Michael Greenwald's Real Estate News: January/February

Happy New Year!

The opening week of this New Year, in typical fashion, has proven to be a slow start for the Westside real estate market. As of this newsletter's print date, we show very few listings and buyers. This is a trend, however, which usually shifts around the second or third week of January as people become busy preparing for summer moves. In fact, the next four months are prime time for those making real estate decisions for summer moves in Southern California, many of which are contingent on being settled for September schools' beginnings.

Because of this, listings and buyers should dramatically increase by the third week of January. For those listing property on Los Angeles' Westside, however, the beautiful weather, few current available properties, and those looking early to make summer moves should make your property shine if listed in the early weeks of January.

Schools are presently the number one reason why people are moving into the area. In response to this demand, look forward to upcoming school resources on my site, which will feature the best and most up-to-date information on Westside elementary, junior high, and high schools. These pages will 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 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.

Though the capital gains tax has opened up the potential of the market, we have not seen the anticipated influx of listings. This trend may still remain to be seen, with the possibility of a larger inventory and, consequently, more speculative builders and those comfortable with home remodeling entering the market to pursue older listings held onto before the capital gains tax law.

According to all indications, including the annual UCLA study on the local economy and the business sections of publications ranging from the Wall Street Journal to the L.A. Times, the Westside is enjoying one of the rosiest economies in Southern California--and primarily Los Angeles--in the last 10 years. Hopefully, we will continue to see a steady, gradual increase each year.

As of January 1 I am one of two featured Realtors for the entire Westside of Los Angeles on America Online's Digital City-Los Angeles. This is a good way for anyone to research not just what property is on the market--including both my listings as well as access to all listings on the market--but also any businesses, schools, restaurants, museums, and maps online, which can all be accessed through my site. You can find this information available on AOL's Digital City--Los Angeles "Real Estate Showcase."

And remember, if you're looking to spruce up your house to sell, don't forget the Coldwell Banker-Jon Douglas Concierge services http://www.michaelgreenwald.com/concierge.html. This is an excellent resource for locating a reputable plumber, electrician or gardener.

Finally, I was recently profiled in Los Angeles' Daily Commerce as a featured Realtor. To view this article, just link to my site at http://www.michaelgreenwald.com/dailycommerce.html.

The Westside Market January/February 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 first 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 continues to blossom during the winter 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: 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/.

Helpful Sites for Those on the Move: January 98

Tools and Tips for Moving
This site rates among the top online resources for relocation. With a moving time line (including a special version for armed forces personnel), mover's checklist, maps, weather and mailing information, and calculators including a salary calculator, moving calculator, and mortgage calculator, this is one site you won't want to miss.
World Wide Web: http://www.relocationcentral.com/tools_tips/Welcome.html

School Districts Around the Country
This excellent site features statistics on over 12,000 school districts around the country. Choose a state and city or county for information on student populations for each district, student/teacher ratios, computers in elementary classrooms, average test scores, and the percentage of students going to college.
World Wide Web: http://www.theschoolreport.com/

American Homeowner's Association Home Central
Though basic in design, this site contains a wealth of information. Their section "Grab a Smart Idea," though simplistic in layout, covers many subjects from pest control to buying and selling a home to remodeling. They offer a section on "Hot Topics," which provides suggestions for home owners, home buyers, those financing a house, and first time home buyers.
World Wide Web: http://www.ahahome.com/

The American Society for Home Inspectors, Inc.
This site leads you through the FAQ's about home inspection, including what a home inspection includes, when and why you need one. It also helps you to locate a qualified home inspector near you. This site also provides resources to professionals, but the content most easily reached should provide basic information and set you on your way.
World Wide Web: http://www.ashi.com/

Rates Slide Down

Long-term mortgage rate averages dipped again on Wednesday in line with a weeklong skid that began on Monday.

The 30-year fixed rate average trickled down to 7.05 percent, while the 15-year fixed rate fell to 6.72 percent and the 1-year adjustable stood at 5.63 percent.*

This week, the Commerce Department reported that factory orders rose 2.5% and home sales were at an 11-year high during the month of November.

Meanwhile, Treasury bond values continued their upswing this week with the benchmark 30-year bond yield pushing down to 5.72 percent, causing some of the downward pressure on long-term rates.

© 1998 Inman News Features

*[based on national averages]