Marina del Rey is a great community. You have ocean breezes, great walking space, charming canals and more. Rodeo Realty agent Barbra Stover specializes in luxury residences in Marina del Rey and she recently shot this video to explain why she’s so fond of this great commmunity. If you’ve ever been curious about living in Marina del Rey, this video will definitely have you considering a move!
California Association of Realtors Predicts A Strong Housing Market For 2014
The California Association of Realtors (C.A.R.) has released its forecast for 2014 and sees a continued improvement in the state’s housing market. The organization predicts fewer distressed as sales shifting toward primary home buyers with both sales and home prices posting further gains. The C.A.R. “2014 California Housing Market Forecast” shows sales gaining 3.2% percent next year to reach 444,000 units, up from the projected 2013 sales figure of 430,300 homes sold. Sales in 2013 will be down 2.1% from the 439,400 existing, single-family homes sold in 2012.
“The housing market has improved over the past year, and we expect this trend to continue into 2014,” said C.A.R. President Don Faught. “As the economy enters the fourth year of a modest recovery, we expect to see a strong demand for homeownership, as buyers who may have been competing with investors and facing an extreme shortage of available housing return from the sidelines.”
The C.A.R. forecast also projects growth in economy and job markets. It is predicted that the U.S. Gross Domestic Product will grow 2.8% in 2014, after a projected gain of 1.8% in 2013. With nonfarm job growth of 1.9% in California, the state’s unemployment rate should decrease to 8.3% in 2014 from 9% in 2013 and 10.5% in 2012. The prediction is that the average rate for 30-year fixed mortgage interest rates will rise to 5.3%. The California median home price is forecast to increase 6 percent to $432,800 in 2014, following a projected 28 percent increase in 2013 to $408,600.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young spoke on the changing market: “As the market continues to improve, more previously underwater homeowners will look toward selling, making housing inventory less scarce in 2014. As a result of these factors, we’ll see home price increases moderate from the double-digit increases we saw for much of this year to mid-single digits in most of the state. The wildcards for 2014 include federal, fiscal, monetary and housing policies – such as the mortgage interest deduction and mortgage finance reform – as well as housing supply and the actions of the Federal Reserve, which will ensure a higher rate environment.”
2014 CALIFORNIA HOUSING FORECAST
| Indicator | 2008 | 2009 | 2010 | 2011 | 2012 | 2013f | 2014f |
| SFH Resales (000s) |
381.4 |
474.9 |
416.5 |
422.6 |
439.4 |
430.3 |
444.0 |
| % Change |
30.4% |
24.5% |
-12.3% |
1.4% |
4.0% |
-2.1% |
3.2% |
| Median Price ($000s) |
$348.5 |
$275.0 |
$305.0 |
$286.0 |
$319.3 |
$408.6 |
$432.8 |
| % Change |
-37.8% |
-21.1% |
10.9% |
-6.2% |
11.6% |
28.0% |
6.0% |
| 30-Yr FRM |
6.0% |
5.0% |
4.7% |
4.5% |
3.7% |
4.1% |
5.3% |
| 1-Yr ARM |
5.2% |
4.7% |
3.8% |
3.0% |
2.7% |
2.7% |
3.1% |
f= forecast
Equestrian Paradise Spotlighted On Curbed As The House Of The Day
Ask any horse owner about their dream property and you’ll probably get a list of things but the most important would be room to ride. It’s no wonder that Curbed.com chose to highlight this as the home of the day.
This private 80 acre equestrian compound nestled within the Santa Monica mountains is located within the boundaries of Malibu Creek State Park with endless riding trails on state parkland not to mention peaceful views of rolling hills all around.
This rare property also features world class horse facilities including an extra large riding arena with euro-footing, high powered water canons, over-sized turn outs, pasture covered paddocks, over sized well ventilated stalls, cross ties with hot & cold water, a large covered hay barn, a large tack room, outbuildings & 44,000 gallon water tank.
For the architecture lover it also has an additional building pad with planning approval for an exclusively designed Marmol Radziner 7000+ sq ft home with a guest house, pool/spa, & amazing views. The upper pad includes the completely renovated ranch house w/ high-end finishes. All this and it’s located minutes to PCH or the 101. This property is co-listed with David Friedman of Rodeo Realty Calabasas and is listed for $9.95 million.
Economic Update For The Week Ending October 4
We are four days into the government shutdown and Congress now has less than two weeks to raise the debt ceiling before the U.S. is unable to borrow money to pay its bills, a move that could lead to a historic default. Most industry analysts still believe this will not occur. Frankly, I am surprised that the stock markets and the economy has held up so will this week. You would think that with such dysfunction in our government and 750,000 government workers furloughed the markets would react more negatively. I fear that if they can not agree to increase the debt limit, which will lead to the first default in U.S. history, the negative impact will be much more severe! I really do not think a default will happen.
Due to the turmoil of the government shutdown stocks continued to act uncertainly. The Dow rose on Friday but had its second down week in a row closing at 15,072.58 down -1.22% from last week’s 15,358.24 close. The Nasdaq eked out another modest gain, closing at 3,807.75, a gain of .69% off last week’s 3,781.59 close, for its fifth straight week of positive numbers. The S&P 500 was down very slightly, closing the week at 1,690.50 just a hair below last week’s 1,691.75 close. The yield rate for the 10-year Treasury note was at 2.66% nearly on par with last week’s 2.64% finish.
ADP reported that businesses added 166,000 jobs in September below the 180,000 number expected by economists. The payroll processor also adjusted its previously reported August figure downward from 176,000 to 159,000. The Labor department did not release its jobs numbers due to the government shutdown. Those numbers are really the numbers that experts look at.
The government shutdown appears to be having an impact on interest rates. Rates were down again this week according to the Freddie Mac Weekly Primary Mortgage Market Survey. The 30-year fixed rate dropped down to 4.22% down from 4.32% last week. The 15-year rate also fell to 3.29% from 3.37%. These are the lowest averages seen since late June. A year ago this week according to the survey, the 30-year rate was at 3.36% while the 15-year rate was at 2.69%. Jumbo and high balance conforming are running around 4.625% for 30 year fixed and 3.75% for 15 year terms.
For some reason it seems like open escrows have picked up in the last couple weeks. I would not have expected this.
Brentwood Office Celebrates A Great First Year
The Rodeo Realty Brentwood office gathered this week to celebrate a great first year. It’s been a busy year for the office which is located on San Vicente Boulevard in the heart of Brentwood. Many new agents have joined the team and sales in Brentwood have been hotter than ever. Congratulations to all our Brentwood agents, manager Simon Pozi and assistant manager Claudia Beck on a year of hard work and stellar accomplishment!
The Ford Estate In November's Architectural Digest
People just can’t get enough of the Ford Estate in Ojai, California. So far it’s been featured in the Wall Street Journal, Los Angeles Times, Hooked On Houses, and others. Now it can be seen in the November issue of Architectural Digest as one of their estates for sale. The home was built by legendary Hollywood architect Paul Revere Williams for glass industry tycoon William Ford. The Spanish Colonial home was built in 1929 and has been exquisitely renovated. It is listed with Rob Johnson, check out the property website for full details.
Celebrate The History Of Rodeo Drive At Rodeo De Los Caballos
Because of our company name we have a strong affection for Rodeo Drive and the history it represents. As part of the Beverly Hills Centennial celebration, there will be a special gathering commemorating the street’s significance. Before there was Beverly Hills and Rodeo Drive, there was Rodeo de las Aguas. To celebrate the street’s beginnings as a bridle path there will be an equestrian parade, the Gathering of the Horses, held on Sunday, October 13, 11:00 am on the 300 and 400 blocks of Rodeo Drive, between Santa Monica and Dayton Way.
The parade features the Wells Fargo Wagon and equestrian groups that have appeared in Queen Elizabeth II’s Diamond Jubilee, the Beijing Olympics and the Tournament of Roses Parade with special appearances by Ballet Folklorico Mexico Azteca and the Beverly Hills High School Marching Band.
Downtown Julie Brown's Home Featured On The Huffington Post And PopSugar
Barbra Stover has the listing for this home in Marina Del Rey which belongs to former MTV host Downtown Julie Brown. The property was highlighted on the Huffington Post in their Celebrity Homes section. The home has beautiful views of the canals and ocean. Says the Huffington Post: “The multi-story abode is incredibly spacious thanks to vaulted ceilings, crisp white walls and stunning windows.” It is listed for $3.195 million.
The property was also highlighted by PopSugar.com where editor Miranda Jones called attention to the home’s “incredible views.”
Conejo Valley Market Report For August 2013
Below is the Conejo Valley Market Report for August 2013 detailing local real estate market statistics and including year-over-year data.
Rodeo Realty Journal September 2013
Want to know all the great things happening at Rodeo Realty? View our September newsletter!