Housing is still impacted by tighter lending practices – it impacts buyers moving to high end homes too such as Malibu, CA;Beverly Hills, CA, etc.

By kunisaki | Published: July 10, 2011

The recent Wall Street Journal article “Tighter Lending Crimps Housing” gave a good perspective on the obstacles endured by legitimate buyers today.  It takes persistence and patience by the serious buyer to endure the race to complete the loan.

The notable quotes in this article include the following:

“’as the noose on credit availability tightens, credit is being choked off at a time when the housing market is extremely fragile,’ says Laurie Goodman, senior managing director at Amherst Securities Group LP.

‘There’s no question that accessible credit is a problem,’ says David Stevens, chief executive of the Mortgage Bankers Association, an industry group.”

The lenders are back to the basics of underwriting and quality control guidelines to evaluate majority of the transactions including the upper echelon borrowers. Wall Street Journal notes “in all, the nation’s 10 largest mortgage lenders denied 26.8% of loan applications in 2010, an increase from 23.5% in 2009”
Additionally, “nearly four in 10 banks reported tighter mortgage lending conditions for the 12 months ended in February, according to a survey published
this week by the government’s Office of the Comptroller of the Currency.” Note that this loan standard is impacting all price strata from the multi million dollar loans to the conforming loans – impacts all price levels.

Yes, this practice reverberates to borrowers in Beverly Hills, CA; Bel Air, CA; Brentwood, CA; Malibu, CA; Calabasas, CA;Westlake Village, CA; Pacific Palisades, CA.  It
seems to be felt even stricter for the self employed applicants who are “hitting barriers to loans—hurdles they didn’t face in the past.” The lenders are critical of those who had
interrupted periods of income.

If you are interested in leasing, purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Review of the WSJ – “Why It’s Time To Buy”

By kunisaki | Published: June 8, 2011

On June 4, 2011, The Wall Street Journal wrote an article titled “Why It’s Time To Buy – The Clouds Haven’t Quite Parted, But the Long-Term Case for Home Ownership is Looking Stronger.”  It gives a current birds eye view of the housing market nationwide.  I highly recommend reading this article in its entirety – a link is provided.   According to CoreLogic, “provider of real-estate data and analytics, if you exclude distressed sales, prices were off just 0.5%. So it you are in a market that isn’t battered by foreclosures, you may be close to a bottom already.”

One gem is though renting is cheaper than buying in some markets, other markets are experiencing rising rents and falling house prices.  Another gem is “mortgage financing remains plentiful for borrowers with good credit scores and solid employment histories. But for borrowers who don’t fit traditional lending standards, getting a loan can still be nearly impossible. In the first quarter, about 10% of banks tightened standards for nontraditional loans, according to the Federal Reserve. Meanwhile, higher down-payment standards are locking some would-be buyers out of the market.”

Bottom line – buyers “after waiting so long, are starting to move off the fence and into the market, motivated by attractive pricing, low interest rates and, most important, the desire to take the next step in their lives.”

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Malibu, California real estate market is heating up compared to last years activitiy

By kunisaki | Published: June 6, 2011

The Hollywood Reporter June 4th, 2011 article notes that the Malibu, California real estate market is heating up in both sale purchases and leases.  There are several notable properties on the market that includes several celebrities as well as unique spectacular property location.  Chad Rogers at Hilton and Hyland is quoted in the article as saying “This market is value-driven. When prices come down to fair market value, there are definitely buyers out there ready to buy.”  That is exactly what is happening – many of these luxury transactions end up as all cash transaction.  One should read this article - offered in the links.

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Changes to take place effective September 30, 2011 to the federal backed mortgages

By kunisaki | Published: May 11, 2011

The New York Times today notes that federal agencies that backed new mortgages as high as $729,750 will end September 30, 2011.  The new loan limits will depend on various formulas but in the higher end counties, the limit will fall to $625,500.  It is anticipated the Buyers will face more demands from the lenders “including higher credit scores and larger down payments.”  In the next few months, there should be more articles swirling about this but at least this is a good heads up for anyone looking to buy or sell. 

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Duke’s restaurant in Malibu, California prepares to re-open after a rain deluge for the first time in 38 years.

By kunisaki | Published: April 3, 2011

Duke’s Restaurant is a landmark here in Malibu, California – oceanfront dining that is one of the Malibu “must-sees” to anyone visiting Malibu.  The food is delicious, the ambience superb — what can I say, if you love Hawaii then you will love Duke’s. 

On March 20th, 2011 – a memorable day for the annual Los Angeles Marathon -it become an indelible date in Duke’s history book too.

The Malibu Patch covers this story well – how all hell broke loose around 5:30 p.m. on that day as the rain deluged Malibu unexpectedly.  Duke’s suffered flooding in the Barefoot Bar [never knew it was built with bullet proof windows], banquet rooms, and the restaurant dining area.  Click on the Malibu Patch link and capture this well told adventure.  The best part is Duke’s will be re-opening April 8th — time for a welcoming party!

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Santa Monica,California Sales Tax is 10.25% effective April 1, 2011

By kunisaki | Published: April 3, 2011

I enjoy reading the Malibu Patch daily.  Just last Friday – April 1st, it alerted to a new sales tax in Santa Monica, California.  The new rate as of April 1, 2011 is 10.25% for all purchases made in Santa Monica.  This half percent rate had been approved by the voters last November.

Here is an excerpt from the Malibu Patch:

“This will not affect the purchase of vehicles, which are taxed based on where they are licensed. There is no city sales tax in Malibu.

Malibu residents could benefit from the Santa Monica tax because voters also approved an advisory measure that half the estimated $12 million in annual sales tax revenue “support school, educational and afterschool programs.” This would include the Santa Monica-Malibu Unified School District, and the money would go to the whole district, not just the Santa Monica schools.”

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Luxury Home Purchase is up 3 times more than 2009 in Los Angeles County – includes Malibu, California

By kunisaki | Published: April 1, 2011

Today the Yahoo Times announces the largest home sale has just taken place in San Francisco area — namely in Los Altos, California.

Russian billionaire Yuri Milner reportedly paid $100 million for a 25,500 square foot living area home up in Los Altos, California.  He is a majority shareholder in Facebook,  Groupon and Farmville.  Here is a brief comment about “Milner, the 49-year-old founder of Internet investment firm Digital Sky Technologies and chairman of Mail.ru Group, has no immediate plans to move into the mansion, spokesman Leonid Solovyev told The AP. Solovyev and another spokesman for the billionaire declined any further comment.”

Additionally, the same article exudes comments by Betty Graham as follows:

“The mansion’s price tag dwarfs the $50 million paid for the three-story, 48,000-square-foot Le Belvedere mansion in Bel Air last year, said Betty Graham, president of Coldwell Banker Previews International, which listed that property. Graham said the number of homes that sold for more than $20 million last year in the Los Angeles area tripled from 2009, a sign that the luxury market has been strengthening.

“The smart money is back in real estate,” Graham said.”

In Malibu, California – the luxury homes above $10 million had the following activity in 2009 and 2010 had the following activity according to the Multiple Listing Service:

2009:  6 beachfront homes closed escrow in the final sales price that ranged from $10,600,000 to $17,500,000

2009: 2 land side homes closed escrow in the final sales price that ranged from  $12,000,000 to $13,443,800

2010:  8 beachfront homes closed escrow in the final sales price that ranged from $10,988,845 to $21,475,000

2010: 2 land side homes closed escrow in the final sales price that ranged from $11,500,000 to $13,500,000.

There are higher sales quietly reported that are not in the Multiple Listing Service.  One concludes that in Malibu, California – luxury home sales above $10 million is up 30 percent.

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Happy 20th Birthday Malibu <3 Congratulations for a job well done so far – so much more to offer

By kunisaki | Published: March 28, 2011

Malibu City

It is a special week of celebration for Malibu, California for its 20th anniversary as an incorporated city.  Truly remarkable that Malibu maintains its rural standings — the clean ocean air, healthy natural foods, hiking, beach sports, horse back riding, fishing sports, relaxed lifestyle, etc.  What are you waiting for?
In the midst of all the high tech hustle and bustle, it is a relief that one can come and refresh their inner beings and come to a sense of “the why we exist” state.  Malibu has all the modern conveniences — the television- Verizon FIOS [super fast internet connection], most areas has water, electricity, phones, gas, internet and high technology available. 

If one chooses a rest from high technology - Malibu offers a refuge to the tired soul.  It is a perfect place to rest with no television or radio [it is still available but some people prefer to just enjoy conversation and scenery] – where people enjoy reading from hardcover books or paperbacks [fast becoming a thing of the past] and they enjoy doing things together [annual Chili-fest, annual Easter egg hunt for children, summer open air movies at Bluff Park]. Neighbors who care about each other — sometimes giving that helping hand whether it is a cup of sugar, couple eggs or that ride to go somewhere close by.  This is not the country — but close enough and still go into the city within 20 minutes for shopping, movies, etc. 

The Malibu Patch wrote an excellent article about the how and why this wonderful City came about – a link is provided so just click on the link titled “Malibu remains a Rural City”.  Malibu remains a highly solvent city, excellent public school system, clean air and natural resources, land – ocean to enjoy, plus upscale markets and stores to supply anything you wish.  Moreover -Malibu is close to Santa Monica, Calabasas and Westlake Village — what more can one want?

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Mortgage Electronic Registration Systems – MERS – a good article by New York Times

By kunisaki | Published: March 6, 2011

On March 5, 2011 – The New York Times wrote an interesting article about MERS – an acronym for Mortgage Electronic Registration Systems.  In this current world speeding towards automation and efficiency – it is an enlightening article about the impact this system that claims it holds title to almost half of all home mortgages in the nation.  I am just summarizing a highlight but one needs to read this article in its entirety, highly encouraged to do so.  MERS impacts so many — according to the New York Times article, “MERS has distanced itself from the dubious behavior of some of its members, and the company itself has not been accused of wrongdoing. But the legal challenges to MERS, its practices and its records are mounting.”

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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Coastal Commission removes U2 The Edge project from its agenda – Proposed Development in Malibu, California

By kunisaki | Published: February 9, 2011

The Coastal Commission has abruptly removed the proposed development in Malibu, California by U2 – The Edge from tomorrow’s agenda.  The Coastal Commission staff had recommended rejection on this development.

This breaking news was reported by the Malibu Patch on February 9, 2011 as of 2:47 pm.  “The five proposed home range in size from 7,000 square feet to three that are more than 12,000 square feet.  The Edge also wants to build a 1,600 foot access road which requires City approval.  The City Council in 2009 chose to take no action on the road proposal until the Coastal Commission rules on the houses.”

If you are interested in leasing,  purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.

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  • Judy Kunisaki, GRI, ePRO
    Coldwell Banker Previews International
    23676 Malibu Road
    Malibu, CA 90265
    Direct (310) 317-8396
    Cell (310) 877-5316
    Office Fax (310) 456-5872
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