Michael Greenwald's Real Estate News: April/May

Spring has sprung on the Westside of Los Angeles! It is the prime time of the year for both sellers and buyers. Buyers are out in droves, looking to move during the summer; sellers know their house can look the best during springtime. And among those who are listing, many are also buyers looking to 'buy up' in the home market.

The listings have finally increased slightly over the last couple of weeks. We are still finding ourselves unseasonably reduced in the number of listings--yet the demand is still very high.

Schools are presently the number one reason why people are moving into the area. In response to this demand, continue to look forward to upcoming school resources on my site, which feature the best and most up-to-date information on Westside elementary, junior high, and high schools. These pages include such information as school programs, ways for parents to be involved in their child's educational experience, administrative contacts, school calendars, and welcome information for those new to the school. All in all, this resource will make transitions for families with school-age children that much easier.

For the most up-to-date information on Westside schools please check my schools sectionhttp://www.michaelgreenwald.com/schools. We will continue to update this section with everything from calendar of events to messages from the principals of the schools.

For the first time in the last five years we are seeing many buyers 'buying up.' More people are selling their home, staying in the area, and moving up in property value, even up to 20-30% higher. More buyers are using the equity in their previous home and reinvesting it in more valuable local property.

The local press has finally caught up with fact that it is a bona fide sellers' market. We are seeing multiple offers on properties that are priced at market value. Properties that are overpriced will sit on the market longer and most likely not receive the appropriate price that they would have if they were priced at market value. Since the last newsletter I have added to my site San Fernando Valley's http://www.michaelgreenwald.com/sanfernando.html highest-end areas in Encino and Sherman Oaks. These pages are an excellent source for information about the area, including schools, businesses, and, of course, current listings.

The Westside Market April/May Overview

Westwood: In its prime, Westwood Village (attached to UCLA) had more theaters per square foot than any place on the planet. Work is currently underway to turn Westwood Village into a walking promenade and return it to its glory days of the 1960's and 70's. At present, most of the walking area has been completed; the new theater, retail, and parking facilities are still under construction. This is a project which will certainly affect the Westwood home owner in a positive way. In keeping with update of Westwood Village, you can link to movies, restaurants, retailers, including UCLA.

In keeping with the update of what's going on in Westwood Village, you can link through my site to Westwood movies, restaurants, retailers, and the UCLA site at http://www.westwoodonline.com/.

Bel Air: With properties almost 100% residential, Bel Air is a unique community in the Westside of L.A. It is an incredibly valuable area with prices broadly ranging from the low 500's up to 10 million. We are currently seeing a trend for the more affordable homes here to rise rapidly in market value. Don't forget to enter my 1998 second quarter contest to win a two-day stay at the Hotel Bel Air http://www.michaelgreenwald.com/contest/. You may also link from my site to the Vintage Home Tour, providing a tour of bygone Hollywood stars and their vintage homes at http://www.vintagehollywood.com/Bel-Air.htm.

Pacific Palisades: As a beach community Pacific Palisades is in its prime during the spring and summer months. Prices in the Palisades, along with Brentwood, lead the Westside in terms of value. This was a neighborhood less affected by our economic slump than other Westside areas; consequently, it hasn't had to climb its way back up in value as others have.

A great resource on my site is the Pacific Palisades page http://www.michaelgreenwald.com/palisades/, which includes community, school and business links throughout the Palisades.

Santa Monica: You can link to my updated Santa Monica page--one of my most extensive community pages--which features a myriad of resources, including schools, arts and entertainment, parks, city groups, local events and activities, and businesses online http://www.michaelgreenwald.com/santamonica/.

Single family homes north of Montana Avenue and--for the first time in the last five years--homes and condos south of Montana Avenue are both appreciating close to double digits. For the first time in recent memory, the condominium market here is very strong; we see it growing even stronger as we head into the spring and summer months.

Helpful Sites for Those on the Move

The recent Capital Gains Tax Bill has opened up the market to first-time buyers, and has encouraged the sale of properties which may have long been off the market, held in waiting. As a result, we may see more fixer-up properties available to buyers. This month's "Helpful Sites for Those on the Move" focuses on home improvement Web sites.

Do It Yourself
This Web site provides excellent hints for the do-it-yourselfer. It covers everything from electrical and energy efficiency, to appliance care and repair, to painting and decorating. Besides home-related topics, there are also a number of topics outside of home improvement, including automotive, woodworking and hobbies.
World Wide Web: http://www.doityourself.com/

HouseNet
This site features articles and ideas on topics such as Home Improvement, Lawn & Garden, and Home Decorating, and even has a Shopping Center to help get you going. Of particular value are the site's calculators--paint calculator, wallpaper calculator, and drywall calculator. Just plug in your room's dimensions and it will tell you how much to buy.
World Wide Web: http://www.housenet.com/

Ask the Builder
This site is based on Tim Carter's Nationally Syndicated Newspaper Column, "Ask the Builder." It is a well-designed site which features a collection of Tim's Tips Clubhouse, a search feature to access tips on certain subjects from Tim's library. You may also sign up for Tim's newsletter, which is published twice monthly and provides you with 25 tips to save you time, hassle and money. You can even buy a few items from Tim's General Store.
World Wide Web: http://www.askbuild.com/

HomeSafe Lead Testing
The fact is, remodeling a pre-1978 home can be very hazardous, as many houses (particularly the older models) contain lead paint. This sites features the Lead News Quarterly newsletter, and links to FAQs. There is also a collection of links regarding lead testing and removal specifically for Real Estate buyers, sellers, and professionals.
World Wide Web: http://www.leadpro.com/

Past Newsletters Second Half 2001 First Half 2001 Second Half 2000 First Half 2000 November/December, 1999 July/August, 1999 January/February, 1999 October/November, 1998 August/September, 1998 June/July, 1998 April/May, 1998 January/February, 1998 November/December, 1997 September/October, 1997 July/August, 1997