Posts Tagged ‘san fernando valley real estate’
Increasing Rental Costs Mean Owning a Home May Cost Less than Renting
Whether you have owned a home before, or you are a first time buyer, the fact of the matter is that if you are renting right now, you probably already know that rents are going up. It is a simple matter of supply and demand. Right now, vacancy rates nationwide are below 5%. At the same time, housing prices have tumbled. That mean that a mortgage payment may very well produce a lower monthly cost than the amount you are currently paying for rent. This is true now, even for large portions of Los Angeles.
According to Trulia’s recently released Rent vs. Buy Index, out of 100 major metropolitan Read the rest of this entry »
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Getting Top Dollar for Your Home in a Down Market
Everyone wants a bargain. That makes it difficult for home sellers in this market to get what they think they deserve from their home. But there are some things that you can do that will help significantly. One of them is having your home inspected before you sell it and then making needed repairs.
Selling a home in this market can take a lot of time. That’s especially true if you are not trying to sell your home by having the lowest priced. Because it can take so long to find a buyer, once you receive an offer, you probably don’t want to have the house fall out of escrow as a result of the inspection. As a Read the rest of this entry »
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The Worst Kept House I’ve Ever Seen
Anyone who works in real estate can tell you that when it comes to short sales and bank owned properties, you get to see a lot of houses in very tough shape. I’ve been in houses with broken water pipes… with the water still turned on, with all of the electrical wiring pulled out, with all of the appliances having been stolen, and the list goes on and on. But the worst houses are often the ones that people are still living in. The sad thing is, that at least in some of these cases, if the owners would just clean up their homes a little, they might not have to do a short sale at all.
You never know what you will find when you go to a house that people are still living in. I’m betting that some of the agents who read this blog will have walked into a few homes where the junk is piled to the ceiling and there are pathways through the junk to walk on. Or worse, junk piled to the ceiling and no pathway through it.
Last week, I was showing a client a home and it was the worst that I’ve ever been in. And that is saying a lot. Fortunately, I had warned my client that the exterior of the home was in bad shape and there was some junk in the front yard. But it did have a very nice rose garden.
When I stepped through the front door though, I was completely unprepared for what I found. Not only were there pathways through the junk, but there were bird cages everywhere. Some of them were huge. And they were all full of very live, chirping and squawking birds.
They were in the dining room. The living room. The bedrooms. But that wasn’t the half of it. We then stepped out into a back yard that covered around 11,000 square feet. That’s where the real fun began.
About half of the yard was covered in junk. That’s what the first picture above is. The other half was covered in more bird cages. Actually, these cages were the size of a small house and there were three or four of them. There were pigeons, chickens and parrots. One cage was full of gray parrots. I don’t have any idea what these are worth, but I’m betting that it was a pretty penny.
The sad thing about this is that the house itself wasn’t a bad layout. In fact, the interior wasn’t in horrible shape. Even the kitchen was large and functional. Clear out the junk, throw up some new paint and water the lawn and the owners may have been in the black on the house. Sell some of the birds, and they may have been able to pay down their loan enough to refinance.
When you see this sort of thing, it’s very sad.
Needless to say, my client decided to move on to another property.
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Good and Bad News for San Fernando Valley Real Estate
It’s a mixed bag for LA real estate news today.
The bad news is that real estate prices in the San Fernando Valley actually fell last year by about 7%. That pain was not equally shared however. It goes back to the old adage, location, location, location. From what I’ve seen over the last year, many of the price swings have been neighborhood specific. Homes in highly popular areas, especially those south of Ventura Blvd, have held their value much better.
According to the Southland Regional Association of Realtors, the median Valley price dropped to just over $363,000. But just try to find a house in that price range that is south of the Boulevard in Encino or Sherman Oaks. Right now, there is only one single family home that I’m aware of, in that price range and in that area. Your pickings don’t get much better when it comes to condos either.
The good news is that even though sales were down, they were not down as much as the previous year. That’s a good sign that the market may be bottoming out and that we could see a market turn around this year.



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