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Marina Del Rey Real Estate Market Report #5 (December2008)
Well here we are 2008 is in the history books now. Last night as I stopped in to visit one of my clients to wish them a prosperous New Year, they informed me, that we even “added an extra second” to 2008. I am sure it did not help with last years numbers. As promised last month, I will do the Market Report in two parts. Part I: the statistics for December and Part II will be a comparison of 2007 vs. 2008 numbers. Part II is more an analysis and clarification of Fact vs. Fiction. Too many people have been giving analysis without facts and statistics in this past year. So let us see the real numbers. Marina Del Rey Condominium Market Report Part I (December 2008): There are 180 Condominiums on the Market for Sale as of today. There are 17 Condominiums that are in Escrow as of today and 7 have not removed their contingencies. It should be interesting to see how many of these will close in January 2009. 12 Condominiums Sold in the month of December. The most expensive sale was $1,500,000. The least expensive sale was $445,000. If we compare November’s Statistics there was a 10 per cent drop in the Active on the Market inventory. As well as a 7 per cent drop in what is in Escrow. The Sales numbers had a 6.6% drop as well. With having a short work month in comparison to November And the focus being on the Holidays I see this as quite a productive month, in spite of all the doom and gloom information out there. I hope these numbers will be of value and interest to all my readers. I would like to wish everyone a Happy, Safe and Prosperous New Year. 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 https://www.endrebarath.com ...
read moreBreaking News: Buyers can afford Real Estate in Southern California again!
As the year is coming to a close, we need to reflect of what is going on currently in the Real Estate market in Southern California. Looking at the current state, price of homes are down anywhere from 20% to 45% depending which Micro Market area you are looking at compared to 2007 prices. As a consumer you should be jumping from joy, that you have the opportunity to step into the Southern California’s Real Estate Market. Interest rates are hovering around 4.5% – 6% depending on the size of the loan and your credit worthiness. Again as a buyer this should make you salivate from joy either you can get more for your money or it will cost less to buy what you want. Inventory is up so you have a better selection as a buyer. This is fantastic, you can go home, ask your Realtor to do the research for the comparables. As a consumer you can think about the largest financial decision, you do not need to write the offer on top of the hood of your Realtor’s car. Here is your opportunity to get into that neighborhood you have been dreaming about for the past five years. The best part is you are not competing with ten other buyers trying to outbid each other to get this home. There are fewer buyers out there; hence you can even negotiate on the existing asking price. This is a win-win situation being a buyer today. There is a new Administration and a new Stimulus package around the corner. Here is your opportunity to protect your financial well being. Everyday I read something about how emotional the stock market is, as well as new scam artists stealing your hard earned moneys. Logic, Reason, Commonsense tells you to step into the Real Estate Market and buy, but you lack the confidence. My advice is step out of the ‘Herd Mentality’ of Real Estate buying. Do not wait until prices are going to start climbing again and you will miss out on such a great opportunity. Get your Confidence back and buy while you can still negotiate such fantastic price in great locations. 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 https://www.endrebarath.com...
read moreWhat is a GSE and why do you as a Consumer, Realtor and Mortgage Broker should care what they are doing?
I was reading, recently in one of my internet browsing, that the GSE’s are considering allowing some borrower to refinance without the use of an updated appraisal. WOW, that has scared the daylights out of me. So if you do not know what a GSE is let me explain. They are a hybrid form of a Corporation, designed to take privately provided capital to develop public missions. That means they do not use any tax payer money, nor do they have government guarantees to their securities. They surfaced in 2003 and 2004 on the radar screen, for being in the news for various financial irregularities such as how they raise private capital and how they do their accounting. (I could write a book vs. a post about that).Fannie Mae(FNMA) and Freddie Mac(FHLMC) own upwards of 70% of all the residential mortgage loans in the US. They are GSE’s. As we all know what happened to them. So getting back the old adage: “…why should another appraiser get paid for a current opinion of value…Have we forgotten or can we not recall the Savings and Loan Crisis? If a lender has the loan why should it be automatically refinanced without an appraisal? Let us think about that, what has been going on all over the country price depreciation anywhere from 10% to 40% depending on the micro market. At the minimum if we do not take this into consideration, what if the condition of the property has changed? Would you as a lender like to know that? Seems to me we are setting ourselves up for the next Financial Crisis. Basically HUD (the US Department of Housing and Urban Development) has allowed “streamlined refinancing” i.e.: without an appraisal on FHA loans since the early 1980’s. This is according to their publication on it is on department’s Web Page. Basically in their haste to make it easier for borrowers to refinance in various situations, they are prepared to throw safety and common sense aside. This is what happened recently in the haste to allow people loans that should never have gotten loans the GSE’s are about to create the next mortgage crisis. So what do you think? I am asking as a concerned Taxpayer and Realtor are we going to allow the seeds of a future mortgage crisis to be planted today? Seems to me we will never learn. 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 https://www.endrebarath.com ...
read moreA Developer with a vision calls for razing the Century Plaza Hotel, what was he Thinking?
As I was reading today’s LA Times (business section dated December 18,2008) I was just amazed at the brilliant move of Real Estate developer Michael Rosenfeld. The RE Market is in a downturn and more then likely at the bottom, he in turn is Planning to demolish the Century Plaza Hotel and develop in it’s place two 50-story towers, with a pedestrian- friendly area. The Design he envisions, has rows of trees, pedestrian walkways which would connect the new housing and an expanded Century City shopping center. There would be new trendy restaurants office areas and of course super luxury Condominiums. The trend has been started already. ( please read my post about : Do you think the Real Estate market is bad, look at ‘The Century” in Century City,CA) In this soft economy, he can get the politicians to back the concept, since they need revenues, such as building permits, taxes and favors to call in later. The mayor and the councilman both showed positive commentaries for the project. Then Rosenfeld will not only generate income to the city, but will provide employment opportunities for many people who are involved with such a Mega Project. The beauty of this concept is, that he can get it done relatively inexpensively, since there are little or no construction jobs available to the local tradesmen. Hence he can negotiate favorable terms for the labor as well as the materials. By the time the new Century Plaza project is completed around 2015 or so, even the most doomsday scenario supporters will agree the economy will more then likely have turned around and the Real Estate Market should be chugging along. The result will be a totally redesigned (for the good), Century City and a great profit to Rosenfeld and partners who support him emotionally and financially. Now, do not think this will be a walk in the park. He will face much opposition from the local residents of this area. Traffic will be a strong argument against it. The environmental impact of construction will be sighted. Ultimately he will prevail and another space will be created that will attract locals and tourist from all over the world alike. This will be the Rockefeller Plaza of Los Angeles. Many years later he will go down in Los Angeles history as one of the few difference makers. Let’s hope he will have the energy to continue with the difficult challenges he will encounter. 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 https://www.endrebarath.com...
read moreFree Advice To Land Sellers: Yes you should respond to a low offer & should act like a businessman
As the land buying and selling community knows, I am one of the Top Land Listing & Selling Realtors in the greater Los Angeles area. Not trying brag, just stating facts. I have sold more vacant land from Mt. Washington to Malibu then any other Realtor in the past twelve year’s period. Selling Land in today’s Real Estate Market has its own challenges. There are fewer buyers and there are fewer lenders willing to lend on vacant land and the inventory is confusing. Too many agents are not familiar with how to properly price land, and then add to that, they know even less on how to price land in a Soft Real Estate market. With that said, I would like to let Sellers of vacant lots know: If you receive an offer, (in California that consists of approximately thirty pages including disclosures) that is not an “an insult” (if the offer is low) It is the beginning of the Sales Process. That means the Buyer felt, that it was worth his effort to spend his and his agent’s time to draft up an offer. Instead of being “insulted” the seller should be grateful, that there is a buyer willing to make an offer. One must then put emotions aside and come back with a businesslike Counter Offer (generally that is one to two pages max). If you want to sell your land that is the Least you can do is, to respond in a businesslike manner.This is the beginning of the sales process. Now the Sales Process begins, so role up your sleeves and enjoy the negotiation ride. So in conclusion, if you are a Seller, put emotions aside and act like a businessman if you want to sell your Land and respond to all offers. If not then please take back the Listing and do not waste buyers, buyer’s agents and your listing agent’s time and his money. Rather come back in four to five years and hope, that the Building Codes have not made your lot obsolete and not sellable. Then maybe we can sell it. If the Ordinances have made your Lot worthless and not possible to build on, then remember the days you received an offer, but you were too proud to write a counter offer, and donate your worthless lot to the city so you do not have to pay taxes and brush clearance on it. That is my free advice to you. 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 homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com...
read moreFinding a Superior Home Inspector, what should his/her qualification be?
As I was reading the LA time Sunday Business Section/Real Estate Section. One question was raised in the Ask the Inspector section C (Dec 7th,’08) as to what are the qualification to find a Superior Home Inspector? Overall the “answer man” gave a ‘poor’ response. Not a “great answer”. He went on to turn on Realtors, by saying that “good” inspectors are referred to by RE Agents as “deal killers” or “deal breakers” I find this ludicrous. There are many good reputable inspectors that will take offense to this. I look at the inspectors’ job is to identify the problems and report it. If the buyer has questions to answer it in a factual manner, such as how do you correct it, how long will it be OK in this condition etc? The job is not to be dramatic; if they want to be dramatic they should take up acting and go on Broadway. I find those inspectors are the Deal Breakers, not the ones that identify the problems. What annoyed me about this article was that the “answer man” failed to tell what should their qualification be? Where should they look to double check on the inspector? What certification they should look for. Instead he recommended call up Realtors arbitrarily and ask them which inspectors are deal killers and use them. So as far as I am concerned here we go again, the LA Times putting out poor or unsupervised information to the Readership. How sad. Let me know what are your thoughts about this subject.As well as what advice do you have for the Reader with the question. 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...
read moreWhat is Speechless Sunday, wordless Wednesday and Why?
I have a question to all Active Rain members: What is this Speechless Sunday, wordless Wednesday? I am just wondering is this, because we are running out of words? Are we running out of Ideas? So in spite of the lack of flow of creative juices in our brains, instead of just sitting out we must put a post up, because we are in desperate need of the 200+ points is that what this is all about? Please educate me. If it is just about getting points with no thought process involved, then may I humbly suggest the following: What about Silent Tuesday? What about Quiet Thursday? How about Tranquil Friday? OK we will leave Saturday alone. Nay that would be to hard let’s just introduce “one word Saturday” This should help. If I am totally off base, please tell me. How did this come about? What is the history? I would like to know. I hope I am not the only one. Thank you in advance for your...
read moreDo you know the forgotten victims of the Real Estate Downturn?
The housing slump hurts more than just people. Animals suffer from the housing market downturn and current economic times too. If you happened to read the LA Times on Saturday, December 6, 2008, the Home Section (Section F) was entitled The Pet Issue. On the front page of Section F was a picture of Baldwin, a black, 1-year old Chihuahua mix currently awaiting adoption (the plight of black dogs and black cats is also addressed in this Section). Animal shelters across the nation, sadly, are filled to overcapacity, due largely in part to pet owners losing their jobs and their homes. Many animals that were once part of a loving home environment now they find themselves bewildered and scared on concrete floors in over-crowded shelter kennel runs. Many of these animals will face euthanasia. LA Animal Services recorded a 20% increase in the number of impounded dogs compared to the same period in 2007. If you are considering bringing an animal into your home by promising to make a lifetime commitment to that animal, I urge you to visit one of your local animal shelters or reputable animal rescue groups. If you are not able to adopt an animal into your home, you may want to consider donating to a reputable animal rescue organization. These organizations work tirelessly every single day to rescue as many animals as they can from the shelters and help place them in new homes. 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 https://www.endrebarath.com...
read moreWhen is it a Great Time to buy a home?
I have been talking to many prospective buyers in the past few months. There is a common question that keeps appearing: Is it a Great Time to buy a home? The hidden question is “when”. The Answer is easy: Now is a Great Time to buy a home. The way the current real estate market is, i.e.: large inventory, anxious sellers, low interest rates, motivated listing agents, it all leads back to the economy. Since sellers need to liquidate or move, to be able to make life changes, here is a great opportunity for a qualified buyer to take advantage of this opportunity in buying a home. The buyer can negotiate even a better price now, since it is December. This time of year Real Estate is traditionally slow, but sellers still want to sell, hence here is a golden opportunity to be in the market for a home. The combination of the traditionally slow winter month and the lack of consumer confidence make it a perfect combination to negotiate an excellent Deal on a Real Estate Purchase. The price of Real Estate in the Greater Los Angeles is down anywhere from 20% to 39% depending on the location. That means prices are, what you would have paid in 2004 if you could have bought it. If you are like many buyers of those days, you could not buy the home, since the properties were selling so fast and you missed out and were out priced. Now here is your chance not only to buy but to negotiate even a better price. 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...
read moreWhen you say “Culver City” what comes to mind? “The heart of Screenland”
When you say “Culver City” what comes to mind? Some people connect it with the home of Sony Pictures, the Studio. Culver City calls itself “The heart of Screenland” with good reason. How did this happen? Well, we can thank this to the Ballona Creek, Thomas Ince and Harry Culver. Harry Culver saw Thomas Ince shooting one of his famous western movies “on location” on Ballona Creek. Culver convinced Ince to move his Studio to Culver City. The rest is history. Culver Studios calls Culver City home. This Studio is known for one of the most famous epic movies that were filmed here. “Gone With The Wind” was filmed in 1939 and in those days the Studio took up a lot more space then today. In the late 1920’s you could see Joseph Kennedy and Gloria Swanson walking on the Lot. (He was one of the Studio heads and had his infamous fling with the Studio’s Leading Lady Gloria Swanson.) I could go on and on, Bette Davis, Robert Mitchum, Cary Grant, Katherine Heburn and many more. If the walls could talk… Culver City has bridges over the creek at numerous locations, Washington Boulevard, Sepulveda Boulevard and Sawtelle Boulevard to mention a few. Today it is not like the creek was in the early days. It is the largest storm drain in the Santa Monica watershed and goes all the way to the Pacific Ocean. It is not astatically pleasing and there is a movement to try to make it pleasing to the eye, with walkways, greenery and bike paths. There is a Renaissance movement to make Culver City hip and trendy. A lot of funds have been spent over the past twelve years and it shows. Here is another hidden gem on the West Side of Los Angeles. If you are thinking of moving to Los Angeles but your budget is not geared for the luxury prices of Los Angeles Real Estate Market, do not despair. Come to Culver City. If you are a consumer who is considering buying or selling 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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