San Fernando Valley Real Estate

Maybe this is why Glendalians are such bad drivers

noreply@blogger.com (Judy Graff) — Wed, 11 Nov 2009 03:15:00 +0000

Remember about a month ago when an informal poll showed that Glendale drivers are the worst in the county? Well, now we know why, thanks to the L.A. Times. Read about Glendale's drug problems here.

"According to the city's Quality of Life report, which was released Oct. 30 and uses 2005 data from the L.A. County Department of Public Health, Glendale had L.A. County's highest percentage of adults who reported using marijuana and cocaine." Considering, it's probably a good idea to avoid Glenoaks Boulevard whenever possible.

Another great thing about North Hollyw...uh, I mean Toluca Terrace

noreply@blogger.com (Judy Graff) — Fri, 06 Nov 2009 21:34:00 +0000

...is the public dog park at Victory and Whitnall. I checked it out last night and was very amused by all the doggies getting their runs in and seeing their doggie friends. There's a spot for little dogs and one for big dogs, although yesterday seemed to be German Shepherd day there.

TJ Maxx is coming to Burbank

noreply@blogger.com (Judy Graff) — Thu, 05 Nov 2009 02:03:00 +0000

Burbank and the east SFV are finally getting a TJ Maxx. It's going into Empire Center, in one of the (several) spaces that have been vacant there since last year. Now, we won't have to drive to La Canada (unless we want the real designer stuff) or Granada Hills to get our Maxx on.

Burbank still has lots and lots of empty large retail spaces. Is there anything else that can fill those besides Korean churches and fly-by-night schools? I think we pretty much have all the other retail chains.

What's taking so long, not that we even care anymore

noreply@blogger.com (Judy Graff) — Tue, 03 Nov 2009 23:34:00 +0000

My clients made an offer a week ago Monday on the house above. It was a decent offer, a little less than full price. At the time we were told that there were 3 other offers. I was also told that the seller, who is flipping this, would look at the offers mid-week.

It's eight days later and we still haven't gotten a counter. I can only imagine how many offers there are in on this property now. I was told that the listing agent isn't in the office much because he spends his days at trustee sales and doesn't come in until after 4:30. And then I was told that the seller only reviews offers on weekends. And then I was told that we'd have a counter offer at full price yesterday after 5:30. It didn't arrive. What a way for a listing agent to service a listing!

But all is well. My clients have not only lost interest, but are already in escrow on another home.

Problems with new construction

noreply@blogger.com (Judy Graff) — Tue, 03 Nov 2009 23:29:00 +0000

My clients Briana and Michael closed yesterday on a unit here at 5227 Denny in North Hollywood. It's a brand new building and the escrow went very smoothly (the developer was smart and secured FHA financing before marketing any of the units). However, in spite of our inspections, walk throughs with the contractors, lists of repairs, etc., many items still remain to be fixed or done in the unit. At our walk-through the contractor indicated it all would be done before closing. Now, the story is that all the remaining work has to be arranged, scheduled, and coordinated with the other recently sold units in the building. Am I naive to think this should have been done before closing?

Since I know you don't believe me, here's...

noreply@blogger.com (Judy Graff) — Sun, 01 Nov 2009 22:47:00 +0000

This is from non-client friend Joselle about her brand new purchase and what she had to go through to get it.

"It's a little 1950 house with some nice period details. Big lot (for L.A.) It's... in a lovely neighborhood in Sherman Oaks. We will be just the third owners! It was the 4th house we bid on. Each had many offers. We lost one even though we went $110,000.00 over asking price! Crazy market here!"

Her purchase price is in the high $400's.

More truth from the real estate 'bots

noreply@blogger.com (Judy Graff) — Wed, 28 Oct 2009 15:22:00 +0000

More snarky fun from our friends, the real estate 'bots.

L.A. Times AND Daily News say home prices are up...

noreply@blogger.com (Judy Graff) — Wed, 28 Oct 2009 15:10:00 +0000

Our local papers are reporting that housing prices posted gains for the third month in a row. On a year-to-year basis from August 2008, our total decline is now a statistical 12% for L.A. I don't think this has to do with the $8k credit. Rather, I think it's because of historically low interest rates and very short inventory.

Nice surprise in North Hollywood

noreply@blogger.com (Judy Graff) — Sun, 25 Oct 2009 22:36:00 +0000

Yesterday, my client Steven and I took a look at several townhouses. I was very pleasantly surprised by this pud/townhouse development in North Hollywood, of all places. The borders are Saticoy on the north, Laurel Canyon on the east, Whitsett on the West and Runnymeade (I think) on the south. Although I thought I knew all the complexes in the area, this was a new one for me (there's a joke here someplace about old dogs and new tricks).

There must be over 300 townhomes and single family homes in this subdivision and the development is remarkably well kept up. Further, it looked like everything had just had new windows installed, new paint, and a fairly new roof. Best of all, the asking prices are low -- around $300k and less for a big townhouse with an attached garage! However, there isn't much available there now, naturally. But still, this is certainly a subdivision that's going on my radar from here on out.

Back from the South

noreply@blogger.com (Judy Graff) — Sat, 24 Oct 2009 18:00:00 +0000

I'm back from my trip to Savannah, Charleston and the low country in between those cities. Loved the residential architecture in the historic city centers. The historic preservation people in those cities must run them with an iron hand. Of course, the ability to get tax credits for restoring historic houses does not hurt, either. Lots of homes are for sale and naturally, they are very very expensive. There went my hopes of picking up a pre-Civil War 10,000 square footer for $60,000 -- prices seem to start around $2 million and go up from there. I did notice many new planned developments between the cities although most were hidden by forests -- I think developers are aiming for the retirement market. All in all, a very interesting trip!

Underpricing reaches a ridiculous new low

noreply@blogger.com (Judy Graff) — Thu, 15 Oct 2009 02:01:00 +0000

This is 9801 Rincon, in Pacoima. It listed today. It's a foreclosure. These pictures hardly do it justice -- it's a historic hacienda-style Spanish, built around a central courtyard, 2500 square feet on a 9469 square foot lot. Probably built in the teens or '20's. Beautiful architectural details, but needs updating. And it's at Osborne and Laurel Canyon, which is not the most desireable neighborhood in the SFV. But still, a very, very special house. How much do you think the sellers are asking? $600k? $500k? Nope: $287,100. Since I have an interested client, I called the listing agent and was told they already had two offers in, were expecting several more, and expected it to go way over this price. They are turning the offers into the bank at the end of the day Friday and I was told, "We're only required to market this for three days." Hence, the low price in order to get lots and lots of activity in a very short time. But jeez, why get so many people excited when you know you could list it much higher and still get lots of offers?

House prices stabilizing

noreply@blogger.com (Judy Graff) — Wed, 14 Oct 2009 18:08:00 +0000

Hi, L.A. Times clipping service here. The title above links to today's story "Housing upturn occurring in some parts of So. Cal., data show." This is not news to those of us with our boots on the ground. Of course, there are all sorts of caveats in the article, and median prices are still lower than they were in 2006, but still.

But still indeed. There's also another L.A. Times story here, stating that mortgage professionals expect foreclosures to rise next year.

Governor signs several new mortgage laws

noreply@blogger.com (Judy Graff) — Tue, 13 Oct 2009 18:11:00 +0000

The title above links to an L.A. Times story about mortgage- and real estate related bills that our Governator signed into law yesterday. Among them:

"The new law also bans so-called negative-amortization loans, which offer the option of monthly payments so low that the loan amounts can actually grow over time." - This is huge.

"Late Sunday night, the governor signed AB 260 by Assemblyman Ted Lieu (D-Torrance). The measure, which takes effect Jan. 1, tightens restrictions on mortgage brokers so they cannot steer borrowers to riskier, higher-interest loans when they qualify for less-expensive ones. " - Also huge.

"AB 957, by Assemblywoman Cathleen Galgiani (D-Stockton), allows buyers of foreclosed homes to choose local escrow officers, rather than being forced to use the escrow company chosen by the seller." - Not so huge, in fact this is completely useless. Now, if there was a bill that prevented seller banks from making buyers prequalify with them, that would be huge.

NYT: A bounce? Indeed. A boom? Not yet.

noreply@blogger.com (Judy Graff) — Sun, 11 Oct 2009 17:20:00 +0000

Economist Robert J. Shiller has recently completed a very interesting study of current home buying habits. The title above is the link to his article about it in today's NYT. Among the more interesting quotes: "This year’s survey coincides nicely with the upturn in home prices, the sharpest change in direction we have ever seen," "The sudden turn could signal a new housing boom, but is more likely just a sign of a period of higher short-run price volatility," and most especially, "The suddenness of this shift surprised me. In my column in June, I wrote that home prices might well continue to decline for years." Nice to know that noted economists can admit they were wrong.

How to buy a bank-owned home from YouTube - hilarious!

noreply@blogger.com (Judy Graff) — Fri, 09 Oct 2009 14:41:00 +0000

So funny and so true.

From today's L.A. Times: Realtor org says prices will rise next year

noreply@blogger.com (Judy Graff) — Thu, 08 Oct 2009 23:30:00 +0000

L.A. Times clipping service here! Today's business section has the following article: State median home price to increase next year, Realtors group says. This is from the California Association of Realtors, and they predict a 3.3% rise in prices next year. Candidly, since this is statewide, it really has very little meaning for each individual neighborhood. But anyway, here are a few other quotes that I agree with [emphasis mine]: the number of purchases will decline slightly because there will be fewer foreclosures available and It will continue to be hard to sell higher-priced houses because values have dropped and financing is hard to get.

EWWWW in Mount Washington

noreply@blogger.com (Judy Graff) — Thu, 08 Oct 2009 18:02:00 +0000

Collegue Stacy represents the buyers in an escrow in Mount Washington. She and the seller just had to go there to secure the house. It is vacant, and some vagrant broke in, drank a beer and pleasured himself. Apparently, in addition to the empty beer bottle, they found a wad of stuck-together kleenex...ewwwwwwww.

Clea Duvall spotted at Aroma

noreply@blogger.com (Judy Graff) — Wed, 07 Oct 2009 20:32:00 +0000

I visited Aroma, the very cool Studio City cafe today, and spotted actress Clea Duvall there. If you are thinking it must be a slow week in real estate if this is all I have to post about, you are right!

Another just great showing

noreply@blogger.com (Judy Graff) — Sun, 04 Oct 2009 23:55:00 +0000

Another non-optimal showing today of another 2+1, 1245 square feet house:
-The place was a cluttered mess.
- Bedsheets for curtains.
- A newer kitchen but every inch of counter space was being taken up by stuff and the sink was full of dirty dishes.
-Somebody sleeping in one of the two bedrooms.
-Pitbulls.
-Crying kids.
-Garage converted to guest house/shack.
-Owner with scary-looking prison tats, plus lots of underwear showing.
And they want $600k for this? I know it's in Toluca Lake, but...

Latest questionable Realtor trend

noreply@blogger.com (Judy Graff) — Thu, 01 Oct 2009 17:29:00 +0000

The latest trend is home marketing has appeared this week: many Realtors are only showing a property once or twice. No, not once or twice to you. Once or twice, period. The house is usually held open for a couple of hours one day, then maybe a couple of hours another day. And then offers are due. But what if you want to come back and see the house when it's quiet? Or bring parents or spouses back? IMO, a home should be very easy to show for at least seven days in order for everybody who is looking to have an opportunity to see it. If you're a seller, casting your net wide is the way to get the highest and best sales price. If you're a buyer, you should be able to take a second or third look to make sure it's the house for you.

Real Estate Downfall

noreply@blogger.com (Judy Graff) — Tue, 29 Sep 2009 17:34:00 +0000

Click the title for Hitler and the definitive reaction to the real estate bubble.

Silverlake townhouse for lease

noreply@blogger.com (Judy Graff) — Tue, 29 Sep 2009 16:58:00 +0000

I've just listed 850 Lucile, #4 for lease. This gorgeous townhouse features 2 beds, 2.5 baths and lots of upgrades, including a remodeled kitchen with new cabinets and new appliances, new lighting and lighting fixtures, pergo floors, plantation shutters throughout, remodeled bathrooms throughout, and new paint. It also offers a patio, two subterranean parking spaces, a security building plus extra security system inside, 1146 square feet, bathroom off each bedroom, and a terrific neighborhood! Sorry, no pets or smokers, but there is a newer refrigerator and in-unit washer and dryer as a consolation prize. It's immediately available for $2500/month and a one-year lease. Please contact me if you'd like to see this.

Two GREAT articles from today's L.A. Times

noreply@blogger.com (Judy Graff) — Sun, 27 Sep 2009 17:17:00 +0000

I know, this blog seems like just a clipping service for the L.A. Times. But today the Sunday business section has two great real estate articles.

The first is from Peter Hong and is titled Don't bank on the home as an ATM. It's full of all sorts of interesting statistics and facts about the housing market over the last several years. Personal story: I know somebody that bought a duplex with partners in 1994 for $200+k. She bought her partners out a couple years later. Two years ago she sold it for $1.1 million. But she had no profit as she had pulled every cent out of it by refinancing and spent it on god-knows-what. Don't be like her.

The second story is A primer for the first-time home buyer. Although it doesn't really pertain much to our home prices here, the advice is excellent.

Interest rates below 5%? True.

noreply@blogger.com (Judy Graff) — Fri, 25 Sep 2009 17:11:00 +0000

Check out this story from today's L.A. Times regarding below-5% interest rates. Personally, I think interest rates are heating up the market more than the first-time buyer tax credit. Here are a couple of very interesting quotes:

But look out ahead: The Fed also said this week it would stop buying mortgage bonds at the end of March. Although that's three months later than previously planned, the central bank's withdrawal from the market is likely to push mortgage rates back up.

The FHA buyers are getting outbid by people putting down 20% or 30%,... "Houses are affordable, rates are low, but there's just not enough inventory."

I'll say.

How is a short sale like a Beyonce song?

noreply@blogger.com (Judy Graff) — Thu, 24 Sep 2009 16:48:00 +0000

You find the perfect one. The perfect one toys with your affections, strings you along, and then rejects you for another. But they haven't totally forgotten you. The perfect one's love interest rejects them, and they circle back around to see if you're still interested. In the meantime, however, you've licked your wounds and MOVED ON.

Sound like your love life or the latest Beyonce song? I'm talking about short sales. The process takes so long that buyers just plain lose interest in the property. Short sale properties that had multiple offers often keep the second and third offers as backups in case the first buyer drops out. By the time the second buyers are notified that their offer would be accepted by the seller and then sent onto the bank for approval, the second buyers have developed doubts, lost interest, and just plain gotten over the house. C'est l'amour, I guess. Banks have to figure out a way to speed up this process.