8945 Dicks St. West Hollywood SOLD For $1,305,000

Another million dollar plus sale! This gorgeous West Hollywood bungalow home with guest house is situated in the heart of the Norma Triangle.

SOLD! Gorgeous A-Frame Eichler in Granada Hills $764,000

Very happy for my buyers. We just closed escrow on this stunning A-frame floor plan home in the Balboa Highlands.

The stylish home was built by Joseph Eichler and designed by A. Quincy Jones. A rare find in most areas, this one happens to be nestled in a community of mid-century modern homes.

Just look at this architecture!

 

SOLD!!! 215 S Santa Fe Ave Unit 9 - $905,000

Congratulations to my very happy client who just purchased this 2-story loft in Downtown Los Angeles at the Toy Factory Lofts for $905,000. It's a gorgeous home and we hope it brings him many years of happiness and success!!!

SOLD! 5818 Whitsett Ave. #402 - $480,000

Just sold a 2-story condo in this brand new construction building in Valley Village! Congratulations to my buyer!!!

ANOTHER ONE IN ESCROW!!! 5818 Whitsett Ave 402

And... getting ready to close escrow this week ahead on another gorgeous condo for my new buyer! Brand new construction in Valley Village.

IN ESCROW!!! 215 S Santa Fe Ave

Getting ready to close escrow with my client on this historic loft in the Arts District of Downtown Los Angeles!

New Listing - $1,398,000 8945 Dicks St., West Hollywood

2 Bedroom 2 Bathroom PLUS Guesthouse

Offered at $1,398,000

VISIT PROPERTY WEBSITE - CLICK HERE

IF YOU CHOSE THE PERFECT LOCATION TO LIVE IN THE NORMA TRIANGLE, THIS IS IT. AMAZING 2 BEDROOM 2 BATHROOM SPANISH PLUS GUESTHOUSE ON QUIET TREE-LINED STREET. THE MASTER BEDROOM HAS IT'S OWN UPDATED EN SUITE BATHROOM AND WALK-IN CLOSET. OPEN FLOORPLAN FEATURES LIVING ROOM W/ FIREPLACE, DINING AREA AND DEN W/ SKYLIGHT. BOTH THE KITCHEN AND MASTER BEDROOM ACCESS THE PRIVATE BACK PATIO THAT WRAPS AROUND THE HOUSE FOR PERFECT ENTERTAINING. CENTRAL HEAT/AC, WOOD FLOORS, TANKLESS WATER HEATER, PATIO HEATER, GRILL HOOKUPS. THE SEPARATE GUEST HOUSE FEATURES LIVING ROOM, KITCHENETTE, LOFT BEDROOM AND BATHROOM (SELLER CURRENTLY PAYS CITY'S YEARLY RENT CONTROL FEE). ENCLOSED FRONT YARD/PATIO. LONG GATED DRIVEWAY FOR 2-3 CARS. JUST A COUPLE STREETS FROM THE BEST RESTAURANTS, CLUBS AND SHOPPING WEST HOLLYWOOD HAS TO OFFER. THIS ONE WILL TAKE YOUR BREATH AWAY.

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JUST SOLD! 976 Larrabee #228 WEST HOLLYWOOD

Represented the buyer on this lovely condo in West Hollywood. When you're ready to buy or sell, give us a call at 323-528-9989.

Sherman Oaks Townhouse SOLD! $510,000

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Homestead: Protecting Your Home From Creditors

From California's earliest days of statehood, the state constitution has provided that "the Legislature shall protect, by law, from forced sale a certain portion of the homestead and other property of all heads of families." Article 20, Section 1.5. Consistent with this mandate, the Legislature has passed laws that protect homeowners in two ways: through an automatic homestead exemption, and by allowing homeowners in certain circumstances to declare a homestead. The homestead law is of particular interest now because the Legislature amended the homestead laws effective January 1, 2010 to increase the amounts protected under the law.

More Houses Hitting the Market - Good for Buyers & Sellers

Sales of previously owned homes jumped 5.1% from April to a seasonally adjusted annual rate of 5.35 million, the NATIONAL ASSOCIATION OF REALTORS® said Monday.

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Getting a Mortgage May Be Easier Than You Think

Some lenders over the last couple years have eased requirements to get mortgages, but most Americans still think getting a loan is very difficult, according to a survey released Tuesday by Wells Fargo WFC -1.13% Home Mortgage and Ipsos Public Affairs.

HEY, SELLERS, GET OFF THAT FENCE

The Los Angeles real estate market is really peaking right now. The low inventory of homes on the market is causing multiple offers from the fierce competition amongst the huge number of buyers out taking advantage of the low mortgage interest rates.

But this will not last. Word is spreading to homeowners who have been on the fence about selling and who now want to enter the market because of the record-breaking sales. This will cause an increase in supply and diminish demand.

As quickly as we have seen this market skyrocket over the last couple of months, things could slow down and prices could level off and very likely even take a dip. This is your opportunity to cash in on your investment. Sellers are breaking records with home sales and surpassing the market highs of 2008 before the real estate bubble burst.

Opportunity is ringing your doorbell. Call me if you'd like to discuss selling your home. 323-528-9989.

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TO BUY OR NOT TO BUY EARTHQUAKE INSURANCE - THAT IS THE QUESTION

In a recent LA Times piece, the very common question from condo owners (and single family owners as well) came up. Is it worth it to buy earthquake insurance? Take a look at this...

Question: I'm president of a 44-unit homeowner association in the Torrance area. Every year we purchase earthquake insurance, which carries a 20% deductible and a premium for each owner of about $350 a year on a $12-million policy for the association. Many owners don't want to pay the premium, preferring no earthquake insurance because the deductible is so high. I calculate that each homeowner would have to come up with about $54,500 as a deductible before insurance kicks in. In the event of a catastrophic earthquake, I'm not sure owners will be able to come up with such large deductibles. How can we handle this?

For some of you, the answer will make your stomach turn... READ MORE HERE

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The See-Saw Home Buyer Who Will Never Buy A Home

As a Realtor, I meet all types of buyers. There are the ones that are scared to death of the process. There are the ones who are fearless. And then there are the in-betweens. I can counsel all three types to a successful conclusion. Meaning, they will buy or sell a property, once I explain the process and walk them through the steps of placing an offer, getting accepted and into escrow, inspections, and finally closing escrow and handing them the keys.

But then there is the see-saw buyer. One day they are up and excited to buy a new home, the next they are down and finding every reason under the sun to not move forward on a home purchase. You don't want to be the see-saw buyer, because the see-saw buyer will NEVER buy a home. The see-saw buyer will talk themselves out of buying a home every time they begin the process (the telltale sign of a see-saw buyer is one who has gone through the process of searching for a home with one or more Realtors prior to meeting their current agent). I don't want to work with a see-saw buyer, because they will NEVER buy a home.

What is a see-saw buyer? You ask.

Home Sales Vault to 18-month High as Supply Improves

As a sign of strength in the housing market ahead of the spring selling season, U.S. home re-sales surged to their highest level in 18 months in March as more homes came on the market.  Existing home sales increased 6.1 percent to an annual rate of 5.19 million units in March, the highest level since September 2013. The percent rise was the largest since December 2010. Last month's sales outpaced economists' expectations for a 5.03 million-unit rate. Source: Reuters
Read the full story

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Average US Rate on 30-Year Mortgage Edges up to 3.67 Percent

According to AP: Average long-term U.S. mortgage rates rose slightly this week but remained close to historically low levels with the spring home-buying season underway.

Mortgage giant Freddie Mac said Thursday the national average for a 30-year fixed-rate mortgage edged up to 3.67 percent from 3.66 percent last week.

The average rate for a 15-year mortgage, popular with homeowners who refinance, rose to 2.94 percent from 2.93 percent last week.

Fannie Mae Offers Homepath First Time Buyer Education Program

Up to Three Percent Closing Cost Assistance Available Upon Completion of Online Education Course

Fannie Mae (FNMA/OTC) announced the HomePath^®Ready Buyer^™ program, qualifying first-time homebuyers to receive up to three percent of the purchase price in closing cost assistance toward the purchase of a HomePath property, upon completion of an online homebuyer education course.  On a
$150,000 home, this could result in up to $4,500 in savings for the buyer.

WHY HOMEOWNERSHIP IS NOT MOTIVATING RENTERS

Zillow found that most home buyers would be paying less per month to own a home than to rent after two years. The highest break-even horizons were in Los Angeles at 5.1 years, Washington, D.C., at 4.2 years, and San Diego at 3.8 years. But while rents are soaring, and mortgage rates are still historically low, many are not pursuing homeownership due to student debt, lack of ability to save with high rent, and tight mortgage credit availability. In addition, supply is not keeping pace with surging demand. It is hoped that rising prices will persuade those who may be on the fence about listing their homes to do so in the coming months, leading to closer parity between supply and demand.


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Huge Resale Housing Shortage in Certain Areas of Los Angeles - Time to Broaden Your Horizons

One area where I've lived and sold homes for sellers and buyers for many years is experiencing an enormous resale housing shortage. In the Los Angeles Realtor world, we call this region Area 19. Most of you know it as Miracle Mile and/or Beverly Center Grove. It actually comprises both. Area 19 is bounded roughly between Melrose Ave. to the north all the way down to Pico Blvd. to the south and La Cienega to the west and La Brea to the east.

Area 19 is pretty damn huge.

Early this morning, when I ran a search for all ACTIVE single family homes for sale in just area 19, the MLS showed only twenty-seven listings. TWENTY-SEVEN homes for sale in one of the

SOHO House to Open Another Members-Only Club in Century-Old Building in Downtown Los Angeles

According to Downtown News:

After more than a year of speculation and rumors, the confirmation is in: Soho House is coming to the ever-expanding Arts District. The locale? A six-story, 100-year-old warehouse on South Santa Fe Avenue.

The actual address is 1000 S. Santa Fe Ave, according to several sources familiar with the project. It's a 1917 brick building that had been used as rehearsal space for

IF YOU HAVE A NEST THERMOSTAT IN YOUR HOME, GOOGLE IS SPYING ON YOU

There is nothing more annoying than being bombarded with ads and emails for a specific product within hours of running a simple search on Google for said product. What's scary is when a service like Google moves beyond the internet and into our neighborhoods... even moving into our homes where they spy on us and sell as much of our personal information that they can get their sticky webbed fingers on.

As Salon.com reported in a piece in February of last year, Google Street View wasn't only taking photographs, and your Android phone can do a lot more than make calls.

Admittedly, we can simply choose to not use Google when we search the web or use

Why Housing Has A Supply Problem

There are just 1.89 million homes for sale, which is down from a year ago and well below current demand. The number of listings from January to February historically rises about 6 percent, but this year it inched up less than 2 percent. Inventory is a major issue for the housing market, as larger builders are catering more to higher-end buyers, which leaves very little for lower-end, first-time buyers to move into. Lack of supply is pushing prices again, up 7.5 percent year over year to a median sale price of $202,600 in February.


This is "all about inventory," said Lawrence Yun, chief economist for the Realtors. "Smaller local builders are not in the game. They don't have access to credit." Larger builders are catering more to

At Least 3 Things Home Buyers MUST Do Before Signing Off On A Property

Your offer has been accepted. Congratulations! Now begins the "due diligence" phase. The investigative process.

So we get all of the disclosures from the seller who is obligated under California law and the contract to inform you of everything materially that they know about the home they are selling you. Have there been plumbing issues? Has the property been painted in the last 12 months? Any flooding? AND they must inform you to the best of their knowledge of any goings on in the surrounding neighborhood - like airplane noise, fire department noise, disputes with neighbors, etc.

With that information alone, you may decide that you do not wish to proceed with the purchase. That's okay. You are free to walk away, having not spent a dime on inspections. But let's say you are

The Silicon Valley Techies Are Coming! And They're Buying Real Estate in Los Angeles!

Image From RadioLive

In a recent Los Angeles Times article, it was pointed out that the tech moguls are "snapping up" properties in Southern California in a very big way.

Since these high rollers been getting priced out from purchasing big homes up north, they have come south in search of their trophy property. Their weekend getaway. Their pied-à-terre.

This is fueling demand for real estate throughout greater Los Angeles and contributing to driving prices up even further. It's also a very big hint that, just like Randy Newman pointed out in his ode to Los Angeles song, everyone is back to loving LA even more!



So for those of you who live here and have always dreamed of owning a home in Los Angeles, it's time. Interest rates are very very low. Like 3.8% as of this writing. Sure the prices are a bit inflated, but balanced out with low rates, even if prices were to drop a bit in the coming months (though that doesn't appear likely) an increase in interest rates will keep your costs the same as now and for years to come.

The LA Times article also pointed out:

Mortgage rates falling; 30-year drops to 3.78%, Freddie Mac says

According to the Los Angeles Times earlier today:

Long-term interest rates declined this week, with Freddie Mac saying lenders were offering conventional 30-year mortgages at an average of 3.78%, down from 3.86% a week ago.

The average for 15-year fixed home loans slipped to 3.06% from 3.1%, the mortgage financing giant said in its weekly report, released Thursday. The initial rate on loans fixed for five years before becoming variable fell to 2.97% from 3.01%.

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Confidence in U.S. Housing Market On The Rise

American renters are growing more confident in the housing market, and more than 5 million are planning to buy a home this year, according to the Zillow Housing Confidence Index (ZHCI).

More than 12 percent of current renters nationwide – roughly 5.2 million – said they plan to buy in the next year, an almost 25 percent jump from the same time last year, when 4.2 million renters said they had plans to buy within 12 months.

Among all renters surveyed nationwide, 59.7 percent said they think buying a home is the best long-term investment a person can make, compared to 56.9 percent at the same time last year. This improved long-term outlook was especially evident among younger renters. Among all 18- to 34-year-old renters, 66.2 percent said owning a home was the best long-term investment, compared to 61.4 percent last year.


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Trulia Will Lose ListHub Data in April - Bye Bye Listings?

This is big news in the real estate industry, the consequences of which will spill into the consumer world of buying and selling homes.

Realtor.org just reported: The real estate website Zillow will soon stop receiving feeds of hundreds of thousands of for-sale home listings from ListHub within the next three months, as it expects to transition to its own listing syndication tool.

According to Inman news:

Second most popular real estate site could lose more than a quarter of its listings
Move Inc.-owned listing syndicator ListHub will stop supplying listings to Trulia on April 7, giving the second most popular real estate site less than a month to come up with an alternative source for more than a quarter of its listings.

At a hearing today, a San Francisco Superior Court judge lifted a temporary restraining order

March 2015 Housing Market Looks Amazing

Freddie Mac released today its U.S. Economic and Housing Market Outlook for March, highlighting some of the positive tailwinds at the start of the spring homebuying season.  Check out the informative video, along with the complete March 2015 U.S. Economic and Housing Market Outlook and forecast.

Outlook Highlights

• Expect 2015 to be the best year for home sales and new home construction since 2007 when total home sales were about 5.8 million for the year.
• Improved job prospects have started to drive those aged 25-34 back to the labor force, with 76.8 percent employed as of last month, up from 75.9 percent last year.
• Expect rising rents at or above inflation in 2015 to push more would-be homeowners into the market. Rents increased an average of 3.6 percent in 2014 and nearly 11 percent over the last three years.
• Due to some recent upward pressure on Treasury bond yields, the 2015 forecast for the average 30-year fixed-rate mortgage was increased slightly to at 4.0 percent for the year.
•  

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Do You Understand the Mortgage Process For Purchasing a Home?

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The Importance of a Mortgage Pre-Approval

There was a time, early in my career, when I'd hop in my car and gladly take new buyers out to look at prospective homes before said clients had even checked with a lender to see how much mortgage they could afford. We'd buzz around Los Angeles looking at $400,000 fixers, then quickly work our way up to million dollar move-in-ready homes. Their wish list growing week-after-week, house-after-house.

"I want a pool," she'd say. "And his and her walk-in closets."

"I want a wine cellar," he'd say. "And a three-car garage."

This would go on for a weeks until my buyers had finally fixed their sights on the property of their dreams. An $850,000 beauty near the Grove. We then began the process of submitting an offer and the other items needed for them to be seriously considered by the seller. Then came the bad news:

TIME TO SPRING FORWARD - Daylight Savings This Sunday

Don't forget to turn your clocks forward before you pass out this Saturday night, because we will be one hour ahead on Sunday, March 8, 2015. That's right, you lose an hour of your precious beauty sleep. Just a friendly reminder, because that's what Realtors like me do - we remind you to turn your clocks ahead one hour. And please enjoy this video from our friend Boy George to help remind you why it's so important to turn your clock ahead...



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National Home Prices Projected to Increase by 4.9 Percent Year Over Year by January 2016

CoreLogic^® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its January 2015 CoreLogic Home Price Index (HPI^®) which shows that home prices nationwide, including distressed sales, increased 5.7 percent in January 2015 compared to January 2014. This change represents 35 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 1.1 percent in January 2015 compared to December 2014.*

Including distressed sales, 27 states and the

Is Tiny Living For You?

These days, Tiny living is all the rage in a big way. There are even TV shows featuring living small. And let's face it: When it comes to real estate, aside from location, it's almost always true that the smaller you go, the less you pay, as square footage is king when it comes to finding most home values.

This week, Curbed Los Angeles will be running features for their first ever Micro Week. Their focus will be "five days' worth of stories, photos, and minuscule floorplans that celebrate the grand tradition of small-space living. We'll tour small homes, explore the city's smallest neighborhood, and so much more!"

So, are you ready to downsize? Whether it's a tiny condo or a teeny-weeny house that we in the real estate industry like to refer to as a "condo alternative", tiny living is more popular than ever. Take a look at Curbed Los Angeles's first feature How 7 Tiny Home Dwellers Learned to Love Micro Living

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Some Fast Real Estate Facts

Calif. median home price: January 2015: 

• California: $426,790
• Calif. highest median home price by region/county January 2015: San Mateo, $1,012,500
• Calif. lowest median home price by region/county January 2015: Del Norte, $152,260

Calif. Pending Home Sales Index:
January 2015: Increased 26.7 percent from 70.9 in December to 89.8 in January.

Calif. Traditional Housing Affordability Index: Fourth Quarter 2014: 30 percent (Source: C.A.R.)

Mortgage rates: Week ending 2/19/2015 (Source: Freddie Mac)
• 30-yr. fixed: 3.76% fees/points: 0.6%
• 15-yr. fixed: 3.05% fees/points: 0.6%
• 1-yr. adjustable: 2.45% Fees/points: 0.4%

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GOT A REAL ESTATE QUESTION?

An English Tudor I sold in Studio City

I spend most of days answering questions from my buyers and sellers. So I figured why not answer some of your real estate-related questions while I'm at it. Some of the more common questions buyers ask me are: Who pays your commission? It is customary for the seller's agent to pay the buyer's agent's commission here in southern California. Will I lose my deposit, if I change my mind? It's almost impossible for a buyer to lose their deposit in California, since the purchase agreement gives you a period of time to inspect the property and get your loan approved (contingency period). You have the right to cancel the agreement at any time during this period. If you continue on with the purchase, you then remove all of your contingencies.

SAFETY TIPS VIDEO FOR WHEN YOU SELL YOUR HOME

I always advise my sellers to watch this video. If you're thinking of selling, please take a look at some safety tips when selling your home.




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How Much Money Do I Need To Put Down When I Buy A Home?

The number one question I get from home buyers: How much money do I need to put down when I buy a home? Well, according to a recent report by CNN Money:

"Borrowers who have steady income and good credit, but not much money in the bank, will find that it recently became easier to buy a home."

And the news gets better...

"It's one of the things that's inhibiting first-time homebuyers," said Rob Chrane, president of Down Payment Resource. "There are a lot more people who can qualify for a home that don't realize that they can."

The Real Estate Market Gearing Up For Spring Season

According to Shannon Christenot, my go-to mortgage broker with JMJ Financial:

"Consumers are getting excited about prime home shopping time getting ready to heat up. In fact, 67% of respondents to Fannie Mae’s National Housing Survey in January said they feel that now is a good time to buy a house."

She should know. Shannon is on the front lines of the home-buying process. It doesn't get any more real than a buyer applying for a loan after an accepted offer.

Shannon also noted: