Just Sold!

                            

           2833 Greenfield Ave. L.A. 90064

Fantastic 3 bedroom 2 bathroom home with bonus room in the heart of West Los Angeles.

If you or anyone you know are thinking of making a move call me!

Amanda Contreras

Rodeo Realty Fine Estates Brentwood

c. 310.694.4819

e. thecontrerasgroup@gmail.com

w. TheContrerasGroup.com

License # 01739095

Westside Market Update

Feb. 2013 - Feb. 2014

Brentwood:
Median Sales Price is up 82% to $4,050,000
Average Days on Market 14
Months Supply of Inventory 7

Marina Del Rey:
Median Sales Price up 7% to $1,715,000
Average Days on Market 23
Months Supply of Inventory 2

Culver City:
Median Sales Price is up 7% to $790,000
Average Days on Market 55
Months Supply of Inventory 2

Mar Vista / Palms:
Median Sales Price is up 30% to $1,100,000
Average Days on Market 42
Months Supply of Inventory 1

Santa Monica:
Median Sales Price is up 38% to $1,896,000
Average Days on Market 53
Months Supply of Inventory 2

West Los Angeles:
Median Sales Price is up 49% to $788,000
Average Days on  Market 12
Months Supply of Inventory 3

Westwood / Century City:
Median Sales Price is up 54% to $1,766,000
Average Days on Market 28
Months Supply of Inventory 2

If your area is not included here give me a call or send me an email and I'll happily send it to you.

Best,

Amanda Contreras
Rodeo Realty Fine Estates / Brentwood
c. 310.694.4819
e. thecontrerasgroup@gmail.com

Just Sold! 8308 Reading Ave.

Just Listed!

                                                    

                                   New Listing in Westchester!



 

Charming 3 bedroom 1 bath home for $645,000. Visit the property website for all the details!
www.8308Reading.com

 

Just Listed!

 

10824 Lawler St. Los Angeles,  Ca. 90034

 

 

 

 

 

This spacious home features 3 bedrooms & 2 bathrooms. The permitted bonus room off of the detached garage has a custom built in work space great for a home office. Updated in all the right places the home retains its classic charm while meeting the expectations of today’s buyers.

 The kitchen was updated with custom cabinetry and top of the line tile, Bosch stainless steel appliances, eat in kitchen plus a formal dining room. Both bathrooms are tastefully updated with custom tile work, modern sinks and vanities, the shower has an over sized shower head and glass enclosure.

 Hardwood floors on the first floor, copper plumbing, coved ceilings and ceiling fans throughout. The master suite on the 2^nd floor has a balcony with tree top views and en suite bathroom.  Custom painted inside and out, the exterior was done using a beautiful smooth stucco finish. Close to great schools & shopping. Totally move in ready on a cul-de-sac street.

Offered for $910,000.

Westside Mini-Market Update:

Sept. 2012 to Sept. 2013:

Westwood: Median Sales Price: Up 25% to $1,567,500
Brentwood: Median Sales Price: Up 22% to $2,180,000
West L.A. : Median Sales Price: Up 16% to $775,650
Venice: Median Sales Price: Up 14% to $1,405,000
Palms/Mar Vista: Median Sales Price: Up 18% to $905,000
Santa Monica: Median Sales Price: Down 1% to $2,187,500
Culver City: Median Sales Price: Up 17% to $757,250

(Please let me know if your area is not included in this list and I'll send it to you right away!)

7 Things Homebuyers Hate:

1. Haunted-House Landscaping

Unless you're preparing your home for Halloween if your yard looks like the set of a Tim Burton film -- before Edward Scissorhands has done his handiwork -- you need to tidy up or face rejection by buyers who will drive by and never come back.

 

2. Your Personal Paint Palette

Paint over colors that reflect your taste but may put off potential buyers, such as a scarlet-red accent wall, a lemon-yellow child’s bedroom or a forest-green den. "Fun colors are for living, but neutral colors are for selling," explains home stager Chrissie Sutherland, of Ready Set Stage, in Greensboro, N.C.

 

3. Popcorn-Finished Ceilings

If you've lived with a popcorn ceiling, you know that it accumulates dirt, defies cleaning and is hard to paint. Worse, if your home was built prior to the mid-1980s, it may contain asbestos. (It was banned in ceiling products in 1977, but existing supplies may have been used later.)

 

4. Wall-to-Wall Carpeting

Buyers these days expect hardwood floors, even in starter homes. If carpet hides your home's floors, remove it to expose them, even if the wood isn't in the best condition. If you don’t have hardwood, you may want to consider having it installed in a first-floor living area. 

 

5. Brass Fixtures

From switch plates to chandeliers, builder-grade, shiny yellow brass is out. Replace it with chrome- or satin-nickel-finish fixtures for a contemporary look, or an oil-rubbed bronze or black finish to update a traditional room. This is a pretty straightforward do-it-yourself job.

 

6. 'Crystal' Faucet Handles

Acrylic knobs in the bathroom look cheap and can be hard to grip by young, aged or soapy hands. Replace them with a faucet-and-handle set that matches the existing fixture's configuration (centerset or widespread) and meets the standard of the Americans with Disabilities Act with flipper- or lever-style handles.

 

7. Vanity Strips

Nothing says 1970s like a Hollywood-style strip of bare, round lights over your bathroom mirror. Replace it with a fixture that includes a shade for each bulb in a style and finish that complements your faucet set.

 

 

Just Sold Culver City Home

Just Sold!

 

Great house for a great price.

 

5038 Sawtelle Blvd. Culver City, Ca. 90230

 

 

 

If you're thinking a making a move call me for a private no obligation consultation!

 

 

Amanda Contreras

Rodeo Realty

310.694.4819

thecontrerasgroup.com

 

Real Estate Market Update

 Data Quick reported median home prices earlier in the month up 23% year over year for April and 3.3% higher in April over March for Los Angeles. Most major US cities showed similar gains. May figures will be out around the 10^th of June.

 From what we are seeing on the street, I would not be surprised to see a 4% increase from April to May and 25% year over year! Inventory rates are still at all-time lows with a 2 month supply or less in most areas in Southern California.

 For comparison sake, we were at a 4 month supply in 2006 the last time which was an all-time low at that time and the supply levels peaked at about 18 months in 2008. With record low inventories we did reach sales figures with the most homes sold in 5 years.

 This means that homes are coming on the market at a very good rate, but selling very quickly so the inventory levels are not able to increase. It does not look like there is any end in sight, at least in the next year or so.

 At some point prices will increase to a point that inventories will rise and prices will level. I would not be surprised if they go up another 20-35% before we see that! I’d expect to be there by mid-2015.

Open House 4715 Lindblade Dr.

First weekend open!

Saturday, April 6th 11:00 - 2:00 & Sunday, April 7th 2:00 - 5:00.

 Best buy in Culver City, 3 bedroom 2 bath home for $699,000! This home won't last long!

 Hope to see you there.

For more information visit:

www.4715lindblade.com

New Culver City Listing

Best buy on the Westside! Fantastic 3 bed 2 bath Culver City traditional home for sale $699,000. View property website for details!

 http://4715lindblade.com/

Call me for a private showing!

Economic Update

Economic Update for Week Ending 3/22:

The federal reserve chairman, Ben Bernanke announced this week that the fed will continue bond purchases to keep long term interest rates down until substantial improvement in the employment market is seen. With that said 226,000 jobs were added in February and over the last 5 months the average has been 200,000 jobs added per month. The unemployment rate dropped to 7.7%, the lowest level since 2008. Bernanke also said that when the fed decides to pull back that they can act quickly and begin buying bonds again if the economy stalls. His suggestion of pulling back on bond purchases and letting long term interest rates rise to market levels mark a change in the long term foreseeable future comments made earlier this year. I believe we will see interest rates rising soon, as all indicators including employment have shown gains above what has been expected. This could begin as early as the next fed meeting.

In other news Cyprus had a run on its banks, which while newsworthy, had no impact on our economy or markets. Had it not been slow news days this would not have had much coverage as Cyprus is such a small economy. As far as home sales news: US home resale's were up 10.2% and the median price index showed a 11.6% year to year increase for February, lower than California but huge for US! Home builders reported that they can't find land to purchase and cannot get zoning and building approval quick enough to meet demand.

Mortgage rates this week fell back toward historic lows after moving up a week ago. The average rate on 30-year loan fell to 3.54% this week, from 3.63%, a high for the year last week. The rate on the 30-year conforming loan has been below 4 percent now for a full year. The 15-year conforming loan averaged 2.72% this week, down from 2.79% last week. The lowest mortgage rates in decades are spurring more home purchases and refinancing. The National Association of Realtors reported Thursday that sales increased 0.8% in February from January to a seasonally adjusted annual rate of 4.98 million. That was the highest sales pace since November 2009, when a temporary tax credit for home buyers had boosted sales. However, some people still are unable to take advantage of the low mortgage rates, either because they can't qualify for stricter lending rules or they lack the money for larger down payment requirements. First-time buyers made up just 30% of sales in February. In more stable economies, they make up more than 40% of sales. This is also because of such high investor demand out bidding first time buyers. These investors often buy with cash which makes a buyer with a loan contingency less attractive.

Economic Update March 15th

 Mortgage rates sharply rose this week as positive job reports suggest the economy continues to recover. Rates on 30-year fixed-rate mortgages averaged 3.63 percent for the week ending March 14, up from 3.52 percent last week but down from 3.92 percent a year ago. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012. For 15-year fixed-rate mortgages, rates averaged 2.79 percent, up from 2.76 percent last week but down from 3.16 percent a year ago.

 Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21, 2012.  For five-year Treasury-indexed hybrid-rate mortgage (ARM) loans, rates averaged 2.61 percent, down from 2.63 percent last week and 2.83 percent a year ago. Rates on one-year Treasury-indexed ARM loans averaged 2.64 percent, virtually unchanged from 2.63 percent last week, but down from 2.79 percent a year ago.  Rates on one-year ARM loans hit a record low dating to 1984 of 2.52 percent during the week ending Dec. 20, 2012.

Tagged as: economic update, los angeles, mortgage rates, Rodeo Realty

Highest Return on Home Improvements

Thinking of doing some improvements to your home? If you're thinking of selling your home in the near or maybe distant future you may be wondering what's the best use of your money.

 Real Estate Agents rated improvements on the exterior of your home the best use of your money with the highest return on your investment.

 You've heard of location,location, location.....well this is true however think curb appeal, curb appeal, curb appeal! When thinking of selling your home it's all about creating an inviting exterior, making an investment in enhancing the curb appeal. Since this is the first thing buyers see before they'll even decide to go inside of the home it's imperative to impress them from the get go.

 Some of the most simple and least costly exterior improvements can recoup more than 70% of the cost it did to make them upon selling your home. The improvement that had the lowest return was remodeling a home office which was less than 44%.

 The 2013 National average cost-to-value ratio rose 60.6% which put an end to a 6 year decline. California was one of the top 5 states leading the way in this improvement with an average cost-to-value ratio of 71.2% due to our strong resale values.

Here's a look at the top 5 cost-value ratios for improvements in California specifically Los Angeles real estate:

• Entry Door Replacement: recouping 85.6%

• Deck Addition: recouping 77.3%

• Garage Door Replacement: recouping 75.7%

• Window Replacement: recouping 73.3%

• Siding Replacement: recouping 72.9%

All my best,

Amanda

No Contingency Offers

I am sure you know that the market has shifted this Spring and there are often many offers on a property. Consequently, buyers are writing more aggressive offers with no or few contingencies. This article addresses some of the issue that may result. I hope you find this informative.

Best,

Amanda Contreras
Keller Williams Realty
310.694.4819
thecontrerasgroup@gmail.com


Contingency-free offers are popping up in hot market niches where buyers will take the risk in order to compete in a market with tight inventory and plenty of demand. What should a seller consider before accepting an offer with no loan contingency, no appraisal contingency, and no inspection contingency?

An all-cash offer with no financing contingency is a good deal only if the buyers actually have liquid funds to close. Make sure you verify this as a condition of accepting the offer.

The temptation is strong to sign the contract and worry about the details later. However, what you don't want to have happen is a scenario like this: The buyers have their money in the stock market. The market drops and they end up with less cash than they need to close.

HOUSE HUNTING TIP: Savvy buyers who are in competition provide copies of bank statements, with account numbers blacked out, or a letter from a financial institution stating that the buyers have the liquid funds required to close, at the time they present their offer. If they don't, make sure the contract requires that this documentation be provided within a couple of days of acceptance. If you have to put the house back on the market due to lack of funds, it's better to do so sooner rather than later.

Sometimes buyers make all-cash offers but intend to get a mortgage to close the deal. This should be disclosed in the purchase contract even if the buyers don't include a financing contingency to protect themselves in case their loan is not approved.

There is a big difference between buyers who have and will pay cash, and will close quickly, and those who say they'll pay cash but need to go through formal lender approval before the transaction can close. Sellers who make plans based on the terms of the contract could find themselves in trouble if less-than-candid buyers can't close on time, or at all.

A seller in this case may be able to pursue a legal remedy for financial remuneration, but this would require an attorney's interpretation, and it would take time.

A similar problem can occur when buyers make an offer promising a large cash down payment, but change their mind at some point and decide to put less cash down, which requires a larger loan amount.

This can change the approval process significantly. The lender could require two appraisals rather than one if the loan amount is above a certain amount, like $1 million. The lender underwriting process is more rigorous. It will take more time and could delay closing.

A change to the financial terms of a home purchase contract, which is a bilateral contract, should be agreed to in writing by both buyer and seller. One party is not supposed to change the terms of a bilateral contract without the consent of the other party.

Offers with no inspection or appraisal contingencies, while appealing, can also be problematic. Unless the buyers have done preinspections, with the sellers' permission, give a second thought to accepting an offer without an inspection contingency.

Even if you had presale inspections done, if something significant had been overlooked, you could end up in a legal battle later. To protect yourself, counter the offer to include a short inspection contingency so that the buyers can't later say they bought the house under pressure and weren't given the opportunity to inspect the property.

THE CLOSING: Sellers should make sure that buyers who make an offer without an appraisal contingency are willing and able to put more cash down, if necessary, to make the deal work if the appraised value turns out to be less than the offer price.

Dian Hymer is a real estate broker with more than 30 years' experience and is a nationally syndicated real estate columnist and author.

Is Buying a Bank Owned Property Really a Good Idea?

REO's or Bank Owned Properties are in abundance in Los Angeles and for that matter all over the nation right now, however is it really such a good idea to purchase a bank owned property?

They usually have very attractive price tags but buyer beware once you decide you want to put an offer in on that property the banks are playing hardball in their contracts.

Here are a few of the issues you may run into when purchasing a REO:

1. Buyer receives a lengthy complicated addendum of usually 8-30 pages that are often in contradiction to the offer.


2. Terms are often changed.

    a. Contingency periods are often reduced.
    b. Contingency removal is passive rather than active. Which means once you pass the contingency period timeframe you're 3% deposit could be at risk.
   c. Change of some costs- transfer taxes.
   d. May need to be reviewed by your attorney.
   e. You may end up being responsible for the costs of retrofitting, which traditionally the seller pays for, even if the contract says otherwise.


3. There are Fewer Disclosures Required.

   a. Since the seller, the bank, never lived in the property, there are a number of disclosures not required. In a standard sale and short sale the sellers have to provide the buyers with a lot of disclosures providing details about the past and current condition of the home and any work/renovations they may have done.

  b. This puts more responsibility on the buyer for inspecting. Which you should do regardless, however it's much more reassuring seeing all the details about the condition and or defects that the seller discloses as well.


4. It's usually priced lower making it a good deal which generally attracts multiple offers driving the price up. On top of that you'll most likely be competing with investors who are paying all cash which is hard to compete against if you have to get a loan for the purchase.


5. The listing agent and the bank often are non-responsive. Questions and documents take time and you will need to have patience.


6. For every day past the loan contingency time period agreed upon in the offer or counters they often will charge a per diem, which can get quite expensive.


7. They are usually sold "as is" without repairs or credits being made for problems that are found, and will often not pay for termite repairs or if they do agree it's just a small portion.


The long and the short of it is if you cannot accept the conditions of an REO transaction- RUN, don't walk away from them!


All my best,

Amanda Contreras
Realtor, SFR
Keller Williams Realty
c. 310.694.4819
e. thecontrerasgroup@gmail.com
w. thecontrerasgroup.com
DRE# 01739095

 

Purchasing a Short Sale Property

Here are some basic guidelines on what to expect when you want to purchase a Short Sale.

Once you write your offer you're agent will submit it to the sellers agent, (listing agent). At this point you're dealing with the seller not the bank. You'll be negotiating with the seller until you can come to an agreement in the price and or terms. Once that happens the listing agent will submit your offer to the bank.

Short Sale: A short sale is when the seller owes more on the property than what it's worth.

With your offer the bank will want to see a couple months worth of bank statements and pay check stubs, if you're self employed they'll want to see 2 years of your tax returns.

Be ready to wait, they are called short sales however generally you'll wait a long time, between 3-6 months for the bank to approve it, if they do. The only time this really isn't the case is if there was a approved buyer before you who got tired of waiting and walked away. If there's a lot of interest in the property you'll want to make sure your offer is as clean as possible. Below are a few suggestions:

1. Don't ask for the bank to pay for your closing costs.

2. Offer a reasonable price, one that you'll have a good chance of getting accepted. Have your agent do a CMA, (comparative market analysis), to establish what's a reasonable price. The bank will send out their own agents to perform a BPO, (brokers price opinion), to show them what the value is and an appraiser. They aren't in the dark as to the value themselves. It's wise to submit this along with your offer.

3. Upon acceptance by the seller you'll agree to put a 3% deposit into escrow. They will like to see that you're serious and will appreciate that you're putting some skin in the game.

4. Agree to pay for termite, HOA fees and maybe even some retrofitting. Banks usually won't agree to pay the first 2 items. They'll pay retrofit, however if it's between you and another buyer or buyers offering to pay this could put you over the top.

5. BE PATIENT! The banks are generally understaffed, under trained and swamped. Your agent should give you weekly update as to the status of your offer.


I hope that you found this helpful. If you're looking to buy, sell or invest please give me a call!

All my best,

Amanda Contreras
Keller Williams Realty
c. 310.694.4819
e. thecontrerasgroup@gmail.com
w. thecontrerasgroup.com
DRE# 01739095

Tips for a Successful Sale

 Deciding to sell your home is a big decision with many moving parts. If you hire the right Realtor and put the right price on it you'll have a successful outcome. Below are some tips on what to do after you've made the decision that it's time to move onto greener pastures.

1. Hire a Realtor that has an intimate knowledge of your neighborhood.

2. Be open and honest with your agent at all times. They can't provide you with the best service if they aren't clear about your needs, wants and expectations. The right Realtor will take the time to  explore what you expect from them and the home selling process.

3. Price it right!!!! Statistically the longer your home sits on the market the less money you'll make. The buyers will believe that your home has something wrong with it and pass it up for others. If you remember nothing else on this list remember this one!

4. Make your home accessible to be viewed by the buyers. The easier it is to show the better your chances of selling it.

5. Stage your home. You aren't going to get a second chance at a first impression. Put away the nick nacks and remove excess funiture so your home appears larger than it is. If it's dark buy extra lamps, paint it a nice light neutral color and open the blinds.

6. Property sells year around, not just in the summer time. In the winter you'll have less competition from other sellers and the buyers out looking at that time are probably very serious about buying.

7. If you've had a lot of showings and no offers go back to step #3, if you've had hardly any showings and no offers go back to step #3, if people aren't coming in or calling about it at all, you've totally missed the mark on price go back and re-evaluate your price! Re-adjust it quickly and I'm sure you'll have a SOLD property in no time.

Please let me know how I can assist you with your real estate needs!

Best,

Amanda Contreras
310.694.4819, thecontrerasgroup@gmail.com
thecontrerasgroup.com

Santa Monica Single Family Homes

                             September 2010 -vs- September 2011

• Median Sales Price is down by 1%.
• Median For Sale is up 6%, Median Sold  down 1%.
• Sold Properties down 33%.
• Under contract properties down 50%.
• New properties listed up 11%.
• Expired remains the same.
• Supply is down 15%, Demand is down 33%.
• Days on Market up 17%.
• Months Supply of Inventory up 80%.

For more information on this area or any other Westside neighborhood call me at 310.694.4819.

All my best,
Amanda Contreras
Keller Williams Realty~Santa Monica
Realtor, SFR

Westside Market Information

As you may have already heard real estate is hyper local, prices can vary greatly from neighborhood to neighborhood. Below I've compared 2 years of market data for single family homes for 5 Westside areas.

If your neighborhood is not included in this list please call me and I'll be happy to get you the most up to date information for your area.


Venice

Sept.2009-Sept.2010
Total Sales:160, Average Days on Market:71, Median Sales Price: $897,000.
Sept.2010-Sept.2011
Total Sales:177, Average Days on Market:78, Median Sales Price: $925,000.

West L.A.

Sept.2009-Sept.2010
Total Sales:61, Average Days on Market:40, Median Sales Price: $680,000.
Sept.2010-Sept.2011
Total Sales:73, Average Days on Market:64, Median Sales Price: $630,000.

Culver City

Sept.2009-Sept.2010
Total Sales:145, Average Days on Market:45, Median Sales Price: $650,000.
Sept.2010-Sept.2011
Total Sales:147, Average Days on Market:57, Median Sales Price: $615,000.

Mar Vista/Palms

Sept.2009-Sept.2010
Total Sales:267, Average Days on Market:51, Median Sales Price: $740,000.
Sept.2010-Sept.2011
Total Sales:287, Average Days on Market:49, Median Sales Price: $710,000.

Santa Monica

Sept.2009-Sept.2010
Total Sales:244, Average Days on Market:64, Median Sales Price: $1.4M
Sept.2010-Sept.2011
Total Sales:245, Average Days on Market:70, Median Sales Price: $1.3M

Please don't hesitate to call me with any of your real estate needs!

All my best,
Amanda

5115 Raintree Circle

 Great opportunity to own your own home! This condo is priced like a bank owned property! This is a short sale, featuring 1 bedroom and 1 bathroom, fireplace, central air conditioning and heat, 2 car parking, large balcony overlooking lush landscaping.

 The community has a large heated pool, spa, gym and recreation room. The expansive pond with ducks, waterfalls and fountain makes you feel like you're on vacation. Great central location, minutes away from all that Culver City has to offer! Offered for $190,000.00!

 Follow this link for pictures and contact information to schedule a showing: http://www.realtor.com/realestateandhomes-detail/5115-Raintree-Circle_Culver-City_CA_90230_M16093-93639?source=web