With all the doom and gloom in the news on housing, some perspective is in order if only to show our local situation in the San Fernando Valley area and how it relates to you!

Local San Fernando Valley Housing Data

In a sign that the local housing marketing is beginning to rebound, sales in the San Fernando Valley of existing single-family homes increased during April and posted the first year-to-year gain in 30 months, as reported by the Southland Regional Association of Realtors. Not since September 2005 has the monthly total been higher than the prior year. The 547 sales closed by Realtors during April was up dramatically compared to April 2007 - 100 transactions or 22.4 percent higher. The April total also was 31.5 percent above March and has climbed each month since January, gaining momentum as the traditional Spring home buying season gets underway and as lenders start writing loans again. There’s plenty of pent-up demand for homes as lenders slowly resume making affordable loans. Single-family home prices hit the record high of $655,000 in June of last year but have been inching lower at a much slower pace than condos. Last month the median came in at $465,000, down 25.6 percent from the prior year and off 1.1 percent from March. That was only the second time in this cycle that the price decline was above 20 percent. At the current pace of sales, the inventory represents a 10.4-month supply, clearly a buyers’ market, but significantly lower than the 15- and 16-month supply of recent months or the record high 23-month supply set in February 1993. During the height of the recent sellers’ market, inventory frequently dipped below a 1-month supply. A balanced market appears around the 5- to 6-month range. More people can afford to buy a median priced home today than at any point in a decade, with one-third of families in Los Angeles County now earning enough to purchase an entry-level home. Pending escrows – a measure of future resale activity – suggest that April’s strong sales numbers likely will continue into summer. Open escrows, totaling 1,082 transaction, were down a modest 4.7 percent from a year ago, but increased on a month-to-month basis by 21.2 percent. April marked the first time in a year that the pending escrow total rose above the 1,000 benchmark.

Terri in Los Angeles, Ca writes:

   I am a first time homebuyer and Jennifer took me through the myriad 
of steps, from finding the right home, to securing a mortgage.  She 
was instrumental in helping me find my condo.  We spent almost a 
year looking and she took the time to really understand what I was 
looking for.  She understood my concerns and was very patient with my 
ever-changing needs.  We explored various areas of town, different 
styles and price points.  When we walked into the condo that I 
ultimately purchased, we both knew this was the right one.  She took 
me through the offer, the escrow and the closing.  I will be forever 
grateful for her expertise, support and her honesty.
I have already recommended her to others looking for a home and know 
when the time comes to sell this one, she will be my first call.

Buky writes:

Taniya & Joe write:

Jennifer Mann is a friendly, knowledgeable, patient and dedicated real estate agent. During our house hunt, Jennifer helped us explore numerous areas in the San Fernando Valley. She was always well prepared and able to discuss any neighborhood we wanted to explore. After a year long search, she helped us find a home that met all of our needs and wishes. She guided us through the entire process, always ready to offer help and advice. We always felt she had our best interests at heart and would happily work with her in the future.

Home Sales Recorded in February 2008

These are the median prices where half sold for more and half sold for less (NOT an average).

Los Angeles Selected Areas:

Westside                                  35                 $1,210,000          $732,750          65.13%

West LA                                   92                   $752,000            $759,000        -0.92%

Downtown LA/Central City          139                  $663,000            $710,000        -6.62%

South LA                                 110                  $387,500            $450,000        -13.89%

North East LA                            58                   $445,000            $490,000        -9.18%

San Fernando Valley Selected Areas:

San Fernando Valley               497                  $451,000             $560,000        -19.46%

West San Fernando Valley       287                  $460,000             $580,250        -20.72%

Northeast San Fernando Valley 158                  $428,000             $525,000        -18.48%

Southeast San Fernando Valley 52                    $549,500            $600,000        -8.42%

Select Cities:

PACIFIC PALISADES              12                    $1,977,000        $1,547,500        27.75%

PASADENA                            59                    $539,000            $716,000        -24.72%

SIERRA MADRE                      4                     $570,000            $748,500        -23.85%

SOUTH PASADENA                 2                      $719,500            $699,500        2.86%

STUDIO CITY                       17                    $855,000            $871,500        -1.89%

Toluca Lake and Los Feliz have no data listed this month however they typically fall in line with the strongest markets.

A quick update on the market:  Folks, in a nutshell, the market practically shuts down through the holidays.  We don't really know what's in store for us after the first of the year, however here is a graph of numbers county by county in the Southland.

Happy New Year!

If you want a tree for the holiday, the experts at Grist and TreeHugger say it's actually better to buy a cut real Christmas tree than an artificial tree.  Yippee, now we can march thru the tree lot with our heads held high! 

Fake trees are made of polyvinyl chloride (PVC). Producing this type of plastic creates a lot of pollution, and PVC is difficult to recycle.  Also, lead has been found in PVC. According to a report (PDF) in the Journal of Environmental Health, lead levels are higher in older artificial trees.

Living trees also have a down side.  You can only keep them inside for 4 to 10 days, depending on the type of tree or it will die.  Second, you have to live in the right climate to plant a tree after Christmas. If the ground is frozen outside, you can't do it.  Some can live in containers for a year or two, but eventually they grow too big to bring back inside, or even to grow in your yard.

Ultimately, Farmed Christmas trees are the best choice renewable resource. Growing trees in farms absorb carbon dioxide, and after the holidays, the trees can be fully recycled into mulch. Check Earth 911 to see where to take your dead tree after the 25th.  Look for locally grown trees (saves carbons from long distance transport), and ask if the farm uses integrated pest management instead of tons of chemicals.

November 29, 2007

So What’s the skinny in the Los Angeles area?

This is the low-down for the San Fernando Valley including Burbank and Calabasas, but not including Santa Clarita etc. Single-family home sales throughout the San Fernando Valley during October dropped 54.1 percent compared to the prior year, the Southland Regional Association of Realtors reported on Wednesday, Nov. 28^th.    “WOW” you might say! But let’s break it down: This really means that buying/selling activity has been reduced by slightly less than half of the volume we saw during the end of the “bull market”.  However, the lower volume of transactions is not necessarily translating to the same degree in lower prices here.  While many buyers think prices should be down dramatically, the reality is that resale prices are holding relatively steady in large measure because even with more properties listed for sale there still are not enough homes throughout the region to satisfy demand (see population data below).

Interestingly, the median price of single-family homes sold during October fell a modest 3.3 percent to $590,000, down $20,000 from a year ago when the median was $610,000. It was the first time in six months that the median fell below the $600,000 mark. The record high of $655,000 was set in June.  A total of 7,730 properties were listed for sale at the end of October. That was up only 13.8 percent from a year ago. Even with the increase, the current inventory is far below the record high of 14,976 active listings set in July 1992 when a recession swept the nation and Southern California’s economy was in the process of a total restructuring.  Since 1990, according to the U.S. Census, the population of Los Angeles County grew by 656,286 (or 7.4%). That's alot of additonal housing needed!

In the current market, homeowners who do not have to sell and purchased prior to the recent peak in the market will weather this cycle. Even if they had to sell now, they still would reap a handsome profit, although not as much as a year ago.  It is now considered a buyers market in many areas, though don’t expect the killer deals to be the best house on the block, which are still commanding full value.

a) Contact credit agencies to correct errors.

b) Setup automatic bill payments to prevent late payments.

c) Payoff/pay-down credit cards (do-not close them).

d) Avoid buying any big-ticket items like TV's, appliances or cars.

2) Savings: Even if you think you'd like to shoot for 95%-100% financing, you will still need money in the bank for rainy days, and the bank will want to see this.

  a) Decide on a weekly savings and STICK TO IT!

  b) Sign up for your companies savings plan.

  c) Eat home more often /have coffee at home!  You can save $40-60 per month on Starbucks alone!

  d) By driving your car to death you can save up to $31,000 vs. buying new or leasing!

3) Get Pre-Approved by a reputable Mortgage professional.  The reason for the current crisis is that credit standards have been too loose and mortgage brokers just could not say "No".  Everyone seems to know someone in the mortgage business.  But what you really want is someone who will tell you honestly what you can expect so you don't get into trouble either in the middle of your escrow process or worse, down the road.  Also, find someone who is knowledgeable about the many government programs available to first time homebuyers.  Contact me for mortgage professional referrals.

4) Research neighborhoods in your price range by contacting a Buyers Coach and area specialist like myself.  You should expect NO FLUFF real estate advice and support, responsiveness, knowledge of the local marketplace, and a commitment to hard work and integrity.  By starting now, your Realtor can answer questions along the way, and will be able to periodically send you properties as you work toward your goals.  Then, when the right one becomes available you will be ready to jump!

October 29, 2007

Let me just begin by saying that in my opinion the Internet is the best thing that has happened for the sake of anyone yearning for information.  I am a huge Internet fan as it is essential to my business.  Real Estate, consumers are able to obtain information and/or push information out to the masses on just about any property.  Data, data, data, there is plenty of it.  And how about advice?  There’s lots of that too.  Who is right?  There is plenty of conflicting data and quite possibly both sides of a situation may be right.  For example right now, is the sky falling in real estate or not and if so where?  When is the right time to buy and sell? 

What is the difference between information and knowledge?  Answer: interpretation.  The way I see it, consumers today are drowning in information yet thirsting for knowledge!  So how is everyone going to interpret all this data?  The answer is simple.  Find yourself a Real Estate Coach.  This is not the same thing as a sales agent, but it can be.  The main difference is whether or not your agent is committed to doing more for you than just making a sale.  I consider data interpretation and client-specific advisory services the core of my duties in providing full service to clients.  Some things you should expect from your Consultant/agent are:

• A reputation for superior service and honesty.
• Listening skills: Ascertaining your specific needs and desires short and long term.
• Commitment: Do they put your interest first at all times?  Will they return your calls promptly throughout the process?  Will they be there for you once the escrow is closed?
• Honest coaching on how to obtain your expressed goals.  This includes affordability and qualifying for a mortgage, saving, credit and debt advice.
  
• Honestly interpret location-specific market conditions.  This may include discussions on the global economy and federal monetary policy, as well as the local job market, housing availability and affordability.
• Knowledge of the area of interest.
• Home valuation and/or appraisal experience.
• Strong knowledge of the purchase contract and documents/disclosures required.  Your coach/consultant can save you money here.
• Strong knowledge of the escrow process.
• Your local coach/consultant is a bank of knowledge on everything from property related fact-finding to locating a good restaurant, locksmith or pet.  Use it!

If you are considering buying a home in the near future I would be happy to provide you with superior service.  Let’s get started!

Redevelopment is indeed arriving though painfully slowly with a plan by Bryan Gordon of Pacific Equity Properties Inc. a real estate investment and Development Company. It recently purchased 85,000-square feet in Tarzana, formerly called the Brown Center, and will create an upscale urban living center with retail, restaurants, a supermarket and town homes and lofts, valued at $150 million.  With the first phase to be completed by the end of 2007, the model may end up by May of 2010 similar to what was done in Pasadena. This is a much-needed endeavor for Tarzana’s culture to once again blossom.

Tarzana is woven with interesting history.  The area was known as the South Hills of Van Nuys prior to March of 1919, which was when Edgar Rice Burroughs purchased what was known as the Miraflores Estate and renamed it “Tarzana”.  The estate, comprised approximately 540 acres, along the south side of Ventura Boulevard (which was then the State Highway), and West of what was known as Encino Acres.  With the newly paved Reseda Avenue at the center, the property extended back to the skyline of the Santa Monica range of mountains.  Edgar Rice Burroughs was best known as author of “Tarzan of the Apes”.  He began subdividing approximately 4 years later.

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