Monday, February 28, 2011

Real Estate Market Update- February 2011

As we begin a new month, and take a look at the palisades market so far this year, a few interesting observations can be made.

There have been 238 local homes sold in the last 12 months, which averages 20 per month. As of February 28, 2011 there are 47 homes in escrow, which appears to be consistent with the last 12-month rate of sales. There are 103 active listings as of February 28. At what appears to be the current rate of sales, this equates to slightly more than 5-month level of inventory.

Since most real estate economists agree that a market is roughly in balance between buyers and sellers when the inventory is about 6 months level, in theory the Palisades is once again slightly favoring sellers. It is far too soon to guess if this is a trend beginning much sooner than expected, though it is interesting to observe.

It is also interesting to note that the median price of homes that have closed escrow this year is below $1.6 million, as compared to $2 million for the first two months last year.


Monday, February 21, 2011

Property Information Straight on Your Mobile Phone

Introducing an all new way to get Michael Edlen's listing information straight on your smart phone!

By simply texting a code located at each property for sale or on our printed flyers to 95495, instant property information will be sent to you via a text. Click on the link in the text to go straight to the single property webpage to see listing information, pictures, videos, request a showing, share with a friend, or see Michael's other listings.

Try it out now and text "GOTO EDLEN" to 95495!


Inspirational Thought

"How wonderful it is that nobody need wait a single moment to improve the world."

- Anne Frank

Friday, February 18, 2011

The Northern Trust Open at the Riviera Country Club

Each year thousands of golf enthusiasts visit the Pacific Palisades to enjoy the Northern Trust Open at the local Riviera Country Club. This year five of the World's top ten golfers will be playing at the open, including Phil Mickelson, who has won this tournament twice. Play began Thursday, February 17th and will finish Sunday, February 20th. For tickets or more information about the Northern Trust Open see the official website.


The Rivieras is also one of the most sought after places to live in the Pacific Palisades. Here are some amazing homes available in the area.

Majestically perched on a sweeping corner rim lot in the prime Riviera Palisades, this sought after estate is an extraordinary art piece designed by Richard Landry and featured in Architectural Digest. For more pictures and info see MichaelEdlen.com.

Set on one of the finest streets in Upper Riviera, this beautiful Traditional was custom-built with an excellent floor plan and huge yard. For more pictures and info see MichaelEdlen.com.


Inspirational Thought

"The intuitive mind is a sacred gift and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift."

-- Albert Einstein

Monday, February 14, 2011

New Listing: Beautiful 3 BD 3.5 BA Two-Level Unit

Beautifully detailed two-level unit in gated Sea Ridge with nearly 2,800 sq. ft. - feels like a house! Open living/dining off center-island gourmet kitchen with breakfast area and built-ins. Three spacious bedrooms, 3.5 baths + family room and bonus/office/gym. Visitor parking nearby.

672 Palisades Drive, Pacific Palisades

Offered at
$1,340,000

For pictures and information of this and other wonderful properties
please go to Michael Edlen's Featured Homes webpage

New Listing: 3BD 3BA Unit with Spectacular Mountain Views


Bright 3 bedroom, 3 bath unit in gated Sea Ridge. Open floor plan includes living/dining and eat-in Tuscan-style kitchen - all opening to large sundeck with mountain views. Wood floors, high ceilings, designer paint colors. Move-in condition. Two-car garage plus extra space on driveway for additional parking.

636 Palisades Drive, Pacific Palisades

Offered at
$1,195,000

For pictures and information of this and other wonderful properties
please go to Michael Edlen's Featured Homes webpage

Friday, February 11, 2011

New Listing: Featured in "Dream Homes of Los Angeles" Architectural Masterpiece

Stunning design by award-winning architects Michael King and Diana Pollard and Featured in “Dream Homes of Los Angeles”, this 5 bedroom, 4.5 bath home boasts a wonderful floorplan and superb privacy plus a generous yard, large terrace, pool and spa. Located just blocks from the ocean and minutes from the Palisades Village.

17420 Tramonto Drive, Pacific Palisades
Offered at $3,450,000

For pictures and information of this and other wonderful properties
please go to Michael Edlen's Featured Homes webpage

Rising Treasury Rates Trigger Higher Mortgage Rates

The US Treasury bond market faces a big test this week, with market interest
rates on long-term government securities now at their highest level since
last spring. Last week set off alarms in the bond market because Treasury
yields broke out of the trading range they'd been in since mid- December.
The 10- year T-note yield jumped to 3.64% on Friday, up from 3.32% a week
earlier and the highest since May. The steep rebound in bond yields since
October has in large part reflected the economy's surprising strength. The
rising Treasury rates matter for more than just that market, they also
influence the mortgage rates. Interest rates are rising as some investors
bet that we're getting close to the point where the Federal Reserve will
begin to tighten credit.

As reported in the Los Angeles Times: Tom Petruno, February 7, 2011

Monday, February 7, 2011

Inspirational Thought

Entrepreneurship is a state of mind, a can-do attitude, a capacity to focus on a vision and work toward it.

- Barry Rogstad

Friday, February 4, 2011

Real Estate Market Update- January 2011

As the first month of 2011 has passed, and although there have not been enough sales to draw any conclusions from, the following is the initial picture:

The number of sales (16) in January was 38% lower than last year at this time, and the median sale prices were 33% lower. Prices per square foot were approximately 12% lower during this first month of 2011. There is a 7% larger inventory of homes available this year. Some indications that the market may be leveling out are that the average days on market is 37% shorter than it was at this time last year (now 86 days). One tangible sign that the market may be approaching its bottoming out level is that at the current rate of sales, there is a 6.5 month inventory of homes available in the Palisades. It has generally been agreed that when the number of months of inventory is above 7 months it has become a buyers market. Where as below 6 months it tends to benefit the sellers.

Want a Private Tour of the Palace of Versailles, Tate Britian, or Other Museums Around the World?

Palace of Versailles, Versailles, France

Uffizi Gallery, Florence, Italy

Well now you can! Explore some of the World's most famous museums, discover and view hundreds of artworks, and even create and share your own collection of masterpieces... all online! Art Project powered by Google takes viewers on a private tour of museums and galleries all over the inclWorlduding the Palace of Versailles, the Van Gogh Museum in Amsterdam, the Museum of Modern Art (MoMA) in New York, and many more. Using the same software used in Google Map Street View, online viewers can zoom in, move angles, and explore different rooms.

This same approach could be very beneficial for real estate agents and those buyers looking all over the World for the next place to call home!