Rodeo Realty in 2017 REAL Trends 500

Just released! The 2017 REAL Trends 500.

Out of 500 of the country’s largest and most successful residential firms, Rodeo Realty is ranked #26 for their closed sales volume and #127 for their closed transaction sides.

The REAL Trends 500, now in its 30th year, remains the undisputed leader in ranking the performance of residential real estate services firms. Due to the requirement of independent verification, the REAL Trends 500 is the trusted source for information about the performance of these firms.

The 500 top firms by sides and volume will be published in REAL Trends’ acclaimed magazine. The magazine will also rank the top affiliated firms, the largest independents, the top movers by count and percent, the Billionaires’ Club, the Up-and-Comers (those firms that didn’t qualify for the 500 yet still closed 500 or more sides for the year), and other categories based on their analysis.

To view all rankings by volume, click HERE.
To view all rankings by sides, click HERE.

Rodeo Realty's Awards Luncheon For 2016 Achievements

On Thursday, March 23, 2017, Rodeo Realty held it’s annual awards luncheon at Duke’s Malibu. Hundreds of agents were awarded with plaques and recognized for their 2016 achievements. In addition to being recognized last week, agents will also be featured in the Los Angeles Times this Saturday in the ‘Hot Property’ section.

To view all photos from the event, visit our Facebook page: Rodeo Realty

Economic update for the week ending March 11, 2017

U.S. Employers add 235,000 jobs in February – The Labor Department reported that 235,000 new jobs were added in February. Experts had expected a gain of 190,000. The unemployment rate dropped to 4.7% down from 4.8% in January. The labor participation rate, which shows the share of working-age people in the workplace, increased to 63% from 62.9% last month. Wages in January grew 2.8% from last February, according to the report.

California unemployment rate drops to 5.1% – The California Employment Development Department reported that California’s unemployment rate dropped to 5.2% in January. The L.A. County unemployment rate also dropped in January to 5%, down from 5.6% in January 2015. Unlike federal jobs numbers, state unemployment numbers lag a month behind.

Stocks decline slightly after 6 weeks of gains – Stocks lost a little ground this week after 6 straight weeks of gains. Speculation of a rate hike by the Federal Reserve next week let to investor’s reluctance in a lackluster week. Energy stocks also declined as oil prices fell after months of gains. Even a better than expected new jobs report didn’t help stocks. Perhaps it even made investors even more apprehensive of a Fed rate hike. The Dow Jones Industrial Average closed the week at 20,908.72, down from last week’s close of 21,005.71. The S&P 500 ended the week at 2,372.60, down from its close of 2,383.12 last week. The NASDAQ closed the week at 5,861.73, down slightly from last week’s close of 5,870.75.

U.S. Treasury Bond yields rise on expectations of a Fed rate hike at next week’s Fed meeting – The 10-year U.S. Treasury Bond closed the week yielding 2.58%, up from 2.49% last Friday. The 30-year Treasury Bond yield closed the week at 3.16%, up from 3.08% last week. Mortgage rates follow bond yields, so we watch treasury bonds closely.

Mortgage rates rise on anticipation of Fed rate hike – The Freddie Mac Primary Mortgage Survey released on March 9, 2017 reported that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 4.21%, up from 4.10% last week. The 15-year fixed average rate was 3.42%, up fro. 3.32% last week. The 5/1 ARM average rate was 3.23%, up from 3.14% last week. Rates rose at the end of the week. Next week’s rates will be at least 1/8% higher.

Have a great weekend!

Economic update for the week ending February 18, 2017

Stocks markets end week at record highs – Stocks surged again this week after reports of stronger retail sales and inflation showed that the U.S. economy was stronger than expected. Europe and Asia also have seen results showing their economies are growing. Their economies had been slowing the last couple of years, which had dragged our stocks down. Oil also has improved. It’s more than $53 a barrel, up from just $28 a barrel last February, a 20-year low. That also dragged down energy, oil, and mining stocks, which are showing strong gains again and economies in oil producing regions. For the week, markets gained 1.5%, which followed a 1% gain last week. The S&P is up over 5% this year. That’s just 45 days! The owner of Rodeo Realty said, “Since the election stock markets are up about 14%. That’s a huge gain. It’s largely based on expectations of a better economy, with higher corporate profits as a result of lower taxes, less regulation, and higher infrastructure and defense spending. While we all expect those things to improve the economy and profits, I find it hard to believe that it will give a big enough boost to sustain these huge stock gains. I’m sticking with Real Estate. I think we have a good way to go. Prices have had a good run, but compared to the highs of 2007, adjusted for even the pathetically low inflation we have had, considering the 10 years of wage growth, even if at such low levels, and that interest rates were around 6% in 2007, home affordability is much higher now.” The Dow Jones Industrial Average closed the week at 20,624.05, up from last week’s close of 20,296.27. The S&P 500 ended the week at 2,351.16, up from its close of 2,316.10 last week. The NASDAQ closed the week at 5,838.58, up from last week’s close of 5,734.13.

U.S. Treasury Bond yields stable this week – The 10-year U.S. Treasury Bond closed the week yielding 2.42%, unchanged from 2.41% last Friday. The 30-year Treasury Bond yield closed the week at 3.03%, almost unchanged from 3.01% last week. Mortgage rates follow bond yields, so we watch treasury bonds closely.

Mortgage rates hold steady – The Freddie Mac Primary Mortgage Survey released on February 16, 2017, reported that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 4.15%. The 15-year fixed average rate was 3.35%. The 5/1 ARM average rate was 3.18%.

Economy shows signs of inflation picking up – The prices Americans pay for goods and services surged in January by the largest amount in four years, mostly reflecting a rebound in the cost of gasoline that’s taking a bigger chunk out of household incomes. The government’s reported consumer price index (CPI) showed that consumer prices rose 2.5 percent in January from a year earlier, the highest rate since March 2012. About 1/2 of the rise was attributed to higher gas prices. Rent and medical costs also saw a spike from a year earlier. The seasonally adjusted 0.6% rise in January was double the 0.3% economists predicted. Core inflation which strips out gasoline and food prices rose 0.3% in January and was up 2.3% from last January. We watch inflation because when inflation rises it causes interest rates to rise. Fortunately rates have risen on the expectation of higher inflation, so rates remained steady despite the higher CPI report.

California home closed escrows higher in January – The California Association of Realtors reported that home sales totaled 420,100 in January on a seasonally adjusted basis. The number of sales increased 2.1% from December’s sales pace and 4.4% from last January. Although the median price dropped slightly from December, it was up 4.8% from January 2016’s median. Inventory levels rose to a 3.7 month supply in January from a 2.7 month supply in December as more homeowners put their homes on the market. There was a 4.3 month supply last January.

Stay dry and have a great weekend!
Syd

Rodeo Realty’s Encino agent Jayson Hooshmand joins SRAR Leadership Institute

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Rodeo Realty’s Encino agent Jayson Hooshmand has joined the Southland Regional Association of Realtor’s Leadership Institute.

A licensed agent for 12 years, Hooshmand not only has the desire to continue to grow as a real estate professional, but he also wants to become an industry leader in his community. He believes taking part in the committee will help him become more educated as a real estate agent—which in turn will help his clients.

The Leadership Institute consists of six courses being offered over a six-month period of time. From April to September, Hooshmand will take part in different learning experiences.

Hooshmand was selected through an application process. Upon full completion of all six courses, he will receive a diploma from the SRAR President, which will be handed out at the Annual Awards Gala.

Customized home listed by Rodeo Realty's Sherman Oaks agent Ben Salem featured in The Acorn

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Featured in The Acorn this week is a customized home with a resort-like yard, listed by Rodeo Realty’s Ben Salem. The Calabasas home is asking for $3,299,999.

The home, located inside the guard-gated Mountain View Estates, has six bedrooms, seven baths, and 6,501 square feet of living space. The kitchen has been updated and features a gourmet center island, 150-bottle wine fridge, wood cabinets, a walk-in pantry and a breakfast area.

Outdoors, there’s a barbecue pavilion, a Sonos music system, a sports court, a saltwater pool, spa, and pool house.

The property also includes a custom-built laundry room, interior and exterior cameras, LED lighting throughout, a Wi-Fi thermostat and reverse osmosis system.

To read The Acorn feature, click HERE.

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Economic update for the week ending February 11, 2017

Stock market indexes reach new record highs – The Dow and S&P closed at record highs on Friday. They both gained about 1% for the week. Stocks rallied on Thursday and Friday following an announcement that a tax reduction plan would be announced in the next few weeks, and an outline of a plan drafted by the chairman of the House Committee of Financial Services, which would remove many regulations in The Dodd Frank Financial Reform Bill passed in 2010. Investors are becoming more optimistic that lower taxes, less regulation, and higher infrastructure spending could fuel faster economic growth. 2016 fourth quarter corporate profits beat estimates by most companies reporting, which provided further optimism. Energy stocks were boosted as well because investors were encouraged to see that OPEC is following through on its commitment to decrease production of oil to increase oil prices. The Dow Jones Industrial Average closed the week at 20,296.37, up from last week’s close of 20,071.46. The S&P 500 ended the week at 2,316.10, up from its close of 2,297.42 last week. The NASDAQ closed the week at 5,734.13, up from last week’s close of 5,666.77.

U.S. Treasury Bond yields lower this week – The 10-year U.S. Treasury Bond closed the week yielding 2.41%, down from 2.49% last Friday. The 30-year Treasury Bond yield closed the week at 3.01%, down from 3.11% last week. Mortgage rates follow bond yields, so we watch treasury bonds closely.  

Mortgage rates hold steady – The Freddie Mac Primary Mortgage Survey released on February 9, 2017 revealed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 4.17%. The 15-year fixed average rate was 3.39%. The 5/1 ARM average rate was 3.21%.

Home sales and prices spike in the fourth quarter of 2016 – The number of homes sold in the fourth quarter of 2016 was 7.1%higher than the fourth quarter of 2015, according to The National Association of Realtors. It was the highest quarterly sales pace of the year and pushed available housing supply to record lows in the final quarter of 2016. Home prices increased at a quicker pace in the final quarter of 2016, up 5.7% from the same quarter one year earlier, which was attributed to more competition for fewer homes. The number of homes for sale nationally in the fourth quarter was down 6.3% from the number of homes for sale in the same quarter of 2015. It marked the fewest number of homes for sale since NAR began tracking available listings. Nationally, there was a 3.9 month supply of homes for sale in the fourth quarter of 2016, down from a 4.6 month supply in the same quarter a year ago. California had a 2.6 month supply in December, according to The California Association of Realtors.  

California fourth quarter housing affordability unchanged from 3rd quarter – The California Association of Realtors reported that 31% of California households could afford to purchase a median price home in the fourth quarter, unchanged from the third quarter and up from 30% in the fourth quarter of 2015. A minimum income of 100,800 was needed to purchase median priced home of $511,360 according to CAR. 40% of households were able to purchase a condominium or town home, which had a median price of $413,700 and needed an annual income of $81,550. They attributed the slight year over year increase in affordability to increases incomes. 

Have a great weekend!
Syd 

Home listed by Rodeo Realty’s Joe Babajian and Scott Strassner featured in LA Times

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Featured as a ‘Home of the Day’ in the Los Angeles Times is a Spanish Revival estate listed by Rodeo Realty’s Joe Babajian and Scott Strassner.

The gated estate in Beverly Hills is set atop a knoll with ocean and city views. The $29.5 million home comes with seven bedrooms and 10 bathrooms.

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Additional features to the home include a guesthouse, a shell-shaped swimming pool, a living room, dining room, entry, breakfast area, three fireplaces, and a three-car garage.

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

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Rodeo Realty's Sherman Oaks agent Jeff Hartman lists home of Emmy-winning composer John Henry Kreitler

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American Emmy-winning composer and songwriter John Henry Kreitler and his wife, Emmy-nominated vocalist/percussionist Patsy Meyer, have put their home in Los Angeles on the market for $1,299,000. Jeff Hartman of Rodeo Realty Sherman Oaks holds the listing, 12309 Emelita Street.The home has been featured in DIGS magazine and the Los Angeles Times.

The French Country Gated Estate is perfect for entertaining and nestled on an expansive double lot in Valley Village, offering tons of charm and natural light throughout. The inviting entryway leads you into the lovely foyer where you’ll experience the living room with bay windows and an oversized fireplace, perfect for catching up with guests unwinding after a long day or curling up with your favorite book.

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The home is centered around the Open Concept Style Chef’s Kitchen that features a quaint and casual eating area, gorgeous custom red marbled granite counter tops with a large center island and prep sink, Top of the Line Appliances including a Sub-Zero Refrigerator, Farmhouse Apron Sink and even a ‘Chicago Pot Filler’ above your ‘Wolf’ Counter Top Range. The open kitchen flows beautifully into the enchanting pitched roof dining room and into the warm and comfy family room with fireplace; here you’ll catch your first view of the spacious backyard with shimmering pool, lush grounds with arbor and old-fashioned brick bbq.

The luxury master suite offers plenty of privacy, a large walk-in closet, and a Master Bath with exquisite mosaic tile work, custom designed dual vanities, an oversized frameless shower enclosure, and a jetted Jacuzzi bath set decadently in front of a fireplace. The home also features two additional good-sized en suite bedrooms, one of which has a wood-burning fireplace and French Doors that open up to the pool.

The property also boasts a nearly 900 sqft. light and bright Open Concept Guest House/Mother-In-Law Suite with separate entrance, vaulted wood ceilings, kitchenette, ¾ bath, walk-in closet, in-unit washer and dryer, independent HVAC System, and French Doors that open to the pool.

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In addition, there is an approximate 1000 sqft. State-Of-The-Art Recording Studio, ideal for music recording, film editing, and post-production. There is a large control mix room, spacious isolation booth for drums, vocals, VO, etc., and a separate machine room for equipment noise isolation. It includes a separate office (also wired for live recording) with built-in cabinets and storage, and underground cabling for video and audio feeds to booth, control and office. The studio has its own kitchen, bathroom and private patio, and off-street, gated parking can accommodate several vehicles. The studio was constructed in the original 4-car garage on the property and is separate and detached from the main residence. It has it’s own separate electrical supply and breakers, and separate HVAC system. Constructed as a ‘room within a room’ and using technology and materials from Acoustic Science Corporation. As a result, the studio has excellent sound isolation and acoustics.

The property also has a separate storage room adjacent to the studio and an outside storage area that includes large shed for additional storage.

The ten-time Emmy-winner’s credits as a composer include scores, songs, incidental, and source music for numerous TV shows such as, “Friends,” “Homicide,” “Melrose Place,” “Saturday Night Live,” and several daytime dramas and the European series, “Riviera.”

For more details on the property, visit www.12309emelita.com

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

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Economic update for week ending February 4, 2017

U.S. Employers add 227,000 jobs in January – The Labor Department reported that 227,000 new jobs were added in January. It was the most workers added in four months. Experts had expected a gain of 180,000, so this was welcome news to investors and stocks rose making up losses earlier in the week. The unemployment rate was almost unchanged at 4.8%, as more workers entered the workplace. The labor participation rate, which shows the share of working-age people in the workplace, increased to a 4 month high of 62.9% from 62.7%. Historically, the participation rate has hovered for several years near a 30 year low, showing that many people have given up looking for a job. The labor force is growing and people are re entering the workforce. That doesn’t mean that 227,000 new jobs is not a strong number, it is, but it does explain why the unemployment rate is so low and we keep adding jobs. It also may explain why wage growth has been so stubborn. Usually, when the unemployment rate drops to full employment levels, we see strong wage growth. Not in this recovery. Wages in January grew just 2.7% from last January, according to the report. 

Stock markets gain nearly 1% on Friday to end the week unchanged – Stocks had a rocky week. They opened down as last Friday’s low fourth quarter GDP number sunk in, some investors were spooked by the travel executive order, and some corporate profits came in lower than expected. Friday’s release of January’s strong job growth and another executive order rolling back some financial regulation in The Dodd Frank Bill sparked a rally and markets increased almost a full percentage point, which made up for all their losses throughout the week. 

The DOW Jones Industrial Average closed the week at 20,071.46, down just slightly from last week’s close of 20,093.78. The S&P 500 ended the week at 2,297.42, up slightly from its close of 2,294.69 last week. The NASDAQ closed the week at 5,666.77, almost unchanged from last week’s close of 5,660.78.

U.S. Treasury Bond yields – The 10-year U.S. Treasury Bond closed the week yielding 2.49%, unchanged from 2.49% last Friday. The 30-year Treasury Bond yield closed the week at 3.11%, up from 3.06% last week. Mortgage rates follow bond yields, so we watch treasury bonds closely.  

Mortgage rates – The Freddie Mac Primary Mortgage Survey released on February 2, 2017 revealed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 4.19%. The 15-year fixed average rate was 3.41% The 5/1 ARM average rate was 3.23%.

Pending home sales show increase – The California Association of Realtors reported that contracts signed to purchase existing (re-sale) homes in California in December rose 1.9% statewide from the number of contracts signed last December. Southern California saw the largest increase, rising 7.8% from last December. Pending sales are an indication of what future closed sales will total. If pending sales pull through to closing we see strong numbers 30 to 60 days later.

Have a great weekend,
Syd