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Syd Leibovitch: September Wrap-up, Looking Forward

The month of September brought unexpected financial data showing more strength in the economy than was forecasted in early August. If you recall we were told in August that the economy was slowing and the recovery, which was slow, was losing steam.

September brought better results than were expected and the double dip talk has stopped. September marked the largest September gain in the Dow in 71 years! The Dow rose 773.33 points, or 7.72 percent, the best September result since 1939. At the beginning of October, retail sales and consumer spending were also reported up more than expected.

What does this mean for us? I think this means a more optimistic consumer. We have already seen sales (open escrows) rise after dropping unexpectedly in July. Going forward I would predict:

1. Slightly higher interest rates in the coming days and much higher over the next year.

2. Banks have drastically improved their balance sheets to where they are very well capitalized. (The opposite of a year ago). This will enable them to get rid of non performing loans at a higher rate which will mean more REOs.

3. Inventory levels have doubled since January and it appears will continue to increase. This increase has been due to an increase of non-distressed sellers who are buying up, and the increase in distressed properties I am predicting.

Certainly, in my mind this could keep prices from rising, and even put a little downward pressure on prices, although I think a more optimistic public will cause more sales and keep this minimal, if at all. 

The extension of the $729,750 loan limits will also be a huge help. If your clients are waiting for higher prices to sell, I don’t see that happening in 2011. For buyers I just don’t see it ever being more affordable than now as higher rates will more than offset drops in price as far as low payments, in my mind.

To sum all this up. Uncertainty is a “deal killer”. I see less uncertainty going forward than any time since the end of 2007 when the mortgage credit markets collapsed. It looks like we are nearing the end of what was one of the toughest real estate markets ever.

I am quite optimistic and very grateful to all of you. Thanks to your hard work the last few years have been pretty good for Rodeo. I think economists are going to look back at September as the turning point in our economy. Let’s see if that ends up right.

Have a great weekend and GO SELL SOME HOMES!

Syd

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Derrick Vallance knows the value of working floor time. That’s because a young woman recently walked into the Sherman Oaks office at about 6 p.m. and asked if she could speak with somebody about listing a home. Vallance took the meeting.

The woman, who works with an investment group, was blunt: She needed an agent who could get two houses on the market the next day, host open houses by the weekend, and somebody who was not going to make a bunch of empty promises. She said she had just fired an agent from another firm who lied about hosting open houses.

“If I weren’t at Rodeo and working late, this would have never happened,” said Vallance, adding he recently moved back to L.A. and has been working hard to re-establish his real estate businesss.

He took the listings. In two day’s time, and with the help of the Rodeo team, Vallance had ads running in the newspaper, professional quality signs in place, photos taken of the properties, color brochures, lock boxes, and flags and balloons for the open houses. The events were a success, he said.

The client came back the next week and asked him to list and host open houses for three additional homes. He accepted, though he plans to spread the open houses out to give his full attention to each one. If all goes well, the client plans on listing seven or eight more properties with Vallance.

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The Winnetka Palace

Joe Goldin of Rodeo Realty’s Encino office is listing what is no doubt a one of a kind estate! Situated on a private lot in Woodland Hills, the 8,000 square foot home was rebuilt in 1994 from the ground up.
The floorplan features 8 bedrooms, 9 bathrooms, gourmet kitchen, marble floors, office and gym. The backyard includes pool, spa, mature landscaping and large patio for entertaining.
The interior went through a major re-design in 2008 to create what can only be described as a royal Italian/Mediterranean palace. The owner spent a small fortune on the interior, including custom high-end chandeliers and using a hefty dose of Vercase material and decor!

Joe Goldin just reduced the price of the property to $2.2 million. And he’s planning on doing a broker’s open house in the very near future. For more information and photos visit http://www.thewinnetkapalace.com/.
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Beverly Hills Estate With Long List of Celebrity Owners

Talk about a Beverly Hills house with some history! A few of the celebs who’ve called this estate home include: Bert Lahr –the lion in the original Wizard of Oz; Betty Grable; band leader Harry James; the Osbourne family; Paul McCartney; and Melanie Griffith.
Originally built by Paul R. Williams in 1941, the walled and gated estate sits on 1.3 acres of flat park-like land. The main house is approx. 12,000 square feet and includes 6 bedrooms, 7 baths and 3 powder rooms. Interiors are by Ralph Lauren.
The lower level features a media room with wet bar, and a wine cellar and tasting room. French doors open from nearly every room in the estate. And the main house has an attached three car garage.
The 3,000 square foot secondary house has two bedrooms, two and a half baths, a separate driveway, private entrance and two car garage.
A third newly built structure has a vintage two lane bowling alley, game room, wet bar and powder room. Putting green, pool, Koi pond, sports court and separate gym complete the estate.
The home is listed by Joe Babajian of Rodeo Realty’s Beverly Hills office. List price is $28.5 million.
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Gospel Music Visionary Places Calabasas Home on the Market

Vicki Mack-Lataillade is selling her home in Calabasas. The gospel music industry executive and visionary was founder and owner of GospoCentric Records and B-Rite Music.

Multi-platinum award-winning artists/projects she worked with include Kirk Franklin, Kelly Price, Kurt Carr, God’s Property, Dave Hollister, and the Gotta Have Gospel Compilation.Billboard Magazine even named GospoCentric the top gospel label in America at one point, with sales of more than 30 million CDs.

The 6,000 square foot, five bedroom, five bath, one story estate is located in the gated Park South community of Calabasas. It’s on a full acre lot and Mack-Lataillade is the original owner. The home includes great rooms, 25 foot ceilings, granite countertops, marble and hardwood floors, a sweeping stair case that leads to the upstairs bonus/media room, mountain views, pool and more.

Ken Marker and Corey Brown of Rodeo Realty’s Sherman Oaks office are co-listing the property for $1.999 million.

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ANNUAL WAG N’ WALK FUNDRAISER IN SIMI VALLEY

If you’re looking for a fun activity on Saturday, September 25th that supports a great cause, check out the annual Wag n’ Walk fundraiser in Simi Valley. Rodeo Realty agent Sharon Staples is one of the event organizers and will be participating with her three rescue dogs Missy, Maui and Buddy.
What: The annual Wag n’Walk is a fundraiser for Animal Rescue Volunteers of Simi Valley. The walk is 3 miles and takes animal lovers and their canine companions through the Rancho Simi Community Park and surrounding areas.
Team Staples
The event includes:
• Complimentary breakfast for registered walkers during registration and prior to the walk. Walkers that raise at least $100 receive a goodie bag and an event T-shirt. And there will be secret roving judges during the walk awarding prizes during the walk to your canine companions.
• Silent auction during the entire event. Bid for items and check back to ensure you’re still the top bidder. Tremendous deals have been won at previous events! At the end of the event, payments are collected and auction items are distributed. Items must be picked up at the end of the event.
• Fundraising prizes will be awarded and there will be a raffle for walk participants after the walk.
Who: Animal lovers, dogs, families and anybody who wants to walk for a good cause are welcome.
(Team Staples’ Missy, Maui and Buddy)
Where: Rancho Simi Community Park amphitheater in Simi Valley
When: Saturday, September 25th 2010. Walker registration and breakfast starts at 7:00AM. The walk starts at 8:00AM. The event ends approximately at noon.
Why: All proceeds go to benefit Animal Rescue Volunteers (ARV), Inc., a non-profit organization that began in 1994. The group works with local animal shelters, veterinarians, and other rescue groups to locate animals most in need of care. It places animals in foster homes and hosts weekly adoptions.
Contact: Sharon Staples, (805) 501-0756, Animal Rescue Volunteers, (805) 579-8047, or visit: www.arvsimi.org
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Rodeo Realty Expanding in the Los Angeles Area

(Bel Air, Calif.) Over the past few months, Rodeo Realty has expanded the size of its Woodland Hills, Calif. office by 3,000 square feet, secured space for a new office in prime Beverly Hills, and began searching for new branch locations in Brentwood, Calif. and the famed Sunset Strip in Los Angeles. The residential real estate firm has hired more than 100 agents in 2010 alone.
“My company gives agents an edge, by providing them with the technology and marketing tools they need to succeed in this market,” said company founder and president, Syd Leibovitch.
Rodeo’s 3,000 square foot Woodland Hills expansion accommodates 12 new private offices, six cubicles, and space for Rodeo’s affiliate company Encore Escrow. The company plans to increase the branch’s number of producing agents by 25 or more.
Leibovitch secured more than 12,000 square feet of prime Beverly Hills real estate on Cañon Drive to build-out a new office for its existing Beverly Hills operations. Once complete, the branch will house more than 100 agents.
Rodeo is searching for 10,000 square feet of office space in Brentwood, Calif. to service communities such as Santa Monica, Malibu, and West L.A. The company is also actively looking for space on the Sunset Strip. In the past few months, Leibovitch has doubled the size of his Information Technology department, and hired a new regional manager and publicist.
“Becoming a real estate agent means owning your own business, and you have to invest in your business to make it grow,” said Leibovitch. “I try to lead by example and always show that Rodeo Realty is a leader in agent support.”
Syd Leibovitch founded Rodeo Realty in 1986. It’s one of the largest independently owned residential real estate firms in California, with more than 700 agents and 10 offices in Los Angeles and Ventura counties. Affiliate companies include: L.A. Mortgage, Encore Escrow and Progressive Title.

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Rodeo Realty Expanding in Southern California

(Bel Air, Calif.) Over the past few months, Rodeo Realty has expanded the size of its Woodland Hills, Calif. office by 3,000 square feet, secured space for a new office in prime Beverly Hills, and began searching for new branch locations in Brentwood, Calif. and the famed Sunset Strip. The residential real estate firm has hired more than 100 agents in 2010 alone.

“My company gives agents an edge, by providing them with the technology and marketing tools they need to succeed in this market,” said company founder and president, Syd Leibovitch.
Rodeo’s 3,000 square foot Woodland Hills expansion accommodates 12 new private offices, six cubicles, and space for Rodeo’s affiliate company Encore Escrow. The company plans to increase the branch’s number of producing agents by 25 or more.
Leibovitch secured more than 12,000 square feet of prime Beverly Hills real estate on Cañon Drive to build-out a new office for its existing Beverly Hills operations. Once complete, the branch will house more than 100 agents.
Rodeo is searching for 10,000 square feet of office space in Brentwood, Calif. to service communities such as Santa Monica, Malibu, and West L.A. The company is also actively looking for space on the Sunset Strip. In the past few months, Leibovitch has doubled the size of his Information Technology department, and hired a new regional manager and publicist.
“Becoming a real estate agent means owning your own business, and you have to invest in your business to make it grow,” said Leibovitch. “I try to lead by example and always show that Rodeo Realty is a leader in agent support.”
Syd Leibovitch founded Rodeo Realty in 1986. It’s one of the largest independently owned residential real estate firms in California, with more than 700 agents and 10 offices in Los Angeles and Ventura counties. Affiliate companies include: L.A. Mortgage, Encore Escrow and Progressive Title.

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Heidi Montag's Lease Listed For Sale

Brian Stevens’ Malibu listing made L.A. Times Hot Properties this week. Here’s some of what reporter Lauren Beale had to say:
Reality TV star and singer Heidi Montag has been hiding out by the beach this summer at a Malibu place she rented for $25,000 a month, according to the Multiple Listing Service. But she moved on in late August, and the gated contemporary is back on the market at $5.5 million.

Yes, that’s Heidi of “The Hills,” as in Heidi and Spencer, as in soon-to-be divorced Heidi. Lost? Backing up, Montag began dating fellow cast member Spencer Pratt while working on “The Hills” (2006-10). The pair eloped to Mexico in 2008 and, just for good measure, got married again stateside last year. In July she filed for divorce.

The acre-plus property where she made her summer home has a saltwater lap pool, tropical landscaping and mature trees. The kitchen has a blue glass sink, an eat-in center island and a skylight; the master suite has a two-sided fireplace, a wet bar, dual closets, a sunken tub and shower for two. There are 6,636 square feet of living space in which to lose oneself. The five-bedroom, six-bathroom house, built in 1972, is also available for lease at $19,500 a month, furnished, with a year lease.
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Rodeo Realty Presents Rick DeLuca Seminar

What a great turnout for the Rick DeLuca seminar this morning at the Arclight Cinema Sherman Oaks! Syd Leibovitch and Rodeo Realty hosted DeLuca’s two hour seminar titled “90 Days to Success.” More than 200 agents attended.
DeLuca is a real estate veteran who averaged more than 200 sales per year for six years. The guy knows this business. He shared a wealth of practical tips and systems that real estate agents, and any business person for that matter, can use to ensure success.
A few subjects he discussed include: trust; the importance of agent’s database and communicating with target clients; hosting client gatherings; becoming a student of the real estate industry by knowing market statistics; creating new habits; self promotion and day-to-day organization; customer service; and being in the right place at the right time.
One of the most important ingredients for success, according to DeLuca, is self discipline.

This only brushes the surface of what amounts to nothing less than a great seminar. Thanks to Rick DeLuca, Syd Leibovitch, organizers of the event and everybody who attended!

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