As posted in LA Times, Santa Monica zip code 90402 lead the real estate comeback in 2012 with an impressive jump in annual price by 29.1%. Â Malibu after being our biggest loser in 2011 with a 20% decrease came in second place for appreciation with a positive jump of 23.3% in 2012. Â Other impressive areas include West Hollywood/Hollywood Hills zip code 90046, with 15.6% increase, Valley Village with 21.8% and Eagle Rock with a 15.5% increase. Â
For the losers, none other then 90212 - Beverly Hills, with a decrease of 11.1% from 2011 prices. Other areas going in the wrong direction, zip code 90004 which includes parts of Hancock Park, Beverly Village, and K-Town with a decrease of value by 11.4%, Topanga dropped by 16.6% so they are true top loser but I like to pick on the beverly hills bunch then the fun loving Topanga gang.
But now we are in March and there are no loser because prices have gone up and up since the beginning of the year.
Last year we purchased 7 properties from the bank and via short sale transactions. Â If you are interested in purchasing a property below market contact me and we can discuss the transactions I am currently involved in which are typically apartment buildings, REO homes and short sales.
Living just 10 miles from Malibu I can nearly feel your pain, Malibu with 206 homes sold in 2011 had the largest price decline (21.0%) for any area of Los Angeles with an average sales price above $750,000. Â For 2011 the average sales price for Malibu was $1,650,000 with price per foot average of $630. Â Prices in Malibu will continue to drop...ohh the worries to the 1%.
As I was looking over the winners and loser of 2011 real estate price for Los Angeles County couldn't help to take a look at the Eagle Rock Zip code 90041, as posted in LA Times, the average home price for the 153 homes in sold in 2011 was $420 (price median per $1000), with a 6% decline in price from 2010. Â Easily betting out your neightbor Highland Park which boast a minor price increase less then 1%, with an average home price of $325k.Â
Pasadena posted some solid appreiciation with several zip codes increasing from 2010 by over 10%, while nearby Burbank when the opposite direction with most zip codes losing 10%.
Nearly 2/3rds of all high-end zip codes dropped in value, Beverly Hills and a few beach cities had good gains but Malibu was dealt a 20% decline in home prices in just 12 months.Â
So at least there is some good news for the LA housing market, unlike the Ventura County market which in 2010 saw a drop in prices in all zip codes except two which had gains of less then 1%.
So it only took 4 years to bring the price downÂ but this has to be the strangest piece of land around.Â 31352 Mulholland Highway a vacant piece of land was listed in 2007 for 3.5M.Â Listing description in 2007: "MOTIVATED SELLER! SUBMIT ALL OFFERS! NO REASONABLE OFFER WILL BE REFUSED! One of Malibu's last ridge top sites to get approvals - just out of Coastal. Owner is close to getting approvals for a 12,000 sq ft Tuscan estate which will be atop one of the highest ridges in the area and will have 360 degree view of the entire Valley, vineyards, rock formations, even the Pacific. Minutes to 101, PCH and beach."
Welcome to 2011 with the price of $125,000 and listing discription: "Bank Foreclosure REO Property - 3.85 acre ridge top site in Malibu. Adjacent to many vineyard estates . Located out of Coastal. Driveway to property is located on Mulholland Hwy a few hundred feet East from the intersection of Mulholland and Kanan. There is a paved road leading to the property and a dirt road to the ridge top building site."
Contact me at 818-300-8587 for further details and directions to lot.
New Client refund of 30% off commissions earned given to Malibu, Calabasas and AgouraÂ clients.
Next week is the largest land auction in many years, 320 acres.
What does BudÂ and BofA have in common....they both take away real estate and priced possessions from people.Â Then they give it to their friends to sell for a discount.Â Who wins, people with names like Jamie or Joyce or Stephanie.Â
When does leverage work in a real estate transaction, when you have a good performing asset that increases in value.Â OK the whole "increase in value" sounds like an archaic term, yet just think it may resurface in 2022.Â When does leverage not work?Â When you buy an overpriced anything like a house or baseball team.
Maybe Bud should take back more baseball teams, enough for baseball to have a lockout and stop play.Â Then we could have all three major sports teams on the sidelines with no games.
Maybe BofA should take back more homes, enough for each community to have more vacant homes, less people paying mortgages and more income and property for wealthy landowners who can buy cheap and rent backÂ to the average Joe who just lost his home.
Just think of how great it would be to have no NFL, no NBA, and no MLB.Â No not great for the average Joe who no longer has a home but think of the progress we make in the real estate field.Â
What would all the future unemployedÂ professional sports stars of American do to help the real estate market?Â Any NFL players over 300 lbsÂ could do all the evictions and get people out of their homes, theÂ remaining NFL playersÂ and someÂ MLB playersÂ could handle the legal paperwork while the remaining MLB players do landscaping, and the NBA players would do the resales (who doesn't love high ceiling and hardwood floors).
Yet since this is unlikely to happen I will be happy show you a nice place to call home or investment property.Â Something you be happy to own and a place Bud or BofA will not take away from you.
Spent two hours walking around Eagle Rock yesterday.Â
Walked the streets of York, Fair Oaks, Eagle Rock Blvd., Glen Iris, Yosemite & Colorado Blvd.Â It was a such a liberating feeling to fell left alone without much sound orÂ bright distractions.
What is Eagle Rock?
I tried to describe the area to someone at a localÂ restaurant asÂ Portland Oregon meets Los Angeles.Â The girl was raised in Portland and says Eagle Rock is nothing like Portland.Â So now I come to a new conclusion, maybe its where some people live that can no longer call San Francisco home throw inÂ some Central America and Silverlake move-ons....maybe that what Eagle Rock is.Â Is it a place where people from Echo Park move to and say they upgraded?
Just beginning this strange journey to understand you Eagle Rock.Â
Lakers are down 0-2 to the Mavs, will they come back don't know.Â Gosh it would help if your all-star power forward could hold onto the ball.Â Poor Pau he's now looking as bad as his hair.
Real Estate down since 2005, will it come back - Yes.Â Not starting to happen yet but just think in 3, 5, 10 years from now they could be looking at 2011 as one of the best years for real estate values.Â
In communities across Los Angeles it is now cheaper to buy then rent.Â Couple the tax savings and what a wonderful time to look at investment rentals and home purchases.
The average home price in Los Angeles is around $335,000 and it remain close to that number for several reasons.Â The bottom markets will continue to improve yet there is about as much strength in the million dollar home market as there is in Andrew Bynum knees.Â
So who wins in the battle between Lakers vs. Real Estate...the winner Miami Heat.Â Â UntilÂ Real Estate gets back its big 3 --- Jobs, Supply/Demand, &Â Appreciaion ---Â will it be able to takeÂ on the Heatles.