Archives for category: Santa Monica Real Estate

Thank you to everyone that came out to enjoy the free pumpkins, refreshments and photos at our pumpkin patch this past Sunday. We had such a wonderful time meeting some of our neighbors here in the Santa Monica area and were glad to see everyone enjoying themselves.

We hope to see many of you soon at one of our events. Please bring the kids and grandkids to the Montana Ave. Halloween walk from 4-7pm on Halloween afternoon. WSA will be hosting a costume contest, so make sure the kids are dressed to impress!

 

Advertisements

Great news, I just heard from a fellow agent that an open house he held last weekend in Westwood was attended by 140 people and the house had not even hit the MLS yet.  This is amazing news.  Open house activity has quadrupled.  Buyers are tired of waiting, and sellers are still at the sideline putting their properties on the market very slowing and cautiously.  Inventory is very, very low and buyers are frustrated that there is nothing to look at.  This is all a good sign for the market place.

I expect in the next several months that sellers will start putting their homes on the market and buyers will step up to the plate .  Buyers will start making realistic offers, recognizing that there is a lot of competition in the market.  There are a lot of multiple offers going on right now.  Even though I will not be so bold as to say that prices are going up, the market has definitely leveled and there is definitely more demand then there is available inventory.

Bargain hunters snap up foreclosures, and the median home price continues to fall.

California home sales picked up in September from the same month last year as prices came down.

Sales were up 6.7% as bargain hunters paying cash snapped up foreclosures. Sales figures remained below the average for September in Southern California and the Bay Area, according to DataQuick, a real estate information service based in San Diego. As is typical, sales were lower than in August, down 6.2%, for a total of 35,404 homes sold last month.

Downsizing is not necessarily settling for less.  Several of our homeowners recently decided that they didn’t need as large a home now that their children have left.  Their lifestyle has changed, and includes traveling and visiting friends and family from time to time, leaving their home in some cases for several weeks at a time.  As they evaluated their options, several of our clients chose to move to the Wilshire Corridor and Ocean Avenue where there are condominiums, making it is easier to lock up and easily leave.  One of our other clients chose to buy a contemporary home in Pacific Palisades in a community that better suits their needs with a smaller yard and beautiful ocean views.  In each and every case that our clients decided to downsize, there was not a sacrifice made; in fact, there was an upgrade and a positive change in lifestyle.

If you are interested in possibly buying a newer home that is more streamlined to your current lifestyle, please let us know.  You can choose a contemporary style or one with ocean views.  You may decide that a condo is perfect for your lifestyle, or perhaps you may decide to move out of town where there is less traffic and an environment that caters to a slower lifestyle.  If you appreciate beautiful gardens and tranquil views, we have some selections in mind.  Remember, downsizing need not require the thought of stepping down, but in fact is the opportunity to step up while minimizing your financial commitment at the same time.

By Alejandro Lazo, Los Angeles Times

Before the bust, rising prices fueled the housing market, enabling buyers to start small and climb the ladder. Now that promise of upward mobility has been all but shattered, gumming up the market.

Back in the frothy days of 2007, Luciano Mor needed only a weekend and a Craigslist ad to find a buyer for his two-bedroom starter home.

The split-level house, on a quiet Silver Lake street, sold for $749,000, commanding nearly twice what he paid in 2002 and about $50,000 more than a real estate agent had suggested as a listing price. Mor, who works for Vans’ apparel division, had planned on taking the gains and snapping up a place closer to his job in Cypress with enough room to accommodate an expanding family.

It was the kind of life progression that traditionally fuels a healthy housing market. Then prices started to drop. Nearly four years later, Mor is still looking for the right deal.

“I just feel like the longer I hold off, the better I will be,” Mor said, sitting in the living room of the Long Beach home he and his wife rent. “It’s almost like getting a new car — you just know it’s best to hold on to your old car as long as possible.”

Potential move-up buyers like the Mors are largely sitting on the sidelines these days, leaving a key part of the housing market stuck in neutral. The promise of rising prices and upward mobility, once a powerful force in the American housing narrative, has been all but shattered by the downturn.

TO READ MORE CLICK HERE

WASHINGTON— Fewer people purchased previously occupied homes in May, lowering sales to their weakest point of the year.

Home sales sank 3.8% last month to a seasonally adjusted annual rate of 4.81 million homes, the National Association of Realtors said Tuesday. Economists say that’s far below the 6 million homes per year sold in healthy housing markets.

Since the housing boom went bust in 2006, sales have fallen in four of the past five years. Analysts said they expect sales to level off at about 5 million per year. That’s not much better than the 4.91 million homes sold last year, the worst showing in 13 years.

The depressed housing market has weighed on the broader economy. Declining home prices have kept people from selling their houses and moving to find jobs in growing areas. They have also made people feel less wealthy. That has reduced consumer spending, which drives 70% of economic activity.

The housing market has struggled because fewer first-time buyers are entering the market. The number of first-timers ticked down to 35% of sales last month. Typically, they drive half of sales in healthy markets.

To Read More CLICK HERE.

By Alejandro Lazo Los Angeles Times Staff Writer

An index of home prices in the nation’s largest American cities plumbed new depths in March, pushing past a low set during the worst of the Great Recession.

The ominous new drop for the Standard & Poor’s/Case-Shiller index of 20 cities, a key measure that is closely watched by economists, casts further doubt about the future of the housing market’s recovery. The index pushed below its previous bottom hit in April 2009, confirming a much-feared double-dip in home prices.

To read more CLICK HERE.