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Tracy King's Blog

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and...

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and planning her next trip to Paris.

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Case-Shiller Index Officially Double-Dips--Big Deal!

Data released this morning by Standard & Poor’s show that the S&P/Case-Shiller national home price index declined by 4.2 percent in the first quarter of 2011, after having fallen 3.6 percent in the fourth quarter of 2010. The national reading hit a new recession low with the first quarter’s data and posted an annual decline of 5.1 percent versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels.
...From DSNews.com, your Daily Dose of Default Servicing News, May 31, 2011.

My response is, so what? What does this have to do with your home? What does this have to do with, say, the sale at 2030 Estes Rd in Eagle Rock (closed April 21, the highest sale in Eagle Rock since September, 2009, for $176,000 over asking)? In the first place, this is first-quarter news and we have moved on (and up) from there. In the second place, once again, we have to note that national home prices have little to do with local home prices.

So why should we care at all about this depressing news?

Because the common, everyday, not-in-distress, regular, homeowner who wants to move is influenced to wait.

For what?

For prices to “get better.” For the market to “improve.”

I posit that by waiting, homeowners are creating the very problem they seek to avoid. The fewer “regular” sales there are, the more weight is given to “distress” sales, which often sell for a significant discount off market price, which lowers the average sales price, which lowers the comparables that appraisers use to value a home sale, and so on in a self-fulfilling prophesy downward spiral.

We had 15 offers on 2030 Estes. That means that 14 buyers did not buy a home and went looking for others. Other “regular” sellers missed a bet by not coming on the market right after that. But it’s not too late! Some of those buyers are still out there looking...I know, I’ve seen them at other open houses. Plus there are buyers looking in different price ranges for other kinds of homes. Many buyers know that this is an amazing time to buy. They will pay fair prices for good homes. If you own a home and want to sell it, consider doing it now. Make your own good news and thumb your nose at DSNews and Case-Shiller!
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This one is freeway close!

Only $175k in Highland Park.
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Sent from my iPhone

Posted via email from Tracy's LA Real Estate



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1583 Hits

Everyone is flocking to Teles Pasadena

Including the ducks! Attracted by our garden and reflecting pool...
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Sent from my iPhone

Posted via email from Tracy's LA Real Estate



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New listing! 4928 Onteora Way, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
4928 Onteora Way, Eagle Rock, CA
New listing! OPEN TUES & THUR, MAY 17 & 19, 10-2PM; and SUNDAY, MAY 22, 2-5PM!
4BR/3+1BA Single Family House
offered at $849,900
Year Built 2011
Sq Footage 3,465
Bedrooms 4
Bathrooms 3 full, 1 partial
Floors 3
Parking 2 Car garage
Lot Size 6,098 sqft
HOA/Maint $0 per month
DESCRIPTION

Space, style, and incredible views add up to a fabulous home at the western edge of Eagle Rock. This contemporary-styled newly built multi-level structure has 3465 square feet on an upslope, western-facing 6,098 square-foot lot that captures sunset views from Griffith Park and Glendale to the San Fernando Valley. There is a 2-car detached garage at the street level. Next, enjoy views from the deck accessed by two spacious bedrooms. This level also has a full bathroom and laundry facilities. On the second level you will explore more views off the huge living room, dining room and kitchen space for the Dwell Magazine experience. A powder room completes this level. The third level has a huge master suite complete with walk-in closet, bathroom with a separate shower plumbed for steam and more views. There is also an interior atrium with fire-pit and a media room/family room with its own separate bathroom. One more staircase leads up to the best views of all, another deck, and the yard. Systems are all new and include gas fireplace, stainless steel appliances in the kitchen, gas firepit, central air & heat and a tankless water heater. There are closets on every level providing lots of storage.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- High/Vaulted ceiling - Walk-in closet - Living room
- Office/Den - Dining room - Refrigerator
- Stove/Oven - Stainless steel appliances - Laundry area - inside
- Balcony, Deck, or Patio - Yard
OTHER SPECIAL FEATURES

- Contemporary-style newly built home in Eagle Rock
- All new systems including gas fireplace, gas firepit, central air & heat, & a tankless water heater
- Western views from three levels of decks and patios
- For more pictures and details visit www.4928Onteora.com
ADDITIONAL PHOTOS

4928 Onteora Way
Living Room
Kitchen
Master Bedroom
Master Bath
Rooftop Deck/Lawn
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
powered by postlets Equal Opportunity Housing
Posted: May 16, 2011, 9:36am PDT
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A Seller Success Story: 2030 Estes Road

Once in a while, everything comes together and the sale of a home exceeds everyone’s expectations. How does this happen? Is there a formula that can be used to at least maximize the odds?

Some necessary components:

  • A great house -- good bones, proper updates, a private, idyllic setting, a very livable floor plan, a prestigious location in the area.

  • A seller who knows how to prepare his home for sale, how to present the property during the showing phase of the sale, and, of course, how to choose a Realtor who will work with him to strategize the best plan to sell the house for the most money in the least amount of time and with a minimum of hassle.

  • A Realtor with the market and real estate knowledge to conceive and execute the plan.

  • A team of dedicated people to carry out the plan. This team includes the seller’s willing family, neighbors, and  competent professionals (Realtor’s staff, photographer, escrow and title companies, etc.) to execute the marketing and sale.


When I first met my Success Story Sellers in February, 2011, the highest sales in Eagle Rock in the past few months had been $749,000 for a much larger house and $675,000 for a house that was a foreclosure but was bigger and a popular Mediterranean style. The house at 2030 Estes was unlike any other house that had sold in the area in years, so how were we to arrive at the probable sales price? The sellers were hoping for more than $750,000 and I truly believed it should sell for much more. But how to get such a number when sales comparables were so low? Even if we found people willing to pay our price, it would never appraise for that value in the current conservative lending environment.

Out-of-the-box thinking was required. If the house sold for a price that wouldn’t appraise, we simply would insist that in order to be considered, an offer had to remove any appraisal contingency. We listed the property for $749,000, the same as the highest sale in the past few months.

Preparing the house for sale included planning how to deal with the seller’s family which included a dedicated and fabulous wife, two young boys, a dog, and a lot of personal stuff. After packing up or selling much of the stuff, the wife packed up the boys and took them away for the 8 days we were on the market. For every showing or open house, the dog went to the neighbors. More neighbors were enlisted to move their vehicles that had been parked on the street. The house looked like a Dwell magazine cover story for all showings.

We had five open houses in eight days including brokers’ open houses and a twilight open house. By the ninth day, we had 15 offers, 14 of which had no appraisal contingency. By the time counter offers came back, we had three offers over $900,000! The highest offer was for cash, closing in 10 days. Long intense story short, we closed 11 days later for $925,000, as-is, no repairs or termite work to be done.

As I said, this was an ideal situation: great house, great sellers, great team altogether. It’s rare to have it all. But isn’t it good to know that a house can sell with multiple offers way over the last highest sales price in this uncertain market?

Here is what the seller of 2030 Estes Road had to say:

videoscreenshot
Thank you to Kendyl Young for her fabulous video shooting and editing skills!
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New listing! 2611 Oneida Street, Pasadena

Tracy King | Teles Properties | (626) 827-9795
2611 Oneida Street, Pasadena, CA
New listing! OPEN TUESDAY, MAY 17, 10-2PM AND SUNDAY, MAY 22, 2-5PM!
2BR/1BA Single Family House
offered at $599,000
Year Built 1948
Sq Footage 1,610
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 7,850 sqft
HOA/Maint $0 per month
DESCRIPTION

This stylish mid-century home has crisp lines and original details such as casement windows, hardwood floors and a fireplace in the living room. Skylights brighten the interior. More modern upgrades include central air and heat, a new patio cover and a fountain in the backyard. The spacious family room just off the kitchen opens up the floorplan and adds to the versatility of this 1600 square-foot two-bedroom, one-bath home. The fenced yard of this corner location meanders behind the 2-car garage and is much larger than it looks from the street. The fountain flows into a koi pond creating a peaceful oasis. Your own orchard has a peach tree and a large apricot tree that yield delicious fruit. Ideal for indoor-outdoor entertaining, the flow from the kitchen through the family room out onto the patio leads inevitably to the barbecue. This special home in its lovely quiet, established neighborhood, is located in the coveted blue-ribbon distinguished Alexander Hamilton Elementary School area (check with Pasadena Unified School District for availability), and has easy access to the 210 freeway.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- Hardwood floor - Tile floor - Family room
- Living room - Dining room - Laundry area - garage
- Balcony, Deck, or Patio - Yard
OTHER SPECIAL FEATURES

- Stylish midcentury home with crisp lines and original details
- Spacious family room off of the kitchen opens up the floor plan
- Yard with patio, fountain, koi pond and fruit trees
- More pictures and details at www.2611OneidaStre
ADDITIONAL PHOTOS

Front
Living/Dining
Family/Kitchen
Patio/Yard
Kitchen
Master
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
powered by postlets Equal Opportunity Housing
Posted: May 16, 2011, 9:22am PDT
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Join me for lunch!

Today, Thursday, 10-2 at 2611 Oneida St, Pasadena 91107. Doesn't my new Teles sign look good?

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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1108 Hits

Dinner to Benefit Local Resident

Here is information on a benefit at Auntie Em's to help out a local resident. Please RSVP today if you can attend:


Dinner to Benefit Peter Hoffman-Kipp
RSVP: This email address is being protected from spambots. You need JavaScript enabled to view it.

Hello All-

I’m forwarding this message to you to help raise awareness and funds to help Peter Hoffman-Kipp who has been quietly coping with a disease process that is not well understood by the medical community and offers little to no treatment.

Peter and his family have been coming to Auntie Em's Kitchen since the day it opened and have been supporters of the restaurant to this day.  Auntie Em's Kitchen is a neighborhood restaurant and we are so grateful to our friends and neighbors for the support and patronage they have shown us.  Thus we would like in our small way to try and help Peter and his family.

The Hoffman-Kipp family have been going this alone while we have watched and wondered what we can do to help? Now we are offered the chance to do some real good, something tangible, and something that offers hope to restore Peter’s health and give him a fighting chance to win this battle.

We ask you to partake in a meal with Peter and his family on Friday May 13th from 6-9pm at Auntie Em’s Kitchen restaurant in Eagle Rock. Dinner/drinks suggested donation is $75.00 per person.
TO RESERVE & RSVP: If you can attend, please contact Genevieve Harlocker This email address is being protected from spambots. You need JavaScript enabled to view it. no later than 5pm WEDNESDAY AFTERNOON, MAY 11th.

AUNTIE EM'S KITCHEN is located at 4616 Eagle Rock Blvd, CA 90041 / 323-255-0800

The Following is a synopsis of what is going on…

As some of you know, Peter now has a triple diagnosis – Lyme, ALS and CIDP. The addition of Lyme disease to the mix happened a few months back, and it led us to a wonderful doctor in Seattle. This doctor saw Peter in February, and is now leading us through a complex web of treatments. For example, Peter is receiving IVIG treatments with a home-health nurse twice a week, acupuncture every day, takes 25 antibiotics and supplements daily AND travels to Beverly Hills once or twice a week for specialty treatments. Did I mention that he should also be going to the Rose Bowl Aquatic Center 2-3 times a week along with a bit of qi-gong?

In terms of Peter's daily life, he books around in a wheelchair and usually stays pretty close to home. A caregiver comes each morning and evening. Peter is currently on short-term leave from his work until mid-May, in order to focus on these treatments.  It has been 3 ½ years since the symptoms started, and Peter is tired but strong.

As you may know, treatment for neuromuscular disorders is rare, often alternative, and expensive. Insurance (even the great PPO we have) does not offer much coverage of treatments (except the IV treatment Peter receives at a tab of 10k a week).  After 3 1/2 years of finding experts in the fields of neurology and neuromuscular disease, we finally found the doctor in Seattle who has agreed to treat Peter. He recommends a symphony of treatments, many of which we have begun.
ACTION ITEMS

Peter's doctor recommends stem cell treatment, which requires international travel and $25,000 per trip. Our goal is to raise the funds to make the first trip happen this summer. Peter may need 3-4 trips, if his body responds to the treatment.

Families helping families is what is going to get Peter through this and whatever you can do is much appreciated and more fundraisers between now and July will be held in order to get the family enough funds to make the trips for treatment. We'll keep you informed and you can also find us on TeamHoffman-Kipp.org

Thank you very much!

-Terri Wahl
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Sneak preview of the front of my new listing

P1020031

This is one cool-looking house...Open 10-2 on Thursday.

Posted via email from Tracy's LA Real Estate

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1108 Hits

Sneak Preview of my new listing

View from the patio at 2611 Oneida, Pasadena. Available Thursday, May 12, for $599,000.

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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1093 Hits

Celebrate National Train Day May 7

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1094 Hits

Another beautiful morning in Altadena

View from Echo Mountain to Henninger Flats.

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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1319 Hits

Adventure at Echo Mountain

Helicopter rescue of hiker who experienced serious health issue on the trail. It's a good idea to carry your cell phone: a passing hiker dialed 911 and possibly saved this man's life. We are fortunate to have fast responding sheriff's rescue team as well.

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Echo Mountain Hike

It's not always about the view.

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Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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1249 Hits

Never Say Never

The headlines from the Los Angeles Business Journal read:

Will L.A. home prices ever head up? Yes, but foreclosures, demographics will make it a slow march.

The article continued:

After a wrenching 6-year decline, the good news is that Los Angeles house prices are no longer in a tailspin.

“People always ask me, ‘When will I see my house worth what it was in 1989?’ I tell them, ‘It’s going to be awhile,’” said Fred Sands, president of Fred Sands Realtors.

In L.A. County overall, home prices have fallen around 30% since 1990.

Yes, folks, this was published in 1996, over 15 years ago. Did prices ever go back up to what they were in 1989? They were at a median price of $215,000 then for Los Angeles County. According to the Los Angeles Almanac, the median returned to the $215,000 number in 2000, so it took eleven years to complete that cycle.

What are they now? According to Dataquick, the comprehensive real estate database, the median price in March, 2011 was $320,000, a 43% drop from the highest median price in Los Angeles County history in 2006 when it reached $584,800. When will we complete this cycle? No one knows, but please, never say never.
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Benefits of Home Ownership

Buying a home is not just a financial decision. Posted by the excellent mortgage broker, Linda Wilkes:
Social Benefits of Homeownership
A recent report
by the National Association of Realtors identifies homeownership's numerous social benefits. The report, "Social Benefits of Homeownership and Stable Housing," cites extensive research showing that homeownership increases civic participation, lowers crime rates and boosts children's educational performance.
Homeowners have a far lower move rate
compared with renters. Nearly 30% of renters changed residential locations in 2008 to 2009, while only 5.2% of owner-occupied residents moved. Because homeowners remain in their homes longer, they add stability to their neighborhoods.
Homeowners have an incentive
to improve the overall quality of their surrounding community. This incentive is evident in greater community involvement and awareness. Homeowners are twice as likely than renters to know the name of their local school board representative. One study found that 77% of homeowners voted in local elections compared with 52% of renters. Homeowners also had a higher incidence of membership in voluntary organizations.
Homeowners are more likely than renters
to form voluntary crime prevention programs, making it easier to identify a perpetrator of crime. Crime, drug use and juvenile delinquency rates all decrease in stable neighborhoods with extensive social ties. Consequently, homeowners are far less likely to become crime victims.
Homeownership makes a significant positive impact
on educational achievement. According to the "Journal of Urban Economics," teenage students of homeowners have a greater likelihood of graduating and young children of homeowners tend to have higher levels of achievement in math and reading. The positive effects on education may arise not from homeownership alone but from the combined social benefits of homeownership, namely a lower move rate, greater neighborhood stability, enhanced social ties and increased civic participation. For more information regarding mortgage rates and availability, contact Linda at:
Linda Wilkes
Senior Loan Officer Prospect Mortgage NMLS# 23610 1499 Huntington Dr. South Pasadena, CA 91030 Office: (323) 221-5111 Cell: (323) 719-6756 Fax: (877) 675-9296 This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted via email from Tracy's LA Real Estate

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Fundraiser for the Animals!

We are hosting a fundraiser at Colorado Wine Company on April 28, 6-8pm to benefit the North Central Animal Shelter!

Join us for wine, raffle prizes, and saving puppies - taste some good wine for a good cause!

Our goal is to purchase sponsorship for as many kennel cages as we can, since that way the money goes directly to the care of the animals at North Central.

$20 gets you a flight of wine, cheese plate, and good karma!

If you can't make it out, you can donate by sending a check made out to LA Animal Services and sending it to us at Tracy King, 2014 Estes Road, Los Angeles, CA 90041. We will add it to the total kennel sponsorship to help us reach our goal.

If you're in Missouri and want to donate closer to home we have a great vet in Springfield that has done a lot for the family. You can call and make a donation in honor of Jeanne Spradlin: 417-865-5367, or send a check to All Creatures Pet Hospital, 902 West Kearney, Springfield MO 65803.

Please RSVP to This email address is being protected from spambots. You need JavaScript enabled to view it. or 626.827.9795 or on Facebook.  We look forward to seeing you there!

AnimalShelterFundraiser
Thursday, April 28, 6-8pm at Colorado Wine Company
2114 Colorado Blvd., Eagle Rock 90041

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1510 Hits

Echo Mountain

Another beautiful morning in Altadena, looking west over the LA Basin. Ah Spring!
Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate



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1223 Hits

Entertainment at Art Auction Preview

Feather Beard performs. This is definitely pushing the envelope. I love this place!

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Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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1074 Hits

Art Auction preview

Center for arts, Eagle Rock

Knitting project: hummingbird Feeder by Heather Hoggins.

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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