Beverly Hills, CA Real Estate News

By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
Sales of new homes broke out of a four-month winter slump with a bang in March 2010, soaring 26.9% over February, the government recently said, evidence that federal tax incentives for buyers due to expire next week are giving the housing market a boost. The March figures were meager by historical standards, bouncing off an all-time low in February, and analysts said job creation was paramount for the momentum to sustain itself. “It shows that the tax credit still has some punch, and we will probably see some better sales numbers for April,” said Mark Zandi, chief economist for Moody’s Economy.com. But “if we don’t get more jobs, the housing market is going nowhere.” The news came after a report showed that sales of previously owned homes rose 6.8% in March. Although new-home sales make...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Actress Diane Keaton (well known for her interest in restoring architecturally significant properties) is selling her property at 14148 W Sunset Blvd in the Pacific Palisades area of Los Angeles. The property has been listed for $8.5 Million which indicates Keaton will be selling at a loss: she purchased the 1950's Lloyd Wright designed home in February 2007 for $9.1 Million. The MLS listing describes the house as "an exceptional restoration of what was historically the "Alfred Newman Estate" by Architect Lloyd Wright". The actress has also re listed her house at 820 N Roxbury Drive in Beverly Hills for $10,950,000. She bought the house back in 2007 for $8.1 Million and worked with designers to restore the property. The home, which was featured in Architectural Digest, was listed For Sa...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
716 N Palm Drive, Beverly Hills, 90210 - $45,000 And then there's this interesting house in Beverly Hills .... not for the fainthearted! The MLS describes it as an authentic 1929 Beverly Hills Mediterranean villa with grand scale rooms and formal gardens. The house features 6-Beds and 5-Baths, a gym, office, spa, sauna and massage quarters. The MLS goes on to say: "Too incredible to describe." I'm not sure how to describe the interior decor .... suffice to say it's neither understated nor elegant! Also available For Sale at $8,995,000. All information obtained from the CLAW MLS is deemed correct but not guaranteed. Photos courtesy of MLS.
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
10101 Angelo View Drive is an exceptional promontory property with unobstructed views to the ocean and downtown Los Angeles - Listed at $19,900,000 The property consists of over 3 acres of land with a potential 1 acre flat pad on which to build. There is an existing 4400 sq ft 4-Bed 4-Bath house on the oproperty, but the potential of this unique site is extraordinary. The proposed new residence would include a 10,000 sq ft main house, two 2,500 sq ft guest houses and a 1,500 sq ft media room. The approximate cost to build is $10 Million. The project has been designed and conceived by Berchtold Harris - a Los Angeles based design-build firm. The Listing Agent describes this as a "Once in a lifetime opportunity" and suggests that this property could be worth as much as $50 Million when co...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
A professional home inspection can not only provide a great education about the home’s systems, but also be a crucial tool in negotiating the most equitable price on the home, according to HouseMaster, one of the first and largest home inspection franchisors in North America. “Our experience and research shows that approximately 40% of resale homes have at least one defect that can cost a home buyer a minimum of $500 to repair,” said Kathleen Kuhn, President of HouseMaster.“A home inspection by a professional and qualified home inspector is an excellent tool to encourage home sellers to make repairs or make further price adjustments as a result of conditions noted in the inspection report.” According to the National Association of Realtors (NAR), in 2009, a record 47% of homes sold wer...
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By Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002
(Berkshire Hathaway HomeServices)
Beverly Hills has sold the most Expensive Condominium year to date. Can you guess where it is? Can you guess how much it sold for? To keep you from racking your brains out, let me share with you. The address is 225 n Canon Dr. Unit #8D. The Ultimate lifestyle is located on the 8th floor of the Spanish Colonial Revival-style Montage Hotel in Beverly Hills. The unit is Walking distance from my office at 166 N Canon Dr. The Montage was built in 2008 and this unit sold for $10,650,000.00. The closing date was April 09, 2010. What do you get for it? The living square feet is approximately 5000 sq ft, consisting of four bedrooms and four and a half baths. The home owner dues are a monthly $6,064.00 there are still 19 units in various price ranges available. Should you be interested in viewing...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
The busy spring home buying and selling season is underway and the experts at Pulte Homes are offering staging tips to get your home ready for sale. A quicker home sale can be reached by keeping in mind the needs of the home’s most likely buyer and creating a fresh inspiring look just for them, according to Pulte Homes expert Janice Jones, national vice president of merchandising. “Everyone understands the value of de-cluttering, cleaning and refreshing a home in today’s competitive market,” Jones said. “The difference between a ‘For Sale’ and a ‘Sold’ sign often boils down to effectively staging a home to appeal to young singles, families or empty nesters—the three largest customer segments that are likely to buy your home. Home sellers should have a good idea of the type of buyer who ...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
Home sales and prices continued their steady but pokey climb up from the bottom in Southern California last month as buyers scrambled to take advantage of low prices and low mortgage interest rates. The market is still tilted toward low-cost distress sales, but not by as much as previously, a real estate information service reported. A total of 20,476 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 33.3% from 15,359 in February, and up 5.0% from 19,506 in March 2009, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records. Sales always go up from February to March. Last month was the 21st in a row with a year-over-year sales increase. The March sale...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
A vacant house is like a vacant stare. Something is just not right. Trying to sell a vacant house adds obstacles and depresses the sales price, says Showhomes, a nationally franchised home staging company. Showhomes uses live-in home stagers to lower the cost of staging and produce faster home sales. Take a look at their top five reasons why selling a vacant house is often a mistake in today’s market: 1. People don’t simply buy houses; they buy the next chapter of their lives. This is an emotional experience and emotion influences what people buy and how much they will pay. Vacant houses are devoid of life, and the chance to make an emotional connection is lost. 2. Vacancy distracts buyers from looking at the house itself. They wonder: “Is this a divorce? Why did they move out? Are they...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The highest priced ever achieved for a condo in Beverly Hills has been recorded at The Montage Residences. This record-setting sale of $10,950,000 closed on Friday 4/9/2010 ($2148 per square foot) Unit 8D is a 4-Bed 4.5-Bath condo measuring over 4900 square feet with HOA Dues of $6064 per month (that's $72,768 per year). Annual Property Taxes are estimated at over $130,000. That's over $200,000 in Dues and Taxes alone. This sale easily tops the previous record of $6,150,000 for Unit 8F (also at The Montage Residences) that closed for $6,150,000 in March of this year. As at the time of posting this blog The MLS shows one unit as pending in escrow (listed at $11,650,000) and three other condos as active, listed at $6,150,000; $8,850,000 and $10,250,000 respectively. The Property was liste...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Beverly Hills Condos Open Houses - April 11, 2010 (From 2-5pm) 140 S Oakhurst Dr #PH1 - 3 Bed 3.5 Bath - $2,595,000 140 S Oakhurst Dr #202 - 2 Bed 2 Bath - $1,350,000 407 S Spalding Dr #6 - 3 Bed 2.5 Bath - $1,085,000 330 S Reeves Dr #102 - 2 Bed 2 Bath - $1,049,000 433 N Doheny Dr #303 - 2 Bed 2.5 Bath - $999,000 140 S Oakhurst Dr #101 - 1 Bed 1.5 Bath - $925,000 438 N Palm Drive #A - 2 Bed 2 Bath - $737,000 131 N Gale Dr #3E - 1 Bed 1 Bath - $525,000 If you're not represented by a Realtor/Broker and would like additional information on any of these Open Houses scheduled (or any other property in the greater Los Angeles area), please do not hesitate to call or email me: Stewart Penn (310) 866-1818 - stewart@pennpropertiesla.com Information obtained from the CLAW MLS is deemed correct ...
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By Dom Naidoo, Malibu to the Marina Real Estate
(Westside Properties)
Shannon Ramey is a top producing Real Estate agent with Westside Properties. Serving the Los Angeles Westside and specializing in Luxury Real Estate in Beverly Hills, Bel Air / Holmby Hills, and Santa Monica.   Shannon grew up in the Windy City where she developed a strong desire to experience the world and immerse herself in its different cultures.  After graduating from American University in Washington, D.C., she spent time living in Turkey, Jordan, and Morocco.  While abroad, Shannon developed close friendships that eventually became part of her network of high net-worth and foreign business associates.   Shannon began her career on Wall Street as a trader for an institutional stockbroker.  A few years later, she realized that it was time to combine her business savvy with her pass...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Beverly Hills Condo Sales - March 2010 (February / January) Number of Units Sold:  7 (4/13) Average Days on the Market: 157 (140/76) Median Price: $956,000 ($812,500 / $816,000)Average List Price: $1,687,714 ($1,192,000 / $975,000) Average Selling Price: $1,620,771 ($1,212,500 / $924,000)Total Sold in Dollars: $11,345,400 ($4,850,000 / $12,012,000)Lowest Price Condo Sold: $450,000 ($525,000 / $518,000)Highest Price Condo Sold: $6,150,000 ($2,700,000 / $1,470,000) MLS Information deemed reliable but not guaranteed. Photos courtesy of The CLAW MLS. Search The MLS: Stewart Penn - Realtor for homes, condos & lofts in Los Angeles, Beverly Hills, Bel Air, Santa Monica, Malibu, Brentwood, Century City, Westwood, Beverly Center, Miracle Mile, West Hollywood, Sunset Strip, Hollywood Hills, Hanco...
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By Dom Naidoo, Malibu to the Marina Real Estate
(Westside Properties)
Westside Properties WestsideHomeFinder.com 881 Alma Real Drive, Suite T-25 Pacific Palisades, CA 90272 Office: 310.459.8191 Toll Free: 800.645.3345 Cell: 800.645.3345 Fax: 310-494-0169 www.westsidehomefinder.com Westside Properties | View all these results now | $3,349,000 - Beverly Hills, CA 90210 5 Beds, 6 baths Size: 5,458 Sq Ft Lot Size: 31,759 Sq Ft Community: Beverly Hills Post Office $755,000 - 200 N Swall Dr Beverly Hills, CA 90211 2 Beds, 2 baths Size: 1,440 Sq Ft Lot Size: 00 Sq Ft Community: Beverly Hills $3,250,000 - 499 Hillgreen Dr Beverly Hills, CA 90212 4 Beds, 3 full 1 part baths Size: 3,406 Sq Ft Lot Size: 8,100 Sq Ft Community: Beverly Hills Post Office Tract: Cust $2,595,000 - 1970 Coldwater Canyon Dr Beverly Hills, CA 90210 5 Beds, 5 baths Size: 00 Sq Ft Lot Size: ...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
A record-breaking condo sale has been recorded at the Montage Residences in Beverly Hills. The MLS indicates that 225 N Canon Dr #8F in Beverly Hills closed escrow in March 2010 for $6,150,000. According to MLS records, this sale is the highest priced condo to be sold in Beverly Hills and is also the most expensive based on the rate per square foot. The MLS details the HOA Dues at $3961 per month. The 2550 sq ft condo features 3 en-suite bedrooms, an office, grand living and dining rooms and private balconies with views of the surrounding hills and cityscape. The Property was listed by Sondra Browning-Ott of Sotheby's International and the Buyer was represented by Jennifer Fentin of Westside Estate Agency. The MLS shows one unit listed at $11,650,000 as pending in escrow and three other...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Beverly Hills Hotel - 9641 Sunset Blvd, Beverly Hills, CA 90210 Perhaps the most famous hotel in Beverly Hills, the Beverly Hills Hotel is an icon of the city. The hotel has 204 guest rooms and suites, including 21 one-of-a-kind bungalows. The 21 bungalows at The Beverly Hills Hotel are like individual homes, each with separate entrances, living rooms, dining rooms, wood-burning fireplaces, and a different configuration and decor. The hotel has a fascinating and interesting history .... It was first opened in 1912. In 1928 the hotel was sold for $1.5 Million, but after the stock market crash of 1929 the second owner lost the hotel to Bank of America and the hotel was closed. In 1932 the hotel was reopened. It was sold in 1941 at which time the restaurant was renamed The Polo Lounge. In ...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars—and a collection agency is coming after them to get it. That’s because lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim. If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney. “The only relief a consumer will have is entering into a debt negotiating plan or filing for bankruptcy,” said Sylvia Alayon, a vice president with the New York-based Consumer Mortgage Audit Center. The firm provi...
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By Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002
(Berkshire Hathaway HomeServices)
  Did you know that undisclosed payments in a Short Sale Transaction may be illegal? According to The California Association of Realtors undisclosed, specifically those payments that are paid outside of Escrow may violate the Law. In particular it could be a violation of RESPA, or it could be considered Lender Fraud and a violation of licensing laws just to name a few. An example they site is, when a Short sale Seller's Senior Lender authorizes a payment to eliminate a junior lien. This would seem OK, but then the junior lender demands that the buyer pays an additional Dollar Amount outside of escrow. This is a Risky scenario for the Buyer, but to conceal this additional payment from a federally-insured senior lender may constitute lender fraud. My question is would you want your buyer ...
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By Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002
(Berkshire Hathaway HomeServices)
 What is Beverly Hills, CA? It is a destination for the tourists, the rich, the famous and the infamous. One thinks of the zip code 90210, and the TV Show of the same name. When we think of Beverly Hills, we think of Glamour, Movie Stars and an Affluent Society. Beverly Hills is a destination place. People from all over the world want to visit and or live here. Beverly Hills was a prosperous location long before the entertainment industry discovered it. We might be wondering what the reason was. The answer is water. Southern California has fantastic climate all year around, but water is the most precious commodity and Beverly Hills was blessed with it. The primary reason for Tourist visiting Beverly Hills, from all over the world is to come here and to see the movie stars, where they ea...
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By Jane Peters, Los Angeles real estate concierge services
(Home Jane Realty)
The Beverly Hills home sales statistics below are taken directly from the MLS and are for single family homes.  They don't take into consideration condos, income property and private sales. 8 properties sold in February, the same as in January '10 but 4 more than in February '09.  The most expensive was $16,500,000 and the least expensive was a mere $3,162,000. The median price of $9,400,000 is way up from $1,687,500 in January, and $3,200,000 in February '09. Days on the market for sold listings was 115, up from 98 in January, and 141 in February '09. There has been little change in the Beverly Hills market over the last two months, except for the price of the homes sold.              
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