RODEO REALTY JOURNAL
local expertise, global presence. January 2014
January
TABLE OF CONTENTS 1 Rodeo Realty Welcomes New Agents 2,3 Rodeo Realty Economic Report December 2013 3 Rodeo Realty Sherman Oaks Renovation 4 Advanced Classes Schedule 5,6 Hot Properties 7,8 Hot Sales 9 Agent Appreciation Letters 10 Rodeo Realty WInter Conference 11 Calabasas Blood Drive 12 Rodeo Realty Events 2014 13 Syd Leibovitch Named To Influencer List 14. Rodeo Realty In The News
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RODEO REALTY
Welcomes You
Rochelle Tetrault Rodeo Realty Beverly Hills Ira Gold Rodeo Realty Studio City Faribors Ettileiy Rodeo Realty Woodland Hills Aurash Jamasbi Rodeo Realty Beverly Hills Azita Manesh Rodeo Realty Sherman Oaks Sewit Eshetu Rodeo Realty Brentwood Carolyn Pakes Rodeo Realty Northridge Thank you for the confidence you have entrusted in me and my team. Welcome to the Rodeo Realty family -- Syd Leibovitch
DECEMBER 2013 ECONOMIC WRAP-UP
It was a very strong year for both housing prices and the stock market. Stock investors saw their best year since the 1990s. The last day of the year ended on a high note boosted partly by the news that U.S. consumer confidence rose in strongly in December to 78.1 up from 72 in November, according to The Conference Board, better than the 76 figure economists expected. The economy is heading into 2014 with some strong momentum. The U.S. has added an average of nearly 190,000 jobs a month in 2013, the best performance since the recession ended. The Dow managed to set its 52nd record of the year closing at 16,576.60 for an annual rise of more than 26%.The Nasdaq closed at 4,166.66 up more than 38% over the course of 2013 and experiencing its biggest year since 2009. The S&P500 had its best year since 1997 closing out the year at 1,848.36, an annual rise of 29%, compared to a gain of 13.4% in 2012. When stocks are up, investments that are perceived to be safer often take a hit. It wasn’t a good year to invest in gold, it was one the worst-performing investments this year, down 29% in 2013, its worst year since 1981. Interest rates continued to rise as the year ended. The last Freddie Mac Weekly Primary Mortgage Market Survey for the year showed that the 30-year-fixed rate was up to 4.48% from 4.10% last month. The 15-year-fixed rose to 3.52% from last month’s 3.30%. A year ago the 30-year fixed was at 3.35% and the 15year was at 2.65%. In 2014 we will certainly be seeing interest rates over 5% and higher and that rise should begin to happen relatively soon. The 10-year Treasury note yield rate has risen strongly in the wake of the Fed’s announcement of the January taper of the bond-buying program closing out the year at 3.04% the highest number seen since July 2011. It was 1.78% at the end of last year. The latest S&P/Case-Shiller index shows that home prices in 20 U.S. cities rose year over year by the most in seven years in October, up 13.6% from October 2012 but up just 0.2% from September 2013. This was the biggest 12-month gain since February 2006. The Los-Angeles-area index was up 0.85% for the month of October compared to September and up 22.1% in year over year data. Overall we are seeing prices start to level off with more modest gains but i would expect to see another surge beginning February! November numbers from DataQuick show that the regional median home price $385,000 has esentially stayed the same since June after a rise in prices at the start of the year. It is predicted that prices will begin to rise again next year at a slower pace. Home sales in November in the six-county Southland area fell -10.4%
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DECEMBER 2013 ECONOMIC WRAP-UP
compared to November 2012 data and were down -14.2%compared to October’s numbers. This is a result of low inventory. November prices were up 0.3% from October and the median home price is 19.9% higher than it was last November (from $321,000 to $385,000). In just LA County sales were down -11.3% over last year and median prices were up 21.3% to $424,500from $350,000 last November. The California Association of Realtors (C.A.R.) reported lower numbers in November. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 387,520 units in November, down -3.4% from a revised 401,000 in October and down -12% from a revised 440,250 in November 2012. The November 2013 figure was the lowest since July 2010. The statewide median price of an existing, single-family detached home slipped -1.2% from October’s median price of $427,290 to $422,210 in November. November’s price was 22.2% higher than the revised $345,560 recorded in November 2012. The available supply of existing, single-family detached homes for sale edged up in November to 3.6 months, up from October’s Unsold Inventory Index of 3.4 months still far below six- to seven-month supply is considered typical in a normal market. For Los Angeles County the median sold price was down by -9.4%in November to $405,260 from $447,130 but was up 20.2% from last November’s $337,080. Sales in Los Angeles County were down -22.2% from October and down -15.3% from November 2012. Data from the National Association of Realtors indicated that the number of people who bought U.S. existing homes in November declined for the third straight month falling -4.3% to an annual rate of 4.90 million partially due to higher mortgage rates, depleted inventory, and the lingering effects of October’s government shutdown. Sales in November were -1.2% lower than last November/ NAR predicts that the total sales this year will be 5.1 million, the strongest number since 2007. The median sales price of an existing home was $196,300 in November, 9.4% higher than a year ago. The Federal Housing Finance Agency (FHFA) reported that U.S. home prices rose in October0.5% from September. The seasonally adjusted gain was in line with the prediction from economists. The FHFA reported that prices rose 8.2% year over year. A report from Bloomberg News stated that the FHFA index will rise about 8% this year and 4% next year. The FHFA index measures single-family properties financed with mortgages owned or secured by Fannie Mae and Freddie Mac. The Commerce Department said sales of new homes fell -2.1% in November to a seasonally-adjusted annual rate of 464,000. In October new-home sales were up 17.6%, the biggest monthly gain in over 20 years and the annual sales pace of 474,000 was the highest since July 2008. An annual pace of 700,000 for new-home sales is considered consistent with a healthy market. Economists are predicting that new-home sales will continue to rise next year. The median price of a new home sold in November rose to $270,900, up 10.6% from a year ago and there were a total of 167,000 new homes on the market at the end of November, a drop of 6.7% from the October inventory. November data released by realtor.com® showed that November’s median list prices remained unusually strong for the season, showing a 6.9% increase year over year to $197,700, while declining-0.7% month over month. The median age of inventory was 101 days, a -10.6% drop year over year and a 7.5% gain month over month. There were a total of 1,846,155 listings up 0.2% year over year and down -3.1% months over month. For the Los Angeles MSA realtor.com showed a median price of $455,000 up28.17% from last year and down -1.07% from October. There were 19,633 listings, down -9.75% from last November and -2.37% from October. The median age of inventory was 64 days, far below the national average, it declined -12.33% compared to last November but was up 10.34% compared to October.
ADVANCED TRAINING CLASSES Skirball Cultural Center 2701 North Sepulveda Blvd. Los Angeles, 90049 1-3pm Haas Room, Conference Center Free Parking Rodeo Realty’s Advanced Training classes are provided for our agents to help keep you informed and help grow your business. JANUARY 27th – Jason Katzman: “How to list for sale by owner & expired listings” FEBRUARY 2014 3rd - Mike Weaver: “Building a referral only business” 10th – Syd Leibovitch: “Listing Presentation” 17th –SKIRBALL CLOSED 24th – Ken Davis: “Loss Mitigation” More Great Programs To Come This Spring. Stay Tuned!
A MAKEOVER FOR SHERMAN OAKS Fresh on the heels of the Northridge office renovation it’s time for our Sherman Oaks office to have a refresh. The excitement begins at the end of the month. We can’t wait to reveal pics of the office’s new look!
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HOT PROPERTIES GOT A HOT PROPERTY with celebrity credentials? Tell us about it: mediarelations@rodeore.com
The Playa Del Rey home of Los Angeles legend Dr. Jerry Buss has hit the market for the first time as first reported by the LA Times. Barbra Stover has the listing. Buss was the majority owner of the Los Angeles Lakers and the Lakers won 10 championships during his tenure. The home, an Italian Villa with breathtaking ocean, marina and city views, offers the ultimate indoor/outdoor California living. This magnificent hilltop estate sits on a double lot. 7 bed/11 baths, & a 3-stop elevator. Buss’ love for his team can be seen in special custom Laker doors on the property. It is listed for $5.95 million Roger Perry and Alla Vinnik have the listing for Hollywood Hills home which was featured by Los Angeles Cofidential. The five-bedroom home was completed in 2013 and has a beautiful, marble entrance with a dramatic skylight. The first floor boasts a huge living room w/ fireplace which adjoins dining room. Over-sized office with built-ins/custom cabinetry. The third level has room for a pool table, plus a bonus entertainment room with a full bar, a private sauna, pool bath and two more bedrooms The home has a 3000+ sq ft deck overlooking the city and a remote-controlled, salt-water, pebblefinish pool. it is listed for $5.495 million. Joe Babajian and George Kahwahi have the listing for the Hutton House esstate which was recently featured on the Mansions for Sale blog. The estate is on of the finest mansions in the Beverly Hills area. Positioned in a private community providing security and privacy behind an additional set of gateways. It has seven bedrooms, Fifteen baths, on roughly. 5.21 acres. It is listed for $37.5 million.
Ben Bacal has the listing for a desirable piece of property which is last promontory available in Los Angeles and features over three acres of land, crowned on a dramatic apx 1000 ft elevation from L.A.’s basin. It boasts the ability to construct over 50,000 sq-ft. The land offers nobstructed jetliner views from downtown to the ocean and is listed for $24,250,000
HOT PROPERTIES
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The Los Angeles Times reported that a Hollywood Hills home owned by the late jazz musician George Duke was up for sale with Peter Maurice and Tregg Rustad. The two-story home is currently in escrow. The traditional home is a classic center hall plan with narrow plank hardwood floors, stout plaster walls and sun-filled public spaces, including living room, large eat-in kitchen, and den, all opening to grassy yard and secluded pool. There are 3 or 4 bedrooms (den is convertible 4th bedroom), 4 baths, including 2 master suites, guest bedroom/bath, office, and large family room/media room with fireplace, formal dining room and prohibition style bar. Adi Ben Yacoov has the listing for this architectural home in Venice recently featured by the Zillow blog. This architectural masterpiece of over 4000 sq.feet designed for the indoor/outdoor lifestyle. The home has floor-to-ceiling sliding doors to bring in plenty of that great California sunshine and provide easy access to the pool and patio. The spectacular chef ’s kitchen has Miele appliances, white lacquer cabinetry and quartz counter tops. Thee third floor living/ media room opens to spacious roof top deck to enjoy the ocean breeze and views! Retreat to your luxurious sexy master suite and unwind in the soaking tub or relax in the serene fireplace room overlooking the pool. it is listed for $2.999 million. When it was time for Pete Rose, the Cincinnati Reds baseball legend known as “The Hit King,” to put his home on the market, he turned to Gloria Hicks at Rodeo Realty. Rose and his wife Carol, have listed their Sherman Oaks home for $2.15 million as reported in the LA Times Hot Property section. The story was also covered by Zillow, Bloomberg, Philadephia Magazine, LA Confidential and Yahoo Homes. The Spanish-style home has six bedrooms, five bathrooms and 4,719 square feet of living space.The quarter-acre site also contains a swimming pool with spa, a covered patio and a detached multi-use structure. Jennifer Winchell has the listing for this three bedroom home on Mulholland which was featured by Details, Los Angeles Confidential and was chosen as a home of the day by Curbed. The three-bedroom home offers over 5,200 square feet of living space with an open kitchen with self-closing cabinets and top of the line Miele appliances. The home includes an elevator. The master suite has a sleek fireplace and a master bath with a giant steam shower and heated floors. The home is wired for stereo surround sound through the entire space as part of a state-of-the-art smart home system. Large glass doors lead to out to the infinity pool with a swim up bar and spa. The home is listed for $7.825 million.
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HOT SALES
Joe Babajian and Judy Cycon have sold the Kent Kresa home in Beverly Hills. The property sold for $27.5 million and the transaction was covered by the LA Times Hot Property section.
Realtor.com noted that an architectural beauty listed recently with John Galich of Rodeo Realty, has been sold. This post & beam architectural estate by Buff & Hensman A.I.A. was built in 1961, and carefully restored for the modern owner.
Ben Bacal handled the transactions when Megan Ellison bought a new compound in the Hollywood Hills West area for $30 million. Thepurchase was covered by the LA Times and the Real Estalker among others.
HOT SALES
Desiree Zuckerman was Karina Smirnoff ’s agent when she picked up a three-bedroom home in the Hollywood Hills for $1.25 million. The purchase was covered by the Trulia blog and the LA Times.
As Trulia’s Luxe Living blog recently reported, actor Jeremy Sisto recently purchased a home in the Laurel Canyon area of Los Angeles from Hollywood producer Cassian Elwes. Rodeo Realty’s Verna Cornelius represented the seller in the transaction.
Allyson Carter handled the transaction for Motley Crue guitarist Mick Mars when he sold his Malibu home.
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Appreciation Letters From Clients
Donna and Moti Haim Congratulations on having such a more than outstanding team of agents in Donna and Moti Haim. Without a doubt the very best of all of the agents we have been associated with over the decades (50+!). Beyond professional, great interface and lots of fun to be with. Their singular dedication to our property was the very reason we had six offers in the first five days, with three over asking. No worries closing escrow. Michelle Sandoval saw to that as well. Thank you, thank you Rodeo Realty for such an overwhelming success. Best Regards, Thomas H. Brodek
Bernie Kozak Dear Bernie: Scott and I are finally settled into the new house and loving it! We would like to thank you again for the exceptional job you did in helping us with the purchase of our home. Your skill and knowledge, and not to mention great patience, made for a smooth transaction. We are so happy with the mid-century masterpiece we purchased and could not imagine living anywhere else. We especially appreciate the dedicaton and hard work you did for us: negotiating the contract, respondingly quickly to our questions, and negotiating with the seller to make an equitable deal happen. You have always maintained the perfect balance of professionalism, good humor, patience, understanding, and diplomacy. You have been a true delight to work with on a personal level as well, reassuring us and comforting us through the stressful task of closing on a house. Based on our experience with other agents in the Los Angeles area, you have, by far, been the best real estate agent that we have worked with and we would higly recommend you to anyone looking for a real estate agent. Once again, thanks for a job well done! Jola and Scott Cardillo
Rodeo Realty Winter Conference
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Rodeo Realty Calabasas Blood Drive
Upcoming Rodeo Realty Events 2014 January 30 2014 Rodeo Realty Winter Conference Panel on digital marketing and personal branding Panel on how to work with business managers, money managers, and wealth managment experts. Panel on dominating your farm area. Benefits of LuxuryRealEstate.com This event includes a continental breakfast, lunch, and a networking party with cocktails afterward. February 27, 2014 Estate Meeting 12 Noon--lunch to be served Estate home to be announced March 6, 2014 (date potentially subject to change, more info coming soon) 11:30 AM top producer awards lunch. Invitation only Luxe Hotel Brentwood March 27, 2014 Architectural Division lecture AMC Century City 9:30 AM April 23, 2014 Arclight Sherman Oaks 9:30AM annual legal meeting with our attorney. E and O insurance carriers require these yearly April 24, 2014 same legal meeting at AMC Century City 9:30AM May 17, 2014 Rodeo Realty Casino Night 7PM June 19, 2004 Rodeo Realty Summer Conference agenda to be announced
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Syd Leibovitch Named To Top List Rodeo Realty founder and president Syd Leibovitch was recently named to the Swanepoel Power 200 (SP200). This new list is designed to be the most comprehensive list of influential CEOs, thought leaders and executives ever assembled in the residential real estate brokerage business. Trends analyst and New York Times, Wall Street Journal and USA Today bestselling author of over 25 books, Stefan Swanepoel compiled the list through a meticulous analysis than gathers up the leaders of the industry including franchise executives, real estate brokers, speakers, authors, educators, economists, technologists, media executives and social media networkers. Syd was named to the list for his role in leading Rodeo Realty to greatness as one of the leading independent brokerages in the nation. According to Rob Hahn, co-editor of the Swanepoel Power 200, rankings are based on multiple criteria that take into account the individual’s personal influence, his/her tenure in the industry, the office he or she holds, the decision-making power of said office, the financial resources of the company or organization, the company or organization’s significance and contribution to the industry, the company’s geographic reach, and his or her recent activities, growth, and potential.
Rodeo Realty Creates Community Newsletters Rodeo Realty is currently in the process of creating new community-centric print newsletters to help agents connect with their communities. To order the newsletter for your area contact your office administrator. This is part of an overall increase in content marketing. The blog is now producing shareable content on a daily basis touching on everything from new restaurants to the latest real estate statistics as well as sharing community updates. And of course don’t forget to follow Rodeo Realty on Facebook to get the latest updates and as well as information that you can also share with your social media followers.
RODEO REALTY IN THE NEWS
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Karen Sanchez, Marie Provenzano, Wendy Cox Studio City office with SRAR Presendent Roger Hance. at the SRAR 94th Inaugural Ball
Michelle Hirsch and her listing at 5506 Woodman Ave were recently filmed for an episode of the reality television show “Hollywood Exes.” One of the show’s stars Mayte Garcia was looking to purchase the home.
Rodeo Realty agent Joe Dunnavant is writing a new real estate column for My HotelWedding.com. His first piece was on tips for newlywed home buyers.
Rodeo Realty agent Nikki Hochstein was featured in an article from the LA Times addressing the rising housing prices in Santa Monica, Venice Beach, and surrounding areas. She was quoted as saying: “Venice prices are going through the roof,” she said, “which is pushing people into Mar Vista and south Santa Monica.”
Get some great press? Share it with us at mediarelations@rodeore.com