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
Curbed on the hunt to feature unique living spaces
Want to see your home featured on Curbed? The real estate blog is currently on the hunt for interesting subjects who’d be willing to open up their living spaces for a visit and a photo shoot. Homes will be featured on Curbed’s House Calls series and will give readers a chance to view various homes of Angelenos.
If you just finished rehabbing your home or simply want to show off the perfect place you call home, they want to see it.
Are you interested? If you’d like to be considered for House Calls, send them an email (subject line: House Calls) and a few photos of your place. Include a few details about where you live: the neighborhood you’re in, what’s special about your home, and a bit about why you think it would be a great feature. Dwellings that are currently for sale or for rent will not be considered.
To view some of the homes that have been featured on House Calls, click HERE
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
Los Angeles Times mentions three Rodeo Realty agents for selling most expensive homes between March 6 – 19
In the past two weeks, three Rodeo Realty agents sold two of the most expensive homes in the Greater Los Angeles area.
Making real estate news in the Los Angeles Times is Peter Maurice and Tregg Rustad. The two agents sold a $9 million listing that belonged to Frederick Huntsberry, the chief operating officer of Paramount Pictures. According to the newspaper, the buyer was Francesco Aquilini, Canadian billionaire and owner of the Vancouver Canucks hockey franchise.
The agents listed the 4,507-square-foot home in February and closed sale in about a month. According to the LA Times, Huntsberry purchased the home six years ago for $3.84 million—less than half the price it was sold for.
The renovated midcentury home in Beverly Hills is said to have four bedrooms, four bathrooms, terrazzo floors, a dramatic according-style ceiling and walls of floor-to-ceiling glass that look out to a half-moon-shaped swimming pool.
Among the top residential real estate sales is also a Beverly Hills home that was sold for $7.5 million by Josh Flagg. According to the LA Times, the home was destined for the wrecking ball.
Flagg tells the newspaper the amount eclipsed the previous high-water mark for the area by $2 million. He represented both the buyer and the seller in the sale.
The sales report is for the period beginning March 6 and ending March 19.
To read the LA Times article, click HERE
Rodeo Realty’s Beverly Hills agent Brandon Assanti lists $3.75 million celebrity-owned home
Rodeo Realty agent Brandon Assanti holds a listing that has made it into this week’s celebrity real estate news. Featured in the Los Angeles Times’ Hot Property column is an Encino estate, which was once owned by “Whose Line Is It Anyway” improv comedian Ryan Stiles and, before him, Oscar-winning special make-up effects creator Stan Winston.
The Robert Byrd-designed home is listed at $3.75 million, just a little more than what Stiles bought it for in 2003, which was $3.45 million.
The French country-style estate has beamed wooden ceilings that deliver warmth from above. The exquisite brick and wood details add layers of textural warmth throughout the home.
Inside the 7,361 square feet property is five bedrooms, seven bathrooms, a living room with a game area, a family room with a wet bar, a dining area, a wine cellar and a center-island kitchen. A loft and a screening room with a wet bar is also included in the home.
[su_slider source=”media: 15338,15335,15332,15343,15341,15342,15344,15339,15337,15336,15334,15333,15345,15340″ width=”1600″ height=”500″ responsive=”yes” title=”no”]
Outdoors is a not-too-dense forest around the property which affords a nice degree of privacy when enjoying the swimming pool and spa.
To read the LA Times article, click HERE
Economic update for the week ending April 2, 2016
U.S. economy gains 215,000 jobs in March – Employers added 215,000 net new jobs in March. This was considered a healthy number which beat economists’ expectations of 199,000 jobs. Almost all sectors saw healthy job gains with the exception of manufacturing which lost 29,000 jobs. This was a troubling part of the report as it was hoped that manufacturing which has been hurt by a strong dollar and sluggish economic conditions overseas was starting to improve. Nevertheless the report was met positively and stocks rose upon its release. Wages continued to show sluggish growth, rising just 2.3% from last March. It’s unusual to have such strong job growth with such weak wage growth. The unemployment rate ticked up, rising from 4.9% in February to 5% in March. This was actually seen as a positive as more workers entered the workforce who had previously given up on finding a job.
Stocks higher this week – Stocks gained midweek after Fed chairwoman Janet Yellen, commented that The Fed will raise rates at a slow pace. This followed comments last week by members of the Fed’s open market committee that the next rate rise could come this month. Those comments caused bond rates to rise and stocks to fall. Yellen’s comments this week made investors feel rates were not raising soon which caused rates to fall and stocks to rise. The next Fed meeting is April 26 – 27. It will be interesting to see what comes out of that meeting. A strong jobs report also rallied the markets on Friday. The Dow Jones Industrial Average closed the week at 17,972.75, up from 17,515.33 last week. The S&P 500 closed the week at 2,072.78, up from 2,035.94 last week. The NASDAQ closed Friday at 4,914.54, up from 4,773.50 last week.
Bond yields lower for the week – The 10 year U.S. Treasury bond closed Friday yielding 1.79%, down sharply from 1.91% last week. The 30 year U.S. Treasury bond closed Friday yielding 2.62%, down from 2.67% last week. Mortgage rates follow bond yields so we watch bonds carefully.
Mortgage rates -The Freddie Mac Primary Mortgage Survey released on March 31, 2016 showed that average mortgage rates from lenders surveyed for the most popular products were as follows: The 30 year fixed average rate was 3.71%. The 15 year fixed average rate was 2.98%. The 5/1 ARM average was was 2.90%.
Pending home sales rise – The National Association of Realtors announced that pending home sales rose 3.5% in February to the highest level in seven months. The California Association of Realtors released their February pending home sales report. In California pending home sales rose 26.4% from a disappointing January. Year over year pending existing home sales 0.4% below last February’s levels.
Rodeo Realty's Beverly Hills agent Josh Flagg partners up with Uber
Uber has announced that it is partnering up with Rodeo Realty agent Josh Flagg to bring their luxury service to the real estate scene.
Uber interviewed Flagg, who said he makes sure his clients arrive and depart in UberLUX.
“I know I can trust UberLUX to get my clients where they need to be quickly and safely – and with comfort and style,” tells Flagg to Uber. “It is truly a first-class, luxury experience. I send cars to pick up my clients, and I use the service when I run across town for dinner, meetings, or running errands.”
Flagg tells Uber he sells with a complete client experience in mind.
“When UberLUX picks you up, it’s a thrilling experience that can set the tone for the entire interaction,” said Flagg.
When it comes to selling multimillion dollar homes, Flagg said it’s about the presentation and selling an experience.
“These are houses that may be kept for a lifetime—so it’s essential that I provide the perfect setting—from start to finish—to help give them a taste of what the experience feels like, living in one of these homes,” said Flagg.
Uber shared their excitement about the partnership and said they look forward to having Flagg bring UberLUX to the real estate industry.
To read the entire Uber News article, click HERE
Rodeo Realty’s Beverly Hills agent Roger Perry weighs in on Playboy mansion
What is the Playboy mansion worth without Hugh Hefner? That was the question many asked when the $200 million property was first put up for sale in January.
Now, almost three months later, Playboy Enterprises is reportedly exploring a sale as well. According to The Wall Street Journal, the parent company of Playboy magazine could fetch more than $500 million.
Realtor.com says the company could be sold off as a whole or split in separate parts. With the entire Playboy empire possibly put on the selling block, the question now is: What’s the Playboy mansion worth without Playboy?
“If I didn’t have the Playboy prestige, it would probably go for only between $60 million to $65 million,” said Rodeo Realty agent Roger Perry.
Realtor.com reached out to the Beverly Hills agent to hear his thoughts on the mansion.
“Playboy is always going to be attached to this house,” said Perry to Realtor.com. “It still has that cachet.”
Senior news editor Clare Trapasso says the mansion’s value will probably fall along with the Playboy brand, especially if the magazine company goes under.
“The name will still withstand, because Playboy has become part of our vocabulary,” Perry said. “But it won’t have the glamour and excitement it did back in its heyday.”
To read the entire Realtor.com article, click HERE
Economic update for the week ending March 26, 2016
Stocks slightly lower this week – Stocks pulled back after five members of The Federal Reserve’s Open Market Committee suggested that the next rate hike could come as early as the April meeting. This was a change to the statements made just a month ago when the economy seemed like it was faltering. Over the last six weeks stocks have rebounded. The 2015 4th quarter U.S GDP has been revised upward twice, auto sales were a record high, and consumer spending was higher than expected. Job gains were especially strong in February after a disappointing January. The general mood of economists has shifted from the economy possibly slowing to the economy is still expanding over the past month, as has The Fed’s outlook, apparently. Speculation of a rate hike coming strengthened the dollar, which has dropped from multi year highs in recent weeks. This is not especially good for manufacturing as a strong dollar makes U.S. goods more expensive. Oil prices retreated a little this week after rising 40% from a 13 year low on February 11 when U.S crude oil hit $26 a barrel. Oil was over $40 a barrel early in the week before dropping back to end the week at $39.46. Low oil prices have hurt energy companies, and energy producing areas where companies have cutback on production and laid off workers. After six weeks of gains stocks retreated a little this week. The Dow Jones Industrial Average closed the week at 17,515.33, down from 17,602.30 last week. The S&P 500 closed the week at 2,035.94, down from 2,049.58 last week. The NASDAQ closed Friday at 4,773.50, down from 4,795.65 last week.
Bond yields almost unchanged for the week – The 10 year U.S. Treasury bond closed Friday yielding 1.91%, slightly higher than 1.88% last week. The 30 year U.S. Treasury bond closed Friday yielding 2.67%, almost unchanged from 2.68% last week. Mortgage rates follow bond yields so we watch bonds carefully.
Mortgage rates -The Freddie Mac Primary Mortgage Survey released on March 24, 2016 showed that average mortgage rates from lenders surveyed for the most popular products were as follows: The 30 year fixed average rate was 3.71%. The 15 year fixed average rate was 2.96% The 5/1 ARM average was was 2.89%.
California existing home sales show mixed results in February – The California Association of Realtors reported that the number of California home sales in February was up 2.6% from January, and 6.4% above last February’s levels. The Los Angeles region showed almost identical increases as the state as a whole. Tempering the report was home prices. The statewide median price fell 4.7% in February from January and year over year the median price was up just 3.8% from last February. Inventory levels which hit record lows of a 3 month supply just a few months ago have increased. The unsold inventory index rose to a 4.6 month supply in February as more homes have hit the market. The unsold inventory index was at a 4.9 month supply last February before edging down as sales increased in the spring.
U.S. Existing home sales fall sharply in February – The National Association of Realtors reported that month over month total existing home sales dropped 7.1% in February. On a positive, home sales were 2.2% higher than last February’s levels. The drop was most significant in the Northeast and Midwest which weighed down the national numbers. Weather was thought to have played a part as a massive snow storm in the east may have slowed sales. Low inventory levels, were also to blame according to the report.
New home sales jump in February – The Commerce Department reported that the number of sales of new homes surged 38.5% in the Western United States. All other regions declined and the country as a whole showed new home sales up 2% in February. Obviously, strong sales here in the west pulled that number positive.
Have a great weekend,
Syd