Author: Rodeo Realty Media Team

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Weekend Events: June 23 – 25, 2017

Have any plans for this weekend? Below is a list of things to do from Friday, June 23 to Sunday, June 25. Enjoy!

Friday June 23rd, 2017

  1. L.A. Zoo’s annual Roaring Nights
  2. The Levitt Pavilion’s annual free concert series.
  3. Shakespeare By The Sea
  4. 4.BET Experience
  5. Summer Movie Nights
  6. The Music Center’s Dance DTLA series.
  7. Dwell on Design
  8. Constitution Happy Hour
  9. Grand Performances
  10. The3rd Annual Angel City Games
  11. LA’s LGBT Center Out Under the Stars’ What Ever Happened to Baby Jane? at Hollywood Forever Cemetery
  12. The Barnsdall Art Park’s annual Wine Tasting Nights.
  13. Los Angeles Beer Week
  14. The Groundlings: The Completely Different Late Show
  15. Greenbar Distillery cocktail classes
  16. Black Rabbit Rose
  17. “Take Your Dog To Work Day”

Saturday June 24th, 2017

  1. Summer Happenings at The Broad
  2. Free Shakespeare this summer
  3. 20.Eat|See|Hear
  4. Grand opening ofWallis Annenberg PetSpace
  5. The Electric Dusk Drive-In
  6. Arroyo Seco Weekend
  7. Outdoor summer concert series Off the 405 at the Getty Center.
  8. Big Sing L.A.
  9. Night Life LA (02)
  10. 40th annual Riviera Village Summer Festival
  11. Sierra Nevada’s Beer Camp
  12. 31st Annual Long Beach Bayou Festival
  13. Last Remaining Seats
  14. Street Food Cinema
  15. Cigar Festival Americana at Santa Anita Park
  16. Cliftons Living History Tour

Sunday June 25th, 2017

  1. Seu Jorge – The Life Aquatic: A Tribute to David Bowie
  2. 17th annual Summer Soulstice
  3. Smorgasburg LA
  4. 40z & Waffles
  5. Art Beyond the Glass
  6. A Midsummer Night’s Dream
  7. Art Fair in the Garden
  8. Science Time with Alex Berg
  9. The Floor Improv Day
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Rodeo Realty’s Ben Bacal named one of America’s top real estate professionals by REAL Trends, as advertised in The Wall Street Journal

The nations’ leading rankings for agents and teams has been released. The 2017 REAL Trends The Thousand, as advertised in The Wall Street Journal, ranks real estate agents/teams in the United States by transaction sides and sales volume.

Making the rankings this year is Rodeo Realty’s Ben Bacal. In the 2017 individual rankings by average price, Bacal ranked 25 out of the 50 entries. In the 2017 individual rankings by transaction volume he ranked 46 out of the 250 entries. Bacal is now ranked in the top one-half of 1 percent of the more than 1.25 million Realtors® nationwide.

Rodeo Realty would like to congratulate Ben Bacal for once again making the rankings and being named one of America’s top 1,000 real estate professionals by REAL Trends, as advertised in The Wall Street Journal!

To view the rankings report, click HERE.

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'English Country Manor' listed by Rodeo Realty's Josh Flagg purchased by television producer/writer Shonda Rhimes

“Scandal” and “Grey’s Anatomy” creator Shonda Rhimes has purchased a home in the historically Hancock Park area of Los Angeles for $4,599,175. Josh Flagg of Rodeo Realty Beverly Hills had the listing.

Since being purchased, the property has been featured in the Los Angeles Times, Variety, and PopSugar.

The 1920s-era residence comes with five bedrooms and 4.5 bathrooms. The two-story home also includes a formal living and dining room, an eat-in kitchen, and a library.

Noted designers Michael Mueller and Norman Wogan renovated the “English Country Manor,” which sits on about half an acre and comes with a swimming pool and guesthouse.

Rhimes, is known for producing and writing hit television shows. Most recently, she produced the series “The Catch” and “How to Get Away with Murder.”

To read the LA Times article on this property, click HERE.
PopSugar, HERE.
Variety, HERE.

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Economic update for the week ending June 17, 2017

Stocks mixed for the week – As expected, The Federal Reserve increased its Federal Funds and Discount Rate by another .25%. It’s 3rd increase in 6 months. The rate is still at a historically low level of just 1%. The raise shows that The Fed feels the economy is strong. At the same time, a key Fed inflation report showed that inflation was just 1.5%. That was well below the 2% target level set by the Fed. Another report showed retail sales were slowing. Oil also dropped this week. Despite the stagnation in inflation and wage growth, the Fed cited that being near full unemployment a rate increase was warranted. This caused interest rates paid on savings accounts to rise, the prime rate to rise, and short term adjustable rate mortgages to rise. The low inflation report, slowing retail sales, and falling oil prices caused long term mortgage rates and treasury yields to drop. The Dow Jones Industrial Average ended the week at 21,384.28 l, up from 21,271.97 last week. The S&P 500 closed the week at 2,433.15, just above its close last week of 2,431.77. The NASDAQ closed the week at 6,151.76, down from last week’s close of 6,207.93.

Bond yields drop as Fed raises overnight rates – Even though the Fed increased overnight rates for the third time since December, long term rates have dropped to the lowest level in 7 months. Since the Fed’s first increase in December 2015 the Fed’s overnight rates have gone from 0% to 1%, yet the 10-year treasury bond is .15% lower than it was before that first increase. That is because inflation is so tame. The 10-year Treasury bond closed the week at 2.16%, down from 2.21%, last week. The 30-year treasury yield ended the week at 2.78%, down from 2.86% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully.

Mortgage Rates down this week – The June 15, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.91%, almost unchanged from 3.89% last week. The 15-year fixed was 3.18%, almost unchanged from 3.16% last week. The 5-year ARM was 3.15%, up slightly from 3.11% last week. Long term fixed rates dropped after The Federal Reserve raised overnight rates on Wednesday so next week’s rates should be a little lower.

California jobless rate lowest since 2000 – The Employment Development Department reported that the unemployment rate in California has dropped to 4.7% in May. Los Angeles County fared even better. The unemployment rate in the county fell to 4.4%.

The California Association of Realtors and National Association of Realtors have not released May sales data yet. Those will be out and included in my report next week.

Have a great weekend!
Syd

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Condo listed by Rodeo Realty’s Studio City agent Todd Jones featured in Curbed

A 1940s Hancock Park condo, listed by Todd Jones of Rodeo Realty Studio City, is featured in Curbed for being stylish, compact, and priced at $440k!

The regency-style condo is located in the Melrose district. The one-bedroom unit has wood floors, fancy ceilings, and plantation shutters that pair well with a cool, pastel palette.

The 685 sq. ft. home has the right amount of space and is “a breath of fresh air,” as described by Curbed.

To read the Curbed article on this condo, click HERE.

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Rodeo Realty's Lisa & Scott Sorrentino sell "Boy Meets World" home

Set on a gated, tree-lined lot in Studio City is the Cory Matthews’ childhood home. The “Boy Meets World” house has sold for $1.299 million. Rodeo Realty agents Scott and Lisa Sorrentino had the listing.

According to one of the listing agents, the new owners plan to restore the Cape Cod-style residence.

The house from the 90s hit show received a lot of attention from the media when it was put on the market. People, TMZ, The Today Show, Elle Décor, The Real Deal, Zillow, Forbes, Curbed, and AOL are just a few that featured the property on their sites.

The 2,500-square-foot property includes 2 spacious bedrooms and 2 baths. The property also includes a two-story guest house, a courtyard covered patio, and a basement. The home also offers a large formal living room and dining room, a kitchen that opens out to a den, a bright sunroom, and an en-suite master bedroom with a fireplace, a private sun deck, and an enclosed sun porch.

Read the latest story on this property HERE.

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Seven Rodeo Realty Agents Featured In "Top 20 Los Angeles Real Estate Agents On Social Media" List

Computer company, Property Spark, has put together a list of the top 20 Los Angeles real estate agents they believe are taking over social media.

“These Realtors have managed to turn Los Angeles real estate into a global social media phenomenon,” said Property Spark.

Six out of the 20 accounts selected by the company belong to Rodeo Realty agents. In total, seven Rodeo Realty agents are mentioned, one being a team. Below are the agents and their Instagram accounts featured on the list.

To view Property Spark’s Top 20 list, click HERE.

https://www.instagram.com/p/BEHCsbpR37E/

https://www.instagram.com/p/BJw12q_gkBC/

https://www.instagram.com/p/BL6i1ZGgGTl/

https://www.instagram.com/p/BQ3oUAMFxbk/

https://www.instagram.com/p/BLWj-9UhQcR/

https://www.instagram.com/p/BSSDj50D0I7/

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Rodeo Realty’s Studio City agent Nicole Nash lists home of ‘Shameless’ executive producer Michael Hissrich

The Hollywood Hills home of Emmy-winning producer Michael Hissrich and his wife, writer producer Lauren Schmidt-Hissrich is up for sale. Nicole Nash of Rodeo Realty Studio City has the listing.

The Spanish-style home has been featured in Variety, the Los Angeles Times, and American Luxury.

Built in 1928, the home features an 11-foot coved ceiling, interior arches, rustic wood floors, and French doors that open to a small covered porch with a hillside view.

The just over 2,700 square feet of living space includes a formal dining room, a dining room with a limestone fireplace, four bedrooms, and four bathrooms. The home also has a two-car garage, a large laundry room and a CA basement.

3145 La Suvida Drive is offered at $1,948,000.

For more information on this property, click HERE.
To read Variety’s article on this home, click HERE.
Los Angeles Times, HERE.
American Luxury, HERE.

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Tarzana home listed by Rodeo Realty’s Carol Wolfe featured in LA Times

Featured as a ‘Home of the Day’ in the Los Angeles Times is a newly built house in Tarzana. The contemporary farmhouse is listed by Carol Wolfe of Rodeo Realty Encino.

Welcoming you into the two-story foyer is a pivoting front door with glass sidelights. Wide-planked hardwood floors cover the nearly 6,000 square feet of living space.

The home features a kitchen island, a breakfast nook, butler’s pantry, wine refrigerator, a loft den, 5 en-suite bedrooms, a home theater, an infinity-edge pool and spa, a pool house with bathroom, a BBQ pavilion, fire pit, a vegetable garden, a sports court, and a two-car attached garage.

19100 Sprague Street is offered at $3.499 million.

For more information on this property, click HERE.
To view the property video, click HERE.
To read the LA Times feature on this home, click HERE.

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Economic update for the week ending May 27, 2017

Stock markets hit record highs this week – Stocks rose this week on rising oil prices, better results from retailers, and an upgraded revision in the first quarter GDP. Oil prices which dropped in 2015 and 2016 put pressure on energy stocks in the last couple years. This year they were rising before falling in April. That drop caused OPEC to cut oil production which lifted oil prices. This week OPEC announced that the production drop will last until March 2018 which lifted oil further and caused energy stocks to rise. Several retailers reported first quarter profits that beat estimates this week. Among those were Costco, Best Buy and Tiffany’s. Target and Home Depot also raised outlooks. Earlier in the month Macey’s, JC Penny and others reported disappointing profits which made experts think consumers were slowing down on spending. These new results calmed investors who were worried about retailers. The first quarter GDP was also revised upward from 0.7% to 1.2%. It was a strong week all around. The Dow Jones Industrial Average ended the week at 21,080.28, up from 20,804.84 last week. The S&P 500 closed the week at 2,414.82, up from its close last week of 2,381.73. The NASDAQ closed the week at 6,210.19, up from last week’s close of 6,083.79. 

Treasury Bond yields stable this week – The 10-year Treasury bond closed the week at 2.25%, up slightly from 2.23% last week. The 30-year treasury yield ended the week at 2.92% also up slightly from 2.90% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully. 

Mortgage Rates down this week – The May 25, 2017 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 3.95%, down from 4.02% last week. The 15 year fixed was 3.19%, down from last week’s 3.27%. The 5-year ARM was 3.07%, down from 3.13% last week. 

U.S. Existing homes sales pace declines in April – The National Association of Realtors reported that the number of homes sold in April declined 2.3% from March’s sales pace. Sales nationwide were still 1.6% above the number if sales last April. Simply put the number of new listings are not keeping up with the pace of sales. Low inventory also causes prices to rise. The median price of a home rose 6% nationally from last April. April marked the 62nd straight month of year over year price gains. 

California pending home sales fewer in April – The California Association of Realtors reported that an extremely low supply of homes for sale has caused the number of new contracts signed on existing homes in California to fall for the fourth straight month. The number of new contracts signed decreased 7.4% from the number of pending sales last April. Southern California fared much better that the state as a whole. Southern California pending sales were down 2.8% from last April. Los Angeles pending sales were down 4.7% from April 2016. 

Have a great holiday weekend!
Syd

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