Author: Igor Nastaskin
How to Sell a Luxury Property
Getting ready to place a high-end home up for sale? You’ll probably find that the process is a little different than it is when selling a more moderate property. For one, the new owner usually will want to tailor the property to suit his or her preferences. Here, five tips from RISMedia that can help you get the best price for your luxury property. 1) Don’t remodel or repair before selling Remodeling and repair work typically will be wasted on a luxury property. Although essential repairs such as putting on a new roof usually are recommended on a lower-end property, a luxury property most likely will be entirely remodeled by its new owner. This might even include adding onto or tearing down parts of the existing structure. Unless the repairs are necessary for the protection of the property or structures—such as fixing a leaky roof—you’re usually better off selling a luxury property as is. 2) Hire a professional stager Most real estate agents remove knickknacks and clear away excess furniture before trying to sell a property. However, it’s even more important to hire a professional staging company to showcase a luxury property without a lot of distractions. Most luxury buyers will remodel anyway, so they are looking at a home’s potential rather than its current state. 3) Advertise discreetly The affluent often will pay top dollar for their privacy. Loudly proclaiming a luxury property for sale not only is likely to attract the wrong parties, but it also might make the property a prime target for thieves and vandals. 4) Hire a real estate agent who specializes in luxury properties There are agents who specialize in selling luxury properties, and therefore, have both the specialized knowledge and resources to help you obtain the best price. Market trends for high-end properties can differ from current market trends for lower-end properties. Find an agent who understands the current market conditions for your specific type of property and can advise you on the best course of action. 5) Understand the true value of the property and market accordingly It’s important to understand where the real value in your property lies. If you have an older property on a valuable parcel of land, then the structure itself probably has little value and likely will be torn down. Be sure you’re emotionally OK with that before choosing to sell.
Market Share of 5,000-Plus-Square-Foot Homes on the Rise
New homes with 5,000 square feet or more of living space increased both as a share of all new construction and in absolute number in 2015, according to the Census Bureau’s Survey of Construction. In 2015, the share of new homes this size reached a post-recession peak of 3.9 percent of new homes started. The total number of 5,000-plus-square-foot homes started that year was 28,000 units. In 2012, the number of new homes started with 5,000-plus square feet rose to 15,000 units, yet their share remained at only 2.8 percent. In 2015, while the number of 5,000-plus-square-foot homes started (28,000) was the highest since 2008, their share of the new market (3.9 percent) was the highest since 2004. In the boom year of 2006, 3.0 percent (or 45,000) new homes started were 5,000 square feet or larger. In 2007, the share of new homes this size was 3.6 percent, yet the total number of 5,000-plus-square-foot homes started that year fell to 37,000. In 2008, only 20,000 such homes were started, or 3.2 percent of the total. From 2009 to 2011, fewer than 13,000 of these large homes were started every year, accounting for less than 3 percent of all new construction during this period. The extent to which the 5,000-plus-square-foot homes have recovered—roughly to where they were in 2008—shows a growing trend at the top of the market at least through 2015. When analyzed by the different characteristics, 79 percent of 5,000-plus-square-foot homes started have a finished basement; 68 percent have a three or more car garage; and at least 60 percent have a patio or porch. More than half of the homes have five or more bedrooms, while 70 percent have four or more bathrooms.
Hollywood Riviera’s Celebrity — Rosemary DeCamp
One of the most famous residents of the Hollywood Riviera is, no doubt, actress Rosemary DeCamp who lived here for almost 60 years, until her death in 2001. Rosemary and her husband, Judge John Shidler, purchased a Hollywood Riviera house on Camino de las Colinas in 1945 (when there were only three houses on the block) for the price of $22,500. Here they raised their four daughters: Margaret, Martha, Valerie and Nita. Rosemary was a well-respected actress who, while very pretty, often played matronly roles such as being the mother in Yankee Doodle Dandy and Jungle Book. Later she was also involved in television, including The Bob Cummings Show, Life of Riley and others. While she was not the typical flamboyant Hollywood type, Rosemary was known to drive around in her beloved white Rolls Royce Silver Cloud nicknamed Snowball. Mid career Rosemary married a local boy, John Ashton Shidler, a Stanford Law School grad who later became a Torrance Superior Court Judge. After marrying, the newlyweds lived in Beverly Hills where John might have gotten tired of being called Mr. DeCamp a few too many times. John wanted “down-home living” for his family. The Shidler family was active in the community. Rosemary was also an artist and supported community cultural groups. She conducted a playwriting contest at Torrance High School for many years. Judge Shidler was a prominent community member who also served on the Torrance School Board and was instrumental in helping protect Torrance Beach from high rise developments. Rosemary died here at age 90. John predeceased her death by a few years (in 1997). The couple was among the longest lived Riviera residents. The “down-home living” of Hollywood Riviera suited Rosemary and their daughters well. The girls said they never saw their parents fight and they had a wonderful life growing up here. While well aware that their mother was a celebrity, none of them ever let fame go to their heads. With community support, the Friends of the Hollywood Riviera plan for this identifying marker to be placed at the corner of Via Monte d’Oro and Palos Verdes Blvd., which was the original entrance to our beautiful historic neighborhood in 1928. The marker will be 14 feet long and 5 feet high and is designed in the Mission style with period font. The back of the marker will be inset with custom period tile detailing a brief history of the Hollywood Riviera. To see maps and photos, go to the Riviera Homeowners Association website and click on Hollywood Riviera Marker Project: hollywoodriviera.org/marker. Now you have the opportunity to support this exciting project. You may contribute via GoFundMe or by check to: Friends of the Hollywood Riviera, c/o Dina Wiley, 202 Via la Soledad, Redondo Beach, CA 90277. Thank you to Edie Dees, Dina Wiley, Karen Lent and Janet Hart for the above stories. DeCamp-Shidler House on Camino de las Colinas Much of the information in this article is from Rosemary’s autobiography: “Tiger in My Lap.” The DeCamp-Shidler daughters still live in Southern California. Three local history buffs, Edie Dees, Dina Wiley and Karen Lent spent time talking with Rosemary’s oldest daughter, Margaret. They have been collecting information for a book they are writing on the Hollywood Riviera’s history. Please contact one of them should you have historical information or photos. Old Hollywood Riviera Research Group/September 2016
Consumers Show Increased Caution in Home Purchase Sentiment in September
Fannie Mae’s Home Purchase Sentiment Index (HPSI) decreased 2.2 points to 82.8 in September, moving further off of survey highs. Consumer caution surfaced in the September HPSI, with four of the six components decreasing during the month. The largest decrease was seen in the net share of consumers who expect mortgage interest rates to decrease during the next 12 months, which fell 6 percent. This was followed by a 5 percent drop in the net share of consumers who say now is a good time to buy a home and a 3 percent drop in the net share of consumers reporting confidence about not losing their job during the next year. Household Income was the only HPSI component to increase in September, with slightly more consumers than the previous month reporting that their household income is significantly higher than it was 12 months ago. “The decline in the HPSI over the past two months from the survey high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” says Doug Duncan, Fannie Mae’s senior vice president and chief economist. “Downside changes came in particular from the HPSI components mortgage rate direction and good time to buy a house. In addition, the starter home tight supply and rising home prices, as well as the unsettled political environment, are likely giving many consumers a reason to pause or question their home purchase sentiment.” Here are the survey highlights: • Fannie Mae’s September 2016 HPSI decreased 2.2 percent in September to 82.8. Overall, the HPSI is down 1.0 point since the same time last year. • Breaking from the increasing trend of the past few months, the net share of Americans who say it is a good time to buy a house fell by 5 percent to 29 percent to match a previous all-time low reached in May. • The net percentage of those who say it is a good time to sell a house remained at 15 percent in September. • The net share of Americans who say that home prices will increase fell 1 percent from August to 34 percent. • The net share of those who say mortgage rates will decrease during the next 12 months fell 6 percent to negative 44 percent. • The net share of Americans who say they are not concerned with losing their job fell 3 percent to 70 percent. • The net share of Americans who say their household income is significantly higher than it was 12 months ago rose 2 percent to 12 percent.
Five Tips for Dog Owners Looking to Buy a Home in L.A.
Dogs are part of the family. So, when buying a home in a new neighborhood, you’ll definitely want to take your pet’s needs into consideration. Is the neighborhood safe? Are parks, pet stores and veterinary care easily accessible? You’d also be wise to know the area’s pet regulations and ordinances. To help you find the ideal home for you and your pup, U.S News & World Report gleaned advice from some of L.A.’s top real estate agents as identified by the real estate data company OpenHouse Realty. Here’s what they had to say. Big dogs belong by the beach Although there are no regulations mandating where owners of certain dogs may live, people who own big dogs generally like to live by the beach. Some recommendations include Long Beach for its access to Leo Carrillo State Park, as well as Redondo Beach for its pup-friendly shoreline. Dog parks are a great way to meet your neighbors Finding a neighborhood with a dog park not only is important for your pet’s health, but it also is a terrific way to connect with your neighbors. Among the most popular: Silver Lake Dog Park, next to the reservoir, with shade canopies and a separate section for smaller pooches, and Santa Monica Airport Park, a 4-acre park with an off-leash dog area and walking loop, along with Westminster Off-Leash Park in Venice and and Playa Vista Dog Park. Ask about homeowner association policies L.A. doesn’t have a uniform ordinance for homeowner associations, but most HOAs have some rules regarding pets. Many HOAs won’t allow dogs that weigh more than 50 pounds, and some will even limit you to a 35-pound dog. They also might limit you to just one pet, depending on the size and availability of outdoor facilities. Your HOA also might have specific areas where your dogs can roam free or must be on a leash. Review city ordinances L.A. County has its own rules and ordinances regarding pets. For example, all homeowners are limited to a total of three dogs in their residences. Dogs are required to be on a leash whenever they are off of your private property, unless they have a license. Regulations also require dog owners to carry bags for cleaning all dog waste off public streets. For details, visit the L.A. County Department of Animal Care and Control website at http://animalcare.lacounty.gov/wps/portal/acc. Do what it takes to keep your dog happy and healthy No matter which neighborhood you decide on for you and your pet, be sure to keep your animal safe from the elements. Provide plenty of shade and water if you plan on keeping your pet outdoors during the daytime. If you have a yard, consider installing fencing to help keep your animals from getting out and other animals (such as coyotes and mountain lions) from getting in. Additionally, the city of L.A. requires all dog owners to tag and license their pets, which helps shelters identify animals if they are lost. Before tagging, dogs must be spayed or neutered and receive a rabies vaccination. Owners pay a fee for a one- or three-year tag license, and dogs must wear their tags whenever they are off the owner’s property.
How to Review a Seller’s Disclosure Report
Double-checking a seller’s disclosure report can save you heartache and money. But if you don’t read disclosures regularly, that means you could miss something important. Follow these tips from Trulia.com to spot potential red flags. How old is your roof? Roofs can last anywhere from 10 and 50 years, while tar-and-gravel roofs usually last 10 to 20 years. The popular composition shingle roofs usually last about 20 years, and the clay roofs on Spanish- and Mediterranean-style homes can last for more than 50 years. Crawl space vs. cement slab Crawl spaces are more accessible, which makes it easier to make repairs or upgrades. But adequate ventilation is important; otherwise, you might be dealing with mold. And all ventilation areas should be covered with screens to keep out wildlife. On the other hand, cement slabs can help you avoid mold or wildlife issues. But if tree roots or soil damages the slabs, it may cost you. Slabs also need to be removed to repair broken or leaking pipes. Plumbing and pipes Replacing your plumbing is a major expense. Note the age and type of your pipes. Brass, copper and galvanized steel can last 80 to 100 years. But polybutylene or lead pipes can mean trouble. These materials need to be replaced. The HVAC and water heater Gas water heaters usually last 10 years, while electric cones last for about 15. If the disclosure shows the water heater is that age or older, consider that it probably needs replacing. Even if the HVAC is working, an older system will run 40 percent less efficient than a new system, costing you much more on your monthly bill. Cracks in the wall Cracks could mean there is structural damage. Call in a structural engineer to look for foundation issues. A thorough inspection should be all you need to know whether you’re dealing with normal settling issues or something more ominous. Animal damage If the report is marked “yes” for animal damage, make sure it’s being dealt with properly. When you’re looking to buy, a few pest traps won’t suffice. You should probably interpret the seller’s claims of “handling it” to mean sealing the house properly to prevent the animals from entering in the first place, or hiring an exterminator. You also should ask for a termite guarantee. Additional explanations or further disclosure Be sure you don’t just glance over the “additional comments” part. Some items that could appear in this section include pending liens, restrictions or easements. Those could be deal breakers. Pending liens can tie up the property for some time, and restrictions or easements limit what you can do with the home. Disclosures don’t necessarily tell all Go with your gut and take note of suspicions along the way. Your next step is to look for things that don’t seem right, like a wall out of place, stucco that has been disturbed or unusual additions. It’s a good idea to get a CLUE (Comprehensive Loss Underwriting Exchange), which tells you a home’s history, such as prior damage. Most home insurance companies put claims in the CLUE database.
The 10 Best Cities for NFL Fans
Where should die-hard football fans live? Which NFL city has the most locations for game watching, bars for gathering with friends and stores for buying sports gear? To find out, Trulia.com ranked all 31 cities that are home to an NFL team, taking into account the number of sports bars, real estate agents and sportswear establishments. Here, the top 10 cities — and their median home sale prices— for football followers. New York Median sales price: $1.2 million Los Angeles Median sales price: $695,000 Chicago Median sales price: $274,000 San Diego Median sales price: $515,000 San Francisco Median sales price: $1.1 million Houston Median sales price: $427,871 Seattle Median sales price: $560,000 Philadelphia Median sales price: $179,750 Denver Median sales price: $354,000 Phoenix Median sales price: $208,000
Hollywood Riviera Residents Love this Park to the Moon and Back
While there are many wonderful parks in Torrance, only one has panoramic views from the ocean to the mountains – plus its own rocketship. Los Arboles “Rocketship” Park is a Hollywood Riviera jewel loved by young and old alike for more than fifty years. Located on 6.3 acres at 5101 Calle de Ricardo (donated by developer H. Kessel), groundbreaking on the park took place in 1960 and the park opened four years later. Rocketship Park was built shortly after the Soviet Sputnik satellite was launched and spacecraft was on the minds of Americans nationwide, especially in the aerospace-heavy South Bay. With the post-World War II baby boom on, city organizers were creating parks throughout the area. With Riviera Elementary situated adjacent to the park, children and parents were delighted with the new addition to the community. The Riviera Garden Club quickly donated its services to maintain and improve the park. In addition to its 28-foot high rocketship, which was purchased from a catalog of playground equipment, the original park included a space slide, a model of Saturn, miniature jet planes, a submarine, and later an orbiter and lunar lander. The beloved rocketship almost came to a crashing end in 1992 when the city of Torrance deemed it a safety concern and took it down. After a community outcry, the rocketship was refurbished and reinstalled a few months later. More modern equipment was also installed at the time, and a historical landmark plaque was placed on one of the rocket’s fins. Rocketship Park was updated this summer with new play areas for ages 2 to 5 years and 5 to 12 years. The updated park includes lunar monkey bars, swings, climbing pieces and a teeter totter. And of course, the rocketship and moon lander. The park also includes a picnic area and has handicap access. Take a trip up the four-level spaceship and enjoy views spanning from the Getty Center to the Hollywood sign to Griffith Park Observatory. You’ll be experiencing just one of the many things that make our community so special. Click Here to read Igor’s full Newsletter on Scribd.com –http://www.scribd.com/LiveInHollywdRiviera