Dom Naidoo - Pacific Palisades Real Estate

How Long Has Your House Been on the Market?

Professional appraisers sum up their entire body of knowledge in three words: " Buyers make value." Your home is worth as much as a buyer will pay for it.

If your home has been on the market for months, it's a clear message that the property may not be worth what you're asking for it. This is particularly true if there haven't been many prospects coming to see it. What you do at that point depends on whether you really need to sell, and whether you're working with a time limit.

If you're not really motivated to move soon, you can always wait - years if necessary - and hope inflation will catch up with the price you want. The problem is that in that time, your home begins to feel shopworn. Buyers become suspicious of a house that's been for sale for a long time.

If you really do need to sell, with your REALTOR^® discuss a schedule for gradually dropping your price until you find a level that attracts buyers. There's no point in saying, " We simply can't sell our house." Anything will sell if the price is right.

Marketing Basics: Part 1 Part 2

Please do not hesitate to contact me with any questions or for a free professional market analysis of your home. 310.459.8191 or via email info@wsprops.com

Happy Tuesday everyone! It has been an amazingly busy day here at Westside Properties. We've hosted an extremely busy broker open house today at our listing at 15901 Alcima Avenue(website) in Pacific Palisades.

Josh and I also had the opportunity to cruise PCH up to Malibu to check on our new listing at 6360 Cavalleri Road(website).

I ran across this article in the SFGate and figured to expose to my readers...especially the new-home buyers.

The $10,000 state tax credit for new-home purchases could be revived soon for a limited-run engagement.

Last week, the California Senate passed a bill 35-1 that would provide $30 million in tax credits to about 4,000 additional new-home purchases. The bill now moves to the Assembly floor, which could take it up as early as Monday.

A spokesman for Gov. Arnold Schwarzenegger says he "supports the idea of this bill."

In an earlier bill, the Legislature made $100 million in state tax credits available to anyone who bought a new, previously unoccupied home in California on or after March 1, 2009, and before March 1, 2010. The $10,000 credit must be spread over three years and can offset only up to $3,333 a year in state income tax.

The money was allocated on a first-come, first-served basis, and it went fast. Less than four months after the effective date, the Franchise Tax Board had received 11,925 applications representing more than $100 million in credits. It shut the door on new applications at midnight July 2.

Although it doled out $100 million in credits, the tax board estimated that about $30 million would go unused because many buyers could not claim the full $10,000.

To get the entire benefit, the buyer must owe at least $3,333 in state income taxes in 2009, 2010 and 2011. A buyer who owes only $1,000 in one of those years loses the remaining $2,333 for that year - it can't be paid out in cash or carried into future years.

The original bill didn't allow the tax board to reallocate unused credits to other new-home buyers, but the new bill - SBX3-37 - essentially would.

Pushed by the home builders, it would provide $30 million in tax credits to two groups of new-home buyers.

The first is about 300 people who bought a new house and got their paperwork in to the Franchise Tax Board by July 2 but missed out on the credit because the money was gone.

The other group includes people who buy a new house after the bill is signed and before March 1 - but only until the $30 million runs out, which could be long before March.

People who buy a new home after July 2 and before the bill is signed are out of luck.

Given that only 70 percent of the home credit is typically used, about 4,285 new-home buyers would qualify for the additional $30 million.

Sponsors say the bill is necessary to "facilitate California's economic recovery, a large part of which is the maintenance of the new-home tax credit." It was written as an "emergency statute necessary for the immediate preservation of the public peace, health, or safety."

Democrat Loni Hancock of Berkeley was the only senator to vote against the bill. She couldn't see "offering subsidies to potentially well-off people buying expensive homes while we are cutting the heart out of education," says Larry Levin, Hancock's spokesman.

She also questioned the fairness of offering a subsidy only to new-home purchases when there are so many foreclosed homes on the market.

When the bill was first introduced as AB765 by Assembly members Anna Caballero, D-Salinas, and Jose Solorio, D-Anaheim, it would have provided $200 million in additional tax credits on top of the original $100 million. But as the state's finances worsened, the increase was whittled down to $30 million.

When the Senate took up the bill last week, Republicans refused to support it (and other bills that needed a two-thirds majority) unless it had a Republican as lead sponsor. So the contents of AB765 were moved into SBX3-37 with Sen. Roy Ashburn, R-Bakersfield, as the principal co-author.

# of Listings Average DOM Low Price $ Median Price $ High Price $ Average Price Total $ *Avg. Price w/ Sq.Ft. $ *Average Sq. Ft. *Avg. Price/Sq.Ft. $ ***Avg. Price w/ LSZ $ ***Average LSZ ***Average Price/LSZ $ Average SP/Average LP

Active 60 62 2,400 839,000 9,295,000 1,437,067 1,277,596 2,717.60 470.12 1,678,015 11,322.47 148.20 --

Backup 5 69 15,900 749,000 2,049,000 853,580 853,580 3,189.40 267.63 1,053,300 7,259.67 145.09 --

Hold -- -- -- -- -- -- -- -- -- -- -- -- --

Pending 7 72 195,000 1,275,000 3,750,000 1,450,286 1,450,286 2,528.57 573.56 1,841,600 8,188.40 224.90 --

Sold LP 9 70 3,250 899,900 5,795,000 1,242,983 673,981 2,496.38 269.98 1,226,481 7,864.88 155.94 --

Sold SP ** 9 70 3,290 865,000 5,500,000 1,197,566 659,761 2,496.38 264.29 1,181,011 7,864.88 150.16 96.35%

Expired 12 118 5,900 704,500 3,750,000 1,442,908 1,467,490 3,062.90 479.12 1,596,988 10,156.63 157.24 --

Canceled 4 87 3,500 101,750 475,000 170,500 161,000 1,867.67 86.20 101,750 5,690 17.88 --

Withdrawn 4 152 2,100 6,300 1,875,000 472,425 472,425 2,333.50 202.45 629,200 7,743 81.26 --

Please do not hesitate to contact me with any questions about this information provided. I will be happy to provide you with a detailed report. 310.459.8191 x878 or email info@wsprops.com

* = Square footage calculations do not include those listings with a reported square footage of zero (10 such listings were found).

*** = Lot size calculations do not include those listings with a reported lot size of zero (26 such listings were found).

** = All calculations in the "Sold (Sold Price)" column do not include those Sold listings with either a reported square footage of zero or a reported Selling Price of zero (0 such listings were found) or a reported lot size of zero (0 such listings were found).

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Copyright © 2009 by Combined L.A./Westside MLS, Inc. Information deemed reliable but not guaranteed. Prepared by: Dominic D. Naidoo DRE# 01343805

Happy Saturday everyone! I had the opportunity to host an open house at my new listing in Pacific Palisades. The weather was awesome! Warm, clear, sunny and breezy. If the open house wasn't so busy, I'm sure I would have enjoyed relaxing in the front yard...which felt like a park.

Today's blog post is part 2 of the Child friendly bathroom renovations. Enjoy! If you missed part 1, click this link to view: Child Friendly bathoom renovations part 1

September 9th has passed, and the Pier enjoyed an amazing birthday party. Nevertheless, people keep coming, and the Pier keeps welcoming. The Carousel thrives, Pacific Park thrills, fishermen angle away their days while crowds gather to watch the sun set over Malibu. Old friends - one of them a travelling circus - have since come to share in the joyous Centennial atmosphere.

For those who missed it, and those who wish to revisit it, the Santa Monica Pier Centennial Celebration was a tremendous success - a once in a lifetime event that people will talk about for generations. At dawn a multi-denominational service was held, christening the Pier as it embarks on its next 100 years. Press swarmed the Pier throughout the day, asking visitors to share their favorite memories. Later that afternoon Santa Monica Mayor Ken Genser, along with numerous other city officials and long-time Pier devotees, gathered underneath the famous arched blue neon sign for a ceremonial ribbon cutting, dedication and "re-opening" of the Pier for its next 100 years. A 100-minute party ensued, highlighted with performances by musical groups Vybration, The Big Bamboo Steel Band and legendary surf guitarist Dick Dale. Capping it all off was a 25-minute fireworks finale set to a musical score covering the Pier's first ten decades.