March 27, 2009
It’s all over the news as evidenced by today’s front page story on Yahoo and it seems as if we have finally hit bottom on the housing prices. It’s time to buy – that is if you’re looking for the best deals and financing. First time home buyer programs and ‘lease to own’ options are available in all major cities. Some of the best can be found in Los Angeles with the VUE, Phoenix with Mountain Ridge Condominiums, or San Jose with the Villa Fontanas.
Home sales have already increased to their fastest pace in the last 10 months! Home prices are stabilizing so if you want the best prices, it’s time to see what’s on the market right now. Check out this article by Reuters. “The sky is no longer falling, we seem to have hit rock bottom. The data suggest that the weakest month of the recession possibly was January and now things will probably stabilize at this lower level.”
If you’re worried about the economy, don’t be. Experts are now saying that the recession will ease by the year end with company’s looking to add workers. The end is in sight and we will pull out of the recession this year. Read more about it here.
Keep an eye out for our weekly hot properties newsletter showcasing the best new developments both nationally and internationally: Here is this week’s featuring Washington Square and Crystal Point.
If you are relocating to Southern California, check out Artisan on Second, TenTen Oceanside, or Avalon Fashion Valley Apartments.
January 17, 2009
If you are currently looking for a new home in the Los Angeles Condo Market, The Met Condominiums
offers an attractive lifestyle and an exceptional value for buyers
looking to live in the Valley’s urban core.New Condo units start in the
$280s, and The Met condominiums range in size from one bedroom and one bath at 660 sq. ft. to three
bedrooms and two baths at 1,092 sq. ft. When current condo buyers
choose The Met, they are making a commitment to a very new and affluent
community which hosts ongoing resident events such as dog grooming,
fitness classes, spa and massage services, and community parties to
encourage residents to live and play there. So for all you southern
California condo-searchers – please take a look at The Met today. It
will be well worth your while to have this new condo project on your interest list before you contact your agent!
January 15, 2008
Here we go…. another blog about the tide of the housing market.
Played out phrases get tossed about by people who are hit the hardest in the community and give those who are in it for the long run a bad name; All it took was a period between 02′ to 05′ for the under qualified and opportunistic to contribute in breaking an already fragile market — many are mortgage brokers who are trying to move on to greener pastures and looking recession proof industry while the people who were lent money they couldn’t pay are left with debt and foreclosures. Here we are with rate cuts and soft periods allowing us to examine what really will constitute the next changing of the tide.
One unique perspective to look at is the order in which Los Angeles reacted to the housing slump. During this recession I have happened across areas in Los Angeles that have found that in certain areas, values have fallen while in others they have come to a balancing point. Historically, the first market to be hit has been condos; Real Estate in Los Angeles suffered a steep decline in 1994 when the L.A earthquake happened. Many investors and home buyers were tentative about purchasing years later for fear that another quake would rattle their investment. A supplementary effect to this time period was that interest rates were at an astronomical level, ranging from 9% all the way up to 19% — those factors alone can send a market reeling.
There is a converse relationship and a some what paradoxical state going on in L.A because while the entire country is experiencing a severe downmarket while, Condos in L.A are doing surprisingly well. While Single family homes in the L.A average about 700 to 860k, many condos and town homes of equal size and occupant range are coming in significantly less than their SFR counterpart — in the 200k range on average. Its a great option for many reasons, the main point being that many condo units are still seeing a very large ROI a few years down the road — considering that you use the right mortgage program.
So if you are considering home ownership, don’t over look the opportunity to snag a condo. They come in many shapes in sizes in very desirable neighborhoods and will continue to be a healthy growth as more people continue to invest and move around. New Condos are popping up and the market is staying strong in many areas in L.A and Long Beach, now is your time to see what you’re missing.
January 2, 2008
I was visiting a close friend up in Burbank a few weeks ago and we got to talking about his professional success, how he is moving up in the company and surviving the L.A commute to and from work. He is commuting 15 miles each way but it takes him an hour to get from point A to point B, and another for the trip home. We started chatting the price of oil per barrel and hitting that 100$ mark and how that was going to effect the economy and how that impacts his next big purchase — a condo in downtown L.A.
While these two factors aren’t directly related, the price of oil per barrel hitting 100$ and housing costs, they are linked by our economy. As one area slumps, so does the other. The cost to fill up the ol’ gas tank hurts in many ways, including transportation costs and processing of building goods which effects the overall profit a company makes in producing and developing a project. This ends up effecting you the buyer.
Gas prices in California are high, the cost of living is down right exorbitant and surviving is getting tough, but there is a light at the end of the tunnel — While thinking about the great depression and periods of recession within the last 100 years in the United States it is evident that relief can come from many subtle changes in governing infrastructure and international trading changes. The key to success may lie in accepting that this is a hard period for our economy and making smart adjustments with our finances will get us through this downward sloping trend.
December 29, 2007
NewCondosOnline.com is proud to feature some great new projects in downtown Los Angeles. These great new Los Angeles condos include massive mixed-use developments like The South Collection, Little Tokyo Lofts, Library Court, and Puerta Del Sol. Like many downtown central business districts, Los Angeles is undergoing large-scale redevelopment which inlcudes rehabing industrial buildings for new urban development as well as new construction like The South Collection by The South Group development company.
Downtown Los Angeles currently has the infrastructure to support the thousands of new units planned for the next few years but the cities’ core is divided into many different CBD’s. The goal is to unite the downtown area more into one urban environment which creates the ultimate live, work, and play scenario. The real estate professionals in LA strategize these efforts with a great sense of social responsibility which is key in today’s real estate movements. Cities like LA area growing in population and more people are moving towards the core of the city to take advantage of the ammenities provided by the new urban centers. See more Los Angeles Condos by clicking HERE.
During 2007, Southern California and more specifically San Diego and Los Angeles, were hit very hard by the declining market. This is no secret. As we watched the whisper of a real estate bubble turn to a national media frenzy the sales of San Diego condos and Los Angeles condos slowed dramatically causing inventory levels to rise, values to drop, and layoffs to occur in the construction and mortgage industries. The most optimistic of analysts and economists stated in 2005 that there was no bubble and that the market might correct but not crash. This was true for some markets but not most. Now these more optimistic analysts are saying that we will continue to see condo and home values decrease for another 6 months to a year and start to see a correction in 2009. Of course this means that market conditions may not be what we would consider “good” until 2010 or 2011.
Some real estate professionals in San Diego and Los Angeles feel that there is at least an inkling of consumer confidence starting to emerge. Not so much in the fact that the market will correct soon and become healthy, but that for long term thinkers and condo buyers…now is the time to buy. There are and will continue to be great opportunities through 2008.
Most economists believe however that the market cycle has not run its full course and that we will not see the sale of San Diego condos and Los Angeles condos increase again until 2009. Home sales are expected to decrease another 10% or so during 2008 despite the fact that it is a “buyers market”. Too many people are so nervous about buying and then seeing a decline in value. People need to stop thinking of their homes as money-makers and just think of them as homes. Yes, no one wants to buy then see the value decline $50,000 or $100,000 over the first year of ownership but buyers need to think more long term.
Other more pessimistic economists believe we will not see a correction until 2011 or 2012. Yikes! Unfortunately the pessimists won in the original argument as to whether we were in a real estate bubble. The overall health of the national housing market is important to San Diego because we were one of the markets that experienced a doubling of median home prices between 2000 and 2005.
Housing booms of course can not be looked at a bad thing, simply part of the cyclical nature of the housing industry. During the boom in Southern California, developers began building many new San Diego condos and Los Angeles condos and homes creating a wealth of jobs in the construction and real estate fields. 25% of the job growth in San Diego from 2001 to 2005 was in the real estate industry. Unfortunately many of those jobs were new agents trying to break down the relatively low barriers to entry. While the barriers to entry into the world of real estate agents may seem low, creating a successful career amidst the vast sea of competition is another thing.
The quickly increasing home prices drove more and more investors and speculators to the table thereby further fueling the fire. Home and condo owners, while experiencing a feeling of new found wealth began driving up consumer sales as well while they took out home equity lines of credit to buy new cars and luxury items. This is called living well beyond your means and no financial planner or “wealth” manager would recommend it. People who got it at the right time investing in San Diego condos and Los Angeles condos were able to flip these assets for a decent profit. Most however did not quit while they were ahead and continue to purchase condos and homes. Now many self proclaimed investors are stuck with assets they can’t sell, condos they are renting for a loss, and mortgages they can barely pay.
Many economists are comparing the recession of 2001 to what they think might occur during 2008. San Diego economists acknowledge that during the recession of 2001 San Diego was not hit as hard as other cities because of our diversified economy. Keep in mind though that the recession was driven by increasing employment rates and labor cut backs. This recession (if it occurs) will be fueled primarily by loan defaults, bankruptcies, and declining employment opportunities in construction and real estate. Therefore, San Diego might not be so recession proof after all.
Despite all of this, mid size developers and home builders are still planning and building new San Diego condos and Los Angeles condos in the very low or very high end. The high end side of the condo market has not been hit so badly because the more affluent people purchasing these homes do not care as much about the market cycles.
We will see over the course of this next year who wins the debates, the pessimists or the optimists!
Hollywood, California. After the 1920s, and all the movie-making glamour, this region of Los Angeles became infested with crime, prostitution, and drugs. It was a typical old-west boom town, that hit its prime and started to fall back down. Hollywood did not, however, fade away. In the late 80s and early 90s, restaurants and nightlife came back to this area, and some residential developers began to take some interest Hollywood again. The buzz actually checked out and recently, many people are flocking to the area for luxurious new condos and new lofts in Hollywood.
The surrounding area of the well known Hollywood and Vine Street intersection is seeing nearly 1 billion dollars in new construction and renovation. This is ironic because this intersection was in the spotlight nearly a century ago, and its surfacing again after many lonely years of neglect from the city and developers. This is due to the alignment of a few different factors, including a new subway system, better security and policing, and a team effort between local merchants, the City of Los Angeles and residential developers who are determined to put some life back into the once thriving neighborhood. There are now over 3,500 residential units in the works, from new condos and new lofts to conversions and row homes. Even celebrities are starting to take notice here, instead of a cliché Hollywood hills or Bel-Air purchase. Actress Charlize Theron has reportedly purchased a penthouse, and starlet Lindsay Lohan is looking in the area.
If you are considering a home in L.A. this could be an ideal time to get your new Hollywood condo. Check out our inventory of the region on www.newcondosonline.com.
Think back to a time when you saw something that someone else had or that you wanted so badly…. Did you beg your mother or father to get it for you if you promised to be good? Did you vow to do the dishes for 2 weeks in a row or pinky swear to never fight with your siblings again?
Was is it a bike or a calculator watch? Was it a a pony? Regardless of what it was, it was marketed the right way and it reached its intended audience. That concept in it self is very straightforward; An entity considers their development to be built to the highest standards to serve a purpose. At NewCondosOnline we are the best condominium advertising outlet on the internet, BARNONE! What makes us the best? We reach a targeted market of homebuyers and investors by implementing a wide variety of specific tools that the consumer would use. Google, MSN, Yahoo? We spend more than a MILLION dollars a year in optimizing our web presence! We work with 1300 different developers across the WORLD; Belize, The Dominican Republic, Costa Rica, Washington D.C, New York City…. you name it and we are there. Its something we take very seriously over here and we are only going to step it up from here. 2008 is going to be a very productive year and we are expecting to see another successive year of growth.
So if you’re trying to reach your intended audience *HOMEBUYERS* , come see us. We’ll get your name out there and help you show off that beautiful development you’ve been working on.
A staggering number of climatic events are threatening some major cities in the United States in the past 10 years. Atlanta is seeing a depletion of their natural water source and that grim reality is leading to panic around the world as we are beginning to face the facts that our natural resources are not unlimited. We are also seeing an increase in greenhouse gases and harmful carbon dioxide emission especially in large cities including Los Angeles and Washington D.C. It seems like we are digging our own grave by doing this to our atmosphere and earth; what is of more concern is that the earth will see an increase in hurricanes, floods, snowfall, heatwaves and ice storms.
As gripping and urgent as this situation is, there is hope. Hope because we as a people are taking the proper steps by reducing emissions, greenhouse gases, water consumption, energy consumption and implementing more strict guidelines for the future. This is GREAT news for the potential and current home-buyer because as more strict standards go into place, we see an increase in the quality of a budding condo or town home development using state of the art technology in making you living as clean and energy efficient as possible.
We are on our way to reducing the negative effects that have been causing so much harm to our environment. The end result points towards a new frontier of modern living that promises to make the world a better place.
Los Angeles in the winter is thought to be a sunny haven for super models and infamous actors. While many actors reside in LA, the weather is very, very chilly. I know its cold when the ambient temp gauge on my new BMW M5 is prefaced with a “snowflake” icon. Although the weather is chilly and people are gearing up for the Holidays, the sale and excitement of individuals buying condos and moving to Los Angeles is somewhat staggering. Many of our developments have been receiving more traffic during this “cold” season than in some of our more recent busy months. I have a feeling that is due to several factors, including but not limited to home and condo prices dropping and a new type of buyer moving in.
The National Association of Realtors has completed a study indicating that up to 80% of home buyers conduct research online prior to going and “house hunting”. Due to traffic and rising gas prices, it is no wonder that individuals are turning to the internet to aide them in their search for the perfect home or investment property. Living in Los Angeles can be tough, but considering the many entertaining attractions southern California has to offer, it is easy to love it despite the cold weather and market. San Diego is a hop, skip and a jump away offering sandy beaches and a less hectic life style while just a few hours north of Los Angeles skiing in Big Bear and Mammoth are within reasonable driving distance.
Los Angeles is a great place to live if you avoid the silly stigma involved with most popular cities. Get around that and your experience will be a great one. If you bought a condo in Los Angeles before March 2009, you may be eligible for the Home Affordable Refinance Program. Check out the California harp refinance guidelines at Harp2012.com for more information.