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The SchifferLine Timely Real Estate News.... 15 December 2009 Happy Holidays. . . .With this last issue of the SchifferLine for 2009, .I want to wish you all a very Happy Holidays. For all of us, it has been a challenging year, to say the least, and I know a number of people are very glad to see it drawing to a close. This is a really special time of year for all of us. We have finally had our "rain", and boy, was it a rain and wind storm. They are predicting a rainy winter for us, so I hope the hillside and foothill communities where we have had recent fires do not suffer from any devastation in the predictable aftermath of floods and mudslides. But, we are also very fortunate to enjoy the sun once again. I do hope the Holidays bring something especially wonderful to your home and family....and to our solders fighting far from home and hearth, all over the world. ********************************************************************* I wanted also to share with you a really special place for me, too -- the Hotel del Coronado. 
There is nothing more special than to visit the Del during the holidays.It is a special place for me, since I have been going to there since I was a little girl. It is truly an amazing sight to walk into the lobby of the hotel and see the wonderful tree they put up every year.
******************************************************************************** Slowly but surely....sales show improvement. . . .November was one of the best months for Westside real estate, with more than $1.315 billion sold in single-family homes during the past month, compared to $1,401 billion, down just 6% from the previous years. Why is this good news? Because the market is inching its way back to at least be even with the previous year, where we have lagged as much as 40% down in sales volume. Every month, we are seeing more and more buyers in the market. There is "life" out there. With respect to home prices, again we are seeing wide fluctuations in the median sales price. For example, Beverly Hills, which has consistently performed well during the past year, was off by 58% when you compare November 2008 to November 2009. Beverly Hills Post Office was down 39%, Bel-Air was off by 35%, but Brentwood was 96% ahead of last year at this time. Go figure. And we have. The wide swings represent typical market anomalies -- last year in Beverly Hills, the median sales price was $4,525 million when it has averaged just $3,502 million in November 2008. There are one-time, large estates sold in each of the areas I report about every month, and this skews the statistics, as is the case in all of the communities at one time or another. The median sales price for the year, however, is consistent with previous months: Beverly Hills was off 14% from year-to-date figures for 2009 (compared to 2008); Beverly Hills Post Office was off 16%, and Bel-Air was off by 21%. But Brentwood, which recorded a big jump in MSP for November, was actually up 4% for the year. We'll see what December brings when I report these figures in my 15 January 2010 SchifferLine. ******************************************************************************** Comparing selling price to original selling price. . .It is always important to see the trends in how home pricing affects the market. The MLS keeps track of the comparison between the original sales price vs. the selling price. For example, in Beverly Hills for the month of November 2009, the homes sold at 88.57% of their original sales price; Beverly Hills Post Office sold at 89.62%; Bel-Air was at 76.51%; and Brentwood was at 87.29%. What this shows is that after the house sits on the market for an extended period of time (the average days on market for all four areas was 111 days), the selling price decreases. If the house is not property priced at the outset, it can sit and sit and sit, bringing the eventual sales price lower by as much as 12% to 24%, as was the case with Bel-Air. So, please, when you are considering selling your home, remember the days where "everyone" got multiple offers are over. Yes, some still do get multiple offers, but these are the exception, not the rule. I just closed escrow on a very “sweet” house in Beverly Hills where there were 17 offers!!! ********************************************************************************** Green Tip – Recycling your Christmas Tree Before you toss that tree into the nearest garbage bin, remember that recycling your tree is so easy in the U.S. that Americans recycle an impressive 93 percent of them every year through the nation’s 4,000 available recycling programs. To get into the true Christmas spirit and recycle your own tree this year, just complete these three easy steps. First, remove all of the tree’s accessories, including the stand, lights, tinsel and ornaments. If these items are left on, they could contaminate the recycling process. Second, check out the collection and drop-off dates for tree recycling in your area so that you don’t miss the deadline. A simple web search with “Christmas tree recycling” and the name of your town should do the trick. Third, don’t put your Christmas tree in a plastic bag for recycling. Instead, to avoid getting pine needles everywhere, simply wrap the tree in a blanket for temporary transport to the nearest recycling drop-off. We have a few choices for the recycling of our trees. We can call 1800 773-2489 for the City of Los Angeles Curbside pick up. They will come and pick up any bulky items you might have including your tree, or you can bring it to Fire Station # 108 at 12520 Mulholland or #71 at 107 S. Beverly Glen. In addition, a handful of community groups, such as the Boy Scouts of America, will deliver your tree to the recycling center for a small donation. So what happens to your tree once you recycle it? Well, a lot of things, actually! Though recycled Christmas trees are often ground up for mulch and used for landscaping purposes, in recent years many communities, governmental organizations, businesses and nonprofits have come up with a number of other ways to creatively reuse or recycle your old tree. Here are just a few of the ways that recycled trees have been put to good use, courtesy of the National Christmas Tree Association: Dune restoration When Hurricane Ivan hit Alabama's Gulf Coast in September 2004, the pounding waves of the hurricane pulled sand away from the beaches and destroyed dunes that are home to a number of animal populations . To rebuild the dunes and restore the fragile ecosystem, volunteers put up more than 3,000 feet of sand fencing with a Christmas tree at the base of each fence. A local tree farmer donated the Christmas trees after the hurricane wiped out his crop. Rebuilding coastlines Each year, Louisiana loses 25 to 35 square miles of coastal wetlands, which protect the area against hurricane surges, provide natural treatment for storm water and provide a rich nursery ground for fisheries. To help fight against the encroaching ocean, nearly 1.5 million Christmas trees have been used as tree fences to combat erosion and slow wave action since 1986. Since its inception, the program has created 8 miles worth of tree fences and restored 250 to 300 acres of marshland. The trees even helped protect the shoreline during Hurricane Katrina. Heron homes Herons and egrets began to overcrowd the Baker's Lake Nature Reserve, owned by the Forest Preserve District of Cook County, after being forced out of their native habitats by development. In the process, the birds also destroyed much of the natural vegetation at the nesting site. To recreate a home for the birds, the District, in cooperation with the Citizens for Conservation, uses Christmas Trees to create nesting structures that attract hundreds of pairs of great blue herons, great egrets, cormorants and black-crowned night herons to the rookery. Free mulch San Diego’s tree mulching program provides free fertile mulch to residents throughout the year. The program, which has been offered since 1973, allows city residents to drop off their Christmas Trees at 18 locations or leave them outside for curbside collection. All trees are then recycled into high-quality mulch and compost, which is then made available to residents. “By recycling your Christmas tree, you are doing your part to reduce the amount of material in the landfill and help the environment by giving your holiday tree a second life as compost, mulch or wood chips,” said Elmer L. Heap Jr., director of Environmental Services Department. Biofuel Each year, Packaging Corporation of America hires a contractor to grind up Christmas trees dropped off at a yard waste site by citizens of Tomahawk, Wisconsin. Once completed, the materials are loaded up and taken straight to the company's environmentally friendly mill. "We use it as a boiler fuel to power our pulp and paper mill plant," says John Piotrowski, environmental manager at PCA, which manufactures containerboard and corrugated packaging. ***************************************************************************** Have a wonderful, happy holiday celebration with your family and friends. See you next year. Enjoy!!! Carole ********************************************************************* The SchifferLine Timely Real Estate News.... 1 December 2009 The 'weather outside is delightful'....oh, what a nice Thanksgiving If you were anywhere in Southern California this past Thanksgiving weekend, you could only marvel how lucky you were to be in this incredible climate. You could see forever. And even though Black Friday was a bit windy, the rest of the weekend was just superb unless you were in San Diego which I understand received pouring rain), which only underscores why we love living here. After spending the previous nine days in the rain at my sister's home in West Vancouver, British Columbia, the beautiful weather this past weekend was a welcome experience. It rained for the entire nine days that I was there. ! Even though it rains a lot there, it is too early for this amount of rain. They have been receiving three times the normal rain fall, and as a result there was a lot of damage, and with the 2010 Winter Olympics arriving this coming February, everyone there is hoping this is a good omen for a great snow season at Whistler and Blackcomb. My sister lives about one mile from Cypress, which will be the venue for two events. Whistler opened the weekend I was there, but the rain wiped out much of its base. Let's hope their rain turns to snow in time for the Olympics. It's good to be home. Yeah, it's the weather, isn't it? That's why we love it here, especially during our Indian Summers; we just need some of their rain to make it perfect. ********************************************************************* Sales are picking up...... As I reported in the last SchifferLine, sales volume has picked up -- we're seeing more activity this fall than at any time in the past 18 months. We're getting multiple offers on many homes....open houses are well attended, and home sales volume has dramatically improved over the summer quarter. Our office is...'humming'. It is great to see the energy and enthusiasm with my co-workers back again. When I am asked about the condition of the market, I have a standard answer: “We have two different markets, one with the properties that are properly priced, they are the ones that are selling immediately, many times with multiple offers, and the other market is the one with the homes that are not properly priced. Those are the ones that are lingering on the market”. At this point, we do not seem to be impacted by the “holiday market”. There are real buyers out there and the time of year doesn’t seem to be making much of a difference to them. ********************************************************************************* Not just on the Westside, either..... What's up? It isn't just the Westside. According to the National Association of Realtors out of Washington D.C., sales of previously owned homes increased 10.1% to a seasonally adjusted annual rate of 6.1 million units in October....from a downwardly revised pace of 5.54 million units in September. That's up 23.5% from the same seasonally adjusted rate of 4.94 million units in October 2008. And here's the good news: That is the first time sales pace has been this swift since February 2007. So, if you are in the market to sell, you should seriously consider the market upswing and take advantage of the still-low interest rates on 30-year fixed mortgages. What we are seeing is the supply of homes on the market that is now at the lowest level in over 2 1/2 years. According to Lawrence Yun, Chief Economist for NAR, “we're getting closer to a general balance between buyers and sellers. First-time buyers made an impact with the new first-time tax credit, and foreclosures continue to put lower-cost inventory into the market, which does drive down the median sales prices, as it has in the West," according to Yun. ******************************************************************************** So, what does this mean for 2010? I've told you before, I have no crystal ball. But as we have reported for the past five years in the SchifferLine, what happens nationally isn't necessarily what happens on the Westside on in the Los Angeles region. We're a micro climate, very similar to our own Moraga Vineyard, which has 10 separate micro-vineyards on its 17-acres in the Sepulveda Pass -- each unique from the other, and each distinctively different in character. In the four communities that I give you the stats for, each neighborhood is distinctively different, and each having its unique flavor that stands out in the clutter of the Los Angeles basin. One shoe does not fit all in our real estate markets for 2010. The strength in real estate sales during the past three months augurs well for increased volumes for next year. The increased activity at open houses is changing the dynamics too. Of course, location is still a major factor and will always continue to be so. In the past week or so, I have gone on a number of listing appointments, and it is always a little sad for me to witness the reality for an owner, to learn what the value of their home is. We always feel that our home is special, and it is, but also the numbers speak for themselves and so when a client feels that their home is in the $6,000,000 range, when in fact it is in the high $4,000,000 to low $5,000,000 range the disappointment is difficult to see. Sometimes being an adult is just tough. ********************************************************************************** The 405 Widening.... As I have said before, I was and am not sure what the impact of the construction of the widening of the 405 will be in our neighborhoods and the real estate market in general. From the initial information we received, it looked like they would be under way with the project by now. I should have known better. Yes, we are seeing construction and engineering work -- two lanes down to one at various times on Sepulveda -- but to be honest, I haven't seen any major traffic congestion that would inhibit a buyer from locating here. Let's hope it stays that way. There was a meeting at Skirball on the 19th of November, and from what I heard from those who attended, they are still quite a way away from beginning the actual construction. In fact now the projected time for them to work on the Bel Air Crest portion of the project is between July and November 2011. Stay tuned for more changes. With the projection of the growing strength of the market, hopefully by the time they are working in “our neck of the woods”, any weakness that would be created by the construction will be off set by the strength of the market itself. ***************************************************************************** We're moving.....Coldwell Banker Brentwood Court office relocates It's going to be strange not driving into the parking garage at 11611 San Vicente Boulevard, Brentwood, every workday. I've been driving to our CB Brentwood Court office for nearly 26 years. And now, that is coming to a close. CB is combining our office with the existing CB office at 11999 San Vicente Boulevard office. Rather than being on the lobby level of the building, our sales offices will be on the third floor. It is going to be fun and exciting to be making these changes, but as the make up of the storage facilities is different in the new building, I pity my poor garage as I have been able to use the storage space here in the bldg., and now will be warehousing everything in my garage. It is going to be a tight squeeze. All of my contact information will remain the same. ***************************************************************************** A word to the online shopper....look for "secured "S" websites I don't know about you, but I do get a bit tired of looking for parking and/or trudging through parking garages to get into the store, especially when I can shop online with a comfortable walk on my keyboard. Online shopping is expected to dramatically increase this Holiday Season, and I wanted to pass on a bit of advice about using "secure" e-commerce sites. Basically, the way it works, is that when you are on a secure site, the letter s now follows the http portion of the address. While a bit complicated to explain, the "value" of making sure you are transferring your identity information to a verifiable, secure website that is authorized to receive this information cannot be overstated. Go to: http://info.ssl.com/article.aspx?id=10068 it’s a handy place to find out how to deal with transferring your credit card and identity information during your online shopping. Just a word to the wise! Also there is a website called “Coupon Cupboard” that will give us the coupon code that we see many times when are purchasing something on line. Check it out! ***************************************************************************** Be Greener at the Dry Cleaner! Dry cleaning has never been eco friendly. Harmful petrochemical solvents have been used for decades by dry cleaners. Within the last ten years most of us have learned about “Greener Drycleaners”. They are cleaners that use more earth friendly chemicals or wet cleaning methods which do not use petrochemical solvents (my Dad manufactured cleaning compounds and sold those solvents). They are improvement but a number of people feel that many of the clothes that are labeled “dry clean only” or dry cleaning recommended” can be washed gently. Most silks, wool and rayon are harmed or shrink due to the agitation of the machine and not the water itself. You might want to try to gently wash these items by hand and lay them out to dry without twisting or wringing as it will not damage most clothes. I am not sure about that, but do want to pass the information along. That said, some clothes must be dry cleaned and those using a “wet cleaning” dry cleaner has less impact on the environment. If you do take your clothes to the dry cleaner, as I do, I now use a breathable, reusable bag that can be purchased from your dry cleaner. They are great!! This will eliminate the need for the plastic dry cleaning bags. It is estimated that 300 millions pounds of dry cleaning bags are thrown away each year. I also give them back the hangers for recycling. Most dry cleaners have boxes that you can use to keep the hangers in until returning them to the dry cleaner. One other thing I do is ask that they not stuff my clothes with paper on the hangers. ******************************************************************************** My listings. I have a great new Canyon home listing in Bel Air Crest. It is a 4/3.5 home in move-in condition listed at $1,825,000. Please check that out as well as all of my other listings in Bel Air Crest, Mountaingate and Marina Del Rey. Carole ******************************************************************************** The SchifferLine Timely Real Estate News.... 15 November 2009 There is some good news....Westside real estate sales are climbing. Let me make it very clear: We are making progress in the four communities I report to you about -- Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. Please remember, I work all over the city, but just give you the information on these four areas. Sales, while still down from 2008, are gradually inching upward towards matching its previous year's total sales volume. The four community's total real estate sales were $1,160 billion, down only 13% from October 2008. That's nearly a 50% leap in sales improvement, when the four areas were down just over 22% when you compared September 2008 to September 2009. Increased sales activity clearly demonstrates in the market's growing strength as we move into 2010. Yes, there is some foreclosure activity that is impacting the sales numbers, but on the whole, activity is up! On the good side....median sales prices from September 2009 to October 2009 show improvement as well -- Brentwood led the way with a 49% increase in medium sales price over last month; Bel-Air showed a 1% increase. Beverly Hills was down 9% and Beverly Hills Post Office was off 13% for the same month-to-month period. When you compare October 2008 to October 2009, the medium sales price in Beverly Hills really performed well, showing a 57% increase over last year's monthly figure (there are a few large sales in there that naturally spike the figures); but Beverly Hills Post Office was down 36%, Bel-Air down 42%, and Brentwood showed a decrease of 6%. What is disturbing, however, is that median sales prices through October 2009 continue to show sluggishness -- Brentwood was down only 5% for the year-to-date period; Bel-Air was down 19%, Beverly Hills Post Office was down 13%, and Beverly Hills was off by 12%. What does this tell us? The steady increase in sales volume (nearly a 50% improvement over last month) goes beyond additional foreclosed homes (a suspected lower-than-normal sales price) that get thrown into the mix: There are more and more buyers in the market, and depending on where they find the best opportunity, the area is going to reflect the current pricing tendencies of sellers. ********************************************************************************** Likewise, the bright spots continue to be the number of homes generating multiple offers. For example, one of my clients found a delightful property in Beverly Hills -- it was love at first sight when we saw it. We knew that the home was probably worth more than the asking price -- $1,195,000, and we made an offer that was substantially over that -- and more importantly, my client was a very, very savvy and strong buyer -- all cash, short contingency period, and a short escrow. The sellers ended up with 17 offers, but we prevailed because not only were my clients the perfect buyer for the house (they loved what was there rather than wanting to tear the house down), and they have a strong agent representing them, who has an excellent relationship with the listing agent, and he wanted to do business with me. . In the end, we won this battle because we made a very informed offer that took into consideration all of the competing issues and offers that might come to the table. I was able to point out to my clients the "needs of the seller" as well as the existing market conditions, particularly when multiple offers are involved. In the end, it is the quality of the offer, not the quantity. Also working with an agent, such as me that has a good reputation in the agent community goes a very long way in getting what works for my client (You!). ********************************************************************************** Another issue that is working for us is the continued low interest rates. While credit continues to be tight, qualified buyers are taking advantage of rates under 5% and stepping into a market that is ripe for expansion -- so why sit on the fence? As I have said (and many other national real estate gurus have also observed)....if you sit on the fence for prices to come down, and then decide to jump in -- it's probably going to be too late. Have we hit the bottom? Well, the economic landscape remains somewhat confusing -- yes, we're officially out of a recession but there is a huge "but" -- unemployment remains high in California and that worries economists, especially those at UCLA's Anderson School (Forecast). ********************************************************************************** Mortgage applications fall to lowest level in nine years The volume of mortgage loans to buy property fell to its lowest point in almost nine years last week, according to the Mortgage Bankers Association. The MBA's market composite index, a measure of loan application volume increased 3.2 percent compared to the prior week, due to an 11.3 percent increase in the volume of applications to refinance. The purchase index fell by 11.7 percent. Applications to refinance made up 71.5 percent of all loan application volume during the week, even as the average contract interest rate for a 30-year, fixed-rate mortgage dropped to 4.90 percent from 4.97 percent a week earlier. There are a great deal of all cash buyers out there, in fact, a good number of my transactions are in that category. ********************************************************************************* Realogy -- Coldwell Banker's parent -- shows a major profit for last fiscal year. Perhaps many of you don't know, but Coldwell Banker's parent company, Realogy Inc., has been making headlines lately with its third quarter earnings report. According to Richard A. Smith, CEO, Realogy had net revenues of $1.2 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $253 million, with a net income of $58 million, surpassing its September 24 estimates. What this means to me and my clients is that I am backed by a very solid and successful company who has the ability to support its agent base with cutting-edge technology and marketing depth. In an era of insecurity, my clients can count on a company that provides the best support in the marketplace....and this is a very enviable position to be in. ********************************************************************************* 11 fast ways to help you sell your home. I'm a big fan of Barbara Corcoran, who is a consultant to the Today Show on NBC. As the CEO of one of the most dynamic real estate agencies in New York, Barbara shared with Today audiences these handy tips, which I am passing on to you: 1) Make sure your front yard -- grass, trees, flower beds and landscaping -- are spruced up (framed); 2) Paint or replace your mailbox; 3) Replace the hardware on your front door and paint it and all the trim; 4) Clean up and organize all of your closets -- if prospects see a dirty closet, trust me, they will think there is something wrong with the rest of the house; 6) Keep all wall colors neutral -- it is easier for buyers to “picture themselves in the house,” with simple color schemes; 7) Install a backsplash in your kitchen if you don't already have one; 8) Chandeliers should be simple, elegant and new -- replace it if you have to;. If you plan on taking them with you, take them down before the house goes on the market, I promise you that your potential buyer will want it too, and if they don’t see it, they won’t want it; 9) Change the switch plate covers throughout the house; 10) Install and or replace base boards and crown molding; and 11) replace all toilet seats (You have to have low flow toilets in the City of Los Angeles and Beverly Hills when you sell your home). . These are relatively simple, no-brainer things you can do that don't cost an arm and a leg, and you have heard of this stuff from me before. Sellers beware. Buyers are very hip and sensitive to all of these top-of-mind issues I have pointed out. ******************************************************************************** Community Meeting for 405-Sepulveda Pass Widening Project. Must attend! This is a "must attend" meeting for all residents in the Sepulveda pass area who want to have a say in what is happening in the area. This meeting will be this coming Thursday, November 19, from 6:00 p.m. to 8:00 p.m. at the Skirball Cultural Center. It is critical that we have a good turnout -- the agenda includes these items: Construction schedule, milestones, and upcoming activities; resolving issues (Ombudsman); emergency evacuation planning. For more information, call the Community Relations office -- 213-922-3665. ********************************************************************************** Is there a turkey in your future? Thanksgiving and the Holidays always bring joy..... For many, Thanksgiving is the seasons' best holiday. My family celebrates two Thanksgivings.. The Canadian Thanksgiving in October, and the American Thanksgiving in November, so we have double the blessings and fun! One of my favorite things is the fragrance of a turkey roasting in the over. I hope you have a wonderful holiday with your family as I will with mine. So for those of you I won't see before the holiday, Happy Thanksgiving! ********************************************************************************
Green Tips (some of this is amazing! - Enjoy)
Interesting News you can use about Vanilla!
Vanilla can be used in some instances instead of chemicals and products that are harsh on the environment, so if you have a bottle of vanilla extract or essence kicking around that is past its best before date, don't throw it out :). First, a little bit about vanilla! Vanilla is a flavoring derived from the pods of orchids that have their origins in Mexico and surrounding regions. These days, it's used mostly for flavoring foods, but it used medicinally as an aphrodisiac and to treat fevers. The compound vanillin is the major component responsible for the flavor and smell of vanilla. Vanilla has been shown to increase adrenaline levels and I was surprised to learn that it's considered by some as truly addictive. It's difficult to say how credible the claim is as I wasn't able to find much further information. Vanilla is also still widely used today in aromatherapy. NaturalVanilla Natural vanilla is usually purchased as either whole bean, oil, powder or an extract in a solution containing alcohol. In aromatherapy, vanilla essential oil is used. Synthetic vanilla With demand of vanilla exceeding supply, much of what we buy today is synthetic vanilla or a combination of pure vanilla extract and imitation vanilla extract. Artificial vanillin is made from either guaiacol (from clove oil, nutmeg, cinnamon, and bay leaf) or from lignin-containing "brown liquor", a by-product of a process for making wood pulp. Most imitation vanillas only contain vanillin, which is just one of many identified aromatic components of the real vanilla beans. Expect to pay far more for the real deal and you can also buy organic vanilla extract these days which is again more expensive. Making your own vanilla extract If you want to be sure about what you're getting, make your own vanilla extract! Add 4 vanilla pods to a jar containing a cup of vodka. Seal with an airtight lid and then place in a cool dark spot and allow to sit for two months, shaking the jar occasionally. From what I've read on the topic, that's all there is to it and as the pods are so potent, you can keep adding vodka as you use it. Alternative vanilla uses If you have old vanilla essence lying around you don't want to use for cooking, here's a few ideas. As always, do spot tests before going all out with any of these suggested uses. - Vanilla can be used as an insect repellent. Add 1 teaspoon of vanilla extract to a cup of water. Put in a spray bottle and spray on your skin, then rub it in. - Remove odors from microwaves, fridges and coolers by wiping down the insides with vanilla extract - For odors in other areas, soak a cotton ball in vanilla extract overnight, then place on a jar lid in the affected area. This should not only help neutralize the smell but also act as a green air freshener. - Use vanilla extract to freshen up potpourri (but vanilla oil is better for this) - Use it (sparingly) in place of perfume. I wouldn't mind smelling of vanilla, but it would make me hungry all the time! - As vanilla extract usually has high alcohol content, it can be used for removing sticker residue ********************************************************************************
Know someone who would love to spend the holidays in their new home or dreaming of their moving day after the first of the year???? Let’s talk!
Carole ********************************************************************************
The SchifferLine Timely Real Estate News.... 1 November 2009 We leave Halloween 2009 behind us, maybe the recession, too!
I don't know about you, but one moment I'm hearing the recession is officially over (the GDP is in the positive)...and then we hear disturbing news that because of the stimulus package in the financial sector and the success of the now-ended clunker program in the last quarter, we get a nice bump. The only reality for me is still: Westside Real Estate! The latest UCLA Anderson Forecast (9/16/09) predicted that the nation will have the weakest economic recovery of the postwar era, and California won't lead the way out. Its forecasts see no improvement on the jobs front until 2011, and we are continuing to see an increase in foreclosures - not only in the residential sector, but also in the hotel industry. The words from Public Enemy's hit song title rang true once again last week when the Commerce Department reported the Gross Domestic Product (GDP) for the 3rd Quarter. As you can see from the chart below, GDP rose by 3.5% for the first gain in a year and the strongest reading in two years. While most media outlets were giddy about the news and started the hype that the recession is behind us, it's important to remember that there's more to the economic data than just the headlines.
The temporary "Cash for Clunkers" program has now expired, but was a big part of last quarter's GDP gain. If we remove it from the total, the reading would have been a more modest 1.9%. But there is even more to the rise in the latest GDP number that is just temporary...
Chart: US Gross Domestic Product (By Quarter) *************************************************************************
We are seeing positive signs on the Westside....and that's good news I wish I could look at tea leaves or Taro cards and feel comfortable at predicting the future of our real estate market: I'm just don't believe in that stuff. But what I do see are some very positive signs on the Westside. I review what we call the "hot sheet" , which I get off of the MLS every day, always wanting to be on tope of what is happening, new listings, properties going into escrow, closed escrows (particularly on properties that I am watching either for myself or one of my clients) The hot sheets show the details of all residential real estate sales in the perimeters for the areas I am interested in which is from Hancock Park, to and through Malibu including Marina del Rey, and the usual West Los Angeles suspects such as Bel Air, Brentwood, Beverly Hills, and Beverly Hills, Post Office, and Westwood. I run this information on single family homes, condos, leases, income property, and land. These past few weeks, there have been a number of transactions that have sold over asking. In Brentwood, a home listed for $1,695,000, sold for $1,700,000. This small fixer-upper sold in 21 days. In Bel-Air, a small house that was also a 'fixer' -- but on a big lot -- sold for $200,000 more than the asking price of $1,895,000 in 10 days! And there were three sales -- two in Bel-Air and one in Brentwood -- that all sold for full price. One of these (Bel-Air) sold for $10.9 million and was on the market for 295 days, but the other two sold for full price in 11 and 12 days respectively. This is very positive news, and it bodes well for the future. So, keep your heads up. We're making progress. Yesterday, I held an open house on my beautiful listing in Marina Del Rey. There was a new listing about 2 blocks away that had just come on the market for $1,399,000 vs. my listing of $1,930,000. While they are in the same general area, the less expensive house was much smaller, the quality was not like mine, and it is located on a busy street, it pulled in a lot of traffic to my open, and the house itself has already generated two offers over asking, so that bodes will for my listing also. I do know that I was very busy yesterday with people coming to see what is going on in the area. Imagine being able to live only one block from the beach in a 4,000 sq foot home that is really beautiful (check it out on my web site).
***************************************************************** Good news for first-time buyers....tax credit extended
I know that most of my clients and homeowners in the communities I cover are not first-time home buyers; however, you may have children or relatives who would qualify for the tax credit. There is a real possibility of an extension of this program through a proposed Bill, but it is not yet a certainty. The extension Bill still must be reconciled between the House and Senate, and then voted on for final approval. Under the current extension proposal, sales with signed purchase agreements by April 30th that close before June 30th, 2010 would qualify for the credit. The White House wants to extend through 2010 the $730,000 ceiling on loans eligible for purchase or guarantee by Fannie Mae, Freddie Mac and FHA. Also, there is a need for more financing for the affordable-housing trust fund now that Fannie Mae and Freddie Mac are being held in conservatorship by the government. Another positive element would be the possible addition of $6,500 tax credit for other primary home purchasers, meaning the tax credit would no longer be limited only to first-time homebuyers. There is also a possibility that qualifying income limits could increase from $75,000 to $125,000 for singles, and from $150,000 to $250,000 for joint tax filers. ******************************************************************
Just a thought
Many times I hear the comment, from prospective buyers and sellers that “I am waiting for the prices to come down some more”. While I certainly understand that philosophy, there is as always another side of the coin which I do want to share with you, and this is while there certainly is a possibility that prices may in fact come down a little more, there is also the fact that we are seeing record low interest rates, and as the economy does strengthen, those low rates are going to go up, in fact we are already seeing that, and so if we look at the equation, while your purchase price may be lower, if your payments are higher, you are in essence paying more for the property, and also while your property might sell for less than you wanted to get for it, if in fact you are purchasing something else, you can also take advantage of that low price for your purchase!
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More good news for the home appraisal challenge
As you know, we all have been complaining for the past year about the mess the current home appraisal system has been causing havoc with home valuations. Because of the increasing numbers of home foreclosures, appraisers pegged surrounding home values based on the 'lowest comparable sale', meaning that nearby homes were sometimes valued on the sales price of bank-owned homes, often 30% to as much as 50% less than existing home values. This has caused a wave of angry homeowners and realtors who saw home equities plummet, which prevented many buyers and sellers from concluding their sales transaction or re finance. In the legislative hopper is legislation to create a new Consumer Financial Protection Agency which would also possibly eliminate the Home Valuation Code of Conduct, created last May to ensure appraiser independence. The measure would compel the new watchdog to use regular administrative procedures and public comment periods to develop a new set of appraisal rules. Should the CFPA legislation fail, housing and mortgage trade groups that oppose the HVCC will continue to support a separate bill calling for an 18-month freeze on the code. This would mean we can start to order our own appraisals again. We can hope! **************************************************************************
Winners of Garden Contest - Drs. Larry and Lisa Rubenstein
The correct answers were: Garden #1 LA County Arboretum Located: Arcadia Garden #2 Exhibition Park Located: Los Angeles Garden #3 Descanso Gardens Located: La Canada - Flintridge Garden #4 Getty Center Located: Los Angeles Garden #5 Hannah Carter Garden Located: UCLA Garden #6 Huntington Gardens Located: San Marino Garden #7 Lotusland Located: Santa Barbara/Montecito Garden #8 Murphy Sculpture Garden Located: UCLA They were the only contestant who got 100% correct. Larry and Lisa are both physicians with active careers at the VA facility in North Hills and are both on the faculty at UCLA Medical School. They are West Los Angeles natives, but met at a boarding school in Arizona and have been married for 41 years. For the past 15 years, they have been living in Bel-Air Park, with their three children. Julie, who got married last year, lives in San Leandro in Northern California, and her two younger brothers are still deciding where they want to further their education. Congratulations and enjoy your gift certificate to Whole Foods. Thank you to all of you for your participation. I am working on my next contest, so stay tuned! **********************************************************************
News about Morgan
My niece, Morgan, from Vancouver, BC, Canada, had a health setback a couple of weeks ago and continues to recover from what 'appears to be an intestinal viral infection', although that hasn't even been confirmed. She spent over two weeks in the hospital while everyone tried to figure out the problem. As a result of having lost so much class time and mid terms, she is taking a medical leave for the semester and is planning on spending her off time back home, while she is working in a dental office doing some training for her career as either a dentist or doctor. She will back at it in January, when school starts again. In the meantime, she is having fun with her sorority sisters and enjoying all that Southern California has to offer. ****************************************************************************
We're moving. Coldwell-Banker combining Brentwood offices
It will be strange....driving to a different office every day. Since 1982, I've worked at the same place at 11611 San Vincent Blvd. Initially it was for Fred Sands Realtors, but when he sold the business to Coldwell Banker, nine years ago, they moved one of their smaller offices into my office. Come the beginning of December, we are combining the two Brentwood offices into one POWER office and so we are moving down the street to 11999 San Vicente, one block east of Bundy. I'll miss the old neighborhood, it will be strange to be at the other end of San Vicente, but then change is also always very exciting, and I am looking forward to the move. . There will always be a free cup of delicious coffee or cappuccino waiting for you when you come by and see our new digs! *********************************************************************
Recommend The SchifferLine to a friend......it's free!
It is always so rewarding when I meet one of you for the first time, and you tell me how much you enjoy the SchifferLine. I have writing it. If you are already receiving The SchifferLine online edition -- but your neighbors aren’t, why don't you recommend our real estate newsletter to your friends and neighbors. Just tell your neighbors to drop me an email, and I will make sure they get added to The SchifferLine -- our twice-monthly, valuable Real Estate Newsletter that is written especially for your neighborhood! **********************************************************************
Food miles and sustainability
As we begin the holiday season, I thought it might be interesting to see where does our food come from? Lately more and more restaurants and buyers for the markets are making an emphasis on “buying local”. With family in Canada, they have been focusing on this issue for a long time. How many miles does your food have to travel before it hits your dinner plate? Not so long ago, for most of humanity, the majority of our food came from areas we could walk to or at least from within our own countries. These days, our food is increasingly from many thousands of miles away. More and more of us are moving to try and change that. It is amazing that we can enjoy many foods out of season and at relatively low cost; but the price paid in terms of environmental damage can be very high. The environmental impact is mainly related to freight and shipping - more trucks, more planes, more ships, more consumption of oil and more greenhouse gas emissions. Also, food imported from some countries may have been grown in very unsustainable ways. For example, rainforests may have been cleared, toxic effluent released into the environment from processing and inappropriate use of pesticides and herbicides applied to crops. The food mile problem is an increasing one in the western world. In a report from the UK Department for the Environment, Food and Rural Affairs, it was stated that food miles increased by 15% cent between 1992 and 2002. 95% of fruit and 50% of the vegetables in the UK are imported. The food for an average meal for a North American has traveled well over a thousand miles and possibly many times higher if the meal contains out of season fruits or vegetables. It's simply not a sustainable approach to our diets. Take a look in your cupboard and freezer and you may be surprised as to how many food items you think are locally grown aren't sourced from within your own country. For example, while preparing a pizza, I noticed the anchovies were from Morocco and the prawns from Thailand. Cost is a major factor for many people when buying food and I'm very much a cost conscious shopper, but I've been increasingly examining my purchasing habits and trying to make some changes to a more sustainable diet. For years now, trade associations have been encouraging us to buy local. The reasons they usually give relate to quality or supporting local industry - a very strong patriotic approach. Important points they tend to leave out in their marketing campaigns are the environmental, sustainability and food mile aspects mentioned above. The introduction of these issues could be enough to get many more people buying more local products.
However, we don't need to wait for these trade associations to convince us. You can take action on your next shopping trip Try to buy local where you can - even if it's just one or two more products that you regularly use. Read labels on cans and learn more about what foods are in season within your country and try to utilize those more. Bear in mind also that out of season foods grown locally may require huge amounts of resources for production e.g. the heating of greenhouses.
. Better still; you might consider starting a vegetable garden for your back yard using heirloom and heritage seeds. It will greatly reduce your food mile impact from thousands of miles to a few feet - plus saving you money!
Every little bit helps! **************************************************************************
Please do not forget to supply me with your e-mail address for receiving my market information. I am moving toward sending all of my newsletters and cards on line rather than “snail mail, and would greatly appreciate your support of this goal. Also please take a few minutes to look at my wonderful, beautiful listings in Bel Air Crest, Mountaingate, and Marina Del Rey. I appreciate all of the referrals I have received lately, and am looking forward to receiving yours soon.
Enjoy!!!
Carole
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The SchifferLine Timely Real Estate News.... 15 October 2009 ************************************************************************************ Year-To-Date Median Sales Price - this number continues to be the bellwether for evaluating overall home price trends for 2009 -- Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. We are down for the year in all four communities compared to year-to-date #s for 2008. Beverly Hills and Bel-Air are both down 16% in median sales prices, Brentwood is down just 5%, and Beverly Hills Post Office is down 10%. The average for all four areas is a minus 11.75%. That's not bad compared to other up scale areas where the YTD median sales prices are down in the minus 17%-23% range. Everything is relative, especially in real estate. But there is some good news, too. Comparing September 09 to August 09 -- we find that three areas are up over last month: Beverly Hills is up 18%; Beverly Hills Post Office is up 10%; and Bel-Air is plus 8%; only Brentwood went south -- minus 24%. When comparing September 09 to September 08, we find that Beverly Hills Post Office had an increase in median sales price of 43% (there were a few large sales which as usual skewed the percentages); Bel-Air was plus 18%; but Beverly Hills was down 24%; and Brentwood was down 23%. Sales Volume -- now here is some really good news. Sales volume is trending up -- with total sales for the four communities down only 22.9%, which compares to sales volume declines in the early part of 2009 in the 35% to 40% range. We are making a comeback, folks. ********************************************************************************** There are buyers out there As I said, buyers are launching their normal "holiday push" -- they want to celebrate the holidays in their new home. And we are seeing increases every day in sales activity on the Westside. As you may know, I mentor the new licenses. When we recruit them particularly in a market such as we have been in we tell them to be prepared to not earn any money for at least six – nine months. One of my “stars” has been working with me for about three months, and she has two transactions going and is working on her third!!! I have other examples for you as well. In the lower Bel-Air area of the Sepulveda Pass, near Moraga, a house sold in 4 days. It was originally listed for $869,000, but closed escrow at $931,000 (it is a fixer, but none the less a great sale). And in Mar Vista, another house had multiple offers and sold for $30,000 more than asking price. Buyers are knocking at the door, wanting to take advantage of this opportunity, and are generally more confident. The welcome mat is out, and if the seller is positioned to sell (meaning their home is priced correctly) – their home will sell at a price that is good for everyone! Demand is up; interest rates are low, which is a huge incentive to buyers. This is the "treat"! However, let me throw some caution to all of this good news. (This is the "trick"!) We all need to be cautious. Actually there were three very interesting articles in last Sunday’s issue dated 11 October , 2009 of the NY Times. I have not had time to really read and/or analyze the articles, but please feel free to read them (they can be found on line at NYTimes.com). They are in the business section: one is entitled “Maybe We’re Getting Ahead of Ourselves and the other one is part of the section talking about the mutual funds report, and the last one is entitled A Bounce? Indeed A Boom? Not Yet”. Basically, they talk in very positive terms about the condition of the economy on a national basis, but also caution about the soft sides of where we are today as well. Getting the proper appraisal continues to haunt buyers and sellers. As I have stated in previous editions of the Schiffer Line lenders are still using out-of-town, sometimes in-experienced appraisers. This has caused great dissatisfaction among realtors, lenders, and sellers -- why? Because with so many foreclosed homes on the market, spotted throughout many well-to-do neighborhoods, their bank-owned, heavily discounted sale price is driving valuations down. This hurts everybody. My advice is when you are refinancing your home, to make sure you get a qualified appraiser from your lender and that you be "pro-active" about getting the right appraisal. Always ask for a 'second opinion' if you find a gross discrepancy between 'your' estimated value and the appraiser's estimate. Remember; please give me a call if you find that you are in conflict with appraisal results. When we work together in the purchase or sale of a home, I make sure that the lenders I refer my clients to are totally up to speed in working with appraisers that know the local market. I can help. ********************************************************************************* Want to own one of history's great homes? You can...... Several months ago, we ran a contest to match the famous architect with their famous home they designed. Well, you can own one of these masterpieces – For the first time in a long time some of the houses designed by these very talented architects are on the market, and are not being “snapped up” the minute they come on the market The range of prices is from the low $300,000 range to the multi million range. You can get Frank Lloyd Wright's famous Ennis House for only $15 million, and his La Miniatura home is listed for just under $7 million. John Lautner's homes are selling between $1,495,000 and $5,895,000, and a Rudolph Schindler home actually came on the market in Inglewood for $265,000, but that is a rarity. So, go for it. These are classic homes that hold their value over time. I have sold some architectural homes in my career, and love to just see their beauty and brilliance. ********************************************************************************* Green Tips – Lemons are wonderful fruits, and have great versatility. Following are some more tips for uses for lemons in our daily lives : Microwave - Heat a bowl of water and lemon slices in your microwave for 30 seconds to a minute; then wipe out the oven. Stains will be easier to remove and old food odors neutralized. Fridge - Half a lemon stored in your fridge will help control and eliminate unpleasant smells. Chrome/copper/brass - Rub a lemon juice and baking soda paste onto chrome or copper, rinse and then wipe/buff with a soft cloth or paper towel. Toilet - Mix 1/2 cup borax and a cup of lemon juice for a powerful toilet cleaner that will leave it smelling extra clean! Lime scale - Use a half lemon to clean the lime scale off a sink or taps/faucets; rinse well. Dishes - A teaspoon of lemon juice added to your dishwashing detergent can help boost grease cutting power Throw in some lemon or orange peel down your garbage disposal from time to time while it's working in order to keep it smelling fresh. Chopping boards - Rub lemon juice into your wooden chopping board, leave overnight and then rinse. Wood chopping boards appear to have anti-bacterial properties anyway, but the lemon will help kill off any remaining nasties and neutralize odors. Glass and mirrors - 4 tablespoons of lemon juice mixed with half a gallon of water makes an effective window cleaner Degreaser - Straight lemon juice can be used as a general degreaser Furniture - 2 parts olive oil or cooking oil mixed with 1 part lemon juice makes for an excellent furniture polish! Cuts, stings and itches - A small amount of lemon juice pour onto minor wounds can help stop bleeding and disinfect the injury (it will sting a bit). Lemon juice applied to itches, poison ivy rashes and wasp stings is said to relieve discomfort. Mouthwash - A 50/50 mixture of lemon juice and water makes for an effective mouthwash. Hands - The smell of fish can linger on your hands, even after scrubbing with soap - rubbing your hands with lemon juice will neutralize the smell and leave your hands smelling wonderful. ********************************************************************************** Please do not forget some of my wonderful listings, 11730 Stonehenge in Bel Air Crest for $6.500,000, my lease at 11737 Gwynne in Bel Air Crest, the wonderful furnished lease with a golf course view at the Ridge in Mountaingate, the lease on La Villa Marina in Marina Del Rey and my fabulous house at 29 Ketch Mall also in the marina for $1,935,000. Enjoy!!! Carole ************************************************************************************ The SchifferLine Timely Real Estate News.... 15 September 2009 It's beginning to look a lot like Fall...... Summer is about over, and Fall is always one of my favorite times of the year, especially in the Santa Monica Mountains and in the four communities I cover -- Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. We have many neighborhoods that display the Fall colors so beautifully as we move into Autumn, and it's really hard to believe we're almost three-quarter of the way through 2009. ************************************************************************************ So, Carole, what can the rest of the year bring us -- what is the real estate barometer telling you? Calm or stormy? Or just more of the same? I'm reluctant to make any predictions about the balance of the year, but I can tell you that we are seeing more activity (volume and transactions) in these communities. For the first half of 2009, we were hovering around a negative volume 40-50% on the Westside, but by at the end of August, sales volume was down only 30% from a year ago. That may not sound like much progress, but consider that national volumes still remain low (in the 40% range around the US). We had more than $822 million in real estates sales in these four communities between January 1 and August 31, compared to $1.122 billion through the same period in 2008. And we are seeing more multiple offers as I reported in last month's Schiffer Line. Here are some good examples that demonstrate the market's intensity: Last week, in one day, four homes in Brentwood were reported as having entered escrow: - #1 priced at $3,400,000 - 11 days on the market; #2 - priced at $6,649,000 - 177 days on the market; #3 priced at $5,195,000 - 23 days on the market; and #4 - priced at $9,995,000 - 209 days on the market. This last house is very special and had been on the market earlier for $14 million. Some of these homes, obviously, had been sitting on the market for months, and the last house, which was originally priced at $14 million, sat on the market for nearly seven months and was last listed under $10 million. Would it have sold earlier if priced properly? Probably… So there is 'life' out there. Do not despair! MLS numbers continue to show their ups/downs...... No matter where you live, you can't rest on your laurels. One month, your community may be up, the next, down. Beverly Hills, for example, has been fighting dropping numbers all year -- until August, when the median sales price went up 27% from July 2009 to August 2009. But the other three areas didn't do well from July to August ('09) -- Beverly Hills Post Office was down 27%, Bel-Air was down 14%, and Brentwood was down 26%. As I have stated many times, year-to-date numbers reflect a more consistent trend line for real estate prices, and the news for August 2009 wasn't particularly encouraging: Beverly Hills was down 18% for the year compared to 2008; Beverly Hills Post Office was down 10%, Bel-Air was down 8%; and Brentwood was down just 5% through August 31. But what about comparing median sales prices to last year? Beverly Hills was down only 4% for August 2009 compared to August 2008; BHPO was down 15%; Bel-Air was down 28% over last year; and Brentwood was a plus 1%, one of the few 'up' stats for this past reporting period. ********************************************************************************** Los Angeles area values are sliding back to 2005 levels.... According to the quarterly report from First Republic Bank ( bank that primarily deals with high income clients), and which has been tracking home values of the $1 million price range and up since 1985, "values in the Los Angeles area have fallen for the past six quarters on a year-over-year basis." Prices are at approximately the same level as they were in the first quarter of 2005. The average home value in the Los Angeles area (for over $1 million homes in the original index) is now $2.08 million, or a decline of 12.4% over the past year, and down 4.3% since the first quarter. Of course, this is having a long-term affect on the market with respect to sales volumes and pricing. And according to some agents, buyers need to see a clear demonstration of value before making an offer on a home. The report stated that "the market is confirming a 25% to 30% drop in prices from the highs two years ago." And although we are seeing home prices trending down, the report noted that buyers at virtually ever price level is responding to the opportunity to buy value. So what is "value"? Properties need to be in pristine condition -- "...it's a buyer's market and buyers don't want anything that needs to be fixed up, unless that is specifically what they are looking for, and then they are still very picky." Presentation is everything providing the home is priced right. And if a buyer is putting 40% to 50% down, they are getting the 'best deals' and can command something that is 'turnkey'. It's that simple. I also want to make this point, again -- there are buyers out there in every price category -- more in the 'under-$5 million' range, for sure. The correct pricing and quality presentation are essential to not only attract buyers but also to 'close the deal'. So, please call me to talk about your selling or buying strategy. That's what I do best. ********************************************************************************* How green is my mail......? As I stated in the last Schiffer Line, I will only be sending out the newsletter and all of my other marketing materials via 'snail mail' once a month -- cutting down the # of copies I have to print and stuff into envelopes. This will happen on the 15th of each month. I have had a great response from readers who do want to see every issue and many of you have sent in your e-mail address to insure you get all of my marketing materials twice a month, as you have in the past, please send me an e-mail at ceschiffer@aol.com, and I will add that to my data base. I would like to share with you a situation I hadn't counted on: A lovely lady in Mountaingate called to say that she doesn't have a computer and she wanted to make sure that she was not taken off my list. Please know that I love all of your comments, advise and information. And please do not worry, no one will be taken off the mailing list, if you do not have or share your e-mail address with me, you just won’t see my green and purple envelopes in your mail boxes as often as you have. It will only be once a month on the 15th. Speaking of my readers, The Hyphen Lady Strikes Again....... One of my readers, who I have named the Hyphen Lady as she keeps reminding me to include the hyphen in the name Bel-Air, is always sending me anonymous notes about this, and now is including copies of news articles. I LOVE IT!! So, please, please excuse my occasional slip-of-the-hyphen. I promise to be a diligently hyphen-proof reader. So, be On Guard. Don't leave the hyphen out of Bel-Air. The Hyphen Lady may strike you, too. I love the mystery of not knowing who you are, so please keep those cards and letters coming. Its great fun, and makes me laugh every time. ********************************************************************************* Appraisals....if you're not happy, get a second opinion This issue pertains not only to those who are either purchasing or selling a home, but to anyone who is refinancing as well. According to a recent Los Angeles Times article, many buyers and sellers are 'finding out that in today’s down market houses aren't worth what they thought they were.' At least not in the 'eyes of the appraisers' hired by lenders. Essentially, what has taken place is that lenders are turning to third-party appraisal-management companies to hand out assignments instead of hiring appraisers directly. Many sellers and homeowners contend that the use of middlemen has caused "all sorts of problems", not the least of which is that much of the work is going to inexperienced out-of-towners who don't know their jobs or their markets. One can lose as much as 25% to 40% of valuation on a home some one is either selling or buying. As I mentioned before, there is legislation “in the hopper” to change these regulations, but for now this is what we are all having to deal with. My recommendation? If you find a major discrepancy in the valuation on your property, you can request another appraisal....you can also have your appraiser to give me a call which has happened a number of time s in the last few months. And by all means, please give me a call. I have the resources and experience to give you the direction and counsel you need in this appraisal process. This issue affects everyone in my areas, including me! ******************************************************************************* Construction Notice....be aware All of you living in the Sepulveda Pass region should have received the Construction Notice issued by CalTrans for the I-405 Sepulveda Pass Widening Project. The contractor is currently performing geophysical utility surveys and soil testing on streets running along the San Diego Freeway. Street lane closures are required to perform this work. Work has already started on various sections of Sepulveda from Wilshire north to Getty Center, and then north to Skirball Center Way -- on both the street and on/off ramps. This work is being done during the day and at nighttime, too. There is additional work on Sepulveda from Sherman Oaks Avenue to Ventura Blvd. Please see the attached Construction Notice for details. This notice is different from the one I sent you a few weeks ago, so please do read it. ********************************************************************************** Green your car wash Reports on cars and the environment often miss mentioning one of the most common sources of automobile pollution—one that has nothing to do with engine size or exhaust filters. It turns out that we need to rethink our approach to spending Sunday afternoons washing the car. It may seem benign to vacuum your car, wash the dirt off and then buff it to a shine with creams or waxes, but the soapy suds that flow down your driveway to the sewer join storm water runoff and end up in a nearby lake or river. With that in mind, here are some green tips to keep your ride clean and green. Not just water While you might think that cleaning your car merely returns dirt to nature. But the problem is that car dirt is not ordinary dirt; it's a mixture of exhaust fumes, gasoline and motor oil mixed with lubricants, tar, suspended matter, heavy metals, hydrocarbons and micro-organisms. Add surfactants in soap that make it rinse off easily and you have quite a mix of chemicals. Then there’s the water. On average, washing your car at home also uses up to 400 litres per wash. Plus, when the suds enter the water stream, the residue from heavier grade soaps can become a greasy pool for fish, coating their gills and causing them harm. What you can do You can lessen your environmental impact by using biodegradable car soap like Simple Green or Ecover. You can also try washing your car on gravel, which will act as a natural filtration system for water before it rejoins the water table. It’s also best to use a bucket and sponge or using a spray nozzle on your hose that turns off when you’re not rinsing. It may come as a surprise that the least polluting option is actually to visit a commercial car wash. These operations are typically not allowed to let rinse water run down into storm drains unless it's been treated as wastewater. They also use at minimum of 50 percent less water than the average home wash The Ontario, Canada not-for-profit, RiverSafe launched a Carwash Campaign in 2003/2004 to prevent harmful pollution of lakes and rivers that results from home car washing. They advocate for stronger regulations and laws that specifically address all non-point source run-off, including car washing on residential properties. They suggest : - Skip the detergents - Try using only water - Wash your car on the lawn (avoid driving over tree roots) to prevent wastewater from flowing down to the curb. But by far the most interesting option is a waterless car wash using bio-based polymers and wetting agents that act as microscopic protectors on the car's surface. The polymers surround dirt molecules, lifting them from the paint surface before you even start to wipe! No-wet washes clean your car easily, but apparently the polymers create a sheen so your car looks waxed and buffed as well! Waterless products are available from ecotouch. ********************************************************************************** Please don’t forget that I have some wonderful properties for sale or lease. In the Marina, Bel Air Crest and Mountaingate. and soon in Beverly Hills Post Office and Beverly Hills. Check out my web site... Caroleschiffer.com for more information on all of my great listings, and please let me know how I can help you To all of my Jewish readers… HAPPY NEW YEAR! Carole ********************************************************************************** The SchifferLine Timely Real Estate News.... 1 September 2009 Fires and housing make the headlines....taking it all in stride First of all, any 'tried/true Californian' knows this is fire season. And even though the fires are to the north of us and slowly moving across thousands of un-populated acres in the San Gabriel Mountains, the tragedy of losing homes and the lives of two dedicated fire fighters reminds each of us how dangerous it can be when fire comes to our front door. We have been fortunate this past year in missing the 'fire bullet' -- once in October 2008, when fire broke out just across the street from Bel Air Crest and below Mountaingate, and this past July 8, when fire erupted just north and west of the Getty Center, forcing its evacuation as well as Mount St. Mary’s College at the top of Bundy in Brentwood. In both of these fires, no homes or lives were lost. Thanks to the quick and efficient action of the Los Angeles City and County Fire Departments in both situations, we were able to put these fires out relatively quickly. Fire prevention is critical to all of us living in the mountains above Los Angeles -- it comes with this beautiful territory. Here are the things you can do to protect your home and property as recommended by the Los Angeles Fire Department: 1) Eaves must be enclosed and materials must be ignition resistant; 2) Install dual-pane windows -- at least one must be tempered glass;3) Deck supports must be enclosed to within six inches of the ground; must be of ignition-resistant material;4) Roof fascia and sheeting must be fire resistant; and 5) Defensible space must be free of brush or debris and must extend 100 feet or to the property line; 6) Purchase some of the gels that are available to be sprayed on your home if there is a fire in the area, and there is approximately one hour before it would reach your property. There are a few products on the market that do this as well as a few insurance companies that offer this service, I personally have Barricade Gel which can be purchased through their website…. Barricadegel.com. ************************************************************************************ Secondly, housing prices rise, assessed valuations fall.....so what's new? A lot has happened in the two weeks since the last SchifferLine. Recent articles in the Los Angeles Times have pointed to the rising home prices ("we have turned the corner....."), the economy is on a rebound, the stock market is up, and all economic indicators are positive. That's the good news. The bad news is 1) foreclosures are going to increase as that pipeline is about to be cleaned out, and it will have a negative effect on home prices everywhere, and 2) overall assessed valuation in California for all real estate declined 2.6%, and that includes not just residential housing but commercial, industrial and farm land as well. So, if you're reading the headlines, you are going to get confused, it confuses me and I am in the middle of it! I don't want to be a broken record, but..... Again, you have to look at 'your neighborhood' -- not a neighborhood three counties or even three communities away. And I am very upbeat about is happening on the Westside. For example, there was a three-bedroom, two-bath house on a busy street, that came on the for $739,000...., it was a sweet little house, 3 bedrooms, 1 bath, and needed work, but there were 27 offers and it sold in one day. That is a Wow! in real estate these days or any day for that matter. We don’t know yet what it sold for, but the guesses in my office are in the mid to high $800,000 range! I will let you know when it closes what it sold for. Another example of how things are going....another house came on the market in the same general neighborhood, between Westwood Blvd and Veteran, south of Santa Monica. In this case, some one had purchased a home on the corner of a very busy street, torn the old house down, changed the address from the busy street, to the quieter street address, and built a ‘really great house that everyone that I know who saw it loved. It was listed for $1,150,000 and again sold in one day with five offers (even on a busy street)! Generally houses on the market in the range between $700,000 and $2 million, if priced well are moving quickly, but as you move up the price ladder, it weakens. Over the $5 million market, it is very soft now. Again, pricing your home to (really) sell is the key. The two examples above reflect smart pricing that enabled the sellers to get the prices they wanted and quickly. Overpricing, as I have said so many times before, can kill you in this market. Buyers are still in the 'buyers-market-mindset' -- they believe they have the control and they do. When homes are strategically priced to the local neighborhood, they sell quickly. Sellers have to be “real”. Recently I sold some long standing clients of mine a great house in Westwood. It had just come on the market and was a “hot” house. We wrote a strong, CLEAN offer, and with a few minor points had an accepted offer before it was on broker’s caravan or a Sunday open which was our goal. Unfortunately it went down hill from there. In the course of attempting to do our due diligence (inspections), the seller received a back up offer for $30,000 more, and made it very difficult for my clients to determine if the house had a sewer line problem. So after some hard thinking as they really loved the house, they walked away, and then the back up buyer walked away also... so now the seller has the house “back on the market”, and who knows if he will get the same kind of offer that he threw away! ********************************************************************************** Appraisals – The Continuing Saga As we have discussed in the past, one of the most painful portions of the sales process today, deals with the appraisals. According to an article in the Los Angeles Times, business section this week, borrowers are being advised to appeal the appraisal if they and their agents feel that it is not appropriate to the property. Homeowners can ask their lenders for a more thorough evaluation of their property, or they can do more research, and that my friends, is where I come in. Doing the research to assure a property is properly appraised, is where an experience real estate agent such as myself shines. I try to nip the problem in the bud before we have a problem, because I “know the market” and generally can help avoid a problem. ********************************************************************************* Update on Reversible Lane Project and 405 Widening A contractor has been selected for the Reversible Lane project and he will require three to four months lead time to obtain the equipment needed to work on the tunnel, which means that work will not start until February or March, 2010. Please remember that the reverse lane will only be in the vicinity of the Sepulveda Tunnel, and not the entire street as originally thought. In preparation for the widening of the 405 for the car pool lanes, Cal Trans is currently doing some engineering and soils testing on Sepulveda. Also there are proposed phases for the Los Angeles Department of Water and Power and Department of Transportation to work together to put utilities underground. The first phase will start in front of Skirball Cultural Center and go to Mountaingate entrance, and the second phase will go from Mountaingate to the entrance to the 405 south at Getty Center Drive According to my sources, with the exception of the current engineering work being done currently, none of the plans for the remainder of the work has not been finalized. ********************************************************************************* What difference a summer makes....Morgan returns for her junior year! She left in May a young girl and returns in August a young woman. Wow! What a difference a summer makes. Morgan, my niece from Vancouver, British Columbia, arrived last week to move into her new 'digs' at USC to begin her junior year (already?). She arrived smartly dressed, self assured, and focused. She was all business when she moved into her new two-bedroom apartment near campus with two other roommates. And then she announced she is going into 'Rush', and I thought, oh, boy, that's a switch for a gal who wasn't particularly diving into the social world of USC. She just called....she is now officially a Pledge for Gamma Phi Beta, and Auntie Carole couldn't be happier or more proud!. I don't know what happened over the summer in Vancouver....maybe it was the water (they have a lot of it up there). But whatever, it's great to have her back in town, even though she goes to that 'evil' school across town. Ha! is all I have to say!. ******************************************************************************* Digging the Garden Contest Congratulations to Larry Rubenstein and his daughter Julie in Bel Air Park for winning the contest! Not only did they get them all correct, but they did it the hard way without having the answers and matching them up. Congratulations Larry and Julie – I hope you enjoy using your Whole Foods gift certificate! The correct answers are: 1 – Los Angeles County Arboretum (Catawampus) in the Pasadena area, #2 – Los Angeles County – USC Rose Garden in Exposition Park, #3 Descanco Gardens – Pasadena area, #4 Getty Center – Central Gardens – Brentwood, #5 – UCLA Hannah Carter Japanese Gardens – Chalon in Bel Air, #6 – Huntington Botanical Gardens ) San Marino, #7 – Madame Ganna Walska’s Lotusland - Montecito/Santa Barbara, #8 – UCLA Murphy Sculpture Garden – UCLA campus Not sure when the next contest will be, but it will be coming up in the next few months? A question, I did not get as many responses to this one as I did to the architects contest.. Was this one too difficult? Please let me know your thoughts? It matters ********************************************************************************** Its All in the Bag! Do you have and or use reusable bags when you do shopping? And I don’t only mean going to the grocery store? This is serious stuff. We all should be using good quality reusable bags for ALL of our shopping. I keep mine in the back of my car so that I don’t forget them whenever I go into any kind of store, even Neiman Marcus!. Did you know that Americans throw away 100 billion plastic bags a year? Plastic bags degrade slowly. Most do not biodegrade, they photo degrade, and over time they break down into smaller toxic petro-polymers which eventually contaminate soils and waterways. Are paper bags better? Not much. Although 20% of paper bags are recycled, it takes less energy to recycle a plastic bag than a paper one. Some interesting facts…… if just 1 out of 5 people in the U.S used one cloth bag a week instead of plastic, we would keep from using 1,330,560,000 plastic bags in our lifetime! Wow. Ireland imposed a plastic bag tax, the Plas Tax. Individuals pay .15 per plastic bag… the result: consumption dropped by 90%. That is approximately 1 billion fewer bags annually. They raised $9.6 million in the first year. Just imagine what would happen to our national deficit if we had a similar plan ********************************************************************************** Listing Review Do you know anyone that wants to live at the beach? I just listed a really beautiful home at 129 Ketch Mall for $1,985,000. It is a block away from the sand, 4 bedrooms, 4/5 baths, roof deck with ocean view, and really lovely. I also have a lease listing coming up in the Marina (my old stomping grounds). If you want any information on any of my listings, or want to see what they look like, please go to my web site…. Caroleschiffer.com Carole ********************************************************************************** The SchifferLine Timely Real Estate News.... 15 August 2009 Since so many of you have commented about the expense of my mailing you the information I send you regularly, (The SchifferLine and the Quarterly Report) , and also in order to be Greener, beginning September 1, I am changing how I will be sending you all of this information. I will still be creating the SchifferLine every two weeks, but will be sending it out via “snail mail” only once a month, and the rest of the time it will only be via e-mails.. So if you want to continue to receive the SchifferLine every two weeks, and I do not already have your e-mail address, please make sure that you get it to me….. ceschiffer@aol.com It's Back-To-School Time.....How different it is than when I grew up It seemed simpler then. My Mom would take me down to get notebook paper for my new three-ring binder. I would have my Crayons in my new back pack, and it was very special when I got my very first fountain pen with real ink. Those were the days I remember most at this time of year. Today? Its Play station 3 or Xbox -- plus all the new games. Make sure you have the latest version of Microsoft Office. And then there is the newest iPod (and of course, every kid needs an iPhone to stay connected -- they're very cool, aren't they?) And having the latest Mac Book -- if you kid doesn't already have one -- is at the top of the list. It was not only simpler then -- I know one thing for sure -- it was also a lot cheaper, too. Ah, the good ol'days. How we miss them. ************************************************************************************ Lenders holding back on foreclosures.....more than 124,000 in the pipeline So why are lenders holding back obvious foreclosures from the market? Good question. Theories abound but the most popular one is that if all the 124,000 "distressed properties" were put on the market after they had been repossessed, they would probably create mass chaos in the housing market, driving home values down even further, thus depressing the banks' assets. According to the Los Angeles Times, June 12, these properties -- called "shadow inventory"-- are clogging the system. When they will be released? Stay tuned. Again, here is the normal process for the handling of a property that is being foreclosed by the bank…. Default notices are sent to the borrower when they are a few months delinquent in making their payments. This is the first stage of a disclosure and those numbers are up 12% in July ’09 compared to July ‘08. Then comes an auction notice in which the auction date is set. This is the second stage, and this number is about even with last year. There are times when after both of these notices have been sent that the sale can be postponed. This happens if the borrower declares bankruptcy, or the borrower and the lender are negotiating some kind of “mortgage relief” for the borrower. The last stage is the actual sale itself and because of all of the negotiations we read about between borrowers’ and lenders is actually down 40% from last year in the state of California. So when we are hearing about sales volume picking up in our state, those numbers include all of the lower priced or foreclosed properties that are being sold. That increase in sales volume across the board will trickle up to us, but it will take a little longer as our prices obviously are higher than those in other parts of Los Angeles County which is seeing this great increase in sales volume. ********************************************************************************** Let's review the July MLS stats....the good news is that sales volume is up 5% for the four areas I cover -- Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. And year-to-date median sales prices for 2009 in three of the areas have improved as of July compared to the end of June, with Beverly Hills Post Office, Bel-Air, and Brentwood all moving nearer 2008 median sales prices. Bel-Air, however, is the only area with a positive of 2% in median sales price over 2008 year-to-date numbers. Brentwood is behind by 5%, BHPO is down 10% and Beverly Hills is down 22% from YTD stats vs. 2008. I regard year-to-date median sales prices as more indicative of the trends we're seeing on the Westside. In sum, we are moving in the right direction. In looking at the stats, it is always a wonder to me as there are some very large sales that obviously skew the numbers. To be honest with you, it's difficult (but I do try...) to bring understanding and sense to the monthly numbers we see from the Multiple Listing Service. For example, Beverly Hills had a drop of 59% in the median sales price from July 2008; Beverly Hills Post Office was up 23% for the same period, Bel-Air was down 22%, and Brentwood was down 30%. These are relatively huge differences if you took them as a true indication of our state of market....so you really have to look at the year-to-date median sales price #s to get a truer picture of our market. As I mentioned before, we have some enormously large estates that fetch from $10 million to $38 million, so when one of these large sales is recorded, it throws everything off. Again, you have to drill down to your own neighborhood -- the 'comps' that you have for your neighborhood are the only true indicators of how your home might be valued, but again, every home is different. ********************************************************************************** Appraisals are affecting home values....be aware I have previously discussed with you the issues we are having with appraisals. There are plenty of eager buyers out there, and god knows we have the sellers there too, but unfortunately, our partner in the escrow transaction, the appraisers are simply not on board, and it is creating very difficult situations for all of us. In some cases, the banks are bringing in appraisers that are from San Bernardino or Orange County, who simply don’t know our market, and frankly don’t know their right hand from their left (I heard of a horror story the other day where an appraiser from out of the area was standing in the master bedroom, talking to the listing agent, and called the room they were both in “the family room!. Quel dommage! This is the time when an experienced real estate (me!) really earns their salt as we can hopefully work with these folks and sometimes call the lender directly and ask for another appraiser if the first one is really blowing it. In days past, appraisers were our friends, not today… ********************************************************************************* My Summer Contest – How Well Do You Know the Gardens in Southern California? I did not want to make it too easy for you, so I originally did not include the answers to the questions as I had in the first contest. Also when I heard that the Hotel Bel Air was closing at the end of September for renovations for 18 months, I decided to re-issue the contest, by including the answers as I had the first time, extending the response deadline to 1 September, and changing the prize from your choice of the Hotel to now a $100 gift certificate for Whole Foods or Universal Studios… your choice.. so please have fun and take a few minutes to play and maybe you will be the lucky winner!!! Remember, only e-mail responses to be accepted ceschiffer@aol.com. ********************************************************************************* Morgan faces another year at USC....how time flies I cannot believe it: My niece, Morgan, from Vancouver, BC, is coming back to begin her junior year at the University of Southern California. She is a pre-dental major. It seems like yesterday she faced her freshman year -- a bit intimidated I think about coming to a 'big-city school' from her private school in beautiful West Van' where she has grown up. I've seen this young girl become a young woman in the past two years -- she has more than adjusted: She's doing great in her studies and social life. What more could an Auntie (especially one from UCLA) want? Also, I don’t know if you saw the segment on the Today show just recently when they are highlighting the Winter Olympics in Vancouver which are just six months away! But the Today show staff will be headquartered at Grouse Mountain which is where Morgan worked this summer, harnessing the hikers to their equipment getting ready for the trail. Fun stuff ********************************************************************************** The street life of Sepulveda Pass and the 405 Widening project Included with this issue of the Schiffer Line is the notice we just received regarding the work that is currently being done and the street closures that will effecting a number of us in the next month. PLEASE BE SURE AND READ IT. ********************************************************************************** Green Tips Please don’t forget that you will need to give me your e-mail address if you want to continue receiving the SchifferLine every two weeks…..ceschiffer@aol.com While you are busy buying all of that electronic stuff for the beginning of school, please don’t forget that UCLA has a recycling center on campus for all of our electronic refuse. It is called the UCLA Safe Center, 550 Charles E. Young Dr., West .800-988-6942. They are located off of Gayley Ave, near Pauley Pavilion. Their hours are Thursday, Friday and Saturday 8:00 – 2:00 pm. Electronic waste on Saturdays only. All you have to do is pull up, open up your trunk, they will empty it for you and off you go. Here is a list of what they accept: paint and solvents, used motor oil and filters, antifreeze, and other automotive fluids; cleaning products; pool and garden chemicals; aerosol cans; all medicine; auto batteries; household (alkaline) batteries; fluorescent tubes and bulbs, thermostats, and other mercury containing lamps. They also accept, computers, monitors, printers, network equipment, cables, telephones, televisions, microwaves, video games, cell phones, radios, stereos, VCR’s and electronic toys.. You will be limited to only six pieces of electronic waste per visit. ********************************************************************************** Keep Those Cards and Letters Coming Thank you for Loretta H for sharing her memories of growing up at the “Del” also! ”Loved hearing that the Del was your childhood home away from home...it was mine as well. My grandparents visited the "Del "with my mom when she was a little girl (which required traveling by train from NY) and my parents took my brother and me every summer throughout my childhood. My happiest memories are of the salt water pool surrounded by sand, the high diving board, the kiddie pool and playground, the Del jewelry store where I would always get a charm for my bracelet, movie night and dinners in the Crown Room, where my brother had to wear a coat and tie! I have brought my kids back several times and the feeling is exactly the same for me when I walk into the lobby”. As we begin the last half of August, I want to remind you that real estate activity is alive and well, and please take a few minutes to check out my beautiful listings. My fabulous custom home on 11730 Stonehenge Lane in Bel Air Crest listed for $6.8 fell out of escrow the day before we were due to close, so if you have not yet seen it, or if perchance you know someone that might be interested in this great house, please let me know. Have a great rest of the month, and please don’t forget to send me your e-mail address so that you can continue to receive all of the information I send you… ceschiffer@aol.com ********************************************************************************** The SchifferLine Timely Real Estate News.... 1 August 2009 Since so many of you have commented about the expense of my mailing you the information I send you regularly, (The SchifferLine and the Quarterly Report) , and also in order to be Greener, beginning September 1, I am changing how I will be sending you all of this information. I will still be creating the SchifferLine every two weeks, but will be sending it out via “snail mail” only once a month, and the rest of the time it will only be via e-mails.. So if you want to continue to receive the SchifferLine every two weeks, and I do not already have your e-mail address, please make sure that you get it to me….. ceschiffer@aol.com If we could only spend a day being a dolphin....getting away from it all Let's face it; my wheels came off around noon on Thursday. My first thought was: Friday is only hours away and I'm on my way to Coronado, my family’s second home. Coronado Shores, a magnificent high-rise community that has commanding views of the Pacific Ocean and San Diego Bay has been my family's second home for the past 36 years....and before that, my summer home was the beautiful, historic Hotel Del Coronado, where I literally grew up learning how to play tennis and jumping from pool to pool. This is the one place where I can lick my wounds and soak up the sun and relax. In the past few weeks, the real estate business had gotten to me -- a frenzy of new listings, sales, and negotiations. Mostly good news and some distressing sidebars that involved an escrow that eventually fell apart.
They would appear every day -- a morning- and afternoon-matinee performance. I would take walks on the beach, timed to the dolphin’s performance schedule, and I was so overwhelmed with their magnificent display. You could see the smile on their faces as they would glance over at me as they leapt out of the water. I thought to myself: Wouldn't it be great to be a dolphin for just one day. Getting away to Coronado has been my blessing when things are going crazy back in my world. But, in many respects, I'm lucky, too, that my real estate business is going crazy. Yes, it's summer, and like the dolphins, when I recover, I will remember how much fun it was to leap the waves at Coronado. You know in my next life, it might be fun to come back as a dolphin. If only for a day at the beach. Wouldn't that be fun? ************************************************************************************ And speaking of summer fun....For the Fun of It… another contest! OK, gang....here's the deal. I'm challenging your knowledge of landmark gardens in Southern California in our August Contest. I've identified eight superb and beautiful gardens sprinkled around Southern California for you to identify, and the one who comes up with the most correct answers (I draw for ties) will win a $100 gift certificate to either the Hotel Bel Air or Universal Studios -- both fun places for the summer. The choice will be yours as to which prize you win. Please read the attached document and e-mail me your answers to ceschiffer@aol.com. Have fun and Good Luck! ********************************************************************************** A hint of things to come? The 405 and Sepulveda Pass widening project (The carpool lane). On Friday, July 24, Sepulveda Boulevard was closed from 9:00 p.m. to 6:00 a.m. at Bel Air Crest Road and Sepulveda to take soil samples. This is just one of many future street work notices that will be coming when this project begins to pick up steam. The vote is out as to how much money there is to finish the project, particularly as the money is coming from the Federal, State and local governments. In the meantime they are doing to “little” projects to get ready. ********************************************************************************** It's up. It's down. It's the beginning of the turnaround. Really? I've said this before...it would be nice to cut through all the clutter to gain some clarity about all the news that is streaming at us every day.. But it's tough. In mid July, the housing industry, according to all the latest data, was making a comeback. New housing and home sales are both up for the year compared to last year. But -- and here it comes -- national or regional stories about an up tick or downtick in the real estate market means little when you're looking at your home in your neighborhood. All the rest is basically 'noise' I say. So you ask: What is your opinion, Carole? There is good news....there is an enormous amount of activity in the last two weeks -- new listings -- sales and leases; people are considering either leasing or selling. Here are two examples of what I am seeing as a 'good news" trend: A former mentee of mine had a new listing of a condo in Santa Monica, and had 10 offers two weeks ago, which has not been the norm in recent months.. Another one of my current mentees (yes we have people coming into the business which is good news in and of itself), is looking for a home for she and her husband in Venice. They found something that works for them which is a short sale. They made an offer, but are the time I am writing this, there are 4 offers, two all cash, one of 50% down, and the other two including hers with 40% down! ********************************************************************************* So, what do you see in the near term? I don't have a crystal ball, but you can read everyone else who appears to have one each day in the Los Angeles Times or Wall Street Journal....Warren Buffet is pessimistic -- look for 2011 before the economy rebounds...the latest LA Economic Development Department's Keyser Center report is much more positive about the turnaround, predicting the local economy will rebound at the end of 2009. The Los Times is forecasting more pain for California as unemployment runs up the ladder, but the bright side is the entertainment and media worlds continue to remain fairly strong, although the major entertainment/media firms are trimming back, like Sony, Viacom, and DreamWorks. All are feeling the pinch of the tighten economy. ********************************************************************************* So, what's the strategy? I recommend that if you need/want to sell/sell, and if you need/want to buy, buy. As I have quoted Barbara Corcoran, the New York real estate guru on the Today Show, stated: You can't wait for the turnaround by sitting on the fence. Because if you do, you won't have enough time to get off the fence before it goes back up. You'll miss your window of opportunity. The real estate business is strong in all of my four communities -- Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood. I see it every day. The phone is ringing -- from sellers and buyers. Deals are being done. Sales volume for all combined areas is up over 30% over last year, same period (January thru June). Of course, I always recommend to my clients: Be cautious. But always, too, if you're going to be a seller, have your home priced to sell. If you're going to be a buyer, expect to pay a reasonable price for a property that reasonably priced. Common sense, really. ********************************************************************************** Another trend that is picking up steam is that many homeowners -- not seeing the price they want (or need) when considering selling -- are opting to lease their home instead of putting it on the market. I'm doing at least twice the number of leases for high-quality homes than I did last year. So, if you're not ready to sell, perhaps your best option is to lease your home. Depending on the area and property, a typical lease will go for 1% of the total value of the home...."but that doesn't always hold true. I am seeing homes that were leasing for $7,500 last year that are going for $6,500 today." A word of caution: Every home and every neighborhood is different, so please give me a call to give you an evaluation of what your home might sell (or lease) for., and you have to factor in the “cost” of leasing your home the level of care and maintenance in having a tenant in your property. One last comment: As Tom Peters said, "...if you're not confused, you haven't been listening." I'm here to help. Call me. ********************************************************************************** Green Tips You may recall that some time back, I had expressed an interest in us being able to use ”Gray-Water” for our irrigation, but that due to state regulations, etc. it was fairly difficult for the regular consumer to be able to install these systems. According to an article in the Los Angeles Times from the middle of last month, it appears that starting 4 August 2009, certain types of residential gray water systems can now be installed or altered without a construction permit. Last summer, Senate Bill # 1258 was passed requiring the state’s Dept of Housing and Community Development to revise the code to conserve water. Homeowners must follow 12 guidelines. For a list of all of them, please go to hcd.ca.gov, and then type in gray water standards in the search field… Good Luck! There was also another interesting article in the LA Times the middle of last month pertaining to the installation of a “Heat repelling roof” Basically it is heat deflecting coating that is about 855 effective.. Of course, those is us who live in communities that are governed by Architectural Control Committees most likely could not currently use this material as it makes for a very white roof, but hopefully this will be the start of the development of other more esthetically pleasing roofing materials. ********************************************************************************** In the meantime, I hope you all keep your cool especially with all of the HOT weather we have been experiencing, and that you remember to have fun, and Count on Carole for All of your Real Estate needs Carole ********************************************************************************** The SchifferLine Timely Real Estate News.... 15 July 2009 And the Wheels Go ‘Round and Round! The more things change, the more they stay the same, maybe I've never been accused of being a negative person, and I'm always looking for that silver lining. Each month -- as you know -- I review the Multiple Listing Services statistics....any good news? Are there any pearls of wisdom I can glean from these numbers? Ah, ha! There is some good news from the June MLS numbers: Sales activity (volume) is actually on the upswing -- seasonally adjusted -- over 2008. Year-to-date sales volume for Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood -- through June 30, 2009 -- showed sales volume had increased 25% over YTD volume through the first six months of 2008. And that the actual sales price to original sales price comparisons for the same period was 102%, meaning that we are seeing prices are holding steady compared to the original asking price. That is great news. The sales volume increase is really good news, because it means that buyers are coming back into the market -- with more confidence, especially when you see that the days-on-market number is dropping as well. Yes, we continue to see the ups and downs in each area I cover as we have since I have been publishing the SchifferLine. It's a fact of real estate life -- no area is going to sustain either highs or lows in median sale price month after month. I am seeing more people at Open Houses and there are many more multiple offers than I've seen in the last year or so. So this is very good news. In looking at the Median Sales Price for June 2009, Bel-Air and Brentwood were both up 6% over 2008, while Beverly Hills was down 5% and Beverly Hills Post Office was 13% down. In the Year-to-Date median sales price, Bel-Air was up 18%, while Beverly Hills was down 7%, BHPO down 14%, and Brentwood at 15% negative from 2008. Since the recession hit, we are continuing to see the median sales price bounce all over the place in each community. And the reason for this is that each community is composed of many different levels of housing -- from smaller-sized homes that may average $1-$3 million to large estates of $10 to $30 million. Anomalies occur every month, and so the year-to-date figures tend to reflect a better view of how our home pricing is holding up. But compared to the rest of America, the Westside continues to outperform most every other area in the US. See? There are silver linings. ********************************************************************************** Another rescue from the Los Angeles Fire Department, thank you We made the news at 11, as well as the news in the morning, noon, and early afternoon and prime time, plus the front page of USA Today and Los Angeles Times. This time it was a relatively small fire that started north of the Getty, which resulted in the evacuation of all guests and employees on Wednesday, July 8. Quick action by the Los Angeles Fire Department contained the fire in less than 24 hours, and resulted in no property damage. Sepulveda Boulevard was closed for some time. A total of 80 acres burned. Again, thank you, LAFD!!!! ********************************************************************************** Scam artists have a new one....Treasury Notes It's not nice to fool Mother Nature...or the US Government. In these financially challenging times, it's not surprising to see a new twist on scams foisted onto desperate homeowners. According to the Los Angeles Times last week, the latest scheme involves the use of fraudulent Treasury-related promissory notes and bonds as down payment. In most cases, the article stated, scam artists try to buy homes using worthless Treasury notes. One clue to the scam is that "private promissory notes" and/or "private offset bonds" usually have the signature of former Treasury Secretary Henry M. Paulson -- private bonds and notes are neither backed nor guaranteed by the federal government, so the Treasury Secretary's name would never appear on them in the first place. Crooks are getting routing numbers to create false checking accounts, and they use their social security number as the checking account number. The Treasury department never uses checking accounts for fund dispersal. So, sellers beware, and as always it is best to work with an experienced agent such as myself to assist you in guiding you to make sure this doesn’t happen. Desperate times make for desperate measures! ********************************************************************************* The Appraisal Problem Low appraisals are creeping into the market, bringing down home values Complaints are rising from home owners, realty companies, and home builders over the growing trend for appraisers to "go low". Banks who have traditionally used local appraisers for evaluating home values for new loans are now switching to appraisers who may not have local knowledge and/or are using a variety of comparables not normally seen in the past. What we are seeing is the inclusion of short sale, distressed transactions, and foreclosures which are on the rise in all areas, in the appraisal process. And what this does is greatly lessen the true value of a home that is in a good location and in good condition. These are anomalies in a rather strong, solid real estate market as we have on the Westside. Some of these low appraisals can knock off as much as $100,000 to $250,000 on the value of your home. Just beware of this issue -- it can affect your equity, whether you are buying, selling or refinancing. Congress is dealing with this issue now, so we shall see. Call me if you have a question about appraisals in your neighborhood. I will be glad to get an appraisal for you at no charge. ********************************************************************************* Interesting Concept for a Green Tip! Low Carbon Diet - Locavores, eat your hearts of romaine out. Two home-grown farms agri- farms have taken root in Hancock Park, where property owners are swapping lawns and flowerbeds, for rows of heirloom tomatoes, chard, green beans and more. Heart Beet Gardening installs organic gardens throughout the Los Angeles area. In Hancock Park, instead of nurturing just the host family, the micro farms feed up to 10 families per home. Members receive a weekly basket of veggies left at their front door. The buy is $25.00 a week, and there is no carbon emission spent in traveling to our local farmers markets. Looking to convert? It is not cheap; the cost is anywhere from $1,000 - $4,000, but here is the kicker: If you host the garden, Heart Beet’s maintenance fees are discounted and those leafy greens are free... For more info. Please contact. Heatbeetgardening.com. (courtesy of Angelino Magazine) Anyone interested? ********************************************************************************** Keep your eyes peeled and watch your mail boxes for the next fun contest in which the prize will either be another $100 gift certificate to the Hotel Bel Air, or to Universal Studios – your choice.. It will be coming in the next week or so.. In the meantime, enjoy the summer and please let me know if you or someone you know wants to see any of my wonderful listings or has any real estate needs or questions. Carole ********************************************************************************* The SchifferLine Timely Real Estate News.... 15 June 2009 Look up...you may see a silver lining. Then, again, you may not. Well, the good news, the sky is not falling. And there are some silver linings over the Westside in Beverly Hills Post Office and Bel-Air, where the numbers for May 2009 are up over last year. Beverly Hills and Brentwood have shown weakness in Median Sales Prices, and after suffering for much of this year, BH Post Office is actually 1% ahead of 2008 year-to-date volumes for this year where the other communities are down by as much as 50%. Before I get into the specifics, I do want to share with you this observation: We do not live by the MLS numbers to be honest....to be successful in this market, you can't be looking in the rear-view mirror: You must press forward, stay positive, and re-invent yourself every day it seems. But the MLS statistics give us monthly benchmarks about how sales are actually doing, and what I have witnessed since the economy turned south is that Year-To-Date #s are much more realistic and meaningful than the month-to-month and monthly comparisons that I have been sharing with you. Year-To-Date #s incorporate all the anomalies that each area has each month. For example, there has been a big rush on homes over the $3 million mark during the past two months (April and May 2009). There have been 13 homes over that mark in Beverly Hills in that period, compared to just seven between January and March. Five homes sold for over $3 million in Beverly Hills Post Office in the last two months, which is the same number for the first three months. Bel-Air has seen the same -- three out of the six homes sold over $3 million since the first of year came in April and May, while Brentwood has had six of the 15 homes over $3 million sold in the April-May period. Of course, the higher-priced homes have a great impact on the monthly median sales price in every community I cover. For example, Beverly Hills Post Office had a home selling for $31.5 million in April 2009 -- this dramatically influences the monthly statistic for that area and overall. Not surprisingly, we are seeing more and more homes over the $5 million level closing escrow. Beverly Hills, the leader in MLS pricing for California, had sales of $6 million; $6.5 million, $5.4 million, $10 million, $8 million, $4.1 million, and $6.5 million between April 1 and May 31. For the same period, Brentwood had sales of $6.2 million, $8 million, $9 million and $13 million. But don't get too excited, OK? To sober you up, please understand that Beverly Hills is also the leader in missing the Original Listing Price vs. Selling Price by more than 35%. Homes sold in BH in May 2009 averaged 64.91% of the original listing price, whereas BHPO was 81%, Bel-Air -- 85%, and Brentwood was 81% of the original listing price...which brings up this point: Are you really a seller and/or a buyer? Getting a reality check. This last statistic should serve as a reality check to anyone who is selling a home. The vagaries of the marketplace today are driving home the point that if a home is not priced correctly, it will sit...and sit...and sit. While it might sell eventually, most likely it will sell for less than it would have had it been properly priced to begin with. Some sellers are still living in the past, and because you read about the sales of higher-priced homes, unrealistic sellers believe that their house will sell at the price "they" think it should sell for, regardless of what an experienced Realtor may recommend. I have seen this over and over in these market conditions, and I find that buyers, too, will make unrealistic offers -- and be indignant that their offers were rejected. A seller who doesn't properly price their home is really not a seller and buyers who prefer to disregard the comparable sales or ask for unrealistic terms are not buyers. As you know, I teach new licensees about the practice of selling real estate, and one of the major points I drive home time and again is that while we all may do a good job in financially qualifying our clients, we need to do an equally good job in emotionally qualifying our clients. Just because there is a “For Sale” sign in the front yard, a seller it does not make them, nor does it make someone a buyer if they are making unrealistic offers. The reality today is that you really do need an experienced Realtor who knows both the neighborhood and the market to understand what is the right pricing and marketing strategy -- for buying and selling. And of course, that is why you should contact me! OK....let's look at last month's performance on the MLS Beverly Hills Post Office and Bel-Air both posted gains in May 2009 over May 2008 -- BHPO showing a 10% median sales price increase and Bel-Air a whopping 51% increase (of course, these prices are skewed by some of the big sales prices we have had). Beverly Hills was down just 5% and Brentwood was down 11% compared to a year ago. Not bad. As I stated earlier, Year-To-Date numbers mitigate the monthly anomalies (like in Bel-Air last month): For the year, Bel-Air was up 26% through May 31; Beverly Hills was down 11%; Beverly Hills Post office was down 9% (even with the $31.5 million sale); and Brentwood was down 23%. There was also a sale for $10.6 million that was listed in the MLS with the property being in Brentwood, when in fact it is in Santa Monica, which that threw off the averages as well. Volumes overall for all four communities were down a collective 39% -- still hovering under the 40%, but we are seeing improvements in office activity. Everyone -- including me is very busy -- now all we need if for everyone to get a little “old time religion” and we will be off to the races again! This is the hot selling season now (the next two months)....so you will see marked increases in volumes -- and we'll wait to see how prices hold. There will always be silver linings in our Westside. They just move around a little. ********************************************************************************** Miscellany......Morgan faces life -- my niece from Vancouver, Canada, just completed her Sophomore year at USC, and voila, she is now a confirmed Trojan (she even has season tickets for USC football) who, after suffering the Freshman blues, emerged victorious this last year, making the Dean's List, falling in love, and looking forward to coming back for her Junior year. Switching from pre-Med to pre-Dental, she plans to become a dentist back in her native Canada and possibly attending the University of British Columbia for dental school. Her biggest challenge now: Sharing the one family car that she and her 17 year old brother, Connor -- who just received his driver's license -- have at their disposal. Both are still looking for jobs, -- Connor is the new captain of his high school mountain biking team, the proud owner of a number of mountain biking medals, and has hopes of acquiring a new bike (only $5,000), and Morgan is looking forward to enjoying the Fall at USC. Its fun to watch my niece and nephew grow up....even if one does go to USC. Also, since my daughter is a little older, it is fun to somewhat sit on the sidelines and remember the “teen years”. ********************************************************************************** Scam Update I don’t know about you, but I find the information about all of the scams out there that I mentioned in the last Schiffer Line very alarming, so it was most rewarding to read in the Los Angeles Times that Attorney General Jerry Brown has instituted a new program for the State of California. Anyone who is in the business of offering their services for the purpose of loan modification, etc. – needs to register with the state and post a $100,000 bond before they can do business by July 1, 2009. Hopefully this will eliminate the scam artists! ********************************************************************************* Green Tip Dishwashing detergent environmental impact As some of you may know, my Father manufactured soaps and detergents, so in sharing this information, I am being transported back to my childhood. I remember many a conversation around the dinner table discussing this important environmental topic. In fact, at my behest, he began manufacturing a bio degradable dish and clothes washing detergents about 25 - 30 years ago! But it is important information to know and consider. Even the simple task of washing dishes can have an impact on the environment. For starters, many dishwashing detergents contain phosphate - it's a naturally occurring substance, but if too much of it gets into waterways, algae and phytoplankton feed on it and reproduce in massive numbers; causing an algal bloom. One of the most dangerous blooms is created by blue-green algae, cyan bacteria. If large amounts are ingested, this can even kill humans. Algal blooms block out sunlight and cause oxygen imbalances in a body of water; and as a result kill off other species. While it's best to use a phosphate free detergent, depending on where you live and whether you wash by hand or use a dishwasher, it may be impractical or cost prohibitive to use phosphate free detergents. These being the case, compare detergents for phosphate levels. A low phosphate level is considered to be around 1.6%, but you also need to compare how much detergent you need to use. Other dish washing detergent nasties Phosphate isn't the only concern. Dish washing detergents can contain a myriad of chemicals. Surfactants, stability and dispensing aids, fragrances and colors, mildness additives, preservatives and antibacterial agents are sometimes added. In some cases these might be naturally occurring substances, but often they aren’t. Some will be toxic to aquatic organisms and likely won't be filtered out at water treatment facilities. Green dish washing detergents The good news is that there are many more economical environmentally friendly dish washing detergents than there were just a few years ago, but their level of "greenness" will vary greatly. For example, a detergent may proclaim to be phosphate free, but the other ingredients will read like a laboratory shopping list - so be sure to study the labels before making a purchase decision and beware of green washing. ********************************************************************************** A number of you have complimented me on my interest in being Green, but have not yet shared your e-mail addresses with me. Please send me an e-mail and I will make sure that you receive the SchifferLine via e-mail in the future. I would also love to hear from you if you have decided to enjoy some of the attractions I listed in my “Things to Do in Southern California” postcard. I love hearing from you. Carole ********************************************************************************** The SchifferLine Timely Real Estate News.... 1 June 2009 Homeowners beware....scams abound In these challenging economic times, scams of many different varieties and flavors abound, and homeowners are not immune to being the recipients and victims of some of these “opportunities”. We are seeing an increase in solicitations from 'helpful' foreclosure consultants who are using half-truths and outright lies to lure clients and promise money-back guarantees and solutions to their problems. On a recent Today Show segment, Barbara Corcoran -- the show's real estate consultant -- described the predators that are taking advantage of homeowners wishing to avoid foreclosure and/or wanting to re-finance or modify existing loans. One of the more popular frauds is the "Obama Rescue Plan Scam” in which some rescue companies are charging thousands to modify customer loans under the new Obama housing relief plan. However, Cocoran stated, you can find out all you need to know yourself and see if you're eligible at www.makinghomeaffordable.gov or by calling 888-995-HOPE. There are an abundance of 'creative' scams that are being promoted aggressively by phone, e-mail, late-night TV ads, leafleting parking lots, posting fliers on telephone poles, and mailing letters marked "urgent" to vulnerable homeowners. Fortunately, the Westside does not have the number foreclosures found in San Bernardino or Riverside counties, but there are homeowners -- or relatives of Westside residents -- who want to modify existing loans or avoid the foreclosure process. The point is: Be careful with any solicitation that comes your way. The 'con practitioners' are using a variety of tried/true schemes such as "bait and switch", rent-to-buy, the middleman and bankruptcy scams. At first blush, their solutions sound very legitimate and because there is a lot of confusing information out there, it is easy for the unsuspecting to be duped. The fast-talking, smooth sales people especially prey on the elderly and those who might be in dire need of an immediate 'fix'. Common 'red flags' to watch out for -- up-front charges; a promise to stop your foreclosure no matter what; "don't talk to your lender I will take care of that for you!"; 'I'll fill out the paperwork for you'; and solicitations by mail, e-mail, and phone or in person.... The worse scammers will even play on an alleged connection with you...like attending the same religious institution or having also come out of the military. It is surprising how much information there is out there on all of us, and so easy to find. . ******************************************************************************Some "dos and don'ts".... ..... 1. Make sure the housing counselor is certified by the Department of Housing and Urban Development; 2. Always use an attorney -- well worth the money. 3. Listen to your 'gut'....if it's too good to be true, it always is. 4. Ask for references. 5. Don't believe the 'money-back guarantee'...by then it's too late. 6. Do not sign over your property or a contract to sell. 7. Never grant power of attorney to a stranger. For more information, you can also go to the Today show web site today.msnbc.msn.com and see a copy of this segment. It is really scary stuff! ********************************************************************* Getting your tax bill reduced....I can help - no charge! In addition to the home refinancing scams going on, there have also been scams with companies charging outrageous fees for property owners to file for a property tax re-reduction in light of declining property values. As I pointed out in my March 15 SchifferLine, I have had many questions from neighbors and readers of the SchifferLine -- is this a good thing to do? Yes, it is -- IF, and it's a big if, you have a property that can clearly demonstrate its value has dropped significantly and there are comparable sales from the last three months that will verify the loss in value. They will not take any sales (closed escrows) any older than three months. I will be more than happy to assist you in having this done. If you go to the website for the LA Country Assessor -- http://assessor.lacounty.gov/extranet/default.aspx --, you will see that there is a very simple form that needs to be completed along with some comparables of sales of properties which I will give you. Please give me a call at 310-442-1384, or shoot me an e-mail at ceschiffer@aol.com, and I will be glad to help you on this. ********************************************************************* While home prices take a fall, leasing rates are falling, too If you're having trouble selling your home for the price you 'think your home is worth and want to move, and are considering leasing it instead, be aware that leasing prices are taking a hit, too. I represent several landlords on the Westside who have been leasing their properties in some cases for the last four to five years as income property. With the decline of home prices continuing, homeowners look to the leasing alternative and are finding that leasing rates are not what they used to be. For example, one leased property I manage was originally leased four years ago for $9,500, then two years ago, that amount was reduced to $9,000 a month, and now that the lease is about to be up again, we are looking at a lease amount in the $7,000 range.! That's a big drop -- and landlords should recognize that renters are having their pick of quality properties at rates that reflect the corresponding drop in home values. There is also another ‘cost’ to consider: Finding a tenant who will treat your home like you do. That’s not always possible, so you have to factor in the expense of “putting it back together” when the tenant leaves, plus the actual management of property with you being afar, no matter how far away or close you might be. My recommendation to any homeowner who is seriously considering leasing their home is to give me a call so that I can give you a professional estimate of what your home should lease for. This continues to be a volatile market with daily shifts in pricing and values....maximizing your home's value -- whether pricing it to sell or lease -- is your priority and mine, too. If you do decide you want to lease your home, I might add that one of the additional services I can offer to you as my client through Coldwell Banker is the professional management of your property. ********************************************************************** Things to do this summer....it's almost here OK….Summer doesn't officially arrive until June 21, but Memorial Day is the 'traditional kick off' of the summer season. With everyone feeling the economic pinch today, a lot of us are looking to stay closer to home this summer rather than “take off on a summer holiday”. With that in mind, and because there is so much to see and do in our Southern California -- and to help you plan your Summer holidays -- I have sent you a handy guide to many of Southern California’s attractions. If for some reason you don't receive this in the next few days or need an extra copy or two, please e-mail me (ceschiffer@aol.com) and I'll make sure you get what you need. Thank you all for participating and again, congratulations again to Ellie Doenen. We will have another SchifferLine Contest -- this time, focusing on famous Southern California gardens. So start studying as this one may not be as easy! ********************************************************************** Doing your part to conserve water! I have done some research on the conversion to equipment and use of Grey Water, and unfortunately as much as I love the concept, we are not there yet, and perhaps may not get there. There is some equipment from Australia that is being sold here, but as far as I can tell it really is not wonderful and keeps breaking down. So if you know of any programs that are effective in converting some of the water in our homes to grey water... I would love to hear about them. In the meantime, we all need to give some thought as to how we can save water. Here are some ideas: Did you know that bathrooms usually account for 75% of the water used inside the home? I didn’t... We all know the obvious... take shorter showers, leave the water off while brushing our teeth. But are a few other suggestions: Turn the water off while you shampoo and soap –then turn it back on again to rinse off. It will be cold enough that we will be forced to take shorter showers; repair dripping faucets – a dripping faucet at one drop per second equates to a waste of 2700 gallons per year! Dispose of tissues, insects and other waste in your trash rather than the toilet. That will save up to 200 gallons per month. The kitchen will be covered next time! ************************************************************************** Thank you again for all of the wonderful comments about the SchifferLine. I cannot tell you how much I appreciate them.Carole ********************************************************************** The SchifferLine Timely Real Estate News.... 15 May 2009 Silver Linings are ever present....do not despair Ever get the feeling that when you walk out to your driveway in the morning to get the paper, there is disaster lurking inside the plastic wrap? Some of us, like me, wait until the evening to scan the news and headlines, and perhaps this is my way of delaying a bad news day. Lately, there have been some rather intriguing signs that things are picking up in general. As reported recently in the Los Angeles Times, buyers are swooping down on bargains now available in the lower price ranges --”buyer frenzy" they call it. That's the good news. The not-so-bad news is that this frenzy is occurring in the $300,000-lower-price range, mostly in areas like the Inland Empire. Good for them. . ******************************************************************************Westside real estate appears turning around..... On the Westside, we are in a very interesting market. Yes, it is spring -- the busiest time of the year (if you're not selling homes now, something is wrong), but what we have seen in spring’s first full month -- April -- is encouraging. Sales volume for the first four months of 2009 is still down -- to 42% of the previous comparable period in 2008, but it's better than the 52% negative for the first three months (January-March 2009). That's good news. And Beverly Hills Post Office, which has taken some large hits in 2008, is actually up in total sales volume by 6% over 2008 period. So we continue to move in the right direction. The silver linings are in clouds over Beverly Hills, which showed a 13% increase in median sales price for April 2009 over the same period in 2008. Beverly Hills Post Office had a huge increase of 55% for the same period compared to 2008, and Bel -Air beat them all with a 61% sales increase in median sales prices for April 2009 vs. April 2008. Brentwood suffered a modest 15% decline. Please note, however, that all of these prices are based on a total 21 transactions, not the kind of numbers we like to see, but still, encouraging. ************************************************************************* Year-To-Date numbers continue to improve The best news are in the "year-to-date" median sales price reports that cover the January-thru-April period for 2009 -- Beverly Hills Post Office is up to 56% for median sales prices at $3,137,000; Bel-Air is up 25% to a MSP of $2,162,000. Beverly Hills is down 20% to $3,000,000 and Brentwood is further down 32% to $1,697,000. But remember, these numbers can be greatly influenced by large sales that occur from month to month in each of these communities. ********************************************************************** Coldwell Banker's Brentwood Court Office -- market fluctuations abound One of the barometers we use is: How busy is our office? Coldwell Banker's Brentwood Court office has shown a resiliency over the past several years in its market -- which covers much of the Westside. Total volume for March is down only 22% (vs. 52% in the four communities I cover); but for April, total sales volume was down nearly 55%. There was a big drop off in sales in April for the office -- again, the vagaries of the market from month to month reflect the shifting trends in all real estate markets. ********************************************************************** So, what does this all mean? It means simply this: Every stat we get from the Multiple Listing Service is a 'slice' -- a snapshot of statistics that are trailing -- at best -- by several months. As I have told you in the past, many sales are NOT recorded the month they sell because of the time it takes to go through the escrow process. So a property that has had a 60 day escrow may be reflecting the value of when it went into escrow rather than the date of the “closed” or recorded escrow. As I have mentioned before, the MLS stats are only a guide to go by. As I was discussing with a client today, the swings can be so great from one month to the next and can be skewed so easily by one or two low or high sales that one needs to keep their perspective in reading and understanding these “stats”. So what do you do with this information: I want to keep you abreast of what the professionals in the field use for their benchmarks. At the end of the day, the best way to determine the value of your home and/or neighborhood, is to get an up-to-date appraisal from an experienced Realtor, like me! I can give you a market appraisal of your home quickly and accurately if you would like. We use existing comps, of course, but also, you can utilize my vast experience and knowledge of your neighborhood to your advantage. Setting a price for your home is not easy today -- many of you are concerned about the dropping prices -- and yes, some areas have dropped more than others. But here, on the Westside, we're fortunate to have a strong, desirable market that continues to show market strength overall. The MLS stats that I provide you each month demonstrate this area's market strength, if nothing else. However, there is something else to take into consideration, and that is how the lending institutions are handling the buyer’s loans today. In the past, when a buyer received a credit toward their purchase (repairs, etc.) it was handled as a credit to the down payment.. In today’s world the banks are requiring that it be handled as deduction of the purchase price, so in fact that sales numbers that are in the public records, and the MLS may not be the actual sales price because of these credits. Besides, these are community statistics -- not relating to your specific home or neighborhood. Yes, they reflect a 'trend' in how sales are going and to some degree, current pricing trends, but the stats are 'trends'. A client of mine and I were discussing Warren Buffet , and as he reminded us, this recession is completely different than others we have experienced before…..there is no way that anyone can really predict what is going to happen. He also mentioned that it has changed people’s reactions to economics in general in that we are changing our priorities and in many cases, the need for endless consumption has stopped. There are silver linings this month -- as there have been every month since I have writing The SchifferLine. I just want to assure you that I will always give you the best insight and professional service I can -- regardless of the market conditions. That's the best I can do! Thank you all for participating and again, congratulations again to Ellie Doenen. We will have another SchifferLine Contest -- this time, focusing on famous Southern California gardens. So start studying as this one may not be as easy! ********************************************************************** Water, Water, Everywhere….well, not exactly This is William Shakespeare’s time – water rationing is coming to a neighborhood near you! Starting June 1, you will have to reduce your water usage by 15% from previous year’s quantity. According to the City of Los Angeles's Department of Water and Power, all LA residents will be required to conform to the new water reduction edict that is designed to address the existing drought conditions in California. You may only irrigate your landscaping on Mondays and Thursdays, before 9:00 a.m. and after 4:00 p.m. – cutting back your total water usage by 15%. If you don’t, you’ll be fined. And Bill won't be very happy. For more specifics, please go to the web site for the DWP. In the next SchifferLine I plan on having more information on the use of “grey water”, but I want to do a little research first. ******************************************************************************Green Tip Of The Month I have mentioned the recycling center at UCLA, but I just found out how vast their services are. It is called the UCLA Safe Center, 550 Charles E. Young Dr., West 1800-988-6942. They are located off of Gayley Ave, near Pauley Pavilion. Their hours are Thursday, Friday and Saturday 8:00 – 2:00 pm. Electronic waste on Saturdays only. All you have to do is pull up, open up your trunk; they will empty it for you and off you go. Here is a list of what they accept: paint and solvents, used motor oil and filters, antifreeze, and other automotive fluids; cleaning products; pool and garden chemicals; aerosol cans; all medicine; auto batteries; household (alkaline) batteries; fluorescent tubes and bulbs, thermostats, and other mercury containing lamps. They also accept, computers, monitors, printers, network equipment, cables, telephones, televisions, microwaves, video games, cell phones, radios, stereos, VCR’s and electronic toys.. You will be limited to only six pieces of electronic waste per visit. ********************************************************************** I also want to thank all of you for the wonderful comments and compliments you give me about this publication... A lot of hard work goes into and it is always so rewarding to hear that people like and appreciate what you are doing. Thank you. I hope you have a wonderful and safe Memorial Day holiday. Carole ******************************************************************************The SchifferLine Timely Real Estate News.... 1 May 2009 405 widening project gets go-ahead.... The $1 billion widening project of Sepulveda Pass is moving forward even though more than 60% of the funds required to finish the project are not available because of the state's fiscal crisis. According to the Los Angeles Times, the Metropolitan Transportation Authority is allocating approximately $372 million in funds from a variety of federal stimulus and other funds. to begin the project the state is going to attempt to sell the bonds to cover the balance of $638 million. The MTA directors approved the first phase of the project which will include designing and relocating utilities that might impede the widening of the freeway, as well as limited construction activity. In the interim, the State is working on selling the bonds to finance the remainder of the work. The plan calls for adding a carpool lane on a 10-mile stretch of the 405 northbound between the 10 and 101 freeways to encourage more people to ride-share, ultimately easing congestion in the area. There are a variety of scenarios in the event state funding is delayed -- one idea, according to the Los Angeles Times, is for the MTA to temporarily purchase the bonds and carry the debt, thereby insuring the project will move forward in an efficient manner. State Treasurer Bill Locklyer recently announced the completion of a general obligation bond sale after they had been frozen because of the state's fiscal problems. Sepulveda Blvd Reverse Lane Project -- On another important traffic issue in the Sepulveda Pass is the previously announced "Reverse Lane" project which has now been modified. The original concept was that the reverse lane was going to be from the Mulholland 'tunnel' in the Pass to Wilshire Boulevard, but the new 'plan' is to limit the reverse lane only in the Mulholland Tunnel -- with signals on 1,500' on each side of the tunnel advising drivers of the lane change. This project is being funded by a variety of sources. Contest Winner -- Ellen ("Ellie") Doenen The Hyphen-Lady Returns.....with another good suggestion We have a "mystery reader" -- I call her the "Hyphen Lady". Many issues ago, a reader sent me a lovely note stating that she liked the SchifferLine but also had a comment -- Bel Air should be hyphenated...."Bel-Air". Given that there seemed to be no general consensus, I debated this for quite some time, but the Hyphen Lady was insistent. We checked with a variety of sources, and concluded that even though Bel-Air was spelled with and without a hyphen, we agreed to hyphen it (...the customer is always right). Well, we heard from the Hyphen Lady again, thanking us for a great contest (How Well Do You Know The Architects) but she wanted us to list the correct answers....and so here there are: Photograph #1 -- Architect #2 (John Lautner – Chemosphere House) Photograph #2 -- Architect #6 (Craig Ellwood -- Case Study #16) Photograph #3 -- Architect #3 (Frank Lloyd Wright -- Hollyhock House) Photograph #4 -- Architect #1 (Green and Green -- Gamble House) Photograph #6 -- Architect #4 (Rudolph Schindler – Kings Road) Photograph #6 -- Architect #5 (Richard Neutra, credited to his son, Dean- Tree Top House) Thank you all for participating and again, congratulations again to Ellie Doenen. We will have another SchifferLine Contest -- this time, focusing on famous Southern California gardens. So start studying as this one may not be as easy! Waiting for the 'other shoe' is about to drop....be aware One of the last acts of the previous administration was to request that the banks hold off putting homes that would normally be put into the foreclosure process. I understand that there are a number of homes -- worth quite a bit of money -- that are in this limbo state. From all reports, it appears that now these homes are going to be placed back into the foreclosure process. This means, they will be on the market. How does this impact home prices in our community? Frankly, it is too early to tell. While we have been somewhat protected by our location and unique financial stability of our communities, I know there are homes that are now in the pre-foreclosure process (a three-step process). These homes could -- and most likely will -- impact the value of homes around them. So, please stay tuned. I will be giving you a complete MLS update in the next SchifferLine, but those stats will not reflect the information I was just sharing with you. What it will show is the activity for the last month as compared to the same time period last year. However -- let me be perfectly clear.....Sellers who understand that pricing their property properly are selling their homes quickly. There are many qualified buyers out there who are looking for the assets our communities offer -- we have demand for our neighborhoods, so don't get discouraged. Again, I don't want to sound like a broken record, but the best advice I can give you is to make sure you retain an experienced, qualified Realtor -- like me! -- who knows your neighborhood and that you work with that agent and properly position your property to sell, condition, price and marketing. So, what's hot? Thought you would never ask. Los Feliz, Pasadena and San Marino! We heard this news at our last Previews (agents who specialize in marketing high end properties) meeting two weeks ago. While the number of sales in these two areas are up, I don’t know what type of prices were reflected in this large jump in sales. We are seeing more sales overall on the Westside -- so that's good news. Like I have been saying, there are silver linings every month. If you like roller coasters, you're having a great time. Uses for salt Salt in the wrong place can be devastating to the environment - such as dry land salinity; or contamination of water supplies. But it's also an incredibly useful substance - in fact, our bodies depend on external sources of salt for survival. According to the Salt Institute, it has more than 14,000 known uses and Americans each use more than 16 tons of salt during over their lifetimes. Only a small percentage of that is ingested. The single major use of salt is on roads for deicing purposes - again, deicing with so much salt has its issues. Salt as a polish By mixing salt and vinegar into a thick paste, it can be applied to brass silver and copper as a polish. Use a soft cloth to apply and buff, then rinse thoroughly in water and dry well. Cleanups This is one I learned as a kid - for oil and egg spills, cover the area with salt - it's a lot easier to pick up. Salt drain cleaner Equal quantities of salt and hot water poured down a drain can help get rid of nasty smells and dissolve grease, plus help slow future buildup. Scouring pots and pans Pour rock salt onto greasy cookware before scouring to help cut through the grease Removing tea and coffee stains To remove tea and coffee stains on cups and decanters, sprinkle salt onto a sponge and use a circular motion when rubbing over the stains. Sterilizing sponges Kitchen sponges are the perfect breeding ground for all sorts of nasty bacteria. By soaking a sponge in a heavily saline solution, it will help kill these bacterial. Pest deterrent Where ants are frequent, pour a line of salt to prevent them from crossing. Earth friendly weed killer A mix of 1 part salt to 3 parts boiling water can be poured directly onto weeds to kill them. . Smelly cutting boards A smelly cutting board simply means bacteria are present - and this is not only a whiffy problem, but a health issue. Bacteria are killed by salt, so by rubbing salt into your cutting board, let it sit for a little while and then rinse, your board will smell fresh and be bacteria-free! Fire extinguisher Keep a box of salt close at hand as an emergency fire extinguisher for grease fires. While it shouldn't replace a proper fire extinguisher, it makes for a good backup. Iron cleaner Over time, irons pick up bits of junk that cause them to stick when you iron your clothes. To remove the gunk buildup, sprinkle salt onto a sheet of paper and then run the iron over it. Ensure you use a shot of steam to clean the jets after doing this and also wipe down the plate with a damp cloth once it cools. Enjoy the Spring. I will talk to you soon. Carole ******************************************************************************The SchifferLine Timely Real Estate News.... 15 April 2009 The Wild, Wild West (side) of Real Estate It doesn't take a rocket scientist to figure out that nothing is predictable when it comes to Westside real estate. If you've been following the latest editions of The SchifferLine you are convinced that the more things change, the more they stay the same: Westside real estate has been on a roller coaster ride for the past three years. Let me get the bad news out of the way first: Total sales volume for the first three months of 2009 compared to same period in 2008 in the communities of Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood is down more than 52%. This translates to less activity in the entire real estate landscape which results in fewer transactions. Houses are sitting on an average of 99 days before they are sold for the first three months of this year -- as high as 139 day average in Bel-Air and a low of 79 days in Beverly Hills Post Office. Average days on market for the four areas through January-February were just 90 days. There is also a caveat here, and that is in the last 3 weeks to a month, activity is way up… in some cases off the charts…. In the last month, I sold two of my listings in Bel Air Crest within 2 weeks of putting them on the market. Some of this activity is caused by the clients doing the right thing… by that I mean cleaning up the house and fixing what needed fixing, pricing it properly and choosing the right agent…. Me! Do we know how long this will last, NO…..but with interest rates where they are and the apparent confidence of the general public appearing to be getting better…it has made for some interesting times. I am hearing that this mood is not just limited to the Wild Westside... but all over, including but not limited to Orange County. On the bright side, however, median sales prices in Beverly Hills Post Office and Bel-Air are both up substantially -- BHPO median sales price year-to-date is up 43% and Bel-Air is up 17% for the first quarter (January-March 2009). The other two areas -- Beverly Hills and Brentwood are both down -- 24% in MSP year-to-date in BH and down 33% for Brentwood. Beverly Hills Post Office 'posted' a major turnaround from January and February with a 235% increase from February to March sales. But the other three areas were down from February to March 2009 (Beverly Hills down 9%; Bel-Air down 21%; and Brentwood, down 53%). Confusing numbers and facts! I want to make this 'perfectly clear' -- I rely on the Multiple Listing Service for all of my statistics that I carefully review each month for you. However, let me point out that many of the sales reported in each area are 'trailing' sales reports. A sale made in December 2008, for example, may not actually hit the MLS reports until February or March -- hence, the "actual sales" for any one month may be a combination of several months. We don't have a better system -- and all other reporting agencies face the same analysis challenges I do. To underscore the downturn in total sales volume, in Beverly Hills in March 2008, there were 24 sales between $2.1 and $16 million, while there were only 10 sales between $2.25 and $8 million in 2009. That is a huge difference in sales volume and average sales price. Beverly Hills Post Office had 12 sales with a high of $18 million in 2008, but only 10 sales between $2.5 and $7.3 million in March 2009. Significantly, Bel-Air had 12 sales between $2 and $8.2 million in March 2008 and only 6 between $2 and $6.5 million in 2009, and Brentwood showed a marked increased of 14 sales between $2.6 and $7.8 million in March 2009 from 8 sales between $2.1 and $10.7 million in the same period of 2008. Just how 'wild' is it going to get? A rocket scientist I'm not....but we are seeing increased activity in my Coldwell Banker Brentwood Court office -- open houses are flush with buyers and there is new energy in the air. Interest rates are improving, but as my friend John Ciolino (First Capital) said: "This is not a time to stay on the fence, hoping and waiting for lower rates. Home loan rates remain within inches of all-time historic lows, but may not necessarily move significantly lower based on this purchasing plan - waiting is a very risky move." How well do you know your Architect contest? I want to thank all of you who entered my Architect Contest? It was great fun reading the responses and meeting all of you online. The lucky winner is Ellen Doeren who lives in Mountaingate. She and her husband Bill will be receiving the $100 gift certificate to the Hotel Bel Air! Keep watching for my next contest, and hopefully you can participate and be the next lucky winner! Latest Listings As I mentioned I have been very busy, and have a number of new listings to account for my fatigue… Bel Air Crest – 11730 Stonehenge - $7,800,000 a beautiful almost new home in a private setting with all the bells and whistles, 2371 Stratford - $4,995,000 – a great custom home with elevator, 2494 Devonport Lane – $2,099,000 - 4/3.5 Canyon home with a huge yard and room for a pool, 2505 Cardigan Court - $1,850,000 – 4/3 Canyon almost completely redone including a new roof, 2349 Brookshire Lane - $1,595,000 (sale) & $7,500 (lease) – 3/2.5 Canyon home with views. Mountaingate – 12540 Promontory Lane - $7,500 – 4/3.5 home with pool and koi pond, 2088 Ridge Point - $8,000 unfurnished, $8900 furnished – 4/4.0 home with big yard and views, 2208 The Terrace – $4,900 lease – 1/2 with sitting room –sexy home with views. Please let me know if you would like to see any of these fabulous properties! Green Tip Help save trees with Used Cardboard Boxes Cardboard and our environment Cardboard boxes are everywhere we turn and according to the American Forest and Paper Association, in excess of 90% of all products in the US are shipped in corrugated cardboard boxes. It makes up nearly 14 percent of the nation's municipal solid waste. It's a huge industry, with around 10,000 paper and paperboard mills in operation globally. It's really important that we recycle paper products, including cardboard boxes. Here's some interesting statistics: Each ton of paper produced consumes • 17 trees • 79 gallons of oil • 7000 gallons of water • 42,000 kilowatts of energy • 60 gallons of air pollution • 3 cubic yards of landfill space Around 42 million people move each year in the USA and the average person will move 11.7 times in their lifetime - that's a lot of boxes! Buy Used Cardboard Boxes. While recycling paper products is great, reusing is even better, as that requires less energy and resources. Again... whether you're moving house or shipping items for your store, perhaps consider buying used cardboard boxes. You'll save all the above consumption and save some cash to boot. I’ve been following the progress of a great little company Used Cardboard Boxes, since they commenced operations back in 2006 and they've been doing some amazing things. Used Cardboard Boxes acquires truckloads of boxes from companies that might otherwise be thrown away. They also acquire misprints and overruns from box manufacturers that have no use for the boxes. These aren't boxes with rips and tears; they are all in perfect condition. You'll pay less for used boxes from the company and they guarantee free 1-2 day delivery to any address in the USA. They also donate a portion of their revenue to plant trees. Since the company began a few years back, UsedCardboardBoxes estimates their clients have saved: - 6,709 trees - 2,625,920 kilowatts of electricity (or 1,600 barrels of oil) - 1,775,680 lbs CO2 (carbon dioxide) - 3,485,760 gallons of water - 618,560 lbs of solid waste *I generally do not promote one particular company, but since I am in the “moving business” I love this concept. Carole, P.S Happy Tax Day! ******************************************************************************The SchifferLine Timely Real Estate News.... 15 March 2009 May the luck of the Irish be with you on St. Patrick's Day, March 17! As luck would have it, the Irish are a lucky lot. From fields of lucky four-leaf clovers, to quaint pubs conveniently located along the back roads to care for thirsty travelers, not to mention the local gentry, to their traditional dish of Irish stew as they prepare for St. Patrick's Day, the Irish always seem to enjoy life better than most. A grand sense of humor they have. …..especially around this time of year. And so I wanted to share a bit of the blarney with you... As Irish legend has it, you mustn't overlook the contributions of Sean Mulligan to "Irish Luck". A strapping man of over six feet with a hefty golf swing and errant aim, especially after a pint of Guinness Stout, Sean ruled his local links course in County Cork. He was known to get his way more oft than not, and when he would stroll to the tee box on Number 1, his playing partners who were used to Sean's shenanigans, and as would always be the case, if his first tee shot wasn't satisfactory, even in bounds, he would take his 'do-over' -- as he called it -- and hit another one. "It's a courtesy on the first hole, you know," he blustered, staring down anyone who objected. And Sean being Sean, they always grudgingly gave in. Other golfers thought it not a bad idea. After all, it was, indeed, an Irish courtesy that seemed reasonable, especially after a pint of Guinness. So Sean's fellow club members dubbed the 'do-over', a Mulligan, in honor of their friend. And that's a true Irish story. Perhaps it is best that once every year, we're all Irish on St. Patrick's Day. I'm not really into green beer, but Irish stew I love, and if I were a golfer, I'd certainly remember Sean Mulligan. **********************************************************************************Are Are we clear? Well, not exactly. Since I have been selling real estate, I have discovered it's a lot easier to analyze the past than the future. The Multiple Listing Service provides a plethora of statistics every month, which I share with you through the Schiffer Line. So what do the February statistics show? Let's get the bad news out of the way first -- sales volume is down by 41% comparing February 2008 to February 2009, from $94 million to $55 million. But when you look at median sales prices, which vary greatly from month to month, area by area, we see some silver linings. Leading the pack for last month was Brentwood which showed a 105% increase in median sales prices for single family homes over February 2008. Brentwood also showed a 106% increase in MSP from January 2009 to February 2009 (there where a lot of high numbered sales - , $13,524,000, $3,700,000, $4,500,000, $4,200,000, $4,000,000 and $3,600,000!!!). Bel-Air also showedmarked improvement -- 50% increase over February 2008 (there was one sale in February for $6,350, another for $3,200,000 and another for $20,000 over asking!). Beverly Hills and Beverly Hills Post Office were both down in MSP when comparing this February to a year ago -- 14% down for BH and 58% down for BHPO. But Beverly Hills showed a 32% increase in MSP for February 2009 over January 2009, a solid trend. Although we have logged only two months for 2009, year-to-date median sales prices are showing strength in Bel Air, up 40% compared to 2008 year-to-date prices; while Brentwood is up 7% for the same two- month period compared to last year. Beverly Hills is down 17% for YTD and Beverly Hills Post Office is down 46%.So what does this portend? We see a steadying trend in some areas that are showing increases for the past three months in median sales prices -- but as I have said in past months, some areas are up one month and down the next because a large sale will skew the monthly statistics. As one economist remarked after being asked..."when is this going to end?"…. His reply was..."it's too early to tell." I can only objectively report what has happened, not what is going to happen. But early signs see strength in at least three of the four communities I cover -- Beverly Hills, Bel-Air, and Brentwood. Beverly Hills Post Office is still lagging behind. Hopefully, not for long…. So what does this tell us? These are challenging times for all of us. I know that none of us know when it will get better, but it will happen. If you are waiting for some sign to tell you when it is time to get back into the market, by the time you see/hear that sign, it will be too late as the change will already have taken place!.... Remember what FDR said... “The only thing we have to fear is fear itself”. ********************************************************************************** Need help with your property tax re-appraisal? I'm here. No charge!Perhaps you have been reading about the scams going on with companies charging outrageous fees for property owners to file for a property tax re-appraisal in light of declining property values. I have had many questions from my neighbors and readers of the SchifferLine -- is this a good thing to do? Yes, it is -- IF, and it's a big if, you have a property that can clearly demonstrate its value has dropped significantly. But don’t get caught up in these scams, and unfortunately, that is exactly what they are. There is no reason for anyone to pay for this service when you can get it for FREE! I will be more than happy to assist you in having this done. If you go to the website for the Los Angeles Country Assessor -- http://assessor.lacounty.gov/extranet/default.aspx --, you will see that there is a very simple form that needs to be completed along with some comparables of sales of properties (for the last three months ONLY) . This is where I come in... Just give me a call, or send me an e-mail, and I will be more than happy to supply you with the “comps” you need to submit along with the completed form. If there is still a question, you are then entitled to a hearing for your request, but generally it is as easy as sending in your form and comps. The caveat is that they will not take old comps, and they have to be fairly close to being “like for like”, i.e. square footage, etc. For example I received a call from someone recently that had purchased their beautiful home in Mountaingate within the last year, and felt they needed a reduction in their property taxes. The only problem was that when we compared their square footage to that of other sales of properties in Brentwood (there were no “comps” in Mountaingate ) in the last year, it showed that they had in fact gotten a “good deal” and probably would not qualify for the reduction. ********************************************************************************** I have a wonderful new listing of a Canyon home in Bel Air Crest. It is 4/3/5 and has been done over from the roof on down. We are asking $1,850,000. If you or anyone you know loves the look of Restoration Hardware, this is the house for you… I also have some other great listings both for sale and lease. ********************************************************************************** Lemons - the versatile fruit Lemons - a fruit with a wonderful fragrance, great in food and beverages, but also very handy for multiple purposes around the home! Lemons have been cultivated by humans for over a thousand years. The fruit in mentioned in tenth century Arabic literature, but was probably first grown in Assam, India. Lemons are high in vitamin C, have an anti-bacterial effect and are thought to possess antioxidant and anti-carcinogenic properties. The juice consists of about 5% acid, which also makes them useful for a variety of household purposes. Selecting and storing lemons - The best lemons are those that have smooth, oily skins and are heavy for their size. They should be bright yellow with no green tinges. Lemons will keep for up to a week at room temperature, two to three weeks refrigerated. Lemon zest (peel) can be frozen for months. Juicing lemons - To get the most juice from a lemon, it should be allowed to reach room temperature, or micro-waved for a few seconds prior to juicing. Using your palm to roll the lemon on a hard surface can also help improve juice yields. If you only need a little juice, some people pierce the end with a fork, squeeze the amount needed; cover the holes with tape and then store in the fridge. There's so much more to lemons than just using them in cooking and making lemonade! Here's a selection of handy tips. Remember to test in inconspicuous areas first. Ant deterrent - Pouring lemon juice around areas that ants frequent is said to repel them. Air freshener - An equal amount of lemon juice and water added to an atomizer will create a wonderful synthetic chemical-free green air freshener for your home. All purpose cleaner Again, an equal amount of lemon juice and water added to a spray bottle is an effective kitchen and bathroom cleaner and can also be used on walls (spot test first).A small amount of lemon juice can also be added to vinegar based cleaning solutions to help neutralize the smell of the vinegar. Use a half lemon to clean the lime scale off a sink or taps/faucets; rinse well. Laundry - A teaspoon of lemon juice thrown into your wash can also help your clothes to smell fresher. Dishes - A teaspoon of lemon juice added to your dishwashing detergent can help boost grease cutting power ********************************************************************************** More next time…..In the meantime, I hope you have a wonderful St. Patrick’s day, and lift a pint for me…. Remember to: COUNT ON CAROLE FOR ALL OF YOUR REAL ESTATE NEEDS!!! Take care, Carole *************************************************************************The SchifferLine Timely Real Estate News.... 2 March 2009 A short story..... Once upon a time there was a young lady who lived in an apartment in Santa Monica who had saved enough to purchase her own first home. Being a native of the area, she had always wanted to own a town house in this lovely seaside town, and she scoured the area looking for just the right one. During her search, being a real estate agent herself, she knew that it is always best to make a list of the 'things' you want in your new home: In addition to the emotions we have when we find “the one”, it was always best to have some objectivity about the most important investment you'll ever make. So, the young lady made up her list. She wanted her new town home to be open, bright and airy...she didn't want a 'box'...and she wanted it to be sophisticated and in a good neighborhood. But one of her pet peeves with where she lived was that while she loved her patio garden there was no faucet on the patio for a hose so she could easily water her plants. She had to go back and forth between the kitchen and the patio carrying water, which, after awhile, became an annoying chore. So near the top of the list was: Faucet on the patio. Well, the young lady searched every where in Santa Monica for the 'perfect' town home. She must have visited over 50 prospective homes and even dragged her parents and/or friends’ to 15 or so to get their opinion. Many were delightful and lovely -- "...perfect" she thought. But somehow not quite right… and some even had a faucet on the patio. This was getting ridiculous and finally one of her friends who also was in real estate accompanied her to this absolutely exquisite condo (single story…not a town house and in Westwood, not Santa Monica): It was, indeed, the perfect lair -- high ceilings, beautiful herringbone wood floors, very sophisticated and European in feeling, great for entertaining, large patio, great location, and brand new! "Yes," she said. "This was perfect!" Except for one thing….. No faucet on the patio. She fretted and fretted over that sad fact, and then her friend blurted out, "Carole, if you don't buy this, I'll never speak to you again." She was right. You can't always have it perfect, and this beautiful condo met all of her other needs. She got that signal in her gut that told her this was the place she was looking for, and she lived there happily for eight years until she bought her current home, which does in fact have a faucet outside. She never looked back and never regretted walking back and forth between the kitchen and the patio. After all, she loved her new home, and well, the plants loved it, too. ********************************************************************************** Being a 'smart buyer' -- make out your list The young lady (me) learned a valuable lesson in this process: As a buyer we need to know what it is that we really want in our new home if it is our first or our tenth home. So, here's what I recommend you do: Make a list, in fact… make two…...one is the “MUST HAVE” list…. what do I need in my home to make me happy… and then the second list is “THE FANTASY” list what would I love to have….. And make these lists as long and detailed as possible. 1) If you are a couple each partner should make their own lists because we all have different needs and desires. If you are a couple, you then need to get together, go over each of your personal lists, and then make the same two lists, but as a couple, and if you have older children that would understand the process have them do the same thing… you would be surprised how different your needs can be and you did not even know it. But a note of caution: Be prepared to throw it all out. Buying a new home always tests your emotions. Even if you throw the lists out, they will have given you a fabulous guideline as to what is really important to you… Did you know that 50% of the homes purchased, the decision to buy the home is made before buyers get out of the car? At the curb….Of course, we call this 'curb appeal'… but it's true. With the ability of buyers today to shop on line, there are many buyers who fall in love with a property before they even see it. 2) Get pre-approved first. Don't shop without knowing exactly how much you can afford. The loan requirements as you know are tougher these days. And even though there are some excellent mortgage rates in the market right now, you really need to get pre-approved first. Also you need to stay in touch with your lender as the mortgage conditions are changing more rapidly than they have in the past, so we need to know exactly what you can really buy when you are ready. 3) Be 'psychologically ready' -- have your lists in hand, but don't be unrealistic either, like the 'faucet lady'. Many times I find buyers have been to the lender, know what they can afford, but they are just not ready to buy or their expectations are not realistic, There are some other aspects about being emotionally ready to “make that move”… what is your time frame…. when do you want to move? What is your life like today, and what do you foresee for it for the future….Schools for the kids, family situation, etc…. these all factor into your needs and decisions…. You need to determine… are you a buyer or a shopper?!? So there are a few things you need to do: 1) Be financially prepared; and 2) be psychologically prepared. After being in real estate for over 25 years, I have had my fair share of buyer clients. Many know exactly what they are looking for, but many are just looking for that inspiration. And in many cases, that inspiration is not always practical or realistic because of their budget and so they get depressed and disappear. Be thoughtful about this process. For many of us, this is the biggest investment we'll ever make. Be smart. After you go through this exercise and are ready…..CALL ME… and we can start shopping…. WHAT FUN!!!! ********************************************************************************** Herbal Remedies For Pets. Administering home remedies for pets is nothing new. Pet owners have been helping their pets when they are ill or hurt by using home remedies for years. Herbal remedies for pets are not new either; they are just becoming more mainstream. Many veterinarians are now using natural alternative methods of healing the animals they are working with. Many pet owners are applauding the fact that their veterinarian approves the use of herbal remedies for pets. It is important to note when using herbal remedies for pets, or using home remedies for pets, that you seek the guidance of a qualified veterinarian so you don’t treat the wrong problem or miss an underlying cause. Do not give your pet fresh herbs as they cannot digest them like humans do. Making a tincture or a tea for your pet is best. Herbal teas for pets need to be stronger than what you would drink. It is also important to consider your pet’s weight when administering herbal remedies for pets and break the dose up into several smaller does that can be administered throughout the day. Herbal remedies for pets should not be given longer than a week. If your pet is not healed, you can wait two weeks and try again, or choose a conventional form of medicine. If your pet has a severe problem that could be life threatening, conventional medicine will work faster and should be your first choice. You can follow up conventional medicine with herbal or home remedies. ********************************************************************************** Please be sure to check out the contest to properly identify the correct architect for some of those fabulous homes we have in our great city, and remember that only e-mail responses will be considered. The winner gets a $100.00 gift certificate for the Hotel Bel Air!!! And also please don’t forget the $1000 check for all of those referrals when the escrow closes… a lot of you have already responded... THANKS…. Keep them coming… I really appreciate it. Remember to: COUNT ON CAROLE FOR ALL OF YOUR REAL ESTATE NEEDS!!! Carole *************************************************************************The SchifferLine Timely Real Estate News.... 16 February 2009 Hard times for some...some take desperate measures... I just have to tell you this one....There's the story in the Los Angeles Times recently about a Redlands man arrested for breaking glass windows as he drove around town in his Honda with a slingshot, knocking out at least five windows and car windshields. After tips from the neighborhood about someone driving in the area after the incidents, police visited the glass repairman's home and found a slingshot and projectiles similar to the ones found inside the homes. The police suspected that his "pro-active" marketing plan was to 1) break the glass, and then 2) call the homes and car owners to see if they needed his services. What was that saying? People in glass houses....tough times create tough measures. Well, you get the idea. There are many ways to be pro-active, even in real estate. ********************************************************************************** Is your house really for sale? Are you really a Seller? One of the biggest mistakes many sellers make is pricing themselves literally out of the market the day the For Sale sign is stuck in the ground. When the price is too high for the current market conditions, in my humble opinion, the house is really not for sale. What some people don't realize is that homes for sale are always in competition with other homes for sale, or in some experts’ vernacular, the owners “who are hoping to sell”. We don't live in a sales vacuum. And by pricing your home too high, you are really putting "your equity" into the wallets of your competitors. The competitor's home, which may be priced correctly, sells quickly and your house sits. After sitting too long, you're forced to either take your home off the market or take a price even lower than when it came on market months earlier. Over pricing is a killer in today's market. How do you avoid this calamity? Be realistic about current home values, particularly your own, and list it with an experienced Realtor who knows your neighborhood. ********************************************************************************* Let's get some clarity of our state of real estate in your neighborhood. As reported by the MLS/CLAW sales were down nearly 76% in total sales volume when you compare January 2009 to January 2008 for the four communities I specialize in (Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood). Year-to-date numbers were not so bad for the entire year, only down 38% for the entire 12 months. But when you dig into the monthly comparative numbers, you discover that in January 2008 there were 11 sales for over $5 million: In Bel-Air 3 homes sold for $22 million, $16 million, and $11.5 million respectively ; Beverly Hills -- $29 million, $16 million, and $8.2 million; Beverly Hills Post Office -- $18 million, $5.8 million; and Brentwood -- $8.6 million, $6.8 million, and $6.4 million – quite a line up in January 2008! Here are the sales (closed escrow) numbers as compared between January ’08 and January ’09. Beverly Hills ’08 – 8 sales vs. 2 in ’09, Beverly Hills Post Office ’08 11 vs. 4, Bel Air – ’08 14 vs. 2, and in Brentwood ’08 9 vs. 6 in ’09. Also from time to time, we will look at the comparisons in other markets that I work in as well… Let’s look at the Westwood Condo market. In January ’08 there were 21 sales, vs. 14 in “09, the medium sales price was $696,000 in ’08 vs. $677,000 in ’09. Comparing volumes alone, we had only $36 million for January 2009 vs. $172 million for January 2008 in these four communities-- so you can see how skewed some MLS statistics can be. Median sales prices for January 2009 vs. January 2008 were obviously down as well -- with Beverly Hills down 21%, BH Post Office down 17%, Brentwood slipped 35%, but Bel Air, which had a large sale ($13.5 million), jumped 35%, again, another anomaly. But there is some good news...... The Silver Lining Department: The good news is that median sales prices from December 2008 to January 2009 all were in the positive -- Beverly Hills was up 17%, Beverly Hills Post Office 50%, Brentwood 13%, and Bel-Air was up 140%, again attributed to one large sale of $13 million. What does this tell you? If you want to look at the nearest, short-term trend, we are moving in a positive direction (from December to January). We have seen some homes get multiple offers this past month, another positive sign. And volumes in the Coldwell Banker Brentwood Court office are up over the previous month. ********************************************************************************** Palm Desert Glass Exhibits Last weekend, I traveled to Indian Wells and Rancho Mirage visiting homes and prominent glass collections on a tour organized by the Glass Alliance of Los Angeles. What a treat! We also visited the Palm Springs Art Museum (they have a new glass exhibit, and the glass artist, Ales Vasicek whose piece of glass I purchased in Prague is represented in the exhibit!), and the opening reception for three exhibits at Imago Galleries in Palm Desert; Karen La Monte, Howard Ben Tre, and Bruce Cohen. In all we went to seven homes throughout the desert area, viewing not only their glass collections, but their art work and the homes themselves. The homes were amazing, as each featured fabulous architecture, awe-inspiring art and superb glass collections -- one right after the other. I have such an appreciation for art, including glass, I only wish my budget matched my appreciation and passion! ********************************************************************************** Buying Firewood As you may know, using wood in our fireplaces does greatly impact the air quality and carbon emissions, so much so that the City of Los Angeles will no longer issue an permit for the installation of a wood burning fireplace for new construction., but if you do wish to continue to burn wood in your fireplaces, the next time you're buying wood; ask about the source - does it come from a wood lot (renewable resource) or is it from general clearing? Farmers need to be encouraged to set aside land for wood lot purposes or to extend the depth of windbreaks just in case in the future they need to harvest some trees to get them out of a tight financial spot; rather than clear what little protection their land has in times of drought.Handy firewood buying tip:Ensure the timber you buy is dry. Damp or "green" timber will create more smoke and carbon dioxide emissions. You'll also pay up to 25% more when you take into account water weight. The easiest way to gauge if wood is reasonably dry is through sound. Rap on a sample piece with your knuckles. Dry wood should make a "tic, tock" type sound where as green wood will make more of a dull thumping sound. ********************************************************************************** Just A Reminder You will receive a check for $1,000 at the close of escrow for every client you refer to me. Also I have a number of properties available for sale and/or lease that are in the process of getting ready to be listed… so if you want more information, please contact me at 310 442-1384, or ceschiffer@aol.com Remember to: COUNT ON CAROLE FOR ALL OF YOUR REAL ESTATE NEEDS!!! Take care, Carole ********************************************************************************** The SchifferLine Timely Real Estate News 2 February 2009 ************************************************************************************ Reality check....what 2008 taught us: Live in the now ....If you're thinking of selling your home, this is not the time for wishful thinking. I want to be very candid with you: If you were to read the article in the Los Angeles Times on 2 February, you would think it is all doom and gloom, and it is not. As with all stats and percentages, there are always a number of different ways to figure both stats and percentages. The stats from this article are drawn from Data Quick, and they differ somewhat from the MLS stats. As I have mentioned in past SchifferLines, I have talked about the situation where some agents, in order to protect their client’s privacy have “withdrawn” their listing from the MLS before it actually closes escrow. Thus the stats from the MLS only reflect those transactions that closed for that particular month. If you want the “true” picture, which would include those properties that have been withdrawn, it will be necessary for them to appear in the public records and then the MLS adds them to the sales stats for the respective month in which it closed. This generally takes a few months. In the last Schiffer Line, I reported that the Multiple Listing Service data (the statistics that I use every month to share with you) showed Beverly Hills was down 33% when you compared December 2008 median sales price to December 2007, pretty much what was reported in the Los Angeles Times Monday, 2 February their front-page story. But what they failed to report were the MLS averages for the entire year of 2007 vs. 2008 for the communities I cover, which shows a much more realistic picture of the price/value trends. Here is what the stats show as of January 1, 2009: Beverly Hills is only down 4% for year-to-date median sales prices as of December 31, 2008; Bel-Air is down 3%, Brentwood down 4%, and Beverly Hills Post Office is still hovering around 17% down from 2007. Considering the meltdown in the economy during the last three months of 2008, and seeing the market decline and unemployment rising, combined with miserable retail sales performance, these numbers are relatively not-so-bad. And there is more good news: Our Brentwood Court Coldwell Banker office showed an increase of 33% in volume for December 2008 over December 2007 ways to get to the bottom line. In reading the article in the Los Angeles Times on 2 February, one gets the impression that it is all doom and gloom, it is not. Yes, we have and will continue to experience softness in the pricing of homes on the Westside. In the past, I have talked about how some agents at the request of their client’s privacy, etc. rather than have their. Monthly fluctuations are not "trends" However, if you are going to sell your home, the price has to be reality based. And what do I mean by that? It means simply that you have to understand your neighborhood's most recent performance. I have always taken the position about not having the “my-home-is-my-castle" mentality when getting ready to sell (and price) your home. You can't always assume that your home is more valuable than another home in your neighborhood because it very similar. ********************************************************************************** Helping you find the right price. -- Unfortunately there are many buyers who do not feel the same way you do, and if you truly want to sell your home today, then you have to price it accordingly to today's reality. Having an experienced Realtor as your agent will be critical to insuring you get the most for you home's potential. All too often, we still have sellers who have great, long-term memories -- they remember the good ol'days when prices were 15% to 25% higher. … when every home -- it seemed -- had multiple offers. The good news is that 1) there are many homes still generating multiple offers; 2) buyers are getting some excellent, 30-year fixed loans at low interest rates and 3) we are seeing large throngs of shoppers at open houses, not just look-e-loos. ********************************************************************************** A typical story about moving out and up. Let me share with you an example of what is happening under the radar: One of my mentees (I have been a mentor at Coldwell Banker for new agents for the past 10 years), asked me to go on a listing appointment with her....we met a young couple in their early 30s that she had met at an open house the previous Sunday. The husband is an elementary school teacher and the wife works for a government agency, and they have two beautiful children, a boy six and a daughter three. They currently live in Culver City in a 946 sq. ft. home in the Del Rey section. They bought their current home for $300,000, fixed it up some and are now wanting to sell it in the mid-$500,000s. They are savers, have the funds and credit to move up to a $1 million home now -- they want a 'dream' house....nearby good public schools...shopping, and are excited about 'moving up'. They are perfectly positioned to make this transition. These are the new buyers. They are out there. They are smart, motivated, and able to make this leap to their dream home. And they will be successful. As I said earlier, all is not doom and gloom. The American Dream is alive, well. Move-up buyers are taking advantage of the lower interest rates and are able to get more property and value for the investment than just six months ago. ********************************************************************************** Ask yourself these questions: Many times I get asked about what I refer to as the Chicken and the Egg Syndrome -- When should I sell my house -- now or after I find my dream home? If you are thinking of selling your current home and purchasing another one, there are four questions you need to ask yourself: 1) Sell your home first, then shop; 2) Buy something concurrently to selling your home; 3) Sell your home, move into a temporary residence until you find your new home; and 4) Rent out your home until the market has stabilized. There are pros/cons to these questions, and every situation is different. But to be “good sellers, you really need to have a “game plan for yourselves”. My recommendation is to talk to an experienced Realtor. No harm, no foul. Get a reality check on your individual home's value now. Then -- and only then -- can you adequately evaluate your options. ********************************************************************************** Green your computer use
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Check this information out!!!
Remember to: COUNT ON CAROLE FOR ALL OF YOUR REAL ESTATE NEEDS!!! Carole
********************************************************************************* The SchifferLine Timely real estate news from Carole Schiffer 16 January 2009
********************************************************************************** Happy New Year -- Yogi Bera was
right.....It ain't over 'til it's over.... According to Cooking Light magazine, the Chinese
believe that you will have good luck by eating certain foods such as
lettuce (growing wealth), shrimp (good fortune for the coming year),
mangos (gold and riches), golden carrots (prosperity), and cooking a
whole chicken is thought to insure good luck for the coming year. There
is also a warning: … if you eat long-life noodles -- cutting long
noodles in half will shorten your life, but eating any noodles is
considered good luck. And the color red is considered lucky also. So,
here's the plan for your Chinese New Year celebration: Prepare a
wonderful shrimp and chicken salad on a bed of lettuce and noodles
served with sliced mangos and golden carrots, served in red bowl. If you
do want some recipes, please check out the February issue of the
magazine. And for 2009 -- or 4706 on the Chinese calendar -- we
need all the good luck, good fortune and wealth we can get.
Remember - you've got 15 days to celebrate. Happy New Year or as they
say in China: Gung Hay Fat Choy!!! ********************************************************************************** Playing the numbers game....Westside remains
relatively strong November 2008 -- let's go back to
November's performance for these four communities before we tackle
December. November's MLS stats were not available until
after January 2, so I missed passing these along to you, but here's the
scoop: There continues to be wild swings in the median sales prices in
each of the four communities from month to month. Beverly Hills was
down 12% for November 2008 compared to November 2007, but was nearly
even for the year by being down only 1%; Bel-Air had a great month -- its median sales price
was up 65% for November 2008 vs. November 2007, and year-to-date numbers
show it was even with last year. Beverly Hills Post Office didn't do
well in November, down 21% compared to a year ago, and was down 16% for
the year. And Brentwood was down 47% for November vs. November 2007;
and down only 4% through November 30 for the year. Sales volumes for
all for communities through November 2008 was down 35%, about the same
average we have been maintaining throughout the year. So with the exception of Beverly Hills Post Office,
we've had very little negative movement in median sales prices through
November. What about December? If you look at
the comparisons between December 2008 vs. December 2007 -- and thought
this was your 'life story', you might consider slashing your wrists.
Comparing last month's median sales prices with December 2007, Beverly
Hills was down 33%, Beverly Hills Post Office off by 48%, Bel-Air down
68%, and Brentwood declined 42%. These are the worst numbers we've had
this year in any one month. I know the percentages look alarming, but
when you look at the number of sales in the month, for example, 4 in Bel
Air, it tends to make the percentages more volatile. But hold on: Let's look at the year-end median sales
prices! Beverly Hills is only down 4%, Bel-Air is down 3%, Brentwood
down 4%, and Beverly Hills Post Office is still hovering around 17% down
from 2007. Considering the meltdown in the economy during the last
three months of 2008, and seeing the market decline and unemployment
rising, combined with miserable retail sales performance, these numbers
are relatively not-so-bad. When other regions are seeing declines in
sales prices in the mid-30% and some in the low 40%, we need to
understand that even though we had some big declines in some months
during the past year, we're still better off than most. Am I optimistic
about 2009? Yes. I see more business coming my way than this time last
year, and I maintain a positive attitude. The amount of activity I have
seen for both myself and others in my office since coming back to work
on January 5th is most heartening.
********************************************************************************** An offer you can't refuse....$1,000 in your
wallet! ********************************************************************************** Lower interest rates -- are they real? ********************************************************************************** Looking forward to 2009 ********************************************************************************** In the meantime, I do want to remind you that I have some wonderful properties available both for lease and for sale in Bel Air Crest and Mountaingate from $5,300 a month to $5,170,000, so please let me know if I can assist you in any way.
Remember to: COUNT ON CAROLE FOR ALL OF YOUR REAL ESTATE NEEDS!!! Carole
Carole Schiffer, Realtor * This information only reflects properties listed on the multiple listing service. Broker/Agent does not guarantee the accuracy of square footage, lot size or any other information concerning the condition or features of property provided by the seller or obtained from public records or other sources, and the buyer is advised to independently verify the accuracy of that information through personal inspection and with appropriate professionals.
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And then there is
the special ice skating rink on the back lawn which becomes a skating rink “by the sea”.
The Hotel del Coronado (also known as the The Del to local residents, which I am fortunate enough to be part of the year, is a beachfront luxury hotel in the city of Coronado, just across the San Diego Bay in San Diego. It is one of the few surviving examples of an American architectural genre: the wooden Victorian beach resort. It is one of the oldest and largest all-wooden buildings in California and was designated a National Historical Landmark in 1972.
When it opened in 1888, it was the largest resort hotel in the world and the first to use electrical lighting. It has hosted presidents, royalty, and celebrities throughout the years. The hotel has been featured in numerous movies and books, and even has it own “friendly resident ghost”. One of the more prominent movies made there was "Some Like It Hot", featuring Marilyn Monroe, Jack Lemmon, and Tony Curtis, a former neighbor of mine. The old boat house in the movie is today one of the top restaurants in town.
New Home Sales were reported last week, showing a 7.5-month supply of inventory. While that number is slightly worse than last month's 7.3 reading, it's still a big improvement from where we were in January. Back in January, inventory levels reached a high of 12.4-month supply The recent news of the downturn in home building has had its predictable negative impact on California's lumber and construction industries....so I just stick to what I know best -- real estate news in the four communities I cover -- Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood.
Congratulations again to Dr. Larry Rubenstein, and his daughter Julie for winning my last contest, the Gardens of Southern California. Drs. Larry and Lisa Rubenstein with Carole receiving their $100 gift certificate to Whole Foods for their correct answers to Carole’s “The Gardens of Southern California” contest. Larry and his daughter Julie, who is the photographer of this photo, worked on the answers together, with each of them contributing to approximately 50% of the answers. They had been to all but one of the gardens and used the Internet to confirm their answers before submitting them for the contest.
I needed a break, and so it was such an inspiration to peer over the balcony and see the most amazing sight: A school of dolphins was literally dancing up and down in the water right below me -- just yards from the shore. Oh, they were having such a great time and I wanted to dive in and swim and dance with them. 
A native of Cincinnati, this Mountaingate resident is a graduate of Boston University and received her Masters in Business Administration from Boston College. She served as the Vice President of Marketing of National Cinema, one of the largest movie theater chains in the United States. Along with her husband Bill, they lived in Mountaingate for the past 12 years. They love to travel, and Bill is a devout golfer (with a low handicap to match his devotion to the sport). Congratulations on the How Well Do You Know your Architects Contest...and the $100 Gif Certificate to the Hotel Bel Air. Hope you and Bill enjoy your special evening. 