Michael Greenwald's Real Estate News: July/August

It's summer in Southern California! Even though we're not feeling the sweltering heat of last summer, we're still feeling the effects of a fairly hot market. The market has leveled off in terms of price and appreciation; however, we are still receiving multiple offers on properties, especially on mid-priced homes and homes in move-in condition. We are still low on inventory and high on buyer demand, but not as high as earlier in the year as buyers are now watching interest rates creep a bit higher. People seem to be focusing more on their families and vacations than on searching diligently for homes.

As we look into mid-summer and fall, it looks like we are still going to be shy on inventory, most likely through the rest of the year as sellers seem to be remodeling rather than listing their homes for sale. We've recently gotten word that DreamWorks SKG is pulling out of Playa Vista project, which excited the Westside housing market due to the potential influx of high-end executives looking for estate homes. However, with the recent news that they may lease the same space in Playa Vista, perhaps the market will find itself in its enviable position again.

As we approach the new school year in September, I suggest you visit my school pages. We will continue to update school information as they forward it to us for the 1999/2000 school year.

And for those of you looking to buy homes this year, I invite you to fill out my Buyers Home Wish List. I'll be glad to help you search for homes--simply email me your wish list. Buyers can also access my Search For Homes link to search directly in the Multiple Listing Service.

For those looking to sell homes this year, you can go to my Home Seller form and forward me information about your home. I will get back to you the same day. It's always good for potential sellers to go to my Homes For Sale page to see what kinds of homes I am listing or have recently sold.

Westside Real Estate Market Overview: July/August 1999

Brentwood: For the first time in recent memory, Brentwood has outpaced Pacific Palisades, Malibu and Beverly Hills as the hottest Westside market in terms of number of sales. What seems to be fueling the Brentwood market is excellent activity in the lower-priced homes ranging from $400,000 to $700,000, and the very high-end Brentwood Park, Mandeville Canyon, and Kenter Canyon activity. We have also had some record sales in the $4-5 million mark outside of Brentwood Park for the first time in many years. Don't hesitate to contact me at any time for more information on any of these properties. As we hit the fall market, which is the number one sales time on the Westside (with spring a close second), Brentwood will probably set even more records. I invite you to please visit my Brentwood page.

Westwood: The Little Holmby area of Westwood, which borders Wilshire Boulevard, Sunset Boulevard, UCLA and Beverly Glen, is arguably one the most popular areas now on the Westside due to its proximity to both the Westside and Beverly Hills. Always a popular estate area, it is now becoming increasingly popular and even a bit more expensive as major remodels and, in some parts, even brand new construction begins, with speculative contractors entering the market to flip the houses for profit.

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.

Care to find out more of the things that make Westwood tick? The campus of UCLA and the Armand Hammer Museum at the center of Westwood Village are both area attractions.

Bel Air: With properties almost 100% residential, Bel Air is a unique community on 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 1999 third quarter contest to win a two-day stay at the Hotel Bel Air.

From lodging at Hotel Bel Air, to the exclusive Bel Air Country Club, my Bel Air page will help you get a feel for this Westside area.

Pacific Palisades: It's summertime in one of the coolest areas of L.A.'s Westside. Pacific Palisades has one of the strongest communities on the Westside due to the village-feel of its downtown restaurants and shopping. Pacific Palisades is probably the best value on the Westside right now. Prices have remained stable, yet have begun to depreciate ever so slightly. If you've had your eye on homes in Pacific Palisades, this makes it a good time to buy. Areas that are seeing activity in particular are the "Alphabet Streets" and the "Pacific Palisades Highlands."

A great resource on my site is my Pacific Palisades page, 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, Palisades Charter High, and Paul Revere Charter Middle School.

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.

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 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.

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.

For local schools, you may also link to Santa Monica High School's own Web site.

Helpful Sites for Those on the Move

With summer upon us, it's time to tackle those home improvement projects you've been wanting--and waiting--to do!

ImprovementNet.com
ImprovementNet.com can help you "Find a Contractor" from their database of more than 600,000 pre-screened contractors. You can also Find a Designer. The site also feature Product Showcase and Design Gallery to help spark your home improvement creativity.
World Wide Web: http://www.improvenet.com

Today's Homeowner.com
Today's Homeowner.com is essentially a home improvement and maintenance online magazine with advice on improving your home from indoor to outdoor, including the topics of kitchen, bathroom, electrical and lighting, and plumbing. Also Q&A and Weekend Projects sections.
World Wide Web: http://www.todayshomeowner.com

HomeImprovement.com
HomeImprovement.com provides step-by-step instructions on home improvement projects. Based on the TV show, this site features TV schedules and highlights, and covers a multitude of different aspects of home improvement, from kitchen & bath, to decks & patios, to plumbing & electrical, and more!
World Wide Web: http://www.homeimprovement.com/

Garden.com
With all sorts of seeds, book and tools for gardening with secure Internet transactions, tips on regional gardening, and a whole searchable library of articles, this is a very well laid-out site complete with shopping cart.
World Wide Web: http://www.garden.com