The LA Times is reporting today that an expected flood of foreclosures may not come to pass, as financial institutions work to help owners stay in their homes.  The number of foreclosures in California for the 3 months ending September 30th was down 37% over the same period last year, when foreclosures in the state reached an all time high.

"It's not out of the goodness of their hearts," John Walsh, president of MDA DataQuick, which provides real estate research, said of lenders' reluctance to foreclose. "It's because they've concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest."

Well, no duh.

Full article here....

Another worthy story in the LA Times last week that I wanted to get posted for clients on the fence, and Realtors who are welcome to re-post.  As we ALL know, this is the time for first time buyers to take the plunge.  Prices are down (possibly all the way before they start back up) and interest rates are insanely low.  Factor in the $8,000 first time homebuyers credit, and you have the perfect storm for first time buyers ready to get into the market.

This is a great article that will help consumers get an idea of what they need to be prepared for as they begin their search.  From analyzing what you can afford to preparing yourself for the initial expenses you'll incur during the purchase (and after), this is a great read.

Full story HERE....

By now everyone is aware of the $8,000 tax credit being offered to qualifying first time home buyers.  Originally it had to be repaid, now it's a freebie that is part of the larger economic stimulus plan.  The official end date for the program is November 30th, 2009.  This means that transactions have to be CLOSED by that date.  Given how long it's taking many loans to get approved even for the most stellar of candidates, that means that time is running out for those looking to cash in on the program before it expires.

There is, however, talk of extending the program.  The Washington Post reports that with a dip in sales in August over July, we are reminded of the delicate state that the housing market remains in.  controversy over how much the program is really bringing buyers in abounds, with some of the belief that it's not enough of a factor in the decision making process to warrant continuation.  Others feel strongly that it's pushing buyers off the fence in huge numbers, including the National Association of Realtors.  And we're the ones dealing with these buyers on a daily basis.  

NAR has even issued a call to action on all Realtors® to email their Senators and Congresspersons regarding this issue.  Go HERE to participate.  It takes literally 20 seconds to do. 

I wanted to get this posted last week after the article ran, but didn't get to it, so here it is.  LA Times ran a great piece about a steadily increasing supply of architecturally significant properties. With the drop in prices that the Southland has seen in the past couple of years, the possibility of purchasing a property by a well-known architect has become a greater possibility for many buyers. 

Who knew an original Schindler could be had for $265,000.  They're out there, folks!

Go here for the whole story....

The Los Angeles Times ran a great article on Sunday that just reiterates the fact that a) real estate is an extremely LOCALIZED market, and b) it pays NOT to let the media get you all whipped up into a froth, because they often oversell a trend, and/or are a day late and a dollar short on reporting them.

Many buyers have become very frustrated and disenchanted with the market right now after finding out that, despite what the broad strokes painted by the national media would indicate, sellers are for the most part NOT desperate, NOT having fire sales, and are NOT about to give their properties away for a song.  It is a scenario I've seen play out more than a few times with potential buyers I've spoken to.  Especially buyers from out of town, who somehow have it in their heads that they are going to waltz into a $900,000 house in West Hollywood, offer $350,000, are going to be greeted as liberators by the seller.

Not.  Gonna.  Happen.

There are great deals to be had out there if you're realistic AND patient.  There are many properties out there listed at as much as 40% less than what they sold for few years ago.  Realism and tenacity will take you far in this market!

I mean, really.  When was the last time you could buy a cute, done house on your own little piece of land for $460,000?  I'll answer that for you.  In the past 5 years, you had exactly 1 chance, and THAT was a 727 sqft lot.

Here's a sweet little gem, completely remodeled in West Hollywood.  Really cute 2 bedroom, 1 bath .  According the listing, it has new Stainless steel kitchen with top of the line KitchenAid Fridge, dishwasher, stove,& microwave hood.  New hardwood floors, gorgeous tiled bathroom, separate laundry area w/washer/dryer hook-ups, a small enclosed backyard, new plumbing, roof & landscaping with automatic sprinklers, prewired for phone & network throughout the house, ADT alarm system & new forced A/C & Heat.  A great condo alternative, perfect for a couple, or single artist, professional. Walking distance to Melrose & SM best cafes & shops.

At just $459,000, this one will probably go fast, so get in now if you like it!  Give me a call and I'll set up an appointment for us...

Look, I know we've all come across, and tried to get listings from, For Sale By Owner properties.  Some have more of a handle on what they're actually doing than others, but at the end of the day, few really know what they're getting themselves into, and as we all know, a large marjority of those eventually end up hiring a Realtor.

Here's one in desperate need of some marketing tips...

Just when I think I see the best deal I've ever seen on West Hollywood's desirable Kings Rd along the strip of condo buildings that run from Santa Monica to Melrose, another one pops up seemingly more unbelievable than the last.  A brand new listing just hit the MLS yesterday at 740 Kings Rd that is probably the least expensive 1 bedroom I've seen on Kings Rd. since I got into real estate 5+ years ago.  The unit is a 3rd floor unit with a balcony and is 664 square feet.

Price? $289,900

It's a foreclosure and sold for $410,000 back in March 2006. If you want to see it and get in on the action, give me call. Interest rates are INSANELY low right now. It's time to JUMP!

It's been a while since I've blogged, and now I'm going to try to get back into it, in conjuction with my new Twitter account (follow me at twitter.com/jphendrick).  I hate that I'm at the age where I feel a bit overwhelmed by technology.  No worries...I'll figure it all out.

Anyway, WeHo has been one hot deal after another, and the ones that are priced right don't last long.  This one just hit the market today and it is an exceptional deal.  Here are the specifics:

1131 Alta Loma Rd.

2nd Floor unit

Balcony w/city views

1 block from Sunset Strip, walk to restaurants, Equinox gym, all the best shopping

Designer done

Full service building (concierge, valet)

$389,000

The unit sold for $650,000 in July 2007.  This one will go quick, quick, quick.  If you're interested, get in touch and I'll get you in. 

Back in May, I blogged about Christina Aguilera's house in the Hollywood Hills, which is STILL on the market after 205 days.  Well, it appears that she (or her Realtor, or business manager) finally got the memo that the economy's in the crapper and if it wasn't selling at $7.995 BEFORE the economic meltdown, it sure ain't now.  They hacked a cool million off the asking price this week, bringing it down to $6.995.  As you may recall, she and husband Jordan Bratman purchased the old Osbourne estate in Beverly Hills a couple of years ago.

Now, hack another million off, and let's get that house SOLD!