Michael Greenwald's Real Estate News:
Second Half 2001

We are well underway into the second half of 2001, and are once again beginning to experience low inventory and high buyer demand. Interest rates remain low and stable; even though the Fed keeps lowering the interest rate, it does not affect mortgage rates that drastically. As of early summer in Southern California, we have probably already reached our all-time low.

The market here--especially on the Westside--is still a bit in limbo land: buyers think it's a buyers' market, and sellers think it's a sellers' market. As a result, buyers are coming in low, and sellers are listing high. Until the market determines that it is one or the other, we will continue to see a bit of a slowdown--which is indeed occurring at the time of this writing. The economic forecast for the Westside is still strong in terms of the number of homes sold, but a little weak on appreciation; we might even see a bit of depreciation by the end of the year.

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:
Second Half 2001

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. I also 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 1960s and 70s. 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 Second Half 2001 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:Entering into summer and winter in Pacific Palisades makes it 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, schedulesand 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:
Second Half 2001

Summer is a popular time to move in the Westside area, as well as make home improvements and repairs. "Helpful Sites for Those on the Move" continues to help get you where you're going, from finding school reports to making home improvements and repairs yourself to answering your questions about home inspection and locating an inspector in your area.

California Dept. of Education Standardized Testing and Reporting Program (L.A. Unified District)
The California Department of Education S.T.A.R. reports show statistics for Reading, Math, Language, Spelling, Science, and Social Science test score results. Please be patient as this site takes a while to load.

Do It Yourself
This Web site provides excellent hints for the do-it-yourselfer. It covers everything from electrical and energy efficiency, to appliance care and repair, to painting and decorating. Besides home-related topics, there are also a number of topics outside of home improvement, including automotive, woodworking and hobbies.

The American Society for Home Inspectors, Inc.
This site leads you through the FAQs 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.