Keller Williams Realty Studio City

MARKET WITHIN A MARKET REPORT – APRIL

KW Studio City — Tue, 15 May 2012 23:57:54 +0000

Open publication – Free publishing – More michael lewis

With Inventory Low, Bidding Wars Are Back!

KW Studio City — Mon, 07 May 2012 22:48:11 +0000

Today, both the New York Times and the Wall Street Journal declared “bidding wars are back” (seriously, word for word!). According to the WSJ, 71% of the SoCal-area bids Redfin’s real estate agents have made so far this year have faced competition. But don’t get too worked up–this is not about frothing-at-the-mouth buyers so much as it is about there being so few houses up for sale. Redfin reported last week that inventory in LA was down 16.7% in March over February, and down 38.7% over March 2011. The only LA-area city that had higher inventory in March than in February: Beverly Hills, with .4% growth (a total of one house). However, over March 2011, inventory in Bev Hills is still down 29.8%. According to the WSJ, LA only has a 4.7 month supply of housing (“Real-estate agents consider a market balanced when there is a six-month supply of homes for sale”).

Meanwhile, the number of sales in LA was up 24.6% in March over February, “making it one of the most active months in the last year for home sales.” But, like we said, this is not a buyers gone mad situation–the WSJ notes that “Competitive bidding in the current environment isn’t producing huge price increases or leaving sellers with hefty profits, as occurred during the housing boom.” Median prices for single family houses in LA were only up .6% over March 2011 and up 5% over February (to $355,000); condos were up 5.5% over February (to $290,000).
So what’s the deal with these declining inventories? The WSJ thinks it’s 1) sellers taking their houses off the market to wait for prices to go up; 2) investors swooping in (often with cash offers) and getting all the good stuff; and 3) the foreclosure shadow inventory–potentially “hundreds of thousands” of bank-owned, still unlisted houses.

Adrian Glick Kudler – www.la.curbed.com

Freddie Mac: 30-year mortgage drops to 3.88%, near record low

KW Studio City — Mon, 30 Apr 2012 21:53:33 +0000

Extending a long stay near record lows, fixed mortgage rates edged lower this week, with lenders offering the typical 30-year loan to solid borrowers at 3.88%, down from 3.9% last week, according to giant loan buyer Freddie Mac.
In the 21 weekly surveys that Freddie Mac has released starting Dec. 8, only one has shown the 30-year average above 4%. The record low of 3.87%, statistically no different from this week’s reading, was recorded on three consecutive weeks in February.
This week’s average for the 15-year fixed loan was 3.12%, down from 3.13% a week earlier. Adjustable loans were mixed. The start rate fell on mortgages that adjust once a year but rose on loans that become adjustable after five years at a fixed rate.
Freddie Mac said borrowers would have paid an average of 0.7% of the loan balance in upfront lender fees and discount points to obtain the 30-year loan, and 0.6% for the other types of mortgages. Borrowers who shop around or pay additional discount points to their lender often can find lower rates than those in the Freddie Mac survey.
The survey, released weekly since 1971, asks lenders for popular rate and fee combinations they are offering to borrowers with good credit who make 20% down payments, or have 20% home equity for refinance mortgages.

By E. Scott Reckard
LA Times

California March Home Sales

KW Studio City — Tue, 24 Apr 2012 23:55:03 +0000

An estimated 37,481 new and resale houses and condos were sold statewide last month. That was up 26.5 percent from 29,630 in February, and up 2.9 percent from 36,417 for March 2011.
A jump in sales from February to March is normal for the season. Last month’s sales were the strongest for the month of March since 39,811 were sold in 2007. On a year-over-year basis, sales have increased the past eight months. California sales for the month of March have varied from a low of 24,565 in 2008 to a high of 68,848 in 2005, while the average is 43,883. DataQuick’s statistics go back to 1988.
The median price paid for a home last month was $251,000, up 5.0 percent from $239,000 in February, and up 0.8 percent from $249,000 for March a year ago. The year-over-year increase was the first since September 2010. The bottom of the current cycle was $221,000 in April 2009, while the peak was $484,000 in early 2007.
Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market.
Of the existing homes sold last month, 32.5 percent were properties that had been foreclosed on during the past year – the lowest level for any month since January 2008. Last month’s figure was down from a revised 33.9 percent in February and down from 39.1 percent in March 2011. The all-time high was in February 2009 at 58.5 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.9 percent of the resale market last month. That was down from 20.4 percent the month before and up from 18.5 percent a year earlier.
The typical mortgage payment that home buyers committed themselves to paying last month was $901. That was up slightly from January’s $893, which was the lowest since $882 in February 1999. Adjusted for inflation, last month’s typical payment was 59.8 percent below the 1989 peak of the prior real estate cycle, and 67.4 percent below the 2006 peak of the current cycle.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Indicators of market distress continue to move in different directions. Foreclosure activity is high, but well below peak levels. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner occupied buying remain at or near record levels, DataQuick reported.
Media calls: Andrew LePage (916)456-7157 or alepage@dqnews.com
Source: DataQuick; DQNews.com
Copyright DataQuick. All rights reserved.

Home prices show signs of stability: CoreLogic

KW Studio City — Mon, 09 Apr 2012 20:19:34 +0000

Home prices across the U.S. dropped 0.8% in February from the month before, the seventh consecutive monthly decline, according to the CoreLogic ($16.05 -0.05%) home price index, which showed strength in nondistressed home prices.
Prices decreased 2% compared to February 2011, according to figures that include distressed home sales, including short sales and REO transactions.
When excluding distressed home sales, home prices rose 0.7% in February over January and declined 0.8% from February 2011.
CoreLogic noted some signs of price stabilization throughout the market.
“The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months,” said Anand Nallathambi, president and CEO of CoreLogic.
“In fact, nondistressed home sale prices, which represent two-thirds of all sales, have appreciated by just over 1% since the beginning of the year.”
Santa Ana, Calif.-based CoreLogic noted that when looking at prices without distressed sales factored in, the real estate market is seeing modest signs of price appreciation month over month.
“House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again,” said Mark Fleming, chief economist for CoreLogic. “Excluding distressed sales, we already see modest price appreciation month over month in January and February.”

kpanchuk@housingwire.com

Keller Williams Realty Climbs to Second-Largest Real Estate Franchise in United States

KW Studio City — Wed, 04 Apr 2012 21:51:04 +0000

AUSTIN, TEXAS (March 8, 2011)—Keller Williams® Realty Inc., announced today that it is now the second-largest real estate franchise in the United States based on the total number of sales professionals, surpassing Century 21, according to research conducted by REAL Trends, a leading source of analysis and information in the residential real estate industry. The company claimed the number two spot with 77,672 U.S.-based associates at the end of 2010, just two years after claiming the number three spot from RE/MAX® International.

“Once again, this milestone achievement is a direct result of the dedication of our associates and the stability and profitability of the Keller Williams business models,” said Mark Willis, CEO of Keller Williams Realty, Inc. “It’s incredible to see the momentum that our associates and our offices have right now.”

This news comes one week after the announcement of positive growth by the company at their annual convention in Anaheim. Including its presence in Canada, Keller Williams closed the year with 79,315 associates and 701 market centers (offices). At the convention, Willis also shared that Keller Williams associate profit share was up 7.2 percent, with its agents receiving $34.6 million dollars back in 2010. Despite industry contraction, Keller Williams associates across North America also showed significant percentage gains in listings taken (+13%), contracts closed volume (+9%) and contracts closed units (+6%).

The company also formed Keller Williams Worldwide with Chris Heller as president, citing plans for global expansion, with plans to grow the division by an additional 75,000 associates in 10 years.

“Our goals are to expand the Keller Williams Realty model – with the focus on training and our sound business models,” said Chris Heller, president of KW Worldwide. “And, when looking for the right country and business partners in planning for expansion, we will not sacrifice the perfect fit with our mission, vision and the KW culture, those are absolutely necessary.”

Despite the sharp downturn in the real estate market, since 2005 Keller Williams Realty has grown 30 percent in agents, 40 percent in market centers, 21 percent in closed units and 11 percent in closed GCI.

Keller Williams Realty received many accolades in 2010 including:
· Entrepreneur magazine, No. 1 ranked real estate franchise on the 31st Annual Franchise 500 list
· J.D. Power and Associates, highest in overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row
· Inman News, Co-Founder and Chairman of the Board Gary Keller named one of the 100 Most Influential Leaders in Real Estate
· Training Magazine, highest ranking real estate franchise on the annual Training Top 125, #47 Overall

“It is such an honor to be a part of a company with such dedicated and driven people,” said Mary Tennant, president and COO of Keller Williams Realty. “Our associates are setting the pace in the industry. It is truly an exciting time to be in real estate and to be a part of the Keller Williams family.”
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About Keller Williams Realty, Inc.:
Founded in 1983, Keller Williams Realty Inc. is the second-largest real estate franchise operation in the United States, with 701 offices and almost 80,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. The company also provides specialized agents in luxury homes and commercial real estate properties. For more information, or to search for homes for sale visit Keller Williams Realty online at (www.kw.com) Information about Keller Williams Realty’s international expansion can be found at (www.kwworldwide.com).

For more information:
Amber Presley
512/327-3070

JUSTIN BIEBER DROPS $10.8 MILLION ON ASHTON KUTCHER’S HOLLYWOOD HILLS RENTAL FOR HIS 18th BIRTHDAY

KW Studio City — Sun, 18 Mar 2012 00:18:34 +0000

He’s only days into adulthood, but already Justin Bieber is a home owner, according to reports, and the good news is that there’s plenty of room in his new digs for girlfriend Selena Gomez, and RadarOnline.com has photos of their potential love nest.

The Baby singer, who just turned 18 last week, has proven he’s all grown up after shelling out $10.8 million on a modern mansion in the Hollywood Hills that was designed by architects Jeffrey and Rochelle Mills of Mills Studio, reported Zillow.com. Made up of glass and steel boxes that appear to float above the home’s large pool and patio, the 5-bedroom home has 9,400-square-feet of living space and high-tech amenities such as retractable glass walls — perfect for tween groupies to spy through — glass chandeliers, a gourmet kitchen, gym and massage room, while the outside area boasts enclosed gardens, terraces, and outdoor rooms.

Listed number two in the highest earners under 30 by Forbes after raking in a reported $53 million in 2011, we’re sure Bieber will have no trouble paying the estimated monthly payment of $39,979 on a 30-year fixed mortgage.

By Debbie Emery – Radar Reporter

Events around Studio City

KW Studio City — Mon, 21 Mar 2011 06:20:39 +0000

Upcoming events around Studio City:

Macbeth- Shakespeare’s classic comes to the High Street Art Center. Thursdays at 7 p.m., Fridays/Saturdays at 8 p.m., Sundays at 2 p.m.

Where: High Street Arts Center, 45 E High St, Moorpark, CA 93021
Date: Weekly on Saturdays, Sundays, Thursdays, and Fridays
Next on: Thursday, March 24, 2011

Website: http://www.highstreetartscenter.com

Kids club at the commons in Studio City

This week-

March 22 – Reptilian Friends

We will learn about some fascinating creatures when the O’Grady’s pay us a visit! If you thought you knew everything about snakes and lizards, think again! The Reptile Family brings a wonderful assortment of cold-blooded creatures that will amaze everyone!

March 29 – Music with Tia

Another award-winning musical guest pays us a visit! Tia comes all the way from Seattle to entertain us with music for young and old! We will have 30 minutes of singing and dancing fun! Come see why this performer gets raves wherever she goes!

asas, 4799 Commons Way, Studio City, CA 91302
Date: Weekly on Tuesdays
Time: 6:00pm
Next on: Tuesday, March 22, 2011

Teen Trip to a Clippers Game

Shuttle departs from the Recreation Center. Teens are transported to Staples Center, where the Clippers will play against the Phoenix Suns. Prior to the game, teens can sit on the court and watch the players warm up.

Where: Agoura Hills Parks & Recreation Center, 30610 Thousand Oaks Blvd, Agoura Hills, CA 91301
Date: March 20, 2011
Time: 8:30am–5:30pm

Phone: (818) 597-7361

The Sights of Studio City

KW Studio City — Mon, 21 Mar 2011 06:03:25 +0000

A beautiful view of Lake Studio City!

http://calabasas.patch.com/articles/the-view-from-calabasas-sunset-at-the-lake#photo-4678114

U.S. home sales rise in January as prices fall

KW Studio City — Thu, 24 Feb 2011 00:20:09 +0000

By Alejandro Lazo for Los Angeles Times

Sales of U.S. homes rose for the third month in a row in January, an industry group said Wednesday, as the market experienced an increase in cash buyers and more foreclosures sold.

With so-called distressed sales high and demand weak, home prices have been experiencing a renewed decline in recent months. The national median home price was $158,800 in January, the lowest level in nine years, according to Reuters.

The National Assn. of Realtors said sales of previously owned homes were up 2.7% from December, to a seasonally adjusted annual rate of 5.36 million homes. That was an increase of 5.3% from January 2010.

The real estate group has faced questions in recent weeks from economists about the way it reports its widely followed sales number. The Santa Ana analytics firm CoreLogic, for instance, estimates that the group overstated home sales by 15% to 20% in 2010.

Walter Molony, a spokesman for the real estate group, said its researchers are studying the matter and that CoreLogic’s estimates are “premature at best.” But Molony said the real estate group does plan to publish revisions this summer and has been in discussions with other economists and government agencies about its estimates.

If the group was to revise its sales numbers down it would be significant because that means there is probably more supply on the market than previously estimated. An excess of homes on the market contributes to downward pressure on home prices, particularly when buyers are scarce.

The group said that total housing inventory at the end of January fell 5.1% to 3.38 million existing homes available for sale, representing a supply of about seven months and just more than two weeks.

– Alejandro Lazo

alejandro.lazo@latimes.com