Michael Greenwald's Real Estate News: November/December

The fall and early winter months are surprisingly busy in Los Angeles' Westside area for two reasons. First, the holidays are an active time for visitors from around the country, particularly those who have already decided on relocating and are pursuing a home. It is a popular time to make decisions for upcoming moves--December, in fact, can be one of the busiest months of the year. Second, whereas the rest of the country is enduring the cold, rain, and snow, Los Angeles is still enjoying 70 degree sunny weather.

The inventory on the Westside has recently declined, following a slight increase. This is good news for sellers, whose property will now stand out on the market. In addition, sellers will most likely be able to get more for their listing if they act now. Because there are still many buyers out there--along with those investigating relocation in the coming months --it is recommended that sellers consider listing prior to the competition frequent at the beginning of the year.

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.

The local economy remains very strong, reflecting the general state of the nation. We have not seen any slow-downs or fears in the housing market due to the recent fluctuations on Wall Street, chiefly because interest rates have remained stable and show promise of remaining low. More significant changes in interest rates typically spur greater activity as people in the market move to fix a loan rate--a bonanza for real estate transaction.

Coldwell Banker recently purchased the Prudential Jon Douglas Company--now making the Coldwell Banker-Jon Douglas Company the largest real estate company in California, and quite likely the largest in the country. As a vocal voice for the company and the entire Westside real estate community, however, I am always quick to point out that success always comes down to the individual agent. Customers and clients get the best service from hiring the most attentive, market-oriented agent--not the company.

For those of you subscribing to America Online, beginning in January I will be one of the few featured Realtors giving available inventory and statistics through America Online's Digital City. See my upcoming newsletter in January for further information on what the Digital City "Real Estate Showcase" is all about.

The Westside Market November/December Overview

Secondly, the long-awaited J. Paul Getty Museum, one of the largest museums in the world, opens in December. I will be going on a docent preview tour, and will give my feedback in my upcoming newsletter. You can link directly to the J. Paul Getty Museum's Web site from this site.

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.

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.

Pacific Palisades: As a beach community, Pacific Palisades continues to blossom during the fall/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.

Santa Monica: School is underway and, once again, the reputation of the Santa Monica school system has proven to be an extremely positive asset to this community and its property values. A good indicator of the strength of the Santa Monica market is the present lack of available single family house leases in the most desirable areas of Santa Monica. Very little is currently on the market and when a property is listed, it is usually leased within hours.

Helpful Sites for Those on the Move: November 97

Home Plumbing
With answers to frequently-asked-questions, this site addresses everything from water heaters to toilets to garbage disposals to dishwashers. Though you may not be able to "do-it-yourself," you may be closer to knowing what the problem is and what to do about it after visiting this site. This site also includes links to professional plumbing resource sites, including print resources and a site in which you can order parts.
World Wide Web: http://www.theplumber.com/

Preparation May Save Your Life
This site from The Emergency Preparedness Center (Epicenter), provides the visitor with information on equipping your home for natural disasters including earthquakes, tornadoes, or hurricanes. It provides extensive information (including Real Audio) on how to prepare for such major emergencies, including how to establish a family disaster plan and an emergency preparation checklist--Epicenter also sells emergency kits through their Web site.
World Wide Web: http://www.TheEpicenter.com/

Mortgage rates are striking yearly lows

Fixed mortgage rates dug to a yearly low Wednesday with the 30-year standing at 7.23 percent and the 15-year at 6.84 percent. The one-year adjustable stood at 5.54 percent.

Mortgage rates have been coasting downhill over the past seven months. They picked up the same path after an upward bend Tuesday, which was caused by weak response to the U.S. Treasury Department's auction of three-year bonds.

Triggering a fall in rates was the Treasury's quarterly refunding auction of $11 billion in 10-year bonds to investors.

Rates drifted to similar lows during the second week of October. If they continue to fall, homes sales and refinancing should pick up.