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The End of Real Estate As We Know It?

By Norma Toering Broker for Palos Verdes and Beach Cities

Real Estate Broker/Owner with Charlemagne International Properties BRE# 01147470

February 09, 2009 10:07 AM

I plan a perfect day every day. I am not sure I have ever lived a perfect day, but some have come close and that's good enough for me. Today, I started the day with yoga and progressed to the computer to do my motivational reading for the day. Off to a pretty perfect start.

Next, I bounced from site to site catching up on news and real estate related articles. Ouch, some of those were really painful. The luxury market is flat-lining, first time buyers are begging for down payments from relatives and friends. The middle class buyers are losing jobs, followed by their houses, at an alarming rate. So who is selling and who is buying?

In my market more and more senior citizens are placing their home on the market and moving forward with retirement and down-sizing. Many of them have owned their home for twenty to thirty years and have used it as shelter, not a bank, and therefore have built a sizable nest egg. Retirement homes in Arizona, the California desert and other choice retirement destinations have declined in value and present some fabulous buying opportunities. As one senior said, "I can't place my life on hold while I wait for this market to recover." Smart woman.

This is a time of change, but it is also a time of opportunity.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.

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Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Mary - Thanks for the compliment on the post and yes, she does look like a good-time gal!

Feb 09, 2009 10:20 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Kristi -- Funny how opportunity and cash often appear in the same sentence.....

Feb 09, 2009 10:22 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

John, Glad to be of service, and good luck with the seniors in your market.

Feb 09, 2009 10:23 AM

Colleen Fischesser Northwest Property Shop

NextHome Experience - Chelan, WA

A Tradition of Trust in the Pacific NW since 1990!

I love the senior's quote! We're starting to see the first timers coming back into the market. But beyond that we're still pretty slow.

Feb 09, 2009 10:53 AM

Jenn Neumann Deer

RE/MAX Southern Shores - Surfside Beach, SC

Surfside Beach Real Estate

Great post! It is so true that it is a great time of opportunity, we just need to get more buyers and sellers to see it that way. The area I live and work in is agrowing resort town so many people bought second homes or investment property within the last few years and so we are seeing quite an increase in short sales and foreclosures. Great opportunity for those who can buy now!

Feb 09, 2009 10:57 AM

Kathy Kooyman

Home Realty - Pella, IA

I have a beautiful home listed at $319,000 and assessed at $447,000. I keep telling everyone, one of these days we will all be saying would have, could have should have. I fall into the wish I could category. What a great buy, unfortunately most of the other people are in the same category as I am.

Feb 09, 2009 11:44 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Cool little old lady, Norma! Were'd she find that hat?

Feb 09, 2009 02:18 PM

Annie Pinsker-Brown

Stage to Sell - LA Home Staging - Los Angeles, CA

Stage to Sell, Los Angeles Home Stager

Very true Norma. I am doing a seminar at the Culver City Senior Center at the end of this month to help seniors prepare their homes for sale so they can get ready to move to a retirement community or assisted living. I find it very rewarding working with that demographic.

Feb 09, 2009 03:47 PM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Annie -- That's a wonderful service for the seniors--with a lifetime of possessions to sort through, selling a house can be overwhelming. I'm sure your seminar will be well received.

Feb 10, 2009 12:25 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Colleen - Identifying the activity pockets of this market is essential, and Palos Verdes has a large senior population. I'm not surprised your area has many first time buyers.

Feb 10, 2009 12:28 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Jenn & Kathy - The opportunities are there for those willing and able to purchase. This market needs a dose of consumer confidence and more funds to flow to mortgages.

Feb 10, 2009 12:31 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Patricia - Probably in her closet--she wears it well!

Feb 10, 2009 12:32 AM

Richard Stabile

Re/Max Real Estate Limited - Oradell, NJ

Bergen County New Homes Builder Realtor

If we don't catch on we are lost. The real estate market and all markets are always changing. We must change with it or vanish from it, wilt.

The faster you see trends the better.

Richard

Feb 10, 2009 12:53 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Richard -- Seeing the trend early is key. Emerging trends I see are smaller homes closer to work, prefab homes that are greener and second homes (prefab too) within 4 hours of the primary residence. As a builder/real estate agent, I would like to have your input on emerging trends.

Feb 10, 2009 02:39 AM

Sharon Richards

Kirsten Realty Tampa Florida - Tampa, FL

Norma - I know the news is so depressing, but people are still moving, selling and buying. What I see is different in Real Estate is a large inventory of short sales and REO's

Feb 10, 2009 01:56 PM

Mary Strang

Viroqua, WI

Norma you summed it up well for seniors it is a great time to get a buy in a warmer climate than were I live. I am seeing home buying based only on need in my area; not seeing any upgrading going on. I guess I have to say the home builders are who are hurting most.

Feb 10, 2009 11:26 PM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Sharon - You're right, the number of short sale and REO properties have altered the real estate landscape. It will be another interesting year.

Feb 11, 2009 12:06 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Mary - I recently spoke with a high-end builder/developer and he slashed millions of dollars off his asking price and there are still no buyers.

Where there is distress, there is also opportunity. There will be some once in a lifetime buys along the California coast this year.

Feb 11, 2009 12:09 AM

Charles Fischer

Housing Market Realty - Merritt Island, FL

Professional Real Estate Services

Norma:

thanks for the perspcetive. Actually my Mom wants to sell her condo and I have been trying to convince her to sell. After reading your blog, I am y reconsidering my perspective. Its NOT all about the money!

Feb 12, 2009 09:24 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Charles -- Sometimes moving forward is more important than waiting for the perfect price.

Feb 12, 2009 11:49 AM