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The “Wisdom” of Crowds

Want to know when to buy a home in the San Fernando Valley? The geniuses at Zillow propose a solution to your dilemma, by releasing their latest widget – promising a surefire way to pick the bottom of the market. No, Zillow does not have a crystal ball either, but the widget they have created just leaves it up to the “wisdom” of crowds, and lets everyone who visits vote for when the... [Read more]

Gazing Into the Crystal Ball: When Is the “Best” Time to Buy a Home or Investment Property?

Have we hit bottom yet in Southern California?   I’d love to look you straight in the eye and confidently predict “yes, this is it, break out your checkbook and buy, buy, buy,” except for one thing.  I’m not a fortune teller and I don’t have a crystal ball.   In fact, I can honestly tell you I have no idea where the bottom will be reached (presuming it is not there... [Read more]

Woodland Hills Condos are Few and Far Between

I recently have been looking for a condominium in Woodland Hills for one of my buyers. Woodland Hills would be a perfect choice for my buyer, in view of her criteria: amenities, easy freeway access, close to the beach. Calabasas would be great, but the prices are a bit out of her price of her range. So we looked (and are still looking) and I have been amazed at how few suitable condos are on the... [Read more]

Hipster Alert! Is Woodland Hills Destined to Become the Next Trendy Destination?

Ok, that might be a bit of an exaggeration. But there are big changes planned for the West Valley that may well affect the desirability (and price) of homes in Woodland Hills and surrounding areas. On the almost-empty (save for a new Crate & Barrel) parcel of land that separates the Westfield Promenade and Westfield Topanga, megadeveloper the Westfield Group is planning to construct what may... [Read more]

Number of Woodland Hills Homes In Escrow up 55% over last year

It appears that home buyers have finally been coming out of the woodwork lately. Looking only at single family detached homes in Woodland Hills, the number of properties going into escrow has been leaping recently. The latest figures from SROAR comparing May 08 to May 09, show an increase of 55% of such homes going into escrow. I would not be surprised to see this trend continue, at least if the... [Read more]

Obama Administration Moves to Incentivize and Standardize Short Sales

Short sales are great, in theory. They can be a win-win-win situation – the seller gets rid of an unaffordable house; the buyer gets a great deal, and the bank avoids the costs and delay of another foreclosure and possible eviction. But, up until now, the short sales process has been somewhat of a mess. The lack of transparency and what often appear to be arbitrary bank decisions has turned the... [Read more]

First Time Homebuyer? Uncle Sam Now Wants to Make Your Down Payment For You.

Some things seem too good to be true, but you might be surprised. Recently, the planets have started to align in favor of the first time homebuyer. The combination of low prices in the San Fernando Valley, FHA-backed loans at 3.5% down, and the Federal Government’s first time homebuyers’ tax credit (up to $8,000), means that Uncle Sam is quite literally willing to pony up for you to “buy”... [Read more]

The San Fernando Valley is Hot, Hot, Hot!

Just in: the latest information from the Southland Regional Association of Realtors, as reported in the Daily News, is that the San Fernando Valley is heating up – with home sales reportedly leaping 26 percent in April, 2009. Moreover, the median price of a previously owned Valley house actually increased by 3 percent in April! I can’t say I’m completely surprised by these stats, having recently... [Read more]

Short Sales: Walk, Run, or Run Away?

A short sale is a sale in which the lender(s) agree to take less than the amount owed upon the sale of the property. The problem in a nutshell: because so few short sales have historically resulted in closed deals they can amount to a colossal waste of everyone’s time. The Washington Post has written about the problem: “Why Short Sales Stumble.” There are a number of reasons for problems... [Read more]

A Tale of Two Cities: The Divergent Fortunes of High and Low End Properties in the Greater Los Angeles Area

From my perspective, many cheaper houses in close-in, desirable San Fernando Valley neighborhoods have reached a price point where they make sense to purchase as flips, long-term investments, or shelter, when viewed in relation to market rents. The higher-priced properties, in contrast, are still selling for an extraordinary multiple of their rents. In addition, the spread on interest rates between... [Read more]

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