Author: Rodeo Realty Media Team

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Sherman Oaks Office Is The Latest Rodeo Realty Renovation

photoRodeo Realty has been on a renovation journey, always innovating to keep pace with changing times. It began last summer when Rodeo Realty moved corporate headquarters to a new state-of-the-art facility on Wilshire Blvd. in Beverly Hills. The new space represented an opportunity to start from scratch and create a new design that better reflected a boutique luxury real estate firm.

The design was such a success that it is now being adapted to other offices. At the end of last year Rodeo Realty Northridge was remodeled and now the Sherman Oaks office is the latest to receive a new look. The process began in late January and is now complete. Agents have a new fully modernized home base that offers not only a great place to work but a place to bring clients.  “Sherman Oaks looks fantastic!” says manager Jason Katzman.  “We now have a modern look with a high tech design.”

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Newest House of Cards Star Has Rodeo Realty Connection

MV5BMTk4MDcyNzM0MV5BMl5BanBnXkFtZTgwMTg4MTAyMTE@._V1_SX214_CR0,0,214,317_Many people across the country spent Presidents Day weekend (and Valentine’s Day) glued to their televisions binge-watching House of Cards. The whole second season of the popular series was released on Netflix on February 14, prompting many people to skip the hearts and flowers and stay in for the machinations of the Underwoods instead. Early reports indicate that the Netflix saw a huge bump in viewing associated with the show.

At Rodeo Realty we were particularly interested to watch to see Mozhan Marnò who plays Ayla Sayyad, the tenacious journalist for the Washington Telegraph determined to get to the bottom of the Underwood secrets. Mozhan is the daughter of Rodeo Realty’s own Sophie Dabestani. Her daughter has appeared on many TV series before but there’s something special about appearing on a program that had everyone glued to their televisions all weekend long. Congrats to Sophie and Mozhan!

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Economic Update For The Week Ending February 14, 2014 With Syd Leibovitch

economicupdate0214This week the stock market saw another week of positive territory with strong gains seen in all three indices as investors took into account bad weather as an excuse for some soft economic data. While U.S. export prices rose 0.2%  in January, the third straight monthly increase, factory production fell 0.8% in January, the biggest drop in more than 4-1/2 years. The Dow closed out the week at 16,154.39 up 2.28%  from last week’s close of 15,794.08. The Nasdaq was also up, ending the week at 4,244.03 up 2.86% from last week’s 4,125.86 close. The S&P 500 ended the week at 1,838.63, up 2.32% from last week’s 1,797.02 close.

The  10-year Treasury note yield rate rose slightly to 2.75% after ending last week at 2.71%. It was 2.00% a year ago.

Interest rates saw a slight rise this week after several lower weeks. The Freddie Mac Weekly Primary Mortgage Market Survey showed that the 30-year-fixed rate up to 4.28% from 4.23% last week.  The 15-year-fixed stayed solid at 3.33% the same as last week’s 3.33%. A year ago the 30-year fixed was at 3.53% and the 15-year was at 2.77%.

 

The latest quarterly report from the National Association of Realtors® shows that the

median existing single-family home price increased in 73% of measured markets, with 119 out of 164 metropolitan statistical areas (MSAs) showing gains based on closings in the fourth quarter compared with the fourth quarter of 2012. Forty-two areas, 26 % had double-digit increases. The national median existing single-family home price was $196,900 in the fourth quarter, up 10.1%  from $178,900 in the fourth quarter of 2012. In the third quarter the median price rose 12.5% from a year earlier. In the West, existing-home sales dropped -12.7% in the fourth quarter, and are -8.1% below a year ago. Lack of inventory remains a concern. The median existing single-family home price in the West jumped 15.5% to $286,200 in the fourth quarter from the fourth quarter of 2012.

 

Credit reporting agency TransUnion released a report showing that the amount of late payments on home loans has hit the lowest level in more than 5 years. Nationwide, 3.85% of mortgage holders were at least two months behind on their payments in the October-December quarter, compared to 5.08% a year before.

 

The California Association of Realtors®reported that the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in the fourth quarter of 2013 was unchanged from the third quarter of 2013 at 32%, but was down from 48% in fourth-quarter 2012, according to C.A.R.’s Traditional Housing Affordability Index (HAI).  Home buyers needed to earn a minimum annual income of $89,240 to qualify for the purchase of a $431,510 statewide median-priced, existing single-family home in the fourth quarter of 2013.The median home price was $352,450 in fourth-quarter 2012, and an annual income of $66,860 was needed to purchase a home at that price. California housing affordability hit a record high of 56% in first quarter of 2012 but has steadily declined since then. In Los Angeles the affordability index in the fourth quarter of 2013 was 34%, down from the third quarter’s 35% and much reduced from the fourth quarter of 2012’s 50%.

DataQuick reported that home prices fell 3.8% in January compared with December and sales were down -9.9% year over year, though the median price was up 18.4% compared with January of last year. January’s median home price, $380,000, is the lowest since May 2013.  For the six-county Southland area 14,471 new and resale homes and condos were sold last month, a three-year low for January. For Los Angeles alone, 5,308 homes were sold, a -7.4% decrease from January 2013. The median price however rose 20.6% from $340,000 to $410,000.

 There was an article this week in the L.A. Times about home prices stalling. A broker was quoted in the Inland Empire. That is not what is happening here! I doubt it’s happening there either. We definitely need more homes on the market as we are seeing record sales prices! We all should have bought more Real Estate in the last few years. Let’s not be saying the same thing at years end! 

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Economic Update For January 2014 With Syd Leibovitch

economicupdate01312014January saw some corrections in the stock market with the S&P 500 and the Dow posting their biggest monthly percentage decline since May 2012. This was the first January since 2010 with a decline.

The Dow closed out the month at 15,698.85  down -5.3% from last month’s close of 16,576.60 and down -1.14% from last week’s close of 15,879.11.

The Nasdaq fared a bit better, ended the month at 4,103.88 down -1.7% from last month’s close of 4,166.66 and down -0.59% from last week’s 4,128.17 close.

The S&P 500 ended the month at 1,782.59, a drop of -3.56% from last month’s 1,848.36 close and down -0.43% from last week’s 1,790.29 close.

Interest rates dropped during the month. The Freddie Mac Weekly Primary Mortgage Market Survey showed that the 30-year-fixed rate dropped to 4.32% from 4.39% last week and 4.53% at the start of the month.  The 15-year-fixed fell to 3.40% from last week’s 3.44% and 3.55% at the start of the month. A year ago the 30-year fixed was at 3.53% and the 15-year was at 2.81%.

Over the course of January 10-year Treasury note yield rate fell after starting the month at 3.0%  It closed out the month at 2.67%  after ending last week at 2.75%. It was 2.02% a year ago.

Los Angeles County’s unemployment rate fell to 9.2% in December down from 9.5% in November and 10.3% in December 2012. This is its lowest point in more than five years. The state rate is 8.3% and the national rate was 6.7% in December.

Consumer confidence has risen again. The Conference Board reported that the consumer confidence index increased to 80.7 this month from a downwardly revised 77.5 in December beating economists’ estimates of a 79 reading. The index is now higher than it was in September before the confidence-eroding government shutdown and is at its highest level since August. However the consumer sentiment gauge from the University of Michigan and Thomson Reuters registered a final reading of 81.2 in January, down from December’s 82.5. In December, consumer spending rose a seasonally adjusted 0.4% which was above analysts’ expectations of a 0.2% gain. Economists are predicting consumer spending will rise at least 2% over the course of the year.

The Commerce Department reported that sales of new U.S. homes decreased -7% to a 414,000 annualized pace in December, lower than was predicted by economists who predicted a 455,000 pace last month. For all of 2013, demand was up 16.4% to 428,000. The median sales price of a new home rose 4.6%  from December 2012 to $270,200. New-housing demand has rebounded from a record-low 306,000 homes sold in 2011, the record peak was 1.28 million in 2005. I would attribute this to very low inventory which is also causing rapid price increases.

The latest S&P/Case-Shiller Home Price Index shows that the 20-city composite rose 13.7% year over year through November 2013 while declining -0.1% from the previous month. Nine out of 20 cities recorded positive  monthly returns  including Los Angeles which saw a 0.1% increase. It is predicted that while housing prices will continue to rise, the pace of the rise will be slower in 2014.

The National Association of Realtors reported that its Pending Home Sales Index dropped -8.7%last month to 92.4, the lowest level since October 2011. Contracts were down 8.8% from the December 2012 levels. It is believed that unusually harsh weather across the country caused the low numbers of potential buyers. The index in the West dropped 9.8%  in December to 85.7, and is 16.0%  below December 2012 and this is attributed to  the lack of inventory in the market.

As I wrote last week we are beginning to see another increase in prices and buyer demand. It appears that 2014 will be much like 2013. The question is: How high can prices go? That’s not a new question. We recently sold a home in Beverly Hills for $15 million that the buyer bought for $475,000 in 1976! A valley home that just sold for $630,000 was purchased for $98,000 in 1980. All my life, with the exception of a few down years every 20 years or so, I have been hearing the question: How high can prices go? The answer is: Who knows! Definitely they are going up. The question is how long. I’d expect these gains to begin to level in a year or so. Anyone who doesn’t buy now will wish in 6 months that they did!

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Rodeo Realty Winter Conference Brings Agents Together To Learn From The Best

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This week, Rodeo Realty agents gathered for a conference to share knowledge and learn from some of the best. The keynote speaker was popular real estate trainer Rick DeLuca. Rick sold over 200 homes per year and was once the 8th ranked real estage agent in the country but he also has perhaps one of the most interesting stories in real estate, working first as a homicide detective before getting into the real estate market. When DeLuca says he’s seen it all, it’s clear that it is true. Although he entered the market at a time when real estate was booming, he soon had to weather one of the toughest markets ever. This helped him learn to develop the good habits that led him to future success. His goal is always to see what others are doing and then figure out how he can top that. It’s a philosophy that Rodeo Realty agents already believe in but it’s always good to have a reminder. Creating good habits is also about consistency and goal setting.  Connection doesn’t just happen when a person is buying or selling, it’s about listening, being available, sharing relevant data and helping people make informed decisions.

Throughout the conference agents shared tips and success stories. Rodeo Realty Beverly Hills Manager John Gould led a panel that featured top-level wealth management professionals. Agents Barbra Stover, Matthew Paul, and Desiree Zuckerman shared their digital marketing strategies while Carol Wolfe, Elyse Arbor, Tom Otero, and Judy Handler discussed hyperlocal marketing in a panel moderated by Rodeo Realty Sherman Oaks Manager Jason Katzman.

Rodeo Realty agents came away from the conference with many ideas and lots of energy to make 2014 the best year yet!

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Syd Leibovitch Named To The Los Angeles Business Journal's Who's Who List

Syd Leibovitch_CalabasasSyd Leibovitch, president and founder of Rodeo Realty was honored as one of the leaders in Los Angeles Residential Real Estate by the Los Angeles Business Journal. Their annual special report, “Who’s Who in Los Angeles Business” was published earlier this month. The report lists the executives in the biggest and most important companies and organizations across a variety of industries from aerospace/defense to software.

Syd studied economics and banking, and began selling real estate at age 23 while an NCAA track star at UCLA. He was a top selling Realtor in the area by the time he was 25 and opened his company that same year in 1986. He hasn’t looked back since and today devotes his time and energy into growing his company into a regional powerhouse.

Today, Syd has built Rodeo Realty, Inc. into the largest single-owner real estate firm in California and one of the largest in the country. The company now has twelve offices throughout Los Angeles and Ventura counties and more than 1,000 licensed Realtors. Syd also owns established mortgage and escrow companies and is regularly interviewed on topics relating to the mortgage meltdown, home sales and prices. He is a popular expert witness and a reliable source consulted by the media for his expertise as a qualified leader in the real estate and mortgage industries.

 

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Economic Update For The Week Ending January 24, 2014 with Syd Leibovitch

economic update 01242014Stocks took a substantial slide this week as the Dow closed the week under the 16,000 mark with both the Dow and S&P 500 taking their worst weekly losses in over a year. There was a substantial selloff on Thursday as investors digested weak Chinese economic data and dealt with currency drops in emerging markets. Some economists are saying that this may be the beginning of a correction in the stock market after last year’s meteoric rise. The Dow closed out the week at 15,879.11 down -3.52% from last week’s close of 16,458.56. The Nasdaq closed at 4,128.17 down -1.65% from last week’s 4,197.58 close. The S&P 500 finished the week at 1,790.29 down –2.63% from last week’s 1,838.70 close.

Interest rates dropped this week awaiting the next meeting of the Fed later this month. The Freddie Mac Weekly Primary Mortgage Market Survey showed that the 30-year-fixed rate dropped to 4.39% from 4.41% last week.  The 15-year-fixed fell to 3.44% from last week’s 3.45%. A year ago the 30-year fixed was at 3.42% and the 15-year was at 2.71%. Loans over $417,000 are about 1/2% higher in rate.

The 10-year Treasury note yield rate continues to fall this week ending at 2.75%, after last week’s 2.84% close. It was 1.88% a year ago, but reached 3% in December.

The National Association of Realtors® reported that existing home sales were up 1.0% in December increasing to a seasonally adjusted annual rate of 4.87 million in December from a downwardly revised 4.82 million in November. This is – 0.6%  below the 4.90 million-unit level in December 2012. For all of 2013, there were 5.09 million sales, which is 9.1% higher than 2012. It was the strongest performance since 2006. The national median existing-home price for all of 2013 was $197,100, 11.5%  above the 2012 median of $176,800, and was the strongest gain since 2005 when it rose 12.4%. The median existing-home price for all housing types in December was $198,000, up 9.9%  from December 2012. Distressed homes represented 14% of December sales; they were 24% in December 2012. Total housing inventory at the end of December fell 9.3%  to 1.86 million existing homes available for sale, which represents a 4.6-month supply at the current sales pace, down from 5.1 months in November. I use these numbers to point out that the dramatic price increase we have seen has been similar though out many areas nationally.

 Realtor.com® released its final National Housing Trend Report for 2013 which showed that the median list price for December 2013 was 8.1% above December 2012, the median age of inventory was down by -5.1% and the number of units for sale was essentially unchanged. The total inventory of homes for sale in the United States declined from 1,846,155 units in November to 1,731,017 units in December, while month-over-month inventory rose from 101 to 112 days, and the median list price declined from $197,700 to $194,500. The median price for the Los Angeles-Long Beach MSA rose 28.5% for the year, up to $455,000 while the amount of listings fell by -9.75% to 19,633 and the median age of inventory fell for the year by 12.33% to 64.

DataQuick announced that California foreclosure activity hit an eight-year low in the fourth quarter of 2013 with a total of 18,120 default notices filed on houses and condominiums from October through December, down -10.8% from 20,314 in the previous quarter and down a whopping -52.6%from 38,212 from the same period of 2012. This marks the lowest number of default notices since 15,337 were filed in the fourth quarter of 2005.

The Pending Homes Sales Index for December from the California Association of Realtors® showed that pending sales dropped -25.2%  in December to reach 68.8 down from a revised index of 92 in November, based on signed contracts. Pending sales were down 16.8% from the revised 82.8 index recorded in December 2012. The share of equity sales in December dipped to 84.3%, down from 86.4% in November. Equity sales made up 63.4%  of sales in December 2012. The share of distressed sales to total sales in Los Angeles County was 18% in December 2013. It was 14% in November and 35% in December 2012.

We are seeing activity begin to increase dramatically. Over the last week our open escrow count has began to increase rapidly. We are also seeing what appears to me as another surge in prices. This is not unusual. It is common for prices to increase steadily from February to June or so and then flatten. I’d expect the same in 2014!

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