LA Westside BlogPOINThttp://www.westsidehomesgallery.com/blogLos Angeles CA real estate market news provided by Coldwell Banker Residential Brokerage Sat, 31 Jan 2009 01:00:00 GMTLA Westside Sales Highlights - June 2010This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

]]>http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-June-2010http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-June-2010Fri, 09 Jul 2010 00:00:00 GMTLA Westside Sales Highlights - May 2010This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

]]>http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-May-2010http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-May-2010Mon, 28 Jun 2010 00:00:00 GMTLA Westside Sales Highlights - April 2010This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

]]>http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-April-2010http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-April-2010Wed, 19 May 2010 00:00:00 GMTThe LA Westside and ForeclosuresWhen visiting with guests at my Open Houses, many times I hear the opinion that they should wait a little longer for market prices to drop because they expect another 'wave' of foreclosures to be relased by the banks.  Further discussion reveals that this belief is driven by what they read in the media at which point I explain that those reports are macro-based (i.e. California, Southern California, LA County, etc.) and have little bearing upon the realities of the Westside.

I came upon an article yesterday, April 21st that appeared on the front page of The Los Angeles Times with the headline 'California Home Default Cases Plunge'.  While this is great news in total, with such proclamations as:  

  • 'A 40.2% drop in the first quarter suggests that the foreclosure crisis is easing.'
  • 'The numbers suggest that the housing market won't be flooded by a fresh wave of bank reposessions, which had been seen as a major threat to the market's recovery.'
  • 'Banks have recognized that flooding the market with foreclosures weakens the value of the properties they have taken back and must resell.'
I'm spotlighting this article because its one of the few (if any) that give geographical context relating to the crisis and illustrates my assertion.  Some key points presented affirm that the crisis is rooted in areas far away from the Westside are:
 
  • 'Economists note that further gains statewide are jeopardized by continued high unemployment particularly in the Inland Empire and the Central Valley.'
  • 'Foreclosure activity remains concentrated in these inland areas, which suffer from above-average unemployment.'
  • 'If you get into the Inland Empire, Fresno, Bakersfield, Modesto, people are really struggling because the unemployment rate is so high.'
An analysis of foreclosure (REO) activity (for SFR and Condo homes) in the Southland areas where the crisis is based reveals a sharp contrast to the levels of Westside foreclosures:
 
         
                                            
 
 
                                         
 
This is not to say that the Westside doesn't have its own set of problems, for it does.   Unemployment and job security are issues here and many homeowners have been reluctant to list their homes due to depressed market values.   If anything, these factors are having a reverse-effect on market inventory.
 
In the past year, Westside inventory has declined across-the-board as sales pacing has exceeded new inventory growth.   Some of our micro-markets have evolved from a 'Buyer's Market' to a 'Seller's Market' (less than five-to-six months supply of inventory), which could apply upward pressure on pricing. Time will tell.
 
One factor however, that will not be present to influence pricing is the 'next wave' of foreclosures.
]]>http://www.westsidehomesgallery.com/Blog/The-LA-Westside-and-Foreclosureshttp://www.westsidehomesgallery.com/Blog/The-LA-Westside-and-ForeclosuresThu, 22 Apr 2010 00:00:00 GMTLA Westside Sales Highlights - March 2010This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

]]>http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-March-2010http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-March-2010Fri, 16 Apr 2010 00:00:00 GMTLead-Safe RemodelingThe EPA has new rules that take effect April 22nd that require remodeling work on homes built before 1978 to be undertaken only by contractors certified by the agency in lead-safe practices.  (An EPA-certified contractor isn't necessary if the work doesn't disturb the paint, but that can be hard to know up front.)

The National Association of the Remodeling Industry recommends that home owners assume lead is present if their home was built prior to 1978 unless they're tested  and found it lead-free.  Certified remodelers will be required to display their EPA-certified training certificate to homeowners.

 

]]>http://www.westsidehomesgallery.com/Blog/Lead-Safe-Remodelinghttp://www.westsidehomesgallery.com/Blog/Lead-Safe-RemodelingSun, 28 Feb 2010 01:00:00 GMTSouthern CA Homebuyer's Fair Here in March!

 

2010 HOME BUYER'S FAIR

Saturday, Sunday - March 13 & 14

Los Angeles Convention Center


Whether you're a first-time home buyer, or hoping to invest in foreclosures, the Southern California Home Buyer's Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day primer on the home-buying process.  This must-attend event is packed with more than 50 educational "how-to" seminars and a large exhibit hall, designed to help you navigate today's real estate market with confidence and peace of mind.  Read more about it here.

]]>http://www.westsidehomesgallery.com/Blog/Southern-CA-Homebuyers-Fair-Here-in-Marchhttp://www.westsidehomesgallery.com/Blog/Southern-CA-Homebuyers-Fair-Here-in-MarchTue, 26 Jan 2010 01:00:00 GMTMagnet School Registration Deadline ApproachingThe magnet school program (now totaling 173) of the Los Angeles Unified School District has moved up their application deadline this year by three weeks to December 18th.  Last year, the deadline was January 9th and the advanced deadline means parents can find out as soon as April whether their applicaton for a particular magnet school has been accepted.

Current enrollment stands at nearly 57,000 students and only 1 in 4 applications are accepted each year from the 65,000 applications submitted.  Thus, right now is a great time to take action if this program is one you might be considering.  For more information, you can log on to: http://eChoices.lausd.net.

]]>http://www.westsidehomesgallery.com/Blog/Magnet-School-Registration-Deadline-Approachinghttp://www.westsidehomesgallery.com/Blog/Magnet-School-Registration-Deadline-ApproachingMon, 16 Nov 2009 01:00:00 GMTLA Westside Sales Highlights - September 2009
The momentum in Westside sales activity that's evolved over the summer continues through September.   We're continuing to see multiple-offers on reasonably priced properties and most notably, a sharp increase in pending activity (when buyer and seller reach a deal and an escrow has opened) and inventory (Month's Supply of Inventory or MSI) reduction.  September highlights include:
 
 
Bel Air SFR - Median sales price up 19% over 9/08 and pendings up 56% over 9/08.
 
Beverly Hills SFR - Median sales price up 19% over 8/09, pendings up 143% over 9/08, 55% over 8/09 and 7 MSI versus 13 in 8/09 and 18 in 9/08.
 
Brentwood SFR - Sellers cut prices 27% over same period last year resulting in a pending sales increase of 420% over 9/08 reducing inventory from 34 MSI in 9/08 to 5 MSI for 9/09.
 
Brentwood Condo - Median sales price up 8% over 9/08, pendings up 30% over 9/08 and MSI reduced from 24 in 1/09 to just 6 in 9/09.       
                                       
Pacific Palisades SFR - Median sales price down 23% over 9/08, which bumped pendings up 91% over the same period.  MSI reduced from 30 in 12/08 to 8 in 9/09.                                                                                                                              
Pacific Palisades Condo - Median sales price up 20% over9/08.  
                          
Santa Monica SFR - Pendings up 109% over 9/08 reducing MSI from 20 in January to 5 in September.            
                                                                                  
Santa Monica Condo - Pendings up 28% over same time last year and MSI drops to 5 in September from 20 in January. 
                                                                                          
Westwood SFR - Median sales price up 6% over 9/08, pendings up 109% over same period last year reducing MSI from 12 in January to just 2 in September!  
   
A combination of factors has contributed to the continued surge of activity - pent-up buyer demand, sellers adjusting their pricing to more realistic price points, first-time buyers seeking to capture the $8K tax credit and historically low interest rates.  For the last 3 weeks, the interest rate dipped as low as 4.87% and is now at 5.0% as of this writing. You may not recall that last year, interest rates were above 6%! 

I expect we'll begin to see a tapering off in mid-to-late October as we move towards the seasonal Holiday slumber and beyond the deadline to open escrow and capture the $8K first-time homebuyers credit.  For many buyers however, this could be a great opportunity to find a deal on a new home without having to endure the pains of competing with other buyers at the negotiating table.  If you think that might possibly be you, we should talk sooner rather than later.


 

 Source:  CLAW/MLS

  Information not guaranteed. © 2008 Terradatum and its suppliers and licensors
                          (http://www.terradatum.com/metrics/licensors)

]]>http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-September-2009http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-September-2009Wed, 14 Oct 2009 00:00:00 GMTLA Westside Sales Highlights - August 2009August continues to show validation of upward trends (I can use that term now after 4 months of increases) in market activity.  Open House traffic continues to be strong while multiple-offers seem commonplace on listings that are reasonably priced from the start.  Highlights for the month include:

Beverly Hills SFR - Pending sales up 300% over 8/08 and 71% over 6/09

Beverly Hills Condo - Pending sales up 50% over 8/08 and Sold Pricing up 81% over 8/08

Brentwood SFR - Pending sales up 92% over 8/08 and Sold Pricing up 30% over 8/08

Pacific Palisades Condo - Pending sales up 167% over 8/08

Santa Monica SFR - Pending sales up 50% over 8/08 and Sold Pricing up 15% over 6/09 and 8% over 7/09

Santa Monica Condo - Pending sales up 27% over 8/08 and 36% over 7/09

Westwood Condo - Pending sales up 25% over 8/08

I'm noticing on a much broader scale that inventories are shrinking considerably - escpecially when compared to the first part of the year.  Consider these August stats on Months Supply of Inventory:

Brentwood SFR - 6 MSI versus 32 in 12/08

Brentwood Condo - 3.7 MSI versus 9.6 in in 8/08 (61% decline)

Pacific Palisades Condo - 4 MSI versus 20 in 12/08

Santa Monica SFR - 4 MSI versus 18 in 12/08

Santa Monica Condo - 3 MSI versus 12 in 12/08

Westwood Condo - 8 MSI versus 20 in 12/08

As a reminder, inventories with 5 MSI and less translate to a seller's market.  As inventory is reduced, upward pressure on pricing could easily take place.  For a look at how the other micro-markets performed, click the Market Sales Data tab on the Menu Bar.

 Source:  CLAW/MLS

  Information not guaranteed. © 2008 Terradatum and its suppliers and licensors
                          (http://www.terradatum.com/metrics/licensors)

]]>http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-August-2009http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-August-2009Mon, 07 Sep 2009 00:00:00 GMTWhy Homes Are Selling On The Westside
Before I get to answering why homes are selling, I'd like to give you a sense of just how much homes are selling relative to the beginning of the year.
 
The below chart presents what we call Pending Sales activity or, Under Contract Properties. These are simply the number of properties wherein the seller has accepted the buyer's offer and an escrow has opened.  Many Realtors (myself included) consider this data to be a more telling and immediate indicator of sales activity rather than 'homes sold' data, whereby the escrow closes successfully. This data reflects the aggregate of Bel-Air, Beverly Hills, Brentwood, Pacific Palisades and Westwood/Century City for SFR homes.  
 
 
There's no question that some of this growth (in 2nd Quarter) is seasonal and is thus a constant.  Just how much though is a matter of opinion.  I believe a significant part of this growth signals an increase of sales activity in the upper-end of the market, which corresponds to an increase in Median Sales Price.  The trend represented here for the Westside is also evident for Southern California as a whole.  
 
Now for 'why' and the answer's fairly simple . . . . 1.)  Sellers of upper-end properties are finally adjusting their prices to the point where buyers are stepping up and making deals as more sellers are realizing that the market will not support the inflated pricepoints of the past 2.5 years and it's time to get realistic and 2.)  non-conforming ($417K to $729,750K) and jumbo ($729,750K+) financing is becoming more available (again, finally!).  
 
What's important to note here is that sellers are adjusting their pricing to significant pricepoints that generate a deal far more through negotiation rather than sporadic or arbitrary asking price reductions.  This is why I believe the best strategy to get a great deal is not to wait (correction, hope) for wholesale price reductions - go out and negotiate one!  To embrace a 'wait and see' policy is to increase your exposure to the possibility of competing with multiple offers.  If you can read about a great price reduction on a property, chances are you're already too late.
 
Sure, market pricing may continue to soften in some areas and by how much is a matter of conjecture.  To be sure however, there are opposing market dynamics such as inventory supply that can moderate that.  As sales increase, supply decreases. The Months Supply of Inventory factor in a number of Westside sectors has already shifted towards equilibrium and in a few instances even a seller's market (defined as less than 5 months of inventory).  That action in turn, can lead to an increase of multiple offers.
 
By the way, you can drill down further on Westside sales stats by visiting the Market Sales Data section to see for yourself the data on which I base my presentations.  The chart above is available and accompanied by 6 others with sales stats for both SFR and Condo homes in each of the 6 micro-markets.

 Source:  CLAW/MLS

  Information not guaranteed. © 2008 Terradatum and its suppliers and licensors
                          (http://www.terradatum.com/metrics/licensors)

]]>http://www.westsidehomesgallery.com/Blog/Why-Homes-Are-Selling-On-The-Westsidehttp://www.westsidehomesgallery.com/Blog/Why-Homes-Are-Selling-On-The-WestsideSat, 01 Aug 2009 00:00:00 GMTHow About A Flying Fish Festival?

2ND ANNUAL CATALINA ISLAND FLYING FISH FESTIVAL

Celebrate the annual return of Catalina Island’s famous Flying Fish with a four day festival of family fun, May 28-31st. Enjoy the Taste of Avalon, the Casino’s 80th anniversary dance with Good Vibrations, the Flying Fish Parade and more. Get information today!

Visit their website for more info and go have some fun!

]]>http://www.westsidehomesgallery.com/Blog/How-About-A-Flying-Fish-Festivalhttp://www.westsidehomesgallery.com/Blog/How-About-A-Flying-Fish-FestivalThu, 14 May 2009 00:00:00 GMTLA Westside Sales Highlights - April 2009April is showing indications in some market segments that market vitality is on the rise.  Overall, we're seeing a surge in Open House traffic along with an increase in multiple-offers on listings that are reasonably priced from the start.

I've also heard that title and escrow companies have begun to rehire personnel to deal with the increase in activity.

Now back to those market segments with notable changes, which I'll list:

Beverly Hills SFR - Median Sold Price is up 14% over April '08

Pacific Palisades SFR - Median Sold Price is up 20% over April '08

What's also interesting is that in some of the micro-markets, there's a trending back towards a state of equilibrium, which is a balance of inventory and demand with Month's Supply of Inventory (MSI) as the metric.  Generally, about 5-6 months of inventory is considered a balance between a buyer's market (7+ MSI) and a seller's market (4 and less MSI).  Consider these April stats:

Brentwood SFR - 8 MSI (J-26, F-17, M-10)

Brentwood Condo - 5 MSI (J-22, F-10, M-7)

Santa Monica SFR - 8 MSI (J-19, F-21, M-9)

Santa Monica Condo - 5 MSI (J-10, F-9, M-6)

I'm not saying the worst is behind us, but on the other hand, these are indicators that seem to mesh with what's in the media suggesting the 'bottom' may be approaching sometime this year.  For a look at how the other micro-markets performed, click the Market Sales Data tab on the Menu Bar.

 

 Source:  CLAW/MLS

  Information not guaranteed. © 2008 Terradatum and its suppliers and licensors
                          (http://www.terradatum.com/metrics/licensors)

]]>http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-April-2009http://www.westsidehomesgallery.com/Blog/LA-Westside-Sales-Highlights-April-2009Fri, 08 May 2009 00:00:00 GMTThe Beverly Hills Health, Fitness & Beauty Expo is ComingBeverly Hills Chamber of Commerce welcomes spring the healthy way, by rejuvenating mind and body at the annual Beverly Hills Health, Fitness & Beauty Expo on Sunday, April 26, 2009! Visit the Expo to benefit from the expertise, advice and product samples that promote a healthy and happy lifestyle for the entire Beverly Hills Community.  Admission is free to the public.

The Health, Fitness & Beauty Expo benefits attendees of all ages by providing a great array of valuable and interesting products, services, activities, and information related to their overall welfare. From nutrition and beauty tips, to fitness demos and pertinent health information, this Expo is an event not to be missed. 

Health, Fitness & Beauty Expo
Location: Along Civic Center Drive
adjacent to Beverly Hills Farmers’ Market
Date: Sunday, April 26, 2009
Time: 9 AM - 1 PM

]]>http://www.westsidehomesgallery.com/Blog/The-Beverly-Hills-Health-Fitness-Beauty-Expo-is-Cominghttp://www.westsidehomesgallery.com/Blog/The-Beverly-Hills-Health-Fitness-Beauty-Expo-is-ComingWed, 15 Apr 2009 00:00:00 GMTPrice Your Home To Sell

Did you know the best chance for selling your property is within the first seven weeks?

It's true.

Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:                                                                                                        
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

]]>http://www.westsidehomesgallery.com/Blog/Price-Your-Home-To-Sellhttp://www.westsidehomesgallery.com/Blog/Price-Your-Home-To-SellMon, 06 Apr 2009 00:00:00 GMTSt. Patrick's Day Hike and Beach PartyOn Sunday, March 15th the Los Angeles Police Foundation will hold its 2nd Annual St. Patrick’s Day Hike & Beach Party to benefit the Juvenile Impact Program. Around 300 LAPF supporters will gather at Gladstone’s of Malibu for a beautiful day of hiking and St. Patrick’s Day celebration.

Wendy Burch of KTLA’s Morning News will emcee a brief program including word from Chief Jim McDonnell, Mayor Riordan, Councilman Tom LaBonge, and LAPF board member and Hike Chair, Eddie Kislinger.  Drop by and join in the fun!

]]>http://www.westsidehomesgallery.com/Blog/St-Patricks-Day-Hike-and-Beach-Partyhttp://www.westsidehomesgallery.com/Blog/St-Patricks-Day-Hike-and-Beach-PartySat, 28 Feb 2009 01:00:00 GMTWalk To Stop HungerThe St. Matthew's Parish School Fourth Grade Class is hosting the 34th Annual Palisades Hunger Walk on Sunday, March 22nd.  Registration is at 12:30PM at the Palisades Library - 861 Alma Real Drive and the 5K Hunger Walk starts at 1PM. 

The entire community is invited to join in with the school along with other area schools, churches and organizations and unite under the theme 'Vote To End Hunger'.  Get healthy and beat-down hunger - a winning combo if I ever saw one!

]]>http://www.westsidehomesgallery.com/Blog/Walk-To-Stop-Hungerhttp://www.westsidehomesgallery.com/Blog/Walk-To-Stop-HungerFri, 27 Feb 2009 01:00:00 GMTElectronic Waste Recycling Fund RaiserNow you have an opportunity to correctly dispose of all those electronic discards that you weren't quite sure of where to dump.  Paul Revere Charter Middle School (my alma mater) is hosting an e-Waste Recycling Fund Raiser on Sat., March 7th from 9:30AM to 3:30PM.  Their address is 1450 Allenford Avenue in Brentwood and the event takes place in the Front Circular Driveway.  Televisions, monitors, computers, printers, telephones, cell phones and just about anything you plug in is welcome.  Help the environment and the school earn money from e-Waste recycling.

]]>http://www.westsidehomesgallery.com/Blog/Electronic-Waste-Recycling-Fund-Raiserhttp://www.westsidehomesgallery.com/Blog/Electronic-Waste-Recycling-Fund-RaiserWed, 25 Feb 2009 01:00:00 GMTThe Santa Monica Pier is Family Fun Year-RoundWhen's the last time you've taken a stroll along Santa Monica's most infamous landmark?  If you haven't been there in a number of years, you should make a point to re-discover all that it has to offer, because you'll find there's alot more available than what you may remember.  For those that haven't been there, you really should take an afternoon and go exploring.  

The Pier (site of my very first job at age 12 at Minnie's Restaurant) features a broad range of activities.  From playing games and riding the new roller-coaster to taking in the breathtaking views of the beaches, there's fun for the whole family. To learn more about what's available, visit them at http://www.santamonicapier.org/fun.html. 

]]>http://www.westsidehomesgallery.com/Blog/The-Santa-Monica-Pier-is-Family-Fun-Year-Roundhttp://www.westsidehomesgallery.com/Blog/The-Santa-Monica-Pier-is-Family-Fun-Year-RoundSun, 08 Feb 2009 01:00:00 GMTHave We Hit The Bottom Yet?A recent article in the California Real Estate magazine presents the issue of Have We Hit Bottom Yet?  The answer is two-part.  It's 'yes' if you're talking annual home sales and 'not yet' if you're looking at median home prices as stated in the 2009 Economic Forecast published by the California Association of Realtors. 

Our current dilema is certainly not the first stroll down misery lane.  Going back as far as 1970, California has recovered from two significant downturns.  The first was between 1978 and 1982 and featured a 61 percent plunge in sales that was driven by double-digit interest rates that put mortgages out of reach.  The second was between 1988 and 1994 and was sparked by a national recession that raged between 1990 and 1991.  Compounding the issue were massive job losses statewide in defense, aerospace and finanacial services.

It's important to note that market performance varies drasticallly by city and even between Zip codes.  What ultimately matters is the trend in local or micro-market prices (see my Market Data section).

The author concluded that 'timing matters a lot less if you are buying a home you are going to live in for seven or ten years'.  Further, timing the market may be neither possible nor advisable.  It could well make sense for buyers who adopt a long-term strategy to go ahead and buy when they find a home that both meets their needs and is affordable, as it just may not be available six months down the road.

]]>http://www.westsidehomesgallery.com/Blog/Have-We-Hit-The-Bottom-Yethttp://www.westsidehomesgallery.com/Blog/Have-We-Hit-The-Bottom-YetSat, 31 Jan 2009 01:00:00 GMT