Beverly Hills, CA Real Estate News

By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
RealtyTrac® (www.realtytrac.com), a leading online marketplace for foreclosure properties, has released its U.S. Foreclosure Market Report™ for April 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 333,837 properties in April, a 9 percent decrease from the previous month and a 2 percent decrease from April 2009. One in every 387 U.S. housing units received a foreclosure filing during the month. “There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease ...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
Home values in most U.S. markets continued to decline in the first quarter of 2010, as the Zillow Home Value Index fell 3.8 percent year-over-year, and 1 percent quarter-over-quarter, to $183,700. However, home values in several large California markets show signs of having reached a bottom, according to the first quarter Zillow Real Estate Market Reports. Housing market conditions varied across the country, and home values in most markets (106 of the 135 tracked by Zillow) continued to decline on a year-over-year basis. Additionally, negative equity across the country remained high, with 23.3 percent of single-family homes with mortgages underwater, up from 21.4 percent in the fourth quarter of 2009. Foreclosures reached a new peak in March, with more than one out of every 1,000 (0.11 ...
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There was a flurry of activity over the holidays from buyers trying to meet the deadlines for the $8000 Federal First Time Homebuyer's Tax Credit, which has now left the building along with Elvis. If you were one of those people who either didn't find your dream pad in time or are now just beginning your hunt, you may be in luck! As of May 1st, Cali has introduced a $10,000 tax credit for first time homebuyers or for buyers who are not property virgins, but are planning on purchasing/owner occupying new construction. Let me just preface this post by saying that I am not an accountant nor an expert on taxes. I did however place a call to my accountant so that I could give you the the quick and dirty, Cliff's Notes version of the bill (AB 183). Here's the skinny as I understand it: The St...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.00% with an average 0.7 point for the week ending May 6, 2010, down from last week when it averaged 5.06%. Last year at this time, the 30-year FRM averaged 4.84%. The 15-year FRM this week averaged 4.36% with an average 0.7 point, down from last week when it averaged 4.39%. A year ago at this time, the 15-year FRM averaged 4.51%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97% this week, with an average 0.7 point, down from last week when it averaged 4.00%. A year ago, the 5-year ARM averaged 4.90%. The 1-year Treasury-indexed ARM averaged 4.07% this week with an average 0.6 point, down from last week when it a...
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®. The Pending Home Sales Index (PHSI) forward-looking indicator based on contracts signed in March, rose 5.3% to 102.9 from 97.7 in February, and is 21.1% above March 2009 when it was 85.0; this follows an 8.3% increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lo...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
If you're not represented by a Realtor/Broker and would like additionalinformation on real estate in Beverly Hills, Westwood or Century City, please do not hesitate to call me: Stewart Penn (310) 844-6515 or email me: stewart@pennpropertiesla.com
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By Valerie Fitzgerald, Luxury Real Estate in Beverly Hills & West LA
(Coldwell Banker Residential Brokerage)
Many first-time buyers are unprepared for the financial burdens of homeownership. Lenders to tell them the maximum they can afford based on their incomes with little regard for the "extras" such as utilities, upkeep and improvements. You're told what your monthly nut for principal, interest, taxes and insurance — the all-important PITI — will be. But likely because you won't know exactly what the other costs will be until you actually move into your new place, they are rarely mentioned. And as a result, borrowers who mortgage themselves to the hilt often find themselves "house poor." They own a home, all right, but they can't afford anything else. Sometimes not even the heat or hot water. Rookies who are transitioning from an apartment are usually better prepared than those who are maki...
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By Michelle Minch, Home Staging Los Angeles and Pasadena, CA
(Moving Mountains Design Home Staging, Pasadena, CA)
Last week I was asked to stage this beautiful $6.9M luxury Beverly Hills home. While I stage many high priced luxury homes, its not often I get to stage one that is fully furnished with beautiful furniture but no accessories and artwork.This was an occupied home staging project. Beverly Hills home staging is in a league by itself. The homes are exceptional and so are the expectations.The home, as I said before, was beautiful, but without accessories, plants and artwork it had no life. Moving Mountains Design added life and excitement by adding appropriately high end accessories and artwork. Here's a couple of before and after pictures of our Beverly Hills home staging project: Media room before home staging by Moving Mountains Design Media room after home staging by Los Angeles home sta...
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By Matt Sweeney, Rich Kids Real Estate
(Rich Kids Real Estate: The Brokerage)
I am pleased to announce that as of today, Rich Kids Real Estate Group has now made the transition from  Deasy Penner & Partners to Keller Williams Beverly Hills. Thanks to all of my amazing friends/clients (the two are synonymous) and supporters, Rich Kids has grown substantially in the last year. While I had a fantastic experience at DPP, I am excited to now be able to offer my buyers and sellers all of the cutting edge resources KW is able to provide. As it pertains to my sellers, KW has some of the most innovative technologies available to provide maximum exposure to your properties, as well as a network of thousands of agents throughout the world. As I have said many times, the days of sticking a listing into the MLS and waiting for multiple offers is long gone. As agents growing i...
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By Matt Sweeney, Rich Kids Real Estate
(Rich Kids Real Estate: The Brokerage)
I am pleased to announce that as of today, Rich Kids Real Estate Group has now made the transition from  Deasy Penner & Partners to Keller Williams Beverly Hills. Thanks to all of my amazing friends/clients (the two are synonymous) and supporters, Rich Kids has grown substantially in the last year. While I had a fantastic experience at DPP, I am excited to now be able to offer my buyers and sellers all of the cutting edge resources KW is able to provide. As it pertains to my sellers, KW has some of the most innovative technologies available to provide maximum exposure to your properties, as well as a network of thousands of agents throughout the world. As I have said many times, the days of sticking a listing into the MLS and waiting for multiple offers is long gone. As agents growing i...
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By Matt Sweeney, Rich Kids Real Estate
(Rich Kids Real Estate: The Brokerage)
I am pleased to announce that as of today, Rich Kids Real Estate Group has now made the transition from  Deasy Penner & Partners to Keller Williams Beverly Hills. Thanks to all of my amazing friends/clients (the two are synonymous) and supporters, Rich Kids has grown substantially in the last year. While I had a fantastic experience at DPP, I am excited to now be able to offer my buyers and sellers all of the cutting edge resources KW is able to provide. As it pertains to my sellers, KW has some of the most innovative technologies available to provide maximum exposure to your properties, as well as a network of thousands of agents throughout the world. As I have said many times, the days of sticking a listing into the MLS and waiting for multiple offers is long gone. As agents growing i...
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By Jane Peters, Los Angeles real estate concierge services
(Home Jane Realty)
The Beverly Hills Housing Market statistics below are taken from the MLS CLAW.  They are for single family homes only and do not include condos, income property and private sales. Although at first glance, the figures look gloomy, median price and median price listed vs median price sold, can be skewed unrealistically by overpriced multi-million dollar homes selling for less than asking, or one month a huge difference in the highest priced home over the next.  But if you look closely, the number of homes sold is steady, homes under escrow are up significantly and the months supply of inventory has dropped dramatically. Beverly Hills is not your average housing market, so it is difficult to follow the trend, especially at this time. Search for properties in Beverly Hills
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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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