Below is the Conjeo Market Report for March 2016 detailing local real estate market statistics and including year-over-year data:
Conejo
Local Market Report Westside February 2016
Below is the Westside Market Report for February 2016 detailing local real estate market statistics and including year-over-year data:
Westside
Local Market Report SF Valley February 2016
Below is the SF Valley Market Report for February 2016 detailing local real estate market statistics and including year-over-year data:
SF Valley
Local Market Report Conejo February 2016
Below is the Conjeo Market Report for February 2016 detailing local real estate market statistics and including year-over-year data:
Conejo
Economic update for the week ending April 9, 2016
Stocks down for the week – This week several Fed members as well as Fed chairperson, Janet Yellen, made statements about interest rate policy. They stated that rates will rise much slower than previously expected due to more uncertainty in the economy. This helped to weaken the value of the dollar which is good for manufacturers who export goods. The weaker dollar caused oil prices to rise. Oil was up 7% for the week with U.S. Crude closing above $39 a barrel. U.S. Crude hit a low of $27 a barrel in February, so oil prices have been on a good path to recovery. Energy stocks ended the week higher. Unfortunately, retail stocks got hit hard when Gap and several other retailers announced that same store March sales were down considerably. This and The Fed comments caused investors to wonder where the economy is heading. The Dow Jones Industrial Average closed the week at 17,576, down from 17,972.75 last week. The S&P 500 closed the week at 2,047.60, down from 2,072.78 last week. The NASDAQ closed Friday at 4,850.69, down from 4,914.54 last week.
Bond yields lower for the week – The 10 year U.S. Treasury bond closed Friday yielding 1.72%, down from 1.79% last week. The 30 year U.S. Treasury bond closed Friday yielding 2.55%, down from 2.62% last week. Mortgage rates follow bond yields so we watch bonds carefully.
Mortgage rates near three year low -The Freddie Mac Primary Mortgage Survey released on April 7, 2016 showed that average mortgage rates from lenders surveyed for the most popular products were as follows: The 30 year fixed average rate was 3.59%. The 15 year fixed average rate was 2.88%. The 5/1 ARM average rate was 2.82%.
This was a slow week for data. Next week we should start getting housing sale numbers and California March employment figures.
Have a great weekend!
Syd
The Hustle features Rodeo Realty’s Ben Bacal property video
The real estate industry just got about 1,000,000x cooler, that’s according to online website The Hustle.
By “cooler” they are referring to Rodeo Realty agent Ben Bacal’s 864 Stradella video.
The article is headlined, “This Video Advertising a $48.5m Home Could Be a Sign of Things to Come”. Writer Kendall Baker talks about Bacal’s video changing the real estate industry in a way that no one predicted.
“It feels and looks like a Super Bowl ad, not a modern day replacement for the classifieds,” said Baker.
So amazed by the real estate video—Baker said he decided to reach out to the creative producer that put the video together, Brian Bell.
Bell talks about his partnership with Bacal and how the two have been working together to create incredible high-quality videos.
“We never thought we’d get into filming real estate, but within two weeks, we’d completed two projects for him,” said Bell.
He says the Stradella video took 2.5 weeks, which included 2 full days of shooting.
“Our budget for the shoot was $40k, which included casting, crew, equipment rentals (we rent the top of the line cinema cameras, lenses, and equipment), all drone expenses, and post production,” said Bell.
Bell also tells Baker there are more exciting developments on the horizon.
To read the entire article, click HERE
Local Market Report Westside January 2016
Below is the Westside Market Report for January 2016 detailing local real estate market statistics and including year-over-year data:
Westside
Local Market Report SF Valley January 2016
Below is the SF Valley Market Report for January 2016 detailing local real estate market statistics and including year-over-year data:
SF Valley
Local Market Report Conejo January 2016
Below is the Conjeo Market Report for January 2016 detailing local real estate market statistics and including year-over-year data:
Conejo
Seven-Figure Home Flips, WSJ asks Josh Flagg
Los Angeles’ luxury market is blazing—and it has nothing to do with droughts or fires. Median sale prices of single-family homes increased by 37% in Beverly Hills and 12% in Bel Air and Holmby Hills in 2015 compared with the year before, according to Jonathan Miller, a real-estate appraiser who prepares market reports for brokerage Douglas Elliman.
Even in this heady market, some deals stand out. Josh Flagg, executive sales director at Rodeo Realty, sold three houses on behalf of clients last year—twice. In each instance, he sold the homes the second time for roughly $1 million more than the first time—even though no or few improvements were made to the properties, according to Mr. Flagg.
Real-estate experts cite a number of factors behind the sales and quick resales.
Zillow chief economist Svenja Gudell suspects the properties were marketed to developers, who will either fully renovate or raze and rebuild the homes at an even greater profit. “We see in the public record that some of these are trusts that sold to [limited-liability corporations],” Ms. Gudell says. “That can mean families selling to developers. Developers are often more focused on timing and getting the exact property they want, which can make them less sensitive to price.”
Mr. Flagg said the buyers of the Tower Lane and Tower Grove Drive properties were developers. He declined to disclose the names of any of the buyers.
Paul Habibi, professor of real estate at the UCLA Ziman Center for Real Estate also cites economic forces at work: “As the dollar strengthened last year, you saw foreign money get increasingly desperate to park itself into American assets,” he says. “It’s creating a bit of a frenzy, with lots of cash and people bidding up prices. People from out of town are never going to get the best deals, because they don’t have the insider knowledge of the market.”
Mr. Flagg has his own explanation for the seven-figure flips: “It’s the market and the intimate knowledge I have of the L.A. market.”
THREE HOME FLIPS, BY THE NUMBERS
Each one of these Los Angeles properties sold within a year for roughly $1 million over the previous purchase price.
TOWER LANE, BEVERLY HILLS
ORIGINAL SALE: $6 million, April 6
SECOND SALE: $7.6 million, Dec. 29
TOWER GROVE DRIVE, BEVERLY HILLS
ORIGINAL SALE: $6.25 million, May 29
SECOND SALE: $7.25 million, June 30
BEL AIR ROAD, BEL AIR
ORIGINAL SALE: $8.25 million, May 21
SECOND SALE: $9.1 million, Feb. 1
This article originally appeared on The Wall Street Journal.