February 3rd, 2009 categories: Los Angeles Real Estate, Santa Monica Real Estate
L.A.'s Westside succumbs as housing goes south ...how's that for front page news???? Enough to scare the the bajeebies out of many would-be sellers. That was the front page news in the Los Angeles Times today.
Peter Y. Hong's article went on to state "Prices remained strong in L.A.'s ritzy areas until the market caught up. Values sank as much as 30% in late 2008. The Southern California real estate crash has finally reached the high-end areas of the Westside."
You can read the full article about Westside Los Angeles real estate here.
This article was originally published in category: Los Angeles Real Estate, Santa Monica Real Estate At BestSideOfTheWestSide.com Titled: Today's Front Page News Had the Santa Monica Real Estate Market's Feathers Up
Serious uncertainty has plagued our country of late. Every real estate agent I know is feeling the effects of the economic calamities that fill the airways of today's news.
These days, I am CONSTANTLY being asked, "Wow, how's the real estate market? You must be really struggling.". Considering I am coming off the best year of my career, despite the overall market conditions, I respond appropriately - "You know what? No matter what's happening with the market as a whole, SOMEONE always needs to buy or sell. And I consider it my job and my responsibility to put myself in front of opportunity where people need my help".
If you are looking to buy, IT'S AN UNBELIEVABLE TIME TO BUY!!!
Here are 5 important reasons why:
1. GREAT SELECTION OF PROPERTIES- No matter what price range your are in, the large supply of homes at great prices means more choices than ever. Search all MLS listings here.
2. FEWER BIDDING WARS - More properties on the market and fewer investors means you don't have to compete in the real estate "feeding frenzy" that buyers endured in recent years.
3. MOTIVATED SELLERS - Sellers eager to sell are offering more incentive and/or more flexibility. It's much easier to get the seller to pay closing costs, offer concessions, or take care of repairs.
4. DUE DILIGENCE IS ACCEPTABLE - Now that the market is moving at a less frenzied pace, buyers have more time to take care of home inspections and appraisal.
5. MORE SUPPORT THAN EVER FROM YOUR REAL ESTATE PROFESSIONAL - In complicated markets like the one we're in, having a real estate professional on your side that has up-to-date information is more important than ever. Only good agents will survive this market, and those of us that intend to survive, are devoting all of our energy in clients that need our help.
If you are interested in knowing how much your home is worth in today's market please call me for a free evaluation. I'm always available for anyone that has questions about their specific area or situation.
This article was originally published in category: Home Buying Tips At BestSideOfTheWestSide Titled: 5 Reasons Why NOW Is A GREAT Time to Buy Real Estate in Santa Monica, CA
It's been 8 days since my latest listing went on the LA Westside Multiple Listing Service. Frankly , I'm not surprised at all that we received 3 offers within 6 days, and the phone continues to ring off the hook for showings. You might be asking why I'm not surprised. Well, let me tell you...my client was totally and completely coachable and open to the Principle of the Three P's.
Product. Pricing. Promotion.
Getting a home sold quickly and for top dollar requires all three. If you don't have the best product in the market in your price range, all the promotion in the world won't sell it. And if you have a great product, and your price is too high, all the promotion in the world won't sell it. If you have lousy promotion, but a great product and price, it will sell, but probably take some time to gain the necessary exposure. But if you have all three, it's the magic formula to a rapid sale for the greatest net.
In the case of my client, Anthony, he has a really cute house on a so-so block. The house is in the Venice real estate market situated on a kind of funky street where there are commercial loading docks across the street that support the retail businesses on the adjacent street, which is Lincoln Blvd. Thankfully, he had the foresight many years ago to plant tall shrubs that do a great job of separating the home from the world outside. And because of how the home is situated on the street, it's not directly across from the loading docks. So I'd give the home a 6 for location, overall.
Anthony has lived in the home like a bachelor, although he has a strong artistic aesthetic. The place really has great charm, but didn't show very well....too much furniture, art that didn't match the decor, piles of paperwork and 'stuff', bookcases full of 'stuff'. All in all, the home needed some ‘fluffing' as I call it.
I hired my stager Annie Pinsker-Brown of Stage to Sell. Of late, I've made it standard practice to hire Annie for a consultation for every listing. This woman works magic when it comes to staging a home to sell. Working from the philosophy that the way you live in a home and the way you sell a home are very different things, she can make what seem like simple tweaks, the difference in getting the house sold.

This article was originally published in category: Venice Real Estate At BestSideOfTheWestSide Titled: How to Sell A Venice, CA Beach House Well in a Sluggish Market
I'm such a foodie, I can't help but share great LA dining experiences.
Just west of the 405 freeway on Santa Monica Blvd, upstairs in an obscure strip mall, is hands down, one of the best sushi bars I have ever eaten at. It's called Echigo. I love turning people onto this place, but only those that are willing to give up control. You see, if you want to sit at the sushi bar and get the whole experience, then you'll have to go with the Omikase style, or Chef's Choice menu. But trust me, you won't regret it for a second.
The meal is not cheap, but it's not ridiculously expensive, either (figure $40-45 per person). You'll start with a sashimi plate, and end with a blue crab roll (ooohhh...there's NOTHING else like this!). That's a given. But each time you dine at Echigo, you'll get to experience one piece of about 8 different fresh specials, and it will hardly ever be the same meal twice.
The place lacks a personality, but you can always count on meeting interesting people at the sushi bar (it's very close to UCLA, so lots of fascinating academians hang out). You can always order from the menu or off the specials board, but only if you take a table.
Some call Omikase the "Sushi Nazi" style of dining. I happen to appreciate the notion that someone else is taking control of my gastronomic pleasure, and it's their job to ensure I have a great dining experience. I will tell you that I've been to this restaurant no less than a dozen times, and have never been less than TOTALLY satisfied. Of course, the sake doesn't hurt none. ![]()
Read some entertaining and insightful reviews on Yelp by clicking here.
Echigo
12217 Santa Monica Blvd Ste 201
Los Angeles, CA
(310) 820-9787
It's crazy how much great stuff is going on in this town! I would LOVE to learn from YOU about your favorite events, restaurants, venues, etc.
This article was originally published in category: Things To Do In Santa Monica At BestSideOfTheWestSide Titled: Do You Love Sushi Like I Love Sushi?
While today's market plays to the advantage of buyers who should be swooping in to make the most of reduced housing costs and favorable interest rates, most are sitting by, waiting.
I consider it my job to mobilize potential buyers to invest in home ownership now. Fact: when the market turns, today's bargains will be yesterday's missed opportunities.
While it is conceivable that home prices may drop further, it is likely that these decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by having to pay off your mortgage at a higher interest rate making "playing the waiting game" a waste of time (and very little fun).
The table below demonstrates how even as home prices may drop, monthly mortgage payments basically stay the same; due to increased interest rates:
Scenario 1:
Prices decrease by 5% and interest rates increase by 0.5%
Scenario 2:
Prices decrease by 10% and interest rates increase by 1.0%
|
Today |
Scenario 1 |
Scenario 2 |
| Home Price $218, 900 | Home Price: -5% $207,955 | Home Price: -10% $197,010 |
| Interest Rates 6.04% | Interest Rates: +0.5% 6.54% | Interest Rates: +1.0% 7.04% |
| Monthly Payment
$1,054 |
Monthly Payment
$1,056 |
Monthly Payment
$1,053 |
Table: Kadlec, Dan. "Ignore the Headlines!" Time 25 February 2008
Why should you spend months in a situation that you want out of when you can begin your new life in your new home today, with less interest?
For information about the Santa Monica Real Estate market please contact me directly.
This article was originally published in category: Home Buying Tips at BestSideOfTheWestSide under If You're REALLY a Buyer, Then Where Are You?
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