San Fernando Valley Real Estate Blog

Update on the San Fernando Valley Market Conditions

Are you looking to buy a home in the Southern cities of the San Fernando Valley? If so, the San Fernando Valley real estate communities including Encino, Sherman Oaks, Van Nuys and North Hollywood, should be on your list of places to consider when you are looking to buy your next home.

The San Fernando Valley, otherwise known as ‘The Valley’, contains many well-diversified communities and the real estate prices are very reasonable compared to other surrounding real estate areas. Currently the median price for the San Fernando Valley real estate homes for sale are is around $600,000.

More specifically, you will find Encino CA real estate homes for sale range from approximately $500,000 to $5 Million for single family homes and condos range from $200K to $850K. North Hollywood CA real estate homes for sale are on the lower side with single family homes ranging from the $400’s to $1.3 Million. You will also find some great condos ($100’s to the low $600’s) and town homes (high $300’s to low $500’s) in North Hollywood. The Sherman Oaks real estate community is a top-notch area with homes for sale ranging between the mid $800’s to $1 Million. Sherman Oaks real estate can also provide those who are looking for a condo or town home, a residence that ranges anywhere in between $500,000 to $700,000. Last but not least, Van Nuys CA real estate consists of single family homes that range from the mid $400’s to $1.2 Million, with condos and town homes for sale selling for approximately the mid $200’s up to $700,000.

Whether you are looking to buy a new home, relocate, up size, down size or invest in San Fernando Valley real estate, these communities can fit anyone’s lifestyle. Buying a home in The Valley doesn’t have to be ‘your worst nightmare’, as many people see it. Having a knowledgeable San Fernando Valley Realtor^® is going to be the key to a SUCCESSFUL real estate experience and it will ensure that you go through a smooth buying transaction. 

Contact David Hitt today, your next San Fernando Valley Realtor, for a ‘Fresh Approach to Real Estate’!

The role of an agent in mediation is strictly as a witness and to offer support to their client. An agent should bring their file and help filling in details if requested when there is a dispute between two parties of a real estate transaction. The agent’s presence in the process can be of great help in these cases and can improve the relationship between the agent and client. It also can avoid any interest of the involved parties to place blame with the Realtor when they aren’t present.

Agents and Brokers are given the choice of whether to appear or not in mediations when requested by the parties involved. It is not required by law that the Agent or Brokers attend but most Real Estate Professionals can benefit from the experience. Going to court to sue another party or going to arbitration can be emotionally exhausting, costly and require great amounts of time. Mediation can be a wise, less expensive and a less hectic alternative to resolving a dispute between a buyer and seller. Realtors are not qualified to give legal advice but they can educate clients about the pros and cons of mediation.

Effective January 1, 2007 AB 3076 was passed changing the deadline for filing for real estate tax relief under Props 60 and 90. These Propositions allow people age 55 or over to transfer their original assessed value to a replacement home of equal or lesser value within two years of the sale of the original home.

The law previously stated that in order to get the transfer the owner must file a claim within three years of the purchasing the new property. Any claims filed after the three years were denied, prior to AB 3076. There is no longer a time limit on when a claim must be filed which began January 1, 2007. If a claim is filed after the three years the relief will begin within the year the claim is filed. For more information on these Propositions go to http://assessor.lacounty.gov/extranet/guides/prop6090.aspx.

Coldwell Banker just listed Celebrity Clients’ property Dennis and Joanie Franz’s gated townhouse for around $1.4M in Century City. Dennis, 62, played Detective Andy Sipowicz on “NYPD Blue” an ABC series. He also starred in “Dressed To Kill”, “American Buffalo” and “City of Angels.”

It is a two bedroom 2.5 bath with about 2200 sq ft apprx. It is rumored that they spend most of their time between their homes in Coeur d’Alene and Montecito, California.

The price of Los Angeles real estate is boggling to the mind. Although the number and pace of sales has slumped median prices are still rising believe it or not in the first part of 2007 compared to a year ago. The number of sales this year remains above the slump in the mid 1990’s. So far this year the LA median price rose 8% to $525,000.

Most analysts are unsure of the reason for the Los Angeles market doing so well. However, one thing might be that homes are being priced realistically by sellers and buyers know they are not going to get home at a seriously discounted price. We are seeing buyers that were waiting to see what happens in 2006 are out there looking again.

The pace and number of sales continued to slow so far this year but not nearly as drastic as in middle of 2006. Analysts think the real estate market is probably near the bottom. The action and activity this season and over the next several months will be very revealing. A lot depends on how much inventory is out there which may bring values down. However, if there is enough demand that won’t be the case.

A big question is what effect will the fall of sub-prime lending have on buying. Buyers purchasing their first home will most likely have trouble putting together a 20% down payment. Currently in California there are 806,000 homes loans that are sub-prime and 11% are delinquent. The majority of the buyers out there are purchasing with conventional loans.

The going concern is a number of homeowners will eventually end up in foreclosure and that could be the result of a large number of coming on the market. Thus prices may decline subsequently. None of us have a crystal ball to tell the future but spring is the number one season for the selling and buying of real estate.