PRICE REDUCTION:
1466 SAN REMO DR ::: MLS # 08-294191
Area: Pacific Palisades
New Price: $4,495,000
Original Price: $4,795,000
Listing Agent: Chaya van Essen – Teles Properties
Filed under: Teles Weekly Activity on August 29th, 2008 | No Comments »
August 25, 2008 02:00 PM Eastern Daylight Time
LOS ANGELES–(BUSINESS WIRE)–Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month,” said C.A.R. President William E. Brown. “Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000 conforming loan limits likely had an impact on closed sales.
“Year-to-year increases in the number of transactions ranged from a 6.7 percent increase in the San Francisco Bay Area to a 176.5 percent increase in the Riverside/San Bernardino region,” he said. “In general, greater percentage gains occurred in lower-priced areas that had been most adversely affected by the market downturn since late 2005 and that are concurrently experiencing the biggest declines in prices.”
Closed escrow sales of existing, single-family detached homes in California totaled 489,080 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 43.4 percent from the revised 341,130 sales pace recorded in July 2007. Sales in July 2008 increased 15.3 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during July 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007, C.A.R. reported. The July 2008 median price fell 4.5 percent compared with June’s revised $367,130 median price.
“Once again, the 40.3 percent year-to-year decrease in the median price of a home was an all-time record, surpassing the previous record set in June with a 37.9 percent decrease,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.
“Since the statewide median remained in the $585,000-$595,000 range through August of last year, the market will continue to experience significant year-to-year adjustments through August even if the median
price holds steady over the next few months,” she said. “The statewide median was last in the $350,000 range in early 2003.”
Highlights of C.A.R.’s resale housing figures for July 2008:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2008 was 6.7 months, compared with 10 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Thirty-year fixed-mortgage interest rates averaged 6.43 percent during July 2008, compared with 6.70 percent in July 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.24 percent in July 2008, compared with 5.71 percent in July 2007.
The median number of days it took to sell a single-family home was 47.5 days in July 2008, compared with 50.7 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 2 percent, or 8 out of 391 cities and communities, showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for July may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://car.org/economics/historicalprices/2008medianprices/July2008 medianprices/. (Due to its length, this URL may need to be copied/pasted into your Internet browser’s address field. Remove the extra space if one exists.)
Statewide, the 10 cities with the highest median home prices in California during July 2008 were: Manhattan Beach, $1,774,727; Los Gatos, $1,425,000; Mill Valley, $1,375,000; Burlingame, $1,294,000; Calabasas,$1,188,000; Newport Beach, $1,145,000; Cupertino, $1,041,250; Rancho
Palos Verdes, $1,005,000; San Carlos, $975,000; Danville, $930,000.
Statewide, the cities with the greatest median home price increases in July 2008 compared with the same period a year ago were: Los Gatos, 36.6 percent; Mill Valley, 28.6 percent; Manhattan Beach, 9 percent; Berkeley, 8.2 percent; Mountain View, 6.9 percent; Cupertino, 1.1 percent.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Follow the link below to see the entire article including statistics:
http://www.businesswire.com/news/home/20080825005815/en
Source: CALIFORNIA ASSOCIATION OF REALTORS®
Contacts:CALIFORNIA ASSOCIATION OF REALTORS®
Mark Giberson, 213-739-8304
markg@car.org
Filed under: Industry and Economic News on August 29th, 2008 | No Comments »
NEW LISTINGS:
.
11370 MATTESON AVE ::: MLS # 08-305769
Area: Palms- Mar Vista
Listed At: $649,000
Listing Agent: Ellen Conrad – Teles Properties
.
202 W CHANNEL RD ::: MLS # 08-305819
Area: Santa Monica
Listed At: $7,500/month
Listing Agent: Art Korvel and Kristina Korvel – Teles Properties
.
1049 16TH STREET #8 ::: MLS # 08-306883
Area: Santa Monica
Listed At: $4,250/month
Listing Agent: Ellen Conrad – Teles Properties
.
1115 S ELM DR ::: MLS # 08-306857
Area: Beverlywood Vicinity
Listed At: $424,999
Listing Agent: Stacy Blair Young – Teles Properties
.
720 N OAKHURST DR ::: MLS # 08-306289
Area: Beverly Hills
Listed At: $5,500,000
Listing Agent: Susan Larison – Teles Properties
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PRICE REDUCTION:
.
13173 PACIFIC PROMENADE ::: MLS # 08-292105
Area: Playa Vista
New Price: $699,000
Original Price: $709,000
Listing Agent: Stacy Blair Young – Teles Properties
.
Filed under: Teles Weekly Activity on August 22nd, 2008 | No Comments »
The summer bounce that we all anticipated did not materialized in July. The market trended downward when comparing July ’08 to July ‘07. Total Sales Volume for July of ’08 was down 23.6% at $518,293,749 compared to $678,135,592 for July of ‘07.
The number of transactions was also down 22.8% at 265 vs. 343. The average number of days a home was on the market was up 39% at 71 days vs. 51 days. 37% of all listings that sold were sold in the first 30 days. The ratio of sales price to listing price dropped 2.4% to 95.3% from 97.7%. The Median Sales Price for the Micro Markets we track was down 3.8% to $1,553,288 from $1,613,881.
There was good news. Sales volume for the following Micro Markets was up: Beverly Hills, Hancock Park, Santa Monica, and Venice. Micro Markets where the number of sold listings were up included Bel Air – Holmby Hills, Beverly Hills, Hancock Park, Santa Monica, and Venice.
The Micro Markets where the average number of days to sell a home was down compared to July ‘07 were Hancock Park, Hollywood Hills, Palms, Mar Vista, Sunset Strip – Hollywood Hills West, and Venice.
The Micro Markets where the sales price to listing price was above average included Beverlywood, Cheviot Hills, Hancock Park, Hollywood Hills East, Los Feliz, Palms, Mar Vista, Santa Monica, Silver Lake – Echo Park, Sunset Strip, Venice, West Hollywood, and Westwood.
Micro Markets where the median sales price was up year over year in July were Bel Air – Holmby Hills, Beverly Hills, Hancock Park, Pacific Palisades, Santa Monica, and Westwood.
The strongest markets for July ‘08 compared to July ‘07 were Beverly Hills, Hancock Park, and Santa Monica.
The Most Challenged Markets in July ‘08 compared to July ‘07 were Beverly Hills Post Office, Beverlywood, Brentwood, Malibu, Malibu Beach, Silver Lake – Echo Park, Sunset Strip – Hollywood Hills West, and West Hollywood.
The trends we saw in July ’08 were that homes are taking longer to sell and prices softened in 13 out of 19 Micro Markets studied. August will be a good month to watch as the trends continue to vary from Micro Market to Micro Market and from month to month.
Click on the link below to download our report & statistics:
JULY 2008 Micro Market Report - Condominiums
Filed under: Micro Market Updates on August 20th, 2008 | 1 Comment »
Filed under: Uncategorized on August 18th, 2008 | No Comments »
BACK ON THE MARKET:
1204 ROXBURY DR 2C ::: MLS # 08-283341
Area: Beverlywood Vicinity
Listing Price: $799,000
Listing Agent: The Fiedlers – Teles Properties
PRICE REDUCTION:
2112 DUXBURY CIR ::: MLS # 08-279043
Area: Beverlywood Vicinity
New Price: $10,000
Original Price: $15,000
Listing Agent: JJ Wallack – Teles Properties
Filed under: Teles Weekly Activity on August 15th, 2008 | No Comments »
NEW LISTINGS:
2726 CASTLE HEIGHTS PLACE ::: MLS # 08-302183
Area: Beverlywood
Listed At: $4,500/mo
Listing Agent: The Fiedlers – Teles Properties.
PRICE REDUCTION:
1050 WOODLAND DR ::: MLS # 08-293545
Area: Beverly Hills
New Price: $11,900/month
Original Price: $14,900/month
Listing Agent: Ernie Carswell – Teles Properties
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1907 CRESCENT HEIGHTS ::: MLS # 08-296399
Area: Beverlywood Vicinity
New Price: $599,000
Original Price: $624,000
Listing Agent: The Fiedlers – Teles Properties
Filed under: Teles Weekly Activity on August 8th, 2008 | 1 Comment »
In his commentary, Dennis Kneale of CNBC crunches the numbers. CNBC has posted a very interesting video (it’s only two and a half minutes) in which Dennis trys to put the housing statistics in some perspective. He makes his points well. If you’re getting foreclosed on it won’t make you feel better. But, if you’re looking at the market as a buyer, seller, investor, or professional agent he has a very interesting point of view. His video is available here. We would love your comments.
Filed under: Industry and Economic News, Teles News and Press Releases on August 8th, 2008 | No Comments »
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
This week, President Bush signed into law the Housing and Economic Recovery Act of 2008. This sweeping legislation primarily seeks to protect homeowners from foreclosure, stop declining home prices, and stabilize the mortgage industry. Major provisions of the new law affecting the real estate practice are as follows:
- SELLER NEED NOT REVEAL SSN TO BUYER UNDER FIRPTA: Effective immediately, sellers are no longer required to provide to their buyers the Seller’s Affidavit of Nonforeign Status (C.A.R. Form AS), which includes the sellers’ social security numbers, under the Foreign Investment in Real Property Tax Act (FIRPTA). Instead, as another option, no federal withholding is required if the seller furnishes the Seller’s Affidavit with his or her social security number to escrow or other qualified substitute as defined, who in turn, furnishes a statement to the buyer stating, under penalty of perjury, that it has the Seller’s Affidavit in its possession. A “qualified substitute” is a person responsible for closing the transaction, such as an escrow company, title company or the buyer’s agent, but not the seller’s agent. The federal withholding law is now similar to California’s Franchise Tax Board (FTB) policy which allows the escrow officer to remove the seller’s tax ID number from the buyer’s copy of the California withholding tax statement, but not other copies.
- $300 BILLION IN FHA REFINANCING: Under the HOPE for Homeowners Program, 400,000 distressed homeowners can pay off their troubled mortgages and replace them with more affordable, FHA-insured loans. To qualify, a borrower’s monthly payment on existing mortgage loans must be over 31% of his or her income as of March 1, 2008 (hence demonstrating the borrower’s inability to afford the original loans). The original loans must have been originated before 2008, and secured by the borrower’s principal residence (as well as only residence). Also to qualify, the borrower must satisfy FHA underwriting requirements for the new FHA-insured refinance loan.
The FHA refinance will be a fixed rate loan up to $550,400 for at least 30 years, and will include charges for FHA insurance premiums. The maximum loan-to-value ratio of the FHA refinance is 90% of the appraised value. If the refinance proceeds are insufficient to pay off the existing liens, the refinance will not go through unless the original lenders voluntarily agree to accept a short payoff as payment in full. Rules will be established to allow, among other things, equity sharing for the original junior lienholders.
Upon obtaining the FHA refinance, the borrower must share with the FHA at least 50% of any equity realized through a subsequent sale or refinance. The FHA’s share in equity will be based on a sliding scale of 100% of any equity realized within the first year of the FHA loan, 90% the second year, and so on, but not less than 50%. The HOPE for Homeowners Program shall be in effect from October 1, 2008 to September 30, 2011.
- $7,500 TAX CREDIT FOR FIRST-TIME HOMEBUYERS: With certain exceptions, a first-time homebuyer will receive a tax credit of 10% of the purchase price up to $7,500 maximum, for the tax year in which the buyer purchases a principal residence. The tax credit, however, must be repaid like an interest-free loan in equal installments over the next 15 years or in full if the homebuyer sells the property for a gain. A buyer qualifies as a “first-time” homebuyer as long as the buyer (and spouse if any) has not owned a principal residence in the U.S. for the last three years. The tax credit phases out for a taxpayer with a modified adjusted gross income over $75,000 (or $150,000 for joint returns). This tax credit is available for qualifying homes purchased from April 9, 2008 through June 30, 2009.
- FANNIE MAE, FREDDIE MAC, AND FHA REFORM: The new law permanently sets the conforming loan limit for FHA and government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac at 115% of an area’s median home price, not to exceed $625,500. The new loan limits take effect after the current $729,750 loan limit expires on December 31, 2008.
The new law also authorizes the Treasury Department to bail out Fannie Mae and Freddie Mac if necessary by increasing their lines or credit or purchasing their stock. A new governmental agency, the Federal Housing Finance Agency, will be created to oversee GSE operations. Other FHA reform includes an increase in the minimum down payment requirement from 3% to 3.5%, and effective October 1, 2008, the elimination of seller-funded down payment assistance programs.
Some of the other provisions of the new Housing Act are, without limitation, $4 billion in assistance to stabilize neighborhoods hurt by the foreclosure crisis, $180 million for pre-foreclosure counseling, Home Equity Conversion Mortgage (HECM) reverse mortgage reform, assistance for veterans, and the creation of a nationwide loan originator licensing and registration system. The appropriate governmental agencies will establish new regulations as needed to carry out and enforce the new Housing Act.
Realegal® is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing nearly 200,000 REALTORS® statewide.
Executive offices:
525 South Virgil Ave., Los Angeles CA 90020
phone (213) 739-8200; fax (213) 480-7724
Legislative offices:
980 Ninth Street #1430, Sacramento CA 95814
phone (916) 492-5200; fax (916) 444-2033
To contact C.A.R. regarding Realegal®, click on this link:
http://www.car.org/index.php?id=MTEx
Copyright © 2008 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
Filed under: Industry and Economic News, Teles News and Press Releases on August 6th, 2008 | No Comments »
This is our first Condominium report for the Micro Markets we track on the Westside of Los Angeles. Condominiums are a Micro Market in and of themselves and are behaving differently from the single family residence market. Of the Micro Markets we track, several have a very limited condominium market while other areas like Santa Monica and Westwood have large condominium markets. This is because of each area’s zoning and building restrictions which either encourage or discourage the construction of condominium units.
The sales volume for June ‘08 improved over May ‘08, but for our month over month comparison of June ‘08 to June ‘07 and comparing YTD ‘07 to ‘08 it was quite a different story. Sales volume in June ‘08 was up over May by 14% however, YTD, June ‘08 to June ‘07, sales volume was down 44%. June ‘08 to June ‘07 month over month sales volume was down 38%. During this same time only three markets performed better; Malibu Beach, Pacific Palisades, and Santa Monica. In reality, only Santa Monica really fared better as Malibu and Pacific Palisades had one and three sales respectively.
Median sales prices performed differently. Seven markets actually performed better comparing the median price of properties sold from June 2007 to June 2008. They were: Beverly Hills $950,000 to $1,170,000; Brentwood $702,000 to $739,000; Hollywood Hills East $478,750 to $650,000; Pacific Palisades $706,000 to $707,000; Silver Lake $476,000 to $595,000; Venice $1,025,000 to $1,295,000; West Hollywood $585,000 to $585,000; Westwood-Century City $689,500 to $700,000. In eight markets’ median sales price increased in June 2008 to May 2008.
It has taken longer on average to sell a condo in 2008. The Average Days on Market to sell a condo YTD for June ‘07 was 77 days and for June ‘08 it was 102 days . Comparing month over month, June ‘07 took 64 days to sell a condo while June ‘08 has been averaging 108 days. Individual markets have different statistics. Los Feliz averaged 198 days in ‘07 to sell a condo compared to 145 days in ‘08. Malibu Beach took 268 days in ‘08 and there was not a single sale in ‘07. In Pacific Palisades it took just 10 days in ‘07 but jumped to 166 days in ‘08. And in Venice it took 63 days in ‘07 to 25 days in ‘08.
Active listing inventory for condominiums currently on the market year to date ‘08 is down to 710 listing from 1501 in ‘07. The number of sold listings year to date for 2008 is also down, 809 condominiums sold compared to 1511 in 2007. New listings that have come to market year to date are also down to 2240 in ‘08 from 2511 in ‘07. Expired listing increased from 153 in ‘07 to 205 in ‘08. These were listings that did not sell and the listing agreements were not renewed. More listings were withdrawn from market in 2008. These were listings that had not run the course of their listing agreement and were removed from market.
In conclusion, the average days on market is up, median prices are stable, inventory is down 52% and sales volume is down 44%.
JUNE 2008 Micro Market Report- Condominiums
Filed under: Industry and Economic News, Micro Market Updates, Teles News and Press Releases on July 25th, 2008 | No Comments »