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How did the Ultra Luxury Real Estate Market fare in the greater Los Angeles area in 2014?
How did the Ultra Luxury Real Estate Market fare in the greater Los Angeles area in 2014? The High End Transactions are worth the read. We are always fascinated by them and we get very excited when we read about them. Then we are quick to forget about them, because we have a tendency to have short memories. We get excited about something and then we forget about them just as quickly. So with that said, let me do a quick Flashback of the year 2014 and what the Ultra Luxury Real Estate Market was like in the Greater Los Angeles area. March 31st 2014 the World Wide Web was on fire Susan Saperstein sold her home. So what is the big deal? The home was originally listed for $125,000,000 and was on the market on and off for about four or five years with a few different Realtors. She was the divorcee that held her ground and did not reduce the price like many advised her. The Sales Price was a cool $88,300,000.00. The highest priced sale for the year. So if you ever come to Los Angeles, CA make sure you stop by and peek at 350 N Carolwood Dr Los Angeles in the coveted 90077 zip code. Needless to say this sale held the record for 2014! Of course many people tried to say that the highest priced sale was in December, 18th, 2014 for 1181 N Hillcrest Dr., Beverly Hills, CA 90210 the reality is it came in second best at a cool $70,000,000.00 originally listed and staged by a developer for $85,000,000.00 and ninety days later sold. Clearly a testimonial for Flipping and Proper Pricing in the Ultra Luxury Market. In an interview in September Bruce Makowsky the developer, said he was counting on interest from global billionaires, technology magnates and entertainers whose demand for high-end properties has grown. Clearly his hunch paid off! May 19,2014 Los Angeles had the third highest priced sale another divorcee Jamie McCourt sold her home for a cool $45,000,000.00 10231 Charing Cross Rd, Holmby Hills CA, CA 90024 listed at $55,000,000.00 and sold in less than 60 days. Again a true testimonial to good marketing and proper pricing. Not far behind this mega sale was Giselle Bundchen Super Model & Tom Brady New England Patriots Quarter Back selling their Brentwood home at 12780 Chalon Rd 90049 Zip Code. Clearly this was a spec home even if they will not admit it, they bought the land for about $11,000,000 and built the home never lived in it and Dr Dre was thrilled to buy it for a mere $40,000,000.00. No head ache, no approval process just bring your toothbrush and move in. Originally listed for $50,000,000 and also sold in sixty days, clearly proper positioning, pricing and marketing has a value. There were a total of 14 sales over $23 million dollars including the above ones that I mentioned I 2014. I am truly honored to be able to have my office in Beverly Hills and be surrounded by such opportunities. Clearly it is about opportunities, buyers who see and have the vision like Tom Brady to buy a vacant land for $11million to which others just snub their noses and think he over paid. Well that is...
read moreThe Wine Series: California Wines (2nd in the Series)
The Wine Series: California Wines (2nd in the Series) California Wines: I decided to separate the California Wines into a number of blog posts, since it is such a vast topic and even this way I will not be able to do justice to it. At best I will only be scratching the surface. Hence I would like to apologize in advance to the many fantastic wineries and wine lovers, whom I will be slighting due to the fact of not enough time or space to cover them all. I will further try to subdivide these into various price ranges to allow everyone’s budget so choices. So with that said my first choice to write about is the Cabernet Sauvignon, a full bodied wine that is grown and produced in almost every part of the Wine Growing World. Some people consider it the King of Wines. The quality as well as the price can be varied. Wines in the range of $30-$100 a bottle two or three wines come instantly to my mind, but before I reveal my choices, let me give you a little background. First let introduce you to a terminology what we call “Cult Wine”. This generally is a wine that is not consumed rather it is held for value and re-sold until some ultra-affluent person actually drinks it. One of the most sought after “cult wines” is considered “ The Screaming Eagle” years ago when they were beginning their Cabernet Sauvignon was not only rated in the high 90pts by all the Wine Gurus, but their price was around $1200 a bottle. Now that their fame has increased a lot more as well as their “Cult Status” now you can pay anywhere from $3000-$4000 a bottle. Ironically they are owned by one of Napa Valley’s leading Real Estate Agents Tony Bowden & Jean Phillips. (in fairness to disclosure I wonder if they still practice Real Estate) So if you win the Lottery or have a huge sale I would recommend a Bottle of Screaming Eagle! Keep in mind you still would be on a waiting list to get your hand on a bottle. They produce around 500 cases and there are people from all over the world wanting their wines.( http://www.screamingeagle.com ) On the other hand if this is not in your budget, then I would strongly encourage you to find “Whispering Dove” this wine was literally born out of two partners’ brain child, who actually drank a bottle of “Screaming Eagle” and started wondering as they calculated how hard they worked to be able to afford and buy this wine. They started to calculate and realized that to make an ultra-fine wine costs literally the same as another so where does the price difference come in? The answer was clear to them, it was in the marketing, trend and ego which determined and commanded these stratospheric prices. (http://www.whisperingdove.com ) Their sole purpose was to bring a quality wine at an affordable price. I was drinking Whispering Dove 2002 at about $29-$31 a bottle now if you can get your hand on them it is selling about $100 a bottle. So not wanting to have you go out and blow your wine budget, be on the lookout for their 2014 Whispering Dove Cabernet Sauvignon...
read moreBeverly Hills under Contract Properties by month is up by 14%!
Beverly Hills under Contract Properties by month is up by 14% Clearly a good sign that in spite of all the headlines that the market has cooled, the Beverly Hills Single Family Homes are moving along and at a relatively brusque pace. What I have also noticed is that although the list prices have increased quite a lot I have noticed a decrease in the Sold Prices. This is a very interesting trend. Sometimes I attribute these changes to the fact that in December fewer buyers are out there and sellers understand this, hence they want to make the deal work and agree to lower prices. My observation is that this is a good strategy, since many more properties come on the market in January and February and then sellers have to explain why their property has been on the market so long. This is one less negative to overcome. Translation a bird in hand is better than…… This is clearly important not just for Beverly Hills but any market. Just as an observation, I find that if you are a buyer who is considering a purchase it might be good to look at the trends as well as working with a Realtor who will educate you on the trends to be able to acquire the home which is best suited for your needs and wants. It helps to know if you can offer less and still get the property. On the other hand it would be a shame to offer less on a property that a savvy Realtor can tell you will be in multiple offers. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to local animal rescue organizations. ...
read moreThe Average Days on Market by Month for SFR has increased by 3% in Beverly Hills,CA
The Average Days on Market by Month for Single Family Homes has increased by 3%, in Beverly Hills, CA. Most people get a bit concerned when days on market increase. Now keep in mind In December 2013 the Average Days on Market was about 103 days. This is quite impressive considering the Median for Sale Price for a Single Family Residence in December 2013 was $6,495,000.00 and in December 2014 the Median for Sale Price for a Single Family Residence in Beverly Hills was $7,891,500.00 this is an increase of 22%. So it is understandable that the Average Days on Market went to 106 days. Hence if you look at the entire picture it is virtually a negligible increase. Hence it is important to look and factor in all the variables and not to make a fast but potentially wrong decision. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to local animal rescue organizations....
read moreWeltanschaung: views of the world a philosopy of Active Rain & my business!
Weltanschaung: views of the world a philosopy of Active Rain & my business! Hard to believe last March I wrote a Blog Post about “Weltanschaung” of my business” https://endrebarath.com/the-weltanschaung-of-my-real-estate-business-is-clear-it-is-my/ so nine months plus or minus later here I am revisiting this word, because Active Rain has a Philosophy which is embodied under the Word “Weltanschaung” http://activerain.trulia.com/culture/weltanschauung my friend from Atlanta, GA is hosting a Contest and she was interested in what particular part of this Philosophy resonates with each and every one of us. Clearly I do not go and read these points daily or regularly, like I said the last time I read it was in March of 2014. I also find that we grow, mature or change as time passes by. All then points are important and resonate with me. At this point in time particularly the last point is what resonated with me. Could be because it was the last one and left a bigger impression on me, or it could be that my value systems have been changing in the past nine months. Do not know, but the fact is this is what resonated with me at this moment: #10. ActiveRain believes that it is in the best interests of real estate professionals to build a community that is focused on educating one another.ActiveRain believes its future depends on members of all experience levels openly sharing their experiences and best practices with others in the field. This communal dialogue offers a unique opportunity for professional growth and is the way to share in the dynamism and excitement that constitutes the modern real estate business. If you asked anyone, they would agree with me that this is a noble goal! Since I have been on Active Rain, (that is 2008 in case you are wondering) I have learned how to write blog posts, I have also learned how to get SEO value and benefit of my Blogging all from fellow members. Keep in mind I did not get that from the previous Broker I worked for, but from my fellow members who freely gave me advice and help. Some I took, others I did not but should have taken! The best part is there have been so many changes during this short period of time and I was able to learn new cutting edge technology which has helped to grow my business as well as helped me build great and lasting relationships that I have not experienced on any other platform. The names of those who helped me are numerous some are gone and others are still here on this platform. So my best advice is for you to take advantage of the community and give and take for all to benefit. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to local animal rescue...
read moreThe Beverly Hills Supply & Demand by months is down respectively 11 % & 15%!
The Beverly Hills Supply & Demand by months statistics are down respectively 11% & 15%. Clearly something that would be a Headline for the Los Angeles Times. now let’s look at these numbers closer. December 2014 there were 94 Single Family Homes on the Market in Beverly Hills Proper. Now December 2014 there were 84 Single family homes on the market. Not that big of a difference. The let us look at the Average Days on the Market that increase from 219 days to 230 days.. That seems to be a little more significant, but not something to be concerned. Now let us look at the Sold # of Properties. It turns out in December 2013 there were 13 Single Family Residences that Sold. so the reality is, yes the statistics say 15% decrease, but the actual reality is I that n December 2014 there were 11 properties that sold. Not that big of a difference if you asked me. At the same time let us not forget that there has been a median price increase of about $600,000. That in my mind puts things in perspective. Hence with the increase in prices this is not that big of a deal. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to local animal rescue organizations....
read moreBeverly Hills Single Family Residence For Sale Properties by Month is down 11%
Beverly Hills Single Family Residence For Sale Properties by Month is down 11%! Since November and now December 2014 we have noticed that the Single Family Homes inventory in Beverly Hills Proper has decreased. So some people reading this message this might be a bit concerned about the statistics, but lets dig deeper into the subject. November 2014 there were 91 Single Family Homes on the market in Beverly hills and the Median Price was $7.590.000 and the Average days on Market to sell these homes was around 206 days. This was an increase in Median price point by almost $600,000.00. Now looking at December’s statistics we can see that The number of homes decreased to 84 properties for sale. The Median Price on the other hand has drastically increased to $7,891,500 which is truly an amazing increase. Now not surprisingly the Average Days on Market has increased to 230 days. Now let’s be realistic that is actually a very short period of time to sell a home in these price points. These homes are in Beverly Hills Proper, the zip codes could vary from 90210, 90212 but the true value is that the homes are inside the Beverly Hills School System, the Beverly Hills Police Department and I could go on and on and you get the idea. The only drawback to this is to some of the developers who understand that the Building Department is a bit stricter than Los Angeles, but the good news it the upside in developing in Beverly Hills is much higher, therefore most would consider worth the challenges of dealing with the Beverly Hills Building Department. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to local animal rescue...
read moreEncroachments & Disclosure : What is your Disclosure Strategy?
Encroachments & Disclosure: What is your Disclosure Strategy? If you are the seller or you are a Realtor, representing the seller, there are Disclosure Requirements. This applies to Realtors, Agents as well as Sellers in California. I am a firm believer if you use common sense you will be fine. So how do you determine if something needs to be disclosed? I developed this theory over the years, that if you want to have a smooth Escrow Period you need to have Disclosure Strategy. My Disclosure Strategy for information consists of three parts: (1) if I was buying the property would I want to know about this information in advance before I closed the transaction or not. (2) Next if we went to Court and if the Judge asked me why I did not disclose the information, would it pass the smell test “…well your honor the reason I did not……”? (3) If I have to ask: should or should I not disclose my answer is err on the side of caution and disclose, when in doubt disclose! I have never had anyone complain that I disclosed too much. So with that said my advice to sellers is when in doubt disclose whatever you are aware of and the odds are going to be in your favor that there will not be any after sale problems. Now with that said, if your neighbor’s fence is taking a portion of your property, before you get to the point of having to disclose might as well resolve the problem so that way there will not be a problem during Escrow. Keep in mind it is better as a seller to resolve the neighbor’s issue prior to the sale than during the sale. Then there are no concerns to deal with. Clearly if the seller cannot resolve it, then it is a disclosure issue even if the encroachment is considered “minor” it could become a major problem for both the seller as well as the listing agent. Should you have any legal questions you can always consult with a Real Estate Attorney and I am confident they will recommend you to correct the problem prior to listing the property. If it is discovered during buyer’s investigation either through a survey or from another party, then it becomes important for all to document it to potential future buyers of this issue. Especially if the party who discovered it backs out of the transaction because of it. Just to keep things in perspective a Line Survey is not that expensive. Generally here in the Greater Los Angeles they cost about $1000-$2000 and they can easily substantiate the answer to an encroachment question. So why put yourself in a potential law suit, after all it could have been easily prevented. So at the minimum by providing a simple disclosure if the encroachment might solve many headaches later on. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to...
read moreThe 72nd Golden Globe Awards will be held on January 11th, 2015
The 72nd Golden Globe Awards Ceremony will be held on January 11th, 2015: the financial benefits are great for the local economy as well! This event clearly marks the beginning of “Award Season” in the Greater Los Angeles area. Red Carpets are being made, cleaned and a great deal of preparation is coming closer and closer to the big day and the big moment. The nominees have already been announced so the politicking and worrying has been long under way. Talking with most people in the Entertainment Industry the feedback is always the same. They prefer the Golden Globe Award Ceremony over the Oscar Ceremony. Those who do not know and wonder WHY? The answer is easy, the nominees are sitting at the tables are able to eat and drink. Unlike at the Oscars they have to sit there for four to five hours depending how long it gets dragged out to before they can go eat and drink and finally relax. So getting back to the Golden Globes, this event is huge not only for Beverly Hills, but the Greater Los Angeles area in general. The revenue is great for the Hotel Industry from every level, the tourist who are on limited budget to the ones who are comfortable with the high end ultra-luxury hotels and their price points. They all are sold out and this is fantastic for the local economy. Not only do the hotel look forward to the Golden Globes, but all the Limousine Companies as well as their Chauffeurs, this is the day when with little driving, lots of waiting everyone makes some good money. In addition some of the clients who are good tippers take care of their drivers. Not mentioning the ones who are well known to be “cheap skates” you know who you are, open up your wallets and take care of your Chauffeurs and Wait Staff. The Restaurants are jam packed as well so everyone benefits from the owners to the wait staff all included. The locals are the only ones who complain about the Traffic. Keep in mind Los Angeles is already over saturated with vehicles, people and does not have a good public transportation system like New York City or Boston. Hence the roads will be even more congested than normal. So instead of complaining, if you are not invited to the Party or the After Parties, then stay at home and watch it on TV and enjoy the show! Then again if you would like to learn more about the Golden Globes, the nominees and the Hollywood Foreign Press please visit the attached links and enjoy http://www.goldenglobes.com/ and http://www.hfpa.org/ If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to local animal rescue organizations. ...
read moreNew Year’s Day Traditions Part II
New Year’s Day Traditions Part II Like most of us, I grew up watching the Rose Parade since I was a child, so when we relocated to Los Angeles, Diane and I were thrilled that one of my fellow Realtor’s invited us to go to the Rose Parade. His partner was one of the designers working with the well-known groups that designed about five or six of the floats. Needless to say he also knew the Designer extraordinaire Raul Rodrigues (you know the one with the Blue Parrot and probably the most Awarded float designers of the Rose Parade). Little did Diane and I know how brutally cold it gets that time of morning (4am) in Pasadena? Keep in mind since the Parade Starts at 8am the streets get blocked off, hence you have to be at the bleachers very early. On TV watching it for all those years on the East Coast, little did we realize how cold it really is as you sit on the metal bleachers? Anyway Diane and I were reminiscing as we heard that today was going to be one of the coldest Rose Parades in Years. In spite of the cold we saw on TV the Hawaiian young men without shirts….well we knew how cold they must have been since we were there once. Part of our tradition is to use the “repeats of the Parade “as background noise as we do our normal chores on New Year’s Day. Then as we both get hungry I always make something with Alaskan King Crabs a lite easy appetizer. The Tradition is that we have Lentil Soup and some other small snacks and of course Alaskan King Crab. This time I made it instead of on crackers, on an English Cucumber topped with half a Teardrop Tomatoes with a little Lemon Juice to cut the Salty Flavor of the Alaskan King Crab Meat. In the old days we would watch the Football game i.e.: the Rose Bowl. We do not watch it anymore, we just check out the winners on the internet. So with that said Congratulations to Oregon and our condolences to Florida State and their fans. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commissions to local animal rescue...
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