Many of Laurie's friends have been chatting and realized that if we all sent flowers to her service in New York or to her Memorial Gathering in Long Beach there wouldn't be much room for people.  We have set up a Laurie Manny Memorial Fund for those who would like to make a donation.  I know there will be tons of flowers at her services in New York and we will be providing flowers in Long Beach so we thought that perhaps her friends might like to donate to a fund that will go to her family.  Your donation will not be tax deductible as you are sending a gift to a friend.

 We had thought we would be able to set it up with a national bank but the paperwork was more then seemed necessary.  Marlene Bridges is at her home in Palm Springs this week and was kind enough to inquire at a local bank and set up the account there.

Make Checks Payable to:   Laurie Manny Memorial Fund

Mail to:  

Attn: Tellers

El Paseo Bank

The Market Place

39580 Washington Street

Palm Desert, CA  92211

We plan to close the account on October 1 and distribute the money to the family at that time.   We will also have a place where you can make a donation at the Memorial Gathering in Long Beach for those who will be there.

If you have questions you can contact Kaye Thomas, Lynda Eisenmann or Marlene Bridges .  We hope to see you next Thursday iin Long Beach!

Let's celebrate Laurie's life on Thursday September 9, 2010 from 5-8 pm.....

 Laurie Manny had so many friends in Southern California that we thought it would be nice to have a Memorial Celebration  for Laurie in Long Beach.  On Thursday September 9, 2010 from 5-8 pm  there will be a celebration of her life at Parker's Light House on Shoreline Drive in Long Beach Ca.

This will be an opportunity for all of us who loved Laurie to share stories, hugs and lots of laughs as we remember our dear friend. Laurie loved Parker's Light House and we will be on the Patio overlooking the water and the shoreline where Laurie took so many fabulous photos. 

We will be providing appetizers and there will be a no host bar. The dress is Beach Casual. We are requesting no cameras or blog posts.  This is a special time for her family and friends to share their memories.

We have set up a Laurie Manny Memorial Fund for those who would like to make a donation.  I know there will be tons of flowers at her services in New York and we will be providing flowers in Long Beach so we thought that perhaps her friends might like to donate to a fund that will go to her family.  Your donation will not be tax deductible as you are sending a gift to a friend.

 We had thought we would be able to set it up with a national bank but the paperwork was more then seemed necessary.  Marlene Bridges is at her home in Palm Springs this week and was kind enough to inquire at a local bank and set up the account there.

Make Checks Payable to:   Laurie Manny Memorial Fund

Mail to:  

Attn: Tellers

El Paseo Bank

The Market Place

39580 Washington Street

Palm Desert, CA  92211

We plan to close the account on October 1 and distribute the money to the family at that time.   We will also have a place where you can make a donation at the Memorial Gathering in Long Beach for those who will be there.

If you have questions you can contact Kaye Thomas, Lynda Eisenmann or Marlene Bridges .  We hope to see you next Thursday!

I've been so touched as I've read the tributes  about my friend Laurie Manny.  She would be so pleased to know she had helped so many people and how grateful they are for the expertise she extended.   Like so many who have posted about Laurie I met her through Active Rain and while we often compared notes and she definitely gave me pointers, more then anything  she was just my friend Laurie. 

I grew up in Garden Grove and back then Long Beach was the big city.  Laurie had written what I believe to be one of the best community posts ever written...  Historic Long Beach Homes.  I was taken back to my childhood with her photos and stories about the places in Long Beach.  We started emailing each other and soon decided it was time to meet in real life as we were not faw away.

We all have preconceived ideas about people from their photos... based on the above photo I thought she would be rather naive, with long blonde hair and probably on the shy side... Well one out of 3 ain't bad.. Laurie had gorgeous long blonde hair... however she wasn't naive and definitely not shy. Laurie was a force to be reckoned with at all times.  She was larger then life.. a true California girl... by way of New York.

From that first meeting we knew we were going to be great friends.  And so it has been over the years.  We laughed, told stories, gossiped a bit and laughed some more.  We compared real estate markets and talked about the the vast difference a few miles could make.  She would often call me in the evening on her way home to see what was happening or to tell me a story she had just heard.  Laurie knew where all the bodies were buried.

One of the first places we went after we met was to the Sellsius Meetup in Laguna Beach with Brian Bradyto hear Dustin Luther talk. The parking was really bad and all the lots were full.  We drove around for what seemed like days and finally Laurie took out a $20 bill and told me she was going to show me how it was done in New York.  We went to the first lot with a full sign.. Laurie called the attendant over, showed him the $20 and asked if he had a slot for us... he did and Laurie grinned like crazy.   She loved that story and so do I.   It was here we first met Joe Ferrara and Rudy Bachraty.  Joe and I shared a birthday but Joe, Laurie, Brian and Rudy shared New York.  It was the start of a wonderful friendship between all of us.  It makes me so sad that  both Joe and Laurie are gone.  

 Laurie was one feisty lady.  She was fiercely loyal to her friends and the first to do battle if she thought someone was trying to take advantage of a situation.  She would call out anyone who she felt was not being ethical or less then truthful.  She demanded no less from herself then from her friends.   She understood SEO intuitively and realized that without more structure many would would not reach the goals they hoped to obtain.  She was always willing to offer help to anyone who asked... and sometimes to those who didn't quite have the courage to ask. 

Real estate was Laurie's passion. Those were the exact words she used... she loved negotiating and the wheeling and dealing and the rush  when she was able to get a property for her clients that they wanted.  She hated agents who were not honest or truthful and was not shy about making sure anyone in a transaction with her always did the right thing.   

Laurie loved California.  She could never understand why people wanted to live with cold winters and hot summers. She loved to point out to folks who lived in other places how terrific the weather was in SoCal. 

  She was a girlie girl.. who loved jewelry, great hand bags, jazzy jackets and snappy hi-heels.   She tried to get me to wear 4 inch heels,  never quite understanding that after the first step I would be flat on my face.  I kept telling her...Beach gurls wear flip flops not hi-heels. She thought I was wimpy.

I am still having a hard time realizing there will be no more calls starting with..." Hi Hun, Did you hear about.... we really need to go to dinner!"   We had dinner a few weeks ago.  We wandered through Belmont Shores and Laurie took pictures of shops for a future post.  We talked about all the changes in town in the last 5 years.  She took me to her favorite store where she bought Christmas ornaments every year.  We decided we had to go there this Christmas.  We had a great time... and as we always did we emailed when we got home to let each other know we were safe...

Good Night Queenie... Sleep well,

Hugs,

Beach Gurl

Laurie and I met  Marlene Bridges  and  Lynda Eisenmann  at the AR event in Long Beach.   The four of us became great friends and have shared birthdays and special dinners over the years. 

 On September 9, 2010 from 5-8 ...we will be saying Good-Bye to Laurie at Parker's Light House in Long Beach.  We will have a celebration of her life on the patio.   Laurie loved this beautiful restaurant on the shoreline in Long Beach. 

  We will be setting up a Laurial Manny Memorial Fund where you can send a donation in lieu of flowers if you are thinking of sending something to her service in NY.   I will be posting new information soon on both AR and her FB page

A few weeks ago I ordered some patio furniture from Costco.  The order form said it could take 4-6 weeks to arrive which meant that I probably wouldn't get the patio furniture until mid to late August.  Two weeks ago I received a note  from Costco telling me my order had arrived and would be delivered within a few days.  I was excited that I would get the furniture in time for summer!

Unfortunately the carrier who was going to deliver the furniture had a few issues and a lot of reasons why they were unable to deliver the furniture.  After 12 days of excuses and no furniture I called Costco.  The furniture was delivered the next day!

I asked the delivery folks if they had heard from Costco and they told me they had received a not so subtle call that the furniture was to be delivered now or else they would be jeopardizing their relationship with the company.

You may wonder what this has to do with real estate and the answer is simple... customer service... or in the case of the delivery company no customer service.  I was Costco's customer and they made sure I received the service they promised.

Too often agents promise service but don't follow through on that promise.   They are very cavalier with their clients and their fellow agents.  Too often they make excuses instead of delivering results.

That's why I want to be like Costco.  I want my clients to know that I will always be their advocate. if something isn't right I will do my best to make it right.  I will be sure they receive the best possible customer service.  I will answer my phone.  If you have to leave a message I will get back to you as quickly as possible...whether you are a client, another agent or someone looking for information.  I will check my email on a continuing basis all day. I will respond to your requests for information with a quick note immediately and more detailed information later. 

Too often we forget that good service usually doesn't take a lot of time.  Good service is being aware of your client's needs and doing your best to make sure they get what they need when they need it.  Providing good customer service is one of the best ways to insure you will always have clients!

The Top 12 Women Real Estate Bloggers of 2009

In 2006 Joe Ferrara and Rudy Bachraty , when blogging was just beginning, decided to name the Top 10 Women Real Estate Bloggers for 2006.  In 2007  and 2008 the list grew to 12 Women.  These women are chosen from all over the United States.  It is an amazing honor to be part of this special group of women.

This year I am so excited to be among the 12 Top Women Real Estate Bloggers in the United States.   Truthfully, I am still stunned and thrilled to be chosen along with  these 11  amazing Women Real Estate Bloggers:


Colleen Kulikowski Buffalo New York 

 
Mary Pope-Handy in the Silicon Valley

 Dru Bloomfield from Scottsdale AZ

 Diane Guercio founder of The TwitterQueens,

Amy Chorew truly a Tech Queen

 Jessica Riffle Edwards from Wilmington North Carolina

Susie Blackmon another North Carolina blogger with some great insights

Elaine Reese from Central Ohio has lots of sweet information

 Gena Riede  The Sacramento  Real Estate Voice of experience, 

Kim Wood from Philadelphia loves photography,

 Monika McGillicuddy from New Hampshire has amazing photos.

 
Kaye Thomas  Manhattan Beach CA

My first blog post on AR was in the fall of 2006.  I had no idea what I was doing but I loved the concept of blogging... being able to share information with people looking for real estate in the Beach Cities made lots of sense.     Over the next year I read as many blogs as I could and learned a lot efrom all the fabulous folks at Active Rain. 

 I am fortunate to be friends with many of these women and know others by their wonderful blogs.  All of us are actively working in some part of the real estate market. Most of us are actively engaged in sales while others are finding ways to make real estate more user friendly for both consumers and agents.  Blogging has allowed us to be more interactive  within  our communities and offer consumers a more intimate view of our local real estate markets.

 Last week those in the know seemed to be saying that the recession was over. The  LA Times cheered that Southern California's Vital Signs are Improving  and the Southern California housing market was about to hit bottom.    But toward the end of the week the news was not quite as good with state unemployment numbers reaching  above 12% and a few economists hedging their bets.  Irwin Kellner from Money Watch  theorizes that maybe  it ain't over til it's over and  I think I agree with him.   Much as I would love to see our Beach Cities real estate market stabilize I'm having a hard time believing that the real estate market in California has reached the bottom with such a high unemployment rate and the state in so much financial turmoil.  Employment and financing are going to be major issues that must be resolved before we begin to see a return of a normal market


This real estate market is different then previous markets and consequently may be harder to call. I suspect that we will see the home market bottom by city and sub areas within each city.   As an example I think that we may have seen the bottom  in  February of this year  for  the lowest  priced single family homes in Manhattan Beach ( $750,000 or less), Hermosa Beach ( $700,000 or less) N. Redondo ( $600,000 or less), S. Redondo( $700,000 or less) and El Segundo ( $650,000 or less).  We may also  be nearing  the bottom for entry level townhomes/condos in the Beach Cities.   I think we will  see properties priced  in Manhattan and Hermosa  from $800,000-$1M  reach their lowest level by the end of the year.  The rest of the markets will  level at different times over the coming year.   I also think that reaching the end of the market will not signal an uptick in prices. Most price points will remain flat with the exception of Strand and  walk street  properties near the Strand  which seem to have a life of their own even in a down market.

<<<CONTINUE>>>

Last week Curbed LA  pondered that real estate may be on the way to boring.    They wondered  if our local real estate markets have lost the frenzy we have all come to associate with buying and selling real estate in Southern California.

However if the 24 folks who made offers on 1708 Magnolia in East Manhattan Beach  last week are any indication... we have not reached boring.   The home was listed for $699,000 and drew big crowds.  The accepted offer was about $825,000 for a 3 bedroom+ den,  1 bath home with 1236 sq ft home on a 4870 sq ft lot that needed upgrading.  A few days later  1509 Manzanita  a 3 bedroom 1 bath 1098 sq ft home also needing updates on a 5247 sq ft lot  in Liberty Village  saw a quick sale.  Originally listed for $749,000 this one appears to have accepted an offer at $799,000.

Of course the real excitement will occur when these homes are appraised. That is the cliff hanger as the loans on both these homes fall under conventional guidelines and therefore will be subject to the appraisal rules under Fannie Mae and Freddie Mac guidelines.

<<<Continued>>>

Fun Christmas and Holiday things to do in the South Bay Beach Cities

It's that special time of year..... we put lights on houses .... ornaments on trees..... and little kids know that magic is real. I love the Holiday Season..... Many homeowners in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo do some fabulous light displays and Christmas/Holiday decorations. El Segundo has a whole neighborhood of homes that bring visitors from near and far to see the wonderful winter wonderland displays... even in 75° weather.

Santa seems to find a way to visit every home... on every street... in every neighborhood in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo right up to Christmas Eve. We have Tree lighting and Pier lighting in our communities. Don't miss the El Segundo Holiday Parade... it's just so much fun.

Our little Beach towns have retained their unique Holiday traditions. If you want to know what's happening in the Beach Cities during the Holidays... just scroll down and you will find the major activities for Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo. It's a wonderful time of year... Oh and be sure to stop by the Gift Wrap in the Manhattan Mall... I'll be there .. so stop and say Hello..

For a complete list of events by city <<<CONTINUE>>>

Yesterday there was a rather interesting article in the LA Times written by Brent T Wright,  a  law school professor at the University of Arizona.   Professor Wright is advocating that homeowners should just walk away from their homes if they owe more then the current value of the home.  He is not talking about people who have lost their jobs or had major financial problems.  He is suggesting that  consumers defaulting  on a loan they can pay is  not wrong but simply acting in your own self interest.  Phooey!

Not only is the professor advocating that folks walk away,  he also thinks they should  buy big ticket items  like a new car or even another home prior to defaulting.  He finds this to be prudent money management.  I think he is just one more jerk who thinks it's OK to stick it to the taxpayer.  That's right folks it isn't the banks who pay the price when this happens... it is you and me... the taxpayer  who ultimately takes the hit.

I'm guessing it has escaped the good professor's attention that banks rarely pay for their mistakes. Rather it is the consumer who gets hit every time someone defaults on loan.  We are the ones ultimately paying  the costs for TARP and to keep Fannie and Freddie solvent.   It is the consumer who pays the price when banks lose money.

I know of a couple of homes in the Beach Cities where the former owners did as the professor has suggested.  They borrowed as much as they could, bought new toys and new homes out of the area and then stopped making payments to the bank.   The lenders " lost"  hundred of thousands of dollars on these properties but  most of the loss will be made up by the bank charging higher fees on everything from accessing an ATM machine to rates for new loans .. oh and paying very low interest rates for folks who are trying to put a little aside for a rainy day.

There are banks that  go under, but they usually get picked up at bargain price by a new company and are  often financed by the Federal government... otherwise known as you and me.   So while I don't begrudge Professor Wright his opinion.... I would feel  far more comfortable if he was picking up the tab with his own money rather then mine when he tells folks it is OK skip out on their obligations.

South Bay-Beach Cities.. some thoughts on where real estate prices headed for the second half of 2009....



Sometimes when I get caught up in my geeky statistical mode I'm not quite sure where the numbers will take me. Over the last week or so I've been posting information on home sales in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo for the period January-June 2000-2009. My original intent was to stick with the year over year figures for January-June 2007-2009. I soon realized that I needed to go back further to get a better picture of market trends.


While those numbers were interesting and showed definite changes in the market, there was still something nagging me about the market. My focus became a bit clearer after I posted the stats for July 2009 in the Beach Cities. The overall trend was very clear... inventory is down, sale volume is up a bit and prices are significantly lower in all the Beach Cities. But there is more then that happening in our local market.


Reviewing the numbers it is easy to see that sales volume peaked for homes sold in Manhattan, Hermosa and North Redondo in 2002. However in El Segundo it peaked in 2001 and in South Redondo it was 2000. Using median sale prices it looks as if home prices peaked in El Segundo, and North and South Redondo in 2006. In Manhattan Beach it seems to have been 2008 and in Hermosa it appears that prices are still rising into 2009. ( The numbers for Hermosa are somewhat misleading as the volume of sales was very low with some high ticket sales in the Sand and Valley sections... the July 2009 numbers seem more in line with the peak around 2006).


Currently it appears as if home prices in 2009 are hovering between 2004 and 2003 in North and South Redondo and El Segundo. In Manhattan Beach , home prices are between 2005 and 2004 levels. When you kick in July numbers Hermosa real estate prices are also around 2005 to 2004 levels. Overall median price declines for all the Beach Cities seem to be averaging somewhere between 21%-25% from their respective peaks.



So what does the future look like for home prices in the South Bay-Beach Cities? Truthfully, my crystal ball started acting funny around 2006 and has never been the same since... but my guess is that we will see prices continue to slide over the next 6-9 months. Whether the slide is large or on the small side will depend on what happens in the economy. If the economy is truly seeing a bit of light at the end of the tunnel, with the prospect of the recession winding down before the end of the year, then prices will probably not fall much more then 7%-10%. But if the recession hangs on and moves into fields occupied by upper income folks then you can expect to see home prices falling at least 10% and perhaps as much as 20%. However I don't think you are going to see the low entry level prices drop much more. I believe that end of the market in all the Beach Cities will be relatively flat with the possible exception of older North Redondo townhomes that were built in the late '70's and early '80's.


Here's what I'm seeing... Banks are getting very tough not only on standards for a borrower but also on the appraised value assigned to the property purchase. Fewer comps in the higher end of the market means lower appraised values, which translates to unhappy buyers and sellers and deals that fall apart. It also translates to overall lower comparable sales or sliding prices. Sellers can't throw out a number they "want" or "need" and expect buyers or appraisers to go along without supporting data.


Buyers are not only being very choosy about condition and location but they are sticking to their guns about price. They have the luxury of time on their side and will walk from a property they feel is overpriced if the seller refuses to negotiate. On the other hand they will often bid higher on one they deem to be undervalued if there is a multiple offer situation. However they won't be stampeded into a purchase if they suspect they are being manipulated by a seller. All of these conditions happening together are part of the forces that are pushing prices lower.


I believe home prices over the $2M in the Beach Cities are going to start moving downward. Historically this area of the market has been very sticky as sellers don't necessarily "have" to sell. They can hold out for a higher price even though other sectors of the market are moving lower. We have a low rate of unemployment in the Beach Cities compared to other parts of the state. However in the last few months I'm seeing a number of buyers leaving the market because they have either lost their jobs or are concerned that they might. Many who own their own businesses are paring down as their companies struggle in the current economic malaise. Real Estate is not a oneway street and if buyers are having these issues, you can bet there are a number of homeowners who are also facing uncertain economic times. If we begin to see more upper income folks in trouble then we can expect to see prices drop as many scramble to get out from under and maybe take a little cash with them. Lack of security is a great motivator even for the upper income set.


Foreclosures have not been a significant part of our market but you may see that change. Most of the homeowners in the South Bay-Beach Cities have managed to weather the current financial storm. However if the recession starts to affect the middle-upper income segment of the market then you can expect to see more foreclosures and short sales in the Beach Cities. These lower priced sales in turn lower overall prices for those who may not be in financial trouble. If we suddenly see a spate of foreclosures and/or a dramatic increase in short sales you will see a corresponding drop in prices. The Beach Cities are considered to be a declining market and appraisers don't care if the sale is a short sale, a foreclosure or regular sale when looking at sold comps... a sale is a sale.



On the bright side rates will probably continue to be low through the Spring. If prices continue to slide into the fall and winter, buyers just might get some pretty good deals before the end of the year. As a number of buyers found out this Spring that some of the best deals happened in the 4th quarter of last year and January and February of this year.



If you own your home and need to refinance I know BofA and very likely other lenders will have some new programs that might finally help folks who need to refinance. If you need to refinance call a reputable lender now. The FEDS have a number of programs that might actually be of help.