More than 10% of the distressed properties in Calabasas are located in the The Oaks. According to Dataquick there are 205 properties in Calabasas, CA that have a Notice of Default filed, Notice of Trustee Sale, or are Bank Owned as of today. Of these properties, a whopping 28 (13%) are located in The Oaks. Not surprisingly most of these homes were built in 2006 and 2007. Chase seems to be the big loser here holding 10 (36%) of these super jumbo mortgages.

In reviewing the histories of these homes it  doesn’t take a rocket scientist to see that there was trouble in paradise long before real estate prices started to decline.   All of these homes but two have a first and second mortgage and some even a third. Most of them have been refinanced several times in their three short years increasing the balance each time. Some of them have mortgages totaling 178% of their estimated current value according to Dataquick.

Not all of these distressed properties are listed for sale…yet. In fact of these 28 in The Oaks of Calabasas, only 8 are are currently listed on MLS. Many of these homeowners manage to refinance yet again or liquidate other assets to hang on yet another few months. But deals exist for savvy buyers if you’re willing to wait long enough for a short sale to be approved or be aggressive enough to have your REO offer accepted.

If you’d like more information on Short Sale and Bank Owned properties in The Oaks of Calabasas call of email me for a list that is updated daily.

The excellent Las Virgenes School district plus the low percentage of foreclosures in Calabasas has helped Calabasas homeowners to hold on to their equity.

To get monthly Calabasas Real Estate reports sent to you please call me at (818) 652-2937 or email me at tracey@traceyrealtor.com.

Calabasas Real Estate Median Price

Calabasas Real Estate Median Home Price List

So yes, there is a bank owned property on the market in The Oaks (REO’s we lovingly call them). The house was built in 2006 and has five bedrooms and six baths. The lot is 12,050 square feet and the house itself is 5,353 square feet. Since there are no pictures on the Multiple Listing Service I grabbed my camera and took photos when I was there.

Public records show this home was purchased in March of 2006. The buyers originally borrowed $1,461,292, four months later they refinanced their first mortgage and took out a second mortgage for a total of $2,210,000 (an additional $750k). A year later the house was listed for $2,900,000 (6/15/07) just a few weeks before the July mortgage meltdown. Still not landscaped this house just sat on the market. Even a price reduction to $2,500,000 in August didn’t help.

Unfortunately the house was foreclosed on just six months later. One wonders if there ever was a payment made on those new mortgages since the process of foreclosure takes just about six months. The house is now on the market again for $2,100,000. This is the lowest price per square foot in The Calabasas Oaks at only $392.30. But is it worth it? Now that’s another question entirely. Following are my viewing notes (kind of like wine tasting notes). I don’t usually publish my viewing notes publicly (I send them to my clients only) because as a Realtor we’re not supposed to advertise another Realtors listing. But I’m making an exception in this case since they’re so juicy.

The Oaks REO Viewing Notes

The house has absolutely no landscaping and is need of final grading, top soil and full landscaping, plus some privacy features since the neighbors are so close. The back yard is relatively small but there is room for a pool if you don’t need a large grassy area. The nice thing about this house is that it’s located only a block from the park which includes a great swing set and lots of grass for the kids to play. There is a view, but its of the roof tops of other houses. This house is on a hill so if you walk about half way in the back yard you can look down to the backyards of the street below, nothing a privacy fence or some interesting landscaping couldn’t cure.

The floor plan of the house is OK. The living room and dining room are one big room which I found a little strange since there is no formal dining room in this luxury home. There are French Doors that let in lots of light which is a plus. The kitchen has warmly stained cherry cabinets and stainless steel appliances with granite counter tops. There is a huge pantry with lots of great shelving. Kitchen storage would surely not be an issue. There is one bedroom with a full bathroom downstairs plus a powder room. Another feature that makes the house slightly mazy is a very long Butlers pantry that doesn’t really lead to the dining room. The area seemed a little dark and not such a great use of space. The house has two staircases. In my opinion an additional staircase just takes up lots of room and isn’t much use on a house that’s only 5,300 square feet. Both staircases lead to an open area that could be used for a kids den, play area or an office. The master suite is large with a huge closet with some great storage shelving. Here again, storage is plentiful. The master bathroom is nice with his and her sinks, a separate room for the toilet and bidet and big shower. The other upstairs bedrooms are large with their own bathrooms.

Overall the house needs some work. In my opinion the carpet needs to be replaced as it is stained and dirty. Possibly it could be cleaned? The house is painted all one color, and has crown mouldings but needs freshening up and some color. There are no window treatments on any of the many windows. The light fixture in the foyer and dining room are gone (clipped at the chain). And the house needs mega landscaping, plus whatever lurking problems that can’t be seen by the naked eye.

But the big question is, “is the house worth $2,100,000?” Here is the short answer, it depends on how much it would cost a particular buyer to do the work necessary to bring this house in line with the neighborhood and where you think the market is going. The average selling price in The Oaks is approximately $550 a square foot, this house is 5,353 which would make the cost $2,994,000 if it was totally done. I’d say for the $800k difference you could make the house quite nice. Financing is another concern on a project house like this. Not every buyer has the resources necessary to purchase this home and then do major landscaping.

Please call if you would like more detailed information, I would be more than happy to share it privately. I can also arrange for a showing and would be happy to show you comparable homes so that you can make an educated decision on this property. I also have pictures of the house when it was listed last year and a property profile. If you are interested in making an offer on this home, my suggestion would be do your homework and get your offer in quickly. There has been a tremendous amount of interest in this house and its possible there may be a bidding war. In my opinion, don’t go over the $2,100,000 asking price, there is plenty of inventory in The Oaks right now.

Click on the pictures to see full size.

This brisk movement in the upper end is an indication that the rich are getting richer because they are seizing the buyers market opportunity. I have had more buyers in the $2,000,000 and up range contact me since the beginning of the year than I did all of last year. This is any indication that the smart money is on buy now and don’t wait until its to late.

There are several spectacular homes for sale in Mountain View, Mountain Park and The Oaks right now. I have been showing several buyers homes in these neighborhoods and the inventory is gorgeous and prices unbelievable. I have seen homes in both Mountain View and Mountain Park for significantly less than $400 a square foot that are updated with pools and views last month. Just a year ago, if you did find a home in one of these neighborhoods for this price it would have needed major work. Homes in The Oaks are selling well with most listed for significantly over $550 a square foot.

Please call me at (818) 652-2937 and I will be happy to share my viewing notes with you. I also track home prices by neighborhood and find that this helps clients make accurate decisions when buying or selling a home in Calabasas. If you would like more detailed information on selling your Calabasas home and moving up please call me for a detailed report.

The town of Girard was born on February 4, 1923, on 2,886 hilly acres purchased from the Brant dairy. The young real estate developer, Victor Girard Kleinberger, came to Los Angeles from Louisville about the turn of the century as an ambitious 18 year old that would develop towns all over the county. He was called a “devious genius, a natural dreamer and big spender”. His dream for the west Valley was a little crazy. There was no streetcar access to Girard, as there was to other Valley towns. Girard expected motorists to negotiate Cahuenga Pass plus miles of twisty Ventura Boulevard and pass countless new real estate ventures to reach the 6,000 lots that Girard hoped to sell.

To lure prospects, Girard ran ads emphasizing that his town was closer to the beach than any place in the Valley, since there was a winding road through Topanga Canyon. He also published the Girard News, built stables and a riding club, and opened the Girard Country Club and golf course with a championship size pool and tennis courts. Today the golf course is known as the Woodland Hills Country Club. “Sucker buses’ brought potential buyers out to the far end of the Valley, where teams of sales agents put on the pressure.

In 1941, the community was renamed Woodland Hills, an appropriate name because of all the trees that Girard had planted years earlier. There are still a few “Girard” homes in Woodland Hills today. One of them is 21339 Castillo Street, off of Canoga Avenue which is currently for sale. This home was built in 1925 as a two bedroom, one bath cottage. It has been lovingly restored from the bottom up and includes new beams, copper plumbing, and all new electrical wiring.

Dont miss this rare opportunity to own a piece of San Fernando Valley history. We will be hosting an open house this Sunday March 9, 2008 from 2:00-4:00 PM. Please join us for a tour of this wonderful home with guest house.

21339 Castillo Street, Woodland Hills Ca

Offered at $749,000

Tracey Thomas, GRI, SRES | Keller Williams Realty | 818-652-2937 21339 Castillo Street, Woodland Hills, CA Secluded Artist Retreat with Guest House and Finished Basement 2 Bdrm Single Family House offered at $749,000 Year Built 1925 Sq Footage 1,020 Bedrooms 2 Bathrooms 1 full, 0 partial Floors 2 Parking Unspecified Lot Size 16,000 sqft HOA/Maint $0 per month DESCRIPTION On an over sized approximately 16,000 square foot professionally landscaped lot, this rare extensively renovated Victor “Gerard” Kleinberger home + detached studio + finished basement/recreation room offers seclusion + privacy. Hardwood floors, recessed lighting, stainless steel appliances, rebuilt fireplace, in-ceiling sound + alarm system, DSL/CAD5 pre-wiring, updated plumbing, HVAC, and electrical, new irrigation/drainage, and reinforced foundation work complete this one of a kind residence. see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace OTHER SPECIAL FEATURES Victor Gerard Kleinberger Home with Detached Studio ADDITIONAL PHOTOS Seller contact info: Tracey Thomas, GRI, SRES Keller Williams Realty 818-652-2937 For sale by agent/broker Equal Opportunity Housing Posted: Feb 22, 2008, 10:08am PST

]]> http://blogcalabasas.com/2008/02/22/secluded-woodland-hills-artist-retreat-with-private-studio-and-finished-basement/feed/ 0 http://blogcalabasas.com/2008/02/22/secluded-woodland-hills-artist-retreat-with-private-studio-and-finished-basement/ http://feedproxy.google.com/~r/BlogCalabasas/~3/1bR2DFVYTHs/ http://blogcalabasas.com/2008/02/11/calabasas-real-estate-numbers-for-january-2008/#comments Tue, 12 Feb 2008 03:31:02 +0000 traceythomas http://blogcalabasas.com/2008/02/11/calabasas-real-estate-numbers-for-january-2008/ January 2008 wasnt such a great month for Calabasas real estate. But dont panic when you look at these numbers, its not as bad as it looks at first glance. As I type this article there are 176 homes on the market in Calabasas. This translates into about an eleven months supply of inventory. Its a buyers market for sure! Although the average price dropped about 20% compared to last Januarys prices it looks like Februarys numbers will be better. There are currently 19 properties in escrow and several of these are over $2,000,000.

The rain has finally stopped and buyers are out in full force. I have been swamped by buyer calls ready to buy, and theyre looking for “deals”. My open houses have seen much more traffic and the skuttle butt among most agents is that they are busy too. I have also had several smart move up buyers list their homes because they understand that if they take a 10 or 15% hit on the sell side, theyll make it up plus on the buy side. I agree with this thinking and Im encouraging buyers in a good financial position not to wait to move up. Its possible now to buy a home in Calabasas Park Estates, Mont Calabasas or even The Oaks for under $2,000,000. Just six months ago this would have been almost impossible.

The good news is if you are a first time home buyer and you want to live in Calabasas you can finally buy a home for under a million dollars. There are several homes in the Mulwood section of Calabasas that are listed in the $700,000 to $800,000 range. This is a wonderful neighborhood and is within walking distance to the elementary, middle and high school. There are even a few bank owned properties. If youre interested in a condo there are several on the market from just under $400,000 to slightly over $500,000. Many of these are within walking distance of the Calabasas Commons.

If you are thinking about selling your home and moving up in Calabasas and want to know how this market will affect your move, call me for an in depth analysis of your sell and buy numbers. Ill help you determine if this is the right time to move up or stay put.

There was a tray and a half of New York Giant cookies (18 to be exact) and only three New England cookies left. I love to talk to strangers so I said to the guy standing next to me, “I guess the Calabasas cookie eaters think that the Patriots will win the Super Bowl” while I pointed at the cookies. We both started to laugh and he decided to order some Giant cookies to take to a Super Bowl Party that he was going to.

In my book it doesn’t matter who wins if Pittsburgh isn’t playing. Maybe Gelsons should make some Bank of America and Countrywide cookies and see what the cookie eaters think about that.

Total number of home sales down 13% in 2007.

There were a total of 293 homes sold in Calabasas, CA during 2007, down 44 (13%) from the 2006 total of 337. Take a good look at the chart above, you can see that home sales were in line with 2006 figures until September. The time from escrow opened to actual close is usually 30-45 days, we can assume that the slow down in sales was actually two months earlier or July and coincides with the mortgage melt down. September, October, November and December were significantly lower in number of sales.

Its a Buyers market – with 9 months of Calabasas homes inventory.

As I write this post there are 172 active properties on the market in Calabasas. The absorption rate (average number of sales per month) is approximately 19* sales per month. This means that we have a nine month supply of homes on the market right now. Six months of inventory is considered a neutral market. Nine months would be considered a buyers market.

January and February will experience similar closed sales (approximately 20)

There are 15 Calabasas homes in escrow right now. These transactions would most likely close within the next 30 to 60 days. It appears that January and February will experience a similar number of home sales (approximately 19 or 20 each month).

The Outlook is for a moderate Spring and Summer 2008.

Move Up Buyers should start planning their move.

Home sales usually increase during the Spring and Summer and 2008 should be no different. Interest rates are lower than ever and buyers that are in solid financial shape will have no problem obtaining a mortgage. Smart move up buyers should seize this opportunity to sell their homes and move up to a larger and more luxurious home this Spring and Summer. This is the time to act if you are moving within Calabasas and are selling a lesser price home to move up. Whatever price concession you make on your current smaller home will be gained plus more on a bigger more expensive home.

First time home buyers with solid resources are encouraged to buy now.

First time home buyers that were priced out of the market before can now afford Calabasas. There are several condos listed in the $350,000 to $600,000 range and single family homes in the $650,000 and up range. There are a few bank owned properties and short pays that make this the perfect time if youve been trying to move in to Calabasas but thought the prices were too high.

If you would like more information on Calabasas and the market conditions or how these numbers will effect you and your home purchase or sale, please call Tracey Thomas at (818) 652-2937.

*The absorption rate was calculated by taking the total number of sales for July through December (116) and dividing by 6 months. (Six months = July, August, September, October, November and December)