The SchifferLine

Timely Real Estate News....                                       1 September 2010
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When was the last time you were on a roller coaster?

You don't have to travel to Magic Mountain to get on "Colossus" -- their classic dual track wooden coaster -- to feel the thrill of looking up to the top of the climb and then to see yourself plunge to the bottom, traveling at what feels like the speed of sound and getting whipped from side to side and top to bottom. This was a great thrill when you were 16 but not after 30.

As you grow older, especially in Los Angeles, all you have to do to simulate this ride is read your daily paper or listen to TV about the real estate market and/or the economy. You're up...you're down...you're whipped from side to side, and you haven't moved an inch.

Welcome to the Real Estate Ride. Perusing the Los Angeles Times these past few days, you see where July home prices declined 27.2% in the United States according the National Association of Real Estate.

According to the LAT article, the big drop, which was worse than what many analysts had expected sent stock markets tumbling as investors feared a double dip in housing. The blue-chip Dow Jones industrial average fell more than 1%, as did the S&P 500, a broader measure of stocks last week.

The National Association of Realtors said that the seasonally adjusted annual rate of sales was 3.83 million units in July in 2010, a drop from the downwardly revised 5.26-million-unit rate in June 2010 and a 25.5% drop from the 5.14-million-unit level of 2009.

That was bad enough news......and then the LAT reported that there are more and more homes in the $1 million range that are in foreclosure or facing foreclosure. The ending of the $8,000 tax credit for first-time buyers has greatly affected the real estate market -- the bloom off that tax-incentive rose is gone for good. But that had little affect on the $1,000,000+ plus homes that are upside down and now are in the bank's hands.

All of this, of course, plays tricks on us. And if you ended your roller coaster ride after these two great pieces of news, you would have missed some of the 'up' news -- Standard & Poor's/Case-Shiller reported that June sales were up 1.2% across the nation, with Los Angeles reporting a 9.2% increase in home prices over 2009 for the same period. Minneapolis, San Francisco and San Diego all reported double-digit increases.

Now, this is the news you're reading as you're going up the coaster. As you read on, you discover that all this good news isn't expected to last as more foreclosed homes come on the market. Case-Shiller goes on to predict that home prices are going to drop another 8% and bottom out in 2011. That's right. We haven't hit bottom yet.

OK, OK....I wanna get off this ride. .

Fortunately, there is some good news that isn't coming at you at roller-coaster speed. As I have reported, location is still the predominant driver in the real estate business. And where we live has more to do with home prices than reading the Los Angeles Times Gloom and Doom section. As I reported in the last SchifferLine, median sales prices for three of the four areas I cover are near 2009 prices -- we haven't lost our mo-jo as have many other cities in the US or in Los Angeles County. For example in my office for the first three weeks of August of this year, we had 94% of opened transactions as compared to the same time period in 2009. Also in checking the numbers from the multiple listing service of July 2009 vs. July 2010, they are most interesting…. In July of 2009 there were 355 active listing in all price ranges in Beverly Hills, Beverly Hills Post Office, Bel Air and Brentwood, vs. 499 in 2010 in the same areas.

In July 2009 there were no pending escrows vs. 13 in Beverly Hills, 12 in BHPO, 12 in Bel Air and 17 in Brentwood this year As for a comparison of closed escrows for 2009 vs. 2010, in 2009 there were 11 in Beverly Hills, 12 in BHPO, 15 in Bel Air, and 11 in Brentwood vs. 13 in Beverly Hills, 12 in BHPO, 14 in Bel Air, and 15 in Brentwood in 2010. So when you look at the numbers, even though there were a few more closed escrows in 2009, and when you take into consideration the fact that there were no pending (all contingencies had been removed, and they are just waiting to close escrow) vs. properties in the pending category in 2010, the numbers are equal or perhaps even a little better!

What makes our Westside so special, of course, is that we continue to have incredible, natural and man-made assets that make this one of the greatest places on Earth to live. I know that sounds a bit like Chamber-speak, but it is true. This past week I have had an interesting situation going on. I have had a beautiful large Custom home in Bel Air Crest, both for lease and for sale. In the past week, we have had three different potential lessees all wanting to lease the house and take occupancy in about a week. This in addition to other agents who also had lease clients for the house! I am very intrigued by all of these potential lessees who needed something now!!! What’s up with that????

I can tell you that while we all know that the banks are more than reluctant to make loans today, and we all have the horror stories to share, this is also an excellent time to buy real estate. The majority of people that really make money in real estate have bought in a challenging market such as we are in today. With interest rates being what they are; Now is the time!!

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So what is the scoop? .

Really, there is no bad news. Last week, I spent three days at a Success Seminar hosted by my business coach, Tom Ferry. One of the underlying themes of the three days is that we all have to get our Swagger Back… Swagger – “How one presents him or herself to the world. Swagger is shown from how the person handles a situation. It can also be shown in the person’s walk, talk or dress”. How is your swagger?

There are buyers and sellers out there who are anxious to complete deals. Prices remain firm for sellers who have priced their homes realistically, but if you're thinking of getting what you might have gotten three years ago, forget it. There is a 'new normal' -- and sales volumes, which are running ahead of 2009 for this year, indicate that buyers are making deals. The normal today is going to be location-based and driven by condition of the home and presentation to the buying public. Every neighborhood has its own strengths and weaknesses -- and you will need an experienced Realtor, like me, to help you through the process. If you're a serious seller, you have to price your house right or it will sit, and frankly, you'll lose deals and money at the end of the day....so call me.

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It's Back to School Time....pen and ink?

My niece, Morgan, enters her senior year at USC and is in the middle of Rush Week, which can be so demanding on everyone, and my nephew, Connor, is taking a gap year and heading to Europe for six weeks to discover what life is like. Oh, how I envy them....what a great opportunity it is (and was) to be in their shoes....to experience your college years or traveling, rather carefree, to Europe. Oh, well, that vacation is, hopefully, in my near future.

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Just how much do you need a Smartphone?

One of the other things we talked about at my conference last week was the ever increasing use of “the smart phone”. Did you know that if you have an discount membership with Best Buy and your Smartphone is registered as part of that membership, very soon, every time you walk into a Best Buy store, you will receive an email telling you of a coupon you can use to purchase a specific item, then you can scan your phone on the bar code of the package, and off you go.. No credit card, nada except your phone! This is coming very soon to a store near you, yes my dear, Big Brother is really here! ”Smartphone’s have become a way of the life these days....just like we no longer carry paper airline tickets or maps or even lugging a laptop from city to city. We have really "smart" phones that do it all.

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Green Tips

School lunch tray dilemma

With kids returning to school now, I thought this might be a timely issue to address.

When you consider the millions of students in the USA alone; the humble school lunch tray does have an impact.

In New York City public schools alone, 850,000 Styrofoam trays are used each school day and then thrown away. Often the trays are incinerated. Styrofoam lunch trays are by no means an environmentally friendly product.

If the means of disposal isn't incineration, but landfill; Styrofoam takes a very long time to break down, taking up a huge amount of space in what is already an overburdened waste stream. When expanded polystyrene enters aquatic environments, creatures may also ingest it; causing intestinal blockage that ultimately leads to death. Expanded polystyrene is a common plastic found in the Great Pacific Garbage Patch.

While Styrofoam can be recycled, facilities for doing so are few and far between and given the bulk of its volume is air, transporting it to recycling facilities also presents cost and environmental challenges.

Styrofoam lunch tray alternatives:

Schools play an important role in teaching our children good environmental stewardship and if school lunches are being served up on an environmentally damaging product; it's not a great example to set.

However, this isn't just a school problem, it's a school community problem - parents, students and the government bodies overseeing the funding and regulation of schools need to be involved in a solution.

Some schools have recognized the disadvantages of Styrofoam outweigh the advantages and have gone back to reusable trays. To address the cost issues involved with washing the trays, volunteer programs have been set up, enlisting the help of students and parents. Other schools are trialing compostable lunch trays made from bagasse, which is a waste product associated with sugar cane processing. While the cost of bagasse trays is decreasing, they are still quite a bit more expensive than Styrofoam; so some schools undertake fundraisers to help buy the trays. While a couple of cents extra per tray doesn't sound like much, start multiplying that by thousands of meals a week and the costs really add up. Given the environmental/health issues involved though, parents have reportedly been quite responsive to supporting bagasse tray initiatives.

Bagasse isn't the only type of compostable tray available - some are made from corn waste or recycled cardboard. To learn more about the options available and pricing, try searching on Google using the following terms:

compostable school lunch trays

biodegradable school lunch trays

recyclable school lunch trays

Biodegradable/compostable trays still don't address the costs involved with waste removal and if they just go to landfill; they don't actually compost and take a long time to break down.

Something that sprang to mind to address the waste issues would be setting up composting facilities on-site and the resulting compost used on school grounds; helping to reduce grounds maintenance costs. This would be an interesting student project in itself; very relevant to topics such as Science or Agriculture; so it could become a part of curriculum.

Sometimes there are no quick fixes, so it's a case of tackling a problem a bit at a time and reducing harm. A great initiative occurring in New York City public schools since March this year is "Tray less Tuesday". On Tuesdays, food is served in containers made from recycled paper that has a clay based coating to prevent leakages. While it's just one day a week, the initiative is slashing the amount of expanded polystyrene tray waste by 20% - and that's quite significant when viewed as a percentage of the 850,000 trays a day used in New York City schools.

Tray less Tuesday type initiatives also help raise awareness among parents and students of the issues involved with Styrofoam; which can help in garnering support for further reductions in the future.

The other way to tackle the problem of lunch trays is to look at dealing with other forms of lunch related waste - such as wasted electricity, food, water and other forms of packaging. One school took this approach and lessened their cafeteria related waste from 6 dumpsters a week to two, and the savings then went towards re-introducing reusable lunch trays.

While not as flashy as solar panels on gymnasium rooftops, dealing with the expanded polystyrene lunch tray problem is a big step in greening our schools. Or we could revert to the old standard of bringing your lunch to school.

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What properties do I have that might interest you or someone you know? I have a few. In Bel Air Crest, I have one Custom Home for sale, two Canyon homes available for lease, two Canyon homes for sale and another Custom home that will be coming on the market in the next week; in Mountaingate, I have two homes listed for sale, one pocket lease, and another pocket of a home coming on the market for sale, and in Brentwood, another home coming on the market for lease in the next week as well as one coming up for sale also in the next week.. On Sat, September 11th, you will be able to see some of these listings on my full page ad in the View section of the Los Angeles Times.

Carole

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The SchifferLine

Timely Real Estate News.                                             15 August 2010 *********************************************************************************

Westside real estate stays ahead of 2009....same ups, same downs....

The more things change, the more they stay the same. I know...sounds like a broken record. But the reality is: Sales volume for Beverly Hills, Beverly Hills Post Office, Brentwood, and Bel-Air remained 28% ahead of last year as of July 31, reaching over $1.004 billion for the first time this year, compared to $783 million same time last year. The buyers are there, and while the economy demonstrated stagnation again last week, our real estate market reflects somewhat of a counter trend to bad economic news. Leading the pack for July 2010 sales is Beverly Hills, which showed a 34% gain over July 2009, with an average median sales price of $2.624 million, which has not been its highest monthly average over the past year when BH has consistently been over the $3 million range; Beverly Hills Post Office is down 10% (over July 2009) with an average of $1.801 million; Bel-Air was 1% above a year ago at $1.450 million, but Brentwood dropped 38% compared to July 2009 with an MSP of $1.694 million compared to $2.725 million in 2009.

Real estate musical chairs.... .don’t you love that ‘new’ term…..? These #s reflect the continuing trend of musical chairs in the Westside real estate market -- these four areas seem to find themselves switching chairs each month -- some are up, some are down when compared to a year ago. And a lot of this chair-switching has to do with large estate sales that take place in every community -- at one time or another. For example, Beverly Hills had six homes over $2 million this past month -- with the highest closing at $7.580 million, which sold over asking of $7.450 million but was on the market for six months; this compares to only four sales over in 2009, with the highest selling for $5.5 million, and five months on the market. Beverly Hills Post Office had three homes over $2 million, with the highest closing escrow in July 2010 at $6.8 million, selling at full price after only 30 days on the market. But BHPO had five in 2009, with the highest selling for $4.075 million after being listed for $4.795 (on the market for five months). Bel-Air also had three over $2 million in July 2010 -- the highest selling for $5.5 million....but had five in 2009 with the largest being listed originally for $27.995 million but selling for $18 million after four months on the market. (How times have changed!). And finally, Brentwood had seven homes over $2 million, but the highest-priced home this past July was $3.950 million after being listed for $4.140 million (and being on the market for 13 months). So when you look at Brentwood's 2010 #s for July with MSP down 38%, it's understandable when you discover that Brentwood's sales for July 2009 included14 homes over $2 million, with the highest selling for $14.847 million (with a list price of $17.500 million and on the market for six months). When you compare June 2010 to July 2010 median sales prices, Beverly Hills jumped 60%...Bel-air jumped 35%...but BHPO was down 12% and Brentwood was only down 2%.

What does this tell us? .Previous year's statistics greatly influence our reality of today's market....because in the real estate industry, we're always watchful for trends. In this economy, we've experienced the downward spiral of real estate prices in 2008 and 2009, and for the past seven months, we've enjoyed the "treading water" phase -- prices are not plummeting and falling through the floor and they are not zooming up, either. Again, the Year-To-Date Median Sales Prices reflect a better measurement of where we are compared to monthly comparisons with previous periods: Beverly Hills is down 4% for YTD median sales prices compared to 2009 YTD numbers....Beverly Hills Post Office is down only 1%....Bel-Air's drop is only 4%, and Brentwood is still lagging behind last year's #s by 14%. So, all in all, we're seeing some leveling off -- and have we hit bottom? Anyway, as I was saying...... (I won't answer that one!).

Here's what I would recommend to anyone who is thinking of selling your home Pricing is the most critical factor in the "to-sell-or-not-to-sell" decision-making process. Price determines your success in the marketplace and, yes, everything is relevant and on the table. Buyers are not only more savvy and sophisticated; they have the online tools to compare everything -- location, presentation, condition, and finally, price. Getting an experienced Realtor who knows your neighborhood is the only intelligent choice to make. There are just too many factors to deal with in making an objective, accurate evaluation of your home's value. I will be glad to give you a free appraisal....so give me a call.

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How To Get a Great Credit Score

What will help and hurt my credit score?

The following 2 items count for about two-thirds of your credit score:

Your Payment History: Having a long history of making payments on time on all types of credit accounts is one of the most important items lenders consider before approving a loan.

Owed vs. Available Credit. This compares the amount you owe versus the total amount of credit available. Your credit score can be lower when you use more than 50% of your available credit for each account. This is because when you are at the point of possibly maxing out your credit limits, lenders see you as a higher risk and more likely to have late payments in the future.

The following 3 items count for about the last one-third of your credit score:

Length of Credit History. A credit report containing a list of accounts opened for at least 10 years or more will help your credit score.

New Credit. Opening several new accounts in a short period of time can lower your credit score. Along the same lines, multiple inquiries may also lower your credit score.

Type of Credit Used. A mix of credit cards, retail accounts, finance company loans, installment loans and mortgage loans will help your credit score, as long as they all follow the above rules.

About 13% of Americans have a credit score of 800 or higher. If you were to look at their credit report, they generally have:

• 4-6 credit card accounts

• No late payments in the last 7 years

• At least one installment loan (mortgage or car) with excellent payment history

• An average of 10 years credit history and a few accounts with 20 years of good history

• Low number of credit inquiries (less than 3 in a 6 month period)

• No bankruptcies, foreclosures, judgments, charge-offs or collections

• Debt limits at no more than 35% of their overall credit limits per account

To sum it up, having a long history of on time payments, using the right mix of credit and not maxing out on available creditt are the keys to having a great credit score.

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A Brief Note About the Work on the 405

I don’t know about you, but I find it difficult to keep up with the work area/zone and time changes for the work being done. So here is a little tip that I learned the other day. The latest changes are posted on the Twitter web site for the 405 project are posted around 4:00 pm day, so if you are frustrated in not knowing what streets are being closed when, you might want to check this out. Here is the link http://twitter.com/I_405.

Also as is typical in a project such as this with one hand not knowing what the other one is doing, there is a lack of communication between the agencies involved in this project and the communities that are involved a task force has been formed with representatives from the various communities to be advocates for all of us. They are holding a Public Meeting this Thursday, 19 August, at the Bob Hope Chapel at the VA cemetery. The time is 6:00pm – 8:00pm. You are more than welcome to attend.

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On the Consumer Front

One of the aspects of the recently passed Consumer Protection Bill is the legislation pertaining to gift cards. Gift cards are more popular than ever.....but so are complaints. As gift cards continue to grow in popularity and usage increases, so have complaints about expiration dates and fees, which can eat into the value of the card. Beginning August 22, new rules provide important protections when you purchase or use gift cards. These rules cover both store gift cards and gift cards with a MasterCard, Visa, American Express, or Discover brand logo. Under the new rules:

Gift cards must provide an expiration date that is at least five years from the date card is purchased.

* If there is a fee to purchase the card, this must be clearly marked on the card itself or its packaging.

* Fees for inactivity, usage fees, and maintenance fees can only be charged once per month.

* You can only be charged an inactivity fee if you haven't used your card for at least one year.

* Consumers must be given clear and conspicuous disclosure about any fees relating to the use of the card.

Happy gift-giving!

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As you know, I do not make recommendations for services or companies, but this is information that I recently received that is quite interesting. If you're looking for new, consumer electronics, look no further. …look no further than retrevo.com. . Over 20,000 new consumer electronic products are introduced to the marketplace each year, so it is no wonder that searching for that new camera, laptop, or DVD player can seem daunting. Next time you need a new electronic gadget, you might want to visit Retrevo.com first.

This free website is one of the largest consumer electronics shopping and review sites online. It uses artificial intelligence technology to aggregate product information, reviews, and articles from across the internet. Information is gathered from blogs, forums, websites and manufacturers to provide up-to-date shopping advice. In addition, they offer services like the ability to find user manuals for thousands of products and a value map, which shows the best value for your money. I am in the process of purchasing a new flat screen, and have found their information most valuable. Please let me know if you have tried it and found it useful also.

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“Help.....find me, please. I'm lost....and I want to get home. Signed, Bailey”….$3,000 reward being offered!

I don't normally run "lost dogs (or cats)" advertisements, but a few weeks ago; I received a request from a family in the lower Casiano area whose beagle and lab-mix dog has been gone from home for nearly three weeks. The hunt for Bailey has galvanized a normally quiet and very private community into a community-wide effort, and that impressed me. I know this is late notice -- but I wanted to call your attention to this adorable dog, named Bailey, who would really like to get back to his Masters. If you have any information on this cute little guy, please call 310-622-5936. You'll make his owners and Bailey very, very happy.

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The SchifferLine

Timely Real Estate News.                                             1 August 2010 *********************************************************************************

Summer time....and the living is easy

Ira Gershwin, George's brother, was the supreme lyricist. He must have been thinking about Los Angeles when he wrote those lyrics..."and the living is easy." As a resident of Beverly Hills for many years (on Roxbury Drive, the house has been torn down unfortunately), Gershwin intimately knew how delightful summers (and winters) were in Los Angeles. But for me, this summer is turning out to be not so easy. Hectic, yes. Easy, not. I have never been so busy with more business than I have had in several years, and as I said in my last SchifferLine, my vacation was anything but. I LOVE IT!

Why all this activity? The answer is as complex as the market seems to be. With housing prices showing some improvement and sales volumes remain well ahead of 2009. But as I have said so many times in the past, some communities experience up months and then down months. For the record, my sales are substantially ahead of 2009, and that's good news in this down economy.

All of this business, however, gives me some more perspective on market conditions, and to answer the question -- why are all these people moving? -- let me give you some insight. Remarkably, only one of my 12 - 14 current and active clients is moving because of economic hardship. There are other sundry reasons for these individuals and families to relocate. There are clients looking to see what is “out there” before they make their decision to move, some have their home on the market and/or are in escrow. For example, one client is moving back to the South where she used to live....another has homes in other cities and has found that they really do not use their home in Los Angeles enough to warrant keeping it...one family wants to be closer to their child's new school....some families are scaling up, some scaling down. A few clients have inherited the property from their parents. One of the most enjoyable parts of my real estate career is that I am constantly meeting new people and learning snippets about their lives and their reasons for changing their homes. Everyone has a 'story' -- and it's no different here on the Westside than in other parts of the world....it's just that we seem to fare better than most areas -- both in the worlds of real estate and personal finance.

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An escrow from hell.......or it could have been

I don't usually scream or pull my hair out when all appears lost. After all of the years I have been in this business, you tend to see just about everything -- good and bad (I have been told I should write a book). As we all know, just because one is in escrow doesn't mean that the transaction will close -- far from it. This is especially true in these times. Last April, I represented a seller who accepted an offer from a well-qualified buyer. We entered escrow in April. It was to be a simple, 30-day affair. Not so. We just closed escrow last week -- after more than 90 days of one of the most frustratingly/interesting transactions I have ever had in my career. The buyer had gone to his local branch of Bank of America for his loan, and it was not easy....B of A admits that they need to streamline their system. Every business day we all were on the phone with the bank and every day it was the same old story... “We are working on it, it has been sent to underwriting for approval, and every day we need just one more document and then we will be done”. You know what? That last document was never the last document. "Just one more, Carole. Promise!" Promises, promises. The great news about this transaction was that I had a saint for a seller. The buyer, and his agent -- who were equally gracious and determined -- had the most angst to deal with -- because of the tangled web of conflicting requests emanating from the bank. But the good thing was that we all had our eyes on the same goal, and keep the lines of communication going and open. Finally, in the home stretch we could see the light at the end of the escrow tunnel....Oh, oh....just one thing: The buyer had to turn in his leased car to meet the Bank's debt-to-asset ratio. He did. And voila, escrow closed last Friday. We all celebrated, and the buyers and their two beautiful children are getting ready to enjoy their new home with a yard for them to play in! Champagne for all!!!But what this is telling you -- lenders are becoming more and more stringent, some times to the point of being unreasonable. For example, one of the issues that they are now looking at is if the woman is pregnant and as such may or not be changing her salary. The banks are looking at that potential change and taking it into consideration even if she has no intention of staying home after having the baby, or if her employer has a program that supports Mother’s taking time off to have a baby. I would not recommend to any client that they deal directly with a lender – You are always better off going through a competent mortgage broker like my associate John Ciolino at First Capital Mortgage who can run interference for you. Remember, lenders look at brokers as a source of many loans. An individual usually has no leverage with their single loan at stake. A mortgage broker can also look at your lending package and determine what will be/is the best course for you to follow.

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A different kind of barometer on the Westside Real Estate market

Two weeks ago I closed escrow on a sweet little house in Brentwood that I sold in ONE DAY. It was on a great lot and is being torn down for a bigger house that will be back on the market in about a year. I can honestly tell you that from a business perspective, I wish I had at least ten more like it. I now have a list of developers who are looking for good properties for developing, and this is a great barometer as to the confidence level of the Westside real estate market. One of the developers told me that he had not really been working for the past two years, and his wife, told him it is time “to get back to work’ and he is.

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A new kid on the block.....New York comes to Century City

If you are thinking of changing your life style and are considering one of the new luxury buildings that are on the Wilshire Corridor or Century City. Expensive, luxurious, condo-with-views are coming directly to you via the new 41-story Century on Avenue of the Stars condominium project that has been six years in the making. The 'hook' was set in Los Angeles elite who wanted what New York and Chicago have had for years -- high-rise condos that are service-rich and feature every luxury imaginable. But for a price. With sales stymied by not being able to show real units -- only plans and models -- during the initial sales phase, developers are now ready to show prospects actual units. Sales are expected to dramatically pick up -- at $2,700 per square foot, no less. If you're interested in seeing these units, please give me a call at 310 442-1384 so I can arrange personal tour

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Just in case

As you all know, one of my “hot buttons” is emergency preparedness. Enclosed is my gift to you which is a wheel for you to use in the case of an emergency as well as some information to help you in being more prepared.

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Green Tips

Nail polish and nature

What's in nail polish? Nail polish isn't a modern invention by any means. According to Wikipedia, the Egyptians were using it thousands of years ago based on henna extracts and the Chinese used a mixture of natural components such as Arabic gum, gelatin and beeswax.

These days, nail polishes tend to be synthetic chemical cocktails, often petro-chemical based (crude oil). Components may include: butyl acetate or ethyl acetate, tosylamide-formaldehyde resin ,dibutyl phthalate, stearalkonium hectorite, benozophenone-toluene, nitro cellulose. Some nail polish manufacturers are said to use industrial grade nitrocellulose in order to save money. Industrial grade nitrocellulose is mostly used for furniture finishes and car paints.

Of particular concern are formaldehyde, toluene and dibutyl phthalate - known as the "toxic trio" for their potential impact on human health.

Formaldehyde: carcinogen

Toluene: volatile organic compound

Deputy phthalate: suspected "gender bender" and carcinogen

Past our own health, the wider environment needs to be considered - what poisons us is often toxic to a whole range of other creatures. As for the packaging; specifically the bottle and even if it is glass, it shouldn't be recycled as the contents that remain are considered hazardous waste. It's my understanding that in the USA it's recommended that nail polish bottles don't go out into the trash but to a hazardous waste facility.

On a positive note, nail polish manufacturers have been responding to the "toxic trio" issue. A survey by the National Healthy Nail Salon Alliance last year found the majority of the manufacturers questioned no longer use these chemicals. You can download a list from nailsalonalliance.org that identifies the complying major brands. The use of dibutyl phthalate in cosmetics, including nail polishes, is also banned in the European Union.

As there are so many nail polish brands and some coming from countries with a less than stellar records when it comes to toxins, if you have a favorite nail polish, contact the company and ask them what's in it. Ingredients may not only vary from brand to brand, but product line to product line. The individual components can then be quite easily researched. You can also start looking into "green" nail polish. Aside from being free of the toxic trio, these "earth friendly" products are water-based; are often plant based and contain no petroleum products. They may use less packaging or bottles made from recycled glass.

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For your consideration…

As a result of my busyness, I am blessed with a number of properties for consideration, some listed and others not yet. They range in price from a fixer in Brentwood priced around $1.200,000 to $5, 000, 0000 in Bel Air Crest. Some of the special ones include an enchanting home in Brentwood on a very large lot with a view into the “lagoonesque “ pool and yard area from the Master that will be priced at approximately $3,200.000. So whatever your needs, home, condo, Bel Air Crest, Mountaingate, Brentwood, a condo in the Century City or Beverly Hills area, or anywhere else you might be thinking of moving to, please give me a call, I would love to speak with you.

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In the meantime, enjoy the rest of the summer: It feels like it is getting shorter all the time. They have already had their orientation for transferring students at UCLA, and Morgan is returning in two short weeks to begin her senior year at SC. August 3rd is my daughter’s birthday. Happy Birthday Mel. I will speak with you all soon.

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The SchifferLine

Timely Real Estate News.                                             15 July 2010 *********************************************************************************

There is some good news, not-so-good news at half-way mark for 2010

Well, it is not June in January and it's still too early to tell how 2010 is going to turn out. But if you're following real estate on the Westside, we continue to find a mixed bag of news: Sales volume for the communities of Beverly Hills, Beverly Hills Post Office, Bel-Air and Brentwood are still ahead of 2009 totals, but have dropped considerably from a margin of 47% positive as of the end of May, 2010 to 28% on the plus side. It seems that as we move forward into this year, sales volumes could be reaching a 'stalemate' with volumes in the previous years as we see the market achieving an uncomfortable balance. What's uncomfortable? Median sales prices according to the MLS. With some minor duplication in the overall #s that we get each month from the Multiple Listing Service, we are seeing that only Beverly Hills Post Office is barely ahead of median sales prices for the first half of 2010 -- just 1%. Brentwood is not that far behind -- just 6% off of last year's pace; Beverly Hills is 16% behind 2009 first-half median sales prices; and Bel-Air is off by 22%., yet when you look at the sales prices for each month, there were man more sales in all four communities over $3,000,000 in June than there were in May, for example, May – Beverly Hills 1, BHPO, - none, Bel Air 1, Brentwood – 1 June – Beverly Hills – 5, BHPO – 3, Bel Air 2, and Brentwood is tied with Beverly Hills at 5 also! Go figure. I can only report on what we get -- and while the MLS is still trying to fix their sales duplication glitch, the glitches were relatively minor this past month. Is this the end of the world? Of course not. As we have discussed through the past couple of years as we have experienced the dark side of the real estate moon -- every month brings surprises -- Beverly Hills is way up; Bel-Air is down, etc. There seems to be no consistency, and the reason for this is quite simple: We have the luxury of vast variables in the market. the neighborhood." And with the neighborhood, we are finding extraordinary sales of large estates that continue to skew the median sales prices each month. Should you complain? Probably not. The fact is our median sales prices are strong compared to many areas in the US these days.

We have an exciting story to tell. We live in a land of beautiful people and beautiful homes.

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OK -- here's the deal: “You give us the deed back, and we'll call it even”.

According to the article in the Los Angeles Times at the end of June,, some of the largest mortgage services and lenders in the country are gearing up campaigns to reach out to borrowers who owe more on their mortgages than their homes are worth with cash incentives that sometimes figure into five figures, plus a simple message: “Let’s bypass all the time consuming hassles of short sales and foreclosures. Just deed us the title and we will call it a deal. We don’t come after you to collect any deficient between what you owe us on the mortgage and what we obtain from the sale”. Sometimes this can be wrapped up in as little as 45 days.

Mortgage companies indicate that troubled borrowers are increasingly signing up for the offer. Bank of America has already mailed 100,000 deed-in-lieu solicitations to customers in the past 60 days. Volumes for completed deals are breaking company records. The actual name for this program is " Deeds-in-lieu-of-foreclosure". Does this work for everyone… NO.. If you have equity in the property, the owner most likely is not going to want to walk away from that, and would most likely go for a loan modification. They also do not work if there are multiple mortgage holders. Also while it doesn’t do as much damage to the owner’s credit score as a foreclosure or bankruptcy would, it does still leave a mark. It is going to be interesting to see if this proves to be effective in assisting to “clear the decks” of some of the troubled properties we have hanging around.

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And I thought I was taking a vacation....and other fantasies

Planned for months, I was heading to my home in Coronado for the July 4th week holiday. My family from Vancouver was anxious to get to the sunny, warm climes of Southern California. Fooled you, didn't we? The weather for the entire week in Coronado was June Gloom -- only gloomier as Winnie the Pooh would say. And compounding the rather tepid weather we had at the beach, I couldn't escape the work facing me every day. However, I enjoyed our four-mile walks on the beach each day -- but you couldn't lie out on the beach, or even sit by the pool -- too cold. So we got out of 'Dodge' and headed to Temecula for a day of wine tasting and dinner. Oh, my, what a treat that was. It was warm, sunny, and the wine was superb. We visited four wineries -- Callaway, Bailey, Monte Verde and South Coast...and had the most delightful dinner at a wine bistro in Mira Mesa. This is really beautiful wine country. We also visited Old Town Temecula and went to this wonderful olive oil factory. As part of our adventures another day, we stopped by Fashion Valley and was sad to see that the Saks Fifth Avenue store is closing. They had amazing discounts or 70 80 % on all of their clothes, and were selling everything including all of their furnishings, cabinets, shelves, and were even selling their famous Lalique lighting fixtures that will be auctioned off by Sotheby’s later this year. Another era passing by. It reminds me of when I was growing up here and we shopped at Bullocks Wilshire.

My favorite (and only) nephew, Connor (Morgan’s brother), is on his way to his future after graduating from Collingwood School in West Vancouver, BC. Connor is working this summer and has been accepted at all seven colleges and universities to which he has applied. But he has not yet decided if he wants to take a year off or just “dive in”. A strapping good-looking, 6'2” mountain bike champion- but, like many of us, he has time on his side. The graduation ceremony was + beautiful, one of the instructors plays the bag pipes, and he piped all of the 127 graduates into the tent where the ceremonies where held. Congratulations from Auntie Carole.

Sometimes I feel that I can never get away from real estate, but while I was in Vancouver, we looked at some houses for my sister to use as an example of how she and my brother in law want to build. There are some truly wonderfully exciting and architectural homes in West Vancouver, most of which have really extraordinary views of the Pacific Ocean and Vancouver proper. Very inspiring!

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Green Tips

Recycling Metal in our Blue Bins

If you are like me, you think that everything metal can be recycled.. unfortunately that is not the case. Following is a list of what can and cannot be recycled.

What metal can be placed in the bins?

All clean, empty metal cans (tin, steel, aluminum,) including:

Soda, juice, soup, vegetable and pet food cans

Empty water based paint cans*

Empty aerosol cans with plastic caps removed

Clean aluminum foils, pie tins and trays

Wire/metal hangers

What metal can be placed in the bins?

All partially filled aerosol cans and containers for cleaning fluids, automotive fluids, pesticide, oil based paints, garden chemicals and pool chemicals

Electronics and batteries. This includes car batteries, household batteries and rechargeable batteries

All of these items need to be taken to a SAFE center such as the one at UCLA.

* Buy or tell your painter to only use ZERO VOC (volatile organic compound) paints. These paints do not emit an offensive odor during application, have no odor once cured, and do not produce off gases. They have no adverse effect on the ozone layer and have minimal impact on the ecosystem. They are not deemed hazardous waste.

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What about my listings?

I have a number of wonderful properties for your consideration. They include an exciting Romani (largest Canyon home floorplan) with a truly exceptional back yard for $1,899,000 in Bel Air Crest, two great Custom homes, also in Bel Air Crest, a lovely, gracious home in Mountaingate for $2,275,000, and a number of pocket listings in Mountaingate, and Brentwood as well. Just give me a call at 310 442-1384. In the mean time stay cool and enjoy the summer!

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The SchifferLine

Timely Real Estate News.                                             15 June 2010 *********************************************************************************

Happy Father's Day..

The first Father's Day was celebrated on June 13, 1910, conceived by the efforts of Sonora Smart Dodd of Spokane, Washington. But our female counterparts will be quick to point out that it was the inspiration of a 'woman and mother' who felt that if there were going to be a holiday to celebrate Mother's Day, then why not one for fathers also? There are over 55 countries around the world who celebrate Father's Day -- from Serbia (January 6) to Russia (February 23) to Tonga, May 16 (this year), and to the United States, June 20. After listening to a church sermon at Spokane's Central Methodist Episcopal Church in 1909 about the newly recognized Mother's Day, Dodd felt strongly that fatherhood needed recognition as well. And rightly so. She wanted a celebration that honored fathers like her own -- William Smart, a Civil War veteran who was left to raise his family alone when his wife died giving birth to their sixth child. It took more than six decades for Father's Day to be officially recognized and it was actually the butt of many jokes and parody because it was believed that we were inventing holidays to promote more commercialization. Presidents Woodrow Wilson and Calvin Coolidge tried to make it official, but believe it or not -- it wasn't until Lyndon Johnson actually officially proclaimed the third Sunday of June as Father's Day....and six years later, it was signed into law by President Nixon.

It's a day of wonderful memories and some sadness, too, as I wish my Dad were still around to celebrate with. He was a great guy and we all miss him a lot! Happy Father's Day to all of you Dad's out there!!!

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Westside sales volumes shows spring power and the uncertainty of what lies ahead

As Winnie the Pooh once said, "...it's get murkier and murkier out there." It certainly does, Winnie. We see the traditional strong spring sales flowing through the escrow companies as sales volume for the year has peaked at $691 million, compared to $472 million for this time in 2009. That's a 46% increase (compared to 61% for January-April period) over the past year, a clear indication of the continued strength of the buyers market. If you're a seller, however, it doesn't automatically 'make your day.' Median sales prices -- always the key indicator for true home values for the areas I report to you on -- have shown continued weakness compared to a year ago: Beverly Hills was down 12% compared to year-to-date prices for 2009; Beverly Hills Post Office was down 20%; Bel-Air was down 29% and Brentwood prevented a total wipeout with a model 2% increase in year-to-date median sales prices.

There is 'modest' good news in the MLS data -- when you compare May 2009 to May 2010, Beverly Hills Post Office was up a median sales price of 11% and Brentwood was up 14%. But then the smiles quickly disappear when you see that Bel-Air is down 47% compared to May 2009 and Beverly Hills is down 25%. Not good news. Yes, we have all read the news reports of the largest sale of a home in the country taking place in Bel Air recently. The non reported sales price is between $50,000,000 and $70,000,000 (as soon as the price is part of public record, I will report it to you, but for now it is not figured into the stats). So, how are we trending? April to May 2010 have shown relative strength in sustaining current home values -- Beverly Hills Post Office and Bel-Air are practically even from April to May, each up 1%; Brentwood is down 2% and Beverly Hills is down 25% from April to May. All of these numbers clearly indicate the on-going volatility of the marketplace.

At the end of the day, Winnie would tell you -- "it's going to be murkier for awhile".....until we emerge from this economic gloom. June is the traditional month for "gloom", so why bother to complain about the weather or median sales prices -- it is what it is. And as I tell my clients, every house in every neighborhood has its own assets and liabilities. Pricing continues to drive the market -- and I am not expecting that to change until the economy starts moving faster than it is doing now.

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Help with those traffic woes!

Have you tried dialing 511 yet to help with the traffic and travel times? I have. It is great. All you need to do is dial 511, it is free service that will advise you of the traffic conditions where you are and where you are driving to. In the last month or so since it has been operating, it has been a huge help to me.

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Green Tip

Old medication and the environment.

I cannot tell you how many times I have taken some meds out of my medicine chest only to find that it had expired years ago! Please consider the environment when disposing of old medicines. There are many areas of our lives where we can lighten our environmental impact just a little; and one of them is how we deal with medication.

I'm certainly not about to recommend that anyone using prescription medication to cease taking them for the sake of the planet, but how we handle the waste related to our pills and potions does have an effect on the environment. I'm not referring to the packaging, but the drugs themselves.

Old, past-expiry date medication are a common occurrence in the home and these drugs pose a risk to others in your household, so it's certainly a good idea to dispose of them. Old medication should be considered as being household hazardous waste and careful consideration given to their disposal.

Unfortunately, old medication often goes straight down the toilet or the sink, but the problem is sewage wastewater treatment plants aren't equipped to filter out drugs; so they wind up in our waterways.

US Environmental Protection Agency (EPA) studies have found pharmaceuticals present not only in waterways, but also in aquatic creatures. Minute levels have also been found in drinking water. In addition to antibiotics and steroids, over 100 different Pharmaceuticals and Personal Care Products as Pollutants (PPCPs) had been identified by 2007 in environmental samples and drinking water.

Not a lot is known about the environmental and human health impact of the presence of pharmaceuticals in waterways as more research is needed; but it's a disturbing situation.

While most drug residues enter waterways through people taking medications and then passing them through human waste, the addition of old medications that are flushed is just an additional burden on our waterways that can and should be avoided.

How to dispose of old medication

It's important not to flush prescription drugs down the toilet or drain unless information accompanying the medication specifically states you can do so. You can locate a list of medications that can be flushed on the Food And Drug Administration web site. Something to bear in mind though is that the FDA's recommendations have little to do with the environment. Its opinion is the potential risk to people and the environment from flushing the listed medicines is outweighed by the "life-threatening risks from accidental ingestion of these medicines".

Probably the best first course of action is to contact your local pharmacy and ask them if they have a drug take-back program as these initiatives are becoming increasingly common. Pharmacies that do will ensure the medications are disposed of in the proper manner.

Failing all that, the general advice is to dispose of the medications in your household trash, but to take some special safety precautions by take the medications out of their original containers and placing them into another airtight container, mixed in with something undesirable - such as used kitty litter or other substances equally as unappealing. It's not ideal as the drugs can contaminate the soil when land filled and possibly contaminate groundwater; but that's really the only other option and according to authorities; the "lesser of the evils".

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What about my listings?

I have two beautiful Custom homes listed for sale and one for least as well in Bel Air Crest. One is listed at $5.9 and $20,000 for lease, and the other for sale at $5,350,000. I also have an exciting, newly constructed home in Brentwood north of Sunset that is also for lease and sale at $3.899, 000 and $16,000 respectively. It is 6 6.5 contemporary with a salt water pool and wonderful views of the Getty. In addition in the next few days I will be listing a lovely, sweet home, also in Brentwood, north of Sunset on a really wonderful lot that is being sold as a teardown. We will be listing and pricing it in the next few days. For information on any and all of my listings, please go to my web site..www.caroleschiffer.com, there you will find photos of all of my listings. As always I look forward to hearing from you.

Thank you to all of you who attended the Emergency Preparedness Event we had at Bel Air Crest a few weeks ago. It was very well received.

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The SchifferLine

Timely Real Estate News.                                             1 June 2010 *********************************************************************************

Musings about how to spend your summer!

I was musing about what to share with you for the June 1 issue of The SchifferLine -- what’s going on with this time of year? Obviously, Memorial Day is the traditional kickoff for summer, but as a kid, the “official day of summer was when school was over”….and when my parents sent me to camp. My first “sleep over” camping experience was at a great camp in Big Bear. I was around 10 or 11, and while I cannot remember the name of the camp, I do remember the owner and general manger, Uncle Bill. He was a great guy. Ironically, when I first moved to Bel Air Crest, I met Uncle Bill’s daughter, who also lived here and she and I had lots of laughs remembering our experiences at her dad’s camp. Another fun camping experience was at Camp Hess Kramer --which is affiliated with Wilshire Boulevard Temple and is still going strong in Malibu. I went to Hess Kramer for a number of years. Just the other day my sister, Kim, was talking about her memories of us taking her to the train from Union Station for her trip to her camp in Arizona. I know that many of my friends also went to camp. One enjoyed every summer at a YMCA camp on Catalina where he learned to swim, row boats, and spear fish. I'm grown up now and had not thought about going to camp again, but this summer l am headed for Real Estate Boot Camp organized via phone by my real estate coach, the internationally known real estate guru, Tom Ferry.

And speaking of adult camps, there are a bunch of fantasy camps for people with varied interests. For example.....if you're a Dodger fan and really want to re-live your youth, you can attend the Dodgers Adult Baseball Camp in Vero Beach November 7-13 or later in January. The week-long fantasy camp costs approximately $4,300 plus airfare, but, hey you get to be coached by Dodger Hall of Famers and you get two Dodger baseball uniforms, video record, and you get to play 'real baseball.' Sounds like a deal. They say no baseball experience is necessary. Yeah sure.

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June is still the favorite ....but not always for why you think

June has always been the traditional month for weddings. And despite all of the myths you've heard about the Medieval tradition of having weddings in June (because it was after the women had their annual bath…which was not true), it was really the month chosen for lots of practical reasons; the first harvest was over, flowers were abundant, the weather was great, and if the bride happened to get pregnant right away, she would be recovered from the birth to help with the Fall harvest the following year. Back in the 1500s, the other more popular months were November through January when the harvests were done and the cold weather allowed for meats to be preserved for the wedding feasts. Today, June remains the most popular month, followed by August and September. 2.4 million Weddings are performed each year in the US, and the average number of invitees is 175. Average first-time bride is 25 years old....grooms are 27.5. I hope you love playing Trivial Pursuit as much as I do, and maybe some of these stories will help you along the way!

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PIGS (Portugal, Italy, Greece and Spain) are driving mortgage rates lower....nearing record lows

If you read the Los Angeles Times last Friday, you read mortgage rates were back toward record lows as the debt crisis in Europe has "unhinged the global stock market and also helped push U.S. mortgage rates lower." Freddie Mac reported that the average rate offered on 30-year fixed rate home loans sank to 4.78% last week, down from 4.84% the previous week. The PIGS? "Just when we thought we were finally experiencing higher loan rates, we got the PIGS," said Steve Larsen, head of mortgage operations for Bank of the West -- using the acronym for Portugal, Italy, Greece, and Spain -- all facing severe debt crises and driving stocks down everywhere, including the US. The savings on a $350,000 loan that goes from 6.25% to 4.75% can save a homeowner approximately $4,000 per year according to the LA Times report.

According to John Ciolino, with First Mortgage Capital, Los Angeles, and a Coldwell Banker mortgage consultant...."the biggest factor is the shift from stocks to bonds. People are really nervous about the world economy, especially in Europe, and this has caused a massive sell off in the equity market." John noted that almost every time this happens, people are looking for a safe haven to park their assets. "So we have seen the 10-year bond move down drastically and in return, we're seeing these amazing mortgage rates," he said. How long will it last? John said it all depends on what is happening now in Europe. Stay tuned.

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Notice something missing on your way to UCLA?

I won't say it was one of my favorite landmarks in West Los Angeles, but half of the Sunset Boulevard Bridge over the 405 is down. It's all part of Caltrans’s 405 widening project that is now getting into full swing. Caltrans’s rather ambitious undertaking is causing for some interesting driving patters, but if you're a night owl or work the grave-yard shift, you will be seeing more heavy-duty destruction as we enter the next phases. The state’s “demolition crew” were busy these past few weeks -- the east-bound portion of the Sunset Blvd. lanes, the southbound on-ramp to 405….as well as the south of Sunset portion of Church Lane were all demolished while construction crews installed new sewer lines. The new replacement lanes and on-ramp will be finished in approximately 6-8 months and then the west-bound lanes side will be taken down. They will also soon begin working on both the Mulholland and Skirball bridges and on-ramps. All of the construction time tables and projects seem to keep changing, and so once again, I urge you to please check http://twitter.com/I_405. This seems to be the most update postings on the construction projects.

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Emergency Preparedness Festival

For those of you who receive The SchifferLine via e-mail, it is still not too late to join us at the Emergency Preparedness Festival we are having in Bel Air Crest on Sunday, June 6, from 11:00 a.m. to 1:00 p.m. We are being told that in the event of a catastrophic event, such as a BIG earthquake, we will not be able to depend on City officials, fire, police, etc. for help and will need to take care of ourselves for at least five days. At our festival in Bel Air Crest, we will have some vendors selling earthquake kits, or if you have some and need to update any of your supplies, you will be able to do that also. We will also have some plumbers on hand for you to make arrangements for the installation of those all so important gas shut off valves. In addition we will have food and fun and games for the kids, and hopefully a fire engine rig and other emergency equipment, videos), and perhaps a fly over by a helicopter or two for the kids of all ages to play on. If you want to join us, we will need to know by Friday June 4. Please shoot me an e-mail @ceschiffer@aol.com or call the Bel Air Crest management office 310 471-3755. This is open to all of you, but we will need to have your name at the guard gate if you do not live in Bel Air Crest.

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Green Tip

Baking soda isn't just for deodorizing your fridge or for cooking

How can baking soda be good for cleaning, baking, deodorizing -- and even weeding -- all at the same time? Vicki Lansky's book, Baking Soda: Over 500 Fabulous, Fun, and Frugal Uses You've Probably Never Thought Of, explains it all. The book was a runaway hit in 2003, and it still is today, because frugal times call for frugal ingredients that get the job done as well as store-bought formulas.

1. Washing food

- Make a paste of baking soda on a clean sponge, and then wash toxins off the skin of fruits and vegetables. Rinse well before eating.

2. Drain cleaner

- Okay, baking soda it isn't as powerful as commercial de-cloggers, but it costs virtually pennies to make and is a great first line of defense. Take a half cup of baking soda; pour down drain followed by half cup of white vinegar. Place a glass bowl over the top of the drain for two hours, and then rinse with hot water. This should remove grease and dirt build-up through the pipes.

3. Vacuum odors

- Sprinkle baking soda on the floor, and then vacuum it up to kill odors in your vacuum.

4. Musty books

- Do you have some old and musty books that you can't bear to throw out? Sprinkle some baking soda between the pages, and brush it out a few days later for a fresh scent.

5. Oil and grease

- Sprinkle soda on the garage or basement floor to soak up oil and grease.

6. Canvas cleaner

- To clean anything canvas, rub on a paste of baking soda, then rub off.

7. Burnt pots

- To eliminate seriously burnt-on food, pour in a thick cushion of baking soda, add an inch or so of water, and put the pot on the stove to boil. After boiling for a minute, try scrubbing again. The burned-on mess should come right off.

If you have any Green Tips that you would like to share. Please give me a shout or shot me an email.

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Please don’t forget my two beautiful Custom homes in Bel Air Crest. I also have some listings coming up in Mountaingate as well as a new listing of a newly constructed home off of Bundy, north of Sunset, as well as a sweet little home on a lovely lot on Bundy. If you or anyone you know might have an interest in any of these properties as well as any other real estate, please let me know.

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The SchifferLine

Timely Real Estate News.                                             15 May 2010 *********************************************************************************

The Maypole brings out the fun of May Day in life at Archer School for Girls

I don't know about you, but as a child growing up on the Westside, May 1 was always the day that we put up the Maypole with these brightly colored ribbons streaming from the top. Each of us would grab the ribbon and dance around the pole with music in the background. This was always our 'Rite of Spring'. The maypole dancing tradition dates back to the 18th century in Italy and France and was eventually imported to England where it became a part of every spring. The 'ribbon maypole dance', as it was called, is now regarded as the most 'traditional' of May Day's characteristics. The Archer School has carried on the tradition from the previous owners of their property by erecting a really lovely beautiful, most decorative traditional Maypole --and its brightly colored ribbons are stretched out on its front yard and can be easily seen as you drive by on Sunset Boulevard. It will be up until May 31. It's worth the trip.

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Beverly Hills has a stellar April as sales volumes for year continue strong

Is the market changing? Yup, slowly, but it is improving! Yea! We're seeing enthusiastic crowds at open houses across the Westside, and year-to-date sales volume continues to stay well ahead of 2009, with nearly $577 million sold since January 1, 61% over year-to-date sales for the same period last year. Leading the pack was Beverly Hills with 13 homes sold over $3 million and one selling for $13 million. Beverly Hills Post Office had three over $3 million; Bel Air and Brentwood each had two over $3 million as well. This strong April showing indicates that there are buyers out there for quality properties -- which are the hallmark of the communities I report on. We're all looking for 'signs' that the market is stabilizing and growing -- and the continued strong sales volumes prove that we are making progress.

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Another key indicator for a healthy real estate market is the DOM number -- "days on market". DOM reflects, of course, the number of days a property sits on the market -- from the date of the listing to the date it goes into escrow. Beverly Hills had 17 sales during April with the average DOM of 75 days. Beverly Hills Post Office had 11 sales with the average of 112 DOM. Bel-Air had 13 sales with a low of 40 DOM, and Brentwood had 13 sales with 110 DOM. It is always important for buyers and sellers to have a Realtor who knows the neighborhood and is familiar with the inventory, both past and present. If you're a serious seller, you have to price your home to sell; otherwise, the DOM will drag on and on. The result? Lower-than-necessary sales price. It could have been avoided.

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The MLS is working hard to fix the glitch

You will notice that some of the information I generally give you on the stats is missing from this report. The reason is that the MLS has not yet fixed the programming problem so that the stats they provide are accurate. The MLS assures me that they are working tirelessly to fix the problem, but until they do, I will only give you the data that I can rely on as being accurate. It is my policy to always verify the data I give you, and well, the process worked. The MLS was totally unaware of the problem until I called them to alert them to the problem. .Hopefully, we'll have this fixed and I will be sending you more comprehensive information.

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The MLS is working hard to fix the glitch

You will notice that some of the information I generally give you on the stats is missing from this report. The reason is that the MLS has not yet fixed the programming problem so that the stats they provide are accurate. The MLS assures me that they are working tirelessly to fix the problem, but until they do, I will only give you the data that I can rely on as being accurate. It is my policy to always verify the data I give you, and well, the process worked. The MLS was totally unaware of the problem until I called them to alert them to the problem. .Hopefully, we'll have this fixed and I will be sending you more comprehensive information.

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Multi-million homes falling prey to foreclosure

We're seeing it more often now....bank-owned homes are more and more prevalent on the Westside. We're not reaching epidemic proportions as they are in the Inland Empire or in Arizona or Las Vegas, but the foreclosure of high-end homes reached a new high in February 2010, the last month data were available. Another interesting part of this is that generally those individuals were not buyers who had obtained questionable loans or had had bad credit, but had unfortunately seen changes in their lives that caused them to not be able to afford their homes. A total of 4,169 high-end homes (over $1 million) were in the foreclosure process -- having received a foreclosure notice, had an auction scheduled or had ownership taken over by the lender. This represents a 121% increase from a year ago. Owners of expensive homes have been able to stave off foreclosure longer because they had greater ability to extend their home payments through their credit card capacity while lower-end buyers were already tapped out.

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Appraisal Issues

As you know I have talked a lot about the issue we are having with appraisals in getting loans through today. It is not because the sales price is not “correct” but sometimes the appraisers they are using today just do not know what they are doing or talking about. So what recourse does one have? If you get an appraisal that is not the same as is necessary to obtain that loan, you can dispute it and obtain a review appraisal. One thing you need to know, if you do decide to get a second appraisal, which also have to be paid for, and that one doesn’t come in higher than 5% over the original one, the original appraisal will stand!

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How is Morgan doing? My niece coming back for her senior year

Oh, how time flies when you're having fun. It seems like only yesterday that I wrote about my niece, Morgan, who lives in Vancouver, British Columbia, coming to enroll at USC three years ago. While at the time, of course, I resented a family member enrolling at 'that evil school across town', I was very happy to know that I would have my delightful, wonderful niece practically next door. Morgan enters her senior and final year at USC this fall, and will then be enrolling at the University of British Columbia Dental School in the fall 2011. She's been a delight to have her around -- mostly weekends when laundry needed doing or when she had to make a run at Costco. I've met many of her friends over the past three years, and it is so gratifying to meet such bright, effervescent kids (yes, kids) -- it does give one hope for the future. It will be in good hands. Her brother, Connor, graduates this June from high school, and has been accepted at the University of British Columbia-Okanagan campus where he will major in business. Connor is no couch potato: He's a champion mountain biker and to keep in shape, he rides up Grosse Mountain three times a week -- it's like riding up to Mount Wilson. Not my thing -- but he sure is in good shape. This campus is fairly new and connected to the prestigious University of British Columbia campus on Vancouver in the Grey’s Point area. So if their plans pan out, both of them will be attending the same school, only on different campuses.

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Coming soon The Grape Vine-- Social media here I come

Sometime very soon, you will be seeing my blog on many social media outlets -- Facebook, LinkedIn, Twitter, and on my website -- caroleschiffer.com. You will be getting more up-to-date information approximately three to four times per week that will bring you the latest real estate, financial or community news. The blog will be called The Grape Vine, with a 'wine' theme! As you know, there is a lot going on these days on the Westside, especially the 405 Widening project, which affects all of us. So stay tuned. You can say “you heard it on the Grape Vine” (always one of my favorite songs!)!

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Recycle your toothbrush

Toothbrush recycling and repurposing .Sounds a bit icky doesn't it? It's reported that over 25 000 tons of toothbrushes end up in landfill in America each year. It's something we don't think too much about - we use them, we throw them away.

Here's a couple of ideas for minimizing waste:

Replaceable head toothbrushes:

By weight, the head of a toothbrush is the lightest part, the bristles may wear out quickly, but the handle lasts a long time. There's brands of toothbrushes available that have replaceable heads, so you could cut down the bulk of your toothbrush related waste that way.

Recyclable plastic toothbrushes:

Some manufacturers have heeded the call to minimize waste and are now making toothbrush handles from recyclable plastics. The plastic is reclaimed, melted down and used for making other items such as outdoor furniture. Next time you're shopping for a toothbrush, look for these - it's likely their "green" credentials will be mentioned on the packet. If you're not sure about what a toothbrush is made from check the packet or handle for a resin code - the number will indicate the type of plastic it is and if it's suitable for recycling.

Toothbrushes around the home:

Given the small head size of a toothbrush, they are really handy for all sorts of fiddly jobs around the home, including:

- Scrubbing in between tiles

- Knocking off dust that's caked onto other items.

- Comb cleaning

- As a paintbrush for the kids art projects

- Cleaning a cheese grater

- Cleaning jewelry in conjunction with baking soda

- Upholstery and carpet stain removal - Applying hair dye

- Scrubbing dirt off hard skinned fruit and vegetables

- To clean car battery terminals

- Cleaning mud or dog poop from shoes Remember to disinfect your toothbrush before repurposing it Do you have other toothbrush recycling or repurposing tips?

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The SchifferLine

Timely Real Estate News.                                             3 May 2010 *********************************************************************************

Cinco de Mayo is a great excuse for celebration and delicious margaritas !

We can find just about any excuse to celebrate -- from St. Patrick's Day to Oktoberfest to All Saints Day. Cinco de Mayo -- May 5 -- is another day to celebrate, si? May 5 does not commemorate Mexican Independence Day as many assume, but rather celebrates the victory over the French army at The Battle of Puebla in 1862. It is primarily a regional holiday celebrated in the Mexican state capital city of Puebla and throughout the state of Puebla, with some limited recognition in other parts of Mexico, and especially in U.S. cities with a significant Mexican population. Mexico's Independence Day is actually September 16. The French wanted control of Mexico and sent a force of 6,500 to march on Mexico City, but the Mexican army with just 4,500 fought bravely and defeated the superior French forces on May 5, only to see the French returning a year later with 30,000 and Napoleon III successfully installed the Archduke of Austria Maximillian as head of Mexico. Maximillian's rule was short lived -- he was gone three years later when the United States helped Mexico throw the French out.

You would think that as part of their celebration, the Mexicans would toast their famous 'margarita' drink. But again, history shows that there are many stories and myths about how the margarita was born. We know it wasn't in Puebla, there are a number of stories floating around, including one from Carlos “Danny” Herrera in Tijuana in 1938 that was mixing a drink for a client that was allergic to hard liquor, and the beat goes on. Frankly, I won't think about it come this Wednesday, May 5. Who really cares when it tastes soooo good! Salt or no Salt?

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405 Widening moving forward.....on Twitter

Tweet? Even if you don't "tweet", you can get a complete update on Twitter by simply plugging in: http://twitter.com/I_405. This site will give you a complete update on the latest news for construction. Warning: some tweets and information from Caltrans also contains people commenting on the updates but the information is there.. Still, if you are using Sepulveda Boulevard or the 405 in the Sepulveda Pass, it's best to check. These are challenges that we will have to live with for the next few years. Rather than send you a very long document (approximately 20 pages) with the complete timeline for the entire construction project on the 405 from beginning to end that you may not want, I will be more than happy to email it to you if you wish, or here is the link so that you can download it. It is very well done and very interesting and informative. Please let me know either via e- ceschiffer@aol.com or give me a call at 310 442-1384, and I will be more than happy to mail, send it along. If you wish to download it, the link is http://www.metro.net/projects_studies/I405/images/I-405_spwp_CAC_meeting_april.pdf

********************************************************************************** California foreclosure crisis appears to be abating......

This is welcomed news. As I have pointed out to you for the past 18 months, foreclosures in your neighborhood can have a very negative impact on home values. Bank-owned homes usually sell for as much as 30% less that corresponding home values in any neighborhood, thus dramatically bringing down nearby home values through the comparison process. New data shows that as the federal government and big lenders step up efforts to keep troubled borrowers in their home, foreclosures are being delayed.

Mortgage default notices — the first step toward foreclosure — plunged 40.2% statewide in the first three months of the year compared with the same period in 2009, according to San Diego research firm MDA Dataquick. Foreclosure sales dropped 1.7% from a year earlier and 16.1% from the last three months of 2009, according to Dataquick. The numbers suggest that the housing market won't be flooded by a fresh wave of bank repossessions, which had been seen as a major threat to the market's recovery. So, this is good news.

What is even better news is that according to Stuart A. Gabriel, director of UCLA's Ziman Center for Real Estate said the declining foreclosure numbers are "consistent with a broad range of indicators that are suggestive of not only a healing economy but the beginning of healing in the housing market."

On top of this, Southern California home prices jumped 14% in March 2010 from the same month a year ago. All of this portends to stronger real estate market on the Westside. While we have all seen bank-owned homes on the market, the major concentration of foreclosures and short sales are not in West Los Angeles proper.

********************************************************************************** Women are increasingly stepping up to buy their own home......

Single women are making their presence felt in residential housing. Last year, single women snapped up one of every five homes sold. That's nearly 1.500,000 homes! The trend, according to USA Today, is striking because in 1981, the number of single women and single men home buyers was virtually the same. But since then, the number of women buyers has almost doubled. The factors leading to this shift in home buyer profiles is that both women and men are marrying later. Women, on the average, now wait until they're 26 to walk down the aisle. Women tend to live longer, meaning they have inheritances to spend, and they're increasingly spending it on new housing, In the latest statistics available, single women who purchased homes were 21% of the total housing market vs. just 9% for single men. (Source: National Board of Realtors)

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Green Tips

Tell me if this scenario sounds familiar: When you moved into your home, your shower had great water pressure. You enjoyed decompressing before or after work in your shower, washing away the stress of the day. However, lately you've noticed that it's not as enjoyable as it used to be. The water pressure just isn't the same.

Well, it's probably not your water pressure that's changed. Odds are, your showerhead has become clogged due to hard water deposits.

Hard water is water that is high in mineral content -- elements such as calcium and magnesium among others. Hard water isn't harmful to your health, but over time, its minerals can build up inside pipes and cause clogs. You can check to see how hard your water is by lathering your soap or shower gel -- the lower amount of bubbles and suds, the harder the water.

With hard water deposits in your showerhead, a once-long, luxurious shower could be reduced to a drippy annoyance. You'll know that you have a clogged showerhead because the shower stream will become less consistent or the water pressure will begin to decrease.

Luckily there are a few solutions to unclogging a showerhead --

Solution #1: Denture tablets

 Yes, denture tablets! If someone in your home already has denture tabs laying around you don't even need a trip to the store to fix this one.  

1. Remove your showerhead if possible. You don't have to do this, but it will make things much easier. Most showerheads can be removed by hand without screws, but check to see if there are any screws first before removing. If you can't remove the shower head by simply turning it, use a pair of pliers or a pipe wrench. a. Get a bucket and fill it with water about halfway full with warm water. b. Drop 2-4 tablets into the water and wait a minute for them to effervesce. c. Place the showerhead into the water and soak for several hour. Use a small brush or an old toothbrush to scrub the shower holes clean. d. Rinse with water and put your shower head back in place.   

Once again, you probably won't need to venture out to the store for this one. Get a bucket or large bowl and remove your showerhead as instructed previously. You can also use a larger plastic bag and fasten it with a rubber band at the top.

a. Fill your bucket or bag with the white vinegar; about a pint if possible. b. Submerge your showerhead and allow a few hours for soaking. c. Remove the showerhead and scrub with a toothbrush or small brush. d. Rinse with water and re-attach

That's it! And if your showerhead is stubborn, there's no harm in trying both options together.

Now you can get back to making that shower the most enjoyable part of your day.

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Please do not forget all of my wonderful listings in Bel Air Crest, and Marina del Rey

HAPPY MOTHER’S DAY

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The SchifferLine

Timely Real Estate News.                                             15 April 2010 *********************************************************************************

Happy St. Patrick's Day.....a little pinch will do'ya if you don't wear green

One if by land, and two if by sea. "CalTrans is coming...."

The 405 Widening project currently underway in the Sepulveda Pass area reminds me of our Revolutionary War times when the colonists were awaiting word as to how the British were going arrive -- by land or sea. It was Paul Revere's job to notify Bostonians after seeing one or two lanterns in the Old North Church steeple: "One if by land and two if by sea." We residents on the Westside, and especially those adjacent to the 405 in the Sepulveda Pass area, would clearly like to know which way CalTrans was coming and when. We know they are not coming "by sea", but even though Cal Trans announces they're coming at specific times and places along the 405 route, it doesn't always happen. I find myself creating a different route to the office or to see a client to avoid any street closures, only to find that after re-routing my path, the closure didn't happen. And that's been the pattern in our neighborhood for the past several months as Cal Trans tries to cause minimal interruption in our daily lives. I guess -- like all of us – we just have to adjust ourselves to the on-going changes and closures.

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Westside real estate market continues pricing pattern..."

We are seeing a number of higher priced sales in the four communities I report on -- Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood we are seeing a robust increase in sales for homes over $3 million. During February and March of this year, Beverly Hills has eight homes over $3 million; Beverly Hills Post Office has had six; Bel-Air has eight, and Brentwood has had three over $3 million. These large sales, in many ways, skew what is happening across all four areas which dramatically affects the median sales price for the first quarter. For example, in Beverly Hills there were sales of $16.5 million, $10 million; $7 million, $8 million, $12.5 million and $7.5 million. For the median sales price for Beverly Hills for February alone, the MSP was $9.4 million, the highest average we have had in many years on the MLS. However, one thing to keep in mind is that while these are impressive numbers in terms of home prices, they are still lower than these same properties would have sold for a few years ago when the market was stronger. Case in point, there is a home in Mountaingate that was purchased in June 2006 for $2 million. It came on the market last Friday for $1,495,000 and sold in three days!!! As I have said many times, the buyers are out there, and they certainly know value when they see it.

In reviewing the median sales prices for 2010, the patterns remained close to the last quarter of 2009. Beverly Hills posted no gain -- the median sales price was $2.447 million for 2010 and $2.437 million for 2009. Brentwood had an increase of 8% over the same first quarter of 2009; Bel-Air lost 10% and Beverly Hills Post Office lost 18% in median sales price.

March sales were strong in Brentwood -- showing a 31% increase of February 2010, yet as you can see from the number of sales over $3 million that I mentioned in the above, paragraph, Brentwood lagged behind Beverly Hills, Beverly Hills Post Office and Bel-Air in the number of sales over $3 million; Beverly Hills posted an 83% drop in MLS (because of the large # of +$7 million homes); Beverly Hills Post Office slipped 23% in median sales price over last month; and Bel-Air lost 11% over February 2010. http://www.metro.net/projects/i-405/

Sales volume for these four communities continue well ahead of last year -- posting $391 million in sales for a 76% increase over 2009 for the first quarter of 2010. However, I must put all of these numbers into perspective: As you know, I have been using Beverly Hills/Greater Los Angeles MLS as the source for all my statistics and analysis for the past 10 years.

Duplicate sales recordings skew MLS stats.....getting it fixed

Last month, the numbers for one of the areas I report on -- Beverly Hills -- showed a whopping increase in median sales price (over the $9.4 million reported above), and I dug deeper into the MLS statistic reports for which we have access and discovered that the MLS was counting the sale of an $18 million home twice. The reason: Two different agents had the listing and thus it was in the MLS twice, and it was recorded twice. I have pointed this discrepancy out to the MLS, and after a week of research, they agreed that this error shouldn't have occurred. Well, how long has this error in your statistics been going on? They couldn't tell me. They are not sure. The MLS staff has been terrific in helping get to the bottom of this and are very concerned that this error might have been part of their program for a while and are working as quickly as they can to get it corrected. I pass these statistics onto my clients and neighbors, and I know that they, too, rely on the analyses that I do every month to keep them informed. We don't know the exact significance of this finding, but I will keep you posted. The statistics we provided today, however, have all been verified -- there are no duplicate sales.

********************************************************************************** Bank foreclosures jumped 16 percent.....bank-owned sales to rise - Nationally

I have reported for months about the impact of sales of bank-owned homes in your neighborhood (not good), and just this past Wednesday, a record number of U.S. homes were lost to foreclosure in the first three months of 2010 -- a sign that banks are starting to wade through the backlog of troubled home loans at a faster pace, according to Realty Trac, Inc., a real estate tracking firm.

********************************************************************************** So what is really happening out there on the streets?

I know I have mentioned this before, but activity has really picked up. At my open house for one of my listings – a beautiful home on the Silver Strand in the Marina -- I am getting an average of 35 groups coming through each week. Yes there are some looky loos, and some beach goers or bike riders following the signs, but for the most part we are seeing “real buyers” some of whom are moving back to Los Angeles from other parts of the country or renters wanting to take advantage of the tax credits being offered by both the state and federal governments as well as the still lower interest rates. You can feel the momentum beginning to shift.

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Save the Date!

As I am sure you all know, emergency preparedness is one of my “hot buttons”, and given all of the earthquakes we have seen around the world, I feel even stronger about the need for all of us to be prepared (yes, I was a girl scout). Seriously, in speaking with the Emergency Preparedness group of the City of Los Angeles, they tell us that we need to be prepared to take care of ourselves for a minimum of 72 hours as the City will not be in a position to assist individuals themselves. With that in mind, I am organizing an Emergency Preparedness festival in Bel Air Crest on Sunday 6 June from 11 – 1. We will have a number of vendors there for you to purchase emergency kits and or supplies for your homes, cars and offices, along with plumbers for those gas shut off valves, as well other vendors with fire extinguishers, and any other things I can think of in the mean time. There will be some light refreshments as well. If you do not live in Bel Air Crest, but would like to join us, we would love to have you there. Please just send me an e-mail at ceschiffer@aol.com and I will make sure you are on the guest list.

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Green Tips

Attacking mold

I am referring to the mold we all see in our showers from time to time.

Commercial mold killers are usually made with Sodium Hypochlorite (bleach) and Sodium Hydroxide. They are highly corrosive. Sodium hypochlorite is very toxic to fish but is easily diluted. The problem is chlorine in bleach can attach itself in an aquatic environment to organic matter and form organ chlorines, highly toxic substances that can persist in the environment for a very long time.

Borax -

A teaspoon of environmentally gentle dishwashing liquid and a teaspoon of borax mixed with one quart warm water; pour into a spray bottle, soak the affected area for as long as possible; rinse and air dry.

Eucalyptus oil -

One tablespoon of eucalyptus oil, one tablespoon of mentholated spirits and two cups of water mixed together and placed in a spray bottle; apply and leave to dry.

Grapefruit (or citrus) seed extract - -

Mix 20 drops of grapefruit seed extract with 2 cups of water; place in a spray bottle and apply. Leave to dry.

Vinegar -

1 part vinegar to 4 parts water mix, again sprayed on and left to dry.

Baking soda -

A teaspoon of environmentally gentle dishwashing liquid and a teaspoon of borax mixed with one quart warm water; pour into a spray bottle, soak the affected area for as long as possible; rinse and air dry.

Tea tree oil - -

A teaspoon of environmentally gentle dishwashing liquid and a teaspoon of borax mixed with one quart warm water; pour into a spray bottle, soak the affected area for as long as possible; rinse and air dry.

Most of the above are safe to use on bathroom tiles and ground; exercise caution with other materials. Regardless, spot test first.

If green alternatives fail

Hopefully one of the above tips will help you deal with your mold situation in a more environmentally friendly way.

In the case of the shower, create a dam around the affected area with rags or old towels in order that none of the runoff gets in the drain. Then, instead of spraying it around like there's no tomorrow, get the nozzle as close as you can to the affected area and pull the trigger slowly, doing the best to just hit the affected area and nothing else. Wipe off any runs and then after leaving overnight, hit it with tea tree oil and allow that to dry off naturally. The adding of tea tree oil after the mold is visibly gone does certainly seem to prevent mold from reoccurring so quickly. That ounce of green prevention is certainly better than the pound of corrosive cure.

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You should also check out my wonderful listings on my web site, caroleschiffer.com. I have three great listings in Bel Air Crest, another one as I mentioned in the Silver Strand in the Marina, and soon will have one is Mountaingate and another totally newly constructed home in Brentwood (my future listings are not yet on my web site as I do not have photos of them). In the meantime enjoy this beautiful weather we have and I hope to see you soon.

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The SchifferLine

Timely Real Estate News.                           15 March 2010 *********************************************************************************

Happy St. Patrick's Day.....a little pinch will do'ya if you don't wear green

We're all Irish on St. Patrick's Day, March 17. It's one of those fun, frivolous holidays that many take to heart -- and drink. It's always a good excuse for ordering 'green beer' and the traditional corn beef and cabbage. We Americans tend to 'bend' the holiday to fit our own unique interpretations -- for example, as I have pointed out before, the 'traditional' Irish meal of corn beef and cabbage is more American than Irish, but who's counting. And what about pinching folks who are not wearing green on St. Patrick's Day? This is an American tradition, having really nothing to do with Ireland or St. Patrick. According to legend, pinching started in the early 1700s -- about the time that awareness of St. Patrick's as a holiday came to the fore -- in Boston, then a Massachusetts colony. The Irish thought if you wore green, it made you invisible to the Leprechauns, which was good, because they would pinch anyone they could see. So pinching is to warn and remind you about the Leprechauns and their 'pinching ways'. I always wear something green...it's a fun way to make Leprechauns happy and besides, it's fun to be Irish for the day.

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Sales volume remains strong....but median sales prices decline

On a more serious side, we are seeing continued strong home sales for Beverly Hills and Bel-Air, where sales volumes are streaking far ahead of last year. As of the end of February, year-to-date sales volume is $240+ million vs $136+million for 2009, a 76% increase. Beverly Hills is more than $70 million ahead of 2009 (year to date), and Bel-Air is $32 million in front of last year, which accounts for most of the increase.

More importantly, median sales prices for the year are down across the board. Beverly Hills is down 17% to $2.907 million; Beverly Hills Post Office is off by 31% to $2.676 million; Bel-Air is down 28% to $2.570 million; and Brentwood is off by 39% to $2.750 million. Overall, the four communities are averaging nearly a 30% drop in median sales prices. Based on the wide-ranging median sales prices for the first two months of the year in some areas due to several large estate sales (for example, February sales for Beverly Hills was 193% ahead of February 2009), lending credence to the monthly median sales prices for 2010 is specious at best. One of the reasons for the strength of Beverly Hills is there were a number of BIG sales in February -- $16.5 million, $12 million, $10 million, $8.8 million, and $7 million. There was also a sale of $6.250 million in BHPO, one for $5.2 million, and another for $4.5 million in Bel-Air, and none over $3 million in Brentwood for the month. Median sales prices – year to date – has Beverly Hills Post Office down only $2 million, and Brentwood sales are up just $4 million over last year.

We consistently look at trends, and so year-to-date comparisons have more validity in trying to speculate where our market is and where it is going. We are seeing larger sales volumes dragging down median sales prices because of the increase in bank-owned real estate (REO) that has greatly increased everywhere. And quite frankly, this trend will continue as we are seeing more and more foreclosures and short sales occurring, even in our strong real estate market on the Westside. The recession and unemployment are affecting everyone. And while recent reports show that fewer entered the foreclosure process in February, there are more than 7 million homes in the US right now that are facing foreclosure according to the National Association of Realtors. California ranks 4th in the US in terms of foreclosures.

Is this a good time to sell or buy? Anyone will tell you in general terms it's a buyer's market. The downward pressure on home prices caused by the recession and falling home values has created this buyer's market, so for buyers it is a good time to enter the market. However, do not kid yourself -- when a property is properly priced, we are still seeing multiple offers. In Westwood the other day, a house on Kelton was listed at $875,000, and it generated 15 offers!! Negotiations are still going on, but I can tell you that it will definitely sell well over the asking price, probably over $1 million. This is going on all over the Westside.

Open houses are seeing strong attendance. In my open house on Stonehenge in Bel Air Crest a little over a week ago, which is priced at $6.2 million, I had over 20 groups, and I think the majority of them are real buyers, not “looky loos”. So buyers are out there! But they are generally taking their time except when they feel a strong compulsion to act immediately.

If you're thinking of selling your home, make sure you do your research. Pricing is critical -- and that has never changed. Location counts but so does presentation. The most important consideration: Hire an experienced, trusted Realtor who knows your neighborhood. They will maximize your potential and efficiently manage the process. Yes, these are challenging times, but I have many clients in the past year who have achieved the success they wanted.

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There is another issue I would like to address and that is the ability for buyers to obtain loans. Yes, it is more difficult for a buyer to obtain a loan, and in some ways that is a good thing, but many times, it is not the problem with the buyer, but that of the appraisal/appraiser for the property. Because lenders are being squeezed to lower their fees, many lending institutions are going to appraisers who are not local to our area. The problem with that is that these “out-of-the-area appraisers” are not familiar with our area, property, etc. So with the foreclosures occurring all over Southern California add to the lower prices they are bringing, many times those appraisers are just going with the numbers, rather than understanding the properties and reasons for a lower price. This ‘methodology’ results in appraising a property that may not have “issues” the same as one that did. That is another reason why it is very important that you work with an experienced agent that knows how to deal with these situations, and who knows how to require a local appraiser if necessary. Whether you are a buyer or seller, what you are really looking for is a successful transaction!

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Carole Schiffer Named in Top 2 Percent in US for Coldwell Banker

And speaking of success, I have been recognized as one of Coldwell Banker's Top 2 Percent Realtors in the United States this past week for 2009. This is a great achievement for anyone in these challenging times, and I'm proud to have reached this level of success -- but really, it's an honor bestowed on my clients as well -- who have given me their trust and business over these many years....so thank you

Short Sale Specialist.....call me if you need help!

I also want you to know that I have just completed my certification as a Short Sale Specialist and can help you or anyone you know who is facing foreclosure and needs assistance in considering any of the options available to you. Please feel free to call me any time....310-442-1384.

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Here's a short guide to the Foreclosure 'lingo' -- as provided by the National Association of Realtors

There are so many different elements of the foreclosure process, it is important to understand the various 'phases' that this procedure entails: Foreclosure is a legal process by which a defaulted borrower is deprived of his or her interest in the mortgaged property. Many people describe a foreclosure as a type of property. It is not. Also please know that a foreclosure process with the bank and a short sale process can run side by side with the bank. They are not handled by the same department and that has to be dealt with also. All in all, it is tricky business.

Terminology and Process

Pre-foreclosure - The period beginning with the initial mortgage default up to and when the distressed property is sold. The length is what is considered pre- foreclosure varies depending on the state.

NOD - Short for “notice of default”. This is an official notice from the lender that the borrower has defaulted on the mortgage. The NOD formally begins the foreclosure process. The NOD also outlines the reinstatement period.

Reinstatement period -The time stipulated in the NOD in which the borrower may reinstate the loan – making required payments and bringing one’s account into good standing

Short Sale - A situation in which the seller (1) owes more money on the loan than the sale of the property will likely produce on the market (2) is unable or unwilling to bring money to closing. The seller may or may not be in pre-foreclosure.

Notice of Sale - If, after receiving the notice of default, the borrower does not or is unable to reinstate the loan, a notice of sale is recorded. The notice of sale explains when and where the foreclosure sale will be held.

Redemption period -The time period that gives a distressed owner the right to redeem real estate after the foreclosure sale. Redemption typically requires that the owner pay the sales price, interest, and other costs. Not all states provide for redemption periods.

REO - Acronym for “real estate owned”. Reo is the status of the property when the foreclosure sale is not successful and when the ownership of the property is transferred involuntarily to the

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Is it Recyclable?

Yes it is                                                                   No it is not

Newspaper                                                              Plastic or wax coated paper & cartons

Paper board                                                             Frozen food boxes

Cardboard corrugated boxes                                    Microwave food boxes

Cardboard cereal & cracker boxes, etc.                   Wax cereal/crackers box liners

6 park cartons                                                          Books

Brown grocery bags                                                 Gummed or glued bindings

Magazines                                                                Paper towels, napkins tissue paper

Glossy Paper                                                           Paper plates, soiled paper

Junk Mail                                                                 Adhesive backed or sticky notes

Stationery & envelopes                                            Carbon paper, thermal fax paper

Any high grade/uncoated paper                                Aluminum foil boxes

Binder/notebook paper, any color                            Fast food wrappers

Telephone books                                                     Pet food bags

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Be sure to check out my beautiful new custom home listing in Bel Air Crest at 2195 Pembridge Court for $5.3 million (the photos will be ready later this week) It is on a very large lot (tennis court!!). I also have some wonderful listings coming up in Mountaingate in the next two to three weeks.

Take care and please have a Happy St. Patrick’s Day, and remember to wear green so that you don’t get pinched.

Carole

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The SchifferLine

Timely Real Estate News...                                  1 March 2010 **********************************************************************************

Olympic Wonderment....Vancouver does the Winter Games proud....

It started out as the 'glitch' Olympics, and it ended on a sense of wonderment and spectacle, all blended together into the magic of Vancouver, one of North America's favorite city, certainly one of mine. The 2010 Winter Olympics will not soon be forgotten for its majesty of accomplishment of the athletes -- many of whom came to these Games with heavy burdens on their backs -- could they grab the gold their reputations were pushing toward them? They did -- in splendid and spectacular fashion....Lindsey Vonn, Bode Miller, Shani Davis...and who will ever forget the freshness and buoyancy of Shaun White? Apolo Ohno, the US hockey team, the new stars in Nordic Combined, winning gold and silver in a sport where the US has never won anything, it was the magic of South Korea’s Kim Yuna, winning a gold medal in Ladies figure skating in world-record, with seemingly effortless fashion, the beauty of Evan Lysacek’s skating to gain the gold medal for the US in male ice skating for the first time since 1988. I hope you had an opportunity to see the final hockey game between the US and Canada, it was an amazing game, even if you do not totally understand the game. But just as important was the tenacity and perseverance of the Vancouverites who stepped up to the Olympic challenge when it counted. The warmth and hospitality of Canadians, everywhere, overwhelmed everyone -- even the sternest critic. Indeed, it was a magical time. Russia is next in 2014. Will it ever be the same?

There are some iconic images of the games and Vancouver that I am sure will stick in our minds for a long time. Knowing that I love gloves and mittens, my family got me these iconic mittens as a Valentines Day gift! They are really great.. Warm too.

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Ever wonder who has the money to purchase a $35 million home in Bel-Air?

That's exactly what Nicolas Cage was wondering when he finally had to reduce the price of his 11,817-square-foot English Tudor in Bel-Air 50% to $17.5 million. Where were these buyers with the $35 million he originally sought for his mansion? The house finally sold at auction around $10,000,000. Origin ally, he had put the house on the market in 2006 for a robust $35 million, the weakened real estate market came home to roost, so to speak, and Cage was just one of many wealthy homeowners around Southern California who thought their mansions and estates were worth a bundle. When the housing bubble burst several years ago, the most dramatic declines hit the mid-priced and low-end markets, where home sellers had to compete with cheap foreclosures. But today, as the Times reported, even the wealthy are facing the new reality as some luxury homes' prices have fallen 'like a rock' over the last few years and agents are begging sellers to be realistic in setting an asking price. I find that in the price range where I concentrate -- $1.5 million to $10 million -- many sellers are simply ignoring the economic realities.

"Therein lies one reason for more overpricing in the luxury home market," said Gary Painter, director of research at the USC Lusk Center for Real Estate in the Times' article. "What's different about the high end, compared to the general population, is that people who have substantial resources are able to wait longer" to sell, Painter said. "In the bottom of the market, you see negative-equity situations, loans going up, people must sell. Outside forces force them to 'price to sell'. Those sorts of outside forces aren't as present at the upper end." But that has changed, too.

Currently, there are five properties in escrow in Bel Air Crest, of those five; four are short sales with prices much lower than we have seen for quite a while. None of these prices bode well for homeowner equity. "Every time a bank-owned sale occurs, there is a corresponding lowering of the comps in the marketplace -- and this affects your home value, no matter where you live." And it's happening all over the Westside -- in Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood -- the four areas I report to you about.

In response to unrealistic expectations from sellers, I have a simple policy: Price ahead of the market. Where is the market going to be in 30 days? If a seller doesn't get any offers at the original price, we agree to lower to price to the level when buyers are going to appear. It is ill-advised to over-price a home in this market -- buyers are too sophisticated today. There are many free, online web sites that can peg any home's value, even if it is not on the market. However, a word of caution: Many of these shoot-from-the-hip online estimates are simply wrong -- mostly too low to real values, or not accurate information on the property itself, square footage, lot size, etc. While they sometimes work in theory, I have found that they tend not to be that accurate. Nothing replaces an informed agent who knows your neighborhood and the market. Some times, buyers will spot their dream home and pay whatever the asking price is -- but that's rare in this market.

It is not amazing to me to have read the article in the Los Angeles Times two weeks ago – When I have been talking about this issue for months…

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Ever wonder who has the money to purchase a $35 million home in Bel-Air?

That's exactly what Nicolas Cage was wondering when he finally had to reduce the price of his 11,817-square-foot English Tudor in Bel-Air 50% to $17.5 million. Where were these buyers with the $35 million he originally sought for his mansion? The house finally sold at auction around $10,000,000. Origin ally, he had put the house on the market in 2006 for a robust $35 million, the weakened real estate market came home to roost, so to speak, and Cage was just one of many wealthy homeowners around Southern California who thought their mansions and estates were worth a bundle. When the housing bubble burst several years ago, the most dramatic declines hit the mid-priced and low-end markets, where home sellers had to compete with cheap foreclosures. But today, as the Times reported, even the wealthy are facing the new reality as some luxury homes' prices have fallen 'like a rock' over the last few years and agents are begging sellers to be realistic in setting an asking price. I find that in the price range where I concentrate -- $1.5 million to $10 million -- many sellers are simply ignoring the economic realities.

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Jumbo mortgages start making a comeback.....

There is good news on the jumbo mortgage rate front. In a boon for borrowers in California's expensive housing markets, the jumbo-loan market is starting to return to normal.rates on jumbo mortgages -- loans of more than $729,750 in counties with the highest-cost housing -- shot up during the financial crisis as lenders and loan investors shunned anything tainted with even a whiff of higher risk. Rates on big mortgages were especially high relative to those on smaller loans.

Two weeks ago, the average interest rate on 30-year fixed-rate jumbos dropped to 5.79%, a nearly five-year low, according to rate tracker Informal Research Services of Calabasas. It edged up to 5.88%, but is still very attractive by historical standards. The average is down from well above 7% in late 2008. The cutoff for single-family homes was $417,000 from 2006 until February 2008, when lawmakers increased it temporarily to $729,750 in certain high-cost areas, including Los Angeles, Orange and Ventura counties.

The increased upper limits, which have been extended until the end of this year, have created a three-tier system in expensive areas, mortgage professionals say: loans of up to $417,000, which are the easiest to obtain and carry the lowest rates; "conforming jumbos" from $417,000 to $729,750, which are somewhat harder to get and have slightly higher rates; and true jumbos, with the toughest standards and highest rates.

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..and delinquent rate for mortgage loans fall. That's good news, sort of.....

The delinquency rate for mortgage loans on one- to four-unit residential properties fell to a seasonally adjusted rate of 9.47% (of all loans) at the end of the 4th quarter, 2009 -- according to the Mortgage Bankers Assn. This is down slightly from 9.64% in the 3rd quarter. "We are beginning to see the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures....with the meltdown of the California and Florida housing markets," so said Jay Brinkmann, the association's top economist. While delinquencies are leveling off, the portfolio of loans more than 90 days past due, however, are rising to record levels. These troubling trends reflect the long-term unemployment situation in the US.

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405 work update – Now the real fun begins!

The work on the Sunset Bl Bridge, the gateway to and from Brentwood will begin during March 2010, and will continue for 16 to 18 months. The realignment of the traffic lanes on the bridge to the north will start during the second week of March. Following that, the traffic signals will be set up. While the work is going on, the on ramp to the southbound 405 will be closed and the construction will take approximately 16 – 18 months. Access to the southbound 405 will be gained via the on ramp off Church Lane. The on ramp at the east end of the bridge (northbound) will remain open throughout the construction period.

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Baseline Hillside Ordinance

For those of you who have not been following this issue, you might recall that about two years ago, an ordinance was passed by the Los Angeles City Council dealing with the “Mansionization” of homes south of Sunset Boulevard. Since that time, they have been working on what they are calling the “Hillside Ordinance that will deal with any property north of Sunset Blvd., This issue is now close to be adopted by the Los Angeles City Council, and will impact all of us that live north of Sunset. It will impact the ability to grade a lot, limit ones ability to increase the size of their property, This issue obviously can be somewhat contentious as it limits just want can be done to a property. There are two links that you might want to check out that will give you more information on this issue…. Baselinehillsideordinance.lacity.gov and concernedlahomeowners.com.

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PVC plastic's environmental impact

Polyvinyl Chloride, more commonly known as PVC or just vinyl, has been in widespread usage since the early-mid 20th century.

PVC is strong, resistant to oil and chemicals, sunlight, weathering and flame resistant. It's everywhere around us. PVC is an incredibly versatile material use in bottles, packaging, toys, construction materials, bedding, clothing, piping, wire coatings, imitation leather, furnishings and more. PVC ranks the third in both global plastic output and consumption. Over 33 million tons of PVC is being produced each year and that figure is increasing annually. Around 57% of PVC's mass is chlorine, so it requires less petroleum than many other polymers.

So, what's the problem with PVC?

For starters, oil and chlorine aren't what you'd call "green" substances in regards to their extraction, refining and by-products. So much of our modern life is based on oil that if production were to suddenly cease, it's not just transport that would suffer - it would affect every aspect of our lives. PVC's durability is also its downfall environmentally speaking - it's not biodegradable or degradable. Items made from PVC will retain their form for decades and the breakdown that occurs is just granulation - the pieces simply become smaller. Animals can ingest these pieces and the plastic can block their digestive tracts. Greenpeace has pushed for the cessation of PVC production as dioxin is created from the manufacture and incineration of the substance. Dioxin is one of the most deadly of man-made poisons and it's a cumulative toxin, meaning it stays in the body for a long time, concentrating in food chains at the highest levels in carnivores - which includes us. It's often reported that no other plastic presents such a direct environmental and human health threat as PVC does throughout its lifecycle; from manufacture to use to disposal - yet our demand is only increasin

Recycling PVC

PVC is also difficult to recycle given the presence of additives including heavy metals such such as lead and cadmium; in fact it's considered a contaminant in other recycling streams. Currently under 1% of PVC is recycled.

Alternatives to PVC

This is a tough one. Some new materials with most of the desirable properties of PVC, without the health and environmental concerns are now being produced. These degradable plastics are engineered to breakdown under landfill conditions (darkness, heat and moisture) within a few years without emitting toxic gases or other pollutants. At this point in time, these sorts of materials aren't widely available and are quite expensive.

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We are heading into the buying season, and I have some sensational listings for you to share with anyone that might be interested in purchasing a move. I have a 4/3.5 Can yon home in Bel Air Crest at the amazing price of $1,600,000, a magnificent home also in Bel Air Crest with 7/9.5 movie theatre, wine cellar for $6,200,000, and another great home in Marina del Rey with 4/4.5 within a block of the beach for $1,699,000. I also have some listings coming up in the next few weeks in Mountaingate.

Carole

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The SchifferLine

Timely Real Estate                                        15 February 2010 **********************************************************************************

Happy Valentine's Day.....an ancient rite. Go to the movies?

Gene Shalit on NBC’s Today Show said it all -- "Valentine's Day" is the best Valentine present you can give. You may want to augment the movie with a nice card, and perhaps colored roses, and dinner. Did you know that in a recent survey noted by the Today Show on Thursday, February 11, 67% of females felt that their Valentine's Day celebration "failed their expectations..." Guys note that one! And further, did you know that women much prefer colored roses to the standard red roses so often selected by the male? Of course you didn't. This is totally contra to all of the surveys that I have read with red roses signifying love, and all of the other colors having different means, so like everything we see today about the state of economy, another mixed message.

The history of Valentine's Day — and its patron saint — is shrouded in mystery. But we do know that February has long been a month of romance. St. Valentine's Day contains vestiges of both Christian and ancient Roman tradition. So, who was Saint Valentine and how did he become associated with this ancient rite? Today, the Catholic Church recognizes at least three different saints named Valentine or Valentinus, all of whom were martyred. I know, men, you probably feel 'martyred' at times, too.

The three legends revolve around a priest named Valentine: 1) who secretly put young couples together because Emperor Claudius II wanted only single men for his army and Valentine objected, and when found out, was put to death; 2) Valentine was killed because he helped Christians escape from Roman prisons (not very romantic), and 3) while in prison, Valentine fell in love with the jailer's daughter and wrote her love letters, signed "From your Valentine"....it didn't help either: He was still put to death. Hence his place in history.

However you choose to spend your Valentine's Day, remember it's the thought that counts. I hope you have a lovely day.

2010 starts off with a real estate 'bang'....sales volume zooms

If one was only to look at the sales volume to measure Westside real estate progress, you'd be jumping for joy after seeing the record 90% increase in sales volume for January 2010 vs. the same period a year ago. For the communities of Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood, sales volume was over $92 million vs. $48 million a year ago. When you analyze the numbers, the volume reflected a doubling of the sales of single-family units (37 vs. 18). There were some large sales this January, but there were large sales last year, too, as there was in 2008, when sales volume was $148 million for January....before the storm hit. For example, in looking at the actual sales in January 2008 in Beverly Hills, there were 45 sales, eight of which were over $3,000, 000, in ’09, that same number was 3, with none over $3,000,000, and in’10 there were 10, and again nothing over $3,000,000. In BHPO, in ’08, there were twelve, with five over $3,000,000 including on at $18,000,000, ’09, four, and in 2010, four, with three over $3,000,000, and one at $7,000,000. In Bel-Air in ’08 there was a total of nine, with two over $3,00,000, in ’09 the number was one, and in ‘2010 it was nine with one at $18,000,000, and for Brentwood, ’08 the number was seventeen, with five over $3,000,000, and one sale at $6,895,000 one at $16,000,000 another at $15,000,000 and another at $17,500,000. In ’09, there were eight sales in January, and none over $3,000,000, and 2010 the number was thirteen with three over $3,000,000. All of these numbers are coming from the MLS, and there are private sales that are not included in these figures.

If one was only to look at the sales volume to measure Westside real estate progress, you'd be jumping for joy after seeing the record 90% increase in sales volume for January 2010 vs. the same period a year ago. For the communities of Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood, sales volume was over $92 million vs. $48 million a year ago. When you analyze the numbers, the volume reflected a doubling of the sales of single-family units (37 vs. 18). There were some large sales this January, but there were large sales last year, too, as there was in 2008, when sales volume was $148 million for January....before the storm hit. For example, in looking at the actual sales in January 2008 in Beverly Hills, there were 45 sales, eight of which were over $3,000, 000, in ’09, that same number was 3, with none over $3,000,000, and in’10 there were 10, and again nothing over $3,000,000. In BHPO, in ’08, there were twelve, with five over $3,000,000 including on at $18,000,000, ’09, four, and in 2010, four, with three over $3,000,000, and one at $7,000,000. In Bel-Air in ’08 there was a total of nine, with two over $3,00,000, in ’09 the number was one, and in ‘2010 it was nine with one at $18,000,000, and for Brentwood, ’08 the number was seventeen, with five over $3,000,000, and one sale at $6,895,000 one at $16,000,000 another at $15,000,000 and another at $17,500,000. In ’09, there were eight sales in January, and none over $3,000,000, and 2010 the number was thirteen with three over $3,000,000. All of these numbers are coming from the MLS, and there are private sales that are not included in these figures.

If one was only to look at the sales volume to measure Westside real estate progress, you'd be jumping for joy after seeing the record 90% increase in sales volume for January 2010 vs. the same period a year ago. For the communities of Beverly Hills, Beverly Hills Post Office, Bel-Air, and Brentwood, sales volume was over $92 million vs. $48 million a year ago. When you analyze the numbers, the volume reflected a doubling of the sales of single-family units (37 vs. 18). There were some large sales this January, but there were large sales last year, too, as there was in 2008, when sales volume was $148 million for January....before the storm hit. For example, in looking at the actual sales in January 2008 in Beverly Hills, there were 45 sales, eight of which were over $3,000, 000, in ’09, that same number was 3, with none over $3,000,000, and in’10 there were 10, and again nothing over $3,000,000. In BHPO, in ’08, there were twelve, with five over $3,000,000 including on at $18,000,000, ’09, four, and in 2010, four, with three over $3,000,000, and one at $7,000,000. In Bel-Air in ’08 there was a total of nine, with two over $3,00,000, in ’09 the number was one, and in ‘2010 it was nine with one at $18,000,000, and for Brentwood, ’08 the number was seventeen, with five over $3,000,000, and one sale at $6,895,000 one at $16,000,000 another at $15,000,000 and another at $17,500,000. In ’09, there were eight sales in January, and none over $3,000,000, and 2010 the number was thirteen with three over $3,000,000. All of these numbers are coming from the MLS, and there are private sales that are not included in these figures.

Median sales prices, however, were not measuring up to the standards we have seen in the good times. Comparing year-to-date prices (January 2010 vs. January 2009), Beverly Hills was down 30% from an average of $2.413 million in 2009 to $1.687 million in 2010; Beverly Hills Post Office was down by 20%, from $2.676 million to $2.150; Bel-Air was down 52%, from a high of $3,230 million to $1.550 million; and Brentwood actually was up 20%, rising from $1.715 in 2009 to $2,052 for 2010. While these decreases (vs. one increase) do not bode well for these markets, one month does make a trend. Beverly PO was actually up 25% in January 2010 over December 2009 as was Brentwood, up 16% for January vs. December.

As we have seen over the past two years, when the real estate industry begun its slide, the Westside has overall been resilient -- resisting the drastic downturns in median sales prices. What is behind the depressed median sales prices that we are seeing every month....they seem to shift from community to community; nothing is consistent?

Some of what you are seeing is the impact of bank-owned homes coming on the market, creating opportunities for buyers to get into neighborhoods they have longed for at prices that can be as much as 30% to 50% under existing property values. Hence -- the great increase in sales volume. Sales nearly doubled in January over a year ago because these bank-owned homes are beginning to have an impact -- not only on median sales prices -- but on your equity, too. We all are feeling it.

Shadow inventory can force home prices higher....

In speaking with buyers who are interested in properties, but are “holding off” in moving forward, they are waiting for and expecting that once the banks release their “shadow inventory’ there will be a flood of properties that the prices will come down. While, the impact of bank-owned homes on our market cannot be overstated. These homes owned by banks are what we call, "shadow inventory". They are sitting on the bank's ledger and if dumped on the market at one time, it would be a disaster. Banks don't want that -- nobody does. The banks want to get as much as they can from the assets on their books -- and by slowly releasing these homes onto the market, they can actually force home prices higher by limited supply. The National Association of Realtors says that 30 percent of all existing home sales involve foreclosures or short sales. What happens? Increased volumes. Lower median sales prices.

But not always. Bank-owned homes are not on every block or in every neighborhood. So location, again, counts. Fortunately, we live in communities that have, for the most part, fared better than most cities across the country. If your neighborhood happens to have no bank-owned homes for sale, then you can expect your property values will not diminish greatly. But if you do, then you can see comps coming in substantially less than what you think your home is worth (or was previously appraised at). Short-term? Be patient. Increased sales volumes indicate strong demand for our area -- and the supply -- as long as it is limited -- will keep your home values high.

Because lenders, mortgage insurers and investors have big financial incentives to keep excess inventory off the market, they’re developing alternatives to selling. For example, Fannie Mae has introduced a program that allows troubled homeowners to transfer title back to the company, avoid foreclosure and then remain at the property at tenants.

Under the “deed for lease” program, distressed homes do not show up foreclosures on Fannie Mae books while owners avoid the financial and psychological damage of a forced move. Because Fannie Mae would be receiving a monthly income, and has not maintenance or insurance expenses that they would have with an empty house, it also have an incentive to sell rented properties at a loss. With sale and lease-back transactions, the company can wait months and years for the local economy to come back.

“The Fannie Mae concept may well be adopted by other lenders”, says Realty Trac’s Chairman and CEO Jim Saccaio. “If so, it will be possible to have both an expanding shadow inventory and yet not materially increase the supply of distressed properties actively for sale. That’s an approach which is very much in the public interest.”

What does the future hold for interest rates?

According to the Los Angeles Times, 2/12/10, ".....average interest rates for traditional 30-year fixed mortgages have fallen below 5% again according to Freddie Mac. The giant mortgage buyer's weekly survey, conducted Monday through Wednesday (2/8-2/10/10), pegs the average rate nationally at 4.97%, with 0.7% of the loan balance on average paid in upfront charges, or points.

"Last week, 30-year rates averaged 5.01%. That continues a trend so far this year in which the average has come in either just above or just below 5%. The survey asks 125 lenders across the country the rates they are offering to borrowers with good credit and a 20% down payment or at least 20% equity for those refinancing their home loans.

"The approaching end of Federal Reserve purchases of Freddie Mac and Fannie Mae mortgage bonds is expected to result in rate increases later this year. The Mortgage Bankers Assn. estimates the typical interest rate might rise by half a percentage point. If the average 30-year fixed rate rose half a point to 5.5%, that would still be unusually low by historical standards."

So, in the end, we are still enjoying historically low mortgage rates. Is this a time to buy? You bet. Is it a time to sell? You bet. Count on Carole for an honest appraisal of what may be your best opportunities..

A green Valentines Day

As we have already seen, Valentine's Day is a holiday celebrated on February 14 and while it has a very long history dating back hundreds of years.

Some fast consumption related facts about Valentines day:

- Around a billion valentines are sent each year globally, making the day the second largest card-sending holiday of the year behind Christmas. 25 percent of all seasonal cards annually are valentines. Over 36 million heart-shaped boxes of chocolate are sold each year.10% of engagements happen on Valentine’s day (my parents eloped on Valentines Day after only knowing each other for 3 months, and were married for 62 years!!!!).Those statistics come from American Greetings Corporation

- Valentines Day is big business and as such has the potential to have substantial impact on the environment. For example, the one billion cards laid end to end would stretch around the world 5 times! That's a lot of trees.

- Valentines day gifts with the planet in mind

Here's some ideas:

- Cards made from recycled or tree-free paper (this will be indicated on the card

- Consider sending an e-card instead using one of the many quality services around.

Fair trade and/or organic chocolate

Choose organic and/or locally grown flowers

- Arrange dinner at a local restaurant specializing in organic or locally grown food. Eating locally cuts down on food miles.

Enjoy,

Carole **********************************************************************************

The SchifferLine

Timely Real Estate News....                                       1 February 2010 ********************************************************************************

Offers pour in for Noah's Ark....when it rains, it pours