LA Westside BlogPOINT

Craig Whitlock

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Displaying blog entries 11-20 of 35

Why 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)

How 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!

LA Westside Sales Highlights - April 2009

April 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)

The Beverly Hills Health, Fitness & Beauty Expo is Coming

Beverly 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

Price 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!

St. Patrick's Day Hike and Beach Party

On 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!

Walk To Stop Hunger

The 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!

Electronic Waste Recycling Fund Raiser

Now 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.

The Santa Monica Pier is Family Fun Year-Round

When'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

Have 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.

Displaying blog entries 11-20 of 35

Contact Information

Photo of Craig Whitlock Realty Real Estate Agent
Craig Whitlock Realty
Coldwell Banker Residential Brokerage
11999 San Vicente Blvd., Ste. 100
Los Angeles CA 90049
Mobile: (310) 488-4399
Fax: (310) 820-1457

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website.  Interested parties are advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals.  Information herein deemed reliable but not guaranteed.

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