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Rodeo Realty Launches Local Market Reports Web Site

State, county and national real estate statistics paint broad brush strokes about what’s happening in the market. The key to success for buyers, sellers and agents alike is understanding market conditions in specific communities and neighborhoods.

So Rodeo Realty recently launched a Web site, rodeomarketreports.com, which will post monthly localized market reports for communities in the Westside of Los Angeles, the San Fernando Valley area, and Ventura County. (Please note: The images below do not link directly to the market reports. You must visit the before mentioned Web site.)

 
The reports will break market statistics down into individual cities in the regions. Statistics include: median sales price; number of properties sold; pending sales; properties for sale; average days on market; month’s supply of inventory; and percentage under contract. The reports compare the current month with the same month a year ago, and note the percentage change.

Rodeo’s marketing team is adding data to the rodeomarketreports.com site each day. So the available coverage will become more comprehensive over time.

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Jason Priestley Selling Toluca Lake Home

Actor Jason Priestley, well known for playing the character Brandon Walsh on the hit television series “Beverly Hills 90210,” has placed his Los Angeles area home on the market for $2.1 million.

Here’s what the LA Times had to say about the property: http://www.latimes.com/business/realestate/la-fi-hotprop-jason-priestley-20110912,0,3550525.story. NBC’s OpenHouse also featured the home: http://www.nbcnewyork.com/blogs/open-house/Jason-Priestley-Lists-Non-90210-Pad–129505768.html

Priestley currently stars as Richard Fitzpatrick on the television series “Call Me Fitz.” The HBO Canada sitcom picked up seven Gemini Awards this year from the Academy of Canadian Cinema & Television. “Call Me Fitz” received a total of 16 nominations for the 26th Annual Gemini Awards.
The 3,266 square foot gated home has three bedrooms and three-and-a-half baths. A courtyard leads to the entrance where there is a double-height foyer. There is a stone fireplace and banks of French doors in the living room. The large family room opens to a formal dining room and rear covered patio.
The gourmet kitchen features a center island, walk-in pantry, and casual dining area. The master bedroom includes a stone fireplace, cathedral ceilings, walk-in closet, and private bath. The second floor also has two family bedrooms with en suite baths and an open loft-like den.

The grounds include private gardens, pool, spa, and a covered patio spanning the rear of the property. Peter Schwartz and Jonathan Fritts of Rodeo Realty’s Sunset Strip office are the listing agents.
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Rodeo Realty Billboard on the Sunset Strip

Location, location, location! Here’s a fun shot of Rodeo Realty’s billboard in a high traffic area on Sunset Boulevard. If you’re curious about the restaurant, it’s Mel’s Diner.
Thanks to Fred Henry,  manager of the Sunset Strip office, who took the shot.   
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Wayne Brady Selling Los Angeles Area Home

Actor, singer and comedian Wayne Brady is selling his home in the San Fernando Valley for $2.2 million. Laura Piller and the Cohan Team of Rodeo Realty’s Calabasas office are the listing agents.

Brady is well known for his role on the comedy improv show “Whose Line is it Anyway?” Among his other credits, he hosted and produced “The Wayne Brady Show” and is the current host of the television game show “Let’s Make a Deal.”
Located south of Ventura Boulevard, the Mediterranean-style 5,468 square home has five bedrooms, five baths, gated drive, grand entry and two stories. The entry opens up to a living room with fireplace and floor-to-ceiling windows.
The gourmet kitchen features custom cabinets, granite counters, stainless steel appliances, eating area and walk-in pantry. The master suite has a sitting area, built-in media center, customized walk-in closet and spa-style bathroom. The house also has city views, state-of-the-art home theater, and designer touches throughout.
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The Power of Newspaper Real Estate Ads

Never under estimate the power of newspaper real estate advertisements. While it’s true more than 80 percent of home buyers begin their search online, there are still plenty of folks who love the feel of newsprint in their hands.
Barbra Stover of Rodeo Realty’s Beverly Hills office recently ran an open house box advertisement in the L.A. Times for her client’s $1,475,000 Malibu property. The home is located in the Las Flores Canyon area.

A very nice lady called from the ad, was excited to see the property, and attended the open house. The woman had been looking in Sea View Estates for a while, according to Stover.
After attending the open house, the woman visited again with her family at least three times. She loved the house, pool, and location. Stover and her co-listing partner had taken extra time to partially stage the property.
The woman finally pulled the trigger. Since she did not have an agent, Stover and Erika Mlachak of Verde Realty represented both sides of the deal. The home was only on the market for a month and sold for the listing price. Comparable sales in the area went back a year!
On another recent occasion, a prospective buyer attended one of Ollie Brown’s advertised open houses for a $1.675 million home in Calabasas.
“The buyer came in without representation, was straight-up, and came back several times with his family, ” said Brown, adding from the beginning he knew the person was willing to go the distance.
Even though other parties expressed interest in the property, and a willingness to pay more, Brown encouraged the seller to go with the gentleman from the open house.
The other buyers talked a lot about wanting the house, he said, but they never followed through on submitting formal offers.
Brown proceeded to represent both sides and use Encore Escrow, L.A. Mortgage and Progressive Title in the deal. He said all of these companies put a solid transaction together quickly. The story gets even better, because Brown just listed the buyer’s other home in Woodland Hills for more than $700,000.
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The Sonoma Vineyard Estate and a Little Bit of Fate

Ron Wolotzky of Rodeo Realty’s Beverly Hills office recently closed a $4.1 million sale in Sonoma, Calif. It’s a fun story, because the vineyard estate deal proves that while Internet marketing is an important part of succeeding in today’s real estate industry, you can never underestimate the role of fate.

The 3.3 acre gated estate includes: a renovated two story home with six bedrooms; one-acre vineyard of certified organic Malbec grapes; and park-like grounds with a large heated pool, tennis court, and one bedroom guest house.
Wolotzky marketed the home through the local and regional MLS services, sending e-flyers to agents in the area, and with a strong Web site and Internet presence. His client, the seller, initially did not want to place a “For Sale” sign on the property. But Wolotzky eventually convinced him to do so.
Enter a bit of fate.
The buyers were driving through the neighborhood and inquired about the home only because they saw the “For Sale” sign. And as it turns out, the buyers had attended a gathering at the home a few years prior. At that time they fell in love with both the neighborhood and estate.
Wolotzky represented the buyer and seller in the deal. The transaction, which required partial financing from a jumbo loan, also closed in only four weeks. The asking price was $4.5 million and final sales price $4.1 million.
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P!nk Selling Home in L.A.

Pop star P!nk is selling her former residence in the San Fernando Valley for $4 million. Lou Woolf of Rodeo Realty’s Sherman Oaks office is the listing agent.

Situated on a gated 30,000 square foot lot, the private park-like grounds include an Infinity pool, grotto cave/spa that’s hidden behind a waterfall, BBQ pavilion, and plenty of greenery.
The 4,435 square foot , four bedroom, 5 bath Spanish-style home has a double door entry, kitchen with SubZero(R), Viking(R), and Jenn-Air(R) appliances, wine storage, and more.
For more information contact Lou Woolf at (818) 692-9653, (866) 438-9653 or LAWoolf@aol.com. His Web site is http://www.louwoolf.com/
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Family Picnic for a Good Cause

The UCLA Craniofacial Clinic and the Facing Forward Foundation are hosting an end-of-summer picnic this weekend! There will be food and games for the whole family. Here are the details:

Date: Sunday, August 14th, 2011

Time: 1:00 to 4:00 p.m.

Place: Sunset Canyon Recreation Center (UCLA Campus)

111 De Neve Dr., Los Angeles, CA 90024

Directions: Take Sunset Blvd. (going eastbound) to Bellagio and turn
right. At the 1st stop sign which is De Neve Dr., turn right
and you will have arrived at Lot 11. PARKING IS INCLUDED.

Please RSVP no later than AUGUST 12th, 2011 by calling (310) 866-0523 or email: gjones3939@aol.com / uclacfc@mednet.ucla.edu

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Mortgage Rates Continue to Drop

This week has been a roller coaster ride for the stock market and economy. One positive for the week, for home buyers and sellers at least, is mortgage rates continue to decline

Yesterday, Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.

  • 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending August 11, 2011, down from last week when it averaged 4.39 percent. Last year at this time, the 30-year FRM averaged 4.44 percent.
  • 15-year FRM this week averaged 3.50 percent with an average 0.7 point, down from last week when it also averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 3.92 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week, with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 3.56 percent.
  • 1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.5 point, down from last week when it averaged 3.02 percent. At this time last year, the 1-year ARM averaged 3.53 percent.

Quotes from Frank Nothaft, vice president and chief economist of Freddie Mac.

“Renewed market concerns about the European debt markets led investors to shift funds into U.S. Treasuries, pushing long-term yields lower. Further, in its August 9th Federal Open Market Committee statement, the Federal Reserve noted that economic growth so far this year had been considerably slower than it expected and that overall labor market conditions had deteriorated in recent months, leading the Committee to conclude that an exceptionally low federal funds rate should be maintained at least through mid-2013. These developments helped to ease mortgage rates lower this week.

“Lower mortgage rates will help to maintain the high degree of home-buyer affordability in the market. The National Association of Realtors® reported that its affordability index over the past three quarters has indicated the highest affordability since the inception of the index in 1970.”

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Jonathan Littman Buys 'Entourage' House

Jill Krutchik of Rodeo Realty’s Encino office recently represented “Amazing Race” producer Jonathan Littman in the purchase of a $4.2 million home. Littman is an executive at Jerry Bruckheimer Television who has also produced shows such as “CSI” and “Chase.”
The Los Angeles Times published the story yesterday. Here’s the link: http://www.latimes.com/business/realestate/la-hm-hotprop-jonathan-littman-20110803,0,1790227.story. The home was also the setting for Season 7 of the hit television series “Entourage.”

The  gated one-story Tuscan Villa boasts 9,010 sq.ft, 7 bedrooms, 10 baths, 7 fireplaces, media room, study and a casita for guests. Venetian plaster decorates many of the interior walls, and there are 22′ exposed truss beamed ceilings in the living room, kitchen and great room.
The master suite has richly tiled baths, large exercise room, closets, and French doors leading to a private patio and secluded outdoor whirlpool bath. All other bedrooms are en-suite and have their own lounges for TV, computers or playrooms.
Flooring in the home includes walnut, tumbled and polished marble, and limestone throughout the bathrooms. The large lot features an iridescent mosaic-tiled pool, spa and waterfall. There is an additional 1,975 sq. ft. of outdoor living including a chef’s gourmet kitchen, BBQ, granite counters, bar and fireplace.
Bob Hurwitz of Hurwitz James Co., Beverly Hills had the listing.
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