Single Family Open Houses in Beverly Hills,  Sunday, May 9th - 2:00 - 5:00 p.m. Search Beverly Hills properties for sale 05/08/2010

Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®. The Pending Home Sales Index (PHSI) forward-looking indicator based on contracts signed in March, rose 5.3% to 102.9 from 97.7 in February, and is 21.1% above March 2009 when it was 85.0; this follows an 8.3% increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lo... 05/06/2010

If you're not represented by a Realtor/Broker and would like additionalinformation on real estate in Beverly Hills, Westwood or Century City, please do not hesitate to call me: Stewart Penn (310) 844-6515 or email me: stewart@pennpropertiesla.com 05/05/2010

Many first-time buyers are unprepared for the financial burdens of homeownership. Lenders to tell them the maximum they can afford based on their incomes with little regard for the "extras" such as utilities, upkeep and improvements. You're told what your monthly nut for principal, interest, taxes and insurance — the all-important PITI — will be. But likely because you won't know exactly what the other costs will be until you actually move into your new place, they are rarely mentioned. And as a result, borrowers who mortgage themselves to the hilt often find themselves "house poor." They own a home, all right, but they can't afford anything else. Sometimes not even the heat or hot water. Rookies who are transitioning from an apartment are usually better prepared than those who are maki... 05/04/2010

Last week I was asked to stage this beautiful $6.9M luxury Beverly Hills home. While I stage many high priced luxury homes, its not often I get to stage one that is fully furnished with beautiful furniture but no accessories and artwork.This was an occupied home staging project. Beverly Hills home staging is in a league by itself. The homes are exceptional and so are the expectations.The home, as I said before, was beautiful, but without accessories, plants and artwork it had no life. Moving Mountains Design added life and excitement by adding appropriately high end accessories and artwork. Here's a couple of before and after pictures of our Beverly Hills home staging project: Media room before home staging by Moving Mountains Design Media room after home staging by Los Angeles home sta... 05/04/2010

I am pleased to announce that as of today, Rich Kids Real Estate Group has now made the transition from  Deasy Penner & Partners to Keller Williams Beverly Hills. Thanks to all of my amazing friends/clients (the two are synonymous) and supporters, Rich Kids has grown substantially in the last year. While I had a fantastic experience at DPP, I am excited to now be able to offer my buyers and sellers all of the cutting edge resources KW is able to provide. As it pertains to my sellers, KW has some of the most innovative technologies available to provide maximum exposure to your properties, as well as a network of thousands of agents throughout the world. As I have said many times, the days of sticking a listing into the MLS and waiting for multiple offers is long gone. As agents growing i... 05/03/2010

I am pleased to announce that as of today, Rich Kids Real Estate Group has now made the transition from  Deasy Penner & Partners to Keller Williams Beverly Hills. Thanks to all of my amazing friends/clients (the two are synonymous) and supporters, Rich Kids has grown substantially in the last year. While I had a fantastic experience at DPP, I am excited to now be able to offer my buyers and sellers all of the cutting edge resources KW is able to provide. As it pertains to my sellers, KW has some of the most innovative technologies available to provide maximum exposure to your properties, as well as a network of thousands of agents throughout the world. As I have said many times, the days of sticking a listing into the MLS and waiting for multiple offers is long gone. As agents growing i... 05/03/2010

I am pleased to announce that as of today, Rich Kids Real Estate Group has now made the transition from  Deasy Penner & Partners to Keller Williams Beverly Hills. Thanks to all of my amazing friends/clients (the two are synonymous) and supporters, Rich Kids has grown substantially in the last year. While I had a fantastic experience at DPP, I am excited to now be able to offer my buyers and sellers all of the cutting edge resources KW is able to provide. As it pertains to my sellers, KW has some of the most innovative technologies available to provide maximum exposure to your properties, as well as a network of thousands of agents throughout the world. As I have said many times, the days of sticking a listing into the MLS and waiting for multiple offers is long gone. As agents growing i... 05/03/2010

The Beverly Hills Housing Market statistics below are taken from the MLS CLAW.  They are for single family homes only and do not include condos, income property and private sales. Although at first glance, the figures look gloomy, median price and median price listed vs median price sold, can be skewed unrealistically by overpriced multi-million dollar homes selling for less than asking, or one month a huge difference in the highest priced home over the next.  But if you look closely, the number of homes sold is steady, homes under escrow are up significantly and the months supply of inventory has dropped dramatically. Beverly Hills is not your average housing market, so it is difficult to follow the trend, especially at this time. Search for properties in Beverly Hills 04/28/2010

Sales of new homes broke out of a four-month winter slump with a bang in March 2010, soaring 26.9% over February, the government recently said, evidence that federal tax incentives for buyers due to expire next week are giving the housing market a boost. The March figures were meager by historical standards, bouncing off an all-time low in February, and analysts said job creation was paramount for the momentum to sustain itself. “It shows that the tax credit still has some punch, and we will probably see some better sales numbers for April,” said Mark Zandi, chief economist for Moody’s Economy.com. But “if we don’t get more jobs, the housing market is going nowhere.” The news came after a report showed that sales of previously owned homes rose 6.8% in March. Although new-home sales make... 04/27/2010

Actress Diane Keaton (well known for her interest in restoring architecturally significant properties) is selling her property at 14148 W Sunset Blvd in the Pacific Palisades area of Los Angeles. The property has been listed for $8.5 Million which indicates Keaton will be selling at a loss: she purchased the 1950's Lloyd Wright designed home in February 2007 for $9.1 Million. The MLS listing describes the house as "an exceptional restoration of what was historically the "Alfred Newman Estate" by Architect Lloyd Wright". The actress has also re listed her house at 820 N Roxbury Drive in Beverly Hills for $10,950,000. She bought the house back in 2007 for $8.1 Million and worked with designers to restore the property. The home, which was featured in Architectural Digest, was listed For Sa... 04/26/2010

716 N Palm Drive, Beverly Hills, 90210 - $45,000 And then there's this interesting house in Beverly Hills .... not for the fainthearted! The MLS describes it as an authentic 1929 Beverly Hills Mediterranean villa with grand scale rooms and formal gardens. The house features 6-Beds and 5-Baths, a gym, office, spa, sauna and massage quarters. The MLS goes on to say: "Too incredible to describe." I'm not sure how to describe the interior decor .... suffice to say it's neither understated nor elegant! Also available For Sale at $8,995,000. All information obtained from the CLAW MLS is deemed correct but not guaranteed. Photos courtesy of MLS. 04/24/2010

10101 Angelo View Drive is an exceptional promontory property with unobstructed views to the ocean and downtown Los Angeles - Listed at $19,900,000 The property consists of over 3 acres of land with a potential 1 acre flat pad on which to build. There is an existing 4400 sq ft 4-Bed 4-Bath house on the oproperty, but the potential of this unique site is extraordinary. The proposed new residence would include a 10,000 sq ft main house, two 2,500 sq ft guest houses and a 1,500 sq ft media room. The approximate cost to build is $10 Million. The project has been designed and conceived by Berchtold Harris - a Los Angeles based design-build firm. The Listing Agent describes this as a "Once in a lifetime opportunity" and suggests that this property could be worth as much as $50 Million when co... 04/22/2010

A professional home inspection can not only provide a great education about the home’s systems, but also be a crucial tool in negotiating the most equitable price on the home, according to HouseMaster, one of the first and largest home inspection franchisors in North America. “Our experience and research shows that approximately 40% of resale homes have at least one defect that can cost a home buyer a minimum of $500 to repair,” said Kathleen Kuhn, President of HouseMaster.“A home inspection by a professional and qualified home inspector is an excellent tool to encourage home sellers to make repairs or make further price adjustments as a result of conditions noted in the inspection report.” According to the National Association of Realtors (NAR), in 2009, a record 47% of homes sold wer... 04/21/2010

Beverly Hills has sold the most Expensive Condominium year to date. Can you guess where it is? Can you guess how much it sold for? To keep you from racking your brains out, let me share with you. The address is 225 n Canon Dr. Unit #8D. The Ultimate lifestyle is located on the 8th floor of the Spanish Colonial Revival-style Montage Hotel in Beverly Hills. The unit is Walking distance from my office at 166 N Canon Dr. The Montage was built in 2008 and this unit sold for $10,650,000.00. The closing date was April 09, 2010. What do you get for it? The living square feet is approximately 5000 sq ft, consisting of four bedrooms and four and a half baths. The home owner dues are a monthly $6,064.00 there are still 19 units in various price ranges available. Should you be interested in viewing... 04/18/2010

The busy spring home buying and selling season is underway and the experts at Pulte Homes are offering staging tips to get your home ready for sale. A quicker home sale can be reached by keeping in mind the needs of the home’s most likely buyer and creating a fresh inspiring look just for them, according to Pulte Homes expert Janice Jones, national vice president of merchandising. “Everyone understands the value of de-cluttering, cleaning and refreshing a home in today’s competitive market,” Jones said. “The difference between a ‘For Sale’ and a ‘Sold’ sign often boils down to effectively staging a home to appeal to young singles, families or empty nesters—the three largest customer segments that are likely to buy your home. Home sellers should have a good idea of the type of buyer who ... 04/14/2010

Home sales and prices continued their steady but pokey climb up from the bottom in Southern California last month as buyers scrambled to take advantage of low prices and low mortgage interest rates. The market is still tilted toward low-cost distress sales, but not by as much as previously, a real estate information service reported. A total of 20,476 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 33.3% from 15,359 in February, and up 5.0% from 19,506 in March 2009, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records. Sales always go up from February to March. Last month was the 21st in a row with a year-over-year sales increase. The March sale... 04/13/2010

A vacant house is like a vacant stare. Something is just not right. Trying to sell a vacant house adds obstacles and depresses the sales price, says Showhomes, a nationally franchised home staging company. Showhomes uses live-in home stagers to lower the cost of staging and produce faster home sales. Take a look at their top five reasons why selling a vacant house is often a mistake in today’s market: 1. People don’t simply buy houses; they buy the next chapter of their lives. This is an emotional experience and emotion influences what people buy and how much they will pay. Vacant houses are devoid of life, and the chance to make an emotional connection is lost. 2. Vacancy distracts buyers from looking at the house itself. They wonder: “Is this a divorce? Why did they move out? Are they... 04/12/2010

The highest priced ever achieved for a condo in Beverly Hills has been recorded at The Montage Residences. This record-setting sale of $10,950,000 closed on Friday 4/9/2010 ($2148 per square foot) Unit 8D is a 4-Bed 4.5-Bath condo measuring over 4900 square feet with HOA Dues of $6064 per month (that's $72,768 per year). Annual Property Taxes are estimated at over $130,000. That's over $200,000 in Dues and Taxes alone. This sale easily tops the previous record of $6,150,000 for Unit 8F (also at The Montage Residences) that closed for $6,150,000 in March of this year. As at the time of posting this blog The MLS shows one unit as pending in escrow (listed at $11,650,000) and three other condos as active, listed at $6,150,000; $8,850,000 and $10,250,000 respectively. The Property was liste... 04/11/2010

Beverly Hills Condos Open Houses - April 11, 2010 (From 2-5pm) 140 S Oakhurst Dr #PH1 - 3 Bed 3.5 Bath - $2,595,000 140 S Oakhurst Dr #202 - 2 Bed 2 Bath - $1,350,000 407 S Spalding Dr #6 - 3 Bed 2.5 Bath - $1,085,000 330 S Reeves Dr #102 - 2 Bed 2 Bath - $1,049,000 433 N Doheny Dr #303 - 2 Bed 2.5 Bath - $999,000 140 S Oakhurst Dr #101 - 1 Bed 1.5 Bath - $925,000 438 N Palm Drive #A - 2 Bed 2 Bath - $737,000 131 N Gale Dr #3E - 1 Bed 1 Bath - $525,000 If you're not represented by a Realtor/Broker and would like additional information on any of these Open Houses scheduled (or any other property in the greater Los Angeles area), please do not hesitate to call or email me: Stewart Penn (310) 866-1818 - stewart@pennpropertiesla.com Information obtained from the CLAW MLS is deemed correct ... 04/10/2010