Wednesday, July 28, 2010

May home prices up, but no sustained recovery

S&P/Case Shiller index shows strong sales driven by tax creditsInteractive

Single-family home prices rose more than expected in May, reflecting robust spring sales spurred by homebuyer tax credits, Standard & Poor's/Case Shiller home price indexes showed on Tuesday.

May is a strong seasonal period for home sales, S&P said, and buyers who rushed into the market to sign contracts by the April 30 deadline for up to $8,000 in tax credits have until September 30 to close loans.

Home prices have essentially moved sideways over the past seven months, however, and are likely to bounce around the bottom for the foreseeable future, S&P said.

"There is still a huge amount of supply on the market but sales appear to have improved enough to stabilize prices," said Christopher Low, chief economist at FTN Financial. "It will be a long time before they recover back to where they were before."

The 20-city composite price index rose 0.5 percent on a seasonally adjusted basis in May after an upwardly revised 0.6 percent gain in April, topping the 0.2 percent rise forecast in a Reuters poll.

Prices on an unadjusted basis jumped 1.3 percent in May, after a 0.9 percent April gain and declines in the six prior months. The index increased 4.6 percent in May from a year earlier, S&P said.

"While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still does not indicate that the housing market is in any form of sustained recovery," David M. Blitzer, chairman of the Index Committee at Standard & Poor's, said in a statement.

With the recent upturn, prices still are 29.1 percent lower than the peak four years ago. A record inventory of foreclosed properties is widely seen preventing much of a price upturn in the near term.

The payback from the federal tax incentives went beyond most expectations and some reports have started to show some stabilization from historic lows.

Sales of new homes in June surged 23.6 percent, but remained at the second-lowest level since the Commerce Department started keeping records in 1963. High unemployment and wage cuts are keeping many potential buyers at bay.

The government is expected to report on Friday that gross domestic product growth slowed to a 2.5 percent annual rate in the second quarter from a 2.7 percent pace in the first quarter.

HOME PRICES : FURTHER DECLINE IN METRO AREAS


Tuesday, July 27, 2010

New Listings & Price Changes in Mar Vista



1. NEW LISTING IN MAR VISTA : North of Venice. Designed for entertaining and outdoor living, this recently updated Spanish home has 3 bedrooms, 2 brand-new baths and an outside deck overlooking a hot tub and beautifully landscaped gardens. Eat-in kitchen, hardwood floors and lots of built-ins and storage. Located on a quiet tree-lined street with sidewalks in a desirable area of Mar Vista, this warm and inviting home is close to the farmer's market, shops and restaurants. Loaded with original charm and character, up a long private gated driveway, this move-in ready gem is the perfect place to call home!

2. PRICE CHANGE IN MAR VISTA : Relax in this warm & inviting Tuscan 2-story custom built home. Impeccable European-style gardens surround the home. You’ll find all the amenities one could want w/generously sized rooms, a cook’s kitchen complete w/all Viking appliances, granite & breakfast bar. There is a master retreat with private patio & spa like bath. Exquisite surfaces like warm hrdwds, iron work & travertine are used throughout. Enjoy the built-in BBQ and numerous sitting areas while dining al fresco. A dream come true!

3. BACK ON MARKET IN MAR VISTA : Nice 2 bedroom home with den and small office. Hardwood floors. Fireplace in living room. Large lot with a very big back yard. Home is located in an excellent Mar Vista neighborhood, very quiet tree-lined street. This property is perfect for a builder or for someone who wants to build their dream-home.

(info above gathered from The MLS 2010)

Tuesday Open Houses In Mar Vista

Status            Address                                    Bed/Bath           SQFT        MAP           PRICE                

New Listing : 5118 BABETTE AVE              4/2.5                 2,046        672/E6         $ 799,000

New Listing : 3641 OCEAN VIEW AVE      4/2.5                 1,367        672/C3         $ 1,095,000

New Listing : 3552 BUTLER AVE                4/3                     2,368       672/D2         $ 899,000

New Listing : 3227 MAPLEWOOD AVE     4/5                     2,978       672/A3         $ 2,029,000

New Listing : 4271 CAMPBELL DR             4/2                    1,431       672/D5         $ 749,000

Price Change : 3246 S BARRINGTON         3/2                    1,593       672/C2         $ 799,000

Price Change : 13240 LAKE ST                    3/2.5                  2,300      672/A3         $ 879,000

Wednesday, July 21, 2010

New House to The Mar Vista Market

4019 Michael Avenue

Asking : $630,000

3 beds

1 bath

1142 sqft

6090 sqft lot

$ per sqft : $552


This home has been beautifully updated with granite coutertops and tiled floors in the kitchen and bath, refinished hardwood floors, a newer roof, partial copper plumbing and updated electrical. It has a great backyard for entertaining or just sipping a nice glass of wine at the end of a hard day. Move in already! Start enjoying life on the west side!

(info above gathered from The MLS)
3243 Colby Avenue

Asking : $965,000

3 beds

2 baths

2022 sqft

7080 sqft lot

$ per sqft : $477



Westdale Trousdale. Located on one of the best streets in Westdale, this home was expanded from its original floor plan with a large, open dining room added to the living room and a large separate den at the rear of the house. Three bedrooms, two baths, eat-in kitchen, fireplace, entry way, and rear patio. Central air and heating. Two car garage and private yard. Fresh paint and new carpet. Home needs some updating but has great bones and a flexible floor plan. First time on the market.

(info above gathered from The MLS)

New House To Mar Vista Market

3153 Barry Avenue

Asking : $869,000

3 beds

1.75 baths

1484 sqft

7500 sqft lot

$ per sqft : $586

Wonderful Westdale/ Trousdale charmer with beautiful lush yard. Are you looking for an idyllic setting to enjoy what life has to offer? Look no further. Recently painted and lovingly used, you can move right in or plan to update later. There’s a rear facing livingroom with built in book shelves and wood burning fireplace that opens to a cozy formal diningroom, three bedrooms and 1.5 baths. One of the prettiest streets in the area, close to Mar Vista Elementary, the park, Whole Foods and Starbucks. IMAGINE THE POSSIBILITIES!

(info above gathered from The MLS)

New House To The Mar Vista Market

3552 Butler Avenue

Asking : $899,000

4 beds

3 baths

2368 sqft

5805 sqft lot

$ per sqft : $380

always looking out for you !