LA AREA REAL ESTATE, 30 TO 50 PERCENT OFF! BUT WAIT, THERE'S MORE! (IF YOU WAIT...)

commentary by Don Rose

Bottom line is the bottom line is dropping on Los Angeles housing prices, and fast. (Our reasoned opinion, based on anecdotal reading plus scanned data, is that waiting will bring even more examples of price plummeting, perhaps at even greater savings. In short, be patient.) Just look at three deep-price-cut examples found online:

Exhibit A: Pasadena, 29 percent off!

FORECLOSED: PASADENA
1856 Belmont Ave., Pasadena 91103.
Agent's description: Bank owned. Listing agent: Leo Nordine Realtors.
... recently enlarged and completely rebuilt with permits ... cherry cabinets, spot lighting, formal dining, raised foundation ... Quiet street... one minute to Brookside Golf Course.• Sales history (from PropertyShark.com):
Sold for $685,000 in July 2006
Current listing price: $484,900
Discount from sales price: 29.2%

Source: http://www.latimes.com/classified/realestate/la-re-foreclosed17apr17.pg,0,486688.photogallery

Exhibit B: Glassell Park, 45 percent off!

2117 W. Avenue 33, Los Angeles 90065.
Built in 1922, three bedrooms, one bath, 978 square feet on a 2,500-square foot lot.
Agent's description: "Bank owned ... House sits high above street level ... Nice quiet Glassell Park street. Raised foundation, hardwood floors."
Prior peak sales price: Sold for $510,000 in February 2007.
Current listing price: $279,900.
Discount from peak sales price: 45.1%

(Source: Peter Viles' "L.A. Land" blog for the LA Times:
http://latimesblogs.latimes.com/laland/2008/04/the-foreclosure.html)

Exhibit C: Silver Lake, 52 percent off!

A commenter to the blog post in Exhibit B shares yet another example:
"1822 Lucille Ave, Silverlake, 90026
Built in 1924, two bedrooms, one bath, 988 square feet on a 2614-square foot lot.
Prior peak sales price (zillow.com): Sold for $800,000 in Oct. 2005.
Current listing price: $379,900.
Discount from peak sales price: 52.5%."

Another blog-commenter had this prediction: "Low $200K to High $100k for median house prices in LA (maybe even lower by end of the year)".

Anecdotal? Yes. Scientific? No.

But the trend seems clear: Have no fear, Affordable prices are near (with some already here).

PENCE HATHORN SILVER: GREEN-THEMED REAL ESTATE TEAM ACHIEVES 4TH HIGHEST GROSSING SALES IN NATION FOR COLDWELL BANKER

So Cal real estate team of Pence Hathorn Silver has recently been listed nationally as the 4th highest grossing sales team in the nation for Coldwell Banker, to be announced at the Coldwell Banker International Business Conference being held this year in Orlando, Florida

Charles Pence, John Hathorn, Loraine Silver and Brett Silver, who just made partner, make up this dynamic team of real estate agents. When working with PHS, clients get more than an agent. Pence Hathorn Silver has gone beyond just selling homes. Within the past year, they launched a “green campaign” and, working with developer John Lee, sold Santa Monica’s first 100% luxury eco-friendly home. They’ve been called upon as experts when it comes to buyers and sellers markets, the effects of natural disasters, and good advice in general when it comes time to find the perfect home. Most recently, PHS got the listing for Venice Collaboratives, a project that brings art and architecture together, contributing to the up and coming hip Venice neighborhood.

What’s on the horizon for this special group of agents? Pence Hathorn Silver landed the Idaho Court project. Designer William Jacobsen has transformed an irregularly shaped lot at Idaho and 20th Street into one of Santa Monica’s premier residential projects. You can’t miss these super-cool, modern looking townhouses even when doing a quick driveby.

Construction started from the underground garage, with a parallel course of redesigning the collection of above ground residences. The goal was to design a building that would be more reflective of the Wilson Jacobsen design sensibility, and better integrated into the Santa Monica environs. The project consists of four two-story townhouses, each featuring a street facing orientation and a spacious, modern contemporary feel. The streets are tree-lined and just steps from Franklin Elementary School. The entire construction project was overseen by Quality Built inspectors who focus on compliances with applicable building codes, architectural drawings and manufacturers specifications for the highest known litigation risks. The consultants at Quality Built assist with educating and improving quality -- water intrusion, comfort, safety and durability issues. The price of these stunning town houses start at $1.7 million. PHS only desires the best for their clients.

PHS is used to catering to Southern California’s high end clientele. Those loyal to the Westside leaders in real estate include A-list celebrities as well as Hollywood moguls and the uber wealthy. We all dream big, but Southern Cal is home to many who can afford this type of luxury living. That being said, PHS is currently listing one of the oldest and most historical homes on Georgina Avenue. The totally renovated 1911 home belongs to the daughter of a famous actor, is steps from an amazing ocean view, and was featured in House & Garden. Although this white picket fenced property looks small and quiet amongst others on the street, it’s actually a 26,600 square foot lot, with 4 bedrooms, 3.5 bathrooms, an updated kitchen, top of the line appliances, 2 bedrooms upstairs, and more. It’s a designer's dream home with old world charm, listed at $7,995,000.

In addition to the above, the PHS team has another green home project currently underway in beautiful Pacific Palisades; stay tuned for more details.

It’s never just another day at the office for Pence Hathorn Silver; they feel it’s about the first day of other people’s lives and providing their clients with the best of the best. For more information about PHS, please see their website at: www.phsrealty.com.

CENTURY HOUSING TO BUILD AFFORDABLE 4-BDRM TOWNHOMES FOR LOW INCOME FAMILIES

13 Townhomes Affordable to Working Families to be Built in Pico-Union

Century Housing (http://www.centuryhousing.org/) has closed a $2.6 million construction loan for the creation of four-bedroom homes for families earning less than $35,000 per year. Read more…