The median price for all new and resale single-family homes, condominiums and town homes was $300,000 in June, according to research firm MDA DataQuick of San Diego. Although that was a 1.6% drop from May, it represented a 13.2% increase from the prior year, marking the seventh consecutive month of year-over-year increases.

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Featured in books, magazines and television shows, the Lawson/Westen House is a geometric amalgamation of concrete, steel, glass and wood highlighted by a three-story truncated cone that rises over the kitchen.

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Anyone out there still have the old-fashioned notion to retire their mortgage sooner rather than later?

Homeowners able to refinance were finding lenders offering 15-year fixed-rate mortgages at an average of 4.21% this week, according to Freddie Mac — the lowest rate since the mortgage company started tracking the 15-year loan in 1991.

Heavy demand for 10-year U.S. Treasury bonds has pushed their yield to the lowest level of the year. That’s the typical benchmark for fixed mortgages — and boy have rates followed, with Freddie Mac reporting the average for a 30-year fixed home loan falling to 4.78%.

That’s down from 4.84% a week earlier and not far from the record low of 4.71% set back in December.

Since the Freddie Mac survey reflects what lenders are offering, not actual contracts for loans, the rates obtained by well-qualified borrowers are often slightly lower, experts say.

Freddie Mac gathers information about rates available to well-qualified borrowers who make a down payment of at least 20% or have equivalent equity in their homes if they are refinancing. The borrowers in this week’s survey would have paid 0.7% of the loan balance to the lenders in upfront fees and discount points, Freddie Mac said.

Last year, the experts expected residential mortgage rates would be rising by now, as federal housing and home-loan support programs expired, home prices stabilized and inflation became more of a concern.

Then the latest default scare reared its head — this time involving not U.S. home loans but the debt loads carried by Greece and other weaker European economies. And just like that, the flood of money began to the safe haven of debt issued by Uncle Sam.

“Just when we thought we were finally experiencing [the anticipated rate increase] we got the PIGS,” said Stew Larsen, head of mortgage banking operations for Bank of the West, referring to an acronym for the nations Portugal, Italy, Greece and Spain.

For those hungry for lower rates, is this the last big chance to head to the trough?

– E. Scott Reckard

Changes taking effect June 1 are part of Fannie Mae’s ‘loan quality initiative’ to cut down on slipshod underwriting and fraud by borrowers.

May 2010

Beverly Hills, CA

Teles Properties Presents

Eric Hass—Negotiating Powerhouse

Eric Hass brings a lifetime of real estate experience to every transaction. In fact, with Realtors as parents, Eric absorbed the language and skills of the profession long before he thought of pursuing it himself.

A California native raised in the San Fernando Valley, Eric spent his youth traveling around the state playing competitive soccer. After earning a Bachelor’s Degree from Claremont McKenna College, Eric started in the music industry, assisting such bands as Korn, Staind and Linkin Park. “A truly amazing experience,” Eric says, “and an invaluable one. The focus on networking, marketing and negotiating still guides me as I navigate my real estate clients through the buying and selling process.”

After 8 years in the music industry, Hass turned his attention to real estate. “Whether I’m handling the careers of million-dollar clients or fine-tuning the negotiations for a million-dollar property, it’s all about communication,” he says. “It’s about understanding the client’s priorities and having the knowledge and connections to meet those needs simply and skillfully.”

Eric Hass continues to adapt, network and think outside the box in an industry that is ever-changing. “The management and support systems of Teles allow me to focus on what I do best—sell and acquire properties for my clients while netting them the most money and getting them the best deal.”

ERIC HASS

Teles Properties

eric.hass@telesproperties.com

310.597.2131

http://www.telesproperties.com

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Susan Pekich

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By Alejandro Lazo, Los Angeles Times

April 28, 2010

A trio of California cities bucked a nationwide home price decline in February while most of the other metro areas posted losses or flattened out, underscoring the resurgence of the Golden State’s coastal markets, data released Tuesday showed.

The Standard & Poor’s/Case-Shiller index of 20 metropolitan areas was down 0.1% from January on a seasonally adjusted basis, marking the closely watched measure’s first decline since home prices began to recover last June.

But in a positive sign for housing, the index posted a 0.6% increase from February 2009, its first year-over-year increase in more than three years.

The mixed readings come as the expiration of a federal tax credit for buyers looms at the end of this week. Many analysts expect home prices to decline once the incentive runs out — but not nearly as steeply as when values entered a nearly three-year free-fall in the summer of 2006 that helped drag the U.S. into one of the most brutal recessions since the Great Depression.
“Generally, I don’t see an upbeat picture, I see the trend as faltering,” said David Blitzer, chairman of Standard & Poor’s Index Committee. “One of the few spots that seems surprisingly strong is California.”

California cities saw home prices in February gain 0.8% in San Diego, 0.4% in San Francisco and 0.2% in Los Angeles.

Mark Zandi, chief economist with Moody’s Economy.com, said the strong showing in California reflected the reduction in foreclosures on the market over the last year. Foreclosures made up 44.3% of the resale market in February, down from an all-time high of 58.8% in February 2009, according to San Diego research firm MDA DataQuick.

“California is perhaps the most efficient state in respect to resolving its foreclosure issue and so a lot of properties were pushed through the process,” Zandi said. “There are now fewer in the pipeline.”

Although foreclosures may increase in California in coming months, leading to a period of flat prices and perhaps even some declines, the state was “much further along in getting its house in order than most parts of the country,” he said.

Not reflected in the Case-Shiller numbers are regions in the state farther from the coast where overbuilding was more prevalent and the unemployment rate remains above average, said Richard Green, director of USC’s Lusk Center for Real Estate.

“We are doing a little better than the rest of the country, and that is not particularly surprising because California, in general, didn’t overbuild the way Arizona and Las Vegas and Florida did,” Green said. “In the places we did, prices collapsed so much it’s hard for them to fall much further.”

In the next two months, some California shoppers have a shot at as much as $18,000 worth of tax credits if they get their timing right.

The federal tax-credit program, set to expire Friday, provides up to $8,000 for first-time purchasers and as much as $6,500 for some current homeowners. To qualify for that credit a buyer must sign a contract on a home by April 30 and close the deal by June 30.

Adding to that incentive is a statewide credit, which was approved by lawmakers last month and kicks in May 1, for as much as $10,000 for first-time buyers and those purchasing newly built homes.

The Case-Shiller index covers three months of data beginning in December, when sales began a three-month slump after what was to have been the federal tax credit’s Nov. 30 expiration; Congress in November extended the credit. February’s sales data capture that plunge and the traditionally slow winter months. Home sales picked up again in March, and many expect that trend to continue at least through April.

Along with the California cities, Las Vegas eked out a 0.1% gain. Fourteen cities posted declines in February over January, with the biggest losses in Portland, down 1.9%; Dallas, falling 1.4%, and Chicago, down 1%. Two cities were flat for the month.

alejandro.lazo@latimes.com

Copyright © 2010, The Los Angeles Times



April 15, 2010

Most Americans See Home Prices Stable or Rising

Seventy-two percent think now is a good time to buy a house

PRINCETON, NJ — Lower but stabilizing home prices combined with continued low mortgage interest rates have persuaded 72% of Americans that now is a “good time” to buy a house — essentially the same percentage as a year ago, but up 19 points from 2008.

Better Price Expectations

More importantly, Americans’ expectations about housing prices have improved markedly from last year — potentially encouraging prospective buyers to take advantage of the current home-buying opportunity, and thereby making it easy for homeowners to sell. Thirty-four percent of Americans expect the average price of houses in their area to increase over the next year — up 12 points from last year, and the highest such expectations in Gallup’s monitoring since June 2007. When this is combined with the 43% expecting house prices to stay the same, a total of 77% of Americans see housing values in their area stabilizing or moving higher during the year ahead. To the degree that potential home buyers agree, this should significantly reduce their fear that the homes they buy could decline in value shortly after purchase.

Expectations for housing prices are best in the East and the West, followed closely by the South; they are poorest in the Midwest.

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Moby, as DJ and singer-songwriter Richard Melville Hall is known, has purchased Wolf’s Lair, a Hollywood Hills castle-like fortress with views of downtown, Griffith Park, the Hollywood sign and the ocean, for $3.925 million.

The sellers are Lionsgate Entertainment’s Jay Faires and Debbie Matenopoulos, former co-host of “The View” (1997-99).

Wolf’s Lair was built in 1927 by Hollywoodland developer L. Milton Wolf. Moby, who will be moving from the East Coast, plans to restore the property in keeping with its period charm. Details include coffered ceilings, stenciled beams, linenfold paneling, turrets and gable windows.

The eight-bedroom, 51/2-bathroom main house, guesthouse and pool house apartment have a total of about 6,500 square feet of living space. The structures sit on 3.3 acres, walled and gated, above Lake Hollywood. The black-bottom swimming pool is shaped like a heart, and the pool terrace has a pergola-covered seating area. The two-bedroom guesthouse was designed by architect John Lautner.

Moby, 44, has seen his 1999 electronica album, “Play,” sell more than 10 million copies worldwide.

Faires, 47, is president of music at Lionsgate and founder of Mammoth Records. The buyer and sellers are acquainted. Moby has recorded in the home’s living room in the past.

Television host Matenopoulos, 35, also did a stint on “Good Day Live” (2001) and the E! Entertainment celebrity gossip series “The Daily 10″ (2006).

The property had been on and off the market since May 2008, when it was priced at $7.5 million. It had been most recently listed at $4,295,000.

The listing agents were Ernie Carswell and Christopher Pickett of Teles Properties, Beverly Hills. Nancy Osborne of Pardee Properties, Marina del Rey, represented Moby.

//

lauren.beale@latimes.com

Copyright © 2010, The Los Angeles Times

LATimes-HP-Wolf’sLair

The contemporary home in the private community of Irvine Cove has five bedrooms, 6 1/2 bathrooms and panoramic ocean views.

By Scott Marshutz

April 18, 2010

Art and architecture blend seamlessly in this contemporary Laguna Beach home in the private community of Irvine Cove.

A heavily detailed three-quarter-inch layer of French limestone encloses the steel-framed structure, creating the illusion that it’s one, monolithic column of limestone.

On both sides of the main entry, curved glass panels are accented with rivets. A bridge leading from the entrance to the great room crosses over the atrium.

Inside the gallery-styled great room, an art wall features a sculptured circular black brick fireplace with stainless steel trim.

“Every element of the house is done very artfully,” says Newport Beach architect Christian Light. “My clients were interested in making sure it wasn’t going to be just another rectilinear home.”

Adjacent to the kitchen and morning room, a Lolli e Memmoli crystal chandelier hanging over the dining table is another example of a fixture that doubles as a piece of art.

Five columns were strategically placed to support the 9-foot ceiling that vaults to 12 feet for unobstructed panoramic ocean views.

Honed limestone flooring — nearly 5,000 square feet — stretches to the edge of the saltwater pool, which is trimmed in black granite.

The great room and pool patio area are separated by mahogany-framed doors that open to create an indoor-outdoor living space.

The ceiling of the main floor is a 1,500-square-foot skylight that covers the entry, great room, art wall and atrium. It links the front of the house to the back master bedroom and entertainment spaces.

The subterranean level has a large open media room, office/studio, guest suite, spa area and wine cellar.

Copyright © 2010, The Los Angeles Times

L.A. Times-Home of the Week-Altamar

February 01, 2010|By Lauren Beale

Stand-up comic and actor Sinbad has listed his longtime family home in gated Hidden Hills at $3 million.

A long private driveway leads to the five-bedroom, five-bathroom country estate, which sits on a hilltop amid mature trees on 2.5 acres. There are fireplaces in the formal dining room and an office/family room, 5,064 square feet of living space, a guesthouse with a kitchen, a recording studio, a pool with waterfalls and a barn.

Sinbad, 53, appeared as a finalist on Ed McMahon’s “Star Search” (1983) and went on to work in HBO specials, television series and movies. In film, he starred in “First Kid” (1996), “Jingle All the Way” (1996) and “Houseguest” (1995). On TV, he had the title role in “The Sinbad Show” (1993-1994) and played coach Walter Oakes on “A Different World” (1987-1991). A DVD of the comedian’s Comedy Central concert “Sinbad: Where U Been?” is set for release later this month.

Public records show Sinbad purchased the property in 2007 for $1,525,000.

Marty Trugman and Cara Sheriff of Teles Properties, Beverly Hills, have the listing.

lauren.beale@latimes.com