Amazing Westwood location. Beautifully renovated,off-street corner unit. Solid teak hardwood floors throughout. Custom kitchen cabinets and stone counters. Stainless steel 5 burner gas range. Gas oven with built-in convection oven. Built-in dishwasher and microwave. Secure underground 2 car tandem parking. Ample guest parking,elevator access. Community laundry on each floor. Large private storage facility. Adjacent to Westwood Village, shops, groceries, restaurants & cinemas. Easy walk to UCLA Campus, Westwood Park, public tennis, swimming facilities. Excellent access to Santa Monica, Culver City and Metro Bus Routes. One block to LAX, Hollywood Bowl and UCLA Campus shuttles.  Listed by Franklin Farinas - CB/Brentwood.
 

Very bright southerly facing front corner unit in newer building (2007). Laminate floors, granite counters - kitchen and baths, custom kitchen cabinets, stainless steel appliances. Recessed lighting in living room. Double paned windows. Central air/heat. Inside laundry. 3 guest parking spots. Separately metered utilities including water.  Listed by Franklin Farinas - CB/Brentwood.
 

Dramatic Front Facing Penthouse - recently remodeled with stylish finishes throughout! This spacious approx. 2544 sq. ft. one level home is a rare find just 4 blocks from the beach. Upon entering this elegant 3 bedroom 3.5 bath home with loft/den, the abundance of windows allows light to flood each room. The open and flowing floor plan creates a sense of inspiration and creativity. Additional features include, gourmet eat-in kitchen, formal dining, expansive living room two story high ceiling and French doors that let in the ocean breeze. Private roof top sun deck - elevator and 3 car parking (side by side) - extra storage, intimate building with only 3 units. "One of a kind home" which will appeal to the sophisticated buyer. HOA dues include EQ insurance.  Listed by Andrew and Deborah Thurm - CB/Brentwood.
 

Terrific move in condition family house with 4 BR+ 2 Ba in best neighborhood for schools and kids. Ocean and Catalina views from living room and 2 bedrooms. Dynamite cook's kitchen just redone. Deck off kitchen and a grassy backyard that is enclosed. Master bedroom suite leads to the deck. Hardwood floors. Setting offers a country road feeling. Location is close to Marine Park Rec. Center, Bob's Market and elementary and middle schools.  Listed by Ruth Shari - CB/Brentwood.
  

Approved short sale.  LIGHT & BRIGHT top floor, rear unit, contemporary Venice condo. Feels like a NY Loft. Windows on 3 sides. This 2 Bedroom + Office (or Dining room) & 1.5 bath condo has a great private rooftop deck with panoramic views. The Condo has been updated with bamboo wood floors, refinished and stained concrete floors in both bedrooms. A remodeled kitchen with all newer appliances & Italian granite counter-tops opens to the living room with a cozy restored brick fireplace. Inside laundry. Close to the beach. Private 2 car tandem carport. Low HOD-$175. This is a short sale.   Listed by Randy Troup and Deborah Bremner - CB/Brentwood. 

 Elegantly appointed, clean and fresh with natural light that pours through this perfect floor plan. Kitchen has cherry cabinets, gas stove top, Viking refrigerator, marble floors, granite counters, recessed lighting with room for eat-in cafe table+chair. Master suite has velveteen black out curtains - 2 closets (one large walk-in with organizers) and over sized private bathroom, separate tub (jacuzzi) and shower. Second bedroom is perfect for child, guest, maid or office with private bathroom. Unit has upscale amenities, pool, gym, library, meeting room, valet service, concierge and on site management. Available now, easy to show!  Listed by Deborah Thurm - CB/Brentwood. 
 

Spacious, quiet unit in the prestigious "Woodscape" in the heart of Brentwood. High ceilings; single level condo. Huge living w/fireplace & patio; Large dining area w/built-ins; eat in kitchen; large master bedroom w/fireplace and balcony; his/hers sinks, closets galore. Guest bedroom w/private bath. Inside laundry room. 2 side by side parking. Indoor pool, spa, gym, extra storage and plenty of guest parking. Listed by Rada Roberts - CB/Brentwood.

Remodeled, Front facing, Penthouse, 2 bedrooms 2.5 bath + Loft. Upon entering the double entry doors, the main living area is flooded with light from the two story high ceilings - living/dining with wood burning fireplace, balcony, eat-in kitchen - hardwood floors - ideal for entertaining. Gorgeous gourmet kitchen with top of the line stainless steel appliances and self closing, maple cabinetry. The large loft leads to a private roof top sun deck with city views. Master suite includes large bedroom w/ dramatic cathedral high ceilings - walk in closet, balcony. Second bedroom has its own bath.  Listed by Rada Roberts - CB/Brentwood.

MYTH NO. 1: A buyer should keep looking until they find the 'perfect' home. REALITY: A perfect home doesn't exist. Every home whether it's a Condo or SFR has its share of blemishes - even new construction.

MYTH NO. 2: A home on the market for a long time signals that the seller should be more willing to negotiate. REALITY: This is not necessarily the case as the seller could be stubborn on price and/or has lost their motivation to sell from 'marketing fatigue'.

MYTH NO. 3: Buyers can make a lowball offer because it's a buyer's market. REALITY: Not true largely because the Westside has been a seller's market since January. See my post from May 4th.

MYTH NO. 4: Buying a distressed property is cheaper and easier than negotiating with a seller in a Standard Sale. REALITY: Short Sales are anything but what this title implies. Short Sales take a tremendous amount of time to close if they ever even close at all. The buyer risks losing time, money (spent of inspections) and emotional capital. Further, the buyer could miss out on other solid buying opportunities that may well be ignored while fixating on the distressed property.

MYTH NO. 5: Applies primarily to first-time buyers who should always seek the advice of friends and relatives (who know just as much about the market as the buyer's agent if not more). REALITY: Many of them haven't been in the market for years and worse, do not have any experience/knowledge in the specific area the buyer is considering.

What's the take-away? 1. Home buying is the art of balancing objectives through compromise. 2 and 3. If you find a home that meets a balanced agenda, write an offer that makes sense in relation to current market conditions and see how the seller responds. You just never know. 4. Dealing with a bank on an REO (property that has been foreclosed upon) affords much lower risk than a Short Sale and Standard Sales offer discount opportunities (such as credits for defects and repairs) that generally don't exist with distressed properties. 5. Listen to your agent. They do this for a living and are the professional with the specific knowledge you need to make the wisest decisions.

CHARMING GATED COUNTRY TRADITIONAL & SOPHISTICATED IN A PARK-LIKE SETTING OF PRIVACY & TRANQUILITY. LOCATED AT THE END OF A QUIET CUL-DE-SAC, THIS 3 BEDROOM, 2.5 BATH HOUSE HAS CROWN MOLDINGS AND HARDWOOD FLOORS THROUGHOUT, FRENCH DOORS THAT OPEN TO A LARGE BRICK PATIO OVERLOOKING TREES AND A RAVINE. THERE IS ALSO A LAP POOL, SPA AND SIDE PATIO. THE LIVING ROOM & FAMILY ROOM EACH HAVE A FIREPLACE. THE KITCHEN OPENS TO THE FAMILY ROOM AND DINING AREA THAT ACCESS THE LOVELY PATIO. THE MEDIA ROOM IS IDEAL FOR MULTI-USAGE. MINT CONDITION. AVAILABLE IMMEDIATELY.  LISTED BY CHRYS STAMATIS - CB/BRENTWOOD.

Tile roofed 1938 Hacienda Style Rancher--Just repainted and lots of room. huge approximately 17,000/sf corner lot. Gated Driveway with additional outside parking. Quiet inside with fireplace, vaulted beamed ceilings, large kitchen, French doors to large terrace, very, very private!!  Listed by Jack Brown - CB/Brentwood.

It was noted that lowball offers are considered to be those with pricing at about 75% of asking price.  Many buyers feel that it's worth a try and maybe they'll get lucky.  Of course this mindset really comes into play when there's an abundance of inventory on the market and the buyer really has a great selection and thus holds the upper hand.

Buyers in markets with tight inventories are finding that this strategy no longer works.  Either their offers are flat out rejected, countered at pricing very close to asking or discarded in favor of a stronger competing one in a multiple-offer situation.    

Nowhere is this reality more evident than here in the LA Westside which has been a seller's market' (generally defined as having less than 6 months of available inventory) since January.  Generally speaking, an offer of less than 85% of asking price would now be considered a lowball offer in this market.  

These new realities should prompt buyers to target properties within their affordable price range and be a wake-up call for sellers who've been waiting for the market to stabilize.  

Many know it just as 'The Tennis Courts on Barrington' - an apt description considering the limited view from the street when driving by.  If you were to park and look a little closer, you'd find that the

Tennis (4 Courts free of charge) - from Beginner to Advanced

Youth Classes - from Soccer Clinics to Skateboarding to Basketball

Girls Baseball and Flag Football

Co-ed Baseball and Flag Football

Dog and Puppy Training Classes (plus Companion Dog Training)

Basketball Camp (ages 9-16)

Parent and Me Classes

Senior/Adult Classes - from Bridge to Yoga to Physical Firtness

It's been there ever since I can remember (and that's a long time) and has slowly evolved over the years.  There is however, an effort underway by the Friends of Barrington Recreation Center to further elevate it to a 'state-of-the-art recreational facility that will serve the community for generations to come'.  They could use your support and those interested should check out the site for more details about this and all of the team/event sign-up information.  Even if you reside in Westwood or Pacific Palisades, this is a family-fun resource that's worth the time to drive over and explore.

When you think of urban Los Angeles, horses are not something that immediately comes to mind.  Yet a quick turn off Sunset Boulevard just west of Mandeville Canyon will bring you to the entrance of an equestrian enclave where the term 'rustic lifestyle' is an understatement.

Most of the homes in Sullivan Canyon reflect the brilliance of renowned architect and builder, Cliff May, who created the 'California Ranch-Style' home in the late 1930s and come with corrals and open stalls.  They were built to blend into the landscape while their low profile and extensive use of glass render them timeless both inside and out.

The first home in Sullivan Canyon was built around 1906 and local folklore credits the naming of the Canyon to one it's first squatters - a Civil War veteran named Sullivan.  As you explore the Canyon either from it's Sunset Boulevard entrance or access the still undeveloped back-half (see picture) from Queensferry Road off Westridge Road above, you'll readily appreciate how seemingly little has changed over time. 

Welcome to Brentwood's lost world . . . 

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators 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.  This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value.  There is a common misperception that a drop in the MSP directly indicates a drop in home value.  It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

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 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.

Further, an economist in the writing points out that "the economic environment is ripe for home sales to keep gaining pace".   I believe the difference between the national activity levels and those of the Westside are that the Westside's are substantially stronger.   

Many of the Westside micro-markets last month were in a 'Seller's Market' status based on the strong sales activity recorded.  You can view all the market stats for the Westside here.

There's no better time than right now to launch an energy audit of your home's energy consumption.  The following tips are courtesy of Michelle D. Alderson, a periodic writer-contributor for the California Association of Realtors.

According to the U.S. Department of Energy, an energy audit is the first step to assess how much energy your home consumes and to evaluate what measures you can take to make it more energy-efficient.  Such action can ultimately benefit your pocketbook and reduce your carbon footprint.

You can do a preliminary energy audit yourself by looking for air leaks, inspecting both the interior and exterior of your home.  You should also check to see if any holes around your sinks and faucets need to be caulked.  The U.S. Department of Energy's website has instructions for you do-it-yourselfers.

If however, you want an energy audit done professionally, you can contact the California Building Performance Contractors Association (CBPCA) at www.cbpca.org  to find a qualified professional to do the job.  Costs for an energy audit range from $300 to $1,000 and in the long run, may well prove to be an excellent investment with strong returns on energy cost-savings.

Once again, the LA Marathon is upon us.  You should plan ahead for alternate routes that'll help you to avoid the closures and congestion.  For full details, visit the Honda/LA Marathon's official site.  It's a great event and for those who don't care to run, they can get still  get involved and are encouraged to visit the free Honda/LA Marathon Expo at Dodger Stadium, volunteer during race weekend and/or line the course to cheer runners.

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators 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.  This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value.  There is a common misperception that a drop in the MSP directly indicates a drop in home value.  It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

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 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.

A little over a month ago, I had published my observations of what appeared to be an unusually strong level of home sales activity for the month of January.  My prediction of renewed market strength and future activity was based on 1.) unusually strong Open House attendance, 2.) high levels of multiple-offer negotiations reported in the office, 3.) above-normal number of orders for title insurance and 4.) an overall lack of inventory in primary Westside micro-market sectors (Brentwood, SM90403, Pacific Palisades and the Wilshire Corridor.

Last week, my prediction was validated in an LA Times article reporting on the NAR's Pending Home Sales Index.  This index measures the level of opened escrows against that of January 2000 (a benchmark that equals 100).

What's significant here, is that January scored a near two-year high and nearly matched that of April 2010.  Further, you have a typically low point in the market cycle (January) rivaling that of the Spring home buying season when activity begins to spike.

I've just finished reviewing the market stats for February (to be published soon) and have found them to be even stronger than January.  There are significant year-over-year gains across the board in Pending Home Sales and Median Sold Price.  Home sales were strong enough in February to really put a dent in available inventory.  So much so that every market sector (SFR and Condo) of the Westside showed 2 to 5 months of inventory with the exception of Bel Air and Beverly Hills SFR homes.  They were at the equilibrium point of 6 to 7 months of inventory.

Otherwise put, February was a seller's market.  These realities can and do have an upward influence on pricing and it's very possible for this momentum to sustain if not exceed that of last month going forward.

If you've been on the fence thinking that the market will continue to soften and now is not the time to buy or sell, I suggest you re-evaluate your position.  We've been at the bottom for a while now here in the Westside and based on activity year-to-date, it's now safer to suggest action be taken sooner rather than later.  

You may review these stats and more in the Market Sales Data section.  If you'd like to discuss these facts at greater length, please feel free to call or drop me a note.