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Dear Joni-

Thank you so much for your service in selling out Parents home in Encino.

As you know, I am managing 20 apartment buildings which is a full time job and more. The way you jumped in to handle the inspections, repairman, appraiser and staging was way beyond the call of duty and saved me countless hours of having to coordinate all that myself

 

 

 

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With all the buying and selling of property that I do for a living, I am quite shocked you were not only able to get the coordination of the lender and buyer, but were actually able to close on time with both parties not ready to shoot each other.

My parents would be most pleased that you were able to find such a wonderful family to take over our family home.

 

Should you need to reach me, please contact me at any time on my cell phone listed above.
Thank you,
Gary Gillman & Nancy Manning

November 2014 Month End Economic Update

 

Another record breaking month for US stocks  – The US stock markets posted their sixth straight week of gains with new highs. Dropping oil prices were the source of big news this week, and month. Lower energy prices are causing low inflation. Many experts predict that inflation will remain extremely tame for a long period of time partly as a result of OPEC’s decision to keep oil production at its current high level. The Dow Jones Industrial Average closed the week at 17,828.24 above last weeks close of 17,810.06 , and  up from the October 31 close of 17,390.52. The S&P 500 closed Friday at 2057.56 below last Friday’s close of 2063.50, and up from October 31’s close of 2018.05. The NASDAQ closed at 4791.63 above last weeks close of 4712.97, and above last month’s close of 4630.74.

 

Consumer Price Index- The Bureau of Labor Statics reported that prices remained flat in October. The year over year CPI increase showed the inflation rate at 1.7%, well below the Federal Reserve’s target rate for a healthy economy. The Fed released its minutes on November 19 from its October meeting. In the minutes it cautioned of “evidence of a possible downward shift in long term inflation expectations.”

 

Treasury Bond Rates – The 10 year Treasury bond closed the week at 2.18% below last week’s 2.31%. It began the month at 2.36%. The 30 year treasury yield was 2.89% Friday, down from last week’s 3.02% and well below 3.07% at the start of November.

 

Low Inflation – The US Consumer Price Index showed the year over year inflation rate at just 1.7%, well below the Federal Reserve’s target rate. Europe and Asia are also experiencing very low inflation. This is causing worldwide rates to drop. Our rates are well below comparable time period securities of other countries, holding rates low and causing treasuries with longer terms to drop in rate. These directly affect mortgage rates. Much of this low inflation is due to dropping energy costs as oil prices have plummeted.

 

Oil prices- In the past few months the price of a barrel of oil has dropped from over $100 per barrel to under $70 per barrel. The cost at the pump has dropped on average 88 cents a gallon since July to a US average of $2.82. California prices are a little higher. This brings gas prices to the lowest levels since 2009.

 

Mortgage Rates – The Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average for the week was 3.97%. The 15 year fixed was 3.17%.

 

US jobs – In October employers added 214,000 jobs and the unemployment rate was 5.8%. The November figures will be released at the end of next week.

 

California jobs – California gained 41,500 non-farm jobs in October. The California unemployment rate remained unchanged at 7.3%. November figures will be released in the 3^rd week of December.

 

California Association of Realtors –   The LA region had a median price of $477,000, down 1.6% below September’s $486,030 and up 6.8% from the $447,130 one year ago. There was a 3.3 month supply in October 2013. It must be noted that CAR figures do not include sales that were not reported to a MLS system. CAR figures for November will be out around the 3^rd week of December.

 

Pending home sales were up in October – CAR reported their Pending Home Sale Index last week. Pending home sales in October were up 2% from September. This was the second straight month of rising pending sales which is an indicator that the November sales figures will show an increase as these transactions close.  

 

Consumer Confidence – Consumer confidence rose to a 7 year high according to the Thomson Reuters/University of Michigan index. This was fueled by dropping gas prices, increases in employment, and rising stock prices. It also led to increases in projections in the holiday retail sales expectations.

 

New home sales rise- The Commerce Department reported that US new home sales in October rose 0.7% from September.

 

I have seen a good pickup in activity. It seems that the real estate market has picked up at a time of year that it usually slows down. Inventory levels have dropped after increasing throughout the year. This is causing more multiple offers. We are also seeing homes that sat for a while beginning to sell. Some with multiple offers after not seeing an offer for several weeks! I would not be surprised to see prices surge in the near future! I am sure that lower interest rates are having an impact. It now looks like rates may remain low for longer than expected. Every expert had expected them to rise. Now that gas prices have plummeted and inflation has been so tame the expectations are for rates to remain low!

 

I hope you are having a Happy Thanksgiving Weekend!

 

Syd

 

 

The first annual Thanksgiving food drive was done by RODEO REALTY’s finest, Brandon Kramer, Jim Wagner and Ryan Trefry. These altruistic agents gathered in their home communities of Lake Balboa and Sherman Oaks to collect non perishable dry foods, cereal, pasta and canned treats for the upcoming holiday season. These areas have over 1,500 homes and belong to the greater Los Angeles area. Over 90 plus households and families helped aid in each community and contributed over 800 pounds of food!

 

They received positive feedback from all the neighbors regarding RODEO REALTY and their ability to reach out to those less fortunate this coming holiday season. They partnered with the Regional Los Angeles Food Bank in Downtown, Los Angeles on Saturday, November 15^th. Gelson’s Super Market donated brown grocery bags which were used to collect all food along with coupons and discounts for turkeys for this upcoming Thanksgiving. These were handed out to several of the families who participated in the food drive and contributed in this charitable endeavor. The community members who participated were very impressed with the organization of the event, work of RODEO REALTY’s agents and giving back to the community.

 

They hope to continue the act of giving this holiday season and in the future. They will be providing several boxes to RODEO REALTY offices to keep in the reception area.  Please feel free to contact Ryan Trefry for more information on how to give back- (818) 425-3234. The Regional Los Angeles Food Bank in Downtown, Los Angeles also encourages help for the hungry with a virtual drive registry, monthly giving and donations of cars, boats or RV’s this holiday season. Their mission is to “mobilize resources to fight hunger in our community.”  Over 97% of all contributions go directly to families that struggle this holiday season. Other great giving back activities in Los Angeles include; Midnight Mission,Union Station Homeless Services, One Voice, SOVA Community Food and Resource Program and Hope of the Valley Rescue Mission. RODEO REALTY commends Ryan Trefy, Jim Wagner and Brandon Kramer for assisting the community this holiday season and benefiting the homes of many.

https://www.dropbox.com/sh/x28tvwkakvfo8a5/AADQJACzKI-_VFxdUyxo3V5Va?dl=0#/

 

Well everyone, we had a wonderful time Saturday October 25th at the Pacific Palisades office, because of our Rodeo Realty Pumpkin giveaway. We featured a full Pumpkin Patch with the IN-N-OUT Burger truck providing the catering service. This event is just one of many that Rodeo Realty hosts for it’s agents, their families and the community.

Now, for what we were doing at the event. The purpose of the event was to cater to the community, our agents and their families by giving away pumpkins, and providing IN-N-OUT Burger all of which was free. Tons of people turned out and really enjoyed the event. So many people came to the Rodeo Realty Pumpkin Giveaway that we served over 500 burgers, and over 400 pumpkins; we were also cleaned out of candy. In fact the event turn out was so massive that the only thing we had left was hay. We are definitely happy with the response and how everyone from all ages loved the event. If you missed the event and never want to miss another, then keep up with us on Twitter and Facebook to get the latest information on upcoming events hosted by Rodeo Realty.

Lonnie was very professional through all stages of both the purchase of our new home and sale of our existing home.
I was particularly impressed with the care and dedication he exhibited with the biggest and smallest details of each transaction. Lonnie answers all of his calls, makes good on all his promises, and remains patient no matter how ridiculous the question may seem or how trivial a problem may be. My family was truly blessed to have had the opportunity to work with Lonnie through what can be a very stressful, albeit exciting time. I would recommend Lonnie to anyone desiring to sell their home or purchase a new home.

Simply stated, there is nobody better.

Brett A. Greenfield, Esq.

 

From Lonnie’s first tome home buyer’s Adrian and Andrea Amodeo who just closed escrow on their first home!

Lonnie was a fantastic Realtor with a keen knowledge of of the area. He was very patient with us as first time buyers, going above and beyond with his professional and personal insight about each property he showed us. His help through the escrow process and assistance with our house after we closed truly demonstrated the care and personal attention he gives his clients.

 

 

Testimonial Letter we received for Dolores Blumfeld 

Clients Purchased a Triplex in Culver City at the end of a  Cul de Sac adjacent to the new Expo Line which was nearing completion during the purchase.  We  did a lot of homework and research during the Diligence Period.  We all  had the vision and understanding of a developing neighborhood!

Meg Sullivan has an Administration position at UCLA.
Husband, Stephen Roe is an Engineer Brainiac working on NASA projects.  

Dearest Dolores,

We remain THRILLED TO BITS with our purchase.  You’ll recall we bought our triplex in 2011 for $770,000.  Zillow is valuing it now at $1,560,000—or more than double what we paid for it!

CAN YOU BELIEVE IT?

And possibly the Zillow estimate is low as the triplex next door, which isn’t as nice as ours and doesn’t have as strong of rents, is valued at $1,750,000.  (I assume Zillow is devaluing our property based on its proximity to the Expo line without knowing – and how could they? — the considerable sound-abatement measurements we’ve taken, particularly with regard to the new sound-abating windows.)

As expected, the new mall is developing rapidly just two blocks away.  And other exciting neighborhood improvements are coming along too.

We are so so so grateful that you helped us realize this particular investment.  It was so tricky and scary and fraught with risk.   I just don’t see how we could’ve carried it off without your steady guidance.  But it’s working out to be a better investment than we ever dreamed possible.  It will make all the difference in the world for our retirement. 

I’m going on vacation with a girlfriend beginning Nov. 6 and returning Nov. 17.  Let’s connect after that point.

Maybe we could go down and have lunch in Melita’s neighborhood.  It’s really fun to watch how that area is improving, too!

Please forward this email to the head of your real estate firm.  I would do so but don’t have his/her name.  He/she should know the pearl that the company has in you!

All the very best and again THANK YOU!

Meg