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| NEW LISTINGS AND LEASES
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909 Latigo Canyon Rd.
Malibu $3,900,000 Amazing opportunity to create a world class estate w/360 degree views! Approx. 28 acres of land in a breathtaking & serene location. Multiple flat pads allows a buyer the ability to create an estate w/several structures on a private mt. top! |
1200 Idlewood Rd.
Glendale $509,000 Rare opportunity located in a prime Glenwood area. Beautiful 3BD + 2BA home on picturesque tree-lined street. |
3045 Motor Ave.
Cheviot Hills $1,249,000 Beautiful classic 2BD +2BA home w/lots of detail and character: from the gleaming hardwood floors, sunlight streaming through the many windows & French Doors to the outdoor deck. |
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| | IN ESCROW | |
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415 Upper Mesa Rd.
Santa Monica
$2,950,000
4535 Noeline Ave.
Encino
$2,495,000
1425 Club View Dr.
Westwood
$1,995,000
1700 San Ysidro
BHPO
$1,995,000
25825 Shadygrove Pl.
Calabasas
$1,749,000
14333 Roblar Pl.
Sherman Oaks
$1,299,000
65 Stagecoach
Bell Canyon
$1,000,000
12522 Sarah St.
Studio City
$949,000
245 Main St. #308
Venice
$899,000
10329 Keswick Ave.
Westwood
$739,000
3824 Edenhurst Ave.
Atwater Village
$674,000
4442 Vesper Ave.
Sherman Oaks
$599,000
17224 Bullock
Encino
$529,950
1200 Idlewood Rd.
Glendale
$509,000
462 Wren Dr.,
Mt. Washington
$390,000 |
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| | JUST SOLD | |
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1400 Vista Moraga
Bel Air
$12,500,000
2220 Ave. of the Stars #2102
Century City
$949,000
326 N. Ardmore Ave.
Los Angeles
$677,777
22311 Erwin St.
Woodland Hills
$339,000 |
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| | COMING SOON | |
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9996 Sunset Blvd.
Beverly Hills
$11,950,000
1722 San Remo Dr.
Pacific Palisades
$7,950,000
10101 Lovelane Pl.
Cheviot Hills
$1,750,000
2350 Benedict Canyon
BHPO
$1,649,000
10316 WalaVista
Cheviot Hills
$1,099,000
4533 Estrondo Dr.
Encino
Price Upon Request
1551 Summitridge Dr.
BHPO
Price Upon Request
457 St. Pierre Rd.
Bel Air
Price Upon Request
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GREETINGS FROM SALLY
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April 16, 2012
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I am seeing some excellent signs in the real estate market lately. The stars are aligning with record breaking mortgage rates, the highest level of home affordability in years, increased demand, and a decrease of homes on the market- making this one of the best times to buy or sell a home in recent years!
The sales statistics for this year are far surpassing the previous year. There have been 59 sales of $5 million plus this year compared to only 42 at the same time last year, 14 sales of $10 million plus versus 11 last year, and 3 sales of $20 million plus compared to just 1 last year.
According to Realtor.com the number of homes on the market has fallen 22% in the last month and asking prices have increased 6.8% as demand from buyers has increased. Inventory of homes on the market is estimated to be at a 6.1 month supply, which is the lowest level since 2006 when the housing market was at its peak. We are all experiencing the shortage of inventory in our market, making it an excellent time to sell your home. Good homes that are priced well are flying off the market to serious, well-qualified buyers.
Investors are also stepping up to the plate with the National Association of Realtors reporting that investors purchased 64.5% more homes in 2011 compared to the previous year. Existing home sales are on the rise at the fastest rate in 20 months with low mortgage rates and increased affordability for buyers and investors.
Now really is one of the best times to buy or sell a home in the past several years. Pricing remains sensitive and many buyers are still looking for a 'deal'; however, with the decrease in inventory, we are seeing many well priced properties go into multiple-over asking offers with very few days on the market proving that there are numerous motivated buyers out there.
Sincerely,
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| | U.S. HOME SUPPLY DROPS AS DEMAND CLIMBS, REALTOR.COM SAYS | |
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BUSINESS WEEK | |
The number of U.S. homes listed for sale fell 22 percent last month from a year earlier and asking prices gained 6.8 percent as more shoppers seek to buy, according to data from Realtor.com.
There were 1.78 million homes listed for sale in February with a median asking price of $188,000, according to a report by Realtor.com, which is the National Association of Realtors' official website and operated by real estate data company Move Inc. (MOVE) The median time homes spent on market dropped 9.8 percent to 111 days, indicating properties are selling at a faster pace.
"All this suggests that the market is healthier," Errol Samuelson, president of Realtor.com, said in an interview. "You're seeing the contraction in inventory and you're now going into a spring market where there's more demand."
Existing home sales rose in January to the fastest pace in 20 months as investors took advantage of a decline in prices and low mortgage rates boosted home affordability to record levels, the National Association of Realtors reported Feb. 22.
The inventory of homes on the market fell to a 6.1-month supply in January, the lowest since April 2006, when the U.S. housing market was nearing its peak, the Chicago-based Realtors group reported. The inventory had spiked to a 12.1-month supply in July 2010, when sales plunged after the expiration of federal homebuyer tax credits worth as much as $8,000.
U.S. homebuyers often step up searches during the second quarter as families try to plan relocations during their children's summer vacation from school, said Samuelson, also chief revenue officer of Move.com.
Read Full Article |
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| | MORTGAGE RATES IN THE U.S. WITH 15-YEAR AT LOWEST ON RECORD | |
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BLOOMBERG
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Mortgage rates in the U.S. fell, with the 15-year average hitting a record low, as weak job growth and concern about Europe's debt crisis drove investors to the safety of the Treasuries that guide home loans.
The average rate for a 30-year mortgage declined to 3.88 percent in the week ended today from 3.98 percent, Freddie Mac (FMCC) said in a statement. The rate was 3.87 percent in February, the lowest in Freddie Mac data dating to 1971. The average 15-year (NMCM15US) rate dropped to 3.11 percent from 3.21 percent. The previous low was 3.13 last month, according to the McLean, Virginia-based mortgage-finance company.
The 10-year Treasury yield, a benchmark for mortgages, fell below 2 percent for the first time in almost a month on April 10 as yields on Spanish and Italian bonds increased. The U.S. Labor Department said April 6 that employers added 120,000 jobs in March, the fewest in five months and less than the most pessimistic estimate in a Bloomberg News survey of economists.
"There was a tempering of optimism," said Keith Gumbinger, vice president of HSH Associates, a mortgage-data firm in Pompton Plains, New Jersey. "The market was getting a little ahead of itself about where the economy was domestically and globally."
Home-loan applications in the U.S. dropped for the eighth week in the last nine as fewer homes were refinanced. The Mortgage Bankers Association's index decreased 2.4 percent in the period ended April 6, the Washington-based group reported yesterday.
Read Full Article |
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| | IT'S BUYING TIME AGAIN, BIG TIME | |
REALTY TIMES
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If you've got the income. If you've got plenty of tenure on the job. If your credit is solid. If you can otherwise past muster at the mortgage loan desk. If it's cheaper for you to buy than it is to rent.
Yes, there are lots of "ifs," but it's one of the best times in America to buy a home. And it won't last forever.
To wit
* Distressed homes - foreclosures and short sales sold at deep discounts - accounted for 34 percent of February sales, according to the National Association of Realtors (NAR). The bargain basement is open for business.
* Investors know a party when they see one. They snatched up 64.5 percent more homes in 2011 than in 2010 and now account for nearly one in every four homes sold, NAR reported.
* The second home market is back with a vengeance. Both investors and playhouse buyers are jumping on this bandwagon. They pushed vacation/second home sales up 7.0 percent in 2011.
* Meanwhile, owner-occupied purchases fell 15.5 percent last year.
Numbers talk
The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010, which means you may have already missed rock-bottom in this sector.
The median sales prices for vacation properties was $121,300 in 2011, down 19 percent from 2010, which means you may still have a shot at the basement here.
Likewise, NAR reported the median price of all single-family homes dropped 4 percent from $170,600 to $163,500 in the fourth quarter 2010 to 2011 and, during the same period, condo prices fell almost 2 percent $163,500 to $160,800.
Read Full Article
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