Calabasas, CA Real Estate News

By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
January 2008 wasn't such a great month for Calabasas real estate.  But don't panic when you look at these numbers, it's not as bad as it looks at first glance.  As I type this article there are 176 homes on the market in Calabasas.  This translates into about an eleven months supply of inventory.  It's a buyers market for sure!  Although the average price dropped about 20% compared to last January's prices it looks like February's numbers will be better.  There are currently 19 properties in escrow and several of these are over $2,000,000.   Jan. 2006 Jan. 2007 Jan. 2008 #Change from 2007 %Change from 2007 Closed Escrows272616-10-38.462 %Avg. Sale Price$1,302,620$1,366,307$1,086,820-279,487-20.456 %    The rain has finally stopped and buyers are out in full force.  I have been swamped b...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
I just got back from Gelsons in Calabasas and being the "sweet tooth" that I am, I had to stop by the bakery for my favorite Black and White cookie.  As I was waiting in line I noticed that they had special New York Giant and New England Patriot cookies for the Super Bowl.  There was a tray and a half of New York Giant cookies (18 to be exact) and only three New England cookies left.  I love to talk to strangers so I said to the guy standing next to me, "I guess the Calabasas cookie eaters think that the Patriots will win the Super Bowl" while I pointed at the cookies.  We both started to laugh and he decided to order some Giant cookies to take to a Super Bowl Party that he was going to. In my book it doesn't matter who wins if Pittsburgh isn't playing.  Maybe Gelsons should make some B...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
I think it's a great time for move up buyers to buy!  "Huh?" you say in disbelief.  Here's the math:   You own a home in Calabasas, it would sell for $1,200,000 now, but last year it would have sold for 10% more, say $1,320,000.  You're not sure what to do, should you sell now and move up or wait?  The house that you want to purchase is currently listed at $1,800,000.  Only 2 years ago, this home would have sold for $1,980,000. We really don't know what the market is going to do, but we do know what we have right now.  Calabasas home prices are down approximately 10% from last year.   If you sell your Calabasas home now for $1,200,000 and purchase the larger home for $1,800,000 you'll be spending an additional $600,000 for the new home. If you would have sold your home in 2006 for $1,32...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
              Total number of home sales down 13% in 2007.There were a total of 293 homes sold in Calabasas, CA during 2007, down 44 (13%) from the 2006 total of 337.  Take a good look at the chart above, you can see that home sales were in line with 2006 figures until September.  The time from escrow opened to actual close is usually 30-45 days, we can assume that the slow down in sales was actually two months earlier or July and coincides with the mortgage melt down.  September, October, November and December were significantly lower in number of sales.  It's a Buyers market - with 9 months of Calabasas homes inventory.As I write this post there are 172 active properties on the market in Calabasas.  The absorption rate (average number of sales per month) is approximately 19* sales per...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
Even in this "buyers market" I received multiple offers on one of my listings last week.  As I was reviewing the purchase agreements I couldn't believe how many agents are still writing in "sellers choice" for title, escrow, home warranty company and natural zone disclosure company.  Did you know that if you write "sellers choice" for natural zone disclosure and the other agent doesn't pick a company in the counter offer, you'll end up with a company called Seller's Choice Disclosures?  That's right, there is actually a company called Seller's Choice Disclosure.  This is great if that is who you wanted, but not so great if you didn't.  Also, if you just write NHD in the box then escrow will pick the company.  There is no company called NHD.  NHD are just the initials for Natural Hazard ...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
This is such a great story, I couldn't wait until the transaction closed to write this post.  Mr. and Mrs. buyer contacted me via email.  They said they had seen my blog and were relocating to Los Angeles from out of State and needed to find a home that suited their needs in one weekend.  They had been to the San Fernando Valley one other time on a house hunting trip but didn't find what they were looking for.  Both, Mr. and Mrs. Buyer were very tech savvy with Mr. Buyer relocating for a position that he had accepted with an online gaming company.    After several emails back and fourth we narrowed it down to seven homes.  I previewed all of the homes and even video taped the homes that I thought would suit their needs the best, streaming the video online for them to review.  With all o...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
Avoid the holiday crowds and help a great cause!  This Saturday, December 15, 2007 a gift lounge will be held in Calabasas.  There will be gifts for everyone on your list.  Designers will showcase holiday gifts for men, women, children and pets. The proceeds will go to support the E.F. Wallengren Fund for ALS research.The ALS Association is committed to improving the quality of life for people living with amyotrophic lateral sclerosis, or ALS (commonly referred to as Lou Gehrig's disease).  This progressive neurodegenerative disease affects 30,000 Americans annually.The ALS Association symbolizes the hopes of people everywhere that Amyotrophic Lateral Sclerosis will one day be a disease of the past.  The ALS Association relentlessly pursues its mission to help people living with ALS and...
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By Paul Lefton, Simi Valley Home Loans
(Core Financial Soultions, Inc)
Thursday's bond market has opened in negative territory yet again as the stock markets show early gains and investors await tomorrow's employment figures. Stocks are in positive territory with the Dow up 35 points and the Nasdaq up 14 points. The bond market is currently down 9/32, which will likely push this morning's mortgage rates higher by approximately .125 of a discount point.There is no important news scheduled for release today. The Labor Department did post weekly unemployment claims, saying that 338,000 new claims were filed last week. Analysts were expecting to see 335,000 new claims. This was not enough of a variance to affect trading since the data is considered to be relatively low in importance.Tomorrow morning, the Labor Department will post November's Employment report....
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
Get your sled and head on over to Gates Canyon Park in Calabasas this Sunday December 2.  Calabasas is having their annual Snow, Snow, Snow Day.  I'll never forget the first time I saw kids playing in the snow in their tee shirts, shorts and gloves.  Calabasas has tons of snow trucked in for this event.  They spread the snow on a huge hill and everyone has a blast sled riding until it melts.  If you've never seen this you have to check it out, it's really a sight.  Something about snow and palm trees in the same picture is very surreal.Admission is only $5.00 per child, two to twelve years old.  Children under two are free.  The event runs from 11:00-1:30.  There are also refreshments, pictures with Santa and arts and crafts.  Be sure to bring an inner tube, sled or saucer.  If you don'...
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By Paul Lefton, Simi Valley Home Loans
(Core Financial Soultions, Inc)
Friday's bond market has opened well into negative territory, continuing its recent roller coaster ride. The stock markets are showing gains with the Dow up 125 points and the Nasdaq up 15 points. The bond market is currently down 16/32, but we will likely still see a slight improvement in rates this morning as a result of strength late yesterday.Today's only relevant data was October's Personal Income and Outlays that showed weaker then expected readings. It revealed that personal income and spending both rose 0.2% last month when income was expected to rise 0.4% and spending 0.3%. This indicates that consumers had less money to spend and actually spent less than was thought. This is favorable news to bonds because slower spending means slower economic growth.I am expecting the bond ma...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
Part one of this series, Insanity: Doing The Same Thing Over and Over and Expecting Different Results explains how to cancel your existing listing agreement.  In this post, I explain my pricing process.  Part three of this series will explain out of the box marketing strategies and what is working in today's market to bring in qualified buyers.The correct pricing strategy is the most important factor when selling a home.  It's not enough to complete a comparative market analysis, agree on a price and publish to MLS.  Price is so much more than just looking at what has sold in the past.  Following are the steps that I use to determine the price of a home.  This is not rocket science, but it is important and the information should be updated as new homes come on the market and other homes...
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By Paul Lefton, Simi Valley Home Loans
(Core Financial Soultions, Inc)
Friday's bond market has opened in positive territory despite the release of stronger than expected economic news. The stock markets are currently showing sizable losses with the Dow down 95 points and the Nasdaq down 9 points. The bond market is benefiting from the stock weakness again, currently up 10/32. This should improve this morning's mortgage rates by approximately .250 of a discount point.The Labor Department gave us today's key data with the release of October's Employment report. It showed that 166,000 new jobs were added, which exceeded forecasts of 80,000 by a wide margin. However, offsetting that news was a downward revision of 14,000 to September's jobs and smaller than expected increases in average hourly earnings for October and September. The unemployment rate remained...
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By Hayden Gerson
(HPM Financial LLC)
In the last year over 100 mortgage lenders have gone out of business due to the "mortgage meltdown" as most of you might now it is getting much more difficult to qualify for mortgages in Calabasas. The reason it is difficult to qualify for your Calabasas mortgage is because guidelines have changed drastically. Even reverse mortgages in Calabasas are getting harder to qualify for, leaving many looking for a honest mortgage company in Calabasas.Since many mortgage brokers in Calabasas are going out of business, and others are not able to get you qualified, you need to call a reputable company to help you with your home mortgage in Calabasas. We here at America One Mortgage Group are a national company headquartered out of Southern California. We have offices in many states and fund millio...
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By Haroldine Gearhart
(Rodeo Realty Calabasas - Fine Estates)
What's happening in Calabasas, CA in November? Haroldine Gearhart of Rodeo Realty's Calabasas branch is holding her Annual Red Cross Blood Drive at the Calabasas Tennis & Swim Center located at 23400 Park Sorrento in Calabasas, CA. This event is scheduled for Sunday, November 18, 2007 beginning at 10:30 am until 4:30 pm. Haroldine partners up with the American Red Cross every year for her annual blood drives. "The American Red Cross blood banks run extremely low during the upcoming holiday period because everyone is busy planning their holiday parties and vacations," says Haroldine Gearhart. By advertising this event, she gains community involvement and is able to give the American Red Cross the much needed donations for their blood bank. "Please take the time and consider becoming a do...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
   Should You DUMP Her?If this sounds like your Real Estate Agent, then the answer is YES.   1.   She put a lock box on your door and a sign in your yard and you haven't seen much of her since.2.   The only time she calls you is to ask for a price reduction.3.   You haven't received weekly updates with your showing activity and showing comments.4.   Instead of giving you a detailed explanation of why your house hasn't sold, she rolls her eyes, acts busy and blames it on the "market".5.   She hasn't provided you with access to a home stager or advice on how to declutter and maximize curb appeal.6.   She didn't tell you that 80% of home buyers start their search online and didn't provide you with an online virtual or video tour.7.   You home is not featured on Realtor.com, Zillow.com, Tru...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
  I have been working with several would be home buyers here in Calabasas.  All of them feel that they should wait until the housing market is at the bottom before they buy a home.  I'd like to share my explanation of "the bottom of the market" and how it will effect your buying decision.     This is a graph that represents the Calabasas housing market.  The left side of the V represents the market going down, the right side represents the market going up, and of course the bottom of the V represents the bottom of the housing market.  If  I asked you to plot on this       graph where you thought the housing market was right now ...    ... would you pick this spot or something close?So you think that the market is going towards the bottom.  If the market isn't at the bottom yet, how will...
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By Paul Lefton, Simi Valley Home Loans
(Core Financial Soultions, Inc)
Friday's bond market has opened down sharply following the release of this morning's Employment report. The stock markets are reacting favorably to the news with the Dow up 84 points and the Nasdaq up 35 points. The bond market is currently down 26/32, which will likely push this morning's mortgage rates higher by approximately .250 of a discount point. Softening the blow to this morning's rates is strength in bonds late yesterday that prevented rates from rising by another .250 of a discount point.The Labor Department gave us this morning's news, saying that the unemployment rate rose to 4.7%, that 110,000 new jobs were added and that average earnings rose 0.4%. The earnings increase was a little higher than expected, which is bad news for bonds because it raises concerns over wage-inf...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
Listing your house and crossing your fingers was not enough to sell a house in Calabasas during September.Fourteen escrows closed in Calabasas during September.  This is a 39% decrease in numbers of closed escrows from September 2006.  The average price of a home decreased slightly, 6.4% to $1,170,000.  Its important to note that because the sample size is so low that even one more $2,000,000 sale would have skewed the average price dramatically.In addition to publishing the overall sales for September, this month I've also included a breakdown of each sale.  Its important to note that all but one of these homes took a price reduction at least once during its time on the market, many of these homes had to lower the price several times.  There are 248 homes on the market in Calabasas as ...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
   Aug. 2005  Aug. 2006  Aug. 2007# Change from 2006% Change from 2006Closed Escrows 44 31 32 +1 +3.23%Avg. Sale Price 1,195,782 1,144,048 1,638,600 +494,552 +43.23%There are approximately 250 homes on the market in Calabasas as I write this article (about 100 more than were on the market the same time last year).  Thirty two homes closed escrow in August with an average days on the market of 64, compared to 46 days on the market in August 2006.If you take a look at the MLS right now, many of the homes for sale have been on the market for 100 days and some even more.  There were very few price reductions on the homes that did sell.  These 32 homes sold at 95.10% of their list price.  This is very important information.  The translation here is that it is criticl to price your home right...
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By Tracey Thomas, CA Real Estate Broker
(BrokerInTrust Real Estate)
Life isn't always so easy...no one said it would be, but every once and awhile you get a little nugget, a tiny little breadcrumb to show you that you're on the right path.  Today was one of those days.  My son, who is sixteen, is a man of little words.  Ever since his was born, he just didn't talk unless he had something to say. No polite small talk for this kid, just a smile, a nod, a yep, or a nope.  Today, we were sitting in the dentist waiting room and he looked at me serious as a heart attack and said, "I heard something interesting in school today."  So I'm all ears, since the boy doesn't speak unless spoken to.  I said "really?"  He said, "Yep, would you ever try to put a puzzle together without a picture?"  I said "What do you mean?"  He said, "You know, those puzzles, they come...
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