Los Angeles Living

Condos for Sale on the Wilshire Corridor

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Mon, 17 Jun 2013 11:12:44 -0700

Why Do People Live here?

The Wilshire Corridor is a two-mile stretch of high rise buildings from Westwood Blvd. to Club View Drive. Most of those buildings are condominiums interspersed with a few apartment buildings. Located in Westwood’s zip code 90024 the Wilshire Corridor is one of the few areas which this kind of concentration of luxury full-service living.

What’s the Neighborhood Like?

Condos on the Wilshire Corridor range in size from around 500 sq. ft. for a one bedroom or studio, to a 6,000 sq. ft. penthouse. The average is around 2,000 sq. ft. The oldest, and the only co-0p in the Corridor is the Wilshire Terrace, 10375 Wilshire Blvd, built in 1958. The newest is Beverly West, 1200 Club View Drive, only recently finished. Prices range from $290,000 (in a non-full service building) to $9.2M for a penthouse, with the average price close to $1M. Because of all the service provided in these buildings you can expect to pay anywhere from $1.600 to $2,200 per month as an average in the higher end buildings. If you are looking for the height of luxury with spectacular views, then the Wilshire Corridor is for you. But be careful, you will be spoiled for anything else.

Check out all 31 condo buildings.

What’s Going on Nearby the Wilshire Corridor Neighborhood?

The Wilshire Corridor is located just East of Beverly Hills in the area of the city known as Westwood, Zip Code 90024, and it is a 15 minute drive along Wilshire Blvd. to the ocean. The University of California Los Angeles (UCLA) is just north of the Corridor as well at the Medical Center, one of the top three hospitals in the country. Shopping nearby includes the Westfield Mall in Century City, with its high end boutiques, multiplex movie theater and restaurants, Westwood Blvd. with its restaurants, cafes, supermarkets and sundry shops, and of course Beverly Hills with its famous Rodeo Drive is not far away.

What Schools will the Kids Attend?

If you buy a condo on the Wilshire Corridor, you will be in the Los Angeles Unified School District and depending on which side of Wilshire Boulevard you will will determine which school your children will attend. To find out more about the schools visit the School Finder page on this site.

Now You Really Want to Find a Home Here, Right?

If you are interested in the current homes for sale on the Wilshire Corridor check below. This information is updated every few hours.

Need more info on the Wilshire Corridor, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Buying or selling real estate in Los Angeles can be an overwhelming process. Contact Jane Peters, Los Angeles realtor specializing in absentee owners, out of town buyers, and those who need that extra attention, in order to make the transaction a smooth, trouble-free, and fun experience.

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How to Rent a Home in Los Angeles with Poor Credit

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Fri, 14 Jun 2013 16:20:08 -0700

If you are looking to rent a home in Los Angeles, you will need to be aware that your credit is extremely important. I cannot count how many times potential tenants have been refused because of the state of their credit.

Checking your credit report is the main tool that a landlord has to see what kind of a tenant you will make. They tend to look for people with credit in the 700s and up and it is sometimes very difficult to convince them that you will make a good tenant if you are below their desired range. You may have a perfectly good explanation for the hit on your credit which may get you accepted, but more often than not landlords are not interested in excuses.

How can you get around this?

Find a guarantor. That guarantor will be have to have good credit and show proof of funds. It can be a relative, friend, or even your employer.
If you have enough funds to cover at least one year’s rental, provide proof of those funds.
Show that your monthly income via a W2 will cover the rent. Being self-employed probably won’t do the trick.
If you can afford to pay several months up front.
If you are relocating to Los Angeles from another country your only options are probably going to be to find a guarantor or pay a significant amount up front.

Hopefully these options will overcome a less than perfect credit history. But paying attention to the state of your credit should always be a high priority.

Homes for rent in Los Angeles

For a free consult on your L.A. real estate needs, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Buying a Home in Los Angeles is Not for the Faint of Heart

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Thu, 13 Jun 2013 11:54:07 -0700

We’ve all heard the news, Los Angeles is a sellers’ market. So what does that mean if you are buying a home in Los Angeles? Well, you may need to look for your inner Hulk, because it is not pretty out there.

Case in point:

A home recently listed in the Westwood area for $829,000 sold in 13 days for $914,000. Another listed for $1.995M sold for $2.082M in 22 days. And one listed for $3.495M sold for $3.860M, 10% over asking.

The average of 15 out of the 21 homes sold in Westwood itself over the past 3 months sold for an average of 103.75% of the listing price with average days on the market being 20.

Santa Monica shows 63 homes sold over the past 3 months, and with a median price of $2.1M to get a 98.43% average sold vs list price and 57 days on the market is pretty amazing.

Brentwood had 73 sales of single family homes over the past 3 months. The median price is $2.4M and the average sold vs list price was 96.65% with an average of 67 days on the market. And for condos, 65 were sold wit the ratio being 100.39% and an average 55 days on the market.

West Los Angeles condo market shows 93 units were sold over the past 3 months with an average sold vs list ratio of 102.19% and average days on the market of 49.

With only 39 homes for sale in Santa Monica, 74 in Brentwood and 12 in Westwood and 49 condos in West Los Angeles and 43 in Brentwood a buyer needs to be aggressive.

What does this mean? Well let’s assume a new home has come on the market and when you view it there are a number of others viewing it too. You really like the place and you can see yourself living there. If you truly do want the home:

Do not sit and ponder the situation. If you like the place, know that others do too and while you are pondering others are offering. Make an offer.
Do not think of attempting to offer anything that is not at or close to asking. Make a good offer.
Do not write a laundry list of contingencies into the offer.
- If you are getting a loan, then loan and appraisal contingencies are a given
- Shorten the inspection period to 7 or possibly 5 days
- If the property is a condo consider waiving the termite inspection. Generally the homeowners association is responsible for any termite infestation in common areas.
- Waive the home warranty. If you really want one you can buy your own for around $450.
- Make a clean offer.
When the counter offer comes, which it will if you have done the above, don’t get offended, come out punching and make your best offer.

These are tough days for Los Angeles home buyers which requires tough action.

Homes for sale in Los Angeles

For a free consult on your L.A. real estate needs, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Buying a Home in Los Angeles FAQ. What is Title Insurance?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Sun, 09 Jun 2013 12:38:51 -0700

When buying a home in Los Angeles you will be faced with the term “Title Insurance”. So what is title insurance?

Title insurance protects against any kind of problems affecting the title to a piece of property. Some of those problems could be:

Questions about the legal ownership of the property
Any errors in the public records that were not found before the sale
Liens against the property
Problems with wills and trusts affecting the property
Fraudulent documents affecting the property
Any other items that affect clear title to the property

There are two kinds of title insurance, Owner’s and Lender’s. The Owner’s Title Policy, California Land Title Association (CLTA) covers the new owner’s personal interest in the property and the Lender’s Title Policy covers the property for the Lender.

Who pays for Title Insurance?

Generally, when buying a home in Los Angeles the Seller pays for the Owner’s Policy, and the Buyer pays for the Lender’s Policy. Both are one-time fees. The latter is required when a loan is involved.

How Long Does Title Insurance Coverage Last?

The Owner’s lasts for as long as the property is owned by the insured or his or her heirs, but understand that it only covers losses and claims from defects that arose prior to the policy date and extends backwards from that time indefinitely. It does not cover any future problems. You will be required to remove anything that affects the transfer of clear title before you can sell the home. If it is not cleared and a search did not discover it before the time of the next sale, the title policy that the next buyer receives will cover it.

Claims could be made by disgruntled contractors who were not paid by the previous owner. You may have to correct a zoning infraction by the previous owner. A neighbor may build on your land and adversely possess it. To cover against occurrences like these there is an extended policy you can take out , the American Land Title Association (ALTA).

The Lender’s policy stays in effect for the life of the loan. If you refinance your loan then you will have to buy another Lender’s title insurance policy.

Having an Owner’s Title Insurance Policy provides peace of mind that you have clear title to the property and if problems and is there to protect your equity should problems arise.

More Frequently Asked Questions

What Can I Afford?
What are the Closing Costs?
How to Read an MLS Listing
Understanding the Purchase Agreement

For a free consult on your L.A. real estate needs, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Los Angeles Home Buyers FAQ. Understanding the Purchase Contract

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Thu, 06 Jun 2013 13:15:10 -0700

When buying a Los Angeles home it helps if you understand the Residential Purchase Agreement (RPA) which is what will be filled out when making an offer. The majority of the contract is standard and pretty much self-explanatory, but there are areas that need to be filled out that can cause some confusion.

I have included a sample of an RPA with some explanations below. Hopefully this will explain some of the items on which you may not be clear. To clarify, the form below is just a sample. All items may be negotiated, but this should provide a general idea. (If you click on the top right diagonal arrow the contract will open in full screen on a new page).

California Residential Purchase Agreement

1. This is pretty self-explanatory. Details of the property are provided together with the amount of the offer. Item D. will determine the length of the escrow period.

3. Item A. is the amount of the good faith deposit, usually 3% of the purchase price, which will need to be delivered to escrow within 3 days of acceptance of the contract by both sides. Item C. refers to the amount of the loan. Item D. is the balance of the loan which will be part of the closing costs. Items H and I. If you are getting a loan then these are the contingencies which will allow you to cancel the contract should you a) after a good faith effort be unable to get a loan or b) cancel or re-negotiate the contract should the home not appraise. 17 days used to be enough time to get loan approval, but in today’s tight lending environment, it can sometimes be difficult to meet this timeline. Generally sellers are aware of this and may be amenable to a few days extension. Cash buyers usually waive these two contingencies.

4. Here an explanation of who pays for what is determined. The contract is filled out for a condominium purchase to demonstrate costs for this type of purchase. HOA costs would not apply for a single family home not in a gated community or Planned Unit Development (PUD). Item A.1. (Wood Pest Analysis) is usually accompanied by a separate form which confirms that the Seller will pay for the remediation of any immediate problems (Part 1) and the Buyer will pay for anything that could be a future problem, if they wish Part 2). Item C.2. In Southern California the Seller generally pays for the owner’s Title Insurance (Buyer pays for Lender’s Title Insurance). Item D.6. This is the cost for a one-year home warranty for appliances, air-conditioning, etc. (something in this competitive sellers’ market it may be advisable to waive).

5. If this is an investment property Item A. would be checked (does not intend to occupy)

8. Item B.2. The stove and refrigerator boxes would be checked if the buyer would like to keep them. Item B.3. Here is where a buyer would request additional items they would like. Item C. If a buyer particularly does not want items left then they would be entered here.

13. Item B. If the offer is contingent upon the buyer selling another property, then this box would be checked. In this sellers’ market this kind of contingency would probably not be accepted.

14. Item B. The standard time period per the contract for the buyer to conduct his or her inspections is 17 days. To make the offer stronger it is advisable to lower the time period to 7 to 10 days.

29. Here you can determine how much time you give the Seller to respond to your offer. The standard is 3 days but you can shorten it or extend it. Should the time period expire, the contract can always be extended.

Take time to read through the contract and if you have any questions, please dont hesitate to contact me.

More Frequently Asked Questions

What Can I Afford?
What are the Closing Costs?
How to Read an MLS Listing

Jane Peters, connecting you to the L.A. real estate scene

Westwood Real Estate Market Report, May 2013

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Tue, 04 Jun 2013 13:18:47 -0700

Interest rates are still low and Los Angeles home buyers are scrambling to find homes. It is such an excellent time be selling real estate. Homes are going into multiple offers and over asking. Interest rates are low and buyers are bullish. Waiting until prices rise more could diminish the affordability factor for these buyers, especially if interests rise too.

Let’s see if Westwood real estate inventory is increasing. How are sales?

May 2013

	Sold	+/- March	Median	+/- March	Active	New	+/- March	Pending	+/- March
Single Family	8	+2	$1,632,551	-37.68%%	9	3	-1	10	+7
Condo	22	-7	$706,450	-4.01%	86	36	+14	19	+3

Information provided by MLS/CLAW deemed reliable but not guaranteed

Westwood real estate sales are up for single family homes and down for condos. The median sales price is down in both categories. This can change monthly due to the make-up of sales. If the lower end properties outsell the higher end, then the median price drops.

There are only 8 single family homes available for sale at this time which puts Westwood into an extreme sellers’ market. The condo market also remains a sellers’ market.

The Westwood condo market includes the Wilshire Corridor.

Previous Westwood Market Reports

Westwood Real Estate. First Quarter 2013 in Review
Westwood Homes for Sale. Let’s Look at the Trend
Westwood Real Estate the Year in Review
Westwood Real Estate Market Report November 2012
Westwood Real Estate Market Report October 2012
Westwood Real Estate Third Quarter Market Report 2012
Westwood Real Estate Half-Yearly Market Report June 2012

Homes for sale in Westwood

For a free consult on your L.A. real estate needs fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Santa Monica Real Estate Market Report, May 2013

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Mon, 03 Jun 2013 14:52:34 -0700

With all the talk about rising homes prices and shortage of inventory, it is time to check on the Santa Monica real estate market performance for May 2013.

Is the inventory up, median prices up? Let’s take a look.

April 2013

	Sold	+/- March	Median	Active	+/- March	New	+/- March	Pending	+/- March
Single Family	18	+3	$2,527,500	42	+55.90%	20	+13	30	+21
Condo	40	-1	$621,250	43	-5.87%	20	+13	31	+17

May 2013

	Sold	+/- April	Active	Median	+/- April	New	+/- April	Pending	+/- April
Single Family	27	+9	46	$1,620,000	-35.90%	16	-4	46	+16
Condo	39	-1	45	$780,000	+25.55%	20	+8	58	+27

Information provided by MLS/CLAW deemed reliable but not guaranteed

The number of new single family homes coming on the market in Santa Monica in May dropped by 4 over April, but new condos rose by 8. The median price of new single family homes dropped by 36% and for condos it rose by 26%.

The number of pending homes rose significantly in both categories.

The number of sold homes was up for single family and slightly down for condos.

The comparison with April 2013 still shows a need for new inventory, especially in the single family home market.

Previous Santa Monica real estate market reports

Santa Monica Real Estate. What’s New?

Santa Monica Real Estate, 1st Quarter 2013 Reviewed

Santa Monica Homes for Sale the Market Trend

Santa Monica Real Estate the Year in Review

Homes for sale in Santa Monica

For a free consult on your Los Angeles real estate needs, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Buying a Home in Los Angeles? How to Read the MLS Listing

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Sat, 01 Jun 2013 09:37:13 -0700

Buying a home in Los Angeles can be a daunting task. Where do you start? Well, ideally you should use the services of a Los Angeles real estate agent, but often buyers like to look for listings themselves.

Most of the listings you will see online derive from the Multiple Listing Service (MLS) the bible of the real estate industry. The layout will look different on different sites, but this should help explain some of the general terminology:

LP – list price
Status – this will show whether the listings is A (Active), B (in escrow in backup status generally meaning that all the contingencies have not been removed so the seller may be accepting backup offers in case the current escrow falls through)
Zone – R1, R2, etc. meaning the zoning of the property. R1 is usually single family only.
VU – View (yes or no)
GH – Guest house
LSE – Will show if the property is also for lease
HOD – Homeowners dues, for condos, gated communities, etc.
PL – Pool (yes or no)
FP – Fireplace
YB – Year built
STO – Number of stories
FUR – Furnished (yes or no)
PETS: This will say yes, no or call
BR - Number of bedrooms
BA  – Number of bathrooms
APX SF  – Approximate sq. ft. of property.
APX LSZ  – Approximate sq. ft. of lot
PKGT:   How many gated parking spaces there are
PKGC:   How many covered parking spaces there are. This and the one above are sometimes confused. It is best to look at PARK below the description which should go into more detail.
REMARKS – You will see a description of the home and other relevant comments. There is a “Private Remarks” section for your real estate agent which may add some housekeeping notes, qualifying needs, or other matters that may add light to the property and avoid wasted time in some instances.

Other terms worth noting:

AMENIT – This is usually on a condo listing, gated community, etc. It will describe the amenities in the complex – pool, gym, concierge, etc.
AIR – This is where you will see whether the air conditioning is central, wall, none, etc.
FLOOR – The type of flooring will be listed here – hardwood, carpet, tile, mixed, etc.
OCC/SHOW – These are the showing instructions – lockbox, agent accompanies, 24 hour notice, etc.
HEAT - central, forced, etc.
LAUNDRY – Here you will see if the laundry is inside or a community laundry.
FIN – Financing. You can generally ignore this.

Next you will see:

LP  – List price
OLP - Old list price. If prices has been changed this will reflect the original list price
DOM – Days on the market. The number of days the property has been on the market
CDOM  – Combined days on the market. The listing could have expired, been withdrawn, etc. This shows you the total number of days it has been on the market.
LD - List date. The date the property was put on the market.
CD  - Contract date. The date a purchase offer was accepted.
SP  – Sales price. The final sales price.
SD – Sales date. The date the sale closed.
LP/SF – List price per sq. ft.
SP/SF – Sales price per sq. ft.

More Frequently Asked Questions:

What Can I Afford?
What are the Closing Costs?

Homes for sale in Los Angeles

For a free consult on your Los Angeles real estate needs, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Sitting is the New Smoking!

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Wed, 29 May 2013 20:20:41 -0700

There was an article in the L.A. Times a few days ago talking about sitting being the new smoking. This article about sums it up.

The Times article mentioned the new trend in standing desks, or treadmill desks so I started looking a them. Because no one sits on their backside more than me.

They ain't cheap so I did some research and found a piece that sits on the top of most exercise machines and I stuck it on an old stair stepper that I had. That did not work too well as moving up and down is not conducive to looking at and working on a laptop.

So I looked on Craigslist and found someone who sells them on the "cheap".

Look at my new workstation! The treadmill is supposedly new but I think it's refurbished. Total cost, with the laptop holder, $427.

So now when you call if you hear I'm out of breath you will know why.

Jane Peters, connecting you to the L.A. real estate scene

Los Angeles Home Buyers FAQ. What are Closing Costs?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Wed, 29 May 2013 11:10:49 -0700

When buying a home in Los Angeles, you will need to consider your closing costs as well as your downpayment. So what are closing costs? They are the miscellaneous fees involved in your purchase which can average between 2-5% of the purchase price.

Your lender will provide you with a Good Faith Estimate (GFE) when factoring in your loan and at the end of the escrow process you will receive a HUD-1 with an explanation of the final closing costs.

Below is a rough explanation and estimate of closing costs should you be acquiring a mortgage:

Origination fee for loan approximately (negotiable)
Points. This will lower your interest payments for the length of the mortgage. For example one point will lower your interest rate by approximately 1.25%. To decide whether to buy points will depend on the length of time you intend to keep the mortgage. A quick calculation to see if the points are worth it will be to deduct the monthly amount with the points from the monthly amount without the points and divide that into the amount you will be paying for the points at closing. That is the number of months you will need to keep the loan to break even.
Hopefully you will be putting down at least 20% as a downpayment. If not you will have to pay Private Mortgage Insurance (PMI). The less you put down the higher your PMI payments. P.M.I. is roughly from .3% to 1.15%, depending on your down payment.
Initial Interest: this is to cover the interest from the date of closing until the end of the month. If you close on June 15th, you will pay interest through the end of June. Your next interest payment will be August 1 for the full month of July.
Title insurance and services: in California, the seller generally pays for the buyer’s title insurance. The buyer pays insurance to protect the lender from any claims against the home. You will also pay title service charges – paperwork, recording, etc.
Property taxes: your lender will collect property taxes from you as part of your monthly payment. The tax in Los Angeles is around 1.25% of the purchase price.
Appraisal: before approving a loan the lender will send out an appraiser to ensure that the property is worth the price. This generally costs between $250 – $350.
Homeowners’ Insurance: (required by the lender).

Below is a sample escrow closing statement for a condo purchase in the amount of $685,000. This will give a of rough idea of what you might expect in terms of closing costs. This is based on the purchase of a condo which will include items related to homeowners dues.

FINANCIAL CONSIDERATION	DEBITS	CREDITS
Total Consideration	$685,000.00
Buyer Deposit		$20,550.00
New 1st Trust Deed		$548,000.00
LOAN INFORMATION
[Charges $4,419.60]
Origination Charge ( to Lender)	$995.00
Appraisal Fee (to Lender)	$450.00
Credit Report (to Lender)	$25.00
Lender Credit*		$712.40
Interest at $58.18/day from 04/18/2013 to 05/01/2013	$756.32
Property Taxes at $713.54/mo x 5 months (to Lender)	$3,567.70
PRORATIONS/ADJUSTMENTS
Taxes at $3,856.70 (semi-annually) from 4/19/2013 to 7/1/2013	$1,542.68
HOA at $390.60/mo from 4/19/2013 to 7/1/2013	$156.24
Closing Costs Credit**		$900.00
H.O.A. MANAGEMENT
Monthly dues for May (to HOA Mangement Company)	$390.60
OTHER DEBITS/CREDITS
Insurance Premium	$700.00
Courier/Overnight Handling Service	$125
Third Party Notary for Signing Service	$75.00
Archiving Fee	$50.00
TITLE/TAXES RECORDING CHARGES
Owners Title Policy (to Title)	$1,730.00
Reimbursement form Seller for Owners Title Policy (to Title)		$1,730.00
ALTA Loan Policy + Endorsement (to Title)	$725.00
Sub Escrow Fee (to Title)	$62.50
Buyers Closing Funds (to Title)***		$102,631.64
Recording Trust Deed (to Title)	$73.00
Documentary Transfer Tax (to Title)	$753.50
Reimbursement from Seller for Documentary Transfer Tax (to Title)		$753.50
City Transfer Tax (to Title)	$3,082.50
Reimbursement from Seller for City Transfer Tax (to Title)		$3,082.50
ESCROW CHARGES
Escrow Fee (to Escrow)	$1,390.00
Loan Tie-In Fee (to Escrow)	$295.00

* Lender credit towards closing costs. Good if buyer doesn’t have enough to cover closing costs, but it will result in a higher interest rate.

**Generally offered to the buyer at closing to fix any outstanding repairs or defects.

*** These are the total closing costs including the balance of the buyer’s downpayment.

More Frequently Asked Questions:

What Can I Afford?

Homes for sale in Los Angeles

For a free consult on your Los Angeles real estate needs, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

FAQ When Buying a Los Angeles Home. What Can I Afford?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Sat, 25 May 2013 18:00:25 -0700

If you are buying a home in Los Angeles, especially if you are a first-time home buyer, you probably have a ton of questions. I am not going to be able to cover them all, but hopefully this series will answer the main ones.

Q: What can I afford?

A: The first step you will want to take is to consult with a lender. They will determine if and what you can afford to buy. This will be based on:

Your gross income
Available cash for downpayment, closing costs, and lender-required reserves
Outstanding debts
Credit history
Mortgage type
Interest rates

Also taken into consideration is your debt-to-income ratio, also known as front-end and back-end ratios.

The front-end ratio standard is around 28% and factors in how much of your gross income will go towards your mortgage payments. These payments include principle, interest, taxes and insurance (PITI). Simply put, if you are earning $100,000 a year, your monthly payments should not be more than $2,333 a month.

The back-end ratio is your total debt-to-income ratio, i.e. all your debts, including credit cards, monthly homeowners dues (if applicable), car payments, loans, etc. This should not exceed 36% of your gross income. In this case, based on your $100K salary, not more than $3,000 per month.

This is a simplified explanation of a lender’ requirements, but will give you an idea of what to expect. For a more in-depth explanation you will need to contact a qualified mortgage lender.

Homes for sale in Los Angeles

For a free consult on your Los Angeles real estate needs, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

How Can I Sell my Los Angeles Home as an Absentee Owner?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Tue, 21 May 2013 10:57:54 -0700

Do you want to sell your Los Angeles home but are worried how you are going to do it because you are an absentee owner? Worry not, the process is no different from, and probably easier than, selling your home while in residence.

Where do you start?

The first thing you will need to do is allow your Los Angeles Realtor® to gain access to your property. Many times absentee owners are selling the home of a family member who may have moved to an assisted living facility, or recently passed away, so it can be a sensitive process and having someone to help you through it can take away some of the stress.

If you are reasonably close then it would be good to meet with your Realtor® at the property that one time. If not then your agent can go through the property and help you make some of the following decisions:

Should you make any cosmetic changes to the property to show better. You may need to paint, remove or clean carpeting, or refinish floors. Maybe the landscaping needs to be addressed. You don’t want prospective buyers to drive by without getting out of the cars because of the look of the home from the curb. Your Realtor® can recommend and arrange for contractors to handle these changes.
If furnished, will you want to leave the furniture or have the home empty. Staging is an option but that will depend on the condition of the home. If furniture needs to be given away or stored, your Realtor® can make those arrangements.
Pricing. Obviously you are going to want to get as much as you can for the property, but that is going to depend on recent comparable sales (like for like) in the immediate area. After seeing the property, your Los Angeles Realtor® will be able to advise you on the best list price in order to meet your goals.

Once your Realtor® has established a price then you will sign a listing agreement which authorizes them to represent you in the process of selling your Los Angeles home.

What happens next?

Your Realtor® may advise that you have a home inspection. This will take away the surprise of anything that may come up when the buyer has his or her inspection. You can choose to make repairs or wait for the buyer to ask you to make them or provide a credit during escrow. In the case of absentee owners an inspection is a good idea since you will probably have no knowledge of any defects, and certainly if they are minor, you can avoid some of the hassle that comes with a Request for Repairs from the buyer. Your Realtor® will have a list of recommended inspectors and can arranged to have any repairs made.
One of the good things about being an absentee owner is that it makes things easier for your Realtor® to have open houses and show the property. Showings will happen until an offer comes in and can be disruptive to a homeowner.
Once offers come in (and I say offers, because in this market most homes are receiving multiple offers) your Realtor® will discuss each one with you and advise you on the course of action. One offer may stand out and you may accept it, or you may counter some or all of them.
After an offer has been accepted, the next negotiation may be on the Request for Repairs, should the buyer submit one. Again, this is something your Realtor® will help you deal with. This is an area where contracts can be canceled and it needs to be handled with care.
If you are selling a condominium then a duty of the seller is to provide copies of the Conditions, Covenants, and Restrictions (CC&Rs) of the building. This is often handled by an outside management company. You will just have to sign the paperwork to release them and generally pay for their production.
If you are selling a house you will probably have agreed to a termite inspection, and should infestation be found, remediation of that infestation. Generally the inspection is free, and your Realtor® will arrange both the inspection and subsequent remediation.
If repairs are agreed upon then your Realtor® will be able to provide a list of recommended contractors, and arrange for the repairs to be made.
At the end of escrow you will be required to sign the Grant Deed. Soon after , the buyer’s funds will be transfered to your account and Title will transfer.

You do not have to be present for any of the above. All paperwork can be handled via electronic signature. The only exception is the Grant Deed signature which the escrow company will arrange for a local notary to handle.

Besides the inspection (should you have one), repairs (if needed) , and CC&R request most of the finances are handled through escrow, so you don’t have to deal with sending payments.

The only thing you as an absentee Los Angeles home owner need to do, is be accessible to your Realtor® via phone or email, as many parts of the process are time sensitive. Apart from that you should should have a much easier time than a resident seller who is going to be inconvenienced throughout the entire sales process.

So, can you sell your Los Angeles home if you are an absentee owner? I would say that is the best way to sell.

Homes for sale in Los Angeles

Want to find out how easy it will be for your to sell your home as an absentee owner, fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

How is the Housing Inventory in Los Angeles?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Sun, 19 May 2013 10:15:30 -0700

I am sure by now you must know that real estate in general, but specifically Los Angeles real estate is experiencing a shortage of inventory, and the common complaint heard from both Realtors® and Los Angeles home buyers is “there is nothing to buy”. Or, if something comes on the market “we have to compete with numerous other buyers”.

So are things improving? How is the housing market doing and how is the inventory right now?

Information provided by MLS/CLAW deemed reliable but not guaranteed

The above shows a summary of single family homes for the areas below for the calendar year April ’12 to April ’13. Inventory is down 51% over April last year, and the is the lowest for the entire year.

The median price is up 9% and is the highest for the entire year.

The number of sold properties is up 17% over a year ago, but down slightly from the high in December ’12.

The number of properties under contract is up 38% over a year ago and is the highest for the year.

The number of active properties is down 23% over a year ago but is growing steadily from the low in December ’12.

The number of new listings is up 22% compared with a year ago and has been rising steadily since nan extreme low in December ’12.

The areas included above are:

Santa Monica - inventory down 65%, new listings up 44%
Westwood - inventory down 71%, new listings up  9%
West Hollywood - inventory  down 36%, new listings up 26%
Palms-Mar Vista - inventory down  54%, new listings same as last April, but down over March ’13
Brentwood - inventory  down 56%, new listings up 2%.
Hancock Park – Mid Wilshire, inventory down 42$, new listings up 58%
Silver Lake – Echo Park, inventory down 33%, new listings up 36%
Pacific Palisades – inventory down 50%, new listings up 29%
Culver City – inventory down 32%, new listings up 14%
Beverly Center – Miracle Mile - inventory down 59%, new listings  up 63%
Marina del Rey – inventory down 4%, new listings down 33%, but slightly up from the previous month
Beverly Hills - inventory down 69%, new listings down 39%, but slightly up from the previous month
Venice – inventory down 24%, new listings up 18%
Malibu – inventory up 6% but slightly down from March ’13, new listings up 47%
Los Feliz - inventory  down 4%, new listings same as April ’12 but up over March ’13
West Los Angeles – inventory down 91%,  new listings down  14% and down over March ’13
Hollywood - inventory up 31%, new listings up 80% (way up over March ’13)
Hollywood Hills West - inventory down  73%, new listings up 13%
Hollywood Hills East – inventory down  62%, new listings up 71%
Bel Air – Holmby Hills – inventory down 17%, new listings up 17%
Beverly Hills Post Office - inventory down  17%, new listings up  7%

Overall, new inventory is steadily rising. The exceptions are West Los Angeles and Marina del Rey. West Los Angeles seems to have taken the biggest it, both in overall inventory and new properties coming on the market.

Hollywood is a major exception with the inventory up over a year ago and jumping significantly over the previous month.

Let’s hope that new inventory increases over the next few months. It will be interesting to see.

Homes for sale in Los Angeles

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Can I Negotiate a Deal when Buying a Home in Los Angeles?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Fri, 17 May 2013 11:27:33 -0700

It is only human nature to want a deal, right? But when buying a Los Angeles home in this present sellers’ market, I wouldn’t hold my breath looking for one.

A home is not going to sell if it is overpriced and with the shortage of inventory in the market, if a good real estate agent is involved, then it will be priced close to current comparables. That means homes that are similar in size, condition, neighborhood, etc. which have recently sold.

When making an offer on a home you like your Los Angeles real estate agent will advise you on the best course of action. They will be in touch with the listing agent and will have a feel for the competition on that home. In this crazy market it would be wise to listen.

There are probably going to be others offering on the home, and although it is not allowed to divulge the details of other offers the listing agent will probably provide an idea of how close those offers are to asking. In any event, once you know other buyers are interested in “your” home you will want to come in with as close to your best offer as possible and give yourself some wiggle room. This is not the time to come in low. It is almost guaranteed that other offers will be at asking or over.

Do not make the mistake of thinking that the listing agent is just telling your agent that there are other offers just to get you to raise yours. That is “illegal” and when a counter offer comes it will be in the form of a Multiple Counter, meaning that other buyers are also being countered.Buying a Los Angeles home? There’s isn’t much room for negotiation

Now you will be making use of that wiggle room to come up with your best offer if you do indeed receive a multiple counter offer. (Presenting a low offer in thebeginning will probably not get you a counter.) The counter offer will often ask for “highest and best”, but sometimes will suggest a price. This will probably be your last chance, so if you really want the home, then you will need to pull out all the stops.

Also, don’t think that if you are the successful bidder you can somehow get money back during escrow, there willrobably be other buyers in backup position who would be happy to see you cancel.

When buying a Los Angeles home, there is plenty of room for negotiation. Unfortunately, it is more likely to be up than down.

Homes for sale in Los Angeles

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Selling your Los Angeles Home? It's Gonna be a Hot Summer

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Wed, 15 May 2013 17:25:39 -0700

If you are considering selling your Los Angeles home, this is going to be a hot summer. Inventory continues to remain low and buyers are faced with multiple offers on almost everything they are interested in. So Los Angeles home sellers, this is your market.

Here are some examples of areas with extremely low inventory:

Westwood
Single Family
Active listings: 11
Under contract: 13
Sold over past year: 89 which is an average of 7 per month
There is nothing available under $1 million.

Condos
Active listings: 276
Under contract: 46
Sold over past year: 276 – an average of 23 per month

Westwood real estate market reports

Santa Monica
Single Family
Active listings: 47
Under contract: 41
Sold over past year: 269, an average of 22 per month

Condos
Active listings: 38
Under contract: 59
Sold over past year: 576, an average of 40 per month

Santa Monica real estate market reports

West Hollywood
Single Family
Active listings: 20
Under contract: 25
Sold over past year: 125, an average of 10 per month

Condos
Active listings: 73
Under contract: 32
Sold over past year: 380, an average of 32 per month

West Hollywood real estate market reports

Culver City
Single Family
Active listings: 25
Under contract: 39
Sold over past year: 231, an average of 19 per month

Condos
Active listings: 19
Under contract: 52
Sold over past year: 192, an average of 16 per month

Culver City real estate market reports

Palms and Mar Vista
Single Family
Active listings: 31
Under contract: 55
Sold over past year: 365, an average of 30 per month (one per day)

Condos
Active listings: 12
Under contract: 16
Sold over past year: 122, an average of 10 per month

Silver Lake and Echo Park
Single Family
Active listings: 39
Under contract: 61
Sold over past year: 322, an average of 27 per month

If you are thinking of selling your Los Angeles home, there is no better time than right now. If we had a crystal ball and knew where the top of the next market would be then we could wait. But we don’t and we never will. Meanwhile, mortgage rates are still very low and buyers are just waiting on the sidelines to find their dream homes. Maybe it will be yours!

Homes for sale in Los Angeles

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

What Does a Los Angeles Realtor® Do?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Sat, 11 May 2013 09:54:57 -0700

Whether you are buying or selling Los Angeles real estate you will want to use the services of a Los Angeles Realtor®. Why? Because it will save you a lot of time and aggravation in the long run and will make for a positive experience.

Sellers:

Sellers who try and go it alone by selling FSBO (For Sale by Owner) with the thought that they are going to save money should know that they would probably have received the same amount, if not more, and saved the frustration and dangers of handling the process and paperwork, if they had used the services of a Realtor®. Selling real estate is our full-time job, it is not the seller’s
The Realtor® who sells your home can also help you buy or rent a new one, and most certainly should. There is often a misconception that Realtors® either represent sellers or buyers. That might be some agents’ preference, but we can do both, and also help find rentals.
If you have worked with a local Realtor® and liked their services you should ask them for a referral if you are moving to a different area. We Realtors® network heavily and we will know another great agent to refer you to. We also receive a fee for that referral so we have a strong interest in making sure that you are well taken care of.

Buyers:

Buyers often think that they can find a home on their own on the internet. Since it does not cost a buyer anything to use the services of a Realtor® that is the best route to go. Why?
- The information a Realtor® will provide will be up-to-date and timely. In this heavy sellers’ market buyers need to be on top of listings as they come on the market.
- Trying to set up appointments to view properties is no easy feat and is time-consuming. Buying real estate is our full-time job, it is not the buyer’s.
- A buyer needs to have their own representation. Thinking they are going to get a deal by going through the listing agent is a misconception. A buyer needs to have someone negotiating solely for them and not the seller at the same time.
Buyers often think they will cast a wider net if they call several different agents to look for properties. One good Realtor® is enough. We all have access to the same information through the Multiple Listing Service (MLS). Pocket listings (homes held off the MLS) are the exception, but those are few and far between.
Since Realtors® work on commission they appreciate your loyalty. And a good Realtor® will not work with you if they find out you are working with another agent. It doesn’t pay to put in all the time they do and have a buyer seal a contract with someone else. One good Realtor® is all a buyer needs.

Entering into a relationship with a Realtor® when conducting one of the most important transactions of your life can be invaluable. Contrary to popular opinion we work hard for our money

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Living on the Wilshire Corridor is a Great Lifestyle

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Thu, 09 May 2013 16:40:47 -0700

You want to live on the Wilshire Corridor? I don’t blame you. It is a lifestyle many people would love to live.

Imagine coming home and not having to worry about parking your car. You just hand it off to the valet. Got packages? Expecting a delivery? There are people who will bring them to your unit. Feel like relaxing in the pool or spa at the end of a hard day, or working it off at the gym? Check.

So what does it cost to live on the Wilshire Corridor and what do you get for your money?

A one-bedroom unit is going to cost you an average of $511,000 and will be an average of 1,047 sq. ft. Homeowners dues will range from $547 to $2,137 per month.

If you want to stay under $1,000,000, a two-bedroom unit will cost an average of $807,545 with an average of $1,842 sq. ft. Homeowners dues will range from $568 to $2,100 per month.

Between $1,000,000 and $2,000,000 a two-bedroom is going to average $1,387,667 with an average sq. ft. of 1,994. Homeowners dues will be from $1,425 to $3,300 per month.

Over $2,000,000 a two-bedroom unit will average $2,788,400 with an average sq. ft. of 2,839 and Homeowners dues will range from $2,240 to $3,369 per month.

A three-bedroom unit will average $2,995,000 with an average sq. ft. of 3,103 and Homeowners dues will range from $1,340 to $3,571 per month.

Most units will include an inside laundry, but there are exceptions. Also there are a small number of buildings that are not full service. Most are.

If you would like more details on a particular Wilshire Corridor condo building, don’t hesitate to contact me.

Wilshire Corridor condos for sale

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Frequently Asked Questions from Los Angeles Home Renters

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Tue, 07 May 2013 09:44:31 -0700

If you are moving to Los Angeles, or maybe selling your home and moving to a Los Angeles rental, you may not be familiar with the process. So here are answers to some questions you may have.

Q: How do I find a rental property in Los Angeles?

A: There are many ways to find a rental. You can join Westside Rentals, where you pay a small fee, or look at some of the online sites like Craigslist, which will generally show the same properties as Westside Rentals. However, you need to be careful of the scams on Craigslist. But, if you are looking for properties over $2,500, you may find that using a Los Angeles real estate agent will make things easier, especially if you are not familiar with the city.

Q: How do I find a home near a good school?

A: Here you will need to do your own research to find the right school. Two houses next to each other may be zoned for different schools. The main school districts in Los Angeles will be the Los Angeles Unified School District, the Santa Monica-Malibu Unified School District, the Beverly Hills Unified School District, and the Culver City Unified School District.

Q: How soon should I start looking for a property?

A: Usually no longer than a month before you need to move unless you are willing to pay for some time before you move in, as a landlord is not likely to want to hold the place open for more than a week or two.

Q: When I find a property, what do I have to do?

A: You will fill out an application form. If there are more than one of you, then sometimes both parties will need to fill out an application, especially if it is a roommate situation. Sometimes, even if you are married, both parties may have to sign also. Together with the application, you will be asked to provide a full credit report. You can run this yourself on such sites as freecreditreport.com, or creditreport.com (the same company). This will need to be a full report, not just the scores. You will also need to provide proof of funds (W2, 1099, bank statements, etc.). This will apply to both parties on an application.

Q: What happens next?

A: The landlord and their agent will review the application, and if acceptable, draw up the lease.

Q: What if my credit is not good?

A: Many landlords are leery of bad credit, and they may ask you to pay more upfront, or ask you for a guarantor who will be on the lease.

Q: How much do I have to pay upfront?

A: Generally, you will be required to pay the first month and two months security deposit. Sometimes it will be just first and security, but that is rarer.

Q: Will the property be clean when I move in?

A: The landlord is required to deliver the property in a clean condition. At the least they will often replace carpets and paint.

Q: What is included in the rent?

A: Usually water is included, and if you are renting a single family home, it may include the gardner and pool maintenance if applicable, but not always. Utilities are almost always a tenant’s responsibility.

Q: What if I find problems when I move in?

A: If you are using the services of a Los Angeles Realtor® they and the listing agent will have you fill out a Move-In Move-Out (MIMO) form which will document any defects you find, and give the landlord a heads up to address needed repairs.

Q; Can I rent a place for less than a year?

A: If you are using a Realtor®’s services, generally no, especially in a condo building, as the homeowner rules will not allow it. Also, many landlords don’t like to deal with the hassle of tenants constantly moving in and out. There are exceptions to this, especially in the higher priced rentals.

Q: Can I do a lease option?

A: Almost always no. It is not common in this market. But you can ask for first right of refusal if the landlord decides to sell while you are still a tenant.

Q: If I move into a condo building are there any fees involved?

A: Most condo buildings require a move-in and move-out fee which is non-refundable. And some require a refundable deposit on top in case any damage is done.

Hopefully if you are thinking of renting a Los Angeles home the above addresses most of your questions. If not, feel free to contact me. I will he happy to answer any more.

Homes for rent in Los Angeles

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Santa Monica Real Estate, April 2013

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Mon, 06 May 2013 10:35:52 -0700

With the low inventory still frustrating buyers in the Los Angeles area, let’s see what happened with Santa Monica real estate in April.

	Sold	+/- March	Active	Median	+/- March	New	+/- March	Pending	+/- March
Single Family	18	+3	42	$2,527,500	+55.90%	20	+13	30	+21
Condo	40	-1	43	$621,250	-5.87%	20	+13	31	+17

The number of new homes coming on the market in Santa Monica in April rose by 13 over March for both single family homes and condos. This is rather encouraging news. The median price of new single family homes is $2,172,500 and for condos, $1,062,000

The number of pending homes also increased significantly.

The number of sold homes was up modestly for single family and slightly down for condos.

One month does not a trend make, so let’s see what happens in May.

Previous Reports

Santa Monica Real Estate, 1st Quarter 2013 Reviewed

Santa Monica Homes for Sale the Market Trend

Santa Monica Real Estate the Year in Review

Homes for sale in Santa Monica

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Speechless Sunday - A Day in Seville

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Sun, 05 May 2013 11:29:24 -0700

I spent the last four days in Seville. It is a lovely city. Low-key, beautiful weather and wonderful food.

Jane Peters, connecting you to the L.A. real estate scene

Waiting for the Right Time to Sell your Los Angeles Home?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Sun, 05 May 2013 03:14:08 -0700

Every prospective home seller wants to to sell at the top of the market. The same goes for every buyer. They want to buy at the bottom of the market. Anyone who can predict the bottom or the top of the market with accuracy should be heading to Las Vegas.

If you are waiting to sell your Los Angeles home, why are you waiting? Because you are trying to time the next top of the market?Waiti

If you don’t have to sell, then you can afford to sit around and watch the market. If you want to sell, then now is a good time. Prices are rising and as they continue to rise, and the historically low mortgage rates start to rise, the buyer pool may lessen as affordability drops for those buyers.

And those who need to sell should certainly feel good about the timing.

Tempting as it is to wait out the market, don’t forget the old axiom “sell high, buy high”……

Los Angeles inventory is way down, and buyers are frustrated. Putting your home on the market right now at the right price is going to get it sold quickly for full price, or even over asking. Wait and you risk being one of many trying to sell with a lower buyer pool, or buyers priced out of the market.

Bottom line, if you want or need to sell. Don’t hesitate. You are not going to be missing out.

Homes for sale in Los Angeles

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Moving to Los Angeles Unpakt Can Help

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Tue, 30 Apr 2013 12:27:12 -0700

If you are moving to Los Angeles, from Los Angeles, or even within Los Angeles – Save 5% on Your Move with Unpakt

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Traditionally, finding a reasonable price for lifting, packing and transporting all of your worldly possessions from one home to another can be frustrating to say the least. You have to describe your inventory over and over again to each company that you call. Once you choose one, you may or may not wind paying extra in hidden fees, surcharges, etc.

This is where Unpakt comes in, a price comparison site that helps ease the pain of finding a trustworthy and affordable mover. Unpakt streamlines the entire process into under an hour, giving Los Angeles residents the ability to compare local moving companies side-by-side – instantly.

Unpakt, now available throughout Los Angeles (and across the country), does all the math and work for you. You simply enter the size of your place, where you are going and what furniture you have. Don’t worry they will help you work it out. Then, you are given exact prices for your move from a handful of reputable local companies. You can compare their user reviews and, once you’ve found your mover, book directly through the site.

While Unpakt can’t find you that perfect pad, they’ll make moving into it a piece of cake.

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For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

What is Going on on the Wilshire Corridor Right Now?

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Wed, 24 Apr 2013 12:47:25 -0700

There hasn’t been a lot of activity of late on the Wilshire Corridor, and since I often get request from prospective buyers and tenants looking to live there it would be good to check in and see what is available.

For Sale on the Wilshire Corridor

Under $1 million:

1 bedrooms = 10 from $399,000 t0 $750,000
2 bedrooms = 14 from $438,700 to $975,000
3 bedrooms = 1 $499,000

$1 to $2 million:

2 bedrooms = 13 from $1,100,000 to $1,575,000
3 bedrooms = 4 from $1,249,000 to $1,999,999

$2 to $3 million:

2 bedrooms = 8 from $2,395,000 to $2,995,000
3 bedrooms = 4 from $2,695,000 to $2,995,000

Over $3 million: (This excludes the Beverly West which sells in-house. 2 bedrooms from $4,956,000 and 3 bedrooms from $4,575,00 are posted)

3 bedrooms = 6 from $3,195,000 to $3,795

Penthouses and Jr. Penthouses:

3 bedrooms = 2 from $4,196,000 t0 $5,500,000
4 bedrooms = 2 from $4,200,000 to $10,900,000

There are a total of 116 condos for sale on the Wilshire Corridor at present with 33 units pending. (This excludes the Beverly West and The Carlyle which both sell in house.)

Check out today’s new listings on the Wilshire Corridor

Condos for sale on the Wilshire Corridor

For Rent on the Wilshire Corridor

Under $3,000 per month

1 bedroom – 2 from $2,495 to $2,500
2 bedrooms – 2 from $2,500 to $2,850

$3,000 to $4000 per month

1 bedroom – 1 at $3,499
2 bedrooms – 6 from $3,250 to $3,995
3 bedrooms – 1 $3,650

$4,000 to $5,000 per month

1 bedroom – 1 at $4,450
2 bedrooms – 2 from $4,500 to $4,900
3 bedrooms – 1 $4,977

Over $5,000 per month

2 bedrooms – 16 from $5,100 to $10,000
3 bedrooms – 8 from $5,800 to $18,000

Penthouses

2 bedrooms – 1 at $5,500

Check out today’s new Wilshire Corridor lease listings

Condos for lease on the Wilshire Corridor

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

10 Frequently Asked Questions when Buying a Los Angeles Home

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Tue, 23 Apr 2013 09:15:31 -0700

You are thinking of buying a Los Angeles home and probably have a ton of questions. Let me make things a little easier for you by addressing some of the most frequently asked home buyer questions. Hopefully, these will answer most of yours:

Q: How do I start my search for a home?

A: The very first thing you need to do is talk to a lender. You may think you know how much you can afford but you will not really know until you have had a professional go over your finances. And as soon as you have decided you want to buy a home be careful with those finances. Don’t open or close any accounts and limit your spending. Once you have established your buying power you will be ready to start looking.

Q: How do I find a home to buy?

A: There are many ways you can find a home. You can search the internet, drive around looking at signs and call each agent, or visit open houses. But the easiest and most efficient way is to hire a Los Angeles real estate agent. Their services are at no cost to you and they will have access to every property on the Multiple Listing Service (MLS), which is the bible of home search. That is the most updated information you will find. An agent can make the home search process so much more pleasant. Making appointments to view multiple properties alone is no small task.

Q: What happens when I find a home I like?

A: You are ready to make an offer but are not sure what you should offer. Is the home priced right? How much less can you offer? This is where using a real estate agent is going to be invaluable. Your agent will have researched the sale of comparable homes (similar condition, size, area, etc.) and determined the market value of that home. And especially in this sellers’ market they will advise you how best to sweeten the offer. In a multiple offer situation their advice can make the difference between getting your offer accepted or losing out to another buyer.

Q: What is a counter offer and do I have to accept it?

A: A counter offer means that the seller is willing to negotiate with you and is setting additional terms, an increase in your offer price most probably being one of them. You can agree to the new terms or do nothing. You are under no obligation to respond. Often you will be in a multiple counter situation which means that other buyers are involved. So if you are interested you will at this point need to present your best offer.

Q: What happens after my offer is accepted?

A: The day the contract is agreed to by both parties the clock begins. All timelines start from that date. Escrow will be opened and within three days you will need to put in your earnest money deposit, usually 3% of the purchase price. This is another reason to be represented by a Los Angeles real estate agent. They will keep you on track and work with you to meet all the timelines.

Q: Who pays for the inspection?

A: You, the buyer, are responsible for your own inspections. The seller generally will be asked to pay for a termite inspection and repair, but if they are unwilling then this will be at your discretion. An average home inspection will be around $375 and is paid to the inspector upon completion. You should be present for the inspection, at least at the end to ask any questions you may have and to receive a verbal overview. Whether you have further inspections will depend on the findings of the home inspector.

Q: Who pays for the appraisal?

A: The buyer pays for the appraisal.

Q: What happens if the property doesn’t appraise?

A: You basically have three options: you can ask for a price reduction, you can pay the difference out of your own pocket, or you can cancel the contract, since you will have an appraisal contingency in effect. Sometimes a seller will request that you waive this contingency. If you are getting a loan this is not advisable to do so under any circumstances. The beauty of cash buyers is that they generally waive the appraisal, but they run the risk of overpaying for a property.

Q: What if I change my mind and want to back out of the contract?

A: Once all the contingencies are removed such as inspection, loan and appraisal, then if you back out of the purchase you run the risk of losing your good faith deposit, unless something unforeseen happens to the property. Prior to that, then if you find something that you can’t live with, then you can cancel the contract. However, a major purchase of this kind should not be entered into lightly.

Q: When do I own the home and when can I move in?

A: You will be able to move into the home once title changes hands on the day of recording. This is usually the day after the loan has been funded.

Of course there are going to be several more questions you have an you can read more about the buying process here.

Homes for sale in Los Angeles

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene

Los Angeles Real Estate Market Snapshot 1st Qtr 2013

Jane Peters - Los Angeles Real Estate DRE# 01439865 (Power Brokers Int'l) — Thu, 18 Apr 2013 15:46:47 -0700

Let’s check in in the Los Angeles real estate real estate market by neighborhood for the 1st Qtr of 2013 and compare it to the last Qtr of 2012. Which areas favor sellers and which favor buyers?

The communities below exclude the cities of Beverly Hills, Santa Monica, West Hollywood, and Culver City, and the communities of Westwood, Brentwood and Century City which are covered separately, as is the Wilshire Corridor

The comparison is against the last Quarter of 2012.

Los Angeles Single Family Homes

Community	Sold	+/-	Median	+/-	Active	Median	Pending
Bel Air/Holmby Hills*	38	-10	$1,237,500	-27.10%	76	$4,822,500	3
Beverly Center \| MM*	41	-15	$1.040,000	+6.18%	33	$1,325,000	37
Beverly Hills P.O.	39	-4	$1,775,000	-1.39%	54	$3,897,500	35
Beverlywood	35	-11	$720,000	-3.36%	21	$860.000	33
Cheviot Hills/Rancho Pk *	14	-3	$1,204,000	-13.69%	6	$1,424,000	16
Hancock Park Vicinity*	44	-27	$862,500	-27.82%	68	$1,444.000	54
Hollywood	15	-9	$585,000	+18.48%	12	$674,500	19
Hollywood Hills E.	36	-23	$955,000	+3.24%	40	$1,153,250	34
Hollywood Hills W/Sunset	101	-23	$1,214,000	-6.07%	145	$2,199,000	79
Los Feliz/Atwater Village*	64	=	$887,440	+4.95%	54	$1,977,500	45
Malibu	61	-13	$1,650,000	-20.30%	225	$4,200,000	51
Marina Del Rey	10	+1	$1,667,500	-0.74%	12	$2,900,000	7
Pacific Palisades	52	-19	$2,329,500	+9.37%	82	$3,249,500	50
Palms/Mar Vista*	68	-29	$801,000	+2.69%	26	$1,219,500	58
Playa Del Rey	8	+1	$857,500	-22.05%	10	$1,499,500	10
Silver Lake \| Echo Park*	81	+3	$605,000	+6.14%	33	$739,000	60
Studio City	66	-20	$875,000	-6.12%	54	$1,281,750	59
Venice	38	-30	$1,245,000	+3.75%	42	$1,650,000	35
West Los Angeles	30	+7	$692,500	+5.73%	13	$629,000	25
Westchester	56	-28	$692,750	-8.24%%	20	$739,000	56

Los Angeles Condos

Community	Sold	+/-	Median	+/-	Active	Median	Pending
Beverly Center \| MM*	16	-6	$507,500	+1.5%	11	$829,000	11
Beverlywood	11	-14	$500,000	-8.92%	9	$675,000	12
Downtown L.A.	105	-27	$445,000	+15.15%	71	$595,000	65
Hancock Park Vicinity*	31	-5	$433,500	-7.17%	38	$599,250	55
Hollywood	24	-24	$528,500	-7.60%	28	$757,000	33
Hollywood Hills W/Sunset	28	+11	$402,500	+29.00%	17	$585,000	11
Malibu	15	+4	$820,000	+47.75%	29	$899,000	13
Marina Del Rey	67	-11	$605,000	-3.59%	94	$1,142,000	47
Pacific Palisades	18	-1	$787,500	+10.92%	10	$621,125	7
Palms/Mar Vista*	25	-4	$410,000	+2.5%	9	$441,900	12
Playa Del Rey	30	-14	$415,000	+19.60%	7	$719,000	34
Playa Vista	18	-10	$538,750	+3.11%	21	$679,000	26
Studio City	36	+5	$422,500	+1.32%	20	$399,475	37
West Los Angeles	35	-22	$560,000	-3.28%	18	$772,000	42

Information provided by MLS/CLAW deemed reliable but not guaranteed

*These areas areas with different demographics which are combined in the MLS, so if you would like a more targeted idea of sales, don’t hesitate to contact me.

Also, areas which have fewer than 50 sales in either single family or condos are excluded from that category.

Sales a down significantly in most areas from the last Quarter of 2012, as is the median price for most single family homes.

Condo sales are down for the most part, but the median prices fared a little better.

Los Angeles real estate is still critically short of inventory right now, and if you as a seller have any thoughts of putting your home on the market this would be the best time. Mortgage interest rates are also still low but are not going to remain that way.

Recent Posts

Los Angeles Real Estate by Neighborhood: 2012 in Review

Los Angeles Communities Real Estate Half Yearly Market Report June 2012

How is the Real Estate Market in Los Angeles Right Now? First Quarter 2012 Stats

Los Angeles homes for sale

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the CONTACT FORM or call me at 310-473-6919

Jane Peters, connecting you to the L.A. real estate scene