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NEW LISTINGS | |
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1425 Club View Dr.,
Westwood
$1,995,000
This spacious, 4BD/ 4BA, home, on a huge oversized lot, boasts almost 4,000 square feet of living space and is available for the first time in almost 50 years! |
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9500 Sawyer St.
Beverlywood
$1,799,000
This gorgeous family home boasts 5BD/ 3.5BA & almost 3,400 SF of living space. Lovingly and meticulously cared for, you will fall head over heels in love w/ this traditional masterpiece.
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5247 Saloma Ave.,
Sherman Oaks
$599,000
This lovely, 3BD/ 1.75BA, "Magnolia Woods" home is situated on an adorable tree lined street with a sprawling grassy front yard and wonderful curb appeal.
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1308 Alta Vista Blvd.,
Hollywood
$2,150/ month
Huge, 1BD/ 1BA, unit is situated in a prime Hollywood location. The charming building boasts a landscaped courtyard w/ brick walkways, filled with greenery. |
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IN ESCROW
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1400 Vista Moraga,
Bel Air
$12,500,000
1425 Club View Dr.
Westwood
$1,995,000
65 Stagecoach Rd.,
Bell Canyon
$1,000,000
2220 Ave. of the Stars #2102,
Century City
$949,000
12522 Sarah St.,
Studio City
$949,000
1906 Kelton Ave.
Westwood
$803,400
326 N. Ardmore Ave.,
Los Angeles
$677,777
22311 Erwin St.,
Woodland Hills
$339,000
462 Wren Dr.,
Mt. Washington
$315,000
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JUST SOLD
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16039 Skytop,
Encino
$2,195,000
9776 Peavine Dr.,
BHPO
$600,000
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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
1700 San Ysidro Dr.,
BHPO
Price Upon Request
909 Latigo Canyon,
Malibu
Price Upon Request
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GREETINGS FROM SALLY
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March 15, 2012
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I hope everyone is having a wonderful and productive month. I recently returned from the annual Coldwell Banker conference- 'Gen Blue', which was hosted in New Orleans this year. It was an amazing experience and so exciting to learn about all of the new initiatives Coldwell Banker is creating in marketing and technology to remain on the cutting edge of our changing market place. It was also incredibly eye opening having the opportunity to meet and network with agents from all across the nation and the world. It was so valuable to hear what is happening in other luxury markets across the country.
While every area is specialized, there was a great deal of optimism from agents across all markets. The latest pending home index released by the National Association of Realtors showed pending home sales are on the upswing and at the highest level since April of 2010. Mortgage rates continue to decline and remain near record lows.
Fifteen-year fixed-rate mortgages are down, from the week prior, to an average of 3.13%. Thirty-year fixed rate mortgages are down to an average of 3.88% compared to 3.9% the week earlier. With mortgage rates continuing to stay low, this is still an excellent time to buy a home. And with so many eager buyers and a decrease in inventory, it may also be an excellent time to sell!
Best wishes,
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REAL ESTATE OUTLOOK: PENDING HOME SALES TREND UPWARD | |
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REALTY TIMES
The latest Pending Home Sales Index from the National Association of Realtors showed promising results this month, with pending sales in upward movement.
This is the highest point seen since April of 2010, when buyers took advantage of the first time home-buyer tax credit.
Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. "Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations."
Regionally, the South led the way increasing 7.7 percent in January. The Northeast also saw a 7.6 percent rise for the month. The Midwest and West both fell, however, falling 3.8 and 4.4 percent respectively.
"Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery," Yun said. "If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater." In the new homes market, sales declined in January to a seasonally adjusted pace of 321,000, but were up 3.5 percent over last year at this time.
NAHB Chief Economist David Crowe reports, "This is indicative of the incremental, steady progress that the market is making toward recovery in conjunction with modest economic and job growth. Increasingly, potential buyers are feeling better about their financial situation and their ability to buy a home, but the challenges posed by tight credit conditions and appraisal issues continue to slow that process."
Despite the decline for the month this is the fastest pace seen again since April 2010. Finally, the Mortgage Bankers Association reports that mortgage applications declined this last week by 0.3 percent. Michael Fratantoni, Vice President of Research and Economics reports that "more than 20 percent of refinance applications were for HARP loans.
Read Full Article
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MORTGAGE RATES KEEP DANCING WITH 'RECORD' | |
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WSJ
Mortgage rates in the U.S. declined over the past week as rates continued to hold near record lows, according to Freddie Mac's weekly survey of mortgage rates. For the week ended Thursday, the 30-year fixed-rate mortgage averaged 3.88%, compared with 3.9% the previous week and 4.88% a year ago.
Rates on 15-year fixed-rate mortgages averaged 3.13%, compared with 3.17% a week earlier and 4.15% a year ago. This shorter-term mortgage is a popular option for refinancing, and the latest rate marks a new record low in the survey, which has tracked the 15-year fixed since 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, averaged 2.81%, compared with 2.83% the prior week and 3.73% a year ago.
To obtain the rates, 30-year and 15-year fixed-rate mortgages required an average 0.8 point payment. Five-year and one-year adjustable rate mortgages required an average 0.7 point and 0.6 point payment, respectively. A point is 1% of the mortgage amount, charged as prepaid interest.
Read Full Article
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FIXED RAGE MORTGAGES REMAIN AT OR NEAR ALL-TIME LOWS | |
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REALTY TIMES
In Freddie Mac's results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgages are at or near their 60-year lows helping to drive record high homebuyer affordability. The 15-year fixed, a popular choice among refinance borrowers, averaged a new all-time record low of 3.13 percent.
30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.8 point for the week ending March 8, 2012, down from last week when it averaged 3.90 percent. Last year at this time, the 30-year FRM averaged 4.88 percent.
15-year FRM this week averaged 3.13 percent with an average 0.8 point, down from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week, with an average 0.7 point, down from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.73 percent.
1-year Treasury-indexed ARM averaged 2.73 percent this week with an average 0.6 point, up from last week when it averaged 2.72 percent. At this time last year, the 1-year ARM averaged 3.21 percent.
According to Frank Nothaft, vice president and chief economist, Freddie Mac:
"With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January, according to the National Association of Realtors® Housing Affordability Index which registered the highest reading since records began in 1970. In fact, the Corelogic® National Home Price Index fell for the sixth consecutive month in January to the lowest level since January 2003. This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases."
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