Have you ever wondered what it would be like to live at a Four Seasons Resort Hotel? Or on Park Ave in New York? The Park Wilshire #706 is waiting for you!
2bds & 2.5 bas, 2,008 sq ft of luxurious living space with sparkling city light views is now available for purchase. Freshly painted, new shutters & carpets; just bring your toothbrush. Long, wide entry hall is perfect for art. Spacious living & dining area, including wet bar is perfect for entertaining. Cook’s kitchen opens to dining area. Split bedrm plan allows for complete privacy. Master ste features huge walk-in closet. Tremendous Master Bedroom allows for separate office or sitting area. Large second bedroom can be used for bedroom/den/office. Separate laundry room & extra storage closets. Because this is the only building that was originally planned out as a hotel, the Park Wilshire boasts the finest public spaces on the Wilshire Corridor. Pool, spa, gym, recreation room, bar, lobby, library, 24 hr Valet & Security
According to the LA Times, California real estate sales increased this November in comparison to 2010, up 4%. The positive news is, however, just a small piece of the picture. The median home price is down about 4.3% from last year.
What’s important to note is that the market is not rushing back to its former glory because of new mortgage struggles despite the “discounted” home sale prices…”These days, buyers and sellers have to contend with two sets of problems, which sometimes play into each other and sometimes conflict with each other,” DataQuick President John Walsh said in a statement. “The first is the lousy economy and the opportunities it presents, for better or worse. The second is the dysfunctional mortgage-finance system. Interest rates may be at record lows, but the types of mortgages that are available have been drastically reduced and qualifying is a true grind.”
So what does this mean for you? If you can qualify, there’s still time to get in on market savings – recovery is still slow. Enjoy your holidays, relax and spend time with family and friends. Come the new year, think hard about your real estate needs and if you want to buy as we pass through the market lows. If you’re a seller, wait it out a little more. Good news is coming.
Lynn and Mark
Since we are coming up on the holiday, I wanted to take a moment to reflect on how much Lynn and I have to be thankful for in our lives. First of all, our health. Even though we could always be eating better, moving faster, getting thinner…we are so blessed to have no major illnesses and in good health in our late 50′s when so many people we know and love are less fortunate. We also, for the first time in 8 years, have all of our children (and my mother) living in Los Angeles within minutes from eachother. I’ll finally be able to look around the faces in the room this Thursday and not feel like someone is missing. My mother Maxine is still with us and going strong, as well as Lynn’s Uncle Walter Mirisch who just celebrated his 90th birthday, a true blessing.
There is so much to be thankful for, and even still we have the cherry on the cake – We received notice from NRT, the parent company of Coldwell Banker, Sothebys, and several other major real estate corporations, that Lynn and I have been ranked among the Top 100 Teams for the entire country for the third quarter in 2011. Bruce Zipf, the President and CEO writes, “What your team has accomplished this past quarter serves as inspiration to us all.” (see the letter here: NRT Top 100 Letter)
I speak for my wife and me when I say we are humbled and blessed to receive this honor. We work extremely hard for our clients and wouldn’t have it any other way. To be recognized on a National level is really something very special. This is a wonderful surprise and another blessing before the Thanksgiving Holiday. But I must add, that even more important than the National recognition, are the “thank-you’s” we have been receiving from our clients this year. It’s been a tough recession for everyone, and we find that people appreciate the kind of attention to detail and personal care we give to our clients more than ever.
We want to wish everyone a wonderful Thanksgiving Holiday with their Family and Friends!
I’ve been doing a bit of research to justify my strong theories about this being the time to buy – and I found it in a report from
JPMorgan. Top strategists in their Funds group believe that, despite the remaining economic troubles left over from 2007, investment opportunities still exist, and they exist in real estate.
Not only are the prices at an all-time low, but we need to remember that continued population as well as lender/borrower caution have both increased pent-up demand. Home building has significantly slowed in the past 3 years so this opportunity is somewhat fleeting because, as soon as the demand picks up, building will accelerate quickly, along with prices.
I’ll throw a number out there – Median mortgage rates have gone down to an average of 6.9% of household income, compared with an average of 14.4% in 1966 and are now at the lowest level in modern history. On October 7th they went down to 3.94%. As scary as this may sound, it presents an opportunity for long-term financial gain for those who buy “much-cheaper-than-average” housing with much-cheaper-than-average” long term financing.
So what’s the real takeway from the experts? 5 Years ago, it was time to rent. Today, the numbers point to a time to buy.
Sourced from JP Morgan’s Asset Management Group, in “Housing: A Time to Buy” by Dr. David Kelley and David Lebovitz.
Several people have been asking me, “Mark, when is the time to buy? Is it the bottom of the market yet?” My answer? The bottom has come and gone. The real estate market was dead quiet for the majority of 2010. There was a scary silence in the air, and just when I was going to pack up my bags and move in with my mother, the phones started ringing.
Since February of 2011 there has been an awakening in the real estate market on the Westside. Remember, Los Angeles is a bubble; there is a plethora of wealth in Southern California so we will recover before most of the country. It’s hard to ignore the articles coming out from various trusted news sources about when the bottom of the market will hit, how many people are in foreclosure, and so forth but, as my wife likes to say, “That is not OUR reality.” Or as I like to say, “When it comes to real estate, there is the Westside of Los Angeles and the island of Manhattan in New York. Then there is the United States of America.”
So back to the question – the bottom of the market has hit and we have stabilized here on the Westside. I think the rest of our window will shut in six months, eliminating the only “Buyer’s Market” on the Westside in many decades. If you are in a financial position to buy, buy now and ideally, sell in 2-3 years if you can. My older daughter bought her house in 2009 and it couldn’t have been a better decision.
So to all my friends, clients, and family out there – take advantage now, because (hopefully), the real estate economy will have recovered sooner than you think. When you’re looking for the bottom, you’ll only see it in your rear-view mirror.
Welcome to simply the most beautiful, cool, most hip, yet sophisticated, completely renovated unit at The Wilshire House. With interiors designed by Tod Carson, this luxury unit is built to impress. North east jetliner vus are easy to appreciate thru floor to ceiling glass windows that front the huge expansive living & dining rms, and while standing on the wrap around balconies. The luscious hard wood flrs & cooks kitchen w/ breakfast area, don’t fail to impress. Modern design is married w/ luxury. There are 3 bds & 3.5 bas. Currently 3rd bd is being used as a den/office & opens to living rm. This is the office that is appointed so beautifully, you never want to leave! The private master ste is spacious, w/ bay window, huge walk-in closet, & bath you might imagine in your dreams. Vus from the master bath steam shower & soaking tub must be seen to be believed! Clearly, no expense was spared. We call this unit “eye candy”. 24 hour Security, Valet, saline pool & spa, rec room, gym.
We would love to show you this unit so you can truly appreciate the detail and work that has gone into it. Please contact Lynn and Mark’s office: 310-385-3164 to schedule an appointment and check out www.10601wilshireblvdunit1201.com and www.markrogo.com for more photos and information about the property.
But how about the state of our real estate economy?
The old saying says, “beware of wishing to live in interesting times. You may get your wish.” Well, we are living in interesting times, for sure. Stubborn high unemployment, persistent housing foreclosures and ineffective Federal Reserve policies have landed us in a protracted Depression of the highest degree. In the middle of this mess is of course, Housing.
What are the trends? Where are we going from here? Numbers don’t lie. Condos and homes are showing parallel paths in several areas; those properties that are priced correctly will sell, values and inventory remain stagnant (although homes are faring better than condos), but the spread between Listed and Selling prices seem to be moving closer to 0% from historic highs.
Consider this. Listed price of Homes as compared to Selling price moved only slightly from 94.91% in the previous six months to 95.3% now. Condos followed the same pattern from 91.37% to 93.30%. But it gets better. The $/sq ft moves up, from $645 to $697 for Listed properties, and $457 to $471 for Sold properties. Homes showed the same dichotomy, moving from $626 to $639 for Listed properties, and $582 to $589 for Sold properties. These numbers may show marginal indications of solidifying prices, but I interpret them as a Seller revolt instead. They may very well be the sign that the bottom has been reached for Westside homes and condos.
Historically low interest rates and values are a tough combination to beat for the definition of “timing the market.”I strongly believe that any astute real estate transaction today will be looked at as genius tomorrow. There can be no other interpretation of the numbers.
Total Sold Dollar Volume: $ 22,420,860
Average Selling Price: $ 1,318,874
Average List Price: $ 1,430,941
Avg Sales Price/Avg. List Price: 92.2%
Median Price: $ 1,145,000
Average Days on Market: 88
Number of Listings Sold: 17
1.2316 OVERLAND AVE $ 695,000
2. 2326 KELTON AVE $ 750,000
3. 2238 MALCOLM AVE $ 850,000
4. 2142 GLENDON AVE $ 860,000
5. 2036 LINNINGTON AVE $ 953,000
6. 2230 OVERLAND AVE $ 980,000
7. 10320 CALVIN AVE $ 989,800
8. 10357 MISSISSIPPI AVE $ 1,095,000
9. 1250 WOODRUFF AVE $ 1,145,000
10. 349 S THURSTON AVE $ 1,155,000
11. 1943 PELHAM AVE $ 1,300,000
12. 1545 CALMAR CT $ 1,310,260
13. 340 HILGARD AVE $ 1,776,000
14. 927 WESTHOLME AVE $ 1,976,800
15. 10300 SANTA MONICA BLVD $ 2,000,000
16. 726 THAYER AVE $ 2,235,000
17. 1918 WESTHOLME AVE $ 2,350,000
For more detailed market activity please visit www.wilshirecorridor.com