Marina Del Rey Real Estate

 Here we are less then 48 hours from the Super Bowl,  what will you be doing? As an East Coast Transplant  from Boston to Los Angeles, I remember we had a Super Bowl Party the first year we moved out and said we will make this a Tradition. We had a nice turn out of Angelinos, who were polite and came and watched "the game".

 Most of them were not familiar with who was either playing or cared who would win. So with that we did not bring out the "squares" well known in Boston by young and old. Professional or Amateur Betters. (Just a side note the following year we had an Oscar Party with Ballots)

 Well as I was reminiscing about the big Super Bowl Parties of yester years, I went on the internet to see what people are placing bets on in the Super Bowl? Was I surprised? There were twenty three pages worth of information what people are placing bets on, from the Coin Toss  to will either team score three unanswered times in the game? I could go on and on. Short of will there be a Sunday everything imaginable related to the game was a subject to bet on.

 This made me think a few questions that relate to Real Estate. How many people will hold Open Houses on Super Bowl Sunday? What kind of turn out will they anticipate? How many Realtors will not have time to watch the Game because they are writing offers? I could go on and on, but I will not. If you are watching the game just text me or e-mail me or leave a comment here, but do not call during the Commercials. This is Los Angeles after all we will be watching the commercials.

     If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

Century City,CA. Condominium Market Report for January 2010. I was so happy that at  the end of 2009 I was so busy I hardly had time for the holidays. Knowing that the new year no one know how it turns out, I was pleasantly suprized how busy and quickly January went by.

So with that short explanation. I just want to give all my readers the January Statistics. I will not compare it to the previous year, since it is a new year let us use this as the base.

As of January 31st 2010  there were    263 Active Condominium Listings in Century City,CA.

                                                     27 Condominiums sellers were accepting Back Up Offers until the buyers remove all their contingencies.

                                                    37 Condominiums were Pending, waiting for funding.

                                                    24 Condominiums Sold in the Month of January

This is a good indication we will have a busy first few months, just based on Inventory, and Pending Units that are currently in the pipeline.

I always get asked what the least expensive sale was, so with that, here we go: it was a One Bed room one and a half bathroom Condominium with approximately 869 sq ft of living space and the Unit sold for $410,000.00

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

Marina Del Rey,CA Condominium Market Report for January 2010. I can hardly believe how fast this month went by. Good news was I was busy handling four Escrows and two of them closed. The others I am trying to keep together.

I will not compare  the statistics to last month, since this is a new year, let us see how the numbers are.:

There are as of January 31st 2010  139 Active Condominiums on the Market.

                                                  22 Are accepting back up offers, where the buyer has not removed their contingencies yet.

                                                  33 are Pending waiting for funds to close.

                                                  23 Closed transactions for the month of January.

My first impression is, that  this is a large number of  Sold properties as well as a large number of Pending

So we are starting of the year with a solid jump. Just for informational purposes the least expensive sale was for $290,000. It was a one bedroom one bath condominium of approximately 810 sq ft of living space.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

Playa Vista,CA., Condominium Market Report for January 2010. It is a New Year, so I will not look back how we did to the previous months.

Hard to believe, how quickly the month of January went by. I was so busy, had two 9 day Escrows to keep together amongst two others, hence the month went by much faster for me.

Now, let us look at the Results. I am not sure if it is my imagination, the inventory is almost non existant.

There are only 23 Active Listings as of January 31,2010.

There are 9 properties which are accepting back-up offers since the buyers have not removed their contingencies.

There are 18 Pending waiting to get funds and close.

There were 3 Condominium which closed in the month of January,2010.

In case you are wondering the least expensive was $359,969.00 it was a one bed room one bath room Condominium approximately 916sq ft of living space.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

I just want to share with every one this great listing in Tarzana, CA. South of the Boulevard in a very desirable pocket. Here is this Mid Century opportunity. First Open House this Sunday from 1pm-4pm

Add'l Photos

Larger Map   Aerial Map   Plat Map

DIRECTIONS:  South of Ventura Blvd., Head South on Mecca Ave., go West on Wells Dr. and then turn on to Amigo.

REMARKS:  Fantastic Single story home in very desirable pocket South of the Boulevard. This home boasts of 3100sq ft of living space.Living room has Cathedral Ceilings, as well as three sets of French doors which open to spacious yard. Room for Olympic size pool and there will be still plenty of yard left.Huge master bedroom with French doors leading outside. Off the garage there is a separate apartment with full kitchen and bath as well as a large walk in closet. This is a must see home. Sold as-is.

As soon as the Virtual Tour is up I will have to do a follow up post. In the meantime if you are in Tarzana,CA Please drop in on my Open House and say hellow. I will be there 01/31/2010 from 1pm to 4pm. If you can not make it  drop me a line.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

How to get an offer accepted? Use a Realtor!

Many buyers are asking on various internet portals how to get an offer accepted.  My answer is easy, use a Realtor. The multiple offer phenomenons have returned in certain markets. Where is that? The areas are in the Short sale and Bank-owned property. This market is smoking.

 I have buyers who have submitted at least 15 offers. Forget low balls, think full price and above asking price. Then why is my offer still not accepted? Buyers ask these questions. How is it that the lower priced offer got accepted? The answer is they had cash, you have FHA. Many private remarks to agents state NO FHA. As discouraging it is you still have to keep going. Now the great news comes CONGRATS, your offer has been accepted, six, seven, eight months later still no Closing. Why is that? It is called SHORT SALE!.

This process is tedious and lengthy. Do you have to patience for this? 

I just closed on a Bank Owned Property, after four different attempts. Why did it take this long? The buyer had all cash, we needed to learn, that automatic low balls do not get acceptance. We were in multiple offers all four times. We missed out four times. Then as luck would have it, the first buyer did not perform. Said they had all cash, truth be told they were exaggerations. Then the second buyer did not perform either. So you would think we automatically came in. No, we had to give best and final to compete with three other buyers. So an All Cash nine day escrow with virtually no contingencies and a million dollar got us a property.

 No what did it take to get the offer accepted? The answer is a good strategy, good financial status and a strong stomach to take on a fixer with virtually no contingencies and a Realtor that guided the buyer thru these turbulent negotiations. So we had a happy ending on the REO.

 We are still waiting on the Short Sale, patience is a virtue. We are being virtuous.If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

I just discovered a new member's post  on Active Rain. Eric LoVecchio of Keller Williams Los Feliz,CA. He compiled a fantastic "list of green links" if you need anything green related check it out  please.

Here is the link:  http://activerain.com/blogsview/1447364/some-very-cool-green-construction-renovation-links

Also while you at it give him a great welcome to the community, he looks like someone who will bring us good information. Should you need a vacant lot to build your Green Home, keep me in mind

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

Breaking news in Beverly Hills, CA the L'Ermitage hotel is on the market. I was reading in the Commercial Real Estate News syndicated by LoopNet that there are multiple offers on The Raffles-L'Ermitage Hotel.

 At first glance one would think, this is fantastic, on the other hand we need to look at the Real Story here. In the year 2000 the Beverly Hills property was acquired for $68 million

This was major news then, since the per-room price at the time was a record for a Los Angeles area hotel not being on the beach.

 Since then the property's performance has slumped. The occupancy rate is down to about 65% and without saying so is the cash flow. That means based on sources reporting a  high bid of $40 million and a cash flow of $1 million translating to a  Capitalization Rate of 2.5% , which is  hard to believe, when full service luxury hotels in the area have been selling at a cap rate of 8%-9%.

 This is very telling.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

As I am tabulating the year end Playa Vista Condominium Market Report (2009 Year End Summary) I have noticed, how I there are pocket in Los Angeles that maintained their value and other pockets that have lost value. I have been saying all along that Real Estate is very much like the Wine Production. Winery that has a good Micro Climate will command a high price, look at Plump Jack  vs some of the others.

With that said The Median Sold Price by Month as decreased by 18% over December 2008 vs December 2009.

 As you can see there are some great buying opportunities here. The Median For Sale vs Median Sold has decreased 4% and 18% respectively.

As I mentioned above the majority of the buyers understand the value is here in Playa Vista. Look athe The Number of Sold Properties by month. The Numbers have increased astronomically, there was a 167% increase December 2008 vs December 2009.

As you can see since June there has been a large volume of buyers who saw the value in Playa Vista. So please contact me to take advantage of buying into a fantastic community. Later I will provide the second part to my annual summary report.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

Here is my continuation of the Century City Market Report Part #2 (the 2009 year end summary)

The numbers are very interesting, many people do not understand why this occured. I suspect since the bankes were encouraged to do more short sales in lieu of foreclosures, this in turn created a demand by buyers and at the same time prevented a larger drop in the prices.

The number of Condominiums in Escrow are up by 56% compared to December 2008. Hence I do not anticipate any large drop in price nor demand for the next few months.

 As you can see the inventory, i.e.: new listings have declined a great deal. Since this is a supply and demand bussiness, you will again agree with me that prices will not decline in the near term.

 So in conclusion, please take advantage of the low interest rates and the tax benefits, since this will still allow you to get some great deals in the Century City-Westwood Condominium Market place.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.