A Little Bit About My Team

Tatiana Weiss
Team specialty: Escrow Coordinator

In real estate since 1990
With the Edlen Team since 1997

Outside interests:

Traveling and discovering and exploring new places
Learning details about the history and government of my adopted country
Helping law school graduates prepare for the California Bar Examination






Jolie Hernandez
Team specialty: Buyer Specialist

In real estate since 1994
With the Edlen Team since 1997

Outside interests:

Outdoor activities: skiing, cycling, rollerblading and hiking
Travel and exploring cultures and religions
Participating in charities
Reading and meditation







Christina Wagner
Team specialty: Marketing Director

In real estate since 1998
With the Edlen Team since 2001

Outside interests:

Interior decorating and event planning
Participating in charitable and fund-raising events
Traveling with friends and family
Reading and cooking







Leslie Woodward
Team specialty; Buyer Specialist

In real estate since 1998
With the Edlen Team since 2006

Outside interests:

Horseback riding
Tennis and running
Biking
Reading




First 3 photographs by Chuck Gardner Photography
310.472.0170
chuckgardner.com

Sellers, Make a Good First Impression

Selecting a home is not usually based on logic alone. Most buyers are swayed by the initial emotion they feel when they first walk through a property. Almost instantly, the home either feels right or feels wrong. That first impression can be the beginning of a successful sale, or it can be a prohibitive factor that will have to be overcome. Good first impressions, feelings and emotions often control the sale, and logic can take a distant second place in the decision process.

Here are four important factors to consider before showing your home to a prospective buyer:
· Scent – First, be sure to eliminate any unpleasant odors, such as animal odor, cigarettes, pipes or cigars, and strong cooking odors. Next, air out the house as often as possible. Fresh air flowing through a home can make a big difference. Lastly, fill the home with scents that evoke a sense of warmth and comfort. Be careful not to overdo it. A simple light vanilla scent will please most people. And, if you are inclined, you can always bake a batch of fresh cookies before a showing or open house!

· Sound – Whether you live on a quiet cul-de-sac or on Sunset Blvd., playing soft neutral music during a showing is always a nice touch. Keep the volume low – remember, it’s purpose is to relax the buyer. If the home has sound wired throughout each room, the music will also give you an opportunity to demonstrate a feature of the home.

· Setting – Creating a visually inviting environment is critical. From the front yard all the way through to the back, it is important to set the mood. This can be accomplished by sprucing up the landscape, clearing all surfaces of clutter and personal items, putting fresh flowers on display, setting the dining table, and lighting candles.

· Brightness – One of the most common criteria on a buyer’s list is brightness. Open all blinds and draperies to let in as much natural light as possible. Turn on lights in dark corners. Add lamps as necessary to increase the amount of light in applicable areas. In addition to feeling good, this will also make the home appear larger.

Remember, you never get a second chance to make a first impression, so use these suggestions to help make a buyer fall in love with your home!

How To Select A Real estate Agent

By Michael Edlen

Think of it as an employment process, comparing different agents with as much attention and time as you would in selecting a doctor or attorney. Find agents who experienced the challenging markets of 1900-1997.

Develop a list of 3 or 4 well-researched candidates to interview, using various sources such as: managers of local company offices, noting who has consistent presence in local newspaper ads and other publications, and people whose opinion you respect.

Visit each candidate’s personal website, and note how easy it is to navigate and if the content seems current. See if they have any special or upgraded presence for their listings on Realtor.com or other sites. You could also test their on-line response time by sending a brief email requesting information.

Prepare a list of questions to ask them, and begin asking with your first phone call. These could include:
· What is your track record in my neighborhood over the last 2 years?
· Do you live in the area and where is your office?
· What preparations do you recommend before putting a home on the market?
· How do you propose marketing a property?
· Do you provide staff or team support? How available are you personally?
· What is your marketing sales success ratio, and escrow fall-out ratio?
· How many ads per month will you guarantee and what publications will you be in?

That call may help to eliminate a candidate before actually taking the time to meet.

Request any information they have that you can review before scheduling an appointment, and ask for a list of references and phone numbers.

Meet the remaining candidates in their office to see how their work environment feels and be watchful for evidence of good systems in place and a generally positive atmosphere.
· Get a feeling for how much the agent seems to care about you and what is in your best interest.
· See if they ask good questions and offer a consultative approach.
· Try to sense if you would be comfortable with their style, and confident in their representing you well.

If you follow these steps in selecting a real estate agent, you are more assured of being highly satisfied with the results.

Successful Price Positioning

Few people have realized that less than 45% of Palisades home owners are actually succeeding in selling their homes in the current market. Therefore, it is essential to first decide how important selling the home is before putting on the market. The two questions most often asked of real estate agents, how much will my house sell for and how long might it take, will in large part depend on the level of intent to sell.

There are four critical factors that generally determine why a home does or does not sell: how effectively it is priced and marketed, the professional experience of the agent, access for showing, and the showing condition.

Some sellers are just experimenting or testing the market, others are more motivated, and there are those who are very motivated. The latter group are the ones who have the best chance of succeeding. It may take three to four months on average in the current market for the home to sell given realistic pricing, adequate access, well staged showing condition and excellent marketing.

This is a time when it is not wise to price the home to test the market. Conventional pricing strategies involve looking in the “rear view mirror” to see where the market has been. Agents who have been through both up and down markets have learned by experience how important it is to always price ahead of the market, whether it is moving up or moving down at that time. The maximum energy in the sales process will be obtained by setting the price approximately 2-5% ahead of where the market is and in the direction it is trending.

Recently, the listing price of a property was adjusted ahead of the current downward-trending market as advised. Within a week, five offers were received. This validates that there are buyers who are willing to step up when the perceived value of a property is in line with the reality of today’s market.

Owners who are serious about selling need to meet with a seasoned professional agent who will help guide them to a realistic and appropriate positioning for success – both in terms of pricing as well as staging how the home can best be presented for maximum receptivity. Based on the studied opinions of most experts in the field of real estate and economics, it appears that it easily could be many years before the market highs of 2006-2007 are once again attained.

For the past 24 years Michael Edlen has provided real estate counseling services to prospective buyers and sellers. More tips and information are available on MichaelEdlen.com. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com.

Is The Bottom Coming Soon?

Statistics always trail what is actually happening in a marketplace, and thus it is difficult to predict market tops or bottoms. However, there have been many recent reports of increasing sales in various areas of the country, gradual stabilizing of price levels in the lower-priced sections of many states, and other potentially beneficial responses to the government programs and loan industry actions.

A review of local price trends over the past year between decreasing home values and the increase in the unsold homes inventory shows a clear relationship. Since September 2008, the steady increase in numbers of homes available for sale has accelerated the general decline in market values. Comparing the price per square foot of properties sold may be a more accurate indicator of price movement than using the average or median price level differences. Depending on specific time periods and individual Palisades neighborhoods, prices are lower by 25-30% from their highs of 2007.

For homes for sale in different price ranges, there is a significant difference in the rate of sales compared with inventory levels. For example, while it would take 11 months to sell all the homes now listed in Pacific Palisades below $4 million, it would take about two years to sell all of the homes for sale over $4 million. As of May 11, there are a total of 30 escrows open in the Palisades, only three of which are above $4 million.

A recent sign of improvement benefitting sellers is that for the second month in a row we have seen an increase in the number of Palisades homes in escrow, with more contracts pending than there have been since September 2008. This in turn has resulted in a slight decrease in the growth of inventory and diminishing of sale prices in the Palisades. While obviously this is another way of saying the news is not as bad as it was in the preceding several months, it may indicate a possible shift in the market.


What was thought to be a leading indicator of a turn in the market in September 2008 was the ratio of escrows opened as compared to new listings coming on the market. This ratio had generally ranged between 90-100% for the past six years, before dipping below 50% in September. After hitting a low of 22 and 24% between October and January, the ratio has been between 40-68% for the past three months. This may be the first sign of the local market turning towards more balance between sellers and buyers. The anecdotal observation of greater number of showings, larger turnouts at open houses and more offers written on well-priced properties is a trend that has continued into the middle of May. Multiple offers have continued to occur and buyers’ perception of good market value has steadily become more apparent month-by-month.

For Home Buyers – Opportunity Knocking Louder

As we enter a new decade, buyers who have hesitated are increasingly discovering that there are some very compelling reasons to make the move now. After an initial shift from a “seller’s market” to a “buyer’s market” at the end of 2007, home sale prices weakened considerably in 2008. Single-family home sale prices in the Palisades have dropped another 17-20% in 2009, although at a much slower rate in the fourth quarter.

The current housing market is a puzzle with many moving parts. There are periods when the moving parts appear to be ambiguous. Although buyers have fewer homes to select from at the start of 2010 than we have seen for more than a year, sellers whose homes have not sold for many months are often willing to accept prices lower than most people would have expected. As long as interest rates remain relatively low, buyers are likely to continue finding that the market is in their favor and be in a position to purchase homes that even six months ago would not have been affordable. Of course, buyers need to have sufficient liquid assets and income, a secure job, and good credit scores in order to qualify for financing.

The total number of local homes sold in 2009 was almost identical to the numbers in 2008. However, in December 2009 there were 18 sales as compared with only 9 in December 2008. This surprisingly large increase has obviously contributed to there being an inventory of 19% fewer homes available.

Areas such as the Palisades have felt very little impact due to foreclosure sales. The overall increase in such types of sales has had some negative effect, however, even if only on a psychological level. If the level of sales continues to be higher in 2010 than it has been, buyers may absorb the housing inventory even if the inventory is somewhat increased by homes for sale due to financial pressures.

Buyers who hesitate to actually make a purchase may miss this golden opportunity of optimizing their home purchasing power with low prices and interest rates. As has been observed, no one will ring a bell at the optimum moment, and it is only by looking back later are we able to see when the market turned. It may encourage buyers to remember and appreciate that they are primarily buying a home, not merely making an investment. Although real estate has proven to be an excellent long-term investment, homes are where people center their lives, make future plans, and create their dreams.

This is the time for serious buyers to be getting pre-approved by an experienced loan source so they are prepared in advance to make purchase offers. This will also give them more leverage in negotiations with a seller. Most prospective buyers already are doing considerable research on the internet, and many stop by open houses on weekends to become familiar with the inventory in person. It can also be helpful to use various property search sites such as Realtor.com, Search.LALuxuryHomesNow.com, and theMLS.com.

Once a buyer is ready to identify a specific home, they would do well to select a knowledgeable realtor who is an expert in that particular area. Such an agent can provide important information regarding specific neighborhoods, schools, and other important details about the various properties. A wise buyer will carefully interview prospective agents to be satisfied as to their experience, level of negotiating skills, and familiarity with the present challenging market.

With the anticipated increase in the number of new homes available which typically occurs in the early part of a new year, 2010 is sure to present some excellent opportunities. Happy home-buying!


For the past 24 years Michael Edlen has provided real estate counseling services to prospective buyers and sellers. More tips and information are available on MichaelEdlen.com. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com.

Current Financial Pressures on Homeowners & Some Available Solutions

We have recently been asked more and more frequently what alternatives there are for people to try to maintain their homeownership under tremendously stressful situations. Correspondingly, many prospective buyers are “looking for a deal”, and think that it may be found in all situations where a home is being marketed as a short-sale. The short-sale of property occurs when the market value is less than the loan currently owed by the owner. The issues are complex and not simple to explain. The following gives an overall picture of the current market conditions.

The recent history behind the current foreclosure problems is well-known and it may appear that the problems are getting worse. A lot of the pressures are the result of five-year adjustable rate mortgages (A.R.M.s) that have been and are adjusting to higher rates of interest between 2008-2013. Additionally, job losses have contributed to even more pressure on homeowners even in Pacific Palisades. We have identified 10-12 bank-owned properties (R.E.O.s) in the Palisades which have not yet come on the market. The impact of such a small number will not likely affect market prices very much, although if the prices of these sales are significantly lower than previous comparable sales they eventually will have an impact on appraised values. More significantly, there are more than 30 additional local properties in various stages of pre-foreclosure which could present challenges to local market values later this year. Pre-foreclosure means a notice of default (N.O.D.) was filed against the property to indicate an owner is 30+ days late in making their mortgage payments. The lender could schedule a trustee sale within 120 days of the date the N.O.D. was filed. The trustee sale enables the lender to either sell it to a third-party buyer or buy the property themselves if no acceptable offer is made on the date of the trustee sale.

When homeowners experience financial stress, it is critical to identify a real estate agent who is knowledgeable and experienced in helping people become aware of various alternative solutions. Those who do not seek help in a timely manner quite often end up having even greater challenges down the road. A few of the local bank-owned homes were foreclosed at values significantly below the market value at that time. Some of these properties could have sold at higher prices and would have prevented the owners from having a foreclosure on their record had they been appropriately informed. The foreclosure could also delay their ability to purchase any other real estate for approximately seven years).

We were all surprised by the magnitude of the problems that have occurred and many people are experiencing serious challenges. Some agents have become expert in working with lenders on behalf of their clients toward various solutions. Some of us have had numerous experiences in actually negotiating short sales with lenders, and there are certifications that real estate agents can now qualify for to more expertly help their clients in these types of situations.

Not everyone facing a foreclosure can qualify for a short-sale. Those who don’t qualify for a short-sale may still be able to negotiate what is termed a “work-out” with their lender whereby they agree to pay the balance of their debt in a renegotiated manner. Contacting a real estate agent or attorney knowledgeable in the negotiation of short sales will start the process and help to identify which of these alternatives is an option available to them. There are many guidelines that can be utilized, and it is highly advisable for individuals considering a short sale to seek an experienced real estate agent’s advice regarding the feasibility of proceeding in this manner as soon as possible. Any real estate agent involved in this work must be organized, highly focused and, if possible, certified in working with people who are in a financially distressed situation.


Some real estate companies have prepared extensive informative materials to aid in educating people about the different alternatives available, procedures that must be followed, and guidelines for agents to maximize the probability of being successful in negotiating with the lenders on their clients’ behalf. The process is complex and challenging due to the tremendous log-jam of files that the banks’ loss mitigation personnel have to deal with. For this reason, it is also vital that any negotiations be done with great care and thorough adherence to the procedures that are essential for success.

While some buyers find excellent short sale purchase prices, it is not for those who are faint of heart or needing closure quickly. Although several lenders have streamlined the process recently, it can easily take up to several months for some to complete the approvals. Buyers who are not willing or able to be patient with this process may lose interest and withdraw their offer prematurely.

Bank-owned property sales differ from short sales in several respects. Buyers purchasing bank owned properties need to be prepared to take action swiftly, often pay more than the initial listing price, and unconditionally purchase the property in its present condition. Competitive bidding is not uncommon, and thinking they can get “a deal” because it is a bank sale is often a frustrating exercise.

The potential overhang of such types of properties in Pacific Palisades may be small enough that at the current rates of sales the increased inventory will be absorbed by the market without much negative impact. If dozens of foreclosures come on the market in a short period of time, however, there could be a fairly significant impact on prices.

For the past 24 years Michael Edlen has provided real estate counseling services to prospective buyers and sellers. More tips and information are available on MichaelEdlen.com. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com.

Announcing A New Palisades Resource!

By Michael Edlen, Real Estate Consultant

Our web site was launched to provide far more information and links regarding the Pacific Palisades community and real estate. Responding to feedback from on-line users and informal survey results, the new site, www.MichaelEdlen.com, contains several sections of up-to-date contact information and local resources. Future additions will include a comprehensive list of names and phone numbers to call about a wide variety of service needs for information.

If you have not yet gone online to find homes for sale yourself, take a look through this site and see why and how so many of the buyers do so much of their own home searches on the Internet! Just a few years ago, less than 20% of home sales involved any Internet use. Now, in some areas of California, over 60% of the buyers search the Internet for homes, loans, real estate agents, community quality, school and safety information, and for general awareness about the purchase process. They can also use “mortgage calculators” and compare different financing alternatives to purchase the home. With tools such as multiple color photo images and 360-degree “virtual tours” prospective buyers anywhere in the world can view a home and its property. Also, many prospective sellers check the Internet to see what is currently available for sale.

· Users of our site can now quickly get Palisades-area weather forecasts, maps and driving directions, school information, restaurant descriptions and hours of operation, recreational facilities and more. People interested in local real estate activities will be able to check frequently updated statistics and news. They will also be able to see what homes, condominiums and leases are on the market and what prices are being asked.

· A wealth of well-organized and easy to access practical information is available for prospective sellers or buyers, including answers to over 30 frequently asked questions. Articles and tips cover such topics as: How to get a free estimate of your home’s value, how to decide on a price and get a home ready for marketing, how to select an agent to sell and/or buy a home, etc. One section includes sample copies of several of the legal forms typically used for the sale and purchase of homes in California. A review of these can help familiarize the reader with the various concepts and issues that these revised forms cover, so a seller or buyer is better prepared before the actual process begins.

· Another section provides more than a dozen articles on the purchase and inspection process, including how to select a good buyer’s agent. Explanations of the escrow, title and other aspects of the transaction are also available.

· There are “quick links” to find homes or condos for sale or for lease in the Palisades, other Westside areas, and even in nearly every city in the entire country.

· The site also provides an easy way to be referred to highly-experienced real estate agents in almost every area of the country to help buy or sell a home or other property. The procedure includes my personal interviewing of numerous alternative agents to help our clients and their friends identify and select from amongst the best available professionals.

All of this information is available online 24-hours a day, and no one in my office ever contacts a user who does not specifically ask to be contacted for some particular purpose.

All of these services and information are also free of charge or obligation!

Visit us online at www.MichaelEdlen.com for almost all current listings available everywhere in the country, for numerous marketing and acquisition tips, for our exclusive services, and much more. Or, visit us in our office at 15101 Sunset Blvd (across from Ralph’s Market) if we may be of personal service to you. One of us is usually there Monday through Friday 8.30 am to 6.30 pm, and I am often in later and on the weekend. We can help if you would like to send or receive a fax, make a few photocopies, have internet access, or just to get some information. We provide recommendations for various service providers such as plumbers, painters, carpet people, electricians, pest control companies, etc. We also have copies available of our local restaurant guide, Palisades street map and magnet calendar.

Michael Edlen provides real estate counseling services to prospective buyers and sellers and helps over 50 families each year to move. Most of his business is derived from a referral base of over 700 past clients. More tips and information are available on his website, www.MichaelEdlen.com. He can be reached at 310.230.7373 or medlen@coldwellbanker.com.

The #1 Palisades Realtor