Interest Rate Update

Interest Rate Update for Homes In The Glen.

Interest Rates move up. Here are the approximate interest rates for this week of January 30, 2009 for 30 year fixed loans for residential properties (single family homes and condominiums):

Conforming Loan (loan amount up to $417,525) - 5.375%

Agency Jumbo Loan (loan amount $417,000-$625,500) -5.75%

Jumbo Loan (over $625,000) - 6.625%

10 Year- 6%

5 Year -5.125%

This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.

Posted by Leesel Boulware

Back On Market!!! Former Coolest House on Caravan!

1938 Westholme
New Price- $2,595,000

Spectacular 2-Story Hampton's Style Cape Cod home nestled on very desired street. Brand new construction consisting of a 5,164 sq.ft. home on a flat 7,250 sq.ft. lot.
The home has 6 large bedrooms and 5.5 baths. The luxurious master suite features a large sitting area and an exquisite bathroom. Downstairs maid's room and a gourmet kitchen. The adjacent family room creates the perfect spacious atmoshphere for a family. The large grassy yard offers privacy and the perfect place for a game of soccer. Tons of storage.

Features all designer finishes and every amenity you can think of. The elegant dining room and open floor plan lends to perfect entertaining. The home also features a security system, 2 home theatres and extensive use of moldings and cabinetry. This home really is one of those that will make you say "Wow, want one of those!"

The home has been reduced to $2,595,00. For more information contact Mickey and Jamie at 310-442-1398, 310-339-3523 or mkessler@verizon.net, jtheis@camoves.com

Coolest House on Caravan!!

519 Ocampo

Offered at 3,995,000

This Fabulous Contempory Mediterran 3 bedroom 3.5 bath is atrue Huntington Palisades beauty. Completely renovated in 2006 by highly-accomplished local designer/builder. The sophisticated taste & exceptional quality come together to create a wonderfully romantic ambiance with indoor/outdoor living.

This home boasts living room, dinning room and family rooms that all open to magnificent patio, heated private pool, spa, bbq, pizza oven & fountains.

The gorgeous fully equiped kithchen features stainless steel appliances and breakfast bar. A large office off the master bedroom. This rare beauty icludes marble floors and hardwood walnut floors, venetian plaster walls, arched doorways, vaulted ceils & much, much more.

The Home is listed for $3,995,000. For more information please contact Mickey and Jamie at 310-442-1398, 310-339-3525 or mkessler@veriszon.net jtheis@camoves.com.

Mickey Kessler Featured Panelist at Beverly Hills Law Symposioum

Mickey Kessler of Coldwell Banker was one of the panelists for the “A House Divided: The Impact of California’s Housing Crisis on Family Law Practice” panel at the Beverly Hills Bar Symposium held December 6th at the Beverly Hills Hotel. The panelists included Jack Zuckerman, CPA of White, Zuckerman, Warsavsky, Luna & Wolf, Larry Sommer of Sommer Appraisal Service, Kenneth Young, Esq. of Kaufman, Young, Spiegel, Robinson & Kenerson and Hon. Thomas Trent Lewis.

The purpose of this panel, chaired by Elizabeth Potter Scully, was to discuss various aspects of real estate and how they apply to and are impacting the family law practice. While many provisions were discussed, Mickey Kessler and Larry Summers were responsible for discussing current trends in real estate and Mickey and Jack Zuckerman discussed short sales and how they are impacting family law cases.

To aid Mickey’s presentation he displayed several charts (see below) showing changes in inventory and absorption rates of properties on the Westside and how this year’s activity compares to the activity for several prior years. In addition he provided graphic representation for condos and leases.

What is evident from these graphs is that the inventory of homes on the market for sale is growing while the number of sales is declining. Note that there has been a steady and substantial increase of expired and withdrawn listings (homes that have failed to sell). While this factor is offsetting the growing inventory it is also an indication that it is becoming yet more difficult to sell homes. Moreover, it is a clear indication that many home sellers are not willing to price their homes at an appropriate price (an “energy price” if you will) that will get their home sold.

In response many home owners are opting to list their homes for lease. These homeowners would prefer to lease their home rather than sell at the reduced prices the market now dictates. As you can see from the chart below however, many home owners have the same idea as evidenced by the growing number of lease listings coming on the market. Not surprisingly, the increasing inventory of lease listings is creating apathy among prospective tenants. Like homes sold, the number of homes being leased over the last half of 2008 has declined which is bound to create downward pressure on lease prices as well.

Based on my discussions with home sellers and lessors, there is some wishful thinking going on out there that they would be better off waiting until next spring when “the market will be better”. If 2008 is any indication (see single family 2008 chart), there will be a steady increase of homes coming on the market and a swelling of the inventory while sales will only pick up slightly, resulting in more downward pressure on home prices. That’s just my opinion but who’s to say. One thing for sure, the real estate market is certainly keeping our attention. Stay tuned.

Mickey Kessler

Coldwell BankerAssociate Manager

310-442-1398

http://www.mickeykessler.com/

mkessler@verizon.net

INTEREST RATE UPDATE

Interest Rate Update for Homes In The Glen.

Due to all of the renewed interest in re-financing coupled with some poor numbers from the treasury, interest rates have ticked up slightly but continue to be at all-time lows. Here are the approximate interest rates for this week of January 16, 2009 for 30 year fixed loans for residential properties (single family homes and condominiums):

Conforming Loan (loan amount up to $417,525) - 4.875%

Agency Jumbo Loan (loan amount $417,000-$625,00) -5.5%

Jumbo Loan (over $625,000) - 6.5% (in addition there is a 7-1 ARM available at 5.625%)




This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.

Interest Rates Continue to Come Down!

Friday January 9, 2009

Interest Rate Update for Homes in The Glen. Rates continue to come down. Here are the approximate interest rates for this week of January 9, 2009 for 30 year fixed loans for residential properties (single family homes and condominiums):

Conforming Loan (loan amount up to $417,525) - 4.75%

Agency Jumbo Loan (loan amount $417,000-$625,00) -5%

Jumbo Loan (over $625,000) - 6.25%

This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.


Posted by Leesel Boulware