My Beverly Hills Real Estate Blog

Beverly Hills Real Estate blog Tuesday 10-07-08

2008-10-07T09:50:37Z

The Beverly Hills Real Estate blog

It's Tuesday and it's going to be warm. 90 predicted for downtown. Wow. The last couple of evenings we actually turned on the heat in the house. Now this, 70's+ along the beaches, 90'= downtown and who knows how hot out in the valleys.

The market...hmmmm. It opened plus 56 and is now down slightly. What's it going to do? I can tell you this. Donald Trump a man who knows a little about investments is buying. Buying what? Real Estate. That's what he said yesterday in an interview on Fox News. The question is: who do you trust for financial advice? Trump or some ink stained wretch with an agenda (print media)? I don't like Trump's hair but you can't argue with his success. Meantime the majority of the minimum wage morons writing for the print press seem empowered by their negative reporting. Freedom of the press; I never understood what that truly meant until the print and televised media were seized by powerful people with political agendas. The point is; (if you believe in Trump) now is the time. We believe that too.

Stay tuned for some new listings from us. Here's one: (We realize this is not for everyone... but maybe you know someone)

Premier Hancock Park Estate

Exquisite 1929 Federal style estate situated on over half an acre on the golf course. This is one of the finest estate properties ever to be offered for sale in Hancock Park.

Old world charm incorporating Adams style architectural detailing throughout. Grand two story entry with circular staircase and original marble floor. Light filled rooms of balanced proportions with decorative high ceilings and moldings. Five beautifully carved fireplace mantels. Original windows, wood trim and wrought iron.

Recently remodeled gourmet kitchen with calacatta marble counter tops, Viking range and ovens, Subzero refrigerator and maple hardwood floors. Gracious master suite with fireplace and veranda, four additional bedrooms and baths and entire third floor family/children's or guest area with sleeping quarters, bath and sauna.

Formally landscaped grounds and gardens, expansive brick outdoor entertaining area with fireplace and golf course views, Ozone pool and

State-of-the-art pool house with radiant heat limestone floors, built in banquette and cabinetry with refrigerator and freezer drawers.

This is a once in a lifetime opportunity to own one of the finest estates in Hancock Park.

Proudly offered for $8,695,000.

Other amenities: elevator

front and back staircase

flower room

steam shower

T 1 line

built with steel reinforced concrete from the basement to

the third floor

full basement

Another is a fixer in the Sunset Strip area with jetliner views, 2 bedrooms, 2 baths, pool and separate 1+1 guesthouse above garage. This is truly a fantastic home priced at 2.3 million. Pictures to follow on both homed.

Thanks for stopping by today. Remember when someone wants to complain to you about the economy just smile and walk away. We're getting out of this debacle starting now!

We're at www.patandmelody.com if you need us. Have a great day.

Beverly Hills Real Estate blog Monday 10-06-08

2008-10-06T10:12:18Z

The Beverly Hills Real Estate blog

Monday and we start all over again. The market opened dramatically down this morning. We'll watch it today---as if it will make qa difference whether or not we watch it. It will do what it does and we'll ride with it. Keep a positive thought!

Sunny and a bit warmer today. They're calling for 80 downtown. Yesterday the surf was up as evidence of a picture in the LA Times.

We hope you enjoy this daily blog www.patandmelody.com Serving - Los Angeles area including Westside, Santa Monica, Pacific Palisades, Brentwood, Malibu, Marina Del Rey, Venice, Mar Vista, Palms, Culver City, Century City, Beach Cities, West Hollywood, West Los Angeles, Beverly Hills, Bel Air, Playa Del Rey, Playa Vista and beyond. . .

Let us help you relocate to a new home or property in Beverly Hills, Hollywood Hills, Sunset Strip, Los Feliz and Hancock Park as well as the Los Angeles County areas. We can direct you to a church or synagogue, a hotel, local news, maps, city info, city statistics, and more - everything you need to become familiar with any of these beautiful areas.

We have a number of items on our plate. Sellers and buyers. Please come and join those who have employed us as their agents,,, You won't be disappointed.

Some testimonials from satisfied clients.

-- Happy Thanksgiving -- Patrick and Melody! Surprise, surprise, Lee and I felt it was time to get in touch and wish you a very Happy Thanksgiving. We are now residing in West Hollywood and have much to be thankful for and you guys are at the top on our list. We have enjoyed your notes and our sincere apologizes for not being in touch prior to now. We sold our home in Seattle and more or less we have successfully downsized to the condominium in WeHo. During the sale of our house we constantly asked ourselves "What would Patrick and Melody do?" We may not be good at communicating but you have never far from our thoughts and it is appropriate at this time to say "thank you". We are looking forward to spending many Thanksgivings here in California and we would like to thank you for helping us accomplish that dream and we want to wish you a Very Happy and Healthy Thanksgiving.

-Lee Hurley & Dave Duncan

How about Tiger Woods "playing through" our clients backyard!!! The house, located on Lake Sherwood Country Club, sits on the 16th fairway providing an excellent view of the tournamnet. This photograph appeared on the front page of the Ventura County Star Newspaper, December 13, 2004. Above the picture it reads: "Tiger Woods wins at Sherwood."

Dear Fellow Real Estat-ers, Selling or buying a home is not easy. That's exactly why you need Patrick and Melody as your selling and your buying partners. I make these claims with first hand experience and complete confidence. Pat and Melody helped me to sell my treasured Miracle Mile home and then found me my perfect Hollywood Hills hideaway. Their professional and 100% honest approach kept me calm and focused. Since they work as a team, they were available and helpful to me 100% of the time - 2 for the price of 1! I was looking for the very best Realtor to help me through the buying process. I was lucky to find Patrick and Melody. Get lucky! Call Patrick and Melody!

-Valerie Lardner, Store General Manager Robinsons*May

Have a great day!

Beverly Hills Real Estate blog Sunday 10-05-08

2008-10-05T10:14:53Z

The Beverly Hills Real Estate blog

Sunday, sunny and warmer. We never got the much anticipated sprinkles in our area. I even turned off the automatic sprinklers. Nothing-no rain or drizzle.

Open house Sunday www.themlsweekendopenhouseguide.com you must click here if you're looking, It will save you time and gasoline. Remember, we're here www.patandmelody.com if you need us.

More "Bailout" info from the president of NAR, Richard Gaylord.

On Friday, the U.S. House of Representatives joined the Senate in passing the Emergency Economic Stabilization Act of 2008. President Bush already has signed the bill into law.

         I have heard from many REALTORS® during the past week. The vote on the bill reflects how many of you feel - torn. We realize this bill is not perfect. However, we believe the additions made by the Senate, including raising the FDIC insurance limit and several other measures that will benefit and protect taxpayers, make it a more favorable solution than the previous proposal. More importantly, failure to act would have pushed consumers into more dire circumstances. I want to thank all of you who supported this effort, despite reasonable concerns.

         I want to assure all of you that NAR will continue to work with Congress and the Administration to make sure the measures included in this bill are implemented quickly, with the needs of Main Street placed front and center.

         NAR will continue to provide you with updates and information at www.realtor.org/creditcrisis. I encourage you to visit often, and I thank you for working "All Together" to help preserve the American Dream.

So there you have it for a Sunday. Make this a great day and we'll see you tomorrow.

Beverly Hills Real Estate Blog for Saturday 10-04-08

2008-10-04T09:54:11Z

The Beverly Hills Real Estate blog

Saturday and sprinkles are in the forecast! How about that? Drive with care on the slick roads.

The Open House guide www.themlsweekendopenhouseguide.com can be found here. Click in it and desk surf the real estate world. Remember as always we're here www.patandmelody.com if needed.

The weekend and that means the LaBonge letter from the councilmember:

For more information on any of the items below, please visit the

Council District 4 website: www.tomlabonge.com

This is an action-packed weekend for Councilmember LaBonge. Tomorrow,

he will host the fourth annual 10-4 Day Parade on 10/4 to honor

traffic officers from all divisions of law enforcement. This years

parade will include 50 vintage police cars. It will begin at 10:30 a.m.

at Fire Station 27, 1355 N. Cahuenga Boulevard. Please see the

attached flier for more details.

Tom joined members of the Hollywood Media District BID and Bureau of

Street Services officials in breaking ground on three new medians on

Highland Ave. this week. The $810,000 public works project is expected

to be completed this fall.

A delegation from Munich, Germany was in Los Angeles this week to share

its experience transforming the Isar River from a concrete-lined flood

control channel (like the Los Angeles River) into a roiling river where

children swim and people actually surf! Councilmember LaBonge joined

delegation members, river activists and members of the Los Angeles River

revitalization staff in a brief ceremony in which each person poured

water from the Isar into the Los Angeles River to symbolize the spread

of ideas and expertise.

The Hollywood Studio District Neighborhood Council is hosting the Great

California Shake Out Block Party on Saturday, Oct. 4, 12n-5 p.m. at

Helen Bernstein High School, 1309 N. Wilton Place. (Enter on Wilton

between Fountain and Sunset-parking is free). This block party promotes

earthquake preparedness, but also focuses on fun with entertainment,

food and a play zone for kids.

Come out and enjoy two arts festivals this weekend: TarFest and the

NoHo Scene Festival - both in CD4. Take the bus or ride a bicycle to

TarFest for three days of art, film, music and even a fun run. For more

information, click here: http://www.tarfest.com/ Take the Metro to the

NoHo Scene Festival on Lankershim Blvd. on Sunday, Oct. 5, 11a-8p for a

multi-faceted celebration of performing and fine arts. Visit for more

info, visit: http://www.nohoartsdistrict.com/nohoscene/

Sunday morning, come out for a fun one-mile run on Wilshire Boulevard,

starting at 9 a.m. at the corner of Wilshire Blvd. and Sycamore Ave.

The Miracle Mile Run was the brainchild of Councilmember LaBonge. The

Miracle Mile Players helped Tom realize this dream. Click here for more

information: http://www.tarfest.com/run.html We hope youlll join

us!

Remember to continue to enjoy and love Los Angeles!

Beverly Hills Real Estate blog Friday 10-03-08

2008-10-03T09:57:25Z

The Beverly Hills Real Estate blog

Friday morning, the market is up over 189 points and the weekend beckons! Listen to this; we may actually get some rain in the next few days! Rain! When it rains in the southland the air is cleansed and everything smells so good. Love that rain.

Tomorrow we post the open house guide.

Today, congress is to vote on the bailout bill to stimulate the economy also from CAR some real estate news.

C.A.R. REPORTS SALES INCREASED 56.7 PERCENT; MEDIAN HOME PRICE FELL 40.5 PERCENT IN AUGUST
Home sales increased 56.7 percent in August in California compared with the same period a year ago, while the median price of an existing home fell 40.5 percent, C.A.R. reported Sept. 25.

"Sales are now 85 percent above the monthly trough for this cycle, which occurred in October 2007, and for the first time this year are ahead of 2007 in year-to-date terms," said C.A.R. President William E. Brown. "While this is encouraging news, we don't expect to see a housing market recovery until prices stabilize and the number of distressed properties on the market declines. Sales gains continue to be driven by the large share of deeply-discounted distressed sales in many parts of the state."

The median price of an existing, single-family detached home in California during August 2008 was $350,140, a 40.5 percent decrease from the revised $588,670 median for August 2007, C.A.R. reported. The August 2008 median price fell 0.2 percent compared with July's revised $350,890 median price.

"Although the month-to-month decline in the median price was the smallest in a year, it's still premature to say that the median price has begun to stabilize," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "While sales appear to have turned the corner, the median will experience additional downward pressure as we move into the off-peak season in the coming months, and will continue to face pressure from distressed sales."

And this note:

SENATE APPROVES PLAN TO HELP STABILIZE NATION'S FINANCIAL MARKETS
The Senate this evening approved a revised version of the Emergency Economic Stabilization Act of 2008 in a 74 to 25 vote, clearing the way for full consideration by the U.S. House of Representatives. The House voted down an earlier version of the plan on Monday.

The revised plan, which is designed to shore up the nation's financial markets, includes a temporary one-year increase in Federal Deposit Insurance Corp. (FDIC) caps for bank and credit union accounts. The cap increases are critical because they increase the funding backstop the public relies upon should their banks fail. The plan also includes extensions on several business tax breaks and adjustments to the alternative minimum tax (AMT) for individual taxpayers. These, as well as the FDIC cap changes, are amendments lawmakers believe will help bolster a smooth approval by the House.

Once approved, the financial rescue plan would allow the government to buy residential and commercial mortgage-related assets, including mortgage-backed securities and loans, in an effort to ease current credit constrictions impacting businesses across all sectors, including the housing market. Provisions to help struggling homeowners avoid foreclosure; increased oversight of the plan; and a limit on compensation for executives of the troubled financial firms that receive assistance; also are included in the revised plan.

C.A.R. and NAR strongly support Congress's efforts to quickly craft and pass the proposed plan in order to calm the nation's financial markets and free up credit to both families and businesses.

On Tuesday, NAR sent a Call-for-Action to all REALTORS® asking that they urge members of Congress to swiftly take action on the proposed $700 billion rescue plan. C.A.R. also is urging members to respond to the NAR Call-for-Action. Be on the lookout for an e-mail from NAR President Dick Gaylord with more details.

And this note: Need us for assistance? www.patandmelody.com We're here for you EVERYDAY! See you tomorrow.

Beverly Hills Real Estate blog Thursday 10-02-08

2008-10-02T09:23:27Z

The Beverly Hills Real Estate blog

Thursday morning and cooling down. That's what we're dealing with today. We had a wonderful 20^th wedding anniversary last night. Hope the next 20 are as great as the first!

Unemployment figures up--- the market is down. Senate bailout passes. Friday the House votes.

Real Estate news: Good inventory and low prices. Need us for assistance? www.patandmelody.com

Part two from our e-mail Selling tips: We will be listing a few new houses shortly. Both are furnished. We have used professional stagers in the past and have had excellent results. Please note the following.

By Paul Bianchina

Property will often sell more quickly and for higher price

If you're selling your home, you obviously want to get it sold quickly and for the highest amount possible. One very important strategy to keep in mind is staging, which is simply the process of arranging the inside of your home so that it shows off to its full potential.

Staging plays up your home's good features, such as enhancing a great view or drawing the buyer's eye to some spectacular wood floors. It also helps to minimize some of the home's drawbacks, such as making a small bedroom look larger. But also understand that staging does not in any way mean concealing structural defects, such as hanging a picture over a water stain or putting curtains over a broken window!

Staging allows a potential buyer to visualize what can be done with the home, which is especially important with a house that's currently vacant. For example, some carefully arranged furniture in a room that would otherwise be empty can really help the buyer see the room's potential. And if you're in a neighborhood of tract houses that all look pretty much the same inside, good staging will set your home apart from the others for sale in the neighborhood.

Finally, good staging makes buyers feel at home. It lets them really imagine themselves in the kitchen with friends, or relaxing in front of the living room fire, or even working on their car in the garage.

Remove Clutter

There are several things that go into staging a home for sale, and probably the single most important one is getting rid of all the clutter. No one wants to see several days' worth of mail and newspapers on the kitchen counter, or a kid's bedroom crammed with toys and games. The same applies to the garage, basement and even the backyard storage shed.

Clutter is not just an overflowing magazine rack. It can be too many pictures on the wall, too many chairs wedged around the dining room table, or an oversized sofa that blocks the living room traffic patterns. It can be too many items of clothing crammed into a closet, or too many of grandma's dishes filling up every inch of a kitchen cabinet.

When decluttering the house, stuffing everything into the closet or in boxes in the garage is not the answer. Remember that a potential buyer is looking in every nook and cranny of the house, and an overflowing closet doesn't make much of an impression. Instead, get the clutter completely out of the house. This could be a garage sale, some donations to a local charity, or simply a trip to the landfill. If you still have items that are cluttering up the house but they are things you'll want for your next home, then rent a temporary storage space and move them there.

Let Buyers Envision Themselves There

In addition to removing the clutter to make the rooms feel more open and the closets and cabinets feel more spacious, you want to always have an eye on what things you can do to help the buyers visualize living there. For example, lots of family photos on the wall will make it hard for the buyers not to feel like they're trespassing in someone else's home.

Likewise, while you may be very proud of your religious affiliations, your choice of political ideologies, or your gun collection and the elk head on the wall, remember that not everyone shares your interests. If you can depersonalize the home to some degree, it will make it easier for potential buyers to see themselves making a life there.

Your home should also be absolutely immaculate when you have it on the market for sale. Clean the counters and the cabinets and the fixtures and the flooring and every other part of the house until it shines. Wash the windows, let in the light, and make sure that beautiful view or that inviting backyard is clearly visible when a buyer walks through. A clean house also gives potential buyers more confidence that the structure of the house has been properly maintained and cared for as well.

Hire professional stager

It often makes good financial sense to hire a professional to do the staging for you. A professional home staging company will thoroughly understand the concepts of space and light and color, and they know how to make rooms show off to their full potential. They also don't have the same personal attachment to the home and its furnishings that you do, so they can make practical, impartial suggestions that you might otherwise overlook or simply not want to face.

The cost of professional staging varies with the size of the house and amount of work involved, but a well-staged home should sell quicker and for more money, which makes that upfront expense a wise financial investment.

Have a great day!

Beverly Hills Real Estate blog Wednesday 10-01-08

2008-10-01T09:32:53Z

The Beverly Hills Real Estate blog

Wednesday and warming up out in the valleys. It's been humid here in the last few days. Remember, on an average, the worst weather days in LA are better than the best anywhere else in the world!

Today marks our 20th anniversary as husband and wife. 20 years together!

The market is down this a.m. The bailout looms and real estate is hanging. We'll keep you up to date. Most experts agree that now is the time to buy. We agree. Good inventory and low prices. Need us for assistance? www.patandmelody.com

Selling? Each Monday we send out an e-mail with Real Estate info. This month: Curb Appeal Tips That Pay Off.

By Dian Hymer

Painting, landscaping top list of must-dos

Imagine going on a job interview looking shabby, or trying to sell your car for a good price when it's filthy and loaded with stuff. In a competitive market, you wouldn't do well.

The same can be said about selling your home. If it looks neglected and in need of work, some buyers won't even take a look. This is particularly the case in today's market where, in many parts of the country, there are far more homeowners anxious to sell than there are buyers interested in buying.

In a business where emotions and pride of ownership play a big role, first impressions can have a lasting effect. Most buyers lack the ability to imagine what a house might look like with a different exterior paint color or a landscaped yard. When there is a lot of inventory on the market, you may have only one chance to catch a buyer's attention. Make sure it's not lost before he or she walks through the front door.

One of the first items on a home seller's agenda should be a critical evaluation of how the home and yard look from the street. It's a good idea to ask your real estate agent to help with this. Sellers often have strong emotional attachments to their homes and have difficulty seeing it objectively.

Your goal is to identify cost-effective changes you can make to your house and yard that will make it more appealing to buyers. This could be as simple as cleaning up the yard, adding colorful plants, mulching, power washing the entry walk, and washing dirt off the exterior of the house.

However, if the paint is peeling, shutters are deteriorating, the fence is leaning and the yard is a mess, you have a bigger project on your hands. You can sell a house in this condition. But, it will appeal to a limited number of buyers who are willing to tackle a fixer-upper in order to get a bargain price.

HOUSE HUNTING TIP: Your home will appeal to a larger audience and will sell more quickly and for a better price if you put the time and money into improving its curb appeal. Curb appeal refers to how your house appears from the street. Even if you're selling a fixer-upper, it's a good idea to do some cleanup so that buyers can perceive the potential.

You don't need to spend a fortune to get the work done. Your goal is to have good, not superb, work done at a reasonable price. It's wise to get bids from several contractors. For instance, exterior paint estimates can vary widely. Your real estate agent or neighbors ought to be able to provide references.

By the way, if you are going to paint the exterior of your house before selling, this could be a prime opportunity to improve curb appeal. Consult with a color expert to pick colors that are currently in fashion for the house, trim and front door.

One seller had the exterior of his house repainted before consulting with his agent or a color expert. It was painted the same drab color it had been for decades. Most of the buyers who seriously considered the house mentioned that they thought the house needed an exterior paint job because the color was so unappealing.

It usually doesn't make financial sense to completely re-landscape a front yard that is shot. Salvage what you can, bring in new plants to replace dead ones and roll out new sod, if necessary.

THE CLOSING: Mulch does wonders to freshen up a garden, particularly one that is sparsely planted.

Part two of this series tomorrow. Have a great day!

Beverly Hills Real Estate blog Tuesday 9-30-08

2008-09-30T09:30:17Z

The Beverly Hills Real Estate blog

Good morning and welcome. Humid yesterday which is somewhat unusual or the Southland... It will be about the same today, so enjoy. We're www.patandmelody.com If you need help; we're here.

Wow how about that market? It's scary stuff... but --- keep the faith. A turn around is in the offing. Ir's recouped 230 pts. already this a.m.

What's this mean for real estate in California? Here is the president of CAR.

Dear C.A.R. Member:

As you most likely know, this afternoon the U.S. House of Representatives failed, by a vote of 205 to 228, to pass the Emergency Economic Stabilization Act of 2008, and the Dow Jones Industrial Average fell an historic 777.68 points.

With the general election in November about a month away, we expected a certain amount of political posturing during the vetting process as Congress delved into the proposed plan and the resulting legislation.

However, we are extremely disappointed that the U.S. House of Representatives failed to pass the Emergency Economic Stabilization Act of 2008. The tenuous health of the financial system called for a swift yet thoughtful bipartisan response by our elected representatives, which they failed to deliver.

Now is the time for Congress to act, and renew its efforts to craft legislation -- amenable to both political parties -- that will calm the financial markets, address liquidity issues and begin to restore confidence in our financial system. Americans deserve nothing less.

C.A.R. wants to be certain that the needs of Californians are addressed, and that housing's critical role is recognized in whatever legislation ultimately is proposed.

Working with NAR, we will continue to closely monitor the situation as it develops and report back to you

Sincerely,

William E. Brown
2008 President
CALIFORNIA ASSOCIATION OF REALTORS®

We were all disappointed but we still feel--- the right action will be taken and the US economy will prevail.

Beverly Hills Real Estate blog Monday 9-29-08

2008-09-29T09:59:03Z

The Beverly Hills Real Estate blog

Good morning Monday. Sunny and cooler mid 80's downtown LA. We attended a fundraising dinner last night for Glendale Healthy Kids which was held outside near Dodger Stadium. It was perfect. We love LA.

Gere are the results of figures for real estate in LA County from 8-06 to 8-08.

Median Sold Price by Month minus 28%

The Number of Sold Properties by Month minus 20%

The Number of Under Contract Properties by Month plus 9%

The Number of New Properties Listed by Month minus 19%

The Average Days on Market by Month plus 38%

The Average Months Supply of Inventory by Month plus 9%

This gives you and idea of what's happening in LA County. Just wait till I figure out how to transfer the graphs to this page. It's easily understandable.

This is a test on yesterday's blog: Try this if the graph doesn't load. Click on the vacant box that will refer you to an error page and then hit page back on your browser. The graph appears!

I think there are bugs in the system, I'll get them fixed and we'll have fantastic info for you every day! That's our job here at Beverly Hills real estate blog

Till tomorrow! Have a great one.

Beverly Hills Real Estate blog Sunday 9-28-08

2008-09-28T10:56:49Z

The Beverly Hills Real Estate blog

Sunday morning and what another beautiful day we'll have. Just like yesterday but a bit cooler. The bailout appears to gave been agreed on. Things are shaping up. Plus we have some new sales charts to show you... Sales and Pending sales for LA County. CHARTS MAY TAKE A WHILE TO LOAD.

The number of pending properties by month.

AUG 06-08

The Number of Under Contract Properties by Month

Here are the solds by month

AUG 06-08

The Number of Sold Properties by Month

This is neat stuff. Going back 2 years it gives you a true feel of the market trends. Info is compiled by the MLS and it's all very accurate.

Both charts are trending up! We'll do this every day for different areas, zip codes etc. to help educate you.

The Open House Guide: www.themlsweekendopenhouseguide.com

Please enjoy and if you see something you like contact us at www.patandmelody.com We're here to help you.

Hope you enjoy this info. Have a great OPEN House Sunday!

Beverly Hills Real Estate Blog for Saturday 9-27-08

2008-09-27T09:53:39Z

The Beverly Hills Real Estate blog

Good morning the weekend is here. Sunny, warm and beautiful, Southern California weather at its best. The bailout looks like it's going to happen. The market closed up for the week. Things are starting to look good again. We've got a long way to go but.

The Open House Guide: www.themlsweekendopenhouseguide.com

Please enjoy and if you see something you like contact us at www.patandmelody.com We're here to help you.

A busy week for councilmember Tom LaBonge. Here's his e-mail:

This was a busy week in the Fourth Council District. For more information on the headlines below, please visit Tom's website: www.tomlabonge.com

- Tom helped Starline Tours launch a new service in downtown Los Angeles that will operate FREE OF CHARGE all weekend.

The hop-on-hop-off service allows tourists and locals alike to visit the architectural and cultural icons of downtown Los Angeles at their leisure in open-air double-decker buses. Please read the attached press release for more information. If you're planning to attend the Grand Avenue Festival of performing arts on Sunday, hop on the Starline Tours bus to explore downtown for FREE. For more information on the Grand Avenue Festival, click here: http://www.musiccenter.org/visit/grandavefest.html. For more information on Starline Tours, click here: http://www.starlinetours.com/.

- Tom's Tips on fun ways to enjoy Los Angeles this weekend:

- Visit the 35th Annual Los Angeles Korean Festival this weekend in Koreatown. A parade along Olympic Boulevard between Western and Vermont avenues, begins at 3 p.m. on Saturday, Sept. 27th. For more information, call (213)487-9696 or click here: http://www.lakoreanfestival.com/english/index.asp

- The Toluca Lake Chamber of Commerce and the Toluca Lake Homeowners' Association are holding their first annual Charity Car Show this Sunday, Sept. 28, 9a-3p. The event will be held on Riverside Drive between Clybourn Street and Forman Avenue. All proceeds from this event will benefit the Los Angeles Police Department and the North Hollywood PALS program.

- On Monday, Sept. 29, at 9 a.m. please join Tom for the ribbon-cutting of the new playground at Robert Burns Park, 4900 Beverly Boulevard in Los Angeles, 90004. Tom worked with the Dept. of Recreation and Parks to install new play equipment, security lights and security cameras in this neighborhood pocket park.

- On Monday, Sept. 29 at 11:30, Tom will break ground on new landscaped medians being installed on Highland Ave. between Waring Ave. and Santa Monica Blvd. The medians were funded through a grant from the Metropolitan Transportation Authority and are being installed by the Los Angeles Bureau of Street Services. Please join us for the ground-breaking.

Enjoy the weekend, and continue to enjoy and love Los Angeles! We Love LA!

Beverly Hills Real Estate blog Friday 9-26-08

2008-09-26T09:35:05Z

The Beverly Hills Real Estate blog

Good morning Friday the 26^th already/ Sunny and warm once again in the Southland.

Tomorrow we'll post the open house guide for you.

The big news is the bailout. Wall Street is waiting, as America, news from Washington. Here's what we think: An agreement will be made and "Washington" will save the day.

For those opposed to the bailout concessions will be made. Right now the world awaits the drama to be played out.

Here's what's being printed today.

US STOCKS-Wall St set to slide on bank bailout woes

* Stalled U.S. rescue plan fuels investor unease

* Congressional leaders aim for deal by weekend

* Regulators complete biggest U.S. bank takeover

* GDP data revised down, adding to negative tone

Stocks slide on stalled bailout, WaMu collapse

Friday September 26, 9:41 am ET

NEW YORK (Reuters) - Stocks dropped at the open on Friday after congressional talks on a $700 billion financial sector bailout stalled and authorities seized the largest U.S. thrift, heightening worries about the fallout from the credit crisis.

The Dow Jones industrial average (DJI:^DJI - News) was down 126.80 points, or 1.15 percent, at 10,895.26. The Standard & Poor's 500 Index (^SPX - News) was down 18.36 points, or 1.52 percent, at 1,190.82. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was down 47.03 points, or 2.15 percent, at 2,139.54.

And so on...

Those are the headlines...

We believe this will be resolved today. Stay tuned! Tomorrow we'll see how our prediction went. Real Estate needs? www.patandmelody.com

Have a great day! Keep the faith.

Beverly Hills Real Estate blog Thursday 9-25-08

2008-09-25T09:08:31Z

The Beverly Hills Real Estate blog

Good morning, sunny and warm today. Last night in Nichols Canyon it was in the mid 70‘s at 8:30. Going to be a warm one today!

Did you watch the president last night? Whatever he said must have helped yhe market us up 158 this a.m.

Another "impact" note today this one from the president of the national association of realtors. As always we're at www.patandmelody.com

Dear Fellow REALTOR®:

I know many of you are concerned about the troubled financial markets and are wondering how the federal governments actions will help resolve the crisis. Here is the latest information on what is happening in the housing market and our position on the governments plans to rescue Wall Street.

First, take a few minutes to watch todays Presidentâ€^TMs Podcast, featuring my latest interview with NAR Chief Economist Lawrence Yun. Although the video was shot before the government takeover of Fannie Mae and Freddie Mac, Lawrence provides valuable perspective on where the housing market is heading in 2009.

http://www.realtor.org/about_nar/presidents_report/_podcast_archive/presidents_podcast_marketoutlook_20080923

Second, please read Lawrence's September 22nd commentary, which explains the reality behind the governments proposed investment in the financial markets and whats at stake for homeowners and taxpayers.

http://www.realtor.org/research/commentary_700_billion

Third, review the letter I sent to Congress earlier today, outlining our position on the Treasurys comprehensive approach to addressing problems in the financial system.

http://www.realtor.org/gapublic.nsf/pages/gses_conservatorship?OpenDocument

As the most trusted source of information in the real estate transaction, REALTORS® are in the best position to counsel consumers in this confusing market. I urge you to check Realtor.org for additional information and updates in the days and weeks ahead, and share them with your colleagues.

Working All Together, we can overcome these challenges and ensure that homeownership continues to be the most valuable investment Americans can make.

Have a great day - It'll be a great day to have.

The Beverly Hills Real Estate blog for Wednesday 9-24-08

2008-09-24T10:09:10Z

Good morning it's Wednesday and warming up mid to upper 80's downtown.

The market opened cautiously up this a.m. and we have an update real estate wise on what's happening nin Washington and it's affect on Cal Real Estate.

Dear C.A.R. Member:

Today, the Senate Banking, Housing, and Urban Affairs Committee held a hearing to discuss the U.S. Dept. of the Treasury's proposal to stabilize the U.S. financial system. The panel consisted of Treasury Secretary Henry Paulson; Federal Reserve Chairman Ben Bernanke; Christopher Cox, chairman of the Securities and Exchange Commission; and James Lockhart, director of the Federal Housing Finance Agency.

Now that Congress has had a chance to dissect the Treasury proposal, we're seeing pushback to the plan in its current form from both sides of the aisle, and this was evident during today's hearing. Members of Congress are asking for several additions or refinements to the proposal, including:

Legislation to help homeowners avoid foreclosure;
limiting compensation to executives of troubled firms receiving assistance;
greater oversight than the limited bi-annual reporting mechanism in the current proposal;
allowing the government to take an ownership stake in companies;
decreasing the timeframe for the Treasury workout from two years to one; and
limiting the initial outlay followed by a reassessment early next year prior to deploying additional resources.

With the general election in November a little more than a month away, there also is a certain amount of to-be-expected political posturing going on this week. Members of Congress will soon return to their home districts for recess and will be expected to explain their positions to constituents. However, some of the pushback is philosophically driven from both liberals and conservatives in both parties.

To view today's hearing, go to:

http://banking.senate.gov/public/index.cfm?Fuseaction=Hearings.Detail&HearingID=7a41ae9e-30b2-4d7f-8f1b-4ef2e8ae28f7.

Tomorrow, the House Financial Services Committee will convene for a 9 a.m. PDT hearing with Paulson and Bernanke again scheduled to testify, as well as member of Congress. We'll report tomorrow's developments to you in C.A.R. Newsline.

Sincerely,

William E. Brown
2008 President
CALIFORNIA ASSOCIATION OF REALTORS®

That's it for today --- make it a great one!

Beverly Hills Real Estate blog Tuesday 9-23-08

2008-09-23T09:16:32Z

The Beverly Hills Real Estate blog

Tuesday and slightly warmer. 83 predicted for downtown. Today is broker caravan day.

If you're looking, call us and we'll relay our info on what we think are good deals to you. Our number is 310 888 3357 or visit www.patandmelody.com and e-mail us.

What's up? The market this a.m. +85 at posting. Here is a local real estate news update regarding the nations financial situation.

As promised, here is your first Market Matters Daily Briefing on the evolving financial situation impacting our nation. All this week, C.A.R. will be closely following developments in Washington and will be reporting to you, as needed, via this Briefing e-mail, and through C.A.R. Newsline, or Market Matters.

As expected, this weekend the U.S. Dept. of the Treasury submitted its proposal to promote stability in the U.S. financial markets.

Key components of the Treasury's proposal include:

The authority to issue up to $700 billion of Treasury securities to finance the purchase of troubled residential and commercial mortgage-related assets, including mortgage-backed securities and loans.
This authority would expire in two years, and assets must have been originated or issued on or before Sept. 17, 2008, to qualify.
Assets will be managed by private asset managers at the direction of the Treasury.
Cash received from liquidating the assets will be returned to the Treasury's general fund for the benefit of taxpayers.
Funding for the program will be provided directly by the Treasury from its general fund by increasing its debt limit by $700 billion.
Once the program is up and running, Treasury will provide updates to Congress semi-annually.

The proposal also grants Treasury Secretary Paulson sweeping authority regarding the purchase of assets, the timing and sale of assets, determining financial institutions' eligibility to participate and more. To access a fact sheet on the Treasury proposal, go to http://www.treasury.gov/press/releases/hp1150.htm.

Congress is weighing in on the Treasury's proposal today, and may seek to add an oversight structure, limit the compensation of executives at the companies benefiting from the rescue, and provide mortgage relief for struggling borrowers. We'll report on this effort in detail tomorrow. As part of that process, House Financial Services Committee Chairman Barney Frank has scheduled a committee hearing this Wednesday.

Our sources tell us that it may be overly optimistic to expect final legislation to be brought forward by Friday and cautioned us to expect this to run into next week. Your Leadership Team will remain in close contact with elected officials and other key leaders in Washington to ensure that the interests of the real estate industry are represented. We'll be ready to weigh in on the final legislative package, and will keep you informed.

Thanks to all who have shared their thoughts with me this past week.

Sincerely,

William E. Brown
2008 President
CALIFORNIA ASSOCIATION OF REALTORS®

That'll do it for today... The sky is NOT falling. Keep the faith!

Beverly Hills Real Estate blog Monday 9-22-08

2008-09-22T10:26:43Z

The Beverly Hills Real Estate blog

Monday and 77 degrees for downtown. We start another week!

Welcome to the Beverly Hills Real Estate blog at www.patandmelody.com

* U.S. stock index futures down 0.1-0.6 percent

* Investors await details on Washington's broad rescue plan

* M.Stanley, Goldman switch to holding structure

The upshot? From the AP :

Wall Street fell Monday as investors nervously awaited further news about the government's plan to buy $700 billion in banks' mortgage debt. The Dow Jones industrials were down more than 150 points while the credit markets remained nervous, but not showing the signs of panic that Treasury trading saw last week.

What does all this mean for the real estate market? Here's a e-mail received from a lender in the Southbay.

With so much volatility in the markets last week, where did it leave us? About right back to where we started:

9/12/08 Market Close

v S&P 1,252

v Dow 11,422

v 2-YR Bond 2.21%

v 10-YR Bond 3.72%

v 6-Month T-Bill 1.55

9/19/08 Market Close

v S&P 1,251

v Dow 11,388

v 2-YR Bond 2.13%

v 10-YR Bond 3.75%

v 6-Month T-Bill 1.51

Mortgage rates remain slightly under 6% for 30-year Fixed Rate conforming loans ($417,000 and below) and low 6% range for jumbo conforming loans (above $417,000 up to $729,000).

South Bay Equity Lending continues to focus on the strength of the mortgage industry - those companies who want to be in the business of lending money. Please contact me for more information on the outstanding loan options mentioned above. As always, I welcome the opportunity to be your trusted advisor and discuss any of your mortgage needs.

CHRIS TURKMANY

SOUTH BAY EQUITY LENDING

20300 S. Vermont Ave., Suite 210

Torrance, CA 90502

(310) 516-3444 phone

(310) 516-3443 fax

(310) 436-6169 e-Fax

(310) 200-8021 cell

Thanks Chris. Let's see how today shakes out. Keep a positive thought. Have a great day!

Beverly Hills Real Estate blog Sunday 9-21-08

2008-09-21T09:53:48Z

The Beverly Hills Real Estate blog

Sunday! Sunny fall-like weather in the Southland. A perfect day to buy or sell in LA!

Open house Sunday... Find something; it's time. The Open House Guide:

www.themlsweekendopenhouseguide.com Check it out. Need us? www.patandmelody.com

Here is a response to what's happened in the market and it's affect on local real estate from William E. Brown, 2008 President - CALIFORNIA ASSOCIATION OF REALTORS. Very interesting... excerpt: "C.A.R. strongly supports the intent of Congress and the federal government to calm the financial markets."

What a week this has been for the financial markets! I've been following the tumultuous events on Wall Street, the 24/7 news cycle, and the actions of our Congress and the federal government. No doubt you have as well.

As you know, in recent weeks Fannie Mae and Freddie Mac were placed into conservatorship, the federal government bailed out AIG, Bank of America purchased Merrill Lynch, and Lehman Brothers filed for bankruptcy. Late this week, the credit market appeared to be on the verge of collapsing.

Like most Americans, I'm concerned about both the near-term and long-term health of our financial system and its impact on the housing market, and I'm sorting though an over-abundance of news and information trying to make sense of it all.

Although it is premature at this point in time to address specifics in an evolving plan, C.A.R. strongly supports the intent of Congress and the federal government to calm the financial markets, address liquidity issues and to begin laying the foundation of a new mortgage finance system.

To that end, I want to assure you that your state Association is closely monitoring the events in our nation's capital. C.A.R. is taking appropriate steps to ensure that the needs of California are addressed, and to emphasize that housing is a central part of the equation in the federal government's efforts moving forward. We're actively engaged in ongoing dialogue with our congressional representatives and other key leaders in Washington.

To recap what's happened -- so far -- this week:

U.S. Dept. of the Treasury Secretary Paulson today announced that Congress and the administration intend to take poorly performing assets, primarily mortgage-backed securities, off the books of financial institutions. These assets have been a prime impediment to the ability of financial institutions to lend money.

The government also prohibited the short sale of nearly 800 financial institutions for 10 days, and may extend this prohibition to 30 days.

The U.S. Dept. of the Treasury also plans to increase the amount of mortgage-backed securities bought from government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, in an effort to increase the GSEs' role in the housing market.

The Federal Reserve and other major financial institutions worldwide also made hundreds of billions of dollars in loans available to commercial banks in an effort to improve liquidity.

Our expectation is that Congress and the administration will work together to craft legislation as early as next week addressing these critical issues. We expect to have a good sense of what the legislation will contain by this weekend, prior to financial markets opening Monday morning.

As events continue to unfold, look to C.A.R. as your one-stop source for news and information on these critical issues. Beginning Monday, you'll receive "Market Matters Daily Briefing," a daily e-mail that will aggressively monitor the situation and keep you informed as events play out. Your regularly scheduled "Market Matters" e-mail on Thursdays will include tools and information to help you explain and communicate to your clients. You also can check www.car.org for recent headlines and video clips, and Wednesday's "C.A.R. Newsline" e-mail for additional information pertinent to the ongoing story. Stay tuned for more.

Sincerely,

William E. Brown
2008 President
CALIFORNIA ASSOCIATION OF REALTORS®

Have a great day. It will be a great day to have!

Beverly Hills Real Estate Blog for Saturday 9-20-08

2008-09-20T10:18:30Z

The Beverly Hills Real Estate blog

Good morning it's Saturday...Hi 70's low 80's downtown LA. Last night we had dinner at friends who live in MT. Olympus. The view of the city lights was unbelievable. We know why we live in LA.

The upshot of our real estate seminar yesterday: Business is out there. It's true. "Seek and ye shall find."

The market action has prompted a flury of offers on upper value listings. Maybe we've hit bottom. We shall see.

Today's item: www.themlsweekendopenhouseguide.com Check it out. Need us? www.patandmelody.com

From Councilmember Tom LaBonge:

It's been another busy week in the Fourth Council District. For more

information on any of the news briefs below, visit our website at:

www.tomlabonge.com

- We hope to see you at our upcoming Fall Equinox Hike in Griffith Park

on Tuesday, September 23 at 6:15p. This annual hike to the top of Mount

Hollywood is a great way to see the city at twilight. If you have any

questions, contact Jullian Harris-Calvin at

jullian.harris-calvin@lacity.org. An invitation is attached to this

email. (Please note: there will be no food served on this hike.)

- Councilmembers Jan Perry and Jose Huizar will join Tom at a press

conference to help Starline Tours launch its new Hop-on-Hop-Off Tours

of Downtown. The press conference will be on:

Wednesday, September 24 at 10 a.m.

In front of the Old Fire House at Olvera Street, 126 Plaza Street,

Los Angeles 90012

(Street parking for cars and bicycles is available. The Metro

stops at Union Station across the street)

Free tours will follow the press conference.

- Please see Tom's attached letter regarding the proposed historic

designation of Griffith Park.

- The Hollywood Chamber of Commerce honored Tom on Thursday at the

Avalon on Vine Street. About 200 community and business leaders heard

the Councilmember talk about helping businesses keep the local economy

strong while preserving neighborhood character.

- The second CD4 Schools Collaborative brought together parents,

teachers, and administrators from public schools in the council district

for a discussion on building parent participation, raising funds and

reaching out to communities.

- Tom's motion to address the problem of party houses which are

used strictly to generate income from event rentals, will be heard in

the Planning and Land Use Management committee of the City Council this

week. Tom introduced this motion in May of 2006, but because of a

legislative backlog, it is just being heard in committee. The committee

will likely refer it to the Planning Department for implementation.

Currently, the City has few tools in place to protect neighbors who deal

with the traffic and noise generated by party houses. Click here to see

the meeting agenda:

http://lacity.org/clk/committeeagend/clkcommitteeagend2655682_09232008.pdf

- The City Council celebrated the 7th Annual Jackie Robinson Day today.

For photos from today's event, visit

http://www.tomlabonge.com/photos/

- Tom helped Koreatown's Pilgrim School celebrate its 50th

Anniversary this week with the planting of the 50th new crape myrtle

tree in Koreatown. Visit our website to read more about this great event

and to see a photo gallery of the tree planting.

Have a great weekend and continue to enjoy and love Los Angeles!

Beverly Hills Real Estate blog Friday 9-19-08

2008-09-19T09:05:48Z

The Beverly Hills Real Estate blog

Friday and the market is soaring. While the Dow heats up the weather in LA cools... a tad. A nice weekend beckons.

Today we're at the Viceroy Hotel in Santa Monica attending another real estate seminar to sharpen our skills to better serve you. Tomorrow we'll post the open house guide for you... Need us? www.patandmelody.com

Today; the big story! Investors diving in!

NEW YORK (Reuters) - Stocks soared on Friday, extending gains posted in the prior session, as investors cheered a series of steps by governments worldwide to contain the spiraling credit crisis.

Financials led the rally, which added to gains posted on Thursday, Wall Street's best day in six years. The Nasdaq was up more than 5 percent while the S&P 500 added more than 3 percent in the first minutes of trading.

Investor spirits rose after U.S. authorities, led by Treasury Secretary Henry Paulson, said they were working on a plan to mop up hundreds of billions of dollars of bad debt from banks' balance sheets.

The Dow Jones industrial average (DJI:^DJI - News) was up 251.27 points, or 2.26 percent, at 11,268.35. The Standard & Poor's 500 Index (^SPX - News) was up 36.76 points, or 3.05 percent, at 1,243.27. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was up 112.31 points, or 5.11 percent, at 2,311.41

Have a great today and we'll see you tomorrow!

Beverly Hills Real Estate blog Tuesday 9-18-08

2008-09-18T09:48:04Z

The Beverly Hills Real Estate blog

Thursday/ It's going to be cooler about 83 downtown. Enjoy the day.

The Dow up 163 at first check this morning. Wow, how about the bad news being plastered across the headlines? Like we've said; a self fulfilling prophecy. The good mews; newspapers are the first things people cut out of their lives when things get tight.

We have some good news!

Mortgage Applications Surge

Mortgage applications rose 33.4 percent last week on a seasonally adjusted basis, rising to 661.7 from 496.2 the previous week, according to the Mortgage Bankers Association weekly survey of mortgage activity. Total applications reached their highest level since early May.

On an unadjusted basis, the index rose 65.3 percent compared with the previous week, which was shortened by Labor Day. It was down 1.3 percent compared with the same week a year ago.

Refinances fueled the increase. The Refinance Index increased 88.1 percent while the seasonally adjusted Purchase Index increased only 2.4 percent. The refinance share of mortgage activity increased to 51.6 percent of total applications from 36.3 the previous week.

"Renewed financial concerns should keep long-term Treasury yields low and translate to lower mortgage rates in the near term, despite some widening in mortgage spreads," says Orawin Velz, MBA's Associate Vice President of Economic Forecasting in a statement. "We expect to see meaningful increases in mortgage demand in coming weeks on both the purchase and refi sides."

Mortgage rates fell for the week:

30-year fixed-rate mortgages decreased to 5.82 percent from 6.06 percent.
15-year fixed-rate mortgages decreased to 5.54 percent from 5.73 percent.
1-year ARMs decreased to 6.95 percent from 7.00 percent.

Source: Mortgage Bankers Association (09/17/2008)

We're at www.patandmelody.com if needed.

Serving - Los Angeles area including Westside, Santa Monica, Pacific Palisades, Brentwood, Malibu, Marina Del Rey, Venice, Mar Vista, Palms, Culver City, Century City, Beach Cities, West Hollywood, West Los Angeles, Beverly Hills, Bel Air, Playa Del Rey, Playa Vista and beyond. . .

Again, have a great day!

Beverly Hills Real Estate blog Wednesday 9-17-08

2008-09-17T09:35:53Z

The Beverly Hills Real Estate blog

Hump Day... Sunny and warm... actually cooler downtown today... mid 80's predicted.

Here's the latest Stock Market drama; Dow down over 200 pts. at blog time.

LONDON, Sept 17 (Reuters) - European shares turned lower in early afternoon trade on Wednesday, tracking a fall in U.S. markets, with financials sliding as high interbank lending rates rattled investors.

At 1346 GMT FTSEurofirst was down 0.12 percent at 1,088.84. Trade through the session was volatile, with the benchmark swinging from a fall of 0.9 percent to a gain of 1.8 percent.

Banking stocks were the top weighted losers with HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz), UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz), Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) down between 2.2 percent to 5.5 percent.

Across the Atlantic, top U.S. index .SPX .DJI .IXIC fell 1.5-1.7 percent.

(Reporting by Joanne Frearson) ((joanne.frearson@thomsonreu ters.com; +44 7542 6437; Reuters Messaging: joanne.frearson.thom sonreuters.com@reuters.net)

What does it all mean? Money to loan will be harder to get...

On the real estate front... We're plugging along and we may have some exciting news to tell you about soon! In the meantime, we're at www.patandmelody.com if needed. Have a great day and keep a positive attitude.

Beverly Hills Real Estate blog Tuesday 9-16-08

2008-09-16T11:09:15Z

The Beverly Hills Real Estate blog

Tuesday is going to be a warm one. They say 90's plus downtown so figure from there. 100's and more out in the valleys... of course cooler along the coast.

Money woes on Wall Street. The Dow down about 14 points at first check this a.m.

What this means? Less money to go around means less capital for buyers...thus resulting in a real estate downturn. In areas where $ is not a problem it's business as usual.

Here's the latest. Visit us at www.patandmelody.com

The Federal Reserve said Tuesday it has injected a large amount of liquidity into the financial markets to keep them from seizing up, mere hours before the central bank's policy-making arm was set to deliver a decision on interest rates.

The Federal Reserve Bank of New York said that it has delivered $50 billion to money markets via overnight repurchasing agreements, or repos, and that it "stands ready to arrange further operations later in the day, as needed." In addition, the Fed said it also will conduct its usual Tuesday morning $20 billion, 28-day single-tranche repo.

The U.S. central bank joins others from around the world that are already pumping much-needed liquidity into markets that have suffered following the failure of Lehman Brothers (LEH Quote - Cramer on LEH - Stock Picks), which filed for Chapter 11 bankruptcy protection Monday, the surprise buyout of Merrill Lynch (MER Quote - Cramer on MER - Stock Picks) by Bank of America (BAC Quote - Cramer on BAC - Stock Picks) and the potential collapse of AIG (AIG Quote - Cramer on AIG - Stock Picks).

Earlier, the European Central Bank injected 70 billion euros, or nearly $100 billion, in one-day funds into European money markets, more than doubling the 30-billion-euro injection the ECB announced Monday. Additionally, the Bank of England, the Bank of Japan and the Swiss National Bank all delivered extra funds to markets.

"This is smacking of desperation, which is why the markets aren't reacting very well," says Paul Nolte, director of investments with Hinsdale Associates. "When you're levered up, it takes a hell of a lot of money to get unlevered and make it worth anything. Now we're not just adding our liquidity, we're asking banks from around the world to add their liquidity."

Beverly Hills Real Estate blog Monday 9-15-08

2008-09-15T09:39:28Z

The Beverly Hills Real Estate blog

Good morning Monday! Nice weekend gives way to another beautiful day in LA. Sunny today with the weather being much like yesterday.

Wow, the stock market started off on the wrong foot off almost 300 points... More on that later.

The local real estate market (our area) Westside LA Downtown to the ocean... Valley side Westlake to Pasadena... holding its own... no big plunge actually steady fractional growth during these trying times. We'll jeep watching it for you. Remember, we're here at www.patandmelody.com if needed.

The big story this morning: (Good news is oil prices fell too)

NEW YORK - Stocks tumbled and Treasury bond prices soared Monday as investors reacted to a stunning reshaping of the landscape of Wall Street that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co. The Dow Jones industrial average fell more than 330 points.

Stocks posted big losses in markets across much of the globe as investors absorbed bankruptcy plans at Lehman and Merrill Lynch's forced sale to Bank of America for $50 billion in stock. And perhaps most ominously, American International Group Inc. is asking the Federal Reserve for emergency funding. The world's largest insurance company plans to announce a major restructuring Monday.

The swift developments are the biggest yet in the 14-month-old credit crises that stems from now toxic subprime mortgage debt.

Investors are worried that trouble at AIG and the bankruptcy filing by Lehman, felled by $60 billion in bad debt and a dearth of investor confidence, will touch off another series of troubles for banks and financial institutions that may be forced to further write down the value of their own debt assets. Wall Street had been hopeful six months ago that the collapse of Bear Stearns would mark the darkest day of the credit crisis.

But AIG's troubles a week after its stock dropped 45 percent are worrisome for some investors because of the company's enormous balance sheet and the risks that troubles with that companies finances could spill over to the companies with which it does business. AIG, one of the 30 stocks that make up the Dow industrials, fell $5.63, or 46 percent, to $6.51 Monday as investors worried that it would be the subject of downgrades from credit ratings agencies.

"I think people were hoping that there was going to be a savior over the weekend and that hasn't happened," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. "This is sort of groundbreaking type stuff."

In the first hour of trading, the Dow fell 326.33, or 2.86 percent, to 11,095.66.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 34.61, or 2.77 percent, to 1,217.09, and the Nasdaq composite index fell 44.48, or 1.97 percent, to 2,216.79.

A sharp drop in oil below $100 also weighed on energy names, including several Dow components. Exxon Mobil Corp. fell $2.06, or 2.7 percent, to $75.44, while Chevron Corp. fell $2.31, or 2.7 percent, to $81.93.

Have a good day, keep a positive thought!

Beverly Hills Real Estate blog Sunday 9-14-08

2008-09-14T10:16:19Z

The Beverly Hills Real Estate blog

Sunday morning... College football Saturday is over... Wow what a day! SC, Notre Dame winners... what happened to UCLA? The SC- Ohio State game televised nationally showing off LA weather. People in t-shirts in the stands... We love LA.

Sunny again about 81 downtown.

The NFL today! Yeah, some great games...

Real estate continues to move along on the Westside. We sent out a counter offer on our 4.285,000 listing... Offers in today's market are rare... so be careful if you're selling to counter/care.

Other news:

Here is the open house guide link: www.themlsweekendopenhouseguide.com See anything you like find us at www.patandmelody.com. We'll help you.

Councilmember Tom LaBonge's e-mail message to us:

This has been a busy week in the Fourth Council District and next week will be even busier. For more information on any of the news briefs below, visit our website at: www.tomlabonge.com

- Tom's effort to preserve the character and scale of Larchmont Village cleared its first major hurdle when the Planning Commission unanimously approved it on Thursday. The measure will now be heard by the City Council's Planning and Land Use Management Committee. We'll post the date of that hearing here and on the CD4 website.

- Tom attended several 9/11 memorials yesterday and led a candle-light vigil in North Hollywood Park. For photos from that event (and from Beach Boys' Brian Wilson's visit to the City Council, visit: http://www.tomlabonge.com/photos/

- The 11th monthly CD4 Griffith Park Clean-Up will be held tomorrow at 8 a.m. in the Bird Sanctuary. This is part of the restoration effort that the Council Office and the Department of Recreation and Parks have undertaken to clean and replant the burn areas left by the devastating fire of May, 2007. See the attached flier for more details.

- Next Thursday, Tom joins Councilmembers Jan Perry and Jose Huizar along with Starline Tours in launching new tours of downtown Los Angeles. Starline Tours, which has been operating in Los Angeles since 1935, will offer hop-on-hop-off tours of downtown's cultural and architectural icons beginning Thursday. Riders will enjoy the views from open-air double-decker buses and visit each location at their leisure. For a free ride as the tour launches, join us on Thursday, September 18 at 10 a.m. in front of the Old Plaza Firehouse, 134 Paseo de la Plaza, Los Angeles 90012. For more information, contact carolyn.ramsay@lacity.org

- Tom's second annual Schools Collaborative brings together principals and parents from CD4 public schools to discuss ways to boost parent participation, fund-raising and outreach to community groups. For more information, contact mary.d.rodriguez@lacity.org

Have a great weekend and continue to enjoy and love Los Angeles!

Beverly Hills Real Estate blog Sunday 9-13-08

2008-09-13T09:45:35Z

The Beverly Hills Real Estate blog

Morning and welcome to Saturday. Going to be nice again today; much like yesterday but sunnier. Here is the open house guide link: www.themlsweekendopenhouseguid.com See anything you like find us at www.patandmelody.com. We'll help you.

We're sure you all heard and read the news about George Putnam, local southland radio/tv legends passing. He was 94. We were saddened to read about it.

The Metro Link train crash... Another tragic incident. We pray for those injured or killed injured in that accident.

Here's an interesting article about cool places to live!

What city has the most attractive residents? A news survey article we found interesting.

NEW YORK (Reuters) - If you live in Miami, consider yourself among the most attractive people in the United States.

The Sunshine State's metropolis has the most beautiful people, according to an online survey of "America's Favorite Cities" by Travel + Leisure magazine, while Philadelphia came in last at No. 25.

"I'm not surprised at all, but I'm not in that group" joked Bill Talbert, president of the Greater Miami Convention and Visitors Bureau, about the city's attractive people rating.

"When you're here, you kind of take it for granted. Then you travel, and when you come back you say, 'Oh my, look what we have here,"' he added.

Although Philadelphia placed last for the second consecutive year, a tourism official said the city was happy to be in the top 25.

The online survey of 125,000 people ranked 25 U.S. cities in 45 categories ranging from most affordable to friendliest people.

Las Vegas and New Orleans took the top spots as best city for a wild weekend, and Washington, D.C., was voted tops for historical sites/monuments. But Los Angeles residents may have a problem with being ranked last in the friendliest people and most intelligent people categories.

If you want friendly, you can't do any better than Charleston, South Carolina, and if you're looking for the smartest locals, head to Seattle, Washington, according to the survey.

New York received the most No.1 ratings, getting top marks for shopping, arts, diverse residents and skyline. But the Big Apple limped in last for peace and quiet and affordability.

The poll showed San Antonio, Texas, takes the smallest bite out of your budget and is the most affordable city, while peace and quiet is easiest found in Santa Fe, New Mexico, which also came in last in all nightlife categories.

Portland, Oregon, Minneapolis/St. Paul and Austin, Texas, took the gold, silver and bronze in the cleanest city competition, while New Orleans had the most work to do in keeping things tidy.

"We were really excited to see how some of the smaller cities took center stage," said Travel + Leisure editor Stirling Kelso.

"Portland again did very well, ranking high in environmental awareness, outdoor life and public transportation."

Kelso said the accessibility of a city, largely through its good public transportation services, will often result in higher survey rankings.

"New York and Washington are very accessible and did well. We were surprised with Los Angeles' low rankings, but perhaps that's because it's not a really accessible city," she added.

Honolulu topped the field in best for a romantic escape and best weather. Theme-park rich Orlando in Florida was voted best for a family vacation while Las Vegas came in last in the category.

That's it for now, till tomorrow - Have a great one