All of the recent changes in the economy have had an impact on the current real estate market. The important question to ask is: How does this affect me? If you are an investor, buyer, homeowner, selling your home their are opportunities amidst the current confusion.

Opportunities? Yes, in every crisis their is an opportunity involved. When others are going into crisis mode & focusing on the doom & gloom; many people are taking action & have been waiting for years for this exact real estate market.

Let’s break down the opportunities available for each party:

BUYERS

• Interest rates are still historically low
• A tax credit of $7,500 is still available
• We are in a buyer’s market for the first time in 10 years (negotiate, negotiate, negotiate)
• The benefits of owning still remain: tax deductions, protection from inflation, & leverage.
• Short sale/foreclosures enable you to buy pennies on the dollar.

INVESTORS

• Cross-country investing opportunities
• Historically low interest rates
• Seller financing is going to enhance buying power
• Increased demand in rental markets due to inability to purchase & foreclosures
• Buy for pennies on the dollar

HOMEOWNER/SELLER

• Passive income through seller financing
• Strong negotiating power on next purchase
• Apply for property tax reductions
• Make money on purchase
• Rent home to leverage new purchase
• Leverage tool for buying rental properties.

These are a few opportunities available. I’ve had several people & clients tell me they have been waiting for this kind of market to expand their real estate investments. While others are frozen in fear & skepticism the select few are taking action. Wherever you find yourself, move out of fear & into action. Opportunity is everywhere! Be willing to see it & then act.

For those of you following my blog OR landing here for the first time. Thanks for reading! I’m a Realtor working, living, & blogging in the Westside of Los Angeles.

This blog is for you to get inside information of homes that are for sale & what makes them so special. Our love for architectural, historical, & design-minded homes is here for clients, friends, & readers. Please subscribe, comment, & let us know what you want to read.

Here are a few updates on homes readers asked about:

Santa Monica Landmark Home, For Sale has SOLD! I told you it would not last long, 18 days to be exact. And, over asking price by over $600,000. It is not real estate rocket science. Let me share the formula for this sale.

Landmark Home + Ocean Views + Historical Designation x First Time For Sale in 100 years x Location, Location, Location / Low Interest Rates = SOLD! Please comment regarding any formulaic mistakes

Next, Richard Neutra’s Hees House on Trino Way. Although their has been a lot of attention for this property; it is still for sale. If you are interested in viewing this home for purchase please contact Kim at 310-309-9130.

Lastly, the Gregory Ain MCM Mar Vista Home has SOLD. The sale price was over the $1,100,000 list price. That’s right, sold for over asking price! This is concrete evidence that a great home with historical & architectural significance is a great investment.

For more information on buying & selling homes in Los Angeles: call Kim Halverson 800-399-9659 X357.

We are happy to be your real estate resource. Your referrals our the highest compliment. Thank you!

“Personally, I appreciate Rudolph. He is an incorrigible Bohemian and refuses to allow the Los Angeles barber to apply the razor to the scruff of his neck… I believe, however, that he is capable as an artist… The buildings that he has recently built in Los Angeles are well designed, but badly executed. I suspect him of trying to give his clients too much for their money. I should say that was his extreme fault in these circumstances of endeavoring to build buildings” — Wright, Frank Lloyd

Rudulph Michael Schindler, that is, iconic architect of MCM & Los Angeles. Why do I use the word ‘icon’? Well, many say he build the very first MCM home here in West Hollywood. The Schindler-Chase house was built in 1922 on North Kings Road & quite possibly the best of his work.

Their is now an opportunity to own a piece of Schindler’s work, and an investment with 16 units. The Manola Court, Herman Sachs Apartments, 1926-40. There are 16 units along three street to street hillside lots in the artist community of Silver Lake. Published in the Los Angeles Museum of Art Guide #D.4.5 & may be eligible for historic monument designation. For more detailed information please call Kim at 310-482-2156.

Schindler was known for his creative use of common materials. His use of skin plaster & volume is how he was able to create & maintain an affordable budget on his projects. Visit the MAK Center for more information on R.M. Schindler & to visit the Kings Road home.

Here are a few photos of Manola Court, Herman Sachs Apartments:

For more information on purchasing call Kim at 800-399-9659 X 357.

If you’re an MCM (mid-century modern) lover living on the Westside; you know exactly what I’m talking about. Three streets of pure heaven; the 3500 block of Beethoven, Meier, & Moore. Agh, the lovely Gregory Ain track, 52 “Modernique” homes.

Ain, is considered a second generation Modernist architect. Finding inspiration from Richard Neutra & Rudolph Shindler. He wanted to bring modern architecture to the masses, affordable design for lovers of function & aesthetics. Check out the community website for more information: Gregory Ain Mar Vista Tract.

The original prices started at $12,000. Extremely affordable compared to the most recent home for sale at $1,100,000. Check out a few pictures of this home for sale we took from the mls.

The homeowners of the Ain Tract banded together & formed a Historic Preservation Overlay Zone (HPOZ) through the City of Los Angeles. This preserves the original architecture, creates specifications for remodels, & provides great property tax savings through the Mills Act. This is a great opportunity to own your piece of MCM history & have neighbors who love MCM too.

Last weeks post was about a celebrity’s estate endangered of being foreclosed on. Read it here.

The public plea was made & the Donald came to the rescue. Their have been several articles about Mr. Trump buying the loan on the Ed McMahon estate. In our opinion, the purchase is a great investment in property & a person. McMahon will remain in his home & will be paying his mortgage to Trump.

The world is full of great people, and Donald Trump is hero of the week.

The estate of a well know & beloved celebrity is up for short sale. The short sale expires on August 20th & needs an offer to avoid foreclosure. Should a foreclosure take place, the bank will take ownership of the home as well as its contents.

I’m writing this to put the word out, as this is a great propportunity (property/opportunity) of the week. It was priced at $6,750,000 & has been reduced to $4,600,000 for a quick sale. Located in the prestigious Beverly Hills gated community, The Summit. This home has 6 bedrooms, 5.5 bathrooms, over 7,000 square feet on nearly 15,000 square feet.

A gorgeous Mediterranean estate with canyon, tree top, & ocean views this is your chance to not only own in a desirable gated community, but to prevent foreclosure for an American Icon. This is a time where luxury & community mean more than aesthetics.

Please contact me for more information.

Looking to get out & be entertained? Have guests in town? If you don’t mind the crowds & want to explore what Santa Monica has to offer. Schedule courtesy of Santa Monica.

The first three events are unique to this weekend & the month of August. The last four are ongoing. I recommend any of the Farmer’s Markets & taking the Historical Downtown tour.

Have fun, & see you around town!

Pier Summer Twilight Dance Series: Oliver Mtukudzi
Date: August 7, 2008
Time: 7pm
Location: Santa Monica Pier
Described as “one of the giants of African pop”, best-selling recording artist, Oliver Mtukudzi brings his rich hypnotic rhythms to the pier. Rocky Dawuni will open the evening. Free. For info: Tel.310-458-8900

Celebrate Santa Monica Civic’s 50th!
Date: August 9, 2008
Time: 6pm
Location: Santa Monica Civic Auditorium, 1855 Main Street, SM
Join the celebration of the Civic’s 50th birthday with food, entertainment and tours, followed by a free outdoor showing of Bruce Brown’s classic surf film “The Endless Summer” at 8pm. For more details on the fun, including special guests and performances, check civicmemories.smgov.net

Jazz on the Lawn
Date: August 10, 2008 – August 31, 2008
Time: 5pm – 7pm
Location: Front lawn of Santa Monica City Hall, 1685 Main Street, SM
Cool down with hot jazz on Santa Monica’s City Hall front lawn. Every Sunday in August. Aug 10th: Louis Van Taylor; Aug 17th: Billy Porter and friends of Reprise; Aug 24th: Russ Mullen and the Jazz Associates and Aug 31st: Opa Opa. Bring your own picnic dinner, a beach chair and umbrella to enjoy the freshest music and coolest breezes anywhere!

Farmers Markets
Santa Monica’s four weekly farmers markets are widely considered to be among the best on the west coast and feature field-fresh produce, hundreds of kinds of vegetables, brilliant cut flowers, breads, cheeses, delicious foods, live music and more. 3rd Street/Arizona: every Wed 9am-1.30pm and Sat 8.30am-1pm. Virginia Ave Park (corner of Pico & Cloverfield): Sat 8am-1pm. Santa Monica Airport (in the parking lots at Airport Ave/Bundy, Sat 8am-2pm. Main Street/Ocean Park: Sun 9.30am-1pm, music, pony rides, coffee, omelets, crepes & free craft workshops. For Farmers Market info call 310-458-8712

The People’s Voice
Time: 10am – 12noon
Location: Palisades Park at the intersection of Santa Monica Boulveard and Ocean Ave.
Emulating the centuries-old tradition of Speaker’s Corner in London’s Hyde Park, the People’s Voice puts up a weekly soap box and microphone for anyone to freely speak his or her piece. The sky’s the limit! Free. Every Sunday.

Santa Monica Conservancy Saturday Walking Tours
Time: 10am – 12 noon
Location: Downtown Santa Monica
Tours every Saturday morning. In approx. 2 hours and six blocks, the walk traverses more than 130 years of Santa Monica History, from its Wild West frontier beginnings to the sophisticated metropolis of today. Starting with the growth of the city, experience downtown’s diverse architectural heritage, including the 1875 Rapp Saloon, the Majestic Theatre, the Keller Block, the Builders Exchange, the Bay Cities Guaranty Building and the El Miro Theatre. Reservations req’d by the Thursday before your tour. $5 for members, $7 for the public. Tel. 310 496 3146 or www.smconservancy.org

American Cinematheque Screenings: Aero Theatre
Location: Aero Theatre, 1328 Montana Avenue, SM
Movie presentations by American Cinematheque, a non-profit, viewer-supported cultural organization, dedicated to the public presentation of the moving picture in all its forms, from classics to the outer frontiers of the art form. Weekly screenings of art, independent and classic films. Also sneak peaks of upcoming movies with celebrity guest appearances and discussions with film-makers. Call for program information: 323-466-3456. Tickets $10 or $7 for members.

For community & homes info contact me.

Comparatively speaking, their is an affordable architectural home on Santa Monica’s Adelaide Drive. It’s on the north side of the street.

If you’ve been to Adelaide, you probably have never seen a home on the north side of the street. Look to the south & you’ll see all of the amazingly breathtaking homes lining the street. Look to the north & you’ll see Pacific Ocean, Rustic Canyon, & Pacific Palisades views. Looking down, you’ll see openings to driveways for private residences. This is the location of the more affordable home on Adelaide Drive.

Their are 4 other homes for sale on Adelaide Drive. One being a historical landmark home, you can read about here. If you’d like to have information regarding other Adelaide Drive homes, please contact me & I’d be happy to share the information with you.

Here are a few photos that will reveal the view & a bit of the homes architectural lines.

The home fills up one thousand square feet. Having two bedrooms with one and one half baths, a pool, & walls of glass. The lot is over 5000 square feet, leaving room for your creative pursuits. Meaning, you can add on, build a guest house or studio. The price is $2,895,000. A deal compared with other Adelaide prices reaching from $7,395,000 to $15,450,000.

Here it is folks. The real deal, the second quarter is going strong again in the two and three million dollar range. The numbers tell us what is really happening in our local market. Click here for Santa Monica’s first quarter results.

As you may know, their are markets within markets. For example, Santa Monica is a market within the Westside of Los Angeles, which is a market within Los Angeles County, & California.

Any questions? Want to see the stats for your local market? Leave a comment & I’ll take care of it.

This is the home I’m talking about. I took this photo on the Historic Adelaide tour in April. Click here to read about the other homes on the tour.

Honestly, I was hoping the home would stay in the family. Being built in 1911, the Milbank Home, has remained in the family all these years. Nearly, a century. You would think that being a Realtor I would be super excited that a home of this importance would be up for sale; a chance to find a buyer, home prices to increase, make more money, & so on. I guess my historian side is secretly cringing inside, hoping it is bought by a preservationist vs. an expansionist.

I am grateful for the opportunity to write such news.

The Isaac Milbank home, built by the Milwaukee Building Company, was intended as a summer vacation residence. The interiors were later renovated to accommodate year round residence by his great-granddaughter, who lived in the home until her recent passing.

Click here to read about the City of Santa Monica’s criteria & 2002 decision to make this home a Landmark. Being a historic landmark, the exterior structure of the home is to remain intact. However, the interiors can be tailored to the owner’s taste.

Not only is the home itself amazing. The grounds are inspiring. Set above street level, the grassy knoll makes me want to do a barrel roll down the lawn. With unobstructed ocean, mountain & canyon views from nearly every room.

Their are three trees that are near historic themselves. One is a Moreton Bay Fig & the others are twin Canary Palms.

The Moreton Bay Fig tree has a unique story. The locals say that this tree, in addition to The Miramar Hotel’s, was a seedling brought from Australia in a coffee can. The seedling owner couldn’t pay his bar tab, so he gave his seedlings to settle the bill. The bartender had a friend who was a landscaper. At the time “Miramar” was the residence for one of Santa Monica’s founders John P. Jones.

The Moreton Bay Fig is known for its exposed root system. (sorry, couldn’t get the photo rotation to post)

To own part of Santa Monica’s unique history, contact me.