Sunset on Calle Miramar Jan 2010

January 28, 2010 – check out this amazing sunset we were priviledged enough to view the other evening out on a walk!  We are so lucky to live in such a beautiful neighborhood.  The beach is so close as is the very quaint Riviera Village for all your shopping, caffeine and culinary needs.  It’s the end of January and we’re able to head out, take a walk and enjoy an amazing sunset like this one!

Here is something you can do to quickly help the earthquake victims of Haiti.   Take your gently worn shoes to any Sport Chalet store and they will get them to the earthquake victims.  My closet feels a bit more spacious and I feel good knowing I am helping someone out.

Realtor Magazine January 2010 issue has a great article I wanted to share entitled, “10 Big Impact, Low Cost Remodeling Projects.”  I found it interesting as Laura and I specialize in getting our sellers’ homes ready for sale and more often than not a lot of these projects + a list of our own is included here.  Nice to get some affirmation that our list matches up in most cases with this list.  Here it is:

1) Tidy up the Kitchen Cabinets – Potential buyers do open the kitchen cabinets.  Homeowners can add roll out organizer trays so that when buyers peek in, they feel like there’s lots of room for their stuff.  (This holds true for your closets too – adding closet organizing systems are well worth the investment.)

2) Add or replace tile – By retiling very inexpensively, you make a room look way cleaner than it was.  Wake up a tired kitchen backsplash or bathroom vanity with new tile.

3) Add a breakfast bar – When a wall separates a kitchen from dining or family room, cut out an opening between the two rooms, add some granite or tile countertop, pull up a couple of barstools and voila – breakfast bar.  Taking the entire wall down may also bring back some of the expense as well, as open floor plans are one of the buzz words these days.

4) Install granite tile instead of a slab – Everybody likes a “granite kitchen.”  Installing granite tiles can be a much more budget friendly way to perk up that kitchen than the higher end slab material.  Although in our higher-end market, it may be worth the money to install the slab.  There are many “pre-fab” granite installers these days, that can do granite counters for much less than the custom guys.

5) Freshen up a bathroom without retiling – With a dated bathroom, putting in a new medicine cabinet ($100-$150), light fixtures ($75- $100), a faucet ($75 – $100), and a vanity ($200 – $300) can bring back your investment right away.  Add a new glass shower door for extra panache.  Bathrooms are on the “highly important” list of most buyers.  This is somewhere you really want to spend money and make it right.

6) Freshen up the basement – a finished basement is very well received vs. a cement block storage room (like most basements.)  Most of us here in Southern California don’t have basements however – so this isn’t on the top of many lists here.

7) Add a room – Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall.   Especially when it’s a 2 bedroom home, a 3 bedroom is much more desirable in today’s market.  With more and more people working from home a 4th bedroom is even more desirable.

Spruce up cabinet fronts – painting, re-facing, re-conditioning, adding new hardware are all great ideas for cleaning up the kitchen and adding that “updated” look.  In this same vein, how are the appliances in the kitchen?  Adding a new appliance suite (matching finish) can be quite affordable as long as you stay in the mid-range of choices.  This highly appeals to buyers.

9) Replace light fixtures – In foyers, bathrooms, kitchens, dining rooms, bedrooms – all those old overhead light fixtures – change them out for newer, more modern fixtures.  And if the kitchen has one of those fluorescent light boxes – get rid of that and put in new drywall and can lights.  This is big bang for the buck.

10) Tech up the garage – Replacing the garage door opener with a remote touch pad entry system ($425) makes it look like a high end system.  Also consider a new roll up garage door and opener in place of an old manual door.  Those really date a house.

I am going to add #11 to the list as well as a few other important light remodeling projects that will reward you with big returns upon the sale of your home.  #11 to me is one of the most important projects any homeowner can embark upon to bring big returns!

11) Painting – inside and out.  Wow, now this really can update a home instantly as well as clean it up and make it ready for a new buyer.  This will bring you the biggest bang for the buck!

12) Landscaping – get rid of those old 1950’s shrubs and put in some more up-to-date environmentally friendly plantings.

13) Front door – the curb appeal of your house is so important and as the buyers stand at the front door awaiting their agent getting the keys they notice the front door and patio.  Make this area shine.

14) New interior door hardware – Do your door handles match?  Are they working?  This really updates a house – believe it or not.

15) De-Cluttering – this requires little monetary investment – merely time packing or giving away.  The less the buyer has to focus on that is not your house, the better!  Put it away and save time packing after your house is sold!

If you need us to come and help you get your house ready for sale, we will go through room by room with you as to the many changes you can make to help get your more bang for the buck!

Who might buy your house?  Who is out there in great numbers becoming our workforce right now?  The Millenials – the people born between 1980 – 1995.  What are some of their characteristics so you know who you need to appeal to? 

Millenials are a tech savvy bunch having grown up with computers, cell phone, text messaging and multi-tasking as an everyday function.  They were doted on by their parents, part of team sports, mommy & me groups, and laden with trophies from participating in sports where there were no winners or losers.  Their priorities are simple - they come first.  So how does one prepare to sell their home to a “Millenial, Generation Y’er?”

First of all, you need to reach this group via tech savvy marketing materials – posts on blogs, Facebook, Tweet’s on Twitter, and other internet based marketing.  Traditional flyers and newspaper ads don’t titillate this group.  That means great (not just good) photos and virtual tours are a must for this group.  It must be “app-able” for the phone.

Millenials are very clever, resourceful and hard-working.  They also know what they want and see no reason why they shouldn’t have it.  Buying a home at an early age does not discourage them, especially in today’s “buyer’s market.”  They are happy to throw out a “low-ball” and see no other way to get a property for the price “they” want to pay.  As a seller, you must not be discouraged and take these offers personally.  Any offer is a good place to start the negotiating process.  It is important to remember this, as the Millenials are happy to keep searching.  They will walk away from a good job if they feel the circumstances are not right, so a home purchase is not any different.

Millenials are “family oriented” and “tech savvy.”   They often want to work from home, so a home office is important to the Generation Y’er.  Keep this in mind when preparing your home for sale.  If you have an extra space in the house that is being un-used, it would be a good idea to stage it as a home office showing off your wireless computer technology is also a good idea.

It’s 2010 – Happy New Year!  “Twenty-Ten” is bound to be a good year.  To get things started the Hollywood Riviera neighborhood has 18 properties currently for sale.  11 of those are single family residences, 2 condos and 4 townhouses.  $525,000 gets you a 2 bedroom/2 bathroom condo near the bluffs and the Palos Verdes border.   Bring $675,000 to the table and enjoy a 3 bedroom, 2 1/2 bathroom ocean view townhouse close to Torrance Beach!  Just under a million and you can “play ball” with the bank on a short sale for a nice 3 bedroom/2 bathroom single family residence.  On the high end – $3.5 million dollars – you can own a 22+ thousand-square-feet-piece of the Torrance Beach bluff and the house that goes with it.  Nothing in the way of those ocean views!  

December 5th, 2009 – Here in the Hollywood Riviera there are only 15 houses for sale right now.   6 on the Torrance (90505) side of the line and 9 on the Redondo Beach P.O. Box (90277) side of the line.  The Hollywood Riviera neighborhood has 2 addresses – Torrance and Redondo Beach although it should be noted that the entire area lies in the City of Torrance.  The Redondo Beach side is merely a P.O. Box and has nothing to do with the city of Redondo Beach.  Schools are all South Torrance – Riviera Elementary, Richardson Middle School and South High School.

Of the 15 homes currently for sale – the prices range from $615,000 on 5026 Pacific Coast Highway, Torrance, CA 90505 to 517 Paseo de la Playa, Redondo Beach, CA 90277 which is located right on the bluff above Torrance Beach listed for $3,500,000.  As you can see there is quite a broad range of homes for sale.  In the mid-range, let’s say $949,000 – $1,099,000 there are 4 houses for sale that all have different qualities that make them each unique. 

1. 4817 Via El Sereno, Torrance, CA 90505 – 3 bedrooms, 2 bathrooms with a nice open modern floor plan.  The house has many upgrades including a very decked out garage.  The home has a nice city lights view out the back from a nice deck with a built-in firepit and seating.  Surround sound package and high-end lighting systems make this home ready to move into today!  $949,000

2.  452 Via los Miradores, Redondo Beach, CA 90277 – 3 bedrooms, 2 bathrooms (although one bath is off the kitchen and not near the bedroom area.)  Newer kitchen with granite counters and stainless appliances looks out back to the sunny south facing pool area.  Main bathroom is nicely remodeled as well with double sinks and pretty tile.  $949,000

3.  359 Paseo de Gracia, Redondo Beach, CA 90277 – One of the few short sales in the neighborhood (currently there are 2 active on the market.) This one has been on the market a while and it was way over-priced at $1,179,000 but they just reduced the price to $958,000 which makes this 3 bedroom, 2 bath with over 1800+ square feet seem much more attractive.

4. 209 Vista de Parque, Redondo Beach, CA 90277 – as the name implies, it’s located adjacent to El Retiro Park and this nicely appointed, recently remodeled throughout 3 bedroom, 2 bathroom home priced at $1,099,000 is quite nice.

If you are interested in seeing any of these or other Hollywood Riviera homes for sale, just give me a ring or an email.
Thanks, Kelly

Home sales rise to highest level

in 2.5 years

10.1 percent increase beat analyst expectations by more than sevenfold  

updated 1 hour, 41 minutes ago

WASHINGTON – Home sales far exceeded expectations last month, surging to the highest level in two and a half years as first-time buyers rushed to take advantage of an expiring tax credit.

The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.

Good news for buyers (and sellers) – 30 year mortgage rates are still low – they have been hovering around the 5% mark pretty much all year.  Currently, the rate is just below 5% – which means you can buy a 30-year fixed mortgage of $600,000 for approximately $3,200 per month – that’s not bad.  Basically, for every $100,000 worth of mortgage you pay a bit more than $500.  Of course, there are fees involved – typically up to 1 point – or 1% which is paid to the mortgage broker for their services.  Other fees include those for escrow and title services and those can add up to another 1% sometimes in fees.  These mortgage fees are a write off on your taxable income (check with your accountant for specific scenarios.)

Last year at this time mortgages were averaging 6%.  The Federal Reserve has pumped $1.25 trillion into mortgage-backed securities to try to lower rates on mortgages and loosen credit.  Rates on 30-year mortgages usually track yields on  long-term government debt. 

So, if you wanted to buy a house here in the Hollywood Riviera that cost $850,000 – and you had $250,000 to put down – you would need a $600,000 mortgage to consumate the deal.  If you could get that 30-year fixed mortgage at 5% (see above example – your payment would be approximately $3,200 per month (+ taxes and insurance, of course)  VS. that same mortgage at 6% or $3600 per month – as you can see there is a $400 difference every month or $4800 per year.  That can make the difference between buying a house or not for some people.  So this year vs. last year is all good for you if you’re a buyer – lower prices for the home you are buying along with a lower price for the mortgage as well!

Almost Thanksgiving – wow!  Time is moving along as usual and so is the South Bay real estate market!  Not many homes that are under $1 million with good bones, move-in condition and nice views stay on the market too long any more.  Here are three such homes that are currently available.    Click here to be directed to the listings.

The first one has been on the market for about 58 days now and they have reduced the price 3 times – so clearly they are motivated at this point.  The current price is $998K (reduced from $1.199K originally.)  It’s a nice Hollywood Riviera home located on a cul-de-sac with a panoramic city lights view.  The home has been nicely updated and has an amazing garage! 

The next one is a brand new listing here in the Hollywood Riviera – it’s close to Rocketship Park and Riviera Elementary (but not too close!)  This home has amazing panoramic views and gorgeous hardwood floors to boot!  It’s very well priced at $949K.  I doubt this one will last long!

The 3rd good deal in the South Bay for under $1 million right now is in Rolling Hills Estates.  It’s right off of Silver Spur, so it’s got great access on and off the “hill” as well as being close to Peninsula Center shopping and Peninsula High School – an award winning high school in Palos Verdes.  It’s been recently updated throughout with a nice open kitchen.  Hardwood floors, a fireplace and sliding glass doors to the back patio and yard make the living room extra special.  For $899K it’s the most well priced of the three homes listed here today.  I bet this one won’t last long either.

If you want to see any of these homes, call me right away….doubt they will be around for long. 

If you want a good pay-off, STAGE the property!  It’s so worth the extra time and money spent upfront.  Basically, sellers that sell without staging – which includes everything from finishing little jobs that have gone undone (think handyman), painting (can mean adding color or subtracting color), bringing in furniture and accessories that are appropriate for the style of the house, and de-cluttering of personal items.  Staging can cost some money and note that it’s money well spent.  Money that often brings in double what was spent if not more.  Either the seller can do the work up front and reap the financial rewards or the buyer can buy the house in “as is” condition and do the work – thus reaping the rewards themselves. 

Why would a seller leave money on the table? 

A good realtor who is doing his/her job should be able to advise a seller of what is the best use of money spent on staging.  It’s a lot of work that also costs time, but remember the old adage, “Time is Money.” 

We have two good examples of recent listings that were Staged prior to listing.  Both homes sold in less than a week with multiple offers – a seller’s dream!  Why not position yourself in the driver’s seat vs. the “buyer’s market – seat.” 

House #1 – Brand new construction, contemporary styling, yet was “unfinished.”  And many people find contemporary homes a bit cold.  We advised the seller to finish all the small jobs – jobs that are hard to finish when you’ve just spent a year in charge of all the other new construction jobs.  Paint played a big role in the staging of this contemporary.   Adding paint to certain “feature walls” brought drama, warmth and style to what could have been a very cold atmosphere.  Bringing in just the right stylish furniture and accessories creates a “lifestyle” that is to be envied and a need for emulating.  When it’s done right, we’re talking “Architectural Digest” and who doesn’t want that?  This house was listed for $1,795,000 and received multiple offers selling over it’s list price in 4 days!  “Staged Right” was the staging company that we worked with on this job.

Via Corona – Staged Living Room

House #2 – 1950’s original – Stager gets a hold of it – mind you this is not just any “stager” it’s Laura Kistemaker of “Staged Right” who is the best in the South Bay – she  takes control of the minor remodel which included refinishing the hardwood floors (adding some in a few places), re-tiling the kitchen floor, painting throughout (exterior, interior walls, cabinetry, etc.), remodeling the 1 1/2 bathrooms completely, and some landscaping.  On top of that, she completely staged the house – bringing in furniture for all rooms and all accessories to create the lifestyle that one wants.  Again, time spent upfront, but the outcome was huge!  8 offers in less than a week and sold over its asking price of $724,900.

Greenmeadows Living Room Staging