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NEW LISTINGS | |
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2874 Nichols Canyon Rd.
Hollywood Hills- West
$2,750,000
Offering complete privacy and the ultimate in luxury living, this exquisite, 3BD/ 2.5BA, gated Tuscan estate (plus guest house) showcases the utmost in quality & materials throughout!
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25825 Shady Grove Pl.,
Calabasas
$1,749,000
This impressive, exquisitely redone, 5BD/4.5 bath, home is set on almost 22,000 sq. ft. of beautifully landscaped grounds. Securely located behind the gates of the Mountain View Estates community.
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10329 Keswick Ave.
Westwood- Century City
$739,000
This charming 2BD/ 2BA home is situated in a fantastic Rancho Park/Westwood location and features hardwood floors throughout, lots of windows, fantastic natural light, archways, and beamed ceilings.
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22311 Erwin St.,
Woodland Hills
$339,000
Prime interior location for this move-in ready 3BD /2.5BA townhouse with attached 2-car garage in the much sought after Villa Castilla complex.
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10550 Wilshire Blvd. #305
Wilshire Corridor
$6,500/month
This beautiful and spacious, 2BD/ 2.5BA, townhouse style condo is available in the Wilshire Thayer located on the highly sought after Wilshire Corridor.
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8577 Rugby Dr. #108,
West Hollywood
$2,400/month
This bright, front facing, 2BD/ 2BA corner unit is situated in the best WeHo location on a beautiful tree lined street.
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IN ESCROW
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16039 Skytop,
Encino
$2,195,000
65 Stagecoach Rd.,
Bell Canyon
$1,000,000
12522 Sarah St.,
Studio City
$949,000
9776 Peavine Dr.,
BHPO
$600,000
22311 Erwin St.,
Woodland Hills
$339,000
462 Wren Dr.,
Mt. Washington
$315,000
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JUST SOLD
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2121 Malcolm Ave.,
Westwood
$1,349,000
10580 Wilshire 5SW,
Wilshire Corridor
$1,075,000
28757 Aries St.,
Agoura Hills
$799,000
7000 Sedan Ave.,
West Hills
$549,900
440 Veteran Ave #408,
Westwood
$379,000
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COMING SOON
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457 St. Pierre Rd.,
Bel Air
Price Upon Request
1551 Summitridge Dr.,
BHPO
Price Upon Request
4533 Estrondo Dr.,
Encino
Price Upon Request
2534 Benedict Canyon,
BHPO
Price Upon Request
1425 Club View Dr.,
Westwood
Price Upon Request |
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GREETINGS FROM SALLY
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February 15, 2012
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This year appears to be getting off to an excellent start with signs of improvement in the U.S. economy. We are seeing improvement in the job market and increasing confidence in the housing market. The unemployment rate is currently down to 8.3% which is the lowest it has been since February of 2009. While it remains a buyer's market with prices still down across the country, many are predicting that 2012 will mark a turning point for sustained recovery in 2013. We are already seeing price increases over the previous year in many areas across our local market. Inventory remains low, while demand for properties in our area is growing.
According to a survey conducted by Fannie Mae in January, 71% of 1,000 people polled believe that now is an excellent time to buy a home. Thirty percent of respondents also reported that they believe the U.S. economy is heading in the right direction, compared to only 22% when surveyed in December.
Sales of existing homes are also expected to rise between 2-5% in the coming year. Bel Air has reported a 14.3% price increase from 2010 to 2011, while West Hollywood and Beverly Hills have also reported prices up from the previous year. Home sales in Los Angeles County have risen 0.8% in December compared to sales at the same time last year which decreased by 7.6%. In the luxury market, 2011 closed out with sales of $5 million plus homes down slightly from 2010 but up from 2008-2009. Sales of $10 million plus homes were up from the previous year and at their highest since 2007.
Best wishes,
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FANNIE MAE: OUTLOOK FOR HOME PRICES RISES AGAIN | |
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WSJ
The consumer outlook for U.S. home prices improved again in January, extending a recent upward trend in housing market sentiment, according to mortgage market firm Fannie Mae.
For its monthly reading, Fannie Mae said respondents in its January survey predicted home prices will rise by 1% over the next year, up from the 0.8% gain forecast in December.
Views on the direction of the U.S. economy also continued to improve. According to the respondents, 30% said they believe the U.S. economy is on the right track, up from 22% with that view in December. The percentage who said the economy is headed in the wrong direction fell to 63% of respondents, marking a 6 percentage point decline from the previous month.
Fannie Mae Chief Economist Doug Duncan pointed to a slowly improving U.S. job market as one cause for rising confidence in the long-battered housing market. "The strengthening employment picture last Friday provides encouragement that the improving trend in consumer confidence will continue and will at some point be reflected in a firming up of consumer spending," Duncan said.
A report last week from the U.S. Labor Department showed nonfarm payrolls grew 243,000 last month, the largest gain since April. The jobless rate fell from 8.5% to 8.3%, the lowest it has been since February 2009.
Fannie Mae's January survey also found 44% of respondents expect their personal financial situation to improve over the next year, up from 40% with that view in December.
The survey is based upon a monthly poll of roughly 1,000 adults and has a margin of error of plus or minus 3.1%.
Read Full Article
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HOUSING REMAINS A BUYER'S MARKET | |
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WSJ
A majority of Americans recently surveyed say now is a good time to buy a home. That's no surprise, given that record-low mortgage interest rates and bargain home prices are boosting affordability.
But selling a home? That's a different story.
According to 71% of the 1,000 people surveyed by Fannie Mae in December, now is a good time to buy a house. But only 11% think it's a good time to sell.
That's because sellers sense that even if the housing market and the economy continue to show signs of improvement in 2012, the good news likely won't be good enough for buyers to return to the market in droves-even if they can buy a home for a steal.
"For people to start buying in larger volume, they need to see home prices go up a bit," says Ingo Winzer, president of Local Market Monitor, a firm that analyzes housing markets for bankers.
Many potential buyers also are waiting to see the jobs picture improve, which will give them confidence in the stability of their own employment, Mr. Winzer says.
Still, various forecasts and surveys suggest better times for the housing market this year:
Sales of existing homes are expected to grow between 2% and 5% in 2012, according a recent forecast from Freddie Mac.
A recent survey of about 1,000 Re/Max real-estate agents found that 39% of agents think prices have hit bottom in their market, while almost 75% think home prices in their markets will have stopped declining by the end of 2012.
The number of improving housing markets rose to 76 in January, from 41 in December, according to the Improving Markets Index, from First American Financial Corp. and the National Association of Home Builders.
Nationwide, home prices are expected to be relatively flat in 2012, says Alex Villacorta, director of research and analytics at Clear Capital, a provider of real-estate asset-valuation data for financial-services companies. Indeed, 2012 seems to be a turning point before a healthier and sustained recovery in 2013, he says.
Read Full Article
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L.A. COUNTY LUXURY HOME PRICES MAKE UP SOME LOST GROUND IN 2011 | |
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LA TIMES
Last year brought a dose of real estate reality to San Marino, which alone among Los Angeles County's wealthy areas had managed to avoid the housing bust. The San Gabriel Valley town endured a 7.2% decline in its median home price, erasing gains of the previous two years.
Overall, 2011 turned into a battle of the beach cities. Hermosa Beach was the big winner where home price gains were concerned and Malibu the biggest loser among ZIP Codes with medians above $1 million where at least 50 existing single-family homes were sold, according to statistics from San Diego-based DataQuick.
But appearances can be deceiving. Local luxury communities that showed the most price gains last year were largely just regaining previously lost ground. And because the median is the point at which half the homes sold for more and half for less, changes in the mix of what sold affect the median price.
A lack of homes for sale at the top of the price spectrum was cited by two San Marino agents as a reason for the median price drop there.
"There is almost no inventory at the high end," said Yan-Yan Zhang, a Rodeo Realty agent whose clients include overseas buyers looking for homes or commercial properties. Consequently, she has noticed more flexibility among her clientele on location. "Buyers are more accepting of other communities."
In San Marino, the most active slice of the market was around $2 million, Linda Chang of Coldwell Banker said. Properties in need of work also were in demand, she said. "I had multiple offers on a $1.85-million fixer."
Housing statistics show only sales that have made it to the public record, a fact that also may play a role in the San Marino downshift to a $1.42-million median.
"A $20-million sale hasn't recorded yet," Chang said. Also, a $13-million transaction is still in escrow.
The 15.8% gain in Hermosa Beach moved it back above the $1-million mark to a median of $1.1 million last year. But the increase barely offset the previous year drop-off, when prices lost 15.4%.
Bel-Air and environs had a 14.3% price increase from 2010 to 2011, but it came off a 10.5% loss in the 2009-to-2010 tally. The 147 recorded sales included the $85-million Spelling mansion mega-deal, which claimed the highest-priced-sale distinction for Southern California.
Also on the plus side was West Hollywood, up 8.4% year over year. That median had been down 10.4% in 2010.
In Beverly Hills' desirable 90210 ZIP Code, prices were up 7.3% compared with a 1.7% drop the year before. But the median at the end of 2009 had been down 17.2%.
Read Full Article
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