Rodeo Realty sponsoring Brentwood Art Festival

Bring the whole family and get outside: the Brentwood Art Festival returns this Sunday, April 30, 2017 to San Vicente Blvd. in Los Angeles, CA.

Rodeo Realty is proud to sponsor the event, which has grown into one of the highly acclaimed art festivals in the U.S. Our sponsorship not only provides those who are passionate about arts with a place to show their talents, but also helps Friends of the Kaufman Brentwood Branch Library.

Various artists will showcase their work, art, photographs and much more! This event is free and offers tons of activities for the family. The fun will be from 10a.m. to 6 p.m.!

The festival is expected to gather approximately 10,000 visitors and more than 120 most recognized local artists.

For more info, visit the event website or call (310) 473-3070.

Economic update for the week ending April 22, 2017

Stock markets higher this week – After a few weeks of declines, stocks made up some ground as the beginning of first quarter earnings were released, a 7% decline in oil prices, and political headlines lead to a volatile week. The Dow Jones Industrial Average ended the week at 20,547.76, up from last week’s close of 20,453.25. The S&P 500 closed the week at 2,348.69, up from 2,328.95 last Friday. The NASDAQ closed the week just off Thursday’s all time high at 5,910.52, up from last week’s close of 5,805.15.

Treasury Bond yields unchanged this week – The 10-year Treasury bond ended the week at 2.24%, almost unchanged from 2.23% last week. The 30-year treasury yield ended the week at 2.89%, unchanged from 2.89% last Friday.

Mortgage Rates – 30-year drops below 4% for first time in 5 months – Mortgage rates dropped for the fourth straight week. The April 20, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.97%, down from 4.08% last week. The 15-year fixed was 3.23%, down from 3.34% last week. The 5-year ARM was 3.10%, also down from 3.18% last week. Rates increased slightly near the end of the week so next week’s average should be slightly higher.

California’s unemployment rate falls to 4.9% in March – The Employment Development Department reported that California’s employers added 19,300 new non-farm jobs in March. The state’s unemployment rate dropped to 4.9% from 5% in February. Since February 2010, when the state’s unemployment peaked at 10%, California has gained 2,507,400 jobs.

California home sales and prices strong in March – Low inventory pushes prices up – The California Association of Realtors reported that home sales totaled 416,580 in March on a seasonally adjusted annualized rate. That represented a 4% increase from February’s pace and a 6.9% increase from last March. The Los Angeles Region was even stronger. It saw an 8.5% year over year increase in sales from March 2016. The median price paid for a home in California was $517,020. It increased 8% month over month from $478,570 in February. We did see month over month prices down in January and February, so the 8% rebound made up those declines. Year over year the median price was 6.8%, higher than $484,120 last March. Inventory levels decreased as less people put their homes up for sale. The unsold inventory index dropped one full month to a 3-month supply of homes for sale. That’s down from a 4-month supply in February. A 3-month supply of homes for sale is the lowest March reading ever.

U.S. Existing home sales at highest pace in over 10 years in March – The National Association of Realtors reported that sales of single family homes increased 4.4% in March to an annualized adjusted rate of 5.71 million homes. March’s sale pace is 5.9% higher than March 2016. It was the highest monthly rate of sales since February 2007. Year over year the median price paid for a home nationwide increased 6.8% from last March. It was the 61st consecutive month of year over year price gains. The number of homes for sale has dropped year over year for 22 straight months. Nationally, there is just a 3.8-month supply of homes for sale. The National Association of Realtors single family home figures include sales of detached homes, condominiums, town-homes, and co-ops.

Have a great weekend,

Syd

Rodeo Realty’s Brentwood agent Mark Handler reps LA Lakers’ Corey Brewer

Los Angeles Lakers wing Corey Brewer has leased a home in Manhattan Beach for $12,500 a month. Mark Handler of Rodeo Realty Brentwood represented the NBA player.

The contemporary, recently remodeled beach home includes custom finishes throughout; Brazilian walnut floors, mahogany baseboards, Caesar stone kitchen counter tops, and Thermador and Sub-Zero stainless steel appliances.

The home has an updated kitchen, a breakfast nook, three bedrooms and three bathrooms. The master bedroom includes an expansive walk-in closet. Built in 1999, the multilevel home takes in ocean views from two patio/balconies and also comes with an attached two-car garage.

To read the LA Times feature on this property, click HERE.

Economic update for the week ending April 14, 2017

Stocks drop again this week – Markets were closed Friday in observance of Good Friday. In a shortened week stocks dropped again. While stock indexes are about 10% higher than they were before the election in November, stocks have dropped to mid February levels after reaching record highs in March. The Dow Jones Industrial Average on April, 13, 2017 was 20,453.25, down from last week’s close of 20,656.10. The S&P 500 closed the month at 2,328.95, down from 2,355.54 last Friday. The NASDAQ closed the month at 5,805.15, down from last week’s close of 5,877.81.

Treasury Bond yields lower again this week – The 10-year Treasury bond ended the week at 2.23%, down from 2.38% last week. The 30-year treasury yield ended the month at 2.89%, down from 3.00% last Friday. 

Mortgage Rates – Mortgage rates dropped for the third straight week. The April 13, 2017 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 4.08%, down from 4.10% last week. The 15 year fixed was 3.34%, down slightly from 3.36% last week. The 5-year ARM was 3.18%, about the same as 3.19% last week. Rates dropped Wednesday and Thursday so next week’s rates should be about 4% for a 30 year fixed.

Retail sales fall for second straight month – The Commerce Department reported that retail sales dropped 0.2% in March. This followed a 0.3% decrease in February which was the first decrease in a year. Last March retail increased 5.2% so a 0.2% decline this March has investors wondering just how strong the economy is. 

Inflation becomes more tame in March – The Labor Department reported that it’s Consumer Price Index slipped 0.3% in March. It was the first decline in prices since January 2015. For the last 12 months through March The CPI rose 2.4%. That’s down from last month when prices were 2.7% higher than last February.

Have a great weekend,
Syd

Brentwood estate listed by Rodeo Realty’s Ben Bacal and Jason Peteler featured in the LA Times

Featured as a ‘Home of the Day’ in the Los Angeles Times is a new build in Brentwood, listed by Rodeo Realty’s Ben Bacal and Jason Peteler.

Perched atop a hillside, the contemporary estate boasts 280-degree views of the San Fernando Valley and the Santa Monica Mountains – an “on-the-top-of-the-world vibe,” as the LA Times referred to it.

The home features an open floor plan, a cook’s kitchen that opens up to the living and dining room, Fleetwood glass doors, and an infinity pool that’s set against the skyline.

Built in 2016, the property has five bedrooms, seven bathrooms, and is listed at $6,447,000.

To read the LA Times feature, click HERE.
Canyon News, HERE.

To watch the listing video, click HERE.

Rodeo Realty’s Brentwood agent Mark Handler reps Angels third baseman, Yunel Escobar

Rodeo Realty’s Brentwood agent, Mark Handler, is mentioned in the Los Angeles Times for representing Angels third baseman, Yunel Escobar with his latest lease.

The baseball player, now in his second season with the Los Angeles Angels of Anaheim, leased a home the in Newport Coast community for $14,000 a month.

The two-story home has an open floor plan and includes a center island kitchen, living and dining rooms, three fireplaces, four bedrooms and 4.5 bathrooms, and a separate guest casita. The spacious master suite and balcony comes with a spectacular view of the Pacific Ocean and Catalina Island. The suite is also equipped with a private library

The backyard has a custom waterfall, an outdoor Viking BBQ, and a salt-water pool and spa.

To read the LA Times feature on this property, click HERE.

Economic update for the week ending April 8, 2017

Job gains stall in March – The Labor Department reported that 98,000 new jobs were added in March. Experts had expected a gain of 185,000. The unemployment rate dropped to 4.5%, its lowest reading since 2007, and down from 4.7% in February, where 235,000 jobs were added. The labor participation rate, which shows the share of working-age people in the workplace, was unchanged at 63%. Wages in March grew 2.7% from one year ago. That was below last month’s year over year 2.8% increase. This was also a number that had been increasing at a better pace, which was disappointing. Experts were taken by surprise after ADP, the nations largest payroll company, estimated that 263,000 jobs would be added just two days before the official number was released. Experts opinions were mixed. Some blamed the weather for the drop in hiring. Some pointed to the surprisingly strong job growth in January and February and shrugged off the drop looking more at the monthly average over the past 3 months, which is still a strong number. A few experts warned that this may be the first sign that job creation is stalling as employers are becoming less optimistic of the surge they had expected in the economy following the election. One thing most experts agree on is that the Fed will not hike interest rates at their next meeting because of this jobs report.

Stocks lower this week – Stocks were down slightly again this week. They are down about 3% from their all time highs just 3 weeks ago. It should be noted that they are still up over 10% since November. First quarter earnings will begin to come in over the next few weeks. The Dow Jones Industrial Average on March 31, 2017 was 20,656.10, down from last week’s close of 20,663.22. The S&P 500 closed the month at 2,355.54, down from 2,362.72 last Friday. The NASDAQ closed the month at 5,877.81, down from last week’s close of 5,911.74.

Treasury Bond slightly lower again this week – The 10-year Treasury bond ended the week at 2.38%, down from 2.40% last week. The 30-year treasury yield ended the month at 3.00%, down slightly from 3.02% last Friday. 

Mortgage Rates – The April 6, 2017 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 4.10%, down from 4.14% last week. The 15 year fixed was 3.36%, down slightly from 3.39% last week. The 5-year ARM was 3.19%, slightly higher than 3.18% last week. 

Have a great weekend,
Syd

Rodeo Realty's Roger Perry lists Studio City estate once owned by composer Elmer Bernstein

A Studio City estate once owned by composer Elmer Bernstein is asking for $5,995,000. Roger Perry of Rodeo Realty Beverly Hills has the listing, which has been featured in Curbed and American Luxury.

The four-bedroom home is located in Studio City’s exclusive Fryman Canyon neighborhood. The English country estate was built in 1937 and designed by Southern California architect, Arthur Munson.

The 4-bedroom/4.5-bath tennis court estate is includes hardwood floors, beamed ceilings, and casement windows with diamond-patterned grilles. The home also has a media room/informal family room with wet bar that leads out to an enormous backyard boasting a huge pool/spa and room to entertain hundreds.

The American composer and conductor is best known for his many film scores including The Magnificent Seven, The Great Escape, To Kill A Mockingbird, and Ghostbusters.

For more information on this property, click HERE.
To read the Curbed article on this home, click HERE.
American Luxury, HERE.

Rodeo Realty’s Jamie Tian 2017 honoree for REALTOR® Magazine’s 30 Under 30

REALTOR® Magazine’s 30 Under 30 finalists for 2017 have been announced. Out of a strong field of more than 300 applicants, and three rounds of tough judging –Rodeo Realty’s Sunset Strip agent, Jamie Tian, is among the selected honorees!

“True success, no matter your age, is based on your merits,” said REALTOR® Magazine. “ In the same vein, each and every one of this year’s 30 Under 30 finalists has given their all to this career path. That’s why choosing who’s named to the 30 Under 30 program is so incredibly difficult.”

Tian is part of a group that represents the diverse landscape of the real estate industry in business specialty and market location. This includes individual salespeople, team members, team leaders, a broker-manager, and a broker-owner.

A full profile on Tian will be published in the May/June issue of REALTOR® Magazine.

Rodeo Realty is extremely proud to offer congratulations to Jamie Tian for her recognition!

To read more on the 30 Under 30 Class of 2017, click HERE.

Economic update for the month ending March 31, 2017

Stocks markets end March almost unchanged from February – Stocks soared to new heights early in the month. At one point the DOW broke 21,000. Unfortunately for investors, stocks retreated from all time highs early in the month. The Dow Jones Industrial Average on March 31, 2017 was 20,663.22, down from its February 28 close of 20,837.44. The S&P 500 closed the month at 2,362.72 almost unchanged from its February close of 2,369.73. The NASDAQ closed the month at 5,911.74, up from last month’s close of 5,861.90.

Treasury Bond yields end month slightly lower – Despite a rate rise by the Federal Reserve, treasury bonds fell slightly in March. The 10-year Treasury bond closed March 31, 2017 at 2.40%, down from 2.46% at the end of February. The 30-year treasury yield ended the month at 3.02%, down slightly from 3.06% last month.

Mortgage Rates almost unchanged in March – The March 30, 2016 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 4.14%, just slightly higher than 4.10% on March 4, 2017. The 15 year fixed was 3.39% up slightly from last month’s close of 3.32%. The 5-year ARM was 3.18%, slightly higher than 3.14% on March 4. 

Consumer Confidence at 15 year high – The government reported that consumer confidence in February climbed to the highest level in 15 years. The Monthly Consumer Confidence Survey had the Consumer Confidence Index at the highest level since July 2001.

Federal Reserve raises benchmark rates – The Federal Reserve announced Thursday that they had increased their benchmark interest rates. The 1/4% increase was the second increase in less than 90 days, but just the third increase in a decade. The Federal Funds and Discount Rate, the rate which the Fed charges banks for overnight lending now stands at about 1%. It had dropped to 0 – 1/4% during the recession and stayed at that level until December 2015 when the Fed rose the rate by 1/4%. The economy showed signs of slowing in the first two quarters of 2016, so rate hikes were put on hold. The next increase didn’t happen until December 2016, and the third increase was March 16, 2017. The Fed still expects 2 more increases this year, and stated that the policy still is “accommodative”, and “neutral” would have a rate near 3%. Following the increase banks increased their prime rates by 1/4%, which increased all loans tied to prime like home equity lines of credit, and most business loans. Some banks increased rates paid out to on bank accounts, which will increase adjustable rate mortgages, as those are tied to bank’s cost of funds. The 15, and 30 year fixed actually dropped after the announcement. They had increased over the last two weeks. Higher rates generally mean less inflation. Interest rates fixed for long periods need to be at a higher rate than inflation which they call “the spread” to make a profit. To put is simply, the Fed uses interest rate policy to help the economy when slow by lowering rates. Lower rates make borrowing less expensive to encourage people and companies to borrow more to increase investing. When the economy is so strong that inflation is a risk the Fed increases rates to slow the economy so it doesn’t overheat. Technically that’s not exactly what has happened. What they have done is raise rates and will continue to raise rates to a “neutral rate”, as they dropped rates to the lowest level in history, because the recession was so deep. Now that job growth has been so strong, and we are seeing signs of inflation they don’t feel that historically low rates are needed and are gradually trying to get them to a more neutral level. Without getting rates up they don’t have the valuable tool to drop them if the economy slows, as you can’t go down from zero!

California jobless rate dips to 5% in February, a 10 year low – The Employment Development Department reported that California’s unemployment rate dropped to 5% in February, a 10 year low. 22,900 net new jobs were added in February. Over the last 12 months 315,800 new jobs were added in California, a 1.9% increase. California’s increase in new jobs created outpaced the national job increase pace of 1.6%. The unemployment rate in L.A. County was 4.8%. 

California home sales pace, and prices continue to rise – The number of existing homes sold in California increased 4.7% month over month from January. Year over year the number of homes sold were up 4.9% from February 2017. The median price paid for a home in California was 478,790. The median price represents the point at which 1/2 the homes sell for more, and 1/2 sell for less. Month over month the median actually dropped which we have often seen over the last year, as one month is not a large sample. Month over month the median dropped 2.2% from January. Year over year, which is a better indicator of price movement prices were up up 7.6 in February from February 2016. Inventory increased to a 4 month supply as more homeowners began putting homes on the market. That was up from 3.7 months in January, but down from 4.7 months last February. Inventory levels are also better to compare year over year due to seasonal purposes. 

Low inventory leads to a decline in pending sales of existing homes – The California Association of Realtors reported that new contracts signed for the purchase of existing homes in February declined 2.6% year over year from the number of contracts last February. Month over month pending sales increases 3.2% from January’s pending contract level. It’s best to compare year over year rather than month over month due to seasonal reasons. Pending home sales is an indicator of future closed sales.

U.S. Existing home sales dip from January’s 10 year high pace – prices increase – According to the National Association of Realtors, U.S. Existing home sales dipped 3.7% in February from January’s pace. January marked the highest number of sales in January in almost a decade. Year over year existing home sales were up 5.4% from last February. The median price paid for a home nationally was 7.7% higher in February than it was one year ago. This marked the 60th consecutive month of year over year price gains. 

U.S. Pending home sales surged in February – Pending re-sale home sales increased 5.5% in February from January’s pace, according to data released by The National Association of Realtors. Year over year pending sales were 2.6% above last February’s pace. February’s sales pace was the highest in 11 months.  

U.S. new home sales surge in February – The Commerce Department reported that new home sales rose 6.1% in February from January’s sales pace levels. Year over year new home sales increased a staggering 13% from last February, 2016. The National Association of home Builders / Wells Fargo builder sentiment index rose to its highest reading since June 2005. 


Have a great weekend,
Syd