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Sharon Stone Selling Home in Beverly Hills

Joe Babajian of Rodeo Realty’s Beverly Hills office has listed actress Sharon Stone’s Beverly Hills area home for $8,995,000. The Los Angeles Times featured the estate in Hot Properties: http://www.latimes.com/business/realestate/la-fi-hotprop-20110925,0,4370347.story

The walled and gated Mediterranean estate sits at the end of a private road on five acres with pathways, bridges, waterfalls, fruit trees, a meditation garden, a swimming pool and a tennis court with viewing pavilion.

The main house, built in 1991, includes a paneled library with a fireplace and an oversized living room with a wet bar. The master suite has a fireplace, dual bathrooms, dual dressing rooms and a terrace.
The guest house contains a media room, a gym and two bedrooms, for a total of seven bedrooms and 71/2 bathrooms. There is covered parking for about 14 cars. For more information visit: http://www.joebabajian.com/
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Conforming Loan Limits Set to Expire

This is a piece Carol Wolfe of Rodeo Realty’s Encino office wrote for Encino.patch.com back in August. The original story can be viewed at: http://encino.patch.com/articles/conforming-rate-loan-limits-set-to-expire. Some other resources on the subject were added for this blog post. Here it is:

Unless Congress acts, the current conforming loan limits will expire on Sept. 30, and the cost of a mortgage could rise significantly.

More than 30,000 California families will face higher down payments, higher mortgage rates and stricter loan qualification requirements if conforming loan limits on mortgages backed by the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac are reduced beginning Oct. 1, according to analysis by the California Association of REALTORS® (CAR).

The Los Angeles Times wrote a piece on the issue today. Read quotes from Rodeo Realty’s Syd Leibovitch at: http://www.latimes.com/business/la-fi-loan-limits-20110927,0,7797548.story

Despite the Obama administration saying it will support a one-year extension of the current loan limits, said Wolfe, Bank of America has already lowered its loan limits for new loans, and others are expected to follow suit.

This is potentially a big deal for home buyers and sellers here in the Los Angeles area! Many buyers will be looking at higher down payments, higher mortgage rates and stricter qualification requirements.

Government-sponsored enterprises such as FHA, Fannie and Freddie buy and guarantee mortgages. That government guarantee allows buyers the opportunity to pay less money down than conventional mortgages, because it reduces lender’s risk.

In 2008, Congress temporarily raised the conforming loan limits from $417,000 to $729,750 and has extended them annually through fiscal year 2011, according to CAR. This has been an effort to spur home buying in a tough economy.

I agree with CAR’s stance that higher loan limits are an essential part of the housing market recovery. And I support the association’s efforts to urge Congress to maintain the current limits and make them permanent. Congress is the only body that can extend the program.

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Heath Ledger's Former Hollywood Hills Home

John Galich and Kristin Morley of Rodeo Realty’s Sunset Strip office are listing the former home of  the late actor Heath Ledger for $2,995,000. Known as “The Tree House,” the secluded abode is also said to have once been owned by comedian Ellen DeGeneres.

The 1951 mid-century is nestled behind gates on a celebrity filled stretch of Woodrow Wilson. It sits amidst a mature sycamore grove and nearly a half an acre of lush grounds. Check out what Huffington Post had to say about the home: http://www.huffingtonpost.com/2011/09/22/heath-ledgers-home-hollywood_n_976589.html

The interior feature two bedrooms, office and two baths, polished concrete floors, open-beamed ceilings and rooms that have been renovated. Walls of glass open to a 2,500 square foot outdoor living area with a movie lounge, dining/barbecue space and multiple seating areas perched in the trees.

 

The house is wired  for music throughout, cameras, security and projection systems.  For more information contact John Galich at 310.461.0468 or email to Kristin@KristinMorley.com.

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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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