INTEREST RATE UPDATE!

Interest Rate Update
Interest rates move up a touch. Here are the approximate interest rates for this week of January 30, 2009 for 30 year fixed loans for residential properties (single family homes and condominiums):

Conforming Loan (loan amount up to $417,525) - 5.375%
Agency Jumbo Loan (loan amount $417,000-$625,00) - 5.75%
Jumbo Loan (over $625,000) - 6.625% (Alternatively there are a 10 Year at 6% and a 5 Year at 5.125%)

This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.

Posted by Leesel Boulware

INTEREST RATE UPDATE

Interest Rate Update for The Westwoodian.

Due to all of the renewed interest in re-financing coupled with some poor numbers from the treasury, interest rates have ticked up slightly but continue to be at all-time lows. Here are the approximate interest rates for this week of January 16, 2009 for 30 year fixed loans for residential properties (single family homes and condominiums):

Conforming Loan (loan amount up to $417,525) - 4.875%

Agency Jumbo Loan (loan amount $417,000-$625,00) -5.5%

Jumbo Loan (over $625,000) - 6.5% (in addition there is a 7-1 ARM available at 5.625%)

This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.

Posted by Leesel Boulware

Mickey Kessler Featured Panelist at Beverly Hills Bar Family Law Symposioum

Mickey Kessler of Coldwell Banker was one of the panelists for the “A House Divided: The Impact of California’s Housing Crisis on Family Law Practice” panel at the Beverly Hills Bar Symposium held December 6th at the Beverly Hills Hotel. The panelists included Jack Zuckerman, CPA of White, Zuckerman, Warsavsky, Luna & Wolf, Larry Sommer of Sommer Appraisal Service, Kenneth Young, Esq. of Kaufman, Young, Spiegel, Robinson & Kenerson and Hon. Thomas Trent Lewis.

The purpose of this panel was to discuss various aspects of real estate and how they apply to and are impacting the family law practice. While many provisions were discussed, Mickey was responsible for discussing both current trends in real estate and short sales. Specifically, Mickey was asked to discuss both of these topics and how they are impacting family law cases. In addition, Mickey was asked to discuss the state of real estate, current trends and where the real estate market is headed.

To aid Mickey’s presentation he displayed several charts (see below) showing changes in inventory and absorption rates of properties on the Westside and how this year’s activity compares to the activity for several prior years. In addition he provided graphic representation for condos and leases.

What is evident from these graphs is that the inventory of homes on the market for sale is growing while the number of sales is declining. Note that there has been a steady and substantial increase of expired and withdrawn listings (homes that have failed to sell). While this factor is offsetting the growing inventory it is also an indication that it is becoming yet more difficult to sell homes. Moreover, it is a clear indication that many home sellers are not willing to price their homes at an appropriate price (an “energy price” if you will) that will get their home sold.

In response many home owners are opting to list their homes for lease. These homeowners would prefer to lease their home rather than sell at the reduced prices the market now dictates. As you can see from the chart below however, many home owners have the same idea as evidenced by the growing number of lease listings coming on the market. Not surprisingly, the increasing inventory of lease listings is creating apathy among prospective tenants. Like homes sold, the number of homes being leased over the last half of 2008 has declined which is bound to create downward pressure on lease prices as well.

Based on my discussions with home sellers and lessors, there is some wishful thinking going on out there that they would be better off waiting until next spring when “the market will be better”. If 2008 is any indication (see single family 2008 chart), there will be a steady increase of homes coming on the market and a swelling of the inventory while sales will only pick up slightly, resulting in more downward pressure on home prices.

These forecasts are my opinions based on analysis of the current data available. These are not guarantees and as we all know, the future can offer a multitude of unforeseen events. One thing for sure, the real estate market is certainly holding our attention. . . Stay tuned.

If you have questions or for more information and data, you're welcome to contact Mickey Kessler of Coldwell Banker at 310-442-1398 or email Mickey at mkessler@verizon.net

BACK ON MARKET!

1938 Westholme Ave.

This Spectacular 2-Story home has been brought back on the market by Michael Shore (son of real estate legend Marni Shore) at the new price of $2,595,000 (previously listed for $2,769,000).

It is a stunning example of Hampton's-style Cape Cod architecture. It is new construction and consists of a 5,164 sq.ft. home on a flat 7,250 sq.ft. lot. The home has 6 large bedrooms and 5.5 baths. The luxurious master suite features a large sitting area and an exquisite bathroom. Downstairs, there is a maid's room and a huge gourmet kitchen that opens to the adjacent family room creating the perfect spacious atmoshphere for entertaining. The large grassy yard offers privacy and the perfect setting for a game of soccer.

The home features all designer finishes and every amenity you can think of. This is one of those homes that will make you say "Wow, I want one of those!"


For more information contact Mickey and Jamie at the Westwoodian at 310-442-1398, 310-339-3523 or mkessler@verizon.net, jtheis@camoves.com or Michael or Marni Shore of Shore Real Estate at 310-435-2351

The Coolest House on Caravan!!!

519 Ocampo Drive

Offered at $3,995,000

This Fabulous Contemporary Mediterranean 3 bedroom, 3.5 bath is a true Huntington Palisades beauty. Completely renovated in 2006 by highly-accomplished local designer/builder. The sophisticated taste & exceptional quality come together to create a wonderfully romantic ambiance with indoor/outdoor living. We at the Westwoodian were particularly impressed with the attention to detail and the materials employed by the Seller. This estate has it's limitations, particularly its number of bedrooms, making it less than ideal for a large family. On the other hand this house has tons of sizzle that sets it apart from the multitude of homes out there.

This home boasts living room, dinning room and family rooms that all open to magnificent patio, heated private pool, spa, bbq, pizza oven & fountains.

The gorgeous fully equipped kitchen features stainless steel appliances and breakfast bar. A large office off the master bedroom. This rare beauty includes marble floors and hardwood walnut floors, venetian plaster walls, arched doorways, vaulted ceils & much, much more.

The Home is listed for $3,995,000. For more information please contact Mickey and Jamie at the Westwoodian at 310-442-1398, 310-339-3525 or mkessler@veriszon.net jtheis@camoves.com or Michael Edlen of Coldwell Banker at 310-454-1111

Interest Rates Continue to Move Down!!!

Interest Rate Update for The Westwoodian. Rates continue to come down. Here are the approximate interest rates for this week of January 9, 2009 for 30 year fixed loans for residential properties (single family homes and condominiums):

Conforming Loan (loan amount up to $417,525) - 4.75%

Agency Jumbo Loan (loan amount $417,000-$625,00) -5%

Jumbo Loan (over $625,000) - there is a 10-1 ARM available for 6.25%

This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.

Posted by Leesel Boulware

"Beard Papa"! The Next Big Thing?

I have a huge sweet tooth. I am always looking for new desserts to indulge myself with. My brother, also a sugar fanatic, told me about a place he said I had to try called Beard Papa.

Strange name, I know but there is nothing strange about it. Who knew there was a place on the Westside that ONLY served cream puffs? I can tell you this, if you like cream puffs and/or eclairs (they're all in the same family), then you will go nuts for Beard Papa. They are made fresh daily and you can choose between several different "shells" as they call it. Plain, Plain with a Chocolate Topping (also like an eclair) and Cookie (which is a plain shell with a sugar cookie topping- this is my personal fav).

Next, you choose which filling you'd like inside your "shell". They fill the shell upon EACH order so it doesn't get soggy. . . Genius! You can pick between chocolate or vanilla although they usually have a special filling of the day depending on the day of the week. I've had coffee and strawberry, also great choices.

I promise you won't be disappointed but beware of the long lines. I think this is the next "Pinkberry-like" craze. To my surprise, I was told that Beard Papa is a franchise and they have them all over the country. You can check out their website at http://www.blogger.com/www.muginohousa.com for locations and to read about their 'story'. Oh, and the other huge plus is that the Westside location is on Sawtelle just west of the I-405 freeway so, it's easily accessible and very close to Westwood. For me I have actually found the close proximity to be a problem because they're so good I am contemplating stopping in a few times a week.

If you have tried Beard Papa let us know what you think. We welcome your comments.

Jamie Theis