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Playa Vista, CA Market Report for February 2009
Well here we are February 2009 is in the history books. So let’s see how it fared compared to January as well as last year. The Active inventory has had a slight up tick, compared to the previous month. Currently there are 55 Active Listings compared to 51 Active Listings in January. I consider this interesting, since it is a 9% increase. Some would consider it insignificant. To put it in a different perspective, if your income would increase by 9% then I am sure you would consider that significant.(see last months Market Report http://activerain.com/blogsview/917511/Playa-Vista-CA-Market-Report-for-January-2009 ) Now let us look at the number of properties that are in Escrow: There are 4 accepting back up offers vs. last month there were 2 that were accepting back up offers. Let us look at how many properties are there that were Pending last month vs. this month. There were 3 Pending last month and this month 10 Pending. This is truly amazing. I did not expect these figures. This is a pleasant surprise. What a large increase in the activity. Now I could hardly wait to find out how the sales fared. Actual Closings were unchanged. Three properties Sold in January and three properties Sold in February. The only thing I can say is not bad for a short month. If there is any indication of the Pending Properties looks like March will be an interesting month. Should you like sales information/data about any other part of Los Angeles, please feel free to contact me directly. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at https://www.endrebarath.com ...
read moreClarifying the $8000 Tax Credit for First Time Home Buyers
I feel the need to try to clarify the new $8000 Tax Credit for First Time home buyers. As I was chatting with my Accountant today we started talking about the New and Exiting incentive to get first time buyers into the real estate market. As we were discussing the benefits we had a few questions that we could not answer: Why did the politicians pick a date of December 1, 2009 vs. the end of the year? Does the December 1, 2009 date mean Opening of Escrow? Or does it mean the sale must close by December 1, 2009? Now I must admit we were both confused and did not have a clear answer. He is an Accountant and I am Realtor. If we are not clear, then what about the first time home buyer? I promised him I will get to the bottom of it relatively quickly, before too many people will be approaching us and we do not want to (a) not have the answer or (b) give the wrong answer. The good news is we will have the answer soon. Now to the points that we do have answers to I would like to summarize it here. Refund: The Refund is equal to 10% of the Purchase Price up to a maximum of $8000.This credit is refundable, in other words. If you file your taxes, you will see a refund of the full $8,000 even if your total tax bill – the amount of withholding that you paid during the year- was less than that amount. Purchase Date: To qualify for the credit, the purchase must be made between January 1, 2009 and December 1, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house as their primary residence for at least three years, or they will be obligated to re-pay the tax credit. Applying for the Credit: Applying for the credit will be relatively easy. All you have to do is claim it on your tax return. No other forms have to be filed. Taxpayers who have already completed their returns can file an amended return for 2008 to claim the credit. This does not have to be repaid to the Federal Government. Income: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) If you have any questions reference this subject feel free to contact me directly. I Hope this helped clarify a bit the confusion that exists out there about this $8000 provision. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at...
read moreDo you have a Gold Star?Do you know what it means?
I just had to make a comment. I was looking at someone who just made a comment on one of my posts and saw he had a “gold star” then I looked wow, I have one too. Now I started looking at posts. No one made a post or comment. So this must be the newest addition. Normally I am always the last to notice these things. I love it. So I went and looked some more. We as last resort I put the cursor on it. Long and behold it tells you that you have or had a ‘featured post’ how cool is that. After further investigation, I see that some people had more then ‘one featured post’ this is so cool. Now I want to strive and have more then one inside my Gold Star. I know deep down this will not last, soon there will be “Platinum Stars”, “Silver Stars” and I do not want to be left behind. So with that, I have to run and get back to Real...
read moreThe Getty Villa in Malibu a Must See Destination! It’s Free!
As If you are driving on the Pacific Coast Highway from Santa Monica heading north the first prominent Landmark you see is this great Villa on a high promontory. Oil magnate J. Paul Getty had his ranch house on this bluff overlooking the Pacific. This Malibu Villa was modeled after Villa dei Papiri in Italy. If you are visiting Southern California and are heading out to Malibu to see the beautiful coast, I suggest you take time out from site seeing and drop in to the Getty Villa. If you are a local resident and have not been there due to the “remodeling” you have no excuse. They finished it two years ago. The Villa is perched on top of a hill, so if you came to see Malibu what better place, then from the Villa. If one of the richest men who ever lived felt this was a great place to build a home, I am sure you will not be disappointed by the view. The best part is, in today’s economic tightening of the purses, this place is absolutely free. No admission is charged, nor do they charge for parking. All you have to do is call ahead, since it is a small parking lot (310.458.2003) or make your reservation on line http://www.museumtix.com Hours of operations are: Thursday through Monday 10:00 am to 5:00 pm. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at https://www.endrebarath.com ...
read moreFoster Parents Needed for Kittens and Puppies!
Become a Foster “Parent” or also known as “caretaker’ of Under-Age Kittens or Puppies! Most people know and are aware, that loving homes are needed for animals waiting to be adopted at the Los Angeles City’s animal care centers. But what about kittens and puppies that are too young to even be adopted? That is where foster caretakers come into playing a major and very valuable role. Then L.A. Animal Services needs people willing to become “foster parents” and take care of newly born kittens and puppies that are highly vulnerable and need special care and feeding, until they are old enough to be adopted. For more information, call (888) 452-7381 or visit www.LAAnimalServices.com . Have a Heart and help out NOW! Thank you and all the kittens and puppies thank you as well! If you can not do that, then please give a donation to one of the Reputable 501c Rescue Organizations such as www.TheLangeFoundation.com or www.therescuetrain.org If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at...
read morePlaya Vista, CA Market Report, for January 2009
One of my clients asked why I have not been providing Market Reports for the Playa Vista community. I explained that there has been another agent who has been doing that. My client informed me that this person has not done it in three months or longer. Hence, since there is a need, let me provide it. By the way if you are interested in Market Data for any other area, feel free to contact me directly and I will be more then happy to provide it for you. For January 2009 there were 51 Active Listings on the market in this semi private community. Two (2) properties are in Escrow and the buyer has not removed the contingencies yet. There are three (3) properties that are in solid escrow. As well as the most valuable data is three (3) properties sold in January of this year. This all seems like a market snap shot, so what I would like to do is frame this in relation to 2008 as well as 2007. The 2008 figure is not much different then the 2009, in January 2008 four (4) properties sold. The data is interesting, that everywhere in 2007 near by, there was a much larger volume of sales. So let’s see how Playa Vista fared. Interestingly there were six (6) sales in January of 2007. So you are wondering why there is such a minor difference. This is a planned community, the first one in fifty years in Los Angeles proper. Not everyone is attracted to such a community, as well as there is an additional cost that you have to pay above and beyond the community fees, that is for the infrastructure such as roads, sewer system etc. So not every one can or wants to pay for that. I love this community, since it was planned out so well. See my post about the Parks (Playa Vista ,CA. Parks Part #1). So in conclusion starting today, I will provide you with monthly Market data as well as an annual summary for Playa Vista. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at https://www.endrebarath.com ...
read moreHas anyone heard of Private National Mortgage Acceptance Company, LLC (PNMAC) also known as “Penny Mac”?
Has anyone heard or seen this new Mortgage Company called Penny Mac? Well interestingly enough it was formed by the ex-Countrywide CEO Stanford L. Kurland. If you think that is interesting, it is even more interesting the company is based in Calabasas, CA. Countrywide’s old headquarters was in Calabasas, CA as well. He left Countrywide in 2006, he knew what was about to occur, unlike the rest of the Financial Community. Now he knows again, the former president and chief operating officer of Countrywide Financial Corp. is running a new mortgage company that acquired distressed mortgages from non other then Countrywide. He is the chief executive officer of Penny Mac. This is the same person who spent three decades with Countrywide in a number of high level executive positions. How brilliant, he knows, that Bank of America, (who acquired Countrywide) lost about $1.6 billion in the last few months of 2007 and about $4 billion in 2008, needs help. Penny Mac will raise capital from private investors, acquire loans from financial institutions and basically buy distressed loans and properties for Pennies on the Dollar. So let me illustrate this with an example: if a Property was worth $1million in 2006, then in 2008 it was only worth $800,000 the loan on it was $900,000 (the borrower put down 10%), now Penny Mac will buy it for sake of illustration for $300,000, since the financial institutions seek to reduce their mortgage exposures. Then Penny Mac turns around and sells the property for sake of illustration for $500,000 fast, solid sale, since in 2009 the property is still worth around $750,000. This creates a value for the borrowers and the investors as well. Penny Mac’s profits are $200,000 and the new buyer bought a property around $250,000 under value. Everyone is a winner. No wonder Laurence D Fink, of BlackRock and Jonathon S Jacobson of Highfields Capital are singing praises of Penny Mac, they are the strategic partners in this venture. My point to this is, the ‘smart big boys’ are buying. Why? They know it is time to buy. Too bad the first time buyers, the paranoid buyers, the paralyzed buyers, the ones who have been brain washed by the news media’s barrage of bad news and by the politician i.e.: the destroyers of consumer confidence, they are not buying. Hence they will be left behind again. Instead of worrying and asking is this the bottom of the Real Estate Market? They should be reading what is going on in the background. Penny Mac was formed in March of 2008. They set up and have been working in the background now for about nine months. So my message to the fence sitting buyers is, it is time to get off the fence and if you want to sit around the fire place in a few years to tell stories that you bought were lucky to buy at the bottom of the market like your parents in the 80’s and your great grand parents in the 30’s, it was because your Realtor showed you the Proof and you were wise enough to listen to him or her. If you are a consumer who is considering buying or selling a home,investment real estate, vacation homes, or beach properties in Southern California, Los Angeles,...
read moreMarina Del Rey Condominium Market Report for January 2009
I have been monitoring the Marina Del Rey Condominium Sales activity for quite some time. I have been receiving requests from buyers and sellers to give a year to year comparison of these statistics. Here is a New Year, a new President, so here we go; this is my first Market Report for Marina Del Rey Condominiums. This will be a monthly report with a year end summary. Therefore instead of just giving a snap shot of the Market I would like to frame the current Activity in relationship to the past two year. For the month of January 2007 there were 16 Condominiums that sold in Marina Del Rey. For the month of January 2008, there were 12 Condominiums, which sold in Marina Del Rey. Now before I give the 2009 figures I would like to bring to every one’s attention. That we had a tightening of credit, a severe economic downturn which has led to record job losses, making it difficult or impossible buyers to step into the dwindling pool of potential buyers of real estate. Consumer confidence has been at an all time low. For the month of January 2009, there are 180 Active Condominiums on the Market. In addition 11 Condominiums are in Escrow where the buyers have not removed their contingencies and there are 11 in Escrow that appear to be solid. 10 Condominiums were sold this January. Evidently the euphoria of the New Political momentum has not translated into a solid Consumer Confidence yet. Today there are fantastic opportunities out there to choose from, negotiate and Buy a home. Interest rates are at a forty year low, inventory is at about an eight month level and there are many nervous sellers willing to negotiate. This Translates to fantastic Buying Opportunities. If you are a consumer who is considering buying or selling a home,investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood,Beverly Hills,Culver City,Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at...
read moreCentury City Condominium Market Report for January 2009
I have been monitoring the Century City Condominium Sales activity for quite some time, but I chose not to publish it previously. I have been receiving requests from buyers and sellers to give these statistics. Here is a New Year, a new President, so here we go this is my first Market Report for Century City/ Westwood Condominiums. This will be a monthly report with a year end summary. Instead of just giving a snap shot of the Market I would like to frame the current Activity in relationship to the past two year. For the month of January 2007 there were 44 Condominiums that sold in Century City/Westwood area. For the month of January 2008, there were 21 Condominiums, which sold in Century City/Westwood area. Now before I give the 2009 figures I would like to bring to every one’s attention. That we had a tightening of credit, a severe economic downturn which has led to record job losses, making it difficult or impossible buyers to step into the dwindling pool of potential buyers of real estate. Consumer confidence has been at an all time low. For the month of January 2009, there are 289 Active Condominiums on the Market.14 are in Escrow where the buyers have not removed their contingencies and there are 35 in Escrow that appear to be solid. 13 Condominiums were sold this January. Evidently the euphoria of the New Political momentum has not translated into a solid Consumer Confidence yet. Neverthe less, today there are fantastic opportunities out there to Choose, Negotiate and Buy a home. Interest rates are at a forty year low, inventory is at about an eight month level and there are many nervous sellers willing to negotiate. This Translates to fantastic Buying Opportunities. If you are a consumer who is considering buying or selling a home,investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood,Beverly Hills,Culver City,Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at https://www.endrebarath.com...
read moreDo you know who the White House Decorator is? The answer is: Santa Monica, California’s own Michael S Smith.
We are living in a Recessionary Period, the Major Lending Institution, Automaker, overall the entire country and the rest of the world is struggling to stay financially solvent. We have a new president who is focused on trying to make a major turn around in the Housing Market, Healthcare, and Education…you name the subject. Last week the White House appointed Michael S. Smith to decorate the living quarters of the First Family. This has generated analysis by the Washington Post, CNN and then a delayed analysis by the Los Angeles Times. What will be done? Will there be a toned down Green or should I say Earth friendly form of decorating going on? Will it be classic or will it be modern? Will it be extravagant? Different Designers have given their input to the Media, but only one man really knows. That man is Michael S Smith. According to his own biography, he is 44 years old and considered one of the design industry’s more respected talents with an international profile of residential and commercial clients. He has been characterized as a delicate blend of “European tradition and American modernism”. Michael S Smith has two books that could give us an indication of what might be coming our way of what the White House will look like: Elements of Style (2007) and Houses (2008). He has many prestigious awards on his mantel such as Architectural Digest’s “The AD 100” and Los Angeles Pacific Design Center’s West Week “Stars of Design” to name a few. His website shows on his Portfolio two Malibu Beach Homes, a Bel Air Estate, and a New York High Rise Apt to mention a few. All indication is that money was no object in decorating these sample homes. Michael S Smith, Inc. also consists of Jasper Furniture, Jasper Fabrics and Signature Lines to name a few subsidiaries. Everything I see is style and comfort, which is being mentioned in his books as well as on his website. What I do not see is,what kind of budget is he working with? I know he is not doing it Pro Bono, even though he could, after all every affluent person in the US and the World will want to have him decorate their home. After all, he did the President of The United States’ Digs. Let’s hope that he will be fiscally conservative with our Tax Dollars. If you are a consumer who is considering buying or selling a home,investment real estate, vacation homes, or beach properties in Southern California, Los Angeles,Beverly Hills,Culver City,Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at...
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