Elayne Ceder - Real Estate Redefined

What Do They Know that you Don't?

2012-02-14T19:01:00.000-08:00

This week's national statistics report that
30% of all new home sales are being paid
in 100% CASH!

If you can't figure it out, I'll make it simple:
The smart money has told you that right now
Residential Property is the very best thing you
can do with your money!

Invisible Improvements Won't Raise the Price!

2012-02-14T18:55:00.000-08:00

While it may sound good on paper, don’t expect potential buyers to agree to a higher price because you invested in new plumbing or a new HVAC unit for your home.

In general, Buyers are impressed by what they see, not what is hidden behind walls or kept in the basement.

It is not that they do not appreciate having quality, operational equipment & systems, but these are features they expect to be included in the purchase price of any home in the same way a car buyer feels entitled to new tires or a CD player.

The market value of your property will be dictated by location, size, condition, views, & design. If you want a different price, this is what needs to be changed.

New Lead Paint Laws

2012-01-27T19:03:00.000-08:00

Not really so new anymore- but most don't know they exist!

If you are Remodeling, make certain that your contractor adheres to the New Lead Paint Regulations. The new rules apply if you are remodeling more than 6 square feet of your interior, or 20 Square Feet on the exterior. They went into effect in April, 2010, but many licensed contractors are still not familiar with them.
If your contractor ignores these regulations, you may experience problems with Building Inspections, Permit Sign-offs, or when you go to Sell.

This link offers some detailed information:
http://www.epa.gov/lead/pubs/renovation.htm

Housing Turnover Rate

2012-01-09T19:45:00.000-08:00

The number of homes sold in a year expressed as a percentage of the number of existing homes in that area represents the Housing Turnover Rate for that neighborhood.

A low turnover rate is an important indicator of the stability of the housing market in that area.

I am pleased to report that in Mt Olympus, an area where I specialize, the Turnover Rate for 2011 was only 2.5%.
Any percentage under 3% is extremely low.

In general 4%-6% would be considered acceptable or normal. More than 6% approaches the high side, and indicates that further research may be needed to determine why so many properties were being sold.

Godd Yontiff!

2012-01-02T18:47:00.000-08:00

A CHABAD HOUSE is a neighborhood home that serves as a local community center to offer synagogue services and assistance with Jewish education and practices.

MOUNT OLYMPUS is fortunate to have a long-standing Chabad right off Oceanus at 8124 Laurelmont Drive.
The telephone contact is 323-650-1444. They conduct Sabbath & other religious services there on a regular basis.

What Sets MT OLYMPUS Apart?

2012-01-02T18:38:00.000-08:00

There are many nearby hillside communities above Sunset Strip – each with its own distinctive character: Nichols Canyon, Sunset Plaza, Runyon Canyon, Outpost, Doheny Estates, & Laurel Canyon. What is distinctive about Mount Olympus?

The Answer is Very Specific:
1] Underground Utilities :
Not only is that a safer alternative, but there are no unsightly poles & wires to disturb the look of the streets or interfere with the views.

2] Wide Flat Streets
Another Safer Alternative – but it also means that there are NO RED FLAG DAYS in Mount Olympus!
In most of Laurel Canyon, Nichols, Sunset Plaza & a large portion of Doheny & the “birds”, the streets are too narrow to allow a fire truck to pass if any vehicle is parked. So on those days when the humidity is low & the fire danger is high, the Fire Dept declares “red flag days”. On some streets you will actually see Red Flag Signs posted.

During a Red Flag Alert, No Street Parking of any kind is permitted by any vehicle . It is typical that in any given year there are over one hundred red flag days! Not very convenient if you are a homeowner! That does not occur in Mt Olympus!

3] Underground & Above-Ground Storm Drain System
The cost of engineering this system back in the 60′s almost broke the developers! But during rainy seasons it has protected every homeowner in the development! Excess rainwater is collected in above-ground cement gullies that run both horizontal & vertical. They empty into 9″ drain openings at various intervals & then travel underground & connect to the city sewer system. That prevent hillside erosion, and does not exist elsewhere in the Hollywood Hills West Area.

4] Private Security Patrol with a Full-time Dedicated Vehicle
One car -24/7- is Exclusive to Mount Olympus

Escrow Closed in Record Time!

2011-12-07T11:39:00.000-08:00

So pleased to announce that Escrow Closed on My Listing at 7916 Zeus Drive in Mt Olympus for $1,600,000.

Property had been Listed for $1,635,000. Offer was presented and accepted after only 8 days of showings!

December 10th is Almost Here!

2011-12-07T11:30:00.000-08:00

Reminder to all Los Angeles County Property Owners:

If your property tax is not paid by
December 10th,
expect a penalty of 10% !

Disclosure Is NOT a Dirty Word!

2011-12-02T19:37:00.000-08:00

Disclosure is your best friend!

It 's a free insurance policy against any adverse future legal action from your Buyer. You are lucky that disclosure is mandatory in the State of California.

Almost all of the disputes in Real Estate can be traced back to a failure to disclose!

So be thoughtful and thorough when you fill out your forms. And if there is something that should be told, it doesn’t have to be on a form. Write it down: Date it and Sign it!

Here’s the litmus test: If you ever start to ask:

“Do I have to tell…..?” know to a certainty that the answer is “yes”.

Buyers: Ask questions! and ask for the answers in writing!

New Condo Listing inPrime West Hollywood

2011-12-02T18:12:00.000-08:00

I have an excellent New 2-Bdrm /2.5 Bath Condo Listing in Prime West Hollywood at 720 Huntley Drive. That's just east of the Pacific Design Center and midway between Melrose & Santa Monica Blvd.
It's almost 1500 SqFt with tall windows & high ceilings. Laundry inside unit & 2 car side-by-side parking & extra garage storage space. Large pool & separate outdoor spa. Lots of security installed in the building. Quiet location on the 2nd floor away from the pool & the street.

Unit has Open Floor Plan & Huge Kitchen with Pantry. Fireplace in living room, stainless appliances & other upgrades. Call me for details or a showing:
424-249-7170!! Talk to you soon............

Lots of Closed Escrows!

2011-12-02T18:01:00.000-08:00

Three properties in the Mt Olympus area Closed Escrow in the past two days including this home[ photo] at 7561 Devista Drive for $1,390,000.

Also Sold were 2033 Hercules for $1,799,000 and the Lender-Owned property at 2346 Jupiter for $1,050,000.

Lots of smart buyers have taken advantage of great prices and great loan rates? How about you?

Are There Any "Approved Short Sales"?

2011-11-18T17:52:00.000-08:00

When you see a "Short Sale" Listing in the MLS, and the listing says it is

“Bank Approved”, what does that mean to you as a Buyer?

Here’s a Scenario:

There is a Short Sale listing. An offer is accepted by the Seller and sent to the short sale lender for approval. After submission of the full short sale package, the bank approves the deal. Unfortunately, because of how long the process has taken, the buyer has found another property and has walked.

Since there is time remaining before a foreclosure, the listing agent moves quickly to relist the property and wants to advertise it as an “Approved Short Sale” at the price of the prior offer. Can she do that? Unfortunately, the answer is NO. The short sale bank is entitled to analyze every offer from each individual buyer on its own merits and will almost assuredly do so.

As a result, the fact that an offer from Buyer A was approved at $500,000 does not mean that an offer from Buyer B at the same price will be approved. Buyer B may have worse credit than Buyer A, the terms of the offer may differ and be less advantagous to the bank or the market may have changed and the bank’s view of value may have changed. Regardless, each deal stands on its own.
Of course, if there is preapproval of a short sale under HAFA or the like, that is a different situation. For now, just understand that in a typical short sale, no price is “Preapproved.”

Watch out for Bambi!

2011-11-13T17:03:00.000-08:00

The hills in Mount Olympus- and other Sunset Strip locations where the lot sizes are substantial - are home to a lot of wildlife including many deer.

State Farm Insurance warns that motor vehicle collisions with deer are up 21%. They say this is most likely to occur during mating season: October-December.

So know when you are driving thru these hillside streets- it is not unusual to see an errant deer crossing the pavement- finding his way home. I often see deer on

Mt Olympus Drive

.

So keep an eye out for our wild life neighbors – & don’t speed!

Statistical OVERLOAD!

2011-11-08T19:54:00.000-08:00

Consumers have been inundated with facts & figures:
Housing Prices Up,     Home Sales Down,     Foreclosure Rates Up,   Shadow Inventory Increasing, Construction starts down,   Interest Rates Up….

It goes on & on…..All of this data is interesting- and maybe even true. But it is meaningless!

The Real Estate market – now more than ever- is LOCAL!

That can be stated with total certainty. The only thing you need to know is what is going on in your immediate area. That is the whole story!

And even within your specific area, things could be stratified:

The one million dollar market might be stronger than two million dollar market-
Fixers may not be holding up as well as totally updated homes -
Contemporary homes may be stronger than Traditional homes -
Pools might be mandatory at certain price levels-
But it all must be evaluated at a very specific local level!

So don’t make yourself crazy trying to figure out how some national or statewide report affects you.

Contact me anytime to find out exactly what is going on in   your neighborhood & at your price range: 424-249-7170

Halloween Critters Afoot in Mt Olympus!

2011-10-31T19:18:00.000-07:00

All the ghouls are out on Hercules and Mt Olympus Drive. So beware if you're headed out to trick-or -treat up here!

Advance Notice - New City View Listing

2011-10-26T19:02:00.000-07:00

Later this week, my new CityView Listing at 7916 Zeus Drive in Mt Olympus will come to market at theIncredible Price of : $1,635,000. The property is 3400Sq Ft with 2 Master Suites & 2 more bedrooms plus Living, Dining, and a huge Country French Gourmet Kitchen. The CityViews are "Head-on" and provide a backdrop for the whole property. It was custom-designed with a distinct southwestern flair- You'll feel like you' re at a Sante Fe Resort!

Treat yourself to this delightful casual elegant lifestyle. Call me anytime for a private showing: 424-249-7170

Higher Loan Limits May Be Restored!

2011-10-21T13:51:00.000-07:00

Friday, October 21, 2011 The Senate late Thursday approved an amendment to restore the $729,750 maximum loan limit on government-back mortgages for two more years. Sponsored by Senators Robert Menendez, D-N.J. and Johnny Isakson, R-Ga., the measure rolls back the October 1 reductions in Fannie Mae, Freddie Mac and FHA/VA loan limits in high cost areas.

The expiration of the higher loan limit has "made a weak housing market even weaker,” said Sen. Menendez during the Senate debate.

The Menendez-Isakson amendment also restores the FHA loan limit to 125% of the median house price in low cost areas. It was reduced to 115% on October 1. The Senate approved the loan limit amendment by a 60-38 vote. It now moves to the House. It took a minimum of 60 votes under Senate rules to approve and attach the amendment to a Department of Housing and Urban Development appropriations bill.

The National Association of Realtors lobbied heavily to get the necessary votes, officials said. To cover possible losses on higher balance Fannie/Freddie mortgages, the amendment imposes an annual 15 basis point fee on “jumbo GSE” loans. Source: National Mortgage News

The Newest "Must -Have"

2011-10-20T12:21:00.000-07:00

Outdoor Rooms are now a required feature by most Luxury Home Buyers. The good news is that almost any property -with a just a little bit of land -can create a dramatic exterior space.

In order to do this succesfully, you must have a clearly defined space with hard-suface flooring. There should also be an overhead component. Optimally, it should be adjacent to- and feel like an extension of the existing property.

If there is no land immedately adjacent to the home, create a distinctive walkway connecting the two spaces together. Design-wise, the two should be cohesive.

Characteristics that add to the value of such rooms are built-in furniture, water features, Outdoor flat screen, or a firepit. The more amenities, the better. You will find that when you go to Sell, a fully-appointed Outdoor Room is a real "game -changer". It will add significantly to the market value of your home!

Short Sales 101

2011-10-10T19:29:00.000-07:00

Short Sales are with us now -in all neighborhoods, and they will be probably be around for several years to come. But they are not for everyone! They may not be an appropriate form of transaction for you!

If you are a Seller who wants to List Your Property as a short sale, or if you are a Potential Buyer of a short sale listing, make certain you are fully informed before you proceed. It is not a simple enough topic to cover properly in this format. But here are some tips & guidelines that you should know.

Sellers:

1] Short Sales are a form of settling a debt with your current lienholder ; and will for certain negatively impact your credit report for 7 years.

2] Just because you are upside-down in your mortgage, does not guarantee that your lienholder will agree to a short sale. There are many factors that contribute to the Lender’s decision. If you have any other assets at all such as a second home, a SEP-IRA, etc. you will probably not qualify. It is essential that you prove hardship.

3] If you have more than one mortgage, and for sure if you have more than two lienholders, the likelihood that agreement will be obtained between all parties becomes very limited.

4] There are instances when a short sale is allowed, but the Lender can still hold you financially liable for the amount of forgiveness. It is also possible that tax consequences will occur.

Buyers:

1] If you have a specific time frame in mind, and need to have possession of the property within 90 days from the time you present your offer, do not count on a short sale purchase. It is unlikely that the Lienholder will even respond to your offer in under 60 days. Although there are exceptions, most responses require at least 90-120 days or even longer.

2] Although the Seller needs to first accept your offer & select it to submit to the lienholder, all decisions rest with the Lienholder. That also extends to other matters such as Requests for Repair and costs for termite work, etc. Regardless of what other items the Seller may have agreed to in your Accepted Purchase Offer, if there are any financial implications, the lender may or may not go along.

3]After your offer has been accepted by the Seller, it is submitted to the Lienholder for approval. Because of the extended time frame for the response, it is entirely possible for other offers to be submitted that maybe more favorable than yours. Because the Seller is not the final authority on Acceptance, just because your offer was submitted first, does not mean yours will be the one the Lienholder approves.

4] Do not have any unrealistic pricing expectations. The lienholders will perform their own due diligence, and determine market value for themselves. If the offers they receive during the short sale listing do not match their opinion of market value, they may foreclose on the property instead, and sell it on their own at a later date.

5] MOST IMPORTANTLY:

Just because a property is Listed in the MLS as a Short Sale does NOT mean that the Lender has:
A] approved the Homeowner as a candidate for a Short Sale, or
B] approved the List Price as an amount they will accept.

Get expert help, have a lot of patience, and you may be rewarded!

If You'd Rather Use FaceBook

2011-10-10T19:12:00.000-07:00

I maintain two separate Pages on FaceBook to offer Neighborhood Details re: Homes in:

Mount Olympus & Adjacent
and/or
Sunset Strip

If these neighborhoods interest you,
Go To FaceBook: Search

Mt Olympus Homes
www.facebook.com/MtOlympusHomes

OR

Sunset Strip Homes
www.facebook.com/SunsetStripHomes

If General RealEstate Info/Tips are what you'd like to read Go To:FaceBook-Search

Elayne Ceder- Real Estate Redefined
www.facebook.com/RealEstateRedefined

Click on "Like" the Page for regular updates!

New Homeowner Association Regulations

2011-10-06T14:58:00.000-07:00

Effective January 1, 2012 Senate Bill 5643 will take effect significantly modifying meeting requirements for HOA's and disclosures to membership.

In short, it states that:
1] Boards CANNOT conduct any business outside of meetings, except for emergencies

2] Boards must provide notice, along with an agenda, for all meetings in executive session.

Thus starting January 1, 2012, boards may not discuss any item of business, whether by meeting personally, via teleconference, email, or otherwise, unless the entire membership has been provided notice & an agenda for that discusssion, at least 2 days in advance. The new law also requires Associations to provide agendas for meetings held in executive session to the same extent as agendas for "open" meetings.

These are BIG changes, designed to help every homeowner in the group an opportunity to know exactly what is being done and when. No more secret agendas! or private decisions that are not made available to the entire group.

This applies to groups like MOPOA as well as every condo association board. If you would like more details about this new law, give me a call at : 424-249-7170

Lots of Mt Olympus Open Houses Today

2011-10-02T13:09:00.000-07:00

2337 Hercules

2509 Apollo

7475 Oceanus

7518 DeVista Drive
2033 Hercules Drive
2110 Mt Olympus Drive

For Drama & Luxury- Go WET!

2011-09-28T18:56:00.000-07:00

Water features are fast becoming a required amenity for luxury homes. Waterfall walls and fountains are not as difficult to build or as costly as you may think.

This dramatic entry at 1425 Devlin Drive combines a pool of stepping stones leading to a custom metal & glass oversized entry door. Lighting changes the mood: day, dusk, and night.

What is Shadow Inventory?

2011-09-27T20:14:00.000-07:00

The mortgage meltdown of 2007-2008 and the unprecedented number of foreclosures, left Lenders with a significant number of residential real estate holdings. Many lenders have been slow to put their holdings on the market to prevent flooding the market and driving down prices.

The questionable foreclosure practices that made news in 2010 have also made some lenders even more reluctant to place their inventory for sale.

The term "shadow inventory" refers to all those foreclosed/bank-owned properties that need to be sold but are currently being held back from the market. Shadow inventory hurts the market because it creates uncertainty about when any given local real estate market can expect "recovery". Shadow Inventory also causes the reported data on housing inventory to understate the actual number of properties available.

Unfortunately, there is no way to know when these properties will be made available for sale.

Aaroe Architectural is Open for Business!

2011-09-26T19:11:00.000-07:00

The John Aaroe Group launched its new Architectural Division today. This specialty division was created to ensure that those residences with an Architectural pedigree get the proper attention required by this unique category.
This applies to both current contemporary architecture, and notable historical architects as well. If you are an owner of such a home, call me to learn about the custom programs designed to market these specialized properties. 424-249-7170
[photo: Schnabel House by Frank Gehry]

Want to Know About Crime in Your Neighborhood?

2011-09-17T10:09:00.000-07:00

Here's a great website that provides information about reported crimes in any given neighborhood.

Go to: www.CrimeMapping.com

Enter your desired addresss, select the law enforcement agency you want to Search [Police, Sheriff, Highway Patrol, etc], Enter your desired radius - (one mile works well)

and hit Search!

A map will come up pointing to all the reported crimes from the past week

with some specific info. Very cool!

Great way to find out about what goes on in any area you are planning a home purchase or rental!

What is a "Zestimate"?

2011-09-05T21:48:00.000-07:00

Would you give any credence to the appraisal of a diamond ring from someone who had never seen it?

Well, that's the same credence you should give to "Zestimates" - the so-called home values assigned to properties by Zillow.

Even though Zillow publishes a disclaimer that states: "This is not an Appraisal", readers somehow leave the site with the impression that they know what a property is really worth! Crazzzy!

There can never be any reasonable opinion of value from anyone who has not viewed the specific property - inside & out- and also viewed interior & exterior of all the recent sales in that Neighborhood - firsthand! End of story!

Don't Get Me Started!

2011-09-04T22:07:00.000-07:00

Do not fall for the false promise of riches with a

“Decline-In-Value” property tax adjustment- unless you plan to sell in less than three years! The short-term adjustment will never justify the longer-term costs.

If tax relief is granted, you will lose all of your Proposition 13 protections. It’s those protections that prevent your Property Taxes from being raised to more than 1.25% of your original Purchase Price!

Even if your property has lost value since your purchase date- it is unlikely that it will stay that way! And as soon as your Property recovers its value, the assessor will be right there to reappraise your home and lawfully collect a higher tax amount! And you can also expect an annual re- visit with an annual reassessment- and a likely tax increase for as long as you own the house!

What Is My Home Worth?

2011-09-04T21:22:00.000-07:00

When I speak of market value, I assume I am answering the question:

What is the price I can reasonably expect a Buyer to pay if

I make my property available for Sale today?

That question is best answered by quoting a range and

Understanding the following basic facts:

1] Nobody can "guarantee" any amount of money to a Seller.

2] The amount of money received for a property is in large part

dependent upon the terms and conditions the Seller is willing to accept.

For example:

Sellers may get a higher amount because they have given their Buyer

a contingency to allow the Buyer time to sell their current home

before they have to close escrow on the new purchase.

Or:

Sellers may accept a lower amount because the offer is all cash,

no contingencies, with a very short close.

3] Market Conditions must always be factored in. Right now Buyers

believe that we are in a declining market, and are reluctant to purchase

any property that does not seem like "a deal". List Prices, right now, need

to be on the low side to obtain a successful result. Bank-owned properties,

Short Sales, and Foreclosures in the area may also have a negative effect.

4] Certain simple improvements to your property: “streamlining” the

furnishings, new paint, replace carpet with hard flooring, or trimming

trees to expose a view, could easily add greatly to the value.

5] The expertise and effectiveness of the Marketing Program your Realtor

creates for you also has a significant impact on the price you receive.

Sunset Strip Opens on Sept 4th

2011-09-03T12:28:00.000-07:00

1563 Queens [ photo] $ 3,395,000

1387 N. Doheny $ 2,395,000

8237 Roxbury $2,300,000

8430 Cresthill $1,749,000

1630 Haslam Terrace $1,490,000

Mount Olympus Sunday Opens

2011-09-03T12:05:00.000-07:00

I hope that not everyone's on holiday on Sunday September 4th , because four properties have advertised as Open from
2:00-5:00pm in the Mt Olympus area.

7518 DeVista    $1,200,000   [ photo]

2110 Mt Olympus Dr. $ 1525,000

2509 Apollo     $ 1,639,526

2337 Hercules    $ 2,500,000

If you want details about any of these homes. please give me a call : 424-249-7170 . I'll be at 7518 DeVista to welcome you.

Why is My Credit Score So Low?

2011-08-30T21:12:00.000-07:00

You Pay all your Bills ON TIME- so what's the problem?

Here are the prinicple reasons why your credit score is not higher- or why you may be denied a loan:

1] You've taken Cash Advances on your Credit Cards

2] You've only been making Minimum Payments on your Credit Cards

3] You've "co-signed" for Someone Else's Loan

4] You Sold a house as a "Short Sale"

  5] You applied for more than one Credit Card/Line of Credit in a short period of time

6] There have been a lot of Recent Inquiries re: your credit score from Misc vendors

In short, it is  your own behavior that is creating "signals" that Financial Issues
exist in your life.

New Listing for $1,200,000

2011-08-26T19:44:00.000-07:00

In lower Nichols Canyon, at the "back door" of Mount Olympus, I have Just Listed a trendy updated mid-century single-story home at 7518 DeVista Drive. DeVista is a flat, wide street with underground utilities & lots of parking.

The home is 2319 SqFt with 3Bdrms/3Ba. It is gated and set far back from the street on a huge Canyon Vew lot. There is large deck that borders the entire rear view side of the property- great for casual entertaining.

More photos at http://www.7518devista.com/
Call Elayne for Open House schedules or for a private showing appointment: 424-249-7170

Just Tell Me What You Want

2011-08-26T19:32:00.000-07:00

Cell phone- Text Message-Bar Code- - Internet- Email- Brokerage -Home Office

The choices are becoming infinite! How do you really want to reach your Realtor?