(This article was published in the Century City News on April 17, 2012)
By Bess Hochman
Positive Signs Of Real Estate Recovery On Luxury L.A. Westside
Recently sales from the beach to Bel-Air and Beverly Hills have been seeing a resurgence of activity not seen on the Westside since the height of the real estate bubble five years ago. Some attribute that to the stock market rebound and lower prices attracting the high end buyer. We are even seeing multiple offers!
Case in point, a 5 bedroom post and beam residence in Beverly Hills designed by A. Quincy Jones asking about 6.5 Million Dollars stimulated several offers last month. It was reported to be under contract at over the asking price going out at 6.625 Million Dollars. Real Estate agents from Brentwood, Bel Air, Beverly Hills and the Pacific Palisades are all reporting movement on the high end in their neighborhoods.
Another optimistic sign is houses are on the market for a shorter period of time before selling according to Realtor.com. It reported the median number of days a Westside home sat on the market about a year ago was 115 days compared with only 88 days now. The numbers reflect a 23% decline year over year in the number of days on the market before a home goes under contract.
More signs of a real estate recovery are reflected in reports and comments made by respected real estate tracking services in the last couple of weeks. These reports include studies concerning rent increases, housing affordability and foreclosure rates.
USC’s Lust Center for Real Estate expects rents in Los Angeles will rise by about 8% in 2012 with total growth of 9.6% by the end of 2013. This is more evidence that we are in a real estate upswing. While this is not good news for renters, it is a good incentive to buyers of investment properties. The rise in rents in Los Angeles, Orange County and other areas of Southern Californian reflect a national trend in the apartment sector.
The fact that housing affordability is at its highest level ever is another positive for the market says mortgage tracker CoreLogic. In spite of concern about another wave of foreclosures, Realty Trac which tracks foreclosures, reports foreclosure activity during the first 3 months of the year hit its lowest quarterly total since the last quarter of 2007. While foreclosure activity remains high by historical levels, it is lower than the peak levels over the last few years.
According to Realtor.com data showing the Westside median list price down about 5% from a year ago, reduced prices are attracting more interest. With high end sales on the rise, buyers are no longer assured that the house they saw on the market last week will still be available a few weeks later. Keep in mind the high end market is not reflective of all price spectrums so be sure to consult a real estate expert in your area to provide you with current information about sale trends in your neighborhood.
To find Luxury homes and condos, including short pays and foreclosures in your area or for a free consultation, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients.
Contact Bess:310.291.4111.E-mail: Bess.CenturyCityNews@yahoo.com
* The sources of information may or may not have been based on information from the combined /Westside Multiple Listing Service as of 4-13-12. Some listings may not be available as of publication.
c. 2012 Bess Hochman
---------------------------
“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
Showing posts with label Bess Hochman. Show all posts
Showing posts with label Bess Hochman. Show all posts
Tuesday, April 8, 2014
Century City Real Estate Report
(This article originally appeared in the May 1, 2012 edition of the Century City News)
New Projects Planned For Century City Could Impact You
By Bess Hochman
With the resurgence of real estate development, active members of our community are monitoring projects in Century City that are in various stages of development. There has been particular concern about how these projects could negatively impact our infrastructure including our streets and flow of traffic.
Chicago based developer and Landlord JMB has scrapped its plans to build luxury residential high rise units for a high rise office tower instead. It plans to take advantage of the high rents that Century City commands along with vacancy rate stabilization across the office sector.
JMB had received approvals earlier to build 2 high rise towers and one 12 story loft condo building at Constellation and Avenue of the Stars, formerly the site of City National Bank and the Constellation Club. Now JMB is planning a 37 story office tower called “Century City Center.” Given its scale and intensive commercial use, the new project raises significant traffic impact issues.
There is still uncertainty and controversy over the proposed Constellation Boulevard site of the subway line under development. This location for the subway stop in the heart of Century City
is just steps away from the JMB project and from the Westfield Shopping Mall.
There has been a contentious dispute between those who support the Century City subway stop site and the Beverly Hills Unified School District because the location of the proposed Constellation site requires tunneling under the Beverly Hills High School. The school district would prefer the subway stop to be located at Santa Monica Blvd.
Both JMB Realty and Westfield Corporation own real estate properties in Century City which would benefit greatly from the Constellation stop as the Westside extension of the new subway line. The school district is fighting this location raising safety and construction issues like the sinkhole created in Hollywood related to subway tunneling there. There is also the methane gas risk arising out of the oil fields under the high school.
Another developer changing course is the owner of the Hyatt Regency Century Plaza Hotel, a landmark site. He has backed down from his original proposal to demolish the Hotel and is instead planning a high rise development next to it.
A third project located at the eastern border of Century City where it adjoins Beverly Hills is progressing. Plans are being finalized with the City for construction of about a 39 story residential 1, 2 and 3 bedroom condo project. The units will range from 1600 to 2000 square feet and start at an average of 1.5 Million Dollars.
To find Luxury homes and condos, including short pays and foreclosures in your area or for a free consultation, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients.
Contact Bess:310.291.4111.E-mail: Bess.CenturyCityNews@yahoo.com
* The sources of information may or may not have been based on information from the combined /Westside Multiple Listing Service as of 4-27-12. Some listings may not be available as of publication.
c. 2012 Bess Hochman
---------------------------
“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
New Projects Planned For Century City Could Impact You
By Bess Hochman
With the resurgence of real estate development, active members of our community are monitoring projects in Century City that are in various stages of development. There has been particular concern about how these projects could negatively impact our infrastructure including our streets and flow of traffic.
Chicago based developer and Landlord JMB has scrapped its plans to build luxury residential high rise units for a high rise office tower instead. It plans to take advantage of the high rents that Century City commands along with vacancy rate stabilization across the office sector.
JMB had received approvals earlier to build 2 high rise towers and one 12 story loft condo building at Constellation and Avenue of the Stars, formerly the site of City National Bank and the Constellation Club. Now JMB is planning a 37 story office tower called “Century City Center.” Given its scale and intensive commercial use, the new project raises significant traffic impact issues.
There is still uncertainty and controversy over the proposed Constellation Boulevard site of the subway line under development. This location for the subway stop in the heart of Century City
is just steps away from the JMB project and from the Westfield Shopping Mall.
There has been a contentious dispute between those who support the Century City subway stop site and the Beverly Hills Unified School District because the location of the proposed Constellation site requires tunneling under the Beverly Hills High School. The school district would prefer the subway stop to be located at Santa Monica Blvd.
Both JMB Realty and Westfield Corporation own real estate properties in Century City which would benefit greatly from the Constellation stop as the Westside extension of the new subway line. The school district is fighting this location raising safety and construction issues like the sinkhole created in Hollywood related to subway tunneling there. There is also the methane gas risk arising out of the oil fields under the high school.
Another developer changing course is the owner of the Hyatt Regency Century Plaza Hotel, a landmark site. He has backed down from his original proposal to demolish the Hotel and is instead planning a high rise development next to it.
A third project located at the eastern border of Century City where it adjoins Beverly Hills is progressing. Plans are being finalized with the City for construction of about a 39 story residential 1, 2 and 3 bedroom condo project. The units will range from 1600 to 2000 square feet and start at an average of 1.5 Million Dollars.
To find Luxury homes and condos, including short pays and foreclosures in your area or for a free consultation, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients.
Contact Bess:310.291.4111.E-mail: Bess.CenturyCityNews@yahoo.com
* The sources of information may or may not have been based on information from the combined /Westside Multiple Listing Service as of 4-27-12. Some listings may not be available as of publication.
c. 2012 Bess Hochman
---------------------------
“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
Friday, March 28, 2014
Century City Real Estate - Opportunities In 2011
(This article originally appeared in the Feb 8th, 2011 edition of the Century City News)
According to the recent recap of the 2010 California housing market by the California Association of Realtors (“C.A.R.”) , the year ahead should bring stability and opportunities. The C.A.R. report looked at median price, unsold inventory and sales as prognosticators for the market.
The analysis found that the 21% gain in median price above the February 2009 trough could be a good indication of the beginning of stability in the housing market. The C.A.R expects annual sales and median price in California to rise by 2% this year.
The report explains that the “unsold inventory index” is a good indicator of home prices. When the amount of housing inventory is below a 7 month supply, it usually leads to price appreciation. The November unsold inventory index was 6.2 months. This reflects the amount of time it would take to sell the entire current housing inventory. This number is 13% below the long-run average of 7.1 months and 63% below the recent January 2008 peak of 16.6 months.
It is a positive sign that the unsold inventory index has stayed at a healthy range throughout 2010 between 4.6 and 6.6 months. This is another indication
of the beginning of stability.
Further, sales are also doing fairly well taking historical data into consideration. Year over year sales declined almost 10% but the seasonally adjusted sales in November of last year were up 93% from the trough 3 years ago. This is 19% above the long run annual average over the last 39 years.
In addition, the percentage of distressed sales as compared to total sales declined to 41% from 46% in 2009. Although there is still a heavy volume of distressed properties, the decline supports the forecast that the housing market is heading up.
The California Association of Realtors’ outlook is consistent with the report by the UCLA Anderson School of Business which sees 2011 as a transition year of stabilization. However, there are still uncertainties in the market including shadow inventory which could impact the length of time it takes for sellers to sell their properties.
With so many instances of inflation recently from the price of gas to coffee to hamburgers (the price of the BK Whopper Junior has risen from $1 to $1.49 over the past year or so), when will housing show the same inflation? Now may be a good time to review your options.
With interest rates still at historically low rates, there are opportunities for investors, owner-users and international buyers.
To find short pays and foreclosures in your area or for a free consultation to assess your real estate options, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients
Bess won’t let you guess. E-mail: Bess.CenturyCitynews@yahoo.com. Bess may be reached at 310.291.4111.
* The sources of information may or may not have been based on information from the combined A/Westside Multiple Listing Service as of 2-04-11. Some listings may not be available as of publication.
c. 2011 Bess Hochman
---------------------------
“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
Michael Douglas Carlin is the director of the movies Luvicide and American Federale. Recently he completed a ten-year stint as the Publisher and Editor of the Century City News. Here his articles turned into three books: Rise a Knight, A Prescription for Peace, and Peaceful Protests.
According to the recent recap of the 2010 California housing market by the California Association of Realtors (“C.A.R.”) , the year ahead should bring stability and opportunities. The C.A.R. report looked at median price, unsold inventory and sales as prognosticators for the market.
The analysis found that the 21% gain in median price above the February 2009 trough could be a good indication of the beginning of stability in the housing market. The C.A.R expects annual sales and median price in California to rise by 2% this year.
The report explains that the “unsold inventory index” is a good indicator of home prices. When the amount of housing inventory is below a 7 month supply, it usually leads to price appreciation. The November unsold inventory index was 6.2 months. This reflects the amount of time it would take to sell the entire current housing inventory. This number is 13% below the long-run average of 7.1 months and 63% below the recent January 2008 peak of 16.6 months.
It is a positive sign that the unsold inventory index has stayed at a healthy range throughout 2010 between 4.6 and 6.6 months. This is another indication
of the beginning of stability.
Further, sales are also doing fairly well taking historical data into consideration. Year over year sales declined almost 10% but the seasonally adjusted sales in November of last year were up 93% from the trough 3 years ago. This is 19% above the long run annual average over the last 39 years.
In addition, the percentage of distressed sales as compared to total sales declined to 41% from 46% in 2009. Although there is still a heavy volume of distressed properties, the decline supports the forecast that the housing market is heading up.
The California Association of Realtors’ outlook is consistent with the report by the UCLA Anderson School of Business which sees 2011 as a transition year of stabilization. However, there are still uncertainties in the market including shadow inventory which could impact the length of time it takes for sellers to sell their properties.
With so many instances of inflation recently from the price of gas to coffee to hamburgers (the price of the BK Whopper Junior has risen from $1 to $1.49 over the past year or so), when will housing show the same inflation? Now may be a good time to review your options.
With interest rates still at historically low rates, there are opportunities for investors, owner-users and international buyers.
To find short pays and foreclosures in your area or for a free consultation to assess your real estate options, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients
Bess won’t let you guess. E-mail: Bess.CenturyCitynews@yahoo.com. Bess may be reached at 310.291.4111.
* The sources of information may or may not have been based on information from the combined A/Westside Multiple Listing Service as of 2-04-11. Some listings may not be available as of publication.
c. 2011 Bess Hochman
---------------------------
“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
Michael Douglas Carlin is the director of the movies Luvicide and American Federale. Recently he completed a ten-year stint as the Publisher and Editor of the Century City News. Here his articles turned into three books: Rise a Knight, A Prescription for Peace, and Peaceful Protests.
Wednesday, March 26, 2014
Century City Real Estate Report - Mortgage Rates Dip Lower Making Housing More Affordable
(This article originally appeared in the August 8th, 2011 edition of the Century City News)
If you are a buyer who has been sitting on the sidelines, the recent drop in mortgage rates may provide the incentive to pull the trigger. The 30 year fixed mortgage dipped to almost 4.45 this last week while the 15 year mortgage rate hit a new low of 3.52%. These low rates helped drive applications for refinances up almost 8% and new purchase application up approximately 5%.
Another incentive for buyers to act now is the fear that proposed new banking rules could raise the cost of lending which would be passed onto the borrower in the form of higher interest rates. These proposed qualified residential mortgage standards are currently being debated. For now, lower interest rates should help borrowers get lower monthly payments and lower their risk of default.
In prime Westside areas the approximately One Million Dollar market is catching competitive bidding from young couples looking to purchase their first home. Well priced properties in these areas are generating multiple offers. In other neighborhoods, the weak job market and the inability of many borrowers to meet lenders’ tight credit standards are hurting sales and putting downward pressure on prices. This
is not the case on the luxury Westside. Some buyers are hard working high income professionals, some are trust fund babies and others are getting help with down payments from affluent parents.
These young buyers are going back to the traditional “safe haven” view that their home will be a stable investment over the long term. They want to create a comfortable home for a growing family. They look forward to building equity and the tax benefits of writing off the interest on their home mortgage against their income.
Even if housing dips another 5% as some are forecasting through next year, these young enthusiastic buyers feel confident that with historic low interest rates, this is the right move.
The latest data through May 2011 from the S & P /Case Shiller Home Price Index, the leading measure of U.S. Home prices, showed prices up the last 2 consecutive months for the 10 and 20 city composite index. The increase was approximately 1%. Detroit, Las Vegas and Tampa were down month over month and Phoenix was unchanged. The Case/Shiller numbers for year over year sales showed prices down by 4.5%. However, real estate is a local neighborhood story so be sure to review the local comps for your neighborhood before you buy or sell.
To find short pays and foreclosures in your area or for a free consultation to assess your real estate options, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients.
Bess won’t let you guess. E-mail: Bess.CenturyCitynews@yahoo.com. Bess may be reached at 310.291.4111.
* The sources of information may or may not have been based on information from the combined LA/Westside Multiple Listing Service as of 8- 5-11. Some listings may not be available as of publication.
c. 2011 Bess Hochman
---------------------------
“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
Michael Douglas Carlin is the director of the movies Luvicide and American Federale. Recently he completed a ten-year stint as the Publisher and Editor of the Century City News. Here his articles turned into three books: Rise a Knight, A Prescription for Peace, and Peaceful Protests.
If you are a buyer who has been sitting on the sidelines, the recent drop in mortgage rates may provide the incentive to pull the trigger. The 30 year fixed mortgage dipped to almost 4.45 this last week while the 15 year mortgage rate hit a new low of 3.52%. These low rates helped drive applications for refinances up almost 8% and new purchase application up approximately 5%.
Another incentive for buyers to act now is the fear that proposed new banking rules could raise the cost of lending which would be passed onto the borrower in the form of higher interest rates. These proposed qualified residential mortgage standards are currently being debated. For now, lower interest rates should help borrowers get lower monthly payments and lower their risk of default.
In prime Westside areas the approximately One Million Dollar market is catching competitive bidding from young couples looking to purchase their first home. Well priced properties in these areas are generating multiple offers. In other neighborhoods, the weak job market and the inability of many borrowers to meet lenders’ tight credit standards are hurting sales and putting downward pressure on prices. This
is not the case on the luxury Westside. Some buyers are hard working high income professionals, some are trust fund babies and others are getting help with down payments from affluent parents.
These young buyers are going back to the traditional “safe haven” view that their home will be a stable investment over the long term. They want to create a comfortable home for a growing family. They look forward to building equity and the tax benefits of writing off the interest on their home mortgage against their income.
Even if housing dips another 5% as some are forecasting through next year, these young enthusiastic buyers feel confident that with historic low interest rates, this is the right move.
The latest data through May 2011 from the S & P /Case Shiller Home Price Index, the leading measure of U.S. Home prices, showed prices up the last 2 consecutive months for the 10 and 20 city composite index. The increase was approximately 1%. Detroit, Las Vegas and Tampa were down month over month and Phoenix was unchanged. The Case/Shiller numbers for year over year sales showed prices down by 4.5%. However, real estate is a local neighborhood story so be sure to review the local comps for your neighborhood before you buy or sell.
To find short pays and foreclosures in your area or for a free consultation to assess your real estate options, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients.
Bess won’t let you guess. E-mail: Bess.CenturyCitynews@yahoo.com. Bess may be reached at 310.291.4111.
c. 2011 Bess Hochman
---------------------------
“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
Michael Douglas Carlin is the director of the movies Luvicide and American Federale. Recently he completed a ten-year stint as the Publisher and Editor of the Century City News. Here his articles turned into three books: Rise a Knight, A Prescription for Peace, and Peaceful Protests.
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