HOMES SOLD in BEVERLY HILLS 90210 OCT 1- OCT 27

The list prices and the prices some of these homes actually SOLD for is evidence that there is room to negotiate! You can see that some of these buyers did very well- congratulations!! Once again, there are deals to be had in all areas and not just with bank-owned properties. If a home is over-priced you may be the only buyer looking at that house and this will give you time to negotiate with the Seller. If you are selling your home today, do yourself a favor, price it right.


HOMES SOLD in BEVERLY HILLS 90210 OCT 1- OCT 27


631 N Crescent Dr., Beverly Hills, 14 Days On The Market, SOLD At $ 6,500,000, Listed At $ 6,900,000
705 N Rexford Dr., Beverly Hills, 161 Days On The Market, SOLD At $ 4,100,000, Listed At $ 5,795,000
602 N Bedford Dr., Beverly Hills, 52 Days On The Market, SOLD At $ 3,226,000, Listed At $ 3,725,000
BHPO-9140 Hazen Dr., Beverly Hills, 158 Days On The Market, SOLD At $ 2,278,000, Listed At $ 3,695,000
515 N Alta Dr., Beverly Hills, 42 Days On The Market, SOLD At $ 2,870,000, Listed At $ 3,495,000
515 Alpine Dr., Beverly Hills, 119 Days On The Market, SOLD At $ 2,800,000, Listed At $ 3,195,000
504 N Hillcrest Rd., Beverly Hills, 62 Days On The Market, SOLD At $ 3,180,000, Listed At $ 3,395,000
625 N Alpine Dr., Beverly Hills, 58 Days On The Market, SOLD At $ 3,150,000, Listed At $ 3,700,000
BHPO-1642 Lindacrest Dr., Beverly Hills, 99 Days On The Market, SOLD At $ 2,400,000, Listed At $ 3,353,000
BHPO-2054 Coldwater Cyn Dr., Beverly Hills, 80 Days On The Market, SOLD At $ 1,546,762, LISTED At $ 2,395,000
446 S Camden Dr., Beverly Hills, 89 Days On The Market, SOLD At $ 1,630,000, Listed At $ 1,395,000
BHPO-9545 Dalegrove Dr., Beverly Hills, 6 Days On The Market, SOLD At $ 1,240,000, Listed At $ 1,249,000
BHPO-2250 Bowmont Dr., Beverly Hills, 73 Days On The Market, SOLD At$ 900,000, LISTED At $ 974,800

Pending Home Sales and Homes Sold Oct 1-Oct 20th in Beverly Hills 90210

PENDING HOME SALES in BEVERLY HILLS 90210 OCT 1 - OCT 20

Listed Price is the price when an offer was accepted and not necessarily the original asking price.

624 N Hillcrest Rd., Beverly Hills, 78 Days On The Market, Listed At $ 5,250,000

BHPO-1642 Lindacrest Dr., Beverly Hills, 99 Days On The Market, Listed At $ 2,795,000

BHPO-3111 Hutton Dr., Beverly Hills, 23 Days On The Market, Listed At $ 1,850,000

BHPO-3053 Hutton Dr., Beverly Hills, 56 Days On The Market, Listed At $ 2,095,000

126 N Le Doux Rd., Beverly Hills, 13 Days On The Market, Listed At $1,270,000

HOMES SOLD in BEVERLY HILLS 90210 OCT 1- OCT 20

631 N Crescent Dr., Beverly Hills, 14 Days On The Market, SOLD At $ 6,500,000, Listed At $ 6,900,000

705 N Rexford Dr., Beverly Hills, 161 Days On The Market, SOLD At $ 4,100,000, Listed At $ 5,795,000

602 N Bedford Dr., Beverly Hills, 52 Days On The Market, SOLD At $ 3,226,000, Listed At $ 3,725,000

BHPO-9140 Hazen Dr., Beverly Hills, 158 Days On The Market, SOLD At $ 2,278,000, Listed At $ 3,695,000

515 N Alta Dr., Beverly Hills, 42 Days On The Market, SOLD At $ 2,870,000, Listed At $ 3,495,000

BHPO-2054 Coldwater Cyn Dr., Beverly Hills, 80 Days On The Market, SOLD At $ 1,546,762, LISTED At $ 2,395,000

BHPO-9545 Dalegrove Dr., Beverly Hills, 6 Days On The Market, SOLD At $ 1,240,000, Listed At $ 1,249,000

BHPO-2250 Bowmont Dr., Beverly Hills, 73 Days On The Market, SOLD At$ 900,000, LISTED At $ 974,800
____________________________________________________________________________________________

Report Shows Foreclosures Increasing for High-End Homes

By Nick Timiraos

More evidence that the foreclosure pain that began in overbuilt middle-class communities is moving higher up the real-estate food chain: The share of foreclosures in the most expensive third of housing markets is on the upswing.

Around 30% of foreclosures are coming from homes in the top tier of the housing market, up from 16% when the foreclosure crisis began three years ago, according to new research from real-estate Web site Zillow.com. Meanwhile, the bottom one-third of the market now accounts for just 35% of foreclosures, down from 55% in 2006.

The Zillow research compared homes against the median value for their respective local market, and broke each market into three tiers—the bottom, middle and top third, by value. Zillow then looked at the share of monthly foreclosures in each tier over the past decade.

The Zillow area chart (above) offers a good visual representation of what’s happening. When the foreclosure crisis accelerated in 2007, foreclosures increased among all price levels, but they rose from historically lower levels at the middle and top tiers, increasing the foreclosure share among those price brackets.

This summer, foreclosures began to pick up again, and the high-end share of homes are accounting for a growing piece of the foreclosure pie. “The slope of that curve in recent months is much sharper than it was recently,” says Stan Humphries, chief economist for Zillow.

Foreclosures are moving up the food chain for a variety of reasons (see this WSJ story for more). One key factor: deterioration among prime mortgages to borrowers with good credit. These often included exotic mortgages, such as option adjustable-rate mortgages and interest-only mortgages, that were increasingly used to buy more expensive homes. Borrowers often aren’t able to refinance out of these products because home values have fallen, leaving them with little equity in their homes.

Zillow estimated that nearly one in four homes with mortgages was worth less than the value of the property at the end of June. Mr. Humphries says he doesn’t expect to see foreclosure volumes level off until later in 2010.


Home Buyer Tax Credit Won't Die Quietly

FHA Head Rejects Calls for Higher Down Payments

Home Buyer Tax Credit Won’t Die Quietly

FHA Head Rejects Calls for Higher Down Payments12

Hello Everyone, Here's what has happened in October in Beverly Hills Post Office, (90210). If you have any questions feel free to give me a call. I will update this information every week so check in often.




PENDING HOME SALES in BHPO 90210 OCT 1 - OCT 12
Listed Price is the price when an offer was accepted and not necessarily the original asking price.
3111 Hutton Dr., Beverly Hills, 23 Days On The Market, Listed At $1,850,000
1642 Lindacrest Dr., Beverly Hills, 99 Days On The Market, Listed At $ 2,795,000

HOME SOLD in BHPO 90210 OCT 1- OCT 12
2054 Coldwater Cyn Dr., Beverly Hills, 80 Days On The Market, SOLD At $ 1,546,762, LISTED At $ 2,395,000
2250 Bowmont Dr., Beverly Hills, 73 Days On The Market, SOLD At$ 900,000, LISTED At $ 974,800

Mortgage Modification Program Ahead Of Schedule

Mortgage modification program ahead of schedule, White House says

The $75-billion Making Home Affordable program, after a fitful start, has helped 500,000 borrowers get their payments lowered, the administration says.
By Jim Puzzanghera
October 8, 2009 8:57 a.m

Reporting from Washington - The Obama administration today said its much-criticized program to help homeowners avoid foreclosure had met its initial target of 500,000 trial mortgage modifications about a month ahead of schedule, touting the news as a sign the effort is gaining momentum.

FOR THE RECORD: An earlier version of this article incorrectly cited a cost of $50 billion for the Making Home Affordable program. The correct figure is $75 billion.

"We believe we are absolutely moving in the right direction and have reached an important turning point in our modification efforts . . . but we are nowhere near the finish line yet," said Housing and Urban Development Secretary Shaun Donovan.Donovan and Treasury Secretary Timothy F. Geithner announced the milestone, which they said was reached Tuesday, and later today are scheduled to meet with representatives of major mortgage providers to push for continued improvement in the administration's Making Home Affordable program.

The $75-billion program, announced in February, was designed to ease foreclosures by helping struggling homeowners modify the terms of their mortgages through refinancing, reduced principal or longer payment terms.But the program was slow in getting started, so the administration has been refining it. This spring it added cash incentives for borrowers and lenders to participate. And in July Geithner and Donovan pushed the chief executives of mortgage servicers to increase staff, streamline application procedures and improve their customer response.

The administration set a goal of 500,000 trial modifications by Nov. 1. That goal was reached three weeks ahead of time. Geithner said new trial modifications are being added at a faster rate than homeowners are becoming eligible for the program. Combined with a surge of about 3 million homeowners refinancing their mortgages because of lower interest rates, the housing market is beginning to stabilize, Geithner said."The broad signs we've seen in the housing market . . . are encouraging," he said. "They're still early and we're still living with some risk that housing is going to be a source of weakness for the broader economy and you still face an unacceptably large number of families at risk of losing a home they can afford to stay in.

"Bank of America, the nation's No. 1 mortgage servicer, said this week it would meet the goal set for it by the administration of 125,000 modifications by Nov. 1. The company said it had started about 95,000 modifications as of Sept. 30. Wells Fargo reported today that it had arranged 62,989 trial modifications under the program as of Sept. 30, nearly double the number of modifications it had done through the end of August.Administration officials said that about 40% of the nation's estimated 1.2 million eligible homeowners are participating in the program.

To qualify, a homeowner must be living in the house and the loan can't be above $729,500. The administration said it wants to modify 3 million to 4 million mortgages over the next three years.About 90% of the modifications are in a trial period, and administration officials are pushing to make those modifications permanent by streamlining documentation procedures.

High-End Homes Could Decline Further?

From: California Association of Realtors - BASED ON WALL STREET JOURNAL ARTICLE

Seeking real estate bargains? Try looking at the high endBuyers hoping to purchase deeply discounted homes may want to consider purchasing homes in the high end—especially those priced $2 million or more. In some cases, buyers may be able to command even lower prices on these homes, as financing continues to be a challenge for buyers of luxury homes.

MAKING SENSE OF THE STORY FOR CONSUMERS

· While data from the Federal Housing Finance Agency (FHFA) showed that average home prices rose 0.3 percent nationwide between June and July, including a 1.6 percent increase on the west coast, the data only relate to homes purchased with conforming loans guaranteed by the FHFA. These loans are mortgages of up to $417,000 or up to $713,000 in the country’s most expensive regions. The outlook for homes priced above that amount remains bleak.

· In many areas across the country there is a new level of value being established. According to one broker, homes that used to sell for $8 million now are selling for $6 million, while homes previously priced in the $10 millions are selling for $8 million. The price adjustment in the high end appears to be about 20- to 30 percent lower.

· A recent survey by Trulia.com showed that sellers listing homes for more than $2 million have reduced their asking prices by a total of $7 billion, with an average price reduction of 14 percent.

· Chip Case, economics professor at Wellesley College and coauthor of the Case-Shiller index, says that some of the markets finally may be catching up to the wider housing market downturn. “That level was more in the hold-out category,” he says. “Up until recently, the foreclosures weren’t hitting that level. But they are now. There’s no question about that. You’re seeing some contagion from the prime level to the luxury end.”

· Sooner or later, even high-end homeowners need to sell. And, when they get tired of waiting, they reduce their asking prices. Factoring in taxes, upkeep and the opportunity cost of keeping money in a non-performing asset, an empty luxury home may be costing owners a lot just by sitting there, giving them a powerful incentive to make a deal.

Read entire article: Wall Street Journal http://online.wsj.com/article/SB10001424052970204488304574429311693264646.html#

PENDING HOME SALES FOR 90210- SEPTEMBER 2009

If you thought no home was selling, think again! Homes that are priced well sell. A pricing strategy and global marketing campaign will give you the best chance of selling at the highest price. Call Connie for more details.

Listed Price is the price when an offer was accepted and not necessarily the original asking price.

72 Beverly Park Dr., Beverly Hills, 233 Days On The Market, Listed At $ 22,500,000
620 Walden Dr., Beverly Hills, 170 Days On The Market, Listed At $ 7,595,000
705 N Rexford Dr., Beverly Hills, 161 Days On The Market, Listed At $ 5,095,000
602 N Bedford Dr., Beverly Hills, 52 Day On The Market, Listed At $ 3,725,000
504 N Hillcrest Rd., Beverly Hills, 62 Days On The Market, Listed At $ 3.395,000
515 N Alta Dr., Beverly Hills, 42 Days On The Market, Listed At $ 3,195,000
1800 N Beverly Dr., Beverly Hills, 57 Days On The Market, Listed At $ 2,950,000
1160 San Ysidro Dr., Beverly Hills, 66 Days On The Market, Listed At $ 2,700,000
1150 San Ysidro Dr., Beverly Hills, 176 Days On The Market, Listed At $ 2,675,000
245 S. Camden Dr., Beverly Hills, 2 Days On The Market, Listed At $ 2,600,000
341 S. Swall Dr., Beverly Hills, 64 Days On The Market, Listed At $ 2,575,000
228 S. Swall, Beverly Hills, 34 Days On The Market, Listed At $ 2,395,000
12681 Mulholland Dr., Beverly Hills, 97 Days On The Market, Listed At $ 2,250,000
305 N Maple Dr., Beverly Hills, 5 Days On The Market, Listed At $ 1,895,000
2054 Coldwater Canyon Dr., Beverly HIlls, 80 Days On The Market, Listed At $ 1,795,000
126 N Maple Dr., Beverly Hills, 109 Days On The Market, Listed At $ 1,795,000
488 Hillgreen Dr., Beverly Hills, 35 Days On The Market, Listed At $ 1,725,000
3127 Hutton Dr., Beverly Hills, 89 Days On The Market, Listed At $ 1,697,000
9834 San Circle, Beverly Hills, 37 Days On The Market, Listed At $ 1,499,000
455 S. El Camino Dr., Beverly Hills, 198 Days On The Market, Listed At $ 1,499,000
1366 Angelo Dr., Beverly Hills, 166 Days On The Market, Listed At $ 1,399,000
446 S Camden Dr., Beverly Hills, 89 Days On The Market, Listed At $ 1,395,000
2290 Gloaming Way, Beverly Hills, 193 Days On The Market, Listed At $ 1,349,000
9545 Dalegrove Dr., Beverly Hills, 2 Days On The Market, Listed At $ 1,295,000
9011 Alto Cedro Dr., Beverly Hills, 14 Days On The Market, Listed At $ 1,250,000
1625 Clear View Dr., Beverly Hills, 51 Days On The Market, Listed At $ 1,000,000
222 S Hamel Dr., Beverly Hills, 28 Days On The Market, Listed At $ 999,500
9801 Easton Dr., Beverly Hills, Listed At $ 800,000
164 N Hamel Dr., Beverly Hills, 0 Days On The Market, Listed at $ 765,000

HOMES PENDING Sept 1 - Sept 22 in Beverly Hills CA 90210

@72 Beverly Park Dr., Beverly Hills, 233 Days On The Market, Listed At $ 22,500,000
@620 Walden Dr., Beverly Hills, 170 Days On The Market, Listed At $ 7,595,000
@705 N Rexford, Dr., Beverly Hills, 161 Days On The Market, Listed At $ 5,095,000
@515 N Alta Dr., Beverly Hills, 42 Days On The Market, Listed At $ 3,195,000
@1150 San Ysidro Dr., Beverly Hills, 176 Days On The Market, Listed At $ 2,675,000
@12681 Mulholland Dr., Beverly Hills, 97 Days On The Market, Listed At $ 2,250,000
@305 N Maple Dr., Beverly Hills, 5 Days On The Market, Listed At $ 1,895,000
@488 Hillgreen Dr., Beverly Hills, 35 Days On The Market, Listed At $ 1,725,000
@3127 Hutton Dr., Beverly Hills, 89 Days On The Market, Listed At $ 1,697,000
@9011 Alto Cedro Dr., Beverly Hills, 14 Days On The Market, Listed At $ 1,250,000
@1625 Clear View Dr., Beverly Hills, 51 Days On The Market, Listed At $ 1,000,000
@222 S Hamel Dr., Beverly Hills, 28 Days On The Market, Listed At $ 999,500
@9801 Easton Dr., Beverly Hills, Listed At $ 800,000

The Following Homes Went Pending then CANCELLED Escrow September1-22:

602 N Bedford Dr., Beverly Hills, Listed At $ 3,725,000
2290 Gloaming Way, Beverly Hills, 193 Days On The Market, Listed At $ 1,349,000
321 N Roxbury Dr., Beverly Hills, 51 Days On The Market, Listed At $ 2,699,000
126 N Maple Dr., Beverly Hills, 109 Days On The Market, Listed At $ 1,795,000
2250 Bowmont Dr., Beverly Hills, 73 Days On The Market, Listed At $ 916,800

The Following Homes Went Pending and CLOSED Escrow September1-22

511 N Beverly Dr., Beverly Hills, 42 Days On The Market, Listed At $ 3,395,000 -Sold At $ 3,200,000

1.4 Million Have Used Home-Buyer Tax Credit

Charlotte Business Journal

An estimated 1.4 million individuals have used the $8,000 federal tax credit for first-time home buyers, according to the Internal Revenue Service.
A Dec. 1 deadline looms for first-time buyers to purchase a house to qualify for the tax credit.
The credit equals 10 percent of the purchase price of a home, up to $8,000. It either reduces the individual’s tax payment or will be returned as a higher refund next year.
There are income limits to the program, which is designed to ease the housing crisis by reducing the inventory of homes on the market.

Connie's thoughts: KEEP THE $ 8000 FIRST-TIME BUYER TAX CREDIT

1. IT WORKED and studies have shown that hundreds of thousands of homes were SOLD , in part due to this tax credit. The article above says over 1 million buyers are already receiving this credit. If we do not have this credit we will see fewer sales and with more foreclosures coming to market, this could have a negative effect on housing.
2. When a house is sold it keeps stimulating the economy because it creates jobs for contractors, home amenity suppliers, etc. And we all know that a house is never done!
3. Housing was at the center of this recession, to stop a program that is working so well, at this time, could be a mistake.
4. Housing and housing related services STIMULATED THE ECONOMY and that's good since much of the stimulous package hasn't been put to work yet.
5. Some of the credits that were given in the past for other things were not spent and went into savings instead. The first-time homebuyer tax credit is being spent by new home owners on their home so it definitely stimulates the economy as intended.
6. The first-time buyer tax credit should also be extended to ALL HOME BUYERS for a period of time. The jumbo market is still sufferring and prices in those communities continue to decline. At least give a buyer of an expensive home something for moving forward today.

Some Facts On Housing in California

Calif. median home price
July 09: $285,480 (Source: C.A.R.)Calif. highest median home price by C.A.R. region July 09: Santa Barbara So. Coast $885,000 (Source: C.A.R.)Calif. lowest median home price by C.A.R. region July 09: High Desert $110,650 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index
Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates
Week ending 9/3/09 30-yr. fixed: 5.08% Fees/points: 0.7% 15-yr. fixed: 4.54% Fees/points: 0.6% 1-yr. adjustable: 4.62% Fees/points: 0.6% (Source: Freddie Mac)

Headline News Today!

Housing News Today Centers Around Foreclosures:
There are currently 1.5 Million loans in active foreclosure but there are 3.5-4 million additional loans the banks are holding that are also in trouble. And those newer jumbo loans made within the past 12 months are defaulting at a greater rate than before. The reason for these new jumbo defaults seems to point to jobs losses.

Other News Making Headlines:
China Selling Accelerates, Stocks Tumble 6.7%
Fewer Americans Fear Healthcare Costs: Poll
Lehman Claims Could Reach $100 Billion: PwC
As Internet Turns 40, Barriers Threaten its Growth
Japan Democrats Take Power, Challenges Loom
Merkel Loses Ground to Left in German States
Tribune May Exit Bankruptcy This Fall: Report
GM to Form China Venture with FAW
AIG Weighing Many Options for ILFC
Rep. Frank Eyes Fed Audit, Emergency Lending Curbs

New Home Sales Up In July 9.6%!

Housing Numbers Keep Getting better but always remember that real estate is local. There are different things going on in different neighborhoods so having someone that is knowledgeable and that you trust help advise you is critical to buying or selling well.

New Home Sales Are Up 9.6 Percent in July (vol. 433,000) - good news!
The reasons could be as follows:

First Time Home buyer tax credit
In California there is a 10,000 dollar tax credit for buyers of new homes.
A buyer of a new home in California could, if they qualify, take advantage of both credits.
Builders have been giving incentives to buyers such as upgraded appliances, financing, etc
Affordability has increased due to price and loan rates

But with all this good news there are still struggles in the market.

Obtaining jumbo loans continues to be a challenge for most buyers and this has greatly affected homes values in areas with homes over 1 million dollars.

New Appraisal Guidelines are further complicating closings when "out of area" appraisers try to calculate home values and/or because of the new requirements.

The tax credit for first-time buyers may expire the end of November

Many Adjustable mortgages are due to reset soon

More foreclosures are waiting to come to market (shadow inventory)

Commercial real estate showing serious signs of trouble

Unemployment keeps rising

But Let's End On A Good Note:
I am working with a few buyers on the West side of Los Angeles and we have lost out on many properties because of bidding wars! Yes, buyers are buying and making offers in good locations and on properties that are priced well. Those Sellers that get their home priced right SELL THEIR HOME and most often, have a choice of whom they will sell it to. Remember, getting a loan is difficult so you want the most qualified buyer!

If you have any questions or comments please send me an email of give me a call.
Connie