their properties are worth.
Real estate historically has helped give a boost to economies exiting a recession, but the severity of this bust is nearly unprecedented: Californians have lost $1.73 trillion worth of equity in their homes since prices peaked in 2007, according to Moody's Economy.com.
Although California's housing market free-fall ended in spring 2009, the weakness after the expiration of federal tax credits for buyers last year has called into question the sustainability of the recovery.
Read Full Article |
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REAL ESTATE OUTLOOK: FEDERAL RESERVE PROMOTING RECOVERY | |
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RealtyTimes.com
According to the Federal Reserve, "The economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment. Household spending is increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit."
In order to continue this promotion of recovery, and to ensure healthy levels of inflation, the Federal Reserve committee had decided "to continue expanding its holdings of securities." The Fed will be buying "$600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month."
Home sales are on the rise as well -- in both pending and news home sales indices. Pending home sales rose by 3.5 percent in November, thanks largely to an unprecedented 18.2 percent jump in the West.
"If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume," reports National Association of Realtors chief economist, Lawrence Yun. "Credit remains tight, but if lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy."
National Association of Home Builders' Chairman, Bob Jones, reports that "with consumer interest in new homes expected to continue to revive as the economy and job markets improve, and inventories of new homes for sale near record lows, our concern now is that a lack of construction financing will keep builders from being able to expand the selection of what they have to offer buyers heading into the spring."
Read Full Article |
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| | LONG-AND-SHORT TERM MORTGAGES DROP THIS WEEK | |
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RealtyTimes.com
30-year fixed-rate mortgage (FRM) averaged 4.77 percent with an average 0.8 point for the week ending January 6, 2011, down from last week when it averaged 4.86 percent. Last year at this time, the 30-year FRM averaged 5.09 percent.
15-year FRM this week averaged 4.13 percent with an average 0.8 point, down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.50 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent this week, with an average 0.7 point, down from last week when it averaged 3.77 percent. A year ago, the 5-year ARM averaged 4.44 percent.
1-year Treasury-indexed ARM averaged 3.24 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.31 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, reports, "Mortgage rates began the new year a little lower this week and remained below those at the start of 2010, which should help aid the recovery in the housing market."
"Low mortgage rates are an important factor in housing affordability, which in November was the highest since records began in 1971, according to the National Association of Realtors®. Not surprisingly, the Realtors® also reported that pending existing home sales rose for the second consecutive month in November to the strongest pace since April when the homebuyer tax credit expired. More recently, mortgage applications for home purchases at the end of 2010 were roughly running at the same rate as the beginning of the year, according to the Mortgage Bankers Association."
Read Full Article |
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| | COURT GIVES BANKS 'BEAT DOWN' OVER FORECLOSURES | |
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CNNMONEY.com
NEW YORK (CNNMoney) -- The Massachusetts high court ruled on Friday that two foreclosures are invalid because the banks could not prove they had the proper paperwork to foreclose.
The banks "failed to make the required showing that they were the holders of the mortgages at the time of foreclosure," Justice Ralph Gants wrote for the Massachusetts Supreme Court.
This could be a harbinger of things to come because it is the first ruling by a state high court on the issue of whether banks can foreclose on homeowners if can't prove they hold the mortgages.
Numerous instances of this emerged last fall, as evidence appeared that banks were robo-signing foreclosure documents without actually reading them. As a result, there are dozens of similar cases in lower courts across the country, all waiting for the Massachusetts Supreme Court ruling.
"It's about the most extensive beat-down the banks have received over their shoddy practices," said Christopher Peterson, a real estate law professor at the University of Utah. "It could be a wake-up call for rubberstamping judges that they need to more carefully examine practices."
What's the issue? Mortgage loans are like real property and can only be transferred by physically signing over the paperwork -- like someone endorsing a check or the title to a car -- and delivering it to the next holder. Without that, the holder of record doesn't change.
Under mortgage securitization, loans get transferred many times after origination before landing in pools of mortgages that are sold to investors. But often times, the banks simply didn't endorse the paperwork between steps.
Read Full Article |
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