Los Angeles, CA

Condos on the Wilshire Corridor at "The Californian" (located at 10800 Wilshire Blvd, Los Angeles) seems to be fetching top prices for condo re-sales in Los Angeles.Over the last few weeks the highest price condo sales in Los Angeles have been recorded at this 23-story 80-unit condo tower.

A 3300 sf ft 3-Bed 3-Bath unit on the 17th floor recently sold for $4,825,000 (with monthly HOA Dues of $3000) while a 3485 sq ft 2-bed 2-Bath on the 14th floor recently sold at $3,395,000 (Monthly HOA Dues of $2875).

For those of you that missed these two units, don't panic .... there are six other units currently for sale in the building ranging from $1,495,000 (2nd floor, 2-Bed 2-Bath) - $4,495,000 (9th floor, 3-Bed 3-Bath).

The Senate voted wednesday to extend and expand the $8,000 first-time homebuyers tax credit, and passed the measure by a measure by a 98-0 vote.

The tax credit will be extended to applications taken by April 30th 2010 so long as they close by June 30th, and will also be expanded to those who have owned their current home for 5 tears and want to upgrade. Current homeowners will be eligible for tax credits up to $6,500.

WASHINGTON, Nov. 5 /PRNewswire-FirstCall/ - Fannie Mae (NYSE: FNM) is implementing the Deed for Lease(TM) Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.

"The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," said Jay Ryan, Vice President of Fannie Mae. "This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities."

The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.

To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.

Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.

For additional information about the Deed for Lease Program, including full details on program eligibility, please review the GuidAnnouncement on www.efanniemae.com.

Del Rey News, both on-line and in print, is always chock-full of exciting articles about local happenings and the people making them happen. Art and Soul Home Staging is proud to have been featured in the latest edition alongside many other local businesses and organizations contributing to keep Westchester, Culver City, Playa del Rey, Marina del Rey and Venice vibrant and thriving.

Of course, I think all of the articles are worthwhile and informative. Alas, I can't cite them all here-- after all that's what the local press is for! Nevertheless, for the Arts in Art and Soul, here are just a few.

Because my mom was an actress at Kentwood Players in Westchester way back at their beginning, I have a special fondness for little theater, especially, this one who is celebrating its 60th anniversary. I know their current production "A Little Night Music" is the same high quality of all the others.

Here's a mouth watering note that Art and Soul Home Staging delights in is Tacone Flavor Grill, located on Sepulveda Blvd in El Segundo and whose "chefs consider Flavor to be an Art form". They use ingredients from around the world to prepare "food that explodes with unstoppable flavor." This definitely appeals to my globetrotter tastebuds!

And while all of us stagers and designers are flipping through Elle Decor, shopping at the newest Target in Culver City's newly opened Westfield Shopping Center or looking for the perfect accessories at Home Goods in Westchester, seeking inspiration for our current projects and holiday themes, we must also remember that not everyone is fortunate enough to have a home. I am disturbed when I learn that according to Los Angeles County data, one in every 32 people in Venice is homeless! And my Soul is deeply touched when I learn that the Venice Community Housing Corporation will give a chance to supply housing for the homeless with the purchase of a 20-unit apartment building in Venice. VCHC Director, Steve Clare, notes this is "truly a community response that faces us all - helping the homeless get back on their feet." What a wonderful mission and call to action for each of us to give back to our communities not only as the Holiday Season gets into full swing, but year round.

I'd like to thank Stephen L Hadland, Editor at Del Rey News, his staff and especially Stephanie Singh Smith for offering to feature Art and Soul Home Staging in the November publication.

Enjoy the local news!

Art and Soul Home Staging and Redesign works with home sellers and realtors in Westchester, Playa del Rey, Playa Vista, Marina del Rey, Culver City, Los Angeles and surrounding communities by offering services to prepare property for resale.

For more information contact Debby Dutilh (424) 227-0061 or by email

According to the MLS, there were 15 SFR sales in October in the Beverly Center-Miracle Mile area at an average of $466/sq. ft., which is 21% below the 2006 market peak. With 61 active listings, and an average of 11.6 sales per month YTD, this indicates an inventory of 5.5 months. There are also 99 REO, or bank-owned properties in the area at the moment. Although it is common to have a 1-2 month pipeline for REO property that is not yet listed with a broker, another 99 houses represents an additional 8.5 months of unlisted, or "shadow inventory."

In the Beverly Center-Miracle Mile condo market there were 4 sales in October at an average of $442/sq. ft. which is 16% below the 2006 market peak. With 37 active listings, and an average of 6.5 sales per month YTD, this puts the condo inventory at 5.7 months. With 30 REOs, there is 4.6 months of unlisted inventory.

In the Hancock Park-Wilshire area, there were 20 SFR sales in October at an average of $453/sq. ft., which is 19% below the 2006 market peak. With 82 active listings, and an average of 14.6 sales per month YTD, that leaves us with an inventory of 5.6 months supply. There are 44 REOs presently, which gives us 3 months of unlisted SFR inventory.

In the Hancock Park-Wilshire condo market, there were 4 sales in October at an average of $324/sq.ft. which is 26% below the 2006 market peak. With 72 active listings and an average of 12.8 sales/month YTD, that gives us an inventory of 5.6 months. At the moment there are 45 REOs which is equal to 3.5 months of unlisted inventory.

In sum, it would appear that inventory has contracted in both areas , and to some market observers, may even appear to be a "seller's market." What is unclear however, is the amount of unlisted REOs and to what extent more property coming on the market will put downward pressure on prices in the near future, especially with 2 years worth of Option ARM /Interest-Only resets on the horizon. While there has been some improvement in these areas, my feeling is that we are going to have quite a bit of inventory to go through before we can describe current market condtions as a"seller's market."

If you have any questions, comments, or need more information specific to your neighborhood, please do not hesitate to contact me.