TRENDS IN HOME BUYING: THE LOVE AFFAIR WITH LIVE-WORK-PLAY

A couple of articles this week with data about trends in real estate had a lot to say about the multiple inputs that influence real estate prices and the health of a very important component of our economy. Over at RealtyToday.com, an article titled The Shifting Trend in the residential Real Estate Industry isn't really breaking any earth shattering news. We've been watching some trends in home buying developing in the aftermath of the crash: There is a change in attitude about home ownership. It's logical that the massive damage done to many homeowners and the economy during the crash and foreclosure epidemic has put a damper on the "American Dream." People, particularly the young, are just not as enthusiastic about the investment side of home ownership. They've seen some friends and family members lose their homes to foreclosure, and others still in a home underwater on their mortgage. There are buyers returning to the market, just not in droves. Click here to read more.           Continue reading

BEYOND BEVERLY HILLS: THE MOST EXPENSIVE SALES IN LOS ANGELES REAL ESTATE THIS PAST WEEK

Newly built homes in Manhattan Beach and Arcadia as well as a Case Study House in Pacific Palisades were among the priciest residential real estate sales in the greater Los Angeles area this past week. $9.475 million -- Manhattan Beach A custom-built home in the 200 block of 20th Street in Manhattan Beach sold for $9.475 million, the second-largest sum paid for a single-family home in the South Bay community this year. Designed by local architect Louie Tomaro, the four-bedroom, 4,747-square-foot home came on the market in May for $8,999,900. Click here to read more.         Continue reading

The Rules of the Game: How to Win in Real Estate Transactions

That is because buying a house has changed drastically over the past few years based on the various pressure points of the economy. Does that mean you should sit on the sidelines of the housing market and be a chronic renter or lifelong basement dweller? Nope, it simply means you have to be savvy about the new normal in real estate. Do Ask, Do TellDon't be afraid to ask homeowners in the community you have fantasies about that do not have "for sale" yard signs to sell to you. Many homeowners dashed their hopes of moving during "The Great Recession" due to such drastic property depreciation and have not been brought up to speed that their property values may have rebounded. You can rekindle their hope to sell by simply checking with your local, trusted REALTOR(r) on homes in your affordability range that were previously up for sell but had expired or were withdrawn from the market without a peep. Click here to read more.         Continue reading

Buyers Start Your Engines: The Real Estate Market is Operating on All Cylinders

Thanks to robust demand and an ample supply of homes for sale, the U.S. residential real estate market is operating on all cylinders. In fact, Realtor.com calls it the "best buying season since 2006." "Although demand has been strong all year, in June we're finally beginning to see an uptick in supply as sellers become more confident about home prices," said Jonathan Smoke, chief economist at Realtor.com. Realtor.com also reports that first-time buyers are lining up to buy new homes. 65% of older Millennials (ages 25-34) say they expect to buy a home within three months - up 12% from the start of 2015. The "hottest" markets include San Francisco, Denver, Dallas, and Boston, the company states. Additionally, the median list price increased to $233,000, up 7% year-over-year and up 2% on a month-to-month basis.  Click here to read more.         Continue reading

Is the SoCal Housing Market on the Road to Stability?

The Southern California housing market, known for its dramatic swings, is settling into a more normal, healthy pattern. Home sales are up. All-cash and investor purchases are down. And home prices are rising at a more sustainable pace than in the last few years. Economists said those factors put the regional housing market on a path for growth that won't wash away in a tsunami of foreclosures and ruined credit scores. “The healing continues,” said Stuart Gabriel, director of UCLA's Ziman Center for Real Estate Click here to read more.       Continue reading

Assessing the Market: What’s up with Los Angeles Property Values?

Fueled by an increase in home sales, the assessed value of all taxable property in Los Angeles County rose 6.13 percent in 2015 — the largest jump since 2010 — the county assessor reported Thursday. Assessor Jeffrey Prang released the 2015 Assessment Roll, which showed the county’s taxable properties were valued at a net total of $1.264 trillion, a $73.1 billion increase from last year. “The 2015 Assessment Roll provides a comprehensive view of the strength of the Los Angeles real estate market,” Prang said. “The roll illustrates that in the last year, every city in Los Angeles County recorded an increase compared to 2014.” Click here to read more.     Continue reading

WHAT'S UP IN LOS ANGELES REAL ESTATE? NEARLY EVERYTHING!!!

The homes of a former Lakers coach, a Hollywood talent manager and a late toy mogul were among the top residential real estate sales in the greater Los Angeles area last week. $19.5 million -- Beverly Hills A newly built, 6,830-square-foot showplace in the Trousdale area of Beverly Hills sold for $19.5 million, or $2,855 a square foot. Listed in May for $19.9 million, the contemporary-style home sits on about half an acre in the 1800 block of Carla Ridge with an infinity-edge swimming pool, telescoping walls of glass and city and ocean views. Open-space interiors include formal living/dining rooms, a glass-enclosed wine cellar, a gym/office, five bedrooms and 6.5 bathrooms. Click here to read more.   Continue reading

Those are Some Pricetags: America’s Most Expensive Homes

The Ziff family compound in Manalapan, Fla., isn’t listed for sale on any web site. But the 16-acre property, which boasts a 62,200-square-foot main home, is most decidedly on the market, and with a price tag of $195 million—the highest of any home to hit the market in 2015. “Gemini,” as the property is known, lies on a barrier island, with 1,200 feet of Atlantic Ocean waterfront and 1,300 feet of frontage on the Intracoastal Waterway. In addition to the main home, Gemini boasts a seven-bedroom house, two four-bedroom cottages, staff housing with four apartments, and manager offices. The main home has a living room that is literally a tunnel—a below-ground passageway beneath South Ocean Boulevard—with skylights at each end of the living room for light. Click here to read more.                Continue reading

Foreign Investors Keep Luxury Real Estate Prices Surging

While many other aspects of the economy have been uncertain, the luxury housing market in some of the largest, most desirable U.S. real estate markets is surging. Prices in these areas are generally exceeding expectations. Many real estate agents believe foreign investors are the reason for this surge.  Research experts also cite a strong U.S. economy and “financial volatility abroad” for the draw of foreign buyers to U.S. cities like Los Angeles, San Francisco, Miami, and New York. Click here to read more.                  Continue reading

When Did Your City Become Rent-Unaffordable?

The rent has been "too damn high" in New York for so long that today's young professionals might assume it was always that way. Yet it wasn't until the second quarter of 2004 that the median rent exceeded 30 percent of the median household income for young workers, the threshold at which housing experts say rent is no longer affordable, according to an analysis conducted by Zillow. Rents are stretching millennial budgets throughout the U.S. Nationally, the typical worker from 22 to 34 years old paid 30 percent of income for rent in the first quarter of 2015, up from 23 percent in 1979, when the analysis begins.1  In those places, rental unaffordability is a distinct obstacle for people trying to carve out lives and careers, particularly in the nine major cities shown in the chart below, where more than half of households rent.  Click here to read more.                  Continue reading