Title

Author Archive

GIBSON INTERNATIONAL SELECTED AS A MEMBER OF LEADING REAL ESTATE COMPANIES OF THE WORLD®

Brentwood-based firm joins prestigious real estate network

LOS ANGELES, CA – Gibson International http://www.gibsonintl.com/, a prominent real estate company serving the Westside and beach communities of Greater Los Angeles, has been selected for membership in Chicago-based Leading Real Estate Companies of the World® (LeadingRE), Scott L. Gibson, the company’s president and founder, announced today.

Gibson International joins Leading Real Estate Companies of the World®, a global network comprising 600 of the best-known local and regional real estate firms, with 5,000 offices and 150,000 sales associates in the U.S. and more than 30 other countries.  Collectively, these firms sell almost 1 million homes annually in the U.S. valued at nearly $250 billion, which is more than that of any national brand or franchise.

Leading Real Estate Companies of the World® is the country’s largest network of residential real estate firms.  Its network affiliates are widely recognized as the premier providers of quality residential real estate and relocation services.  Leading Real Estate Companies of the World® also excels in the upper-end market.

As an affiliate of Leading Real Estate Companies of the World®, Gibson International can assist individuals purchasing or selling property in virtually any community in the U.S. or abroad with services including real estate assistance, comprehensive destination orientation programs, household goods move management and more.  The membership also enhances Gibson International’s ability to assist with corporate relocation accounts through RELO Direct®, LeadingRE’s third party relocation company.

Gibson notes that selection as an affiliate of the Leading Real Estate Companies of the World® network represents another step in the development of the firm and its ability to meet the high-end real estate needs of its Los Angeles clientele.

“I credit our success and business growth to the progressive, entrepreneurial structure of our brokerage and to an outstanding team of results-oriented agents,” Gibson said.  “This affiliation brings added value to the personal service-based experience our agents can offer.”

Gibson continued, “Our Westside agents and their clients have reacted very favorably to our business model, which allows agents to use advanced technology and powerful networks to their advantage.  The agents joining us were specifically chosen for their sales success and professionalism with the highest integrity.  This affiliation strengthens the extensive support system we offer to our team.”

Gibson International, with 65 highly qualified sales associates, was selected for Leading Real Estate Companies of the World® membership only after meeting the network’s exacting standards.

“We are delighted to welcome Gibson International to Leading Real Estate Companies of the World®,” commented Pam O’Connor, President and CEO of LeadingRE.  “Their selection was based on the company’s outstanding reputation, as well as its demonstrated ability to deliver the same high quality service and reliability as our other affiliates.  This level of service is the foundation of our network and is the basis for our longevity and success as one of the industry’s leading providers of real estate and relocation services.”

About Gibson International:  Founded in 2008, Gibson International is a high-quality real estate brokerage based in Brentwood, California.  The fast-growing firm, headed by leading real estate veteran Scott Gibson, presents a unique, full-service business model, which incorporates the latest in technological advances with enhancements to help its agents achieve success and “work-life balance.”  Its team of agents includes some of the most respected names in Westside real estate, and each agent averages more than 10 years of real estate sales experience.  Gibson International can be reached by telephone at 310-820-0195.  More information about Gibson International is available online at http://www.gibsonintl.com.

About Leading Real Estate Companies of the World®:  Leading Real Estate Companies of the World® (www.LeadingRE.com) is a global real estate network comprising over 600 of the best-known local and regional real estate firms.  With nearly 5,000 offices and 150,000 sales associates in the United States and more than 30 countries abroad, LeadingRE affiliates sell $250 billion in home sales, representing nearly one million transactions annually.  The network has among its members the #1 market leader in 41 of the top 90 markets in sales volume, transaction sides or both – nearly double that of the closest competitor.

Editor’s Note: Scott Gibson is available for interviews to discuss the company’s performance as well as the continued 2010 outlook for residential real estate in Southern California.

Economic Highlights for the Week Ending June 18, 2010

Economic Highlights for the Week Ending June 18, 2010

MONDAY, June 14th Fed funds futures traders believe monetary policy will remain unchanged for the rest of this year while lowering expectations for a rate adjustment in early 2011. Traders are pricing in a roughly a 48% chance the Fed will bump the fed funds rate to 0.5% at their January 2011 meeting down from 58% one week ago. The fed funds rate has been targeted in a range of 0% to 0.25% since December 2008.

TUESDAY, June 15th The NAHB housing market index fell sharply in June, dropping to a level of 17 from a reading of 22 in May. The swoon in homebuilder confidence may be related to the downshift in the market following the expiration of the homebuyer tax credit. Weak economic data recently, especially the employment report for May also weighed. Builders lowered scores of current single family sales and sales six months from now while foot traffic through model homes decreased. The homebuyer tax credit provided temporary support for the housing market; now, recovery in the housing market is once again dependent upon growth in the economy, namely jobs and incomes.

WEDNESDAY, June 16th The MBA mortgage applications index jumped 17.7% to 659.9% for the week ending June 11. The purchase index rose 7.3% last week, rebounding from its lowest level since the end of 1996 in the previous week. Until last week, the purchase index had fallen nearly 40% in the five weeks since the expiration of the tax credit indicating a slower pace of home sales this quarter and into the third. The refinance index increased 21.1%on the week, its fifth increase in the past six weeks. Refinancings account from almost 75% of total application activity. The producer price index fell 0.3% in May as food prices fell 0.6% and energy prices dropped 1.5%. Excluding food and energy prices from the index, the core PPI rose 0.2% on the month and is up 1.3% on the year. These data indicate subdued inflation at the wholesale level. Industrial production increased 1.2% after a 0.7% gain in April. The May gain was led by a 4.8% surge in utilities usage though manufacturing output also increased 0.9% on the month. Total output has risen in 10 of the last 11 months and is now 7.6% above its year ago level. Although industrial activity has been in recovery mode for almost a year, it remains 7.9% below its December 2007 peak. Housing starts fell 10.0% in May to a 593k annual rate from a rate of 659k in April. The tumble in new construction starts last month correlates to the end of the homebuyer tax credit and the consequential pullback in demand for homes. Housing starts are now at their lowest level of 2010 but are still 7.8% above their year ago level. After the initial retraction associated with the homebuyer tax credit the outlook for home construction improves but does remain dependent upon a pick-up in job creation and the broader economy.

THURSDAY, June 17th The consumer price index fell 0.2% in May as energy prices tumbled 2.9%. Headline consumer inflation is now up a modest 2.0% on the year. The core CPI, which excludes food and energy costs rose 0.1% last month and was up by just 0.9% on the year. Soft final demand and slack in the economy are subduing inflationary pressures which will allow the Fed hold rates down in order to revive the economy. Jobless claims rose 12k to 472k for the week ending June 12. The level of claims remains stubbornly high which unfortunately is consistent with weak job creation in the private sector last month. The May employment report combined with the elevated trend in initial claims suggests ongoing duress in labor market conditions.

FRIDAY, June 18th

Stock Market Close for the Week

Index Latest A Week Ago Change DJIA 10450.64 10211.07 +239.57 or +2.35% NASDAQ 2309.80 2243.60 +66.20 or +2.95%

WEEK IN ADVANCE

New and existing home sales for May, due out in the coming week will inform on the depth of the post-tax credit pullback. Also, the FOMC will meet and release their policy statement Wednesday. We may see recent weakness reflected in their outlook. Another $108 billion in new supply is scheduled to hit the bond market this week as well.

Key Interest Rates Latest 6 Mos Ago 1 Yr Ago Prime Rate 3.25 3.25 3.25 Fed Discount 0.75 0.50 0.50 Fed Funds 0.21 0.12 0.19 11th District COF 1.825 1.259 1.380 10-Year Note 3.22 3.56 3.75 30-Year Treasury Bond 4.14 4.48 4.55 30-Yr Fixed (FHLMC) 4.75 4.94 5.38 15-Yr Fixed (FHLMC) 4.20 4.38 4.89 1-Yr Adj (FHLMC) 3.82 3.34 4.95 6-Mo Libor (FNMA) 0.75188 0.48813 1.2400 Sources: IBC’s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco

Sharon Sharp-Kelley, President

Escrow L.A., Inc.

 11755 Wilshire Boulevard, Suite 2340

Los Angeles, California 90025

(310) 231-9100, fax: (310) 231-9200

 sharon@escrowla.com

 

~ Experience, Integrity, Professional Service

~ Independent and unaffiliated, serving you since 1993

Wealthy Homeowners Seeking Privacy are Increasingly Buying Adjacent Properties

Compounds are the hottest commodity in L.A.’s high-end real estate market, brokers say.

June 12, 2010|By Lauren Beale, Los Angeles Times

In the Middle Ages, moats were the thing. More recently, the rich have taken refuge behind tall hedges, view-obscuring walls and guarded gates.

But today’s super-wealthy, seeking even greater privacy, are increasingly buying adjacent properties as a buffer zone around their mansions. And that’s made the compound the hottest commodity on L.A.’s high-end market, real estate brokers say.

On the Westside, the growing list of compound owners includes movie industry titan Terry Semel, financier and producer Tom Gores and corporate housing kingpin Howard Ruby, founder of Oakwood Worldwide.

Divorcing Dodgers owners Frank and Jamie McCourt maintain two compounds, one in Holmby Hills and another in Malibu.

“If you don’t have a neighbor anymore, you create more privacy,” said Kurt Rappaport, co-founder of Westside Estate Agency, with offices in Beverly Hills and Malibu.

Not that the “buffer” homes are vacant. Some house family, friends, guests or staff. But these aren’t mother-in-law cottages or little guesthouses like the one Kato Kaelin holed up in at O.J. Simpson’s old place in Brentwood: Think multimillion-dollar mansions — next door, behind or even a few doors down.

The adjoining properties may be used during major fundraisers or large-scale entertaining, Rappaport said, to create more parking or as a place to stage the catering during lavish events. Some buyers have been known to tear down well-known homes for more elbow room.

Property records don’t fully capture the trend. Owners typically want the flexibility of selling the parcels individually, and so they usually don’t apply for a lot merger to create a formal compound. Still, veteran real estate agents say high-end buyers are increasingly looking to snap up adjoining properties.

“We’ve never seen this much activity going on,” said Drew Mandile, who works as a team with Brooke Knapp at Sotheby’s International Realty, specializing in Bel-Air.

Mandile and other agents said there were perhaps two or three compounds in Bel-Air 10 years ago. Today, there are at least nine.

“A decade ago, the idea of combining properties was extremely rare,” Rappaport said. “Now in the ultra high end it’s the norm to strategize about amassing multiple properties.”

New Monopoly Game Design – Does it Deliver or Disappoint?

From Stylture.com

Notable designs and functional living spaces

February 5th, 2010

More Bank-Owned Homes Likely to Hit the Market

By James R. Hagerty           Wall Street Journal

It’s a bit like guessing how many pennies are in a gallon jug at the state fair, but housing analysts keep trying to count how many foreclosed homes banks and mortgage investors own.

Why should we care? Unlike at the state fair, there is no prize for guessing right. Still, if we can track the number of these REO (“real estate owned”) homes, we can get some sense of how banks and others are doing in their efforts to dispose of the properties and how much longer they will be weighing on the housing market.

The good news is that two of the leading contenders in this guesstimating game–Tom Lawler, an independent housing economist and gentleman farmer in Leesburg, Va., and Robert Tayon, an analyst at Barclays Capital in New York–have been comparing their methods recently and learning from each other. Both are in the same ballpark and both say the REO count is on the rise.

Mr. Lawler estimates there were 574,000 one- to four-family REO homes at the end of the first quarter, up from 518,000 at the end of 2009 but well below a peak of 668,000 in the third quarter of 2008. More modest (honest?) than most economists, Mr. Lawler describes his estimates as “crude” and “a work in progress.” He figures his tally is too low–he can’t find good data on all of the thousands of REO owners– but still “indicative” of the trend.

Mr. Tayon of Barclays estimates that REOs totaled 522,000 in March, up from 479,000 at the end of 2009 but below the peak of 688,000 in September 2008.

After soaring in 2008, the REO total shrank for most of 2009 as foreclosure-prevention efforts slowed the flow of defaulted loans toward resolution and investors rushed to buy what they saw as bargains in hard-hit areas such as Phoenix and Las Vegas. Now, as banks and other loan servicers work their way through the backlog of loan-modification applicants and reject many of them, the REO count is rising again. Mr. Tayon expects it to peak at 538,000 in August 2011 before starting to decline gradually.

Fannie Mae and Freddie Mac, two of the biggest holders of REO, both expect their REO inventories to increase in the next few quarters, Mr. Lawler says.

The expected rise in REO supply will “challenge” housing markets in areas with high concentrations of foreclosures, Mr. Lawler adds. But he doesn’t think the effect on prices will be as severe as it was in late 2008 and early 2009, when loan servicers dumped huge amounts of property on the market.

There are still plenty of struggling borrowers at risk of losing their homes. The Mortgage Bankers Association, a trade group, last week reported that 14% of mortgage loans on one-to-four-unit homes were 30 days or more delinquent or in the foreclosure process as of March 31. That represents about 7.3 million households. The rate was 12% a year earlier. At the same time, fewer people have fallen behind in recent months as the economy has improved.

Those who want to guess how many REOs will be in the jug two years from now will have to take a view on whether the economy is going to produce enough jobs to create demand for all those houses.

Getting What you Want in Home Sale Negotiations

Getting What you Want

May 23, 2010|By Lew Sichelman   Los Angeles Times

 When it comes to selling a house, everything from the price to whether the refrigerator stays or goes is negotiable. But negotiating the terms should never be an “I win, you lose” situation. Rather, it should be “I win, you win.”

“The best negotiations end with all parties feeling like they won,” says Scott Friedman, a Linwood, N.J., real estate coach. “Both parties need to feel they came to an amicable agreement and want to move forward.”

To get to that point often involves give and take on both sides. Here are some tips:

- Let your agent do your bidding. That’s what you’ve hired the agent for, so let him or her handle the bargaining.

Hopefully, he or she has had some schooling in the art. Unfortunately, to hear sales trainers such as Friedman and Rich Levin of Rochester, N.Y., tell it, most do not. So it might be wise to hire an agent who has either taken some courses or has lots of experience in getting buyers and sellers to close without incident.

Buyers and sellers may have met when the buyer visited the property. But once the offer is submitted, they should never see each other again if possible.

Never negotiate directly, says Levin, who had a 15-year career in real estate sales before turning to coaching. By remaining apart and unseen, there’s no chance your words or body language can be misinterpreted. You want the other side to focus on the deal, not you.

The only time you may want to break this rule is as a last resort in an effort to keep the transaction from going south. “If the deal is near death, then a face to face may be the only way to breathe life back into it,” Levin says.

- This is no time for vanity. It’s not about defending your position or outwitting the other side, Friedman says. It’s about both sides coming together amicably until all the papers are signed and the keys change hands. So put your ego aside and get out of the way.

“If the seller feels beat up so badly, how willing is he going to be to cough up some extra money to make repairs?” Friedman asks. “And it’s the same for the buyer. All of a sudden, stupid little things like nail pops become stupid big things.”

- “Get it in writing” is a universal truth in any business arrangement. And it’s a fundamental rule here, too: Do not negotiate orally.

Oral negotiations are “fraught with potential problems, misunderstandings, misinterpretations, omissions, as well as simple changing of minds,” Levin warns. “Put every step of the negotiation in writing.”

If the seller agrees to leave the lawn furniture, put it in the contract. If the buyer agrees to allow the seller to remain in the house for a month after the closing, put it in the contract. Otherwise, memories fade and the sale could fall apart when one side or the other says, “I don’t remember agreeing to that.”

- Don’t go back and forth more than twice. If there is a third round of counteroffers, Levin says, the chance of both parties coming together falls dramatically.

When the buyer makes his initial offer, he’s thinking about the house and the seller is thinking about his impending move. “They’re both focused on what they must do next,” Levin says.

When the seller makes a counteroffer, both sides start to lose their focus, he says. “They stop thinking about the house and start thinking about the money. ‘Am I paying too much?’ ‘Am I getting enough?’ And if there is a third round, they lose sight of both the house and the money. They begin to make it personal and focus on each other, and that’s when the deal breaks down.”

Consequently, try to take your best shot early in the negotiations. Don’t hold back. Play your hand no later than the second round. Otherwise, you could wind up blowing the deal.

- If you are asked to give something — say, the buyer doesn’t want to close for 60 days but you would rather do so ASAP — then ask for something in return. You may not get it, but according to Levin, this ploy effectively mutes the other side’s impulse to ask for more.

Otherwise, if you concede on one point — “Yeah, I’ll throw in the washer and dryer” — the buyer might sense weakness and ask for the kitchen sink, too, at least metaphorically.

- If you reach an impasse on an item, don’t dwell on it. Rather, skip it, get an agreement on everything else and then come back to it. That way, Levin advises, you will build momentum toward a done deal. Otherwise, you may never get past a sticking point.

“If you get all hot and bothered about something, it often influences the rest of the conversation,” he explains. “But if you isolate the points of disagreement, the negotiations go much easier.”

- The state of the market will dictate which side has the upper hand in negotiations. Given the current state of things, this may be the only offer a seller has seen for months, so the would-be buyer can remain steadfast on price, terms and conditions. But if you’re in an area that is picking up steam — or never lost it — the seller may be in the driver’s seat. The buyer could be competing with other potential buyers, so the seller can stick to his guns.

But that doesn’t mean you shouldn’t bend, at least a little. Remember, this is not a war of wills, it’s a business transaction that should be devoid of emotion. “Wars have casualties,” Friedman says, “not good outcomes.”

lsichelman@aol.com

 

Images: An Interesting Week in Los Angeles Traffic, Protests, A New LA Football Stadium, Hotel Hollywood Sign?

www.LAOBSERVED.COM

Couple the Road Work: Expanding the 405 on the North Side with the

Protests at the Veterans Administration,

Us on the Westside have had a tough week getting around!!

Below is a shot from my cell phone exiting the ramp heading West. 

The police are on the left side as they do crowd control. 

Curious why they could not get them onto the VA property? Traffice was impossible the entire day!

 

 

 

 

 

 

 

 Hotel Hollywood Sign

Venice Art Walk: Art and Architecture Tour

 Rustic Canyon: The Sequel

Saturday, May 22, 2010

 Sponsored by DWELL

Picking up where last year’s historic walking tour left off, Leo Marmol, FAIA, takes visitors deeper into this architecturally bountiful neighborhood, stopping to tour a fresh collection of homes representing the old and the new.

Hours: 11:00 am to 4:00 pm
Registration: 10:30 am, Rustic Canyon Community Center, 601 Latimer Road, Santa Monica, free parking
Tickets: $175 per person, includes lunch, as well as private cocktail reception and tour preview led by architect Leo Marmol and historian Randy Young on Friday evening, May 21, at Marmol Radziner offices in West L.A. and VIP cocktail reception at Dogtown Station Lofts in Venice on Saturday evening, May 22. Tickets extremely limited and must be purchased in advance. Ticket buyers will receive confirmation prior to May 22.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: This is a walking tour of approximately two miles with visits to homes with many stairs. Guests are advised to wear comfortable shoes and clothing.Click here to purchase tickets.   

Los Angeles Public School Rankings

State’s Home Default Cases Plunge

A 40.2% drop in the first quarter suggests that the foreclosure crisis is easing.

April 21, 2010  Alejandro Lazo   Copyright 2010 Los Angeles Times

The California foreclosure crisis appears to be abating, new data show, as the federal government and big lenders step up efforts to keep troubled borrowers in their homes.

Mortgage default notices — the first step toward foreclosure — plunged 40.2% statewide in the first three months of the year compared with the same period in 2009, according to San Diego research firm MDA DataQuick.

Foreclosure sales dropped 1.7% from a year earlier and 16.1% from the last three months of 2009, DataQuick said Tuesday.

The numbers suggest that the housing market won’t be flooded by a fresh wave of bank repossessions, which had been seen as a major threat to the market’s recovery.

“It is surprisingly good news,” said Gerd-Ulf Krueger, principal economist at Housingecon.com. “There is still a lot of supply lurking out there, but at this point, it looks like it is pretty much under control.”

Stuart A. Gabriel, director of UCLA’s Ziman Center for Real Estate, said the declining foreclosure numbers are “consistent with a broad range of indicators that are suggestive of not only a healing economy but the beginning of healing in the housing market.”

Southern California home prices jumped 14% in March from the same month a year ago, to a median $285,000.

Even so, economists note that further gains statewide are jeopardized by continued high unemployment, particularly in the Inland Empire and the Central Valley.

Foreclosure activity remains concentrated in these inland areas, which suffer from above-average unemployment. DataQuick said mortgages were most likely to go into default in Merced, Stanislaus and San Joaquin counties. Defaults were least likely in the Bay Area counties of Marin, San Francisco and San Mateo.

“In coastal California, things are looking pretty decent,” said Richard Green, director of the USC Lusk Center for Real Estate. “I still think if you get into the Inland Empire, Fresno, Bakersfield, Modesto, people are really struggling because the unemployment rate is so high — so that people just need help to get out from under.”

California loan default notices peaked at 135,431 in the first quarter of 2009. Since then, the federal government has put increasing pressure on banks to work with homeowners behind on their payments. At the same time, experts say, banks have recognized that flooding the market with foreclosures weakens the value of the properties they have taken back and must resell.