So What's Going On with Foreclosures?

There has been much written and discussed in the media about the current real estate market and the impact that the growing number of foreclosures are having on real estate prices. Is the media being "fair and accurate" in its depiction of the “foreclosure crisis” with regards to our local real estate market? Well, yes and no.

Her is a breakdown of foreclosure activity for Westwood and several other Westside locations.

As you can see by viewing this data, the number of homes that actually go into foreclosure on the Westside is still insignificant. Notice however that there has been a 100% increase in Westwood/ WLA 90025 from 2006 to 2007 and a 500% increase in Brentwood 90049! And so the media reports these sorts of statistics out of context and understandably you, the public out there think that the real estate market is crashing and burning. In fact this is what Jamie and I hear whenever we meet with homeowners concerned about the real estate market.

By contrast, take a look at these stats for some other neighborhoods:

What becomes clear from this data is that the market in these areas is being significantly impacted by foreclosures, but when the media reports this information and implies that this is a city-wide phenomena, that is inaccurate and irresponsible. And to this point, although the number of transactions on the Westwide is down from previous years the values are holding. Don't be fooled by active listings that have had their prices reduced. Those are likely the result of homes that were not priced correctly when they initially came on the market. Jamie and I just sold 1946 Midvale Ave. for $1,880,000. This exact home was purchased by the sellers as new construction in 2006 for $1,900,000. A drop of about 2%.

Nationally there huge numbers of bank foreclosures in many parts of the country that are coming back on the market as REO properties and drastically increasing the inventory of homes on the market. As supply grows it creates a downward pressure on prices. In addition, the overall economy in many parts of the country are feeling the effects of a recession and home-buyers are reading articles every day about the collapsing real estate market (sound familiar). These factors are in turn are leading to a decrease in demand for homes to purchase. The net result of a swelling supply and a diminishing demand has put significant downward pressure on home values and not surprisingly, home prices are dropping.

The reality is that real estate markets at this time are localized and need to be evaluated as such. We welcome your comments, please post.

The 7 Critcal Mistakes Sellers Make When Selling Their Home

The Seven Critical Mistakes Sellers Make When They Sell Their Home:

1) Overpricing your home. Pricing is the most powerful marketing tool for the home seller. Pricing is an art, not a science.

2) Failing to showcase/stage your home to show at its best.

3) Getting emotionally involved in the sale of your home (it's never a good idea to let your emotions take over).

4) Failing to completely disclose material facts regarding your home. 9 out of 10 lawsuits per rela estate attorneys arise out of non-disclosure matters.

5) Not knowing your rights, responsibilities, and obligations as a home-seller.

6) Not responding to ALL offers/choosing the wrong buyer. The highest priced offer may not be the right offer.

7) Failing to effectively market your home.

Le Saigon = Le Love

I must admit I’ve never had Vietnamese food, so I was a little weary when I first tried Le Saigon, but the second I saw the hot sauces (in ketchup bottles for easy dispensing!) at the table, my fears were quickly quelled!

The restaurant is cozy and charming, with great feng shui decor; the waitstaff seated us immediately, and were extremely attentive throughout the meal.

The fried tofu is outstanding (oh so crunchy and buttery!) atop a huge portion of veggies and slurpy, vermicelli noodles. For those rainy L.A. days (Yes, we do have winter in California, unbeknownst to my Chicago mind) try the noodle soup. It’s like a big, spicy hug that provides instant comfort.

But you must start with the spring rolls, which are overloaded with mint, basil, carrots, sprouts, and shrimp, and are tightlty nestled in clear rice paper.

I swear, peanut sauce makes everything better!

Le Saigon is located at 11611 Santa Monica Blvd in Los Angeles, CA. Phone: (310) 312-2929. Hours: Tue-Sat 11am-10pm, Sun 11am-9pm

Posted by Andie Karras

BYOB - Bring Your Own Bag!

Did you know Americans use over 14 billion plastic bags annually? Did you know that since plastic bags are not biodegradable, they remain intact for hundreds of thousands of years, choking our environment and endangering wildlife? Yes, that plastic bag will still be around in thousands of years, even when you’re not. Our goal at The Westwoodian is to leave a greener legacy, and to promote awareness about environmental issues threatening our planet.

How you can help:

Go to http://www.onebagatatime.com (or click on the article's title!) to learn more. Their website is a great resource for all things green. Here, you can purchase eco-friendly, reusable bags that are designed to replace up to 4 plastic bags at a time, and have a shelf life of up to 2 years or more! How great would it feel if the next time you were asked: “Paper or plastic,” you said neither!

Posted by Andie Karras

The Landmark Cinema Takes The Panic Out of The Movie Going Experience

I can’t tell you how excited I was to find The Landmark Cinema right here in Westwood! Whether you’re craving a mainstream, blockbuster movie, or a hard-to-find, one-week-release independent film, The Landmark offers the best of both screens for the cinephile in all of us. And speaking of cravings….

With the widest selection of concession goods, including frozen yogurt with your choice of three toppings (yes, they have a Yogurt Berry machine, the perfect compliment to a large popcorn with extra salt!), health-conscious drinks, including a bubbly concoction of lavender water (yes, water will flower extracts floating about!), as well as a candy selection that would make any dentist cringe (be kind to yours, he has fillings too).

Now for the logistics. Imagine being able to know whose sitting where before your movie begins. Or, take in how great it would feel to know that you won’t have to fumble in the dark looking for that meek spot way deep in the cheap seats! Yes, embrace technology. The Landmark Cinema lets you choose your seat hours before your movie begins. This way, you can shop at The Westside Pavillion, or catch up on reading at Barnes and Nobles without the stress of having to arrive early to beat the crowds, or worse, not knowing the movie is almost sold out that you end up blind and whiplashed from the dreaded front row (true story).

Oh, it gets better! An usher personally escorts you to your chosen seat, and they even introduce themselves and talk about the film before it begins, meaning the usher doesn’t just usher in and out, they actually hang around and want to be of service.

I am particularly fond of the living-room style seating, the kind of leather seats that encourage you to cuddle up next to your date, whispering the plot along the way. Just make sure you get two spoons for the yogurt!

Posted By Andie Karras