Wednesday, March 1, 2017

California Real Estate Updates and Changes for 2017

2017 Real Estate Changes and Updates for California

I attended the Palos Verdes Board of Realtors March Breakfast meeting yesterday. Although breakfast was delicious, my primary reasoning for being there was to hear Gov Hutchison, California Association of Realtors’ attorney, speak regarding trends and changes reflected in California laws and real estate forms. Here are the latest updates:
  1.  There’s a new bedbug form. Yes, those little critters have arrived in our Golden State.  The new disclosure form states landlords must disclose if the property was inspected for bedbugs, and if so, the results of said inspection.  Tenants must tell landlord if the rental property becomes infected; landlord must address issue and eviction of the tenant is not allowed.
  2.  Carbon Monoxide/Plumbing form is now mandatory. Low-flow plumbing fixtures are required; it is seller’s responsibility to disclose whether such upgrades are in place. If the plumbing upgrades are not in place, expect it to become a point of negotiations during the sale.
  3.  Effective January 2018 real estate license numbers are required to appear on signs, websites, and all marketing.
Other timely tidbits of useful information:
Income units are moving toward individual water meters; they are required in new construction. There is a new Water Meter form for use in the sale of income property.
Landlords cannot discriminate due to applicant’s criminal record (within reason), nor refuse because tenant does not speak English.  The landlord should request the tenant have a translator of tenant’s choice.
A new rental rule is a smoke detector is required in every bedroom–one in the hallway will not suffice.  Many local city ordinances have required this for some time.
The housing shortage in California is generating some relaxation in the zoning for two-on-a-lot requirements.  Granny Flats and Tiny Houses are growing in popularity. State guidelines override some city restrictions.
I’m glad I spent the morning receiving an update on new laws and changes in my industry. It’s one of the many ways I bring value and expertise to my client’s transactions. Norma Toering broker/owner of Charlemagne Int’l Properties independent real estate firm.  310.493.8333 or Norma@CharlemagneProperties.com

About the Author: 

Norma Toering is the broker-owner of Charlemagne Intl Properties a boutique real estate company in Los Angeles. She has been a local South Bay real estate agent since 1992. Norma is the most well known & award winning real estate blogger in Palos Verdes. Forbes magazine consulted Norma on Palos Verdes property values when compiling their Forbes 400 list. Cell: 310.493.8333

Wednesday, December 21, 2016

Where Should I Invest $1,000,000?

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That's the question I'm going to work on this weekend.  I hope to be able to provide several viable options for several clients who are ready to expand their real estate portfolios.
The answer is easy if the prospective buyer is a first time home buyer, as owning your own home provides several benefits in addition to providing shelter.  Once the primary residence is in place, and perhaps even the move-up residence, it becomes a matter of personal choice as to what real estate vehicle best fits your real estate portfolio model.  Vacation homes o and income properties are always options.


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Although throughout history a great many people made their fortune in real estate, it is not without its risks.  Ask anyone who was trapped "underwater" during the Great Recession, and you will hear one horror housing story after another.  With mortgages larger than the value of their property, many walked away, did a short sale or were foreclosed upon.  Many learned the hard and costly lesson that real estate prices do not always go up.  It was a difficult time in the world of real estate as well as the overall economy.


Housing Questions


Real estate is a market, and like the stock market, today's prices do not reflect tomorrow's value.  The secret sauce is location, and there is nothing new about that.  However, it is wise to investigate why one location is superior to another even though they may be within the same general geographic neighborhood.  The sub-categories of location are view ( buy one if you have the option).   Another location factor is proximity to amenities such as shopping and dining, schools, freeways, public transportation (close enough to keep commutes easy, but far enough away to avoid noise and pollution), and perhaps the most difficult to project--future growth and value potential.


Every savvy investor would like to get in on the ground floor of the next trendy neighborhood, the deal of the decade and so on.  The key to identifying real estate opportunities is first to know what's happening in the communities of interest and watch local trends.  One of the driving forces of today's rental market is more young people are delaying the purchase of their first home.  This translates to a higher demand for rental units in urban and beach locations as this is where young professionals want to live.


142 Manhattan Beach Strand Homes


On the other hand, suburban areas with top-rated schools will attract renters who do not purchase due to affordability or other personal factors but still want their children to enjoy the benefits of the best education they can provide.  I've leased many Palos Verdes homes for this exact reason.


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Income producing property in a highly sought-after neighborhood may not be offered at a bargain price, especially if in a coastal location, but chances are there will be a growing demand for such properties.  This translates to increase in value (equity building) and a low vacancy rate--both positive factors from an investor's point of view.


Hermosa Pier and Strand


If you're in the market to purchase income property or a second home, I would be honored to discuss your investment goals and help you meet them.


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Norma Toering - Broker/Owner of Charlemagne Int'l Properties 310.493.8333 or NormaToering@gmail.com

Thursday, November 17, 2016

Beach Cities Residential Income Report--November 2016

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The South Bay of Los Angeles is popular with landlords for a variety of reasons; perhaps the top one being real estate prices are high, and that supports an ever-growing pool of renters.  The Beach Cities of Redondo, Hermosa and Manhattan are prime coastal locations for residential income properties. It's a lifestyle many aspire to and although the purchase prices are high there are a surprising number of rentals available near the beach.


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Let's begin with a market update for Redondo Beach's residential income properties:

8 Residential income properties are currently for sale in Redondo Beach.
6 Redondo Beach residential income properties are in escrow with accepted offers.
41 Redondo Beach residential income properties sales have been recorded year-to-date.


Surf Statue in Hermosa at Sunset


Hermosa Beach residential income property report:
30 Hermosa Beach residential income properties have sold year-to-date as of November 17, 2016.
6 Hermosa Beach residential income properties are in escrow with accepted offers.
4 Residential income properties are currently for sale in Hermosa Beach.


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Manhattan Beach residential income property update:
13 Manhattan Beach residential income properties are currently for sale.
2 Manhattan Beach residential income properties are currently in escrow with accepted offers.
19 Residential income properties have sold year-to-date in Manhattan Beach.


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For more information about residential income properties in the Beach Cities of the South Bay of Los Angeles contact Norma@CharlemagneProperties.com or 310.493.8333
Photos taken by Norma Toering while out and about in the gorgeous Beach Cities.

Monday, October 24, 2016

South Bay of L.A. Residential Income Property Report--October 2016

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From the Beach Cities to the Los Angeles Harbor in San Pedro, here is your residential income October 2016 Report.
There are 132 income units listed for sale in the South Bay.  77  units are in escrow, which indicates a very active market and less than two months of available supply.
Two to four unit building still dominate the available market in the South Bay at approximately 75% of the local apartments for sale.
Available income units by city (non-c0mpliant units are not reflected)
  • Palos Verdes – 0 ( A PV condo is listed in this category, but it is not multi-family)
  • Manhattan Beach – 13
  • Hermosa Beach – 7
  • Redondo Beach – 7
  • Torrance – 12
  • Lawndale – 8
  • Lomita – 3
  • Harbor City – 2
  • San Pedro – 49
  • Wilmington – 15
  • Gardena – 14
383 South Bay of Los Angeles residential income properties have sold year-to-date in 2016.
The fourth quarter is a smart time to purchase income properties--seasoned listings with a high number of days on the market may have sellers who want to move the property before the end of the year.  Sellers, many buyers are out shopping for a property they want to add to their income portfolio before the new year.

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For more information about selling or buying residential income in the South Bay of Los Angeles contact Norma@CharlemagneProperties.com or call me at 310.493.8333 to discuss your wants and needs.

Thursday, September 15, 2016

South Bay of Los Angeles Coastal Residential Income Market Report

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Here's a September 2016 update on sales and listings of residential income properties for several South Bay of Los Angeles coastal cities:
Redondo Beach:  11 Residential Income properties are currently listed for sale.  Year-to-date 22 Redondo Beach income properties have sold per MLS records.
Hermosa Beach:  22 Hermosa Beach income properties closed escrow YTD per MLS records.  There are seven Hermosa Beach residential income properties currently listed for sale.
Manhattan Beach:  13 Manhattan Beach income properties closed escrow in 2016 as of September 13.  There are 12 Manhattan Beach residential income properties listed for sale.
Torrance:  15 Residential Income properties are currently listed for sale.  Year-to-date 32 Torrance income properties have sold per MLS records.
San Pedro:  47 Residential Income properties closed escrow in 2016 YTD.  49 San Pedro residential income properties are currently available for sale.
Palos Verdes Peninsula:  No multi-unit residential income properties are currently for sale. Per MLS records, no Palos Verdes residential income properties have closed escrow in 2016.


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Coastal income properties can be quite pricey, but the option to purchase a single condo is often a good way to participate in the residential income market. For more information about coastal South Bay of Los Angeles income property in areas of interest to you, contact Norma@CharlemagneProperties.com or 310.493.8333.

Friday, August 26, 2016

Palos Verdes-- Residential Income Units


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Residential income properties are rare finds on the Palos Verdes Peninsula, but once in a while, one will come on the market. The largest concentration of multi-family income properties is the prestigious Malaga Cove neighborhood in Palos Verdes Estates along Via Campesina.  A few residential income properties are scattered throughout the Palos Verdes area.
It's not surprising there are currently no Palos Verdes income properties listed for sale on the MLS. Although when a Palos Verdes income property comes on the active real estate market, expect high interest and multiple offers.   :)
The good news is the neighboring cities of Redondo Beach and Torrance have a much larger supply of income properties for sale.   For more information on income property in any of the neighborhoods in the South Bay of Los Angeles contact ToeringandTeam@gmail.com.

Thursday, July 21, 2016

Beach Cities of the South Bay of Los Angeles Residential Income Property Report--July 2016

Beach Cities Residential Income Property Report–July 2016


Redondo Beach:
There are currently six Redondo Beach residential income properties for sale.
Eight Redondo Beach income properties are currently in escrow with accepted offers.
Twenty-two residential income properties have sold year-to-date in Redondo Beach.
At the current rate of absorption, Redondo’s supply is extremely limited, and demand remains high for premium coastal income producing properties.

Hermosa Beach:
There are currently ten Hermosa Beach residential income properties for sale.
Thirteen Hermosa Beach income properties are currently in escrow with accepted offers.
Thirteen Hermosa Beach residential income properties have sold year-to-date.
13 seems to be the lucky number for Hermosa Beach’s income producing residential properties.  Given these figures, it is clearly still a strong sellers’ market in Hermosa Beach’s residential income properties real estate market.

Manhattan Beach:
Ten Manhattan Beach residential income properties are currently for sale.
There are currently two Manhattan Beach income properties in escrow with accepted offers.
Twelve Manhattan Beach residential income properties have sold year-to-date.
The Manhattan Beach income property inventory reflects a cooling market as there is approximately a 4-5 month supply of residential income properties available at the current rate of absorption.