Michael Greenwald's Real Estate News: August/September

Here on Los Angeles' Westside, we are experiencing the hottest weather in recent memory. It seems, however, that the hotter the weather becomes, the more the market cools off. Buyers are not responding in the multiple-offer frenzy that they recently were, and sellers are taking a closer look at listing their property. But while we've had a slow-down of what was an incredibly hot market, we appear to be moving out of the mid-summer doldrums.

As we enter August and September (traditionally heavy listing months), we are also presently experiencing incredible ups and downs in the stock market, which have people looking closely at mortgage rates to see if they will be influenced or not by the fluctuations. Thus far they have not.

We are still seeing a lot of speculative buyers come into the market looking to remodel or tear down and build new homes, which is a very healthy sign that the economy is doing well. For a number of years in the early 90's, this didn't happen. In the last year, however, we've seen spec buyers making multiple offers on many of our listings. As long as they think there will be appreciation after they buy the home, it's a positive sign that the economy and marketability of homes are good.

Schools are still presently the number one reason why people are moving into an area. Most of the people recently in the market for a home have already made their choices for September, which is why sales typically slow down during the middle of summer. After Labor Day, however, we expect to see a large increase in the inventory/listings.

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 section 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.

Finally, in a recent seminar that I attended, a well-known local appraiser of single-family homes said that for some Westside areas he automatically adds an extra 1% in appreciation per month, and at certain times he has even added 2% per month. While he does not anticipate this trend continuing at this rate, we certainly do not see any depreciation in sight.

Westside Real Estate Market Overview: August/September 98

Brentwood still remains the highest appreciating area on the Westside and continues to grow in prestige and in the number of sales in all price ranges, from $500,000 for a modest home to $5 million for the high-end homes of Brentwood Park.

For a local tour, see my Brentwood page at www.michaelgreenwald.com/brentwood/. Here you will find links ranging from antique stores www.antiqueinfo.com, to the J. Paul Getty Museum artscenecal.com/GettyMsm.html, to the prestigious Buckley School www.buckley.pvt.k12.ca.us/.

Westwood: Work has been partially completed 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 areas and parking facilities have been completed, yet controversy abounds regarding what to do with the theaters and retail areas of Westwood. To date, no complete resolve has been made. Overall, this is a project that will certainly affect the Westwood homeowner in a positive way. In keeping with the updates at Westwood Village, you can link through my site to Westwood movies, restaurants, retailers, and the UCLA site at www.westwoodonline.com/.

Care to find out more of the things that make Westwood tick? The campus of UCLA http://www.ucla.edu/ and the Armand Hammer Museum http://www.arts.ucla.edu/hammer at the center of Westwood Village are both area attractions.

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 third quarter contest to win a two-day stay at the Hotel Bel Air www.michaelgreenwald.com/contest/. From lodging at Hotel Bel Air, to the exclusive Bel Air Country Club www.golfcourse.com/search/, my Bel Air page www.michaelgreenwald.com/belair/ will help you get a feel for this Westside area.

Pacific Palisades: As a beach community, Pacific Palisades is where everyone in the San Fernando Valley seems to be going these days to beat the heat. A current article in The L.A. Times pointed out that Pacific Palisades and Santa Monica are experiencing temperatures 30 degrees lower than such areas as the San Fernando Valley's Woodland Hills, only a 15- to 20-minute drive away. Consequently, Pacific Palisades is one of the prime areas that Valley and East Los Angeles residents (Hollywood and Hancock Park) are flocking to.

A great resource on my site is the Pacific Palisades page www.michaelgreenwald.com/palisades/, which includes community, school and business links throughout the Palisades. In particular, you can access information forwarded to me by Pacific Palisades schools, including Marquez Charter Elementary School www.michaelgreenwald.com/schools/marquez/, Palisades Charter High School www.michaelgreenwald.com/schools/palisades/, and Paul Revere Charter Middle School www.michaelgreenwald.com/schools/revere/.

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 www.michaelgreenwald.com/santamonica/.

Single family homes north of Montana Avenue--especially in the Gilette areas--are appreciating close to double digits for the first time in the last six years. If you haven't driven down Montana Avenue http://www.montanaave.com/ recently, you've missed some of the best restaurants and retail shopping boutiques in all of the Westside. Also, check out the Third Street Promenade, which has its own Web site at www.thirdst.com.

For getting around, one of the best bus systems in Southern California is considered to be the Santa Monica transportation system. For a system map, routes, schedules and other information, see Santa Monica's Big Blue Bus Home Page at www.ci.santa-monica.ca.us/bus/.

For local schools, link to Santa Monica High School www.samohi.org/, and the Crossroads School http://www.xrds.org/, which just recently moved their campus.

Helpful Sites for Those on the Move

With summer in full swing and the beginning of school just around the corner, this month we look at a handful of kids sites. These sites may help spark some good ideas for you parents of school-age children as you wrap up summer and look ahead to the coming school year.

PBS Kids
This Web site features links to games, songs, and activities surrounding such television shows as Mister Rogers Neighborhood, Sesame Street, and many others. Parents will find great ideas and advice on nurturing your children at www.pbs.org/rogers. There's even a currently featured section entitled "Starting School with Mister Rogers" at www.pbs.org/rogers/startingschool.html.
World Wide Web: www.pbs.org/kids/

The Children's Television Workshop
Your children will find many of their favorite Sesame Street characters here in a site for both children and parents. Graphically a bit rudimentary in places, this site features coloring and other activity pages. Work with letters, numbers, and shapes; and solve puzzles in The New Ghost Writer Mysteries section. There are resources for parents ranging from behavior and discipline, to health and safety, to reviews and products. You'll also find links to other family sites.
World Wide Web: www.ctw.org/

Disney
Though not surprisingly a bit commercial, this site features all of your children's favorite Disney characters in coloring pages, online cards for kids to send to their friends, and television show tracking. Parents will find recipes and information on planning trips to Disneyland and Walt Disney World--and, of course, an online shop. If you search the word "moving" on Disney.com's search engine, you'll find a number of helpful articles, such as family.disney.com/
World Wide Web: www.disney.com/

Parent Soup
Parent Soup seems to truly exemplify an online community. Here you may chat or leave messages on Parent Soup's Message Boards about issues facing expecting parents to those with teenagers. You'll find advice from pediatricians and child psychologists, a wonderful baby name finder, and links to online baby products.
World Wide Web: http://www.parentsoup.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