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

SOLD! Prime West Hollywood Compound for $1,900,000!

My client purchased this rare and incredible property in the heart of West Hollywood real estate 48 years ago for just $45,000 and I just sold it for $1,900,000. Please contact me direct to list your property and sell for top dollar!

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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Real Estate Investors Can Defer Taxes with a 1031 Exchange

Beverly Hills real estate

Paying taxes on capital gains for property transactions has always been a hindrance to those involved in real estate investment. Why should investors pay taxes on profit from real estate transactions if they’re putting the profit right back into some other real estate transaction?

The answer: They shouldn’t.

That’s exactly why the IRS created 1031 exchanges: to allow for tax deferment on profit that is reinvested immediately. Notice it’s a deferment, not a credit or a reduction. It does have to be paid eventually, just not at the time of sale and not until the money is taken out of the property, at which point it is taxable. Eager to learn more, I found some info on 1031 exchanges at 1031.org.

What Is a 1031 Exchange?

Simply put, a 1031 exchange is a method of deferring the tax on capital gains until some point in the future, according to 1031.org. They’re called Section 1031 exchanges because Section 1031 of the Internal Revenue Code states that “no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment.”

Section 1031 was created to encourage reinvestment of sale proceeds of property into similar property. Obviously this stimulates business and growth. As long as the investor continues to put profit back into more property, taxes are not owed.

This all makes pretty good sense. Let’s say I invest in a house in Beverly Hills that costs me $100,000 (I WISH!). I put $50,000 into the house and put it on the market. It sells for $250,000. My $100,000 profit, or capital gain, is then put into another property that I buy to fix up and sell. This continues, and all of my capital gains are deferred with a 1031 exchange UNTIL I sell my last property and enjoy my profit. At that point, I pay all taxes owed.

Frequently Asked Questions About 1031 Exchanges

What is the benefit of a 1031 exchange versus just selling property?

A Section 1031 exchange is one of the few ways investors can defer taxes due on the sale of property (assuming it qualifies for a 1031 exchange). Deferring taxes allows investors access to the money that would otherwise be paid in taxes, allowing them to invest in another property.

What are the general guidelines to follow in order to defer all the taxable gain?

The IRS is very clear on this. The value, equity in and debt on the new property must be equal to or greater than the value of the property being sold for an exchange to be valid. This is even more important – ALL of the profit from the property sale MUST be used to buy the new property. If even a tiny percentage of the profit is used for something else, the 1031 exchange is not valid.

If there is already a contract to sell the property, is it too late to start a tax-deferred exchange?
No, as long as there has not been a transfer of title or a closing on the sale of the property, a tax-deferred exchange can still be arranged. Once the closing occurs, it is too late.

Can the replacement property eventually become the investor’s primary residence or vacation home?
Yes, but Section 1031 has holding requirements (minimum length of time the new property must be owned) that must be met prior to changing the primary use of the property. According to 1031.org, the IRS has no specific regulations on holding periods (though a minimum of a year is recommended), and “if the owner later on wants to take advantage of the home owner’s exemption (up to $250,000 or $500,000 for a couple), there is now a five year holding period requirement.”

Finally, remember that if you’re a real estate investor or considering becoming one, now is still a great time to do so. Mortgage rates are still very low and property values, though trending up, are also still very low in many parts of the country. As always, please let me know if you have any questions.Happy investing!

If you’re looking to buy, sell, or lease residential or commercial real estate in Los Angeles, please contact me direct at jkryukova@gmail.com or 310.402.8181.

JUST LEASED: Lovely Spanish in West Hollywood $6,300

459 N La Jolla Ave. West Hollywood CA

459 N. La Jolla Ave. West Hollywood, CA 90048

Lovely Spanish house just leased in the heart of West Hollywood. Walk to everything West Hollywood has to offer such as the best shopping at Fred Segal, Melrose Place, Marc Jacobs, or the Beverly Hills, enjoy lunch and cocktails at Cecconi’s, SUR lounge, Urth Cafe, Toast, Joan’s on Third, or stay in and enjoy the incredible, updated chef’s kitchen! Recalling the grace of a bygone era, this 2-level Spanish-inspired villa in West Hollywood reveals classic period architecture enhanced with today’s preferred amenities. Introduced by colorful landscaping and a gated courtyard entry, the inviting residence, built in 1928, spans approximately 3,102 SF and features a rotunda foyer, fireplace-warmed living room, formal dining room, family room, home office, 4 BR, 4 BA, and coffered, cove and angled ceilings. Turquoise tile with a floral-pattern inlay enhances one bathroom, and crown molding, wood floors, designer carpet, and custom window treatments add style throughout. A remodeled gourmet kitchen showcases granite countertops, white cabinetry, stainless steel appliances, vegetable sink, and bay-windowed breakfast nook. Upstairs, a generously proportioned master suite includes a beautifully remodeled bath, and an intimate balcony overlooking grounds that measure approximately 6,000 SF.

Just Leased for $6,300.

If you’re looking to buy, sell, or lease commercial or residential property in West Hollywood and or the surrounding areas, please contact me.

Email: jkryukova@gmail.com
Direct: 310.402.8181

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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Americans build larger, more costly homes

construction_home

Newly built single-family homes in the United States are getting bigger, costlier to build and more expensive, according to the National Association of Homebuilders. This news comes on the heels of news that home prices climbed 11.8% between November 2012 and November 2013.

In fact the only thing shrinking for new construction is the size of the lot they’re built upon, according to NAHB’s most recent construction cost survey of 3,019 builders. The survey was conducted in August and September of 2013.

The survey shows that this trend is happening across all levels of homebuilding. That is to say, the increase in the average price, cost and size is not a result of high-end homes gains pulling the average up or lower-cost and mid-level homes gains pushing upward.

“It’s an across the board gain,” says Heather Taylor at the economics and housing policy department at NAHB. “In fact we factor out the high end market since it can skew the results.”

The cost to build a single-family home was $246,453 in 2013, which is the highest cost since 1998. Newly constructed home prices jumped 25% to $399,532. That is below the peak of $454,906 in 2007.

While the cost of building a new single-family home in 2013 represented a 34% increase from the cost, profits jumped to 9.3% from their 2011 all-time low of 6.8%.

The average size of the home in the 2013 construction cost survey was 2,607 square feet, which is about 300 square feet more than the average size of the homes reported in the 2011 construction cost survey, but still about 100 square feet less than the peak reported in the 2009 survey.

The average home in the NAHB survey was built on a one-third acre lot, as opposed to a half-acre lot average found in the 2011 NAHB survey.

By type and percentage of construction costs, interior finishes accounted for 29.3% of construction cost, with the balance spread among framing (19.1%), exterior finishes (14.4%) and the combination of plumbing, electrical and heating, ventilation and air conditioning (13.4%).

The average share of the home’s sales price which goes to construction cost jumped from 59% in both 2009 and 2011 to 61.7% in 2013. Finished lot costs, accounting for the second largest share of the sales price, dropped from 22% in 2011 to 19% in 2013.

Although the cost of construction per square foot remained relatively stable in 2009 and 2011 ($82 per square foot, and $80 per square foot, respectively), it jumped to $95 per square foot in 2013.

These results, NAHB reiterate, are national averages; the survey sample is not large enough for a geographic breakdown. Building practices, the cost of labor, the cost of land, and to some extent the cost of the materials can vary from place to place and depend on the nature of the particular home being built.

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

www.juliekproperties.com
www.laluxegroup.com

Source: housingwire

New Listing: Great Location Near “The Grove”

127 N. Gardner St. Los Angeles, CA 90036

004

005

008A

011

013

025

026A

Offered at $1,279,000

3 Bedrooms

2 Bathrooms

2,312 Sq. Ft.

5,984 Sq. Ft. Lot

THIS AUTHENTIC 1926 TWO-STORY 3-BEDROOM/2-BATHROOM SPANISH HOME IS LOCATED IN ONE OF LA’S HOTTEST NEIGHBORHOODS: IT’S AROUND THE CORNER PAN PACIFIC PARK AND JUST DOWN THE STREET (BETWEEN BEVERLY OR 3RD)FROM THE GROVE

SET ON A KNOLL WITH A GATED DRIVEWAY BACKYARD, THIS GORGEOUS HOME CONTAINS ENVIABLE DESIGNER FINISHES INCLUDING IMPORTED ANTIQUE FRENCH TERRACOTTA TILES, TURKISH TRAVERTINE, & HAND-PAINTED FLOURISHES. THE HOUSE’S DRAMATIC ENTRY FOYER OPENS TO AN IMPRESSIVE STEP-DOWN LIVING ROOM WITH A TWO-STORY WOOD BEAMED CEILING, REFINISHED ORIGINAL WOOD FLOORS, STONE FIREPLACE, AND CLASSIC SPANISH PICTURE WINDOW LOOKING OUT OVER THE GRASSY FRONT YARD.

THE RESIDENCE’S FORMAL DINING ROOM IS LIGHT, BRIGHT, AND EXQUISITELY ELEGANT. A LARGE CHEF’S KITCHEN SPORTS A VERSAILLES-PATTERNED TRAVERTINE FLOOR, FARM SINK, JERUSALEM GOLD LIMESTONE COUNTERTOPS, AMPLE CUSTOM CABINETS (WITH SELF-CLOSING DRAWERS), PREP SINK (PERFECT FOR FEEDING THE PUPS, TOO), AND TOP-OF-THE-LINE APPLIANCES (INCLUDING FISHER & PAYKEL DUAL-DRAWER DISHWASHER).

THE HOME’S FAMILY ROOM FEATURES A BUILT-IN ENTERTAINMENT CENTER AND SLIDING FRENCH DOORS TO THE BACK YARD.

THERE ARE 2 LARGE BEDROOMS UPSTAIRS (THAT SHARE ONE BATH), ONE OF WHICH HAS A CHARMING BALCONY AND WALK-IN CLOSET. THERE IS ONE BEDROOM (WITH DIRECT ACCESS TO A BATH ON THE GROUND LEVEL.

IT’S AN ENTERTAINER’S PARADISE OUTSIDE IN BACK: A PERGOLA-COVERED PATIO, LOUNGING & DINING AREAS, POOL AND SPA, AND OUTDOOR SHOWER.

WITH A WALK SCORE OF 97 (OUT OF 100), HEAD OUT ON FOOT TO THE FARMER S MARKET, SHOPPING ON BEVERLY, SOME OF L.A.’S BEST RESTAURANTS ON 3RD, AND THE EXPANSIVENESS OF PAN PACIFIC PARK. EVEN LACMA IS A STROLL AWAY!

Please contact me at (310)402-8181 begin_of_the_skype_highlighting (310)402-8181 FREE  end_of_the_skype_highlighting or Jkryukova@gmail.com for more information, questions, showings.

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

Recovering Housing Market to Spur Economic Recovery in New Year

WeHo

Next year will likely be the first year since 2000 that home purchases outpace refinances, according to Freddie Mac’s expectations. Furthermore, the rallying housing market should set the broader economy on a brighter path, according to Freddie Mac’s U.S. Economic and Housing Market Outlook for November.

“Led by a resurgent housing sector, 2014 should shape up to be better than 2013,” Freddie Mac stated in its outlook.

Housing starts, which have been slow, should rise to a pace of about 1.15 million in 2014, according to Freddie Mac.

This is more in line with the historical average of 1.1 million per year reported by the Census Bureau. In comparison, the Census Bureau recently reported household formation over the first three quarters of this year at just 380,000.

Freddie Mac expects home sales to increase 5 or 6 percent in the new year, but tight inventory will prevent further increases.

Home values will continue to increase, albeit at a slower pace. Freddie Mac expects home price growth to be about the same as home sales growth—5 or 6 percent.

Rental prices will also continue to rise, but like housing prices, their pace will moderate. Freddie Mac expects rents to rise at a pace of about 5.3 percent next year.

Mortgage rates will reach about 5 percent for 30-year, fixed-rate mortgages by the end of 2014, according to Freddie Mac. While this will not threaten affordability in most markets, it may dampen affordability in a few higher-priced markets, according to the outlook.

Also, Freddie Mac noted there may be “some volatility in the short-term” resulting from uncertainty surrounding fiscal policies, such as the debt ceiling and the Federal Reserve’s tapering of its MBS purchases.

The overall good news for the housing market translates to good news for the broader economy, according to Freddie Mac.

The rise in housing starts should translate to 700,000 new jobs, according to economists at Freddie Mac.

These new jobs will help bring the unemployment rate below 7 percent “perhaps by mid-2014,” Freddie Mac stated.

Economic growth is expected at 2.5 to 3 percent for the year, which is “more than 0.5 percentage points better than is projected for 2013,” according to Freddie Mac.

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

Source: DSNews

Home Prices Continue Rising, Sales Steady

West Hollywood Properties

Home sales continue to seesaw—while levels increased from the previous year, they dipped from previous month. Following historic seasonal trends, October home sales edged 2.8 percent lower than September, but still pushed 2.2 percent higher than sales in October 2012. Median home prices were 11.9 percent above prices seen last October.

“What we’re seeing now are predictable seasonal cycles, which is just another sign that the housing recovery is bringing us back to a more normal market,” said Margaret Kelly, CEO of RE/MAX. “Home sales are expected to slow down during the holidays and winter months before returning to the next growth cycle in the spring.”

Home sales have experienced year-over-year increases in both sales and prices for 21 months now. The median price of all homes sold in October was $179,950. Inventories of homes for sale were 12.2 percent lower than the levels in October last year. For the last 29 months in a row, inventories have declined at a slower rate.

The October inventory drop is half of the annual loss seen as recently as June. At the current rate of sales, the number of months required to sell the entire inventory of homes on the market was 4.9. A 6-month supply is recognized as a balanced market with an equal number of buyers and sellers.

For the most part, normal seasonal trends are responsible for slowing month-to-month changes in home sales. Of the 52 metro areas surveyed in October, 35 reported higher sales than in October 2012, with 19 reporting double-digit gains. New York, New York experienced gains of 32.6 percent; Trenton, New Jersey experienced gains of 32.5 percent; Anchorage, Alaska experienced gains of 24.2 percent; Philadelphia, Pennsylvania experienced gains of 18.2 percent; Wilmington, Delaware experienced gains of 18.1 percent; and Manchester, New Hampshire experienced gains of 17.1 percent.

In the month of October, homes stayed on the market for an average of 66 days. This is one day higher than the average seen in September, but is 16 days lower than the average seen in October 2012. An average this low is the direct result of continued high demand and a reduced inventory of homes for sale, according to RE/MAX.

The housing market has been plagued by a low inventory environment, but for seven consecutive months, inventory has declined at a slower rate than during the same month of the previous year. While not yet adding inventory, the situation is improving. In October, there were 5.1 percent fewer homes for sale than in September, and 12.2 percent fewer than in October 2012. At the rate of home sales in October, the Months Supply of inventory was 4.9.

If you’re looking to purchase, sell, or lease commercial or residential real estate please contact me at (310)402-8181 or Jkryukova@gmail.com

Please visit my website for my information and properties: www.juliekproperties.com

source: dsnews