Westside Estate Agency http://www.weahomes.com Beverly Hills, Malibu, Miami Fri, 28 Apr 2017 18:18:24 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.1 WEA in the News: Frank Gehry’s Borman house in Malibu fetches $24.15 million http://www.weahomes.com/wea-news-frank-gehrys-borman-house-malibu-fetches-24-15-million/ Tue, 18 Apr 2017 20:03:58 +0000 http://www.weahomes.com/?p=27244 $24,150,950 — Malibu On Broad Beach Road, a Frank Gehry-designed home once listed for as...read more

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$24,150,950 — Malibu

On Broad Beach Road, a Frank Gehry-designed home once listed for as much as $57.5 million sold for about $5 million less than the most recent asking price of $29.995 million.

Mortgage documents obtained by The Times show that the buyer was a limited liability company that lists Ryan Hekmat as the agent for service. Hekmat is the son-in-law of Isaac Larian, billionaire and chief executive of the toy company MGA Entertainment.

Named the Borman House for its original owner — late PennCorp Financial chief Burton Borman — the 11,413-square-foot house sits on 160 feet of sandy beachfront. A courtyard entry, manicured gardens, a tennis court and a lap swimming pool make up the grounds.

Kurt Rappaport of Westside Estate Agency was the listing agent.

Click here to read the full article on the latimes.com.

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WEA in the News: ‘Vampire Diaries’ star Kat Graham lists her tranquil retreat in the Hollywood Hills http://www.weahomes.com/vampire-diaries-star-kat-graham-lists-tranquil-retreat-hollywood-hills/ Tue, 18 Apr 2017 18:16:49 +0000 http://www.weahomes.com/?p=27240 Actress-singer Kat Graham, who appears in the supernatural series “The Vampire Diaries,” has put her...read more

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Actress-singer Kat Graham, who appears in the supernatural series “The Vampire Diaries,” has put her gated home in Hollywood Hills on the market for just shy of $1.3 million.

The Spanish-style two-story was built in 1927 and is reached through a courtyard entry. Creeping vines, lush landscaping and a bubbling fountain give the front of the house a tranquil vibe. A second-story balcony overlooks the courtyard.

Beyond a rustic front door, the 2,174 square feet of living space include a living room with beamed ceilings, an updated kitchen, a den, two bedrooms and two bathrooms. Separate meditation and music rooms provide space for relaxation and/or creative output.

Tall hedges surround the backyard, which has a tiled patio.

Carl Gambino of Westside Estate Agency is the listing agent, according to the MLS. The exact list price is $1,299,999.

Graham, 27, is known for her roles in “The Parent Trap” (1998) and “17 Again” (2009). She has appeared on “The Vampire Diaries” since 2009, the show’s first season.

As a singer, she has worked with such artists as will.i.am, Demi Lovato and Justin Bieber.

She bought the house five years ago for $849,000, records show.

Click here to read the full article on the latimes.com.

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WEA Micro Market Report – March 2017 http://www.weahomes.com/wea-micro-market-report-march-2017/ Thu, 13 Apr 2017 17:00:44 +0000 http://www.weahomes.com/?p=27218 Click here to view WEA’s March 2017 Micro Market Report:

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Click here to view WEA’s March 2017 Micro Market Report:

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WITH TECHNOLOGY, ARE BROKERS NOW IRRELEVANT? http://www.weahomes.com/technology-brokers-now-irrelevant/ Thu, 13 Apr 2017 16:20:06 +0000 http://www.weahomes.com/?p=27219 Now that technology has taken over our lives, some people question the need for agents to be involved in real estate transactions. At WEA, we work in the high-end areas...read more

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Now that technology has taken over our lives, some people question the need for agents to be involved in real estate transactions. At WEA, we work in the high-end areas of Los Angeles, Malibu, and Miami and specialize in single-family residences and deluxe condominiums. Given that our average sale last year once again exceeded $9m, there is nothing average about the homes and buyers we represent.

Every person and property we represent is distinct from one another. There are no “cookie cutters” in our world. This means that each property must be personally evaluated so that we may facilitate a match between seller and buyer. There are countless particulars specific to each residence: age, style, size of house, size of land, floor-plan, amenities such as pool and tennis court, privacy, security, and more.

Technology can only give someone a small glimpse on a device as to what you really need to see in person, and that’s why your broker will ALWAYS be important in showing a house. Once the right property is found, the broker negotiates to get the best deal possible. Then, escrow is opened, inspections and due diligence commence, and perhaps a loan is required. Unfortunately, no matter how sophisticated technology becomes, these requirements to buying a residence will never be eliminated.

The bottom line is that you NEED a broker to represent you when selling or buying a home. We are here to stay, so why not choose the best.

At WEA, we believe we are the best. We have experienced agents, almost 20 years of successful negotiations and transactions, and the ability to overcome any challenges that arises. Contact us and let us show you.

We listen and we execute.

 

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WEA Reads: Homeownership hits 50-year record low http://www.weahomes.com/wea-reads-homeownership-hits-50-year-record-low/ Tue, 28 Mar 2017 00:24:03 +0000 http://www.weahomes.com/?p=27170 Homeownership hits 50-year record low BERKELEY, Calif. – March 27, 2017 – Over the past 10 years, homeownership rates in the U.S. stumbled, wiping out more than three decades of...read more

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Homeownership hits 50-year record low

BERKELEY, Calif. – March 27, 2017 – Over the past 10 years, homeownership rates in the U.S. stumbled, wiping out more than three decades of increases. Overall, the national homeownership rate dropped from a peak of 69 percent in 2004 to an average of 63.4 percent in 2016.

Rosen Consulting Group (RCG) estimates that more than $300 billion would have been added to the national economy if the homebuilding industry alone returned to a more normalized level in 2016, representing a 1.8 percent boost to GDP (gross domestic product), according to a new report, Homeownership in Crisis: Where are We Now?, released by Rosen Consulting Group and the Fisher Center for Real Estate & Urban Economics, Haas School of Business, University of California, Berkeley.

“Bolstering homeownership in a safe and sound way is not just about helping households secure financial stability, but may be the single most important factor in returning the United States to a path of robust economic growth,” says Ken Rosen, chairman of Rosen Consulting Group and UC Berkeley’s Fisher Center for Real Estate & Urban Economics. “This report highlights the current state of homeownership and the many factors that contributed to the plunge in homeownership rates during the past decade.”

Compared with pre-recession peaks, homeownership declines were largest among minority households, young adults, one-person households and single-parent households.

National homeownership trends: Key findings

  • As of 2016, the African American homeownership rate dropped to 41.5 percent, falling by 7.6 percentage points from the previous peak – the largest decline of any major racial group and 30 percentage points lower than white household homeownership. African American homeownership declined even as the total number of African American households increased by 2.7 million (19.8 percent) since 2005.
  • By age, young adults were hit hardest by homeownership declines. The homeownership rate for households aged 25 to 29 years old dropped by 10.9 percentage points to 30.9 percent in 2016.
  • The homeownership rate for households aged 30 to 34 years fell by 12.0 percentage points to 45.4 percent compared with the pre-recession peak.
  • In 2015, the homeownership rate for single-parent families was 48.2 percent – 31 percentage points below married family homeownership rates. One person households performed only slightly better with a homeownership rate of 52.2 percent, 27 percentage points lower than married families.

Why the plunge in homeownership?

  • More than 9.4 million homes were lost in the foreclosure crisis through short sales and deed-in-lieu transactions from 2007 through 2015. Access to easy, yet unsafe, credit in the form of non-traditional mortgage products was a major factor.
  • After the crisis, lenders moved in the other direction, severely tightening access to safe and affordable mortgages. Since 2010, lending to applicants with credit scores ranging from 620 to 660 retreated sharply and loans to homebuyers with credit scores below 700 declined to 27 percent of first-lien mortgages in 2014, down from 33 percent in 2010. As of third quarter 2016, the median credit score for conventional mortgages was 760, up from 707 in the fourth quarter of 2006.
  • The rise in student debt is another factor. Total student debt nationwide quadrupled since mid-2004 to approximately $1.3 trillion, with both the number of borrowers and the average debt load rising, making it harder for many young households to afford homeownership.
  • Following multiple years of rising rents and limited income growth, cost-burdened renter households, defined as those paying more than 30 percent of income toward rent, increased by 3.6 million, which lowered the ability to save for a downpayment.
  • The overall pace of household formation decreased sharply following the recession, reducing demand for all types of housing. An estimated 3.4 million additional households would have formed between 2008 and 2015 if household formation had remained on pace with the long-term average.

Click here to read the full article.

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WEA Reads: America’s 100 Richest Places http://www.weahomes.com/wea-reads-americas-100-richest-places/ Thu, 23 Mar 2017 00:27:57 +0000 http://www.weahomes.com/?p=27173 Cities and towns with ties to Wall Street and the Silicon Valley, and a smattering of communities in between, boasted the highest U.S. household incomes in 2015, according to a...read more

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Cities and towns with ties to Wall Street and the Silicon Valley, and a smattering of communities in between, boasted the highest U.S. household incomes in 2015, according to a Bloomberg analysis of census data.

Atherton, California, in the technology corridor between San Francisco and San Jose, topped the list as America’s wealthiest town, while more than one-third of the nation’s 100 richest households were located within 50 miles of New York City.

“The industries that are located in the so-called fly-over states don’t pay nearly the same as those on the coasts,” said Richard Yamarone, an economist at Bloomberg Intelligence. “Earnings for farmers, ranchers and manufacturers simply pale in comparison to the larger salary and bonus-laden occupations.”

Click here to read the full article on bloomberg.com.

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WEA in the News: Clothing designer lists Bel Air home for $35M http://www.weahomes.com/wea-news-clothing-designer-lists-bel-air-home-35m/ Fri, 17 Mar 2017 18:51:17 +0000 http://www.weahomes.com/?p=26648 “His designs, while pricey, may not rival Gucci prices — but Serge Azria’s Bel Air...read more

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“His designs, while pricey, may not rival Gucci prices — but Serge Azria’s Bel Air abode is asking a top-of-the-market rate.

Azria — founder of clothing lines Joie, Equipment, and Current/Elliott — recently listed his home for $35 million, Variety reported. He acquired it not quite six years ago for $21 million.

Designed by architect Paul Williams and more recently updated by its previous owner, house flipper Sandy Gallin, the 12,000-square-foot mansion contains seven bedrooms and 12 bathrooms. It features a foyer with a curved staircase, a spacious kitchen, a media lounge, a wine cellar, a fitness facility with spa, a billiards room, and at least seven fireplaces.

The backyard is filled by an infinity-pool the size of one-third of a football field. Kurt Rappaport of Westside Estate Agency has the pocket listing.

Azria, the brother of fellow designer Max Azria, owns quite the portfolio of luxury homes in L.A. In addition to this Bel Air compound, his Point Dume residence is for lease at $27,500 a month. Nearby in Paradise Cove, he also owns a nearly seven-acre estate he purchased for $41 million in 2013.

Click here to read the full article on therealdeal.com.

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WEA Micro Market Report – February 2017 http://www.weahomes.com/wea-micro-market-report-february-2017/ Thu, 16 Mar 2017 17:00:24 +0000 http://www.weahomes.com/?p=26574 Click here to view WEA’s February 2017 Micro Market Report:

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Click here to view WEA’s February 2017 Micro Market Report:

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2017’s Tax Rates by State http://www.weahomes.com/2017s-tax-rates-state/ Thu, 16 Mar 2017 00:39:24 +0000 http://www.weahomes.com/?p=26586 Tax season can be stressful for many Americans, especially those who owe money to Uncle Sam. Every year, the average U.S. household pays more than $5,700 in federal income taxes,...read more

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Tax season can be stressful for many Americans, especially those who owe money to Uncle Sam. Every year, the average U.S. household pays more than $5,700 in federal income taxes, according to the Bureau of Labor Statistics. And while we’re all faced with that same obligation, there is significant disparity when it comes to state and local taxes. Taxpayers in the most tax-expensive states, for instance, pay three times more than those in the cheapest states to meet their civic burden.

As this year’s tax-filing deadline, April 18, looms closer, it’s fair to wonder which states have the most and least burdensome tax rates. WalletHub’s analysts searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income. Scroll down for the complete ranking, commentary from a panel of tax experts and a full description of our methodology…

Click here to read the full article.

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WE’VE DONE IT AGAIN http://www.weahomes.com/weve-done-it-again/ Wed, 15 Mar 2017 23:49:50 +0000 http://www.weahomes.com/?p=26583 It’s been another great year for WEA and residential real estate. Los Angeles continues to gain steam and is rapidly becoming a true international destination. The demand for quality properties exceeds the supply, and...read more

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It’s been another great year for WEA and residential real estate. Los Angeles continues to gain steam and is rapidly becoming a true international destination. The demand for quality properties exceeds the supply, and our prices, although unobtainable for many, are far less than most other metropolitan areas of the world, including many in the United States. Add that our weather and nearby amenities (beaches, mountains, theater, etc.) are second to none, which continues to make Los Angeles even more desirable and a very safe place to invest in real estate.

I expect this trend to continue for both the near and far term. Most of the higher priced sales are with local buyers and residents of the United States relocating from colder climates. For those that had the foresight to buy after the last market downturn, they are now using the tremendous equity build-up in those homes to upgrade to the next level of estates.

Not only have prices now exceeded the previous all-time highs of 2007, but also the number of transactions taking place has mushroomed to triple digits in many areas and high double digits in others. This indicates movement within our market, as there are many more houses available than in prior years. All of these signs are very positive and indicate that, pending any unforeseen disasters, this market will continue to be buoyant.

At WEA, we are proud to have participated and flourished in this market. For the year 2016, our average sale was $9,019,544.

“WE LISTEN AND WE EXECUTE.”

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