Below is the market report for the San Fernando Valley area of Los Angeles for August 2013 detailing local real estate market statistics and including year-over-year data.
Rodeo Realty Agent Lou Woolf Participates In Lunch With The Mayor
It’s not every day that our agents get to sit down with the mayor of Los Angeles, Eric Garcetti, but Rodeo Realty agent Lou Woolf took part in the lunch with the Mayor for the San Fernando Valley October 16 at the at the Woodland Hills Marriott. Woolf was representing the Encino Chamber of Commerce as its Vice President. Garcetti has been meeting with a variety of local business leaders to learn first hand the issues and concerns facing local industries.
Rodeo Realty Helps Mark Mothersbaugh Make His Next Move
Rodeo Realty agents Adrienne Carolan and Debi Raveh helped Mark Mothersbaugh of Devo and his wife, Anita Greenspan pick up a multi-use building containing apartments and a gallery in Chinatown for $798,000. The purchase of the space which includes retail space, storage, and two apartments was featured in the LA Times Hot Property section in a story full of music-related puns relating to Mothersbaugh’s iconic song, “Whip It.”
Los Angeles Market Report For September 2013
Below is the Los Angeles Westside Market Report for September 2013 detailing local real estate market statistics and including year-over-year data.
Rodeo Realty Wins At Luxury Real Estate Awards
Rodeo Realty founder and President Syd Leibovitch attended the Luxury Real Estate conference in Atlanta last week as a member of the Board of Regents. Syd spoke at the Regents conference on his strategy for international marketing. Because Los Angeles is one of the most popular cities for foreign buyers, Rodeo Realty has developed a top notch strategy for attracting and catering to these valuable clients.
The conference also features the Luxury Real Estate Awards. At this event Rodeo Realty picked up the award for Best Brand Integration for 2013. Congratulations to all the winners and we look forward to the next conference. The full press release is below:
Rodeo Realty Honored with Prestigious Award
at the 18th Annual Luxury Real Estate Fall Conference
SEATTLE – (October 17th 2013) – Who’s Who in Luxury Real Estate hosted the 18th Annual Luxury Real Estate Fall Conference in Atlanta, GA, USA October 6th-9th at the Ritz-Carlton, Buckhead. The conference is a meeting of international luxury real estate brokers who come together several times per year to network, share their collective business insight and discuss the state of the global real estate market. Awards, a key part of the event, are given in recognition for the successes of the network.
Rodeo Realty was honored with the ‘Best Brand Integration’ award which is given to the Luxury Real Estate member or company that consistently displays the Board of Regents and/or Luxury Real Estate logo and brand in conjunction with their own brand. As a member of the Board of Regents, Rodeo Realty utilizes an array of powerful marketing solutions for growing and promoting their already successful real estate business.
Discussions at the conference covered multiple topics of great interest to those who serve the high net-worth demographic, with a particular emphasis on market trends, technology solutions and recent innovations in the industry. Syd Leibovitch of Rodeo Realty discussed ‘Working in an International Market’. Other sessions included topics such as ‘What do Buyers & Sellers Want Now?’, ‘Creative Strategies for Real Estate Lead Generation’, ’Business in China’, and ‘Digital Marketing: Selling your properties, yourself, your lifestyle’. Featured Speakers included Jeff Hoffman, Entrepreneur and Founder of Priceline.com as well as Jim “Murph” Murphy, Founder of Afterburner Inc.
Other award winners include the Lifetime Achievement Award: Jenny Pruitt, Atlanta Fine Homes Sotheby’s International Realty; Best App: Lawrence Realty; Best Digital Marketing: Gardner Realtors; Best Industry Networking: Todd & Scott Cutter, 2Costa Rica Real Estate; Best Overall Marketing Package: Harry Norman Realtors; Best Print Marketing: Daniel Gale Sotheby’s International Realty; Best Website: Stribling & Associates; Billionaires Club: John Daugherty, Diane Turton, Audrey Ross, Carrie Wells, Rob Kildow; Extraordinary Philanthropist: Sheryl Chinowth; Master Networker: Tim Murray, Denise Pruitt, Brian Hazen, John Stough, Elizabeth Ann Stribling-Kivlan, Rob Thomson; Most Valued Partner: Wall Street Journal; Outstanding Social Media Savvy: Stephen Udoff, Pritchett-Rapf Realtors; Outstanding Rookie: Bonneau Ansley, Harry Norman, Realtors; Significant Sales Award: Brian Hazen, Andrew Arreola, Ann Chiasson and Rob Kildow.
About LuxuryRealEstate.com
LuxuryRealEstate.com, a Webby Award Honoree, has been voted ‘Best of the Web’ by Forbes magazine multiple times, praised by the International Herald Tribune, Town & Country, the Wall Street Journal and has been ranked ‘Best Website’ by consumer surveys. Since its debut in1995, LuxuryRealEstate.com has remained the #1 portal for luxury properties on the internet and has several times more $1,000,000+ content of any near-peer.
Known in the industry since 1986 as the Who’s Who in Luxury Real Estate network, a global collection of the finest luxury real estate brokers in the world, this group of more than 70,000 professionals in more than 85 countries collectively sells in excess of $190 billion of real estate annually. Members are selected by Chairman/Publisher John Brian Losh, one of REALTOR Magazine’s 25 Most Influential People in Real Estate and broker of fine properties and estates through his Seattle-based brokerage firm, Ewing & Clark, Inc. Luxury Real Estate has been recognized by the Webby Awards, has received “Best of the Web” by Forbes Magazine, honored with an ADDY Award for Excellence in Web Design, deemed “Best Website” by consumer surveys, ranked in the Inc. 5000 List, noted as one of the 100 Fastest Growing Private Companies by Puget Sound Business Journal, and recognized by the Maggie Awards.
Get In Shape With Rodeo Realty
Rodeo Realty has a new walking and running club that meets on Saturday and Sunday mornings so agents can start the day with a healthy burst of energy.
We had a great crowd for our first week and are encouraging all our agents to take part.
The Saturday crowd meets at Balboa Park in the parking lot alongside Burbank and closest to Havenhurst. Last week we walked 5 miles.
On Sundays we meet at Wilshire and Whitter, in the North East corner of the park at 7:30. Last Sunday we went 6.25 miles.
Thanks to all our participants in the first week and kudos to Sharon Lodin who walked with us and then ran an additional mile with her dog.
Join the Rodeo Realty running and walking club.
Every Saturday and Sunday
Every Saturday at Balboa Park in parking lot at 7AM
and
Every Sunday at Wilshire and Whittier North East corner in park at 7:30
DON’T COME IF IT’S RAINING
A Guided Tour Of Marina Del Rey With Barbra Stover
Marina del Rey is a great community. You have ocean breezes, great walking space, charming canals and more. Rodeo Realty agent Barbra Stover specializes in luxury residences in Marina del Rey and she recently shot this video to explain why she’s so fond of this great commmunity. If you’ve ever been curious about living in Marina del Rey, this video will definitely have you considering a move!
California Association of Realtors Predicts A Strong Housing Market For 2014
The California Association of Realtors (C.A.R.) has released its forecast for 2014 and sees a continued improvement in the state’s housing market. The organization predicts fewer distressed as sales shifting toward primary home buyers with both sales and home prices posting further gains. The C.A.R. “2014 California Housing Market Forecast” shows sales gaining 3.2% percent next year to reach 444,000 units, up from the projected 2013 sales figure of 430,300 homes sold. Sales in 2013 will be down 2.1% from the 439,400 existing, single-family homes sold in 2012.
“The housing market has improved over the past year, and we expect this trend to continue into 2014,” said C.A.R. President Don Faught. “As the economy enters the fourth year of a modest recovery, we expect to see a strong demand for homeownership, as buyers who may have been competing with investors and facing an extreme shortage of available housing return from the sidelines.”
The C.A.R. forecast also projects growth in economy and job markets. It is predicted that the U.S. Gross Domestic Product will grow 2.8% in 2014, after a projected gain of 1.8% in 2013. With nonfarm job growth of 1.9% in California, the state’s unemployment rate should decrease to 8.3% in 2014 from 9% in 2013 and 10.5% in 2012. The prediction is that the average rate for 30-year fixed mortgage interest rates will rise to 5.3%. The California median home price is forecast to increase 6 percent to $432,800 in 2014, following a projected 28 percent increase in 2013 to $408,600.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young spoke on the changing market: “As the market continues to improve, more previously underwater homeowners will look toward selling, making housing inventory less scarce in 2014. As a result of these factors, we’ll see home price increases moderate from the double-digit increases we saw for much of this year to mid-single digits in most of the state. The wildcards for 2014 include federal, fiscal, monetary and housing policies – such as the mortgage interest deduction and mortgage finance reform – as well as housing supply and the actions of the Federal Reserve, which will ensure a higher rate environment.”
2014 CALIFORNIA HOUSING FORECAST
| Indicator | 2008 | 2009 | 2010 | 2011 | 2012 | 2013f | 2014f |
| SFH Resales (000s) |
381.4 |
474.9 |
416.5 |
422.6 |
439.4 |
430.3 |
444.0 |
| % Change |
30.4% |
24.5% |
-12.3% |
1.4% |
4.0% |
-2.1% |
3.2% |
| Median Price ($000s) |
$348.5 |
$275.0 |
$305.0 |
$286.0 |
$319.3 |
$408.6 |
$432.8 |
| % Change |
-37.8% |
-21.1% |
10.9% |
-6.2% |
11.6% |
28.0% |
6.0% |
| 30-Yr FRM |
6.0% |
5.0% |
4.7% |
4.5% |
3.7% |
4.1% |
5.3% |
| 1-Yr ARM |
5.2% |
4.7% |
3.8% |
3.0% |
2.7% |
2.7% |
3.1% |
f= forecast
Equestrian Paradise Spotlighted On Curbed As The House Of The Day
Ask any horse owner about their dream property and you’ll probably get a list of things but the most important would be room to ride. It’s no wonder that Curbed.com chose to highlight this as the home of the day.
This private 80 acre equestrian compound nestled within the Santa Monica mountains is located within the boundaries of Malibu Creek State Park with endless riding trails on state parkland not to mention peaceful views of rolling hills all around.
This rare property also features world class horse facilities including an extra large riding arena with euro-footing, high powered water canons, over-sized turn outs, pasture covered paddocks, over sized well ventilated stalls, cross ties with hot & cold water, a large covered hay barn, a large tack room, outbuildings & 44,000 gallon water tank.
For the architecture lover it also has an additional building pad with planning approval for an exclusively designed Marmol Radziner 7000+ sq ft home with a guest house, pool/spa, & amazing views. The upper pad includes the completely renovated ranch house w/ high-end finishes. All this and it’s located minutes to PCH or the 101. This property is co-listed with David Friedman of Rodeo Realty Calabasas and is listed for $9.95 million.
Economic Update For The Week Ending October 4
We are four days into the government shutdown and Congress now has less than two weeks to raise the debt ceiling before the U.S. is unable to borrow money to pay its bills, a move that could lead to a historic default. Most industry analysts still believe this will not occur. Frankly, I am surprised that the stock markets and the economy has held up so will this week. You would think that with such dysfunction in our government and 750,000 government workers furloughed the markets would react more negatively. I fear that if they can not agree to increase the debt limit, which will lead to the first default in U.S. history, the negative impact will be much more severe! I really do not think a default will happen.
Due to the turmoil of the government shutdown stocks continued to act uncertainly. The Dow rose on Friday but had its second down week in a row closing at 15,072.58 down -1.22% from last week’s 15,358.24 close. The Nasdaq eked out another modest gain, closing at 3,807.75, a gain of .69% off last week’s 3,781.59 close, for its fifth straight week of positive numbers. The S&P 500 was down very slightly, closing the week at 1,690.50 just a hair below last week’s 1,691.75 close. The yield rate for the 10-year Treasury note was at 2.66% nearly on par with last week’s 2.64% finish.
ADP reported that businesses added 166,000 jobs in September below the 180,000 number expected by economists. The payroll processor also adjusted its previously reported August figure downward from 176,000 to 159,000. The Labor department did not release its jobs numbers due to the government shutdown. Those numbers are really the numbers that experts look at.
The government shutdown appears to be having an impact on interest rates. Rates were down again this week according to the Freddie Mac Weekly Primary Mortgage Market Survey. The 30-year fixed rate dropped down to 4.22% down from 4.32% last week. The 15-year rate also fell to 3.29% from 3.37%. These are the lowest averages seen since late June. A year ago this week according to the survey, the 30-year rate was at 3.36% while the 15-year rate was at 2.69%. Jumbo and high balance conforming are running around 4.625% for 30 year fixed and 3.75% for 15 year terms.
For some reason it seems like open escrows have picked up in the last couple weeks. I would not have expected this.