Los Angeles Living

The Beverly Hills Housing Market statistics below are taken from the MLS CLAW.  They are for single family homes only and do not include condos, income property and private sales.

Although at first glance, the figures look gloomy, median price and median price listed vs median price sold, can be skewed unrealistically by overpriced multi-million dollar homes selling for less than asking, or one month a huge difference in the highest priced home over the next.  But if you look closely, the number of homes sold is steady, homes under escrow are up significantly and the months supply of inventory has dropped dramatically.

Beverly Hills is not your average housing market, so it is difficult to follow the trend, especially at this time.

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The Palms - Mar Vista housing statistics below are taken from the MLS/CLAW and are for single family homes only.  They do not include condos, income property, or private sales.

March was not a very good month for the Palms - Mar Vista area of Los Angeles in terms of homes sold.  The number of homes sold was up significantly, but the median price as down and the median list price vs median sold price took a 410% drop.  Days on the market of homes sold was significantly higher and the months supply of inventory is up 83%.  The number of homes under contract is up 75%.

Let's hope this is a blip on the radar and that April and May will show a healthier market.

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After reading Margaret Rome's post about a Seth Godin post about a...... well you get the picture, I am reminded that I am in the middle of love triangle. 

The post is about falling in love with a home and it is a wonderful thing to see.  We as agents also get dragged into what can become a ménage à trois. 

My first-time buyers have been looking for a home for about a year and a half.  I have sent them hundreds of listings and now and again a few motivated them to manage their busy schedules and to get out and tour a house.  Nothing floated their boat.

About two months ago I sent them a listing that they put on a list of must-sees.  After calling the agent and finding out that the place had an unpermitted deck and addition that had been discovered by the city and had to be remedied, they decided not to see it. 

However, after driving around they thought maybe we should drive by it.  The street is great, the back of the house nothing to speak of and we couldn't get in to see it.  So they decided to walk around the side and were totally overwhelmed by the 180 degree view.  We made an appointment to see it and the house is gorgeous inside, with yes, that gorgeous view.

That was it.  Permit or no permit.  City or no city, they were making an offer.

Oh, and did I mention it is a short sale, which I had been steering them away from the entire time.

Offer was made.  Offer was accepted by the Seller and now we wait....

We have been looking around at other properties but nothing can match this one.  I am about as half-baked about finding something else as they are, because I am in love also.

Cupid might be watching us because the Seller's mortgage is with his employer, an in if ever there was one.

Cupid, let that arrow fly because there is nothing like unrequited love.....

The report below is taken from the MLS and is for Santa Monica single family homes only.  It does not include condos, income property and private sales.

Overall the Santa Monica Housing Market is looking quite promising.  The number of homes sold, median price for those homes and the median price of homes sold vs list price are all up quite significantly.  Days on the market of homes sold have dropped by 19%.  Months supply of inventory remains the same, and although homes under contract are up by 18% the monthly inventory has dropped which is a continuing problem for home buyers, as fresh homes, specifically regular sale homes are difficult to find.

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Yelp has a great promotion coming up offering discounts at local businesses and restaurants in Santa Monica.

The promotion runs from April 24 to April 30 and is sponsored by the Santa Monica Chamber of Commerce and Buy Local Santa Monica.

Visit Yelp to see the participating businesses, and get your coupons to take advantage of this great offer.

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Yesterday I wrote about my experience at a home inspection in Palms, Los Angeles.  

The inspector was chosen by the Buyer and turned out to be one of the most thorough, and knowledgeable people I have come across in this business.

His name is Craig Funabashi and the name of his company is Property Professor, Inc.

Craig has a very pleasant, professorial demeanor and you feel comfortable asking the simplest of questions which he patiently answers in great detail.  He also has a way of explaining to the buyer any problems he finds without over-dramatizing them and his summary report is easy to read and simple.

I would not hesitate to use Property Professor for any of my future Los Angeles home inspections

I have to say, after being present today for a home inspection of my Palms listing, I am reminded why I respect home inspectors.  As the listing agent, I am not required to be present, but I always love to sit in on the inspection. These guys exude confidence from the moment they walk in throughout the process, including their summary at the end.

Today, there were three of us: the buyer's agent, one of the buyers and myself.  The whole process took about two hours and we were like kids with separation anxiety, following the inspector round from room to room, out into the garden, into the garage, watching every move, constantly asking questions.

You would be surprised how entertaining and educational an inspection can be for the listing agent.  It is a tremendous way to learn things one would otherwise not have known:  Where the house has been reinforced.  How the down spouts are misdirected.  Where the electrical outlets need to be upgraded.  How the cracks in the stucco are just cosmetic and not structural.  How the roof cannot have another layer added but will have to be replaced because composite has been added over wood.  How the roots of the ficus trees next to the back of the house haven't damaged the foundation because typically trees don't usually like to fight foundation; they will go under or around but not through.

And then one place we did not follow the inspector - in the crawl space under the house.  Boy, they are worth every penny. 

It is disconcerting at first when the inspector goes over the report with everyone there.  The Buyer hears "the house is falling down".  The Seller's agent hears "it really isn't bad for a 68 year-old house".  And of course the inspector has to point out every single defect he finds, however minor.  No defect is minor to a buyer. 

Now we sit and wait to see what the Buyer absolutely cannot live without with respect to repairs.  And try and gently remind the Buyer that was went down the last $5,000 stating that the Seller was not going to do any repairs.  Oh, the game.

By now you are all aware that the $8,000 Federal home buyers tax incentive is due to expire on April 30th.  And most buyerslooking to take advantage of this are probably in escrow already.

Anyone closing after April 30th is going to be able to take advantage of the $10,000 California first-time home buyers tax credit also.  However, be ready to file that paperwork immediately because that money is going to be gone quicker than you can say "Jack Robinson".  Imagine, a tax break of $18,000 because of the right timing.  And timing is going to be what it is all about.  The quicker you close after May 1st the more chance you have of getting under the wire before all the money is gone.  There is only $100 million available for first-time home buyers and another $100 million for the purchase of previously unoccupied homes.

Unfortunately, what is likely to happen is that buyers due to close prior to April 30th might try and delay their closing.  This is a double-edged sword because they will be putting their negotiated contract in jeopardy, and taking away money from those who have played fair, as they jump on the available California funds first.

There should be penalties in place for anyone delaying the close of escrow past the agreed-upon date (up to and including April 30th) in order to cash-in on a further credit.  After all, those who were unable to take advantage of the Federal credit should be given a fighting chance to collect on the State credit.

The real winners and going to be those whose natural closing dates are shortly after April 30th.  But that is what timing is all about.

The chart below reflects the sales of homes in Westwood and the Westside of Los Angeles for March 2010.  The report is taken from the MLS CLAW, is for single family homes, and does not include condos, income property, and private sales. The zip codes covered are 90024 and 90025.

Overall the figures are promising.  From one home sold in February to 10 in March, with a 70% drop for days on the market for the homes sold, a 63% increase in homes under contract and a drop of 40% in months supply of inventory, this shows a healthy recovery in Westwood homes sales last month.

Although the Federal home buyers tax incentive is due to end on April 30th, thoughts are that buyers will wait to close in May to take advantage of the California first time home buyers credit which starts May 1.  April may be a slow month.

The 23rd Annual Brentwood Spring Art Show will take place in downtown Brentwood on April 25th from 10:00 a.m. to 6:00 p.m.

The fair runs along the eastbound lanes of San Vicente Boulevard from Saltair, east to Darlington.

The event features fine artists and craftspeople and there will be plenty of things to buy and entertain you.

There will be live jazz from the Ed Wing Trio, the Jammin Foundation Jazz Ensemble, and the Jazzzone Ensemble. 

A food court and play area for children will also be set up.

If you are a serious art collector or just like to browse, the Brentwood Art Show is a fun day out.