Low Income Housing That's Doesn't Look It.

While cities such as Oak Park and Agoura are fighting low income housing, Glendale is embracing the challenge. Crafstman style homes will be availble at the so called Doan Project starting in 2009.

Buyer Sues Agent....Very Scary

As an agent this story in the New York Times sent a chill down my spine. Marty Ummel feels she paid too much for her home in Southern California, so she is now suing her agent.

After reading the entire article I am of the opinion that this woman is mentally unbalanced. Read for yourself and decide.

Foreclosures Reach Record Levels

We saw this coming. Unfortunately the consequences are finally coming home to roost. Excuse the mixed metaphors. The foreclosure rate in California has surged to over double the record. The Los Angeles Times has the full story.Pain Goes Through the Roof.

Prices Down, Rents Up 10%

This makes sense. As more people are forced out of their homes because of foreclosures, short sales, etc, the rental market is hot. Then you have people who are waiting to buy until the market bottoms out. Good news if you own a rental unit. Bad news if you're looking to rent in the LA area for anything under $1000 per month. It's brutal out there.Rents Up

Monthly Real Estate in the 818 Newsletter

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Time to Get Real

For many months, I've been optomistic about the current real estate market. I believe in real estate as and invesment and a life style. But, I gotta tell you, it's getting tough out there. There are obviously a number of factors that have turned what was once an out of control mania of prices, into a downward spiral with no end in sight.

My advice to people now is, if you're planning on selling, do it NOW and get out. If you're planning on buying, either wait one year or buy knowing that you're in it for at least 5 years and don't even think about doing a 100% loan thing. You will be upside down in a matter of months.

Ahh, I feel much better getting this off my chest, getting the truth out there.

For more straight talk check out this LA Times article.

The Next Cut Might Be the Deepest....

Fed to Cut Rate... Hurray!

Home-Seller FEARBUSTERS!

Everyone has that moment when the whole process of selling seems overwhelming. And that’s when you lie awake at night and the fears replay themselves in your head. But there’s help from the Fearbusters! Here’s a list of common fears of the seller, and solutions.

Fear: I'll sell my house for too little because I priced it too low.
Fearbuster: You can price your house fairly and do it with confidence. The basic rule is your asking price should be within 10 percent of the average sold price in your neighborhood. Factor in your home’s condition to adjust the price higher or lower from that starting point. And get three Comparative Market Analyses from agents.

Fear: There are so many real estate agents out there, and they all claim to be super salespeople! What if the agent I decide to list my home with turns out to be a slick wheeler-dealer who’s all talk and no action?
Fearbuster: Counter with your own two-step plan of talk and action: Get on the phone and ask about showings, inquiries, Web hits, etc. If that doesn’t bring satisfactory results, let them know you’ll terminate or not renew the listing. That should get their attention.

Fear: People at an open house will go through my personal things, perhaps even my drawers — and they may steal things!
Fearbuster: Yes, people at open houses will open drawers. If there’s something you don’t want them to see — perhaps the adults-only underwear you bought your wife last Valentine’s Day — store it somewhere else. Also, though it rarely happens, con artists do sometimes go to open houses with the express purpose of stealing. Own a couple of antique Chinese vases? Don’t leave them on the mantle during the open house!

Fear: My house will languish on the market for months without a nibble, and I’ll have to suffer through multiple open houses to drum up interest.
Fearbuster: If you price your home right and keep your house neat, clean, and available for viewing to agents and buyers, you’ll get offers.

Fear: Now that I’ve invested so much time and energy in getting my home on the market, I’m losing sleep. I’m afraid I won’t know enough to stay out of legal trouble.
Fearbuster: You need your sleep. Before you negotiate with buyers and before you sign anything, make sure you have a professional — an attorney or real estate agent — on your side. Even if you feel like you can negotiate successfully, it doesn’t hurt to have that second pair of eyes.

Fear: What if the inspection reveals that termites have chomped their way through all the support beams and my house is about to collapse? This sale will fall through and I won’t be able to buy my new house, which is scheduled to close next week!
Fearbuster: Remember how smart you were. You avoided any last-minute inspection surprises by hiring your own inspector before you even listed your house for sale. He found nothing major and you already completed minor repairs. And if the fridge quits before you close, it’s no big deal. You’ll have enough money to replace it.

Good News from National Association of Realtors

Over the next few months, NAR predicts, exisiting homes sales are expected to hold fairly steady. NAR Story

My feeling is very similiar as NAR. I think it will pick up a bit in spring, with prices hitting their low. Then I think they will stabilize into 2009.

Just for Fun...10 Priciest Home Sales in 2007

No surprise here that the 10 most expensive homes of the year were all located in either New York or California. Courtney Cox-Arquette and David Arquette's Malibu home sold for 33.5 million. What a great flip! The Arquettes paid 10.1 million in 2001. Nice profit!

Scenes From Calabasas

 
 
 
 

The Valley on a Clear Day...

 

The San Fernando Valley, home to some of the most beautiful real estate in Southern California. The view from Woolsey Canyon is phenomonal!

Woosley Canyon..Make an Offer..

 
 
 
 

Developers donate 175 hillside acres in Glendale

After more than a decade of debate over development in the Verdugo Mountains, three parcels have been given to a conservation group LA Times story link

Calabasas Looks at Ways to Judge Historical Landmarks and Districts.

Intersting story in todays Acorn. I am hoping this commitee forming to judge recognizes the Bird Streets/Park Moderne. It goes without saying our little neck of the woods has a fascinating history and in the greater context of the city of Calabasas, it's very important. It can only help property values all around the neighborhood.

Here is the article. The Acorn

What You Get for 450K

One of my favorite columns in the New York times is What you Get for? It's a comparison of home prices across the country. This week the Times asks what you get for $450,000.

A two bedroom condo in Indian Wells, CA. A three bedroom, three bath condo in Stove, Vt or a 2,900 square foot, 4 bedroom house on 5 acres in Kalispel, Mont.

Very interesting to compare.

What you get for $450K.

Malibu Castle to Be Rebuilt!

Great news as the owner Lily Lawrence, known around Malibu as Princess Lily, has decided to rebuild another castle. Lawrence is an interesting charachter, her father was an exiled Iranian oil minister. Her family lost their home when they were forced to flee the country.

Sounds like she has a great heart. Hopefully the new castle will be a Malibu landmark like the old.Malibu Castle

Real Estaste in the 212 Defies Slump!

So, if you want to buy something in New York City, the median price is now 1.4mil! Wow, and I thought Calabasas was out of control. The thing with NYC is that it's an island and their is only so much real estate. An old New Yorker friend of mine who grew up in mean streets of Hell's Kitchen warned me about 5 years ago, that eventually there would be no bad neighborhood left in New York, because the value of the city is too high.
Los Angeles is more spread out with a lot of open space left to build and develop. Even our own downtown, which is rapidly ascending, is still a bargain because there is so much undevloped space.
For more on this development click for the article in the New York Post about the Manhattan real estate market.
NY Post ARticle

Happy New Year!

I spent the morning watching the Rose Parade. It's a fun tradition very much an LA thing to do. The above picture is the Rose Queen Dusty Gibbs and her court. I always love seeing these lovely young women who are as beautiful as all the flowers!