Foreign Buyers on the Rise in California

Real estate sales to foreign buyers and new immigrants surged to new highs in the last year, according to a study released Tuesday by the National Assn. of Realtors, with the Southland being a prime destination.

Overseas buyers and newcomers to the U.S. accounted for $92 billion in home sales in the 12 months ending in March, NAR said. That’s up 35% from the prior 12-month period, and higher than the previous record of $82.5 billion set in 2012. These buyers made up roughly 7% of all U.S. home sales, by dollar value.

The increase was fueled by a 50% jump in activity from Chinese buyers, who bought $22 billion worth of U.S. real estate last year. Experts say many Chinese buyers see U.S. real estate as a better investment opportunity than is often available in China, and in some cases as a safe haven for cash. Many also buy homes here to put their children in U.S. schools.

And Chinese buyers, in particular, have an eye for Southern California. Los Angeles and Irvine were two of their top three destinations, according to the survey, with San Francisco ranking second. Chinese buyers have long been a factor in some parts of Southern California, particularly the San Gabriel Valley; as more come here, they’re spreading to new areas as well.

Los Angeles is the top choice for buyers of several other nationalities, too, according to data tracking searches of Realtor.com. Buyers from India, the United Kingdom, Australia, Ireland and Russia were also most likely to search here. For Mexican buyers, San Diego was the top choice.

The Realtors Assn. said it expects foreign interest in U.S. real estate will continue to grow as the economy grows ever more global.

“We live in an international marketplace, so while all real estate is local, that does not mean that all property buyers are,” said NAR president Steve Brown. “Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability and an incredible opportunity for investment in their future.”

Source: LA Times Online

FOR SALE: Prime West Hollywood Compound, Offered at $1,999,000

8610 W. West Knoll Drive West Hollywood, CA 90069

3bed/3bath Approx. 3,300 with separate guesthouse
R3 Lot – Zoned for 6 units

This West Hollywood home is in the center of it all, yet discretely and securely tucked away behind gated hedges on a quiet tree-lined street. Once behind the gates, a 4-car driveway is revealed with direct access to the front and backyard through custom wooden gates. A large fountain, lush landscaping and multileveled bricked patios offer a serene outdoor area that’s perfect for relaxing.

Double doors open into a tiled entry allowing shoes or a coat to come off before stepping into the massive open floor plan of the living, dining and family rooms. The living room offers a formal experience with custom fireplace (controlled by remote) and beautiful hardwood floors. Recessed lighting and a large picture window make the room bright and warm. Custom wood posts divide the formal living and dining room allowing for entertaining and hosting dinner parties. The dining area offers custom built sky lights along with custom sliding windows all of which have beveled glass mirroring the clean lines of the wood posts and chair railing. Recessed lighting with controlled dimmers above (and through-out the home) allow for setting the mood in any room of the home.

The open kitchen features high-end stainless steel appliances and custom cabinetry. Double ovens are situated next to a 5 burner gas stove making the perfect combination for the cook. Two sinks for prepping (or Kosher cooking), filtered water system, and double door fridge complete this premium kitchen. Black Caesarstone counters make the stainless steel appliances shine and multiple breakfast bar areas are situated around the kitchen, perfect for eating or leaning on while talking to the cook. Stepping away from the kitchen, you enter the family room with beautiful, custom architectural skylights. This area is perfect for the more relaxed days of the week watching a movie with friends and family or sipping a glass of wine. Off the family is a beautiful outdoor patio that is elevated above the backyard, yet is still perfectly private. Plenty of room for entertaining your guests or lounging alone, this is the perfect getaway just steps from the inside of the home. Also off the patio is a staircase leading into the large backyard.

Beyond the entertaining areas, the first floor of the home includes a master bedroom with views of the beautiful treetops in the backyard. Two entry options into the room, from the hallway or family room create a nice flow for the room. Two separate closets allow for large wardrobes and storage. The master bathroom has beautiful custom tile work and multiple shower heads to create a spa-like experience.

Down the hall is a guest bedroom with access to the front yard and custom built-in book shelves. This room is perfect for guests or a home office/library and also features double entry ways, double doors opening into the living room and also an entry into the hallway. A guest bathroom with black and white tiled floors and custom cabinets create a high-end feel. The bathroom also has enclosed laundry room with high-end stackable washer and dryer and shelves for linens.

A custom glass and wooden staircase lead the way to the second floor of the home which is situated downstairs below the main level of the house. This part of the home is truly rare and offers many options for the owner. The stairway is concealed behind a door with additional storage in the hall perfect for luggage or seasonal decorations. The large bedroom has views of the backyard and a full bathroom with custom double sinks and allow for the perfect guest retreat or extended family member’s stay.

This level also includes a mother-in-law kitchenette and second laundry room with high-end washer/dryer. The kitchen (once operating as a recording area of a studio) offers easy access to food and drink or can be easily converted into a projection room, media storage or left to serve its current purpose. A truly versatile space waits just on the other side of the kitchen which currently functions as a recording studio. This room has many useful options and is a wonderful bonus space for a home owner to have and can be used as living space, screening room or additional lounging area.

The lower part of the home opens into the backyard with multiple covered and open entertaining areas hidden with large manicured hedges that create privacy. The property has fruit trees and a garden area perfect for skipping the market for fresh fruit or herbs.

The home also offers the quintessential white picket fence which separates the main house from the full guest home. A separate entrance from the side of the yard makes this convenient for extend guests or family to enter the guest house with privacy and ease. A large room offers the prefect amount of space for the already installed kitchen area, living and dining space. A separate bedroom encloses off the living space with walk-in closet. The guest house also offers a fully remodeled bathroom with custom tile work and Jacuzzi tub. An exterior area that is hidden away from the rest of the property offers privacy and lounging areas for the guests. Also featured is a third laundry area so entrance into the main house is not necessary.

http://www.8610westknoll.com

Contact Julie Kryukova at (310)402-8181 or Jkryukova@gmail.com for showings/inquiries.

West Hollywood Property for Sale

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West Hollywood Property for Sale 6

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West Hollywood Property for Sale Front

Credit standards going easy on jumbo mortgages

home_money

Demand for non-government loans keeps growing!

Despite overall originations hitting the lowest level since 2010, the past year witnessed a significant increase in the volume of home equity loans and lines of credit, in addition to originating the best-performing mortgages on record, the first report from Black Knight Financial Services, previously known as Lender Processing Services, found. For jumbo mortgages, however, it’s a completely different story.

Two key points about the November numbers stand out according to Herb Blecher, senior vice president of Black Knight Financial Services’ data & analytics division.

“First is that heightened credit standards have resulted in this year being the best-performing vintage on record. Even adjusting for some of these changes, such as credit scores and loan-to-values, we are seeing total delinquencies for 2013 loans at extremely low levels across every product category,” Blecher said.

The second point Blecher emphasized was that overall volumes are down. “We are seeing an increased proportion of the market being supported by non-agency (vs. government) lending – with the share nearly doubling as compared to 2010,” Blecher added.

However, increasing home prices have helped offset some of the drop in originations with demand for home equity loans increasing.

“While first mortgage originations are almost half the levels as one year ago, total home equity lending, including loans and lines, has increased by 70%, and originations of second lien home equity loans have more than doubled,” Blecher said.

In addition, the market also observed a 75% year-over-year increase in the share of non-agency jumbo prime lending.

“Notably, nearly all of these jumbo loans have been originated with no mortgage insurance, which may indicate an increased appetite for risk, as well as an opportunity to expand credit criteria, for originations within the private market,” Blecher explained.

The November data revealed that the population of “refi” mortgages has decreased by about 4 million loans since the end of 2012.

In comparison, just 5.9 million loans meet broad-based refinance criteria. But loosening the credit standards to just a 700 FICO increases the refinance population by almost 17%, or an additional 1 million loans.

If you’re looking to lease, purchase, or sell residential or commercial property, please contact me direct at (310)402-8181 begin_of_the_skype_highlighting (310)402-8181 FREE  end_of_the_skype_highlighting or jkryukova@gmail.com

Source: Housingwire

U.S. postpones 2014 hike in mortgage fees

West hollywood real estate

It’s a Christmas miracle!

Planned fee increases that would have added to the cost of millions of mortgages will be postponed. Currently, borrowers seeking loans backed by Fannie Mae and Freddie Mac are set to pay higher upfront fees starting April 1.

The fees, ordered by the Federal Housing Finance Agency earlier this month, are meant to help safeguard banks against risky borrowers who might default.
But housing experts say they will add thousands of dollars to the cost of all mortgages insured by Fannie and Freddie, with the biggest hits taken by borrowers with less than perfect credit histories.

On Friday, the incoming chief of the FHFA, Mel Watt, said he intends to postpone the fees — and perhaps even cancel them — until more analysis is done. The FHFA oversees Fannie Mae and Freddie Mac.

Watt, a former Democratic member of Congress, has been confirmed to his post by the Senate and takes office on January 6.

In a statement, Watt said he intends to “evaluate fully the rationale” for the fees and their impact on Fannie and Freddie and the “availability of credit.”

The mortgage industry has been bracing for substantial increases in the price of loans in 2014.
“If these [policies] had been implemented, it would have increased borrowing costs dramatically,” said David Stevens, CEO of the Mortgage Bankers Association.

The hit for individual borrowers would depend on the amount of the home purchase being financed, according to Brian Koss, executive vice president at Massachusetts-based lender Mortgage Network.
Borrowers would have paid a fee when they took out the loan, or they could have effectively rolled the higher fees into their interest rate, raising monthly mortgage payments by as much as a quarter percentage point.

Even with the reversal, however, mortgages will probably get more expensive over the next few months anyway as the Federal Reserve cuts back on its purchases of mortgage backed securities, a program designed to keep interest rates low.

Stevens, the mortgage industry representative, said the proposed increases made little sense. Defaults on mortgages made in recent years have been much lower than on those made before the housing crash.

As a result, Fannie and Freddie are flush with profits, so much so that they have already returned almost all of their $187 billion taxpayer-funded bailout.

“The GSEs are making a lot of money,” said Stevens. “There’s no rationale for the increases.”

If you’re looking for commercial or residential real estate assistance, please contact me at
jkryukova@gmail.com or (310)402-8181 begin_of_the_skype_highlighting (310)402-8181 FREE  end_of_the_skype_highlighting.

Source: http://money.cnn.com

WeHo

WeHo

West Hollywood offers a gorgeous living experience

West Hollywood (WeHo) offers a unique living experience with a variety of famous restaurants and shops as well as eccentric nightlife. The rich history of WeHo characterizes it as one of the best places to live in the Los Angeles Area.

Chateau Marmont

Chateau Marmont

The suburban community has a population of over 34,000 people located in Los Angeles and is nearby cities like Beverly Hills, Hollywood Hills, Los Feliz, Westwood, and Santa Monica.

WeHo

Sunset Blvd. in WeHo

With household sale prices increasing by 3.8 percent compared to the last quarter, and 17.6 percent compared to last year, now is the time to buy. Interest rates are lower than ever, and home prices are starting to rise. The number of home sales is up 6.6 percent. The average listing price for homes for sale  was over $1.1 million for the last week of October. Now is the best time to lock in those interest rates and invest in a WeHo home.

West Hollywood

WeHo offers the best WalkScore in all of California based on its walkability. This is perfect for those of you looking to have a fun night out and who want to leave the car behind or for those of you who love the city life.  With Santa Monica Boulevard, the Sunset Strip, Melrose Avenue and Beverly Boulevard, there is ample supply of art, dining, and nightlife available.

Distinct architecture, famous music venues, elaborate hotels, and a number of celebrity hangouts make WeHo a notable area.

Sunset Plaza

Sunset Plaza

WeHo offers lots of things to do and is a great place to live if you seek entertainment. Comedy clubs like the Laugh Factory can be found throughout the area. The epicenter for designer showrooms and unusual exhibits can be found at the Pacific Design Center. And if that isn’t enough of a wow factor, historic celebrity mansions can be found in the area.

Pacific Design Center

JUST LISTED: 8610 W. West Knoll Dr. PRIME West Hollywood $2,249,000

Beautiful entry into this serene property

Asking Price: $2,249,000

Bedrooms: 3

Bathrooms: 3

Separate guest house, long drive way, hedged and gated, prime location

This West Hollywood home is in the center of it all, yet discretely and securely tucked away behind gated hedges on a quiet tree-lined street. Once behind the gates, a 4-car driveway is revealed with direct access to the front and backyard through custom wooden gates. A large fountain, lush landscaping and multileveled bricked patios offer a serene outdoor area that’s perfect for relaxing.

Double doors open into a tiled entry allowing shoes or a coat to come off before stepping into the massive open floor plan of the living, dining and family rooms. The living room offers a formal experience with custom fireplace (controlled by remote) and beautiful hardwood floors. Recessed lighting and a large picture window make the room bright and warm. Custom wood posts divide the formal living and dining room allowing for entertaining and hosting dinner parties. The dining area offers custom built sky lights along with custom sliding windows all of which have beveled glass mirroring the clean lines of the wood posts and chair railing. Recessed lighting with controlled dimmers above (and through-out the home) allow for setting the mood in any room of the home.

The open kitchen features high-end stainless steel appliances and custom cabinetry. Double ovens are situated next to a 5 burner gas stove making the perfect combination for the cook. Two sinks for prepping (or Kosher cooking), filtered water system, and double door fridge complete this premium kitchen. Black Caesarstone counters make the stainless steel appliances shine and multiple breakfast bar areas are situated around the kitchen, perfect for eating or leaning on while talking to the cook. Stepping away from the kitchen, you enter the family room with beautiful, custom architectural skylights. This area is perfect for the more relaxed days of the week watching a movie with friends and family or sipping a glass of wine. Off the family is a beautiful outdoor patio that is elevated above the backyard, yet is still perfectly private. Plenty of room for entertaining your guests or lounging alone, this is the perfect getaway just steps from the inside of the home. Also off the patio is a staircase leading into the large backyard.

Beyond the entertaining areas, the first floor of the home includes a master bedroom with views of the beautiful treetops in the backyard. Two entry options into the room, from the hallway or family room create a nice flow for the room. Two separate closets allow for large wardrobes and storage. The master bathroom has beautiful custom tile work and multiple shower heads to create a spa-like experience.

Down the hall is a guest bedroom with access to the front yard and custom built-in book shelves. This room is perfect for guests or a home office/library and also features double entry ways, double doors opening into the living room and also an entry into the hallway. A guest bathroom with black and white tiled floors and custom cabinets create a high-end feel. The bathroom also has enclosed laundry room with high-end stackable washer and dryer and shelves for linens.

A custom glass and wooden staircase lead the way to the second floor of the home which is situated downstairs below the main level of the house. This part of the home is truly rare and offers many options for the owner. The stairway is concealed behind a door with additional storage in the hall perfect for luggage or seasonal decorations. The large bedroom has views of the backyard and a full bathroom with custom double sinks and allow for the perfect guest retreat or extended family member’s stay.

This level also includes a mother-in-law kitchenette and second laundry room with high-end washer/dryer. The kitchen (once operating as a recording area of a studio) offers easy access to food and drink or can be easily converted into a projection room, media storage or left to serve its current purpose. A truly versatile space waits just on the other side of the kitchen which currently functions as a recording studio. This room has many useful options and is a wonderful bonus space for a home owner to have and can be used as living space, screening room or additional lounging area.

The lower part of the home opens into the backyard with multiple covered and open entertaining areas hidden with large manicured hedges that create privacy. The property has fruit trees and a garden area perfect for skipping the market for fresh fruit or herbs.

The home also offers the quintessential white picket fence which separates the main house from the full guest home. A separate entrance from the side of the yard makes this convenient for extend guests or family to enter the guest house with privacy and ease. A large room offers the prefect amount of space for the already installed kitchen area, living and dining space. A separate bedroom encloses off the living space with walk-in closet. The guest house also offers a fully remodeled bathroom with custom tile work and jacuzzi tub. An exterior area that is hidden away from the rest of the property offers privacy and lounging areas for the guests. Also featured is a third laundry area so entrance into the main house is not necessary.

ZONING: R3

Creative Commercial Space for Lease! Great Location in West Hollywood!

Fully built-out creative office with exposed wood bow-truss construction, high ceilings, 2 bullpen areas, conference room, and 15 executive glass offices.

  • Great visibility: ~150 linear feet glass frontage at the corner of Melrose and Crescent Heights. Signage Available.
  • Expansive floor-to-ceiling windows. Fully Sprinklered. Main entrance can be configured to Crescent Heights or Melrose Ave at tenant’s discretion.
  • Single Tenant Space: No Corridors =No Waste. Up to 20% more square footage than comparable spaces in multi-tenant office buildings.
  • Centrally located at the corner of Melrose Ave & Crescent Heights, in the exclusive Melrose shopping district (± 30,000 cars).
  • Neighborhood tenants include Fred Segal, Palihotel, Paul Smith, Alexander McQueen, Adidas, Red  O  Restaurant, Hart & The Hunter Restaurant, and other high-end retailers.

Contact me direct for information (310)402-8181 or jkryukova@gmail.com

6,600 Sq. Ft. Available. Divisible.

loft3 loft2 Melrose Creative Lease