Below is the Westside Market Report for May 2016 detailing local real estate market statistics and including year-over-year data:
Westside
Local Market Report SF Valley May 2016
Below is the SF Valley Market Report for May 2016 detailing local real estate market statistics and including year-over-year data:
SF Valley
Local Market Report Conejo May 2016
Below is the Conejo Market Report for May 2016 detailing local real estate market statistics and including year-over-year data:
Conejo
Latest listing video by Rodeo Realty's Ben Bacal featured in Curbed LA
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Rodeo Realty’s Ben Bacal is back with not one, but two elaborate short films that showcase the homes he is selling.
The real estate agent has made news again with his not-so-ordinary listing videos.
“Real estate agent Ben Bacal is known for giving his listings the Hollywood treatment,” said Curbed LA.
Curbed featured one of Bacal’s latest videos—a small dog living it up in an $18.5 million mansion.
In the short film, “Sherlock Bones” inherits the Hollywood Hills mansion and is seen enjoying the lavish lifestyle. In the end, it turns out it was all a dream. The Instagram famous corgi still lives at 1895 Rising Glen Road, but he is not the owner.
The listing video has also been featured in The Real Deal Los Angeles and Mansion Global.
“Never underestimate the appeal of cuteness when selling a house,” said the online site.
Bacal’s other property video involves action and suspense. The short film for 9233 Shallow Drive has a woman breaking into a $16,495,000 home and receiving a little help once she’s on the inside. Watch the video below.
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To read the Curbed LA article, click HERE
To read The Real Deal’s story, click HERE
Mansion Global’s story, click HERE
Economic Update For The Week Ending June 18, 2016
Stocks lower this week – Stock markets have dropped in the last 6 sessions. Investor’s fears are over next Thursday’s British referendum to leave the European Union. It is unknown what impact it will have if the referendum passes, but many investors feel it will harm the European economy and thus hurt corporate profits. Some believe that if the British break away from the European Union others will follow. The Dow Jones Industrial Average closed the week at 17,675.16, down from 17,865.34 last Friday. The S&P 500 closed the week at 2,071.22, down from 2,096.07 last week. The NASDAQ closed the week at 4,800.34, down from last week’s close of 4,895.55.
Bond yields remain near 3-year low – The 10 year U.S. Treasury bond yield closed the week at 1.62%, down slightly from 1.64% last Friday. The 30-year U.S. Treasury bond closed at 2.44%, also down from 2.44% last week. Mortgage rates follow bond rates so we watch bond rates carefully.
Mortgage rates at 3-year low – The Freddie Mac Primary Mortgage Survey released on June 16, 2016 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.54%. The 15-year fixed average rate was 2.81% The 5/1 ARM average rate was 2.74%. Bond yields dropped at the end on the week so rates could be even lower next week.
California’s unemployment rate dips to 5.2% – The Employment Development Department reported that California employers’s added 15,200 net new jobs in May. While the number of new jobs added was below what analysts expected, the unemployment rate fell from 5.3% in April to 5.2% in May. The unemployment rate in May 2015 was 6.4%, so being at 5.2% is a 1.2% drop year over year!
Federal Reserve leaves rates unchanged in June – Amid worries of slowing job growth, The Federal Open Market Committee declined to raise it’s interest rate target at this week’s two day meeting from 0.5%. Fed chairperson, Janet Yellen signaled late last year that there could be as many as 6 increases in 2016. As the labor market growth has slowed and economic growth no longer at last year’s levels, Fed officials are signaling that there may only be one or two increases in 2016.
California existing home sales and prices up in May – The California Association of Realtors reported that existing home sales in California totaled 410,190 in May on a seasonally adjusted annual rate. That is up 0.6% from April and down 3.2% from last May. Tight inventory has impacted the number of sales, as there was just a 3.4 month supply of homes on the market in May, down from 3.5 months in April. A 6-7 month supply is considered normal. The median price paid for a single family home in California rose to $518,760 in May from $509,590 in April.
Have a great weekend!
Syd
Rodeo Realty's Calabasas realtor Desiree Zuckerman reps buyer of Ray Romano's home
Actor-comedian Ray Romano has sold his Woodland Hills home. Rodeo Realty’s Desiree Zuckerman represented the buyer.
The sale made news in the Los Angeles Times and The Real Deal LA on Wednesday. The LA Times reports that the “Everybody loves Raymond” actor sold his home for $1.025 million.
The single-story house sits on about half and acre with a swimming pool, a fire pit and a built-in barbeque. In all there are four bedrooms and three bathrooms. The master suite has a sliding glass door that opens to a covered patio.
Romano, 58, has appeared on the TV shows “The King of Queens,” “Men of a Certain Age” and, most recently, HBO series “Vinyl.” He has won three Emmys for “Everybody Loves Raymond,” including two for outstanding comedy series.
To read LA Times article, click HERE
The Real Deal story, click HERE
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Rodeo Realty's Westlake Village agent Leo McHale congratulated for closing 11 sales in 45 days
Westlake Village agent Leo McHale has made news in The Acorn Newspaper for closing 11 sales in 45 days—totaling $7.4 million.
President and CEO of Rodeo Realty, Syd Leibovitch, has congratulated McHale for his outstanding achievements.
According to The Acorn, as of June 3 McHale already had 25 sold, in escrow or pending, totaling $17 million in sales.
“McHale is ranked as the No. 1 top selling agent in Agoura Hills with 94 closed sales from 2011 through 2015,” said the newspaper. “In addition, he is widely recognized as the No. 1 top selling agent in the Lake Lindero area, with 108 new, pending and closed sales totaling $63 million.”
The newspaper reports that McHale has helped nearly 100 people buy and sell their homes in the last 30 months totaling $64 million.
“I am truly blessed to help someone buy or sell a home, and I am proof that you can be successful without sacrificing your value,” McHale tells the newspaper.
To read the entire article on McHale and learn more about his recent sales, click HERE or view article below.
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Rodeo Realty's Beverly Hills agent Ina Kagel lists former home of actor Brendan Fraser
An almost 4000 square foot home in Beverly Hills Post Office area, formerly owned by celebrity actor Brendan Fraser from 1996-2007, is currently on the market for $4,450,00. The home had been fully remodeled and developed for Fraser and his family. Ina Kagel of Rodeo Realty Beverly Hills is the listing agent.
Kagel’s listing was featured as the ‘Home of the Day’ in the Los Angeles Times on Thursday. Los Angeles real estate news, The Real Deal and the #1 portal for luxury properties on the internet, LuxuryRealEstate.com have also featured the property on their websites.
The Mid-Century Modern home includes three to four bedrooms and four bathrooms. The property has a master suite with an attached loft, which is usable as a sitting room or office, a media room, a gym, a photo dark room, a wine cellar, state-of-the-art lighting and many other features. The former Fraser house has floor-to-ceiling windows that capture panoramic views of the ocean, city and canyon. Enhancing the vista from one of the two decks is a resort-style pool with waterfall and spa.
The American-Canadian actor played Rick O’Connell in The Mummy trilogy and is best known for his leading roles in films such as George of the Jungle (1997), Encino Man (1992) and Looney Tunes: Back in Action (2003). Aside from acting, Fraser is also an accomplished amateur photographer—which explains the dark room in his former home.
For more details on the property, visit www.9400readcrestdrive.com
The Real Deal article, click HERE
LuxuryRealEstate.com, click HERE
LA Times, click HERE
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Economic update for the week ending June 11, 2016
Stocks hit 2016 highs on Wednesday and lost all the gains at the end the week – Stock market indexes hit their highest levels in 2016 on Wednesday, only to fall Thursday and Friday to end the week pretty much unchanged. The week started off with comments from Fed chairperson, Janet Yellen, which led investors to believe that an interest rate hike soon would no longer occur after last Friday’s weak jobs growth report. This was good news to investors as higher interest rates increase borrowing costs which reduce profit. On Thursday the labor department reported that jobless claims dropped by 4,000 for the week, suggesting that the labor market was stronger than last week’s report implied. On Wednesday oil hit the highest price per barrel since last July toping $51 a barrel after bottoming out in February at $27 a barrel. This helped stocks as rising oil prices helps energy stocks and economies in oil producing areas where low prices have led to cuts in production. The number of new rigs increased for the second straight week. Unfortunately, on Thursday and Friday oil prices dropped back down to about $49 a barrel. stocks retreated, losing all the gains for the week. The Dow Jones Industrial Average closed the week at 17,865.34, up from 17,807.06 last Friday. The S&P 500 closed the week at 2,096.07, unchanged from 2,099.13 last week. The NASDAQ closed the week at 4,895.55, down from last week’s close of 4,942.52.
Bond yields drop – The 10 year U.S. Treasury bond yield closed the week at 1.64%, down significantly from 1.85% on May 31. The 30-year U.S. Treasury bond closed at 2.44%, also down from 2.63% at the end of May. Mortgage rates follow bond rates so we watch bond rates carefully.
Mortgage rates drop to 3-year low – The Freddie Mac Primary Mortgage Survey released on June 9, 2016 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.60%. The 15-year fixed average rate was 2.87%. The 5/1 ARM average rate was 2.82%. Bond yields dropped at the end on the week so rates could be even lower next week.
Stocks rise with climbing oil prices and weaker dollar
Stocks are rising Wednesday morning as machinery and chemical companies get a boost from the weaker dollar. Energy companies are edging higher as the price of oil continues to rise. Payment terminal maker VeriFone is tumbling after cutting its expectations and saying it will eliminate jobs.
The Dow Jones industrial average edged up 45 points, or 0.3%, to 17,983 as of 10:20 a.m. EDT. The Standard & Poor’s 500 index rose 2 points, or 0.1%, to 2,114. The Nasdaq composite was flat at 4,962.
ENERGY: Benchmark U.S. crude climbed 71 cents, or 1.4%, to $51.07 per barrel in New York. Brent crude, used to price international oils, climbed 81 cents, or 1.6%, to $52.25 per barrel in London. Anadarko Petroleum advanced 55 cents, or 1%, to $55.77 and Marathon Oil rose 20 cents, or 1.4%, to $14.82.
U.S. crude has risen over the last few days as the dollar weakened. On Tuesday, U.S. crude closed at more than $50 a barrel for the first time since July.
CURRENCY: The dollar declined to 106.64 yen from 107.31 yen late Tuesday. The euro edged up to $1.1409 from $1.1361.
The dollar has lost some of its strength in the wake of Friday’s disappointing jobs report. That’s helped energy companies as well as mining companies and chemicals and machinery makers because a weaker dollar makes U.S. goods more affordable in other countries.
Machinery maker Caterpillar jumped $1.34, or 1.7%, to $78.15 and engine maker Cummins ticked up $2.09, or 1.8%, to $119.24. Gold and copper producer Freeport-McMoRan advanced 53 cents, or 4.7%, to $11.77, gold producer Newmont Mining climbed 92 cents, or 2.6%, to $35.87 and aluminum company Alcoa rose 19 cents, or 1.9%, to $9.98.
PLAY ON: Restaurant chain Dave & Buster’s climbed $3.53, or 8.4%, to $45.39 after the company reported strong first-quarter results and raised its outlook for the year.
PAY UP: VeriFone Systems, which makes terminals used for electronic payments, slashed its annual forecast after it reported disappointing quarterly results. The company said it will eliminate jobs and review some of its struggling businesses. The stock dived $8.25, or 29.2%, to $19.98.
OXFORD ROCKED: Oxford Industries, the owner of Tommy Bahama, Lilly Pulitzer and other clothing lines, slumped after its first-quarter results disappointed investors. The stock fell $3.92, or 6%, to $61.21.
OVERSEAS: Germany’s DAX was down 1% and France’s CAC-40 shed 0.8%. Britain’s FTSE 100 added 0.1%. Tokyo’s Nikkei 225 gained 0.9% and Seoul’s Kospi advanced 0.8%.
GLOBAL GROWTH: The World Bank cut its forecast for this year’s global economic growth to 2.4% from the 2.9% pace projected in January. It cited sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade and diminishing capital flows. It said half the revision was prompted by the struggle of commodity-exporting economies to adapt to lower prices for oil and other key commodities.
BONDS: U.S. government bond prices rose. The yield on the 10-year U.S. Treasury note fell to 1.70% from 1.72%.
Article by Associated Press.