June Real Estate Statistics

Posted by on Jul 28, 2015 in News/Blog | 0 comments

It has been seven straight months that pending home sales have increased in California. Home sales expected to remain strong in upcoming quarter.

In a separate report, California REALTORS® responding to C.A.R.’s June Market Pulse Survey saw a reduction in floor calls, listing appointments, and open house traffic, compared with May. The Market Pulse Survey is a monthly online survey of more than 300 California REALTORS®, which measures data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

Pending home sales data:

  • California pending home sales were up 12.5 percent on an annual basis from the revised 107 index recorded in June 2014, marking the seventh straight month of year-to-year gains and the fifth straight month of double-digit advances.
  • Statewide pending home sales fell in June on a month-to-month basis, with the Pending Home Sales Index (PHSI)* decreasing 2.6 percent from a revised 123.6 in May to 120.4, based on signed contracts.  The month-to-month decrease was slightly below the average May-June loss of 1.9 percent observed in the last seven years.
  • A shortage of available homes in the San Francisco Bay Area stifled pending sales in June, pushing the PHSI to 127.9, down 5.3 percent from 135.1 in May and down 0.9 percent from the 129.1 index recorded in June 2014.
  • Pending home sales in Southern California continued last month’s increase by rising 4 percent in June to reach an index of 109.6, up 14.2 percent from the June 2014 index of 96.
  • Central Valley pending sales fell in June, dropping 8.2 percent from May to reach an index of 99.5 in June but up 14.2 percent from the 87.2 index of June 2014.

Equity and distressed housing market data:

  • The share of equity sales – or non-distressed property sales – declined slightly in June to make up 92.4 percent of all home sales, remaining near the highest level since late 2007. Equity sales made up 92.6 percent of all home sales in May and 89.9 percent in June 2014. The share of equity sales has been at or near 90 percent since mid-2014.
  • Conversely, the combined share of all distressed property sales (REOs and short sales) rose slightly in June, up to 7.6 percent from 7.4 percent in May. Distressed sales made up 10.1 percent of total sales a year ago. Ten of the 43 counties that C.A.R. reported showed month-to-month decreases in their distressed sales shares, with Alameda and Santa Clara having the smallest share of distressed sales at 1 percent, followed by San Mateo (2 percent), Contra Costa (3 percent), and San Francisco (3 percent). Glenn had the highest share of distressed sales at 27 percent, followed by Merced and Siskiyou (both at 23 percent).
    June REALTOR® Market Pulse Survey**:
  • Reversing last month’s decrease, the share of sales closing below asking price increased to 43 percent in June, up from 40 percent in May, but down from the highest point of 55 percent in January 2015.  More than a third of homes (33 percent) closed over asking price, and 24 percent closed at asking price.
  • For the one in three homes that sold over asking price, the premium paid over asking price increased in June, suggesting increased market competition among home buyers in some local markets. In June, homes that sold above asking price sold for an average of 11 percent above asking price, up from 8 percent in May and 7.3 percent in June 2014.
    • The 43 percent of homes that sold below asking price sold for an average of 11 percent below asking price in June, up from 7 percent in May.
  • The share of properties receiving multiple offers was unchanged at 65 percent in June but down slightly from 66 percent in June 2014.
  • The average number of offers per property increased slightly to 2.9 from 2.8 in May and 2.7 in June 2014.
  • REALTOR® respondents reported that floor calls, listing appointments, and open house traffic all declined in June, compared with the previous month.
  • While the majority of REALTORS® (83 percent) expect better or similar market conditions over the next year, the percentage of REALTORS® who are optimistic about conditions over the coming year has been on the decline for the past six months from 62 percent in January to 44 percent in June.

Courtest of Califonia Association of Realtors

Celebs Make Secret Real Estate Deals at Sierra Towers

Posted by on Apr 28, 2015 in News/Blog | 0 comments

9255 Doheny Road., West Hollywood, California

Bordering Beverly Hills north of Sunset Boulevard sits the Sierra Towers. It’s no great that L.A.’s rich and famous (& celebrities) have long been drawn to the sexy, glass-walled condominiums at the Sierra Towers, a striking example of 1960s minimalist architecture. Former high-profile residents of the 31-story high-rise include George Hamilton, Sidney Poitier, David Geffen and music icon Sir Elton John, who owned a characteristically glammy two-unit combination on the 20th floor that he sold in 2012 for a tad more than $4.6 million. Hollywood veteran Diahann Carroll has long called the full-service building home, as have Beverly Hills socialite Nikki Haskell, rocker PJ Harvey and ever-saucy octogenarian Joan Collins who, in 2008, paid $2.7 million for her high-floor spread, owned in the mid-1990s by musicvideo sexpot Tawny Kitaen.

Implacable real estate yenta Yolanda Yakketyyak says she’s one million percent positive that at just about the same time last spring when Sharon and Ozzy Osbourne made a $4 million off-market deal for a three-bedroom spread on one of the lower floors, Sandra Bullock pulled the trigger on a completely under-the-radar multimillion-dollar purchase of a midfloor corner unit once owned by Matthew Perry, whose former “Friends” co-star Courteney Cox currently owns not one but two neighboring units on a higher floor that she surreptitiously picked up in a couple of down-low deals — one in 2011, the other in the fall of 2014 — that totaled $4.55 million.

Besides all the showbizzy sorts who inhabit Sierra Towers, there are also a slew of influential businessmen who own there, including tech tycoon-turned-philanthropist David Bohnett, shoe and handbag designer-turned-Platinum Triangle mansion developer Bruce Makowsky and Canadian magnate Robert Herjavec, an investor panelist on “Shark Tank” and a current contestant on “Dancing With the Stars,” who in January 2015 coughed up $3.15 million for his mid-floor unit. Billionaire financier Tom Gores still holds property in the building, while his brother, Paradigm Talent Agency chairman Sam Gores, sold his condo last year for $3.1 million to big-time book editor Judith Regan. Private investor and philanthropist Nicolas Berggruen — a man who used to be described in the press as the “homeless billionaire” because he lived in hotels and didn’t own a home — is rumored in property circles to have hoovered up at least seven units in the building over the past couple of years at a cost in excess of $17 million, and several real estate magpies we gabbed with swear thirtysomething Pabst Brewing Co. co-CEO Evan Metropoulos also owns at least five units, including both penthouses, one he picked up in 2010 for $10 million and the other covertly snatched just a couple of months ago for $17.2 million.

Courtesy of VanityFair

For expert representation in selling or purchasing real estate, call One Source at (818)501-5518

Huge, Fancy Sportsmen’s Lodge Redevelopment Approved

Posted by on Mar 29, 2015 in News/Blog | 0 comments

The plan to raze the charming, old-timey Sportsmen’s Lodge event center in Studio City and build the $60-million, upscale Sportsmen’s Landing shopping center (restaurants, retail, and Equinox gym) was approved by the South Valley Area Planning Commission, says the LA Business Journal. The decision has many locals miffed (there were nine appeals), and is also opposed by the holding company that owns and has owned the adjacent Sportsmen’s Lodge Hotel for decades (Weintraub just leases it). Now that the Landing’s approved, the holding company’s said they’re going to try to stop it from getting built.

The lawyer for the Ventura Boulevard Association showed up at the hearing where the project was approved. He spoke against the project, which he said failed to provide adequate parking for all the people who would flood the site. The concern was that once the Landing’s 440 parking spots filled up, overflow would eat up parking at the hotel.

Weintraub bought the four acres that encircle the Sportsmen’s Lodge Hotel in 2007. (Previous reports said he paid $51 million; the LABJ says it was more like $29 million.) Weintraub doesn’t own the hotel, but he does have a very long-term lease on it; he got the lease in 2008 and it’s not supposed to run out until 2062. However, that might be cut short.

The Ventura Boulevard Association LLC (which represents the New York family which has owned the hotel since the 1960s) is currently suing Weintraub because they claim he didn’t have the correct permits or approvals to do that recent $8-million makeover on the newly retro-cool Sportsmen’s Lodge Hotel. They’re suing to end Weintraub’s lease on the hotel.

It’s not clear how their opposition will affect the project, if at all, but that might change after the lawsuit is settle. Weintraub is hoping to get started on Sportsmen’s Landing by the end of 2015.

David Hasselhoff Puts Calabasas Mini-Mansion Up For Sale

Posted by on Mar 12, 2015 in News/Blog | 0 comments

SELLER: David Hasselhoff
LOCATION: Calabasas, CA
PRICE: $2,299,000
SIZE: 5,767 square feet, 5 bedrooms, 6 bathrooms

We first heard earlier this week from the fine fellow at the San Fernando Valley Blog that former “Baywatch” hunk turned German pop star and international televised talent show regular David Hasselhoff has hoisted his mini-mansion in Calabasas, CA, on the market with an asking price of $2,299,000.

Property records show The Hoff, who was the first nixed in the 11th season of the still churning “Dancing With the Stars” program and is scheduled to star as a fictionalized version of himself in a British sitcom this year, only purchased the suburban estate in May of 2013 for $1.95 million. The seller was a former high-level executive at once behemoth now defunct and publicly shamed mortgage lender Countrywide and a deep dive into the property records shows the estate was once and briefly owned, in the early Aughts, by billionaire property developer David Murdock, the same fella who sold his 98% share of the Hawaiian island of Lana’i over the summer of 2012 for more than half a billion bucks to the even richer Larry Ellison. But we digress….

Listing details show The Hoff’s unquestionably luxurious if quintessentially quotidian mini-mansion, generously described in listing details as an “Absolutely Stunning Custom Mediterranean Showplace,” sits on 1.53 acres in the guard-gated Hidden Hills West Estates enclave and was originally built in 1990. The two-story residence spans 5,767 square feet of — let’s be honest, butter beans — monochromatically beige and just barely furnished interior space with five bedrooms and half a dozen bathrooms.

The house has a de-rigueur-for-the-locale double-height entry with travertine-tiled floors and a meant-to-impress curved staircase as well as a sunken formal living room with fireplace and an only partially double-height ceiling. The adjoining formal dining room has glass sliders that open to a small loggia that overlooks the backyard and the all-but-entirely tan and beige kitchen has a center work island with small snack bar, probably custom but woefully ordinary looking raised panel cabinetry, granite counter tops and a breakfast room that, like the formal dining room, opens through a multi-paned glass slider to the backyard. The main floor also includes, per listing details, an office and family room with wet bar.

Four family bedrooms, two of which open to private verandas, and a second family room are privately situated on the second floor while the main floor master suite has plenty of room for a sitting area, a walk-in closet, direct access to the outdoors via another multi-paned glass slider and what listing details describe as a “sexy bathroom.”

Lush and mature landscaping surrounds the house and the outdoor recreational amenities include brick-lined concrete patios, built-in grilling station, a grassy, tree-shaded play yard, a free-form swimming pool and spa and, set up the hillside away from the house, a half-court basketball court.

Until April 2013, when it was sold off for $3,549,000, Mister Hasselhoff owned a gated estate in Encino that he bought from actor John Goodman in the mid-1990s for $1.98 million and previous to that he owned a large house in Sherman Oaks he sold in 1996 for $1.1 million to Emmy and Golden Globe winning television star Michael Chiklis (“The Shield, American Horror Story”).

Foreclosures surge in Southern California, but for how long?

Posted by on Feb 12, 2015 in News/Blog | 0 comments

Foreclosures in Southern California hit their highest level in two years in January, according to new data out Thursday. But market-watchers say it’s more a matter of lenders clearing their books than a new wave of bad loans.

The number of homes repossessed by banks in Los Angeles County nearly tripled from December to the highest level since December 2012, according to data firm RealtyTrac. Similar patterns were seen in Orange, Riverside and San Bernardino counties.

Nationally, foreclosure activity grew 5% from December to January.

Banks are finally adjusting to California’s year-old Homeowners Bill of Rights, which offers new protections for mortgage holders and prolongs the foreclosure process, experts at RealtyTrac say. And that’s pushing a wave of repossessions through the pipeline right now. The number of notices of default – which start the foreclosure process – remains roughly at the level it’s been for the last six months.

Even this new quicker pace of repossessions remains well behind the levels seen at the height of the foreclosure crisis. There were 1,231 homes taken by banks in Los Angeles County in January, according to RealtyTrac. That number peaked in February 2009 at 4,154.


Courtesy of: LA Times

‘Minecraft’ creator Markus Persson buys $70-million Beverly Hills mansion

Posted by on Jan 5, 2015 in News/Blog | 0 comments

The L.A. area’s unusually hot ultra-luxury real estate market ended 2014 with yet another mega-sale. Swedish video-game billionaire Markus Persson bought a Beverly Hills mansion built by handbag tycoon Bruce Makowsky for $70 million.

Although the transaction failed to eclipse last year’s high point for a Los Angeles home sale price — that was the $88.3 million recorded for the Westside Fleur de Lys estate — the deal surpassed the $55 million that Ellen DeGeneres received for the Midcentury Modern Brody House and the $40 million that Dr. Dre dropped on a Brentwood estate with a moat.

The 23,000-square-foot home Persson bought features an automated 54-foot curved glass door that opens the living room to an infinity pool with iPad-controlled fountains and panoramic views.

The newly built, 23,000-square-foot contemporary home originally debuted on the market at $85 million and drew interest from Jay Z and Beyoncé, among others.

The purchase included the contents used to stage the home — and not just the furnishings and electronics. Even cases of Dom Perignon in the 2,500-bottle wine room were part of the deal.

There are vodka and tequila bars, a candy room valued at $200,000, an 18-seat tiered screening room and an 18-foot onyx dining room table for 24 that features place settings by Roberto Cavalli at a cost of $3,700 each.

Artwork includes a replica of James Dean’s motorcycle and a chromed Ma Deuce machine gun. The home has eight bedrooms and 15 bathrooms.

A black-tile and mirrored garage has a lift to move cars down to the lower lounge level where they create a museum-like display behind glass on one side of the room.

Persson, 35, sold his company, Mojang, to Microsoft Corp. for $2.5 billion in September. “Notch,” as he is known in the gaming community, created “Minecraft,” which has a worldwide following.

Among those considering the home, which was listed at $85 million, were superstars Jay Z and Beyonce, who toured it multiple times.

Sale price holds significance

Dick Clark’s romantic getaway in Malibu has sold for $1,777,777.

No, that’s not a typo. Sevens held particular significance for the late Clark and his wife, Kari, who was the seller. They were married on 7/7/77. How’s that for a poetic ending to a long-running love story?

Designed by architect Phillip Jon Brown to blend in with the mountaintop, the custom-built home gives the appearance of having been carved out of stone. Free-form walls enclose windows that bring in ocean views.

The one-bedroom, two-bathroom house features vaulted ceilings in the living and dining rooms, a bar, a fireplace and a wine cellar.

Downtown Los Angeles (DTLA) skyline will be changing in the near future

Posted by on Oct 29, 2014 in News/Blog | 0 comments

If you ever looked at the Downtown LA skyline and really pay attention, you’ll notice that all the high rises have flat roofs. Well now look at all the skylines in major metropolitan cities; New York, Chicago, San Francisco etc… you will notice that there are designs on the rooftops. Well Los Angeles high rises have flat roofs for a reason. About 40 years rules passed that these properties will need to accommodate a helipad. This is mainly for emergency purposes if there is a fire so that a helicopter can land safely on the roof. According to the NY Times, this 40 year old rule is going to change.

In the past 40 years, only once has a helicopter been used to pluck people from the top of a building on fire, Los Angeles officials said: Five people were rescued from the top of the 62-story First Interstate Bank Building as it burned on May 4, 1988

There are modern advances that will help eliminate the need for helipads on rooftops. In addition the city is going to make other requirements such as an additional elevator for fire staff, or additional cameras and stairs. dtla

Overall it looks like in the next 10 years we will see some interesting spires or designs on our Downtown LA skyscrapers.

Southland Home Sales Fall Yr/Yr Again; Prices Rise at Slower Pace

Posted by on Aug 30, 2014 in News/Blog | 0 comments

Southern California home sales fell to a three-year low for the month of July as supply continued to fall short of demand, some buyers struggled with higher prices, and investor activity fell. Cash deals declined to the lowest level in more than four years, while the median sale price dipped from June and rose from a year ago at the slowest pace in more than two years, a real estate information service reported.

A total of 20,369 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 1.4 percent from 20,654 sales in June, and down 12.4 percent from 23,253 sales in July 2013, according to Irvine-based CoreLogic DataQuick.

On average, sales have declined 6.3 percent between June and July since 1988, when CoreLogic DataQuick statistics begin. Southland sales have fallen on a year-over-year basis for 10 consecutive months. Sales during the month of July have ranged from a low of 16,225 in July 1995 to a high of 38,996 in July 2003. Last month’s sales were 19.4 percent below the July average of 25,269 sales.

The median price paid for all new and resale houses and condos sold in the six-county region last month was $413,000, down 0.5 percent from $415,000 in June and up 7.3 percent from $385,000 in July 2013. The June 2014 median was the highest for any month since January 2008, when it was also $415,000. The median’s 7.3 percent year-over-year gain in July was the lowest since June 2012, when the $300,000 median rose 5.3 percent.

“Prices came a long way in a couple of years, and now a lot of would-be buyers just can’t stretch their finances enough to buy in today’s more conservative lending environment. That’s not the only reason price appreciation is easing, but it’s one of the main ones. July was the first month in two years in which all but one of the six Southland counties posted a single-digit year-over-year increase in its median sale price. The more spectacular annual price gains of a year ago – over 20 percent – seem far back in the rear view mirror now. Looking ahead, such double-digit price jumps seem unlikely unless there’s a burst of pent-up demand, perhaps triggered by more robust income growth, a loosening of mortgage credit or a significant move in interest rates,” said Andrew LePage, CoreLogic DataQuick analyst.

The Southland median has risen on a year-over-year basis for 28 straight months. In June, however, the median’s 22-month streak of double-digit year-over-year gains ended. The peak annual gain during that stretch was 28.3 percent in June 2013.

Last month five counties – San Diego, Los Angeles, Ventura and Riverside – logged single-digit, year-over-year gains in their median sale prices.

The Southland’s July median stood 18.2 percent below the peak $505,000 median in spring/summer 2007.

Home prices continued to rise at different rates depending on price segment. In July, the lowest-cost third of the region’s housing stock saw a 16.7 percent year-over-year increase in the median price paid per square foot for resale houses. The annual gain was 8.3 percent for the middle third of the market and 7.1 percent for the top, most-expensive third.

The number of homes that sold for $500,000 or more last month was almost even with a year earlier, declining 0.9 percent from July 2013. But sales below $500,000 fell 17.2 percent year-over-year. Sales below $200,000 plunged 37.1 percent. Sales in the lower price ranges are hampered by, among other things, the drop in affordability over the last year, a fussy mortgage market and a relatively thin inventory of homes for sale.

In July, 37.2 percent of all Southland home sales were for $500,000 or more, down a tad from a revised 38.0 percent in June, which had the highest level since $500,000-plus deals made up 38.3 percent of sales in December 2007. In July last year 33.2 percent of sales were above the $500,000 threshold.

Distressed property sales continued to recede last month.

Foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 5.2 percent of the Southland resale market last month. That was down from a revised 5.3 percent the prior month and down from 7.7 percent a year earlier. In recent months the foreclosure resale rate has been the lowest since early 2007. In the current cycle, foreclosure resales hit a high of 56.7 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 5.9 percent of Southland resales last month. That was down from a revised 6.0 percent the prior month and down from 12.7 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 23.6 percent of the Southland homes sold last month. That was the lowest share since December 2010, when 23.4 percent of homes sold to absentee buyers. Last month’s 23.6 percent absentee share was down from a revised 23.9 percent in June and down from 27.4 percent a year earlier. The peak was 32.4 percent in January 2013, while the monthly average since 2000, when the CoreLogic DataQuick absentee data begin, is about 19 percent.

Cash purchases dropped to the lowest level in more than four years last month. Buyers paying cash accounted for 24.5 percent of July home sales, down from a revised 25.6 percent the month before and down from 30.0 percent in July last year. The last time cash purchases were lower than last month was in June 2010, when 24.2 percent of Southland homes were bought with cash. The peak was 36.9 percent in February 2013, and since 1988 the monthly average is 16.6 percent.

In July, Southern California home buyers forked over a total of $4.51 billion of their own money in the form of down payments or cash purchases. That was down from a revised $4.77 billion in June. The out-of-pocket total peaked in May 2013 at $5.41 billion.

Although credit conditions overall remain relatively tight, the use of larger “jumbo” home loans and adjustable-rate mortgages has trended higher this year, toward more normal levels.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 32.3 percent of last month’s Southland purchase lending – the highest jumbo level for any month since the credit crunch struck in August 2007. Last month’s figure was up a hair from 32.2 percent in June and up from 27.9 percent a year earlier. Prior to August 2007 jumbos accounted for around 40 percent of the home loan market. The jumbo level dropped to as low as 9.3 percent in January 2009.

In July, 13.6 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs), down slightly from 13.9 percent in June and up from 10.9 percent a year ago. ARM use dropped to as low as 1.9 percent of all purchase loans in May 2009. Since 2000, a monthly average of about 31 percent of Southland purchase loans have been ARMs.

All lenders combined provided a total of $6.44 billion in mortgage money to Southern California home buyers in July, up from a revised $6.35 billion in June and down from $6.54 billion in July last year.

The most active lenders to Southern California home buyers last month were Wells Fargo with 6.9 percent of the total home purchase loan market, Bank of America with 2.8 percent and New American Funding with 2.5 percent.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 18.8 percent of all purchase mortgages last month. That was the same as the month before and down from 19.0 percent a year earlier. In recent months the FHA share has been the lowest since early 2008, mainly because of tighter FHA qualifying standards and the difficulties first-time buyers have competing with investors and cash buyers.

The typical monthly mortgage payment Southland buyers committed themselves to paying last month was $1,602, down from a revised $1,616 the month before and up from $1,537 a year earlier. Adjusted for inflation, last month’s typical payment was 34.4 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 46.3 percent below the current cycle’s peak in July 2007. For help with real estate studio city, sherman oaks or toluca lake. Contact


courtesy of

Warner Center Marriott Acquired by Century City Based Laurus Corp.

Posted by on Jul 31, 2014 in News/Blog | 0 comments

The Marriot Warner Center has sold to Laurus Corp., a Century City based real estate investment and development company. This particular Marriott is one of the largest hotels in the San Fernando Valley – the building provides 474 rooms of corporate lodging space for guests.

While the sale price was undisclosed, it is estimated that the hotel changed hands for upwards of $100 million. The seller, Teachers Retirement Fund of Illinois, purchased the hotel in 2003 for $85.3 million. Laurus has been aggressively acquiring hotel properties nationwide over the past 18 months. In total, the company has added 10 hotels under Ethika Investments LLC. The company has allocated $11 million in funds to renovate the rooms and exterior public areas of the hotel.

The Marriot Warner Center is a timely acquisition for the company because of rapid new construction and renewed interest in the area. The hotel is situated close to the Westfield Promenade and Westfield Topanga – which will soon be joined by the Westfield Group’s new Village at Westfield Topanga. The Village will feature a Costco (its anchor tenant), new shops and restaurants, and office buildings.  


North Hollywood Home Sales Activity for May

Posted by on Jul 23, 2014 in News/Blog | 0 comments

A total of 81 homes sold in North Hollywood for the month of May. The median price for a home sold was $429,000. Compared to the median sale price figures of May of last year, $420,000, this new number represents a 2.14 percent year-to-year increase in sales activity for the city.

There is an increase in homes selling in North Hollywood possibly due to low inventory and high demand. Another contributing is interest rates for home mortgages (current 30-year fixed rates are at 4.25%), and first-time homebuyers entering the market.

Los Angeles County had a total of 6,466 homes sold in the month of May. The median price for a home sold in the county was $450,000. This represents a 7.66 percent year-to-year increase in sales over last year’s May median sale price of $418,000.

A total of 1,010 homes were sold in the San Fernando Valley for the month of May. The median price for a home sold in the San Fernando Valley was $445,000. Compared to the median sale price figures of May of last year, $420,000, this new number represents a 5.95 percent year-to-year increase in sales activity for the region.