Michael Greenwald's Real Estate News: November/December

As we move closer to the end of year, the market remains seasaonably busy, though our inventory is still low for this season. However, buyers who have been looking for a home for some time have now been joined by new buyers entering the limited market, resulting in pent-up demand and an unusually high ratio of buyers to sellers.

As we enter Y2K, there is a good chance that a month before and a month after New Years we could hit a slow time, though no one in the real estate business feels that mortgage rates and prices will be affected. February--already historically a time when sellers put their homes on the market for spring, and buyers begin looking to make a move for summer--could prove be an incredibly busy time, as people warm up following the Y2K phenomena.

However, now is when OPPORTUNITY KNOCKS! Buyers can bet that sellers are more probably more motivated if their homes are on the market at this time. This, of course, all amounts to a better deal for you. If you are a seller, the inventory is at an all-time low and your home will stand out among the limited number of homes on the market.

Don't think it's not a good time to sell or buy, because it is. Interest rates have leveled off and are still at around 7.5-8.0%, and both the local and national economy are still very strong. We also don't see these trends changing very suddenly.

As we approach the Year 2000, 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.

I have also added Virtual Tours to my listings through Bamboo.com. My featured listing and other portfolio listings will be using this new technology, putting you "inside the house!"

Westside Real Estate Market Overview: November/December 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 fourth 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 fall and moving toward winter in one of the strongest and most beautiful 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: November/December 99

It's almost the Year 2000 and, as Michael mentioned, it's still a great time to buy or sell!

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.

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.

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.

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.

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