Skinny On Real Estate

One of the best kept secrets in Los Angeles, located just south of Santa Monica and east of Venice, Mar Vista has been a multiple offer factory lately:

12425 Indianapolis Street- 3 bed/2 bath, 1,487 sq. ft. Mid-Century modern on a 5,700 sq. ft. lot – Listed for $799K and received 6 offers right away and it is rumored to have sold for $860K. The home was remodeled in the past year and had a nice feel to it appealing to buyers who do not want to deal with a project.

Down the street and a few weeks later… 

12624 Indianapolis Street – 4 bed/3 bath, 2,391 sq. ft. Contemporary on a 7,150 sq. ft. With a list price of $1.179M they received 4 offers with the accepted price coming in around $1.240M.  The final price will probably come in lower due to the request for repairs and other reasons. The house was completely remodeled and expanded on in 2006 and has some very nice architectural features.

3631 Barry Avenue- 3 bed/2 bath, 1,853 sq. ft. California Bungalow on a 7,800 sq. ft. lot – Listed at $1.050M and received a ton of interest right away. The spacious and open floorplan appealed to a wide range of buyers and the word on the street had this receiving 5 offers and going well over asking.

3437 Halderman- 4 bed/3 bath, 1,882 sq. ft. Contemporary on a 7,323 sq. ft. lot – The disappointed bidders on 12624 Indianapolis immediately flocked to this property with a similar lot size and in great condition with a phenomenal indoor/outdoor flow. With a $1.199M list price they apparently received five offers and went out around $1.240M.

 3664 Boise- 3 bed/2 bath, 1,534 sq. ft. Traditional on a 5,767 sq. ft. lot – Despite the house needing some updating that didn’t keep buyers away thanks to the great lay-out and location. With a list price of $799K they received multiple offers and are reportedly in escrow above the list price.

The LA Times reports that “30-year mortgage rates have fallen below 3.8% for the first time to average 3.79%, down from a then-record 3.83% a week ago.

The 15-year fixed loan also hit another new low, falling from 3.05% last week to 3.04% this week.

The start rates on adjustable mortgages rose slightly in the survey. Quotes are for solid borrowers with 20% down payments or equivalent equity in their homes if they are refinancing.

The borrowers would have paid 0.7% of the loan amount on average in upfront fees and discount points to obtain the fixed-rate loans, and slightly less for adjustable-rate loans.”

A few weeks ago I officially became an associate partner at The Partners Trust real estate brokerage & acquisitions group based out of Brentwood which also has offices in Beverly Hills and Santa Monica.  I am extremely excited to be with Partners Trust and believe the collaborative environment and level of service is unmatched in the industry.  As I get situated and familiar with the technological and statistical advancements, clients will see positive advancements with the Skinny on Real Estate blog and continued advancement with customer service.

At Partners Trust, the objective is to present clients with the most professional, successful and ethical real estate associates in the business and represent clients with care, confidentiality and the utmost attention to service. 
Since the company’s inception three years ago they have experienced exponential growth and are on pace to do over $1 billion dollars in sales in 2012 with just 80 agents.  In the past year, almost 40% of the sales at Partners Trust were “off the market” (meaning not on the MLS) which is another testament to the tremendous collaborative environment.   According to the MLS numbers, our company’s sales volume is up 144% since this time last year, making us the fastest growing independent real estate company on the Westside.  Needless to say I am very excited about being part of this success!

If you are not familar with the Partners Trust web-site, I invite you to visit www.thepartnerstrust.com and please feel free to e-mail me at john.skinner@thepartnerstrust.com

That’s down from 3.88% last week and a previous record low of 3.87% in February. All of the rates would have seemed unimaginable as recently as 2008, when the 30-year rate averaged more than 6%, or 2009, when the typical rate exceeded 5%.

The 15-year fixed mortgage also dropped to a new record, showing the typical lender offering rate was 3.07% this week, down from 3.12% last week and its previous low point of 3.11%, set April 12.

Interest rates are at rock bottom because of the state of the economy and the inflation outlook.

The widely watched Freddie Mac survey, which has tracked 30-year rates for more than 40 years, presumes the borrowers have solid credit and 20% down payments or equity in their homes. It asks lenders what rates they are offering on loans of up to $417,000 to these borrowers assuming they pay less than 1% of the loan amount upfront in lender fees and points.

Borrowers with good credit who shop around frequently obtain slightly better rates than those in the survey. They also can obtain lower rates by paying additional discount points to their lender upfront.
Source: LA Times

Even though trampolines can be a great source of exercise and fun for children and adults a like, if you Google the words “trampoline” and “liability,” you’ll see that not only are trampoline injuries a very common cause of severe injuries, they are also the source of a full-blown body of law around homeowners being responsible to cover the costs and other damages related to those injuries.

In fact, just last month, New York Yankees pitcher Joba Chamberlain suffered a career-pausing ankle dislocation while jumping on a trampoline.
Many homeowners insurance and hazard insurance policies are actually voided by the installation of a trampoline on the home.

I strongly suggest that if your are thinking of getting a trampoline that you reach out to your insurance representative to fully understand the impact of having one and whether they will cover it and what the increase in your insurance will be.

Info source: www.inman.com