Coco 's LA Condo Lifestyle Blog

Those of us in the condo market have already experienced first hand the recent upswing in the market but it's always nice to have the media cover it as well.  Howard Fine aptly covered this market upturn in his recent Los Angeles Business Journal report entitled Uptick Seen in L.A. Home Sales

In the report Fine frequently acknowledges the recent surge in L.A. condo sales.

...L.A.'s housing market, pushed along by lower prices and sharply higher condo sales, is showing some signs of life...

...While sales activity normally picks up going into the summer, June's increases far exceeded the typical seasonal surge, especially in the condo market...

..There were 1,254 condo units sold in June, up 115 percent from May. That was the largest number of condos sold in one month since July 2007...

..One reason for the surge: price. The median price of a condo that changed hands in Los Angeles County fell 12 percent year over year to $386,000.

Fine cited several reasons for the surge in condo sales, among them:

Foreclosure and REO properties have encouraged bargain hunters to enter the market. This in my opinion has not affected the prices of condos on the Westside - Sellers are still listing their units too high and Agents are taking them too high and they are sitting.

The price of renting approaching and in some places exceeding the cost of buying. Rentals always go up as property values go down and many condos that were built as condos are being rented as apartment as they have no choice but to do that.

Gas prices have encouraged a new group of home buyers to seek the advantages of vertical living. Gas prices have significantly affected the choices people make on where to live and how close they are to their place of employment. There are areas that used ot never have homes up for sale and now they have more than ever.

Foreign buyers are taking advantage of the lower valued US currency to purchase high end condos.  Foreign buyers are coming in and making purchases. But with all the bad press out there they are making low offers and sellers are not taking them which I believe to be a mistake as the properties would not appraise in todays market. Any offer received should be considered.

In particular Fine cited the overall price advantage for buyers purchasing condos.

...Indeed, the math has changed considerably for renters thinking about entering the condo market. ... monthly rents have increased about 50 percent in the last six or seven years to about $1,950 on average, while home and condo prices have fallen by double-digit percentages from their peaks...

There are so many reasons to become a condo owner; it is refreshing to see the media acknowledge it.

I'm a big believer in the power of positive thought.  And I believe that to achieve a goal you need to be willing to shout it from a mountain top. This week I have chosen AR to be my mountain top.  I would like to have a featured blog on AR, so this week I'm going to put it out there.  I am going to get a featured blog!

Everyday I am going to conduct my business happy in the knowledge that soon I am going to have a featured blog on AR. I am going to think positively about having a featured blog on AR as often as I can. And I am going to continue writing blogs anxious to see which one will be chosen to be a featured blog.

I send out a challenge to all of you.  What would you like to manifest in your life this week?  Feel free to shout it out here and then let me know when it shows up in your life.  I'll let you know when I get a featured blog!

C'mon what have you got to lose?  What do you stand to gain?

I am a big believer in the benefits of mentoring.  I mentor up and coming real estate professionals and I have two mentors myself.  When I am mentoring, I am always aware of how my mentors have impacted me over the years.  There is one guideline I particular that I like to follow. As a mentor I listen more than I talk. 

I do offer advice, but only after I have heard everything the person I am trying to coach has to say.  I find that this does three things.  First it makes any advice I give much more effective, because I have a realistic view of the situation. 

Secondly, nine times out of ten, if I let them talk it through, un-interrupted, they come up with the solution on their own.  Which is ultimately what we all hope for anyway, isn't it?  As a mentor I want to be a conduit that helps and channels energy and solutions.  I don't want to be the perpetual problem solver.  I want to help people find their own solutions. 

And the last benefit of listening is that over time, the people I coach learn how to effectively cut directly to the chase when they do come to me for assistance.  It's ironic, that letting them speak unedited in the beginning quickly leads to them editing themselves.

Mentoring and being mentored has been extremely rewarding for me.  I highly recommend it to everyone.

Recently, a friend gave me the greatest gift.  And I have to be honest, while the gift was wonderful, even more moving to me was the thought, time and effort that went into the giving of the gift.  It meant so much to me.  I have found myself thinking the last few days about giving and how powerful it is. 
 
As a result, I made a decision to give another friend a special gift, as a way to pay it forward.  I am having so much fun planning my gift.  I hope that it will be as meaningful to her as my gift was to me.  And maybe just maybe she will pay it forward as well.  Perhaps that is the greatest gift, to be inspired to give.
 

One of the many things that I love about Active Rain is the way it creates an almost automatic mentorship program for the newer realtors.  I just want to congratulate all of the "newbies" who have found their way here and who ask for help and advice.  You can find a treasure trove of information here and it is available 24/7, for free. 
 
There wasn't anything like Active Rain when I was coming up through the ranks; we mentored the old fashion way, which I remain a fan of.  Still, the benefit of Active Rain is positively immeasurable to those of you who are just starting out!  Congratulations and Good Luck!

In these "interesting times" that we are living in, it is important to remember that value is value.  Forbes.com published a report not too long ago about the most lucrative neighborhoods in the United States, neighborhoods that continue to grow in value despite the current turbulent market trends.  It should come as no surprise to anyone that Los Angeles was featured in the report and that the Westside was singled out as one of the most lucrative neighborhoods in the country.

Forbes particularly singled out the area just south of and including Wilshire Blvd between Ohio and Westgate Avenues. Forbes cited the homes there as having increased in value 3081% since 1990.  They also claimed, "...new construction and commercial growth have since made this neighborhood one of L.A.'s fastest to appreciate."
 
No matter what happens to the real estate market across the country Bel Air, Beverly Hills, Brentwood, Holmby Hills, Malibu, Pacific Palisades, Santa Monica and of course the Sunset Strip will remain the areas that people want to live in. When new construction comes up in these areas there are still plenty of buyers looking for homes that are $20,000,000 and up. These large magnificent estates and their locations are known worldwide and there are only so many "trophy properties" that come up over the years for sale. This is the market that won't be affected. In fact -these properties are in such demand that when they do come up for sale there are buyers waiting to buy them - renovate them and live in them. 
 
 

Whenever things get complicated or difficult I think it's a wonderful time to reflect on all of the people and things that we love in our lives and to be grateful. After my family and friends  and my animals, the thing that I love most in my life is my lifestyle.  When I think that there are people in Iowa who daydream their way through the month of February picturing a sunset on the beach, I am reminded of just how lucky I am.  I don't take it for granted that I can see the sunset on the beach everyday if I choose to, instead I appreciate that the choices I have made in my life make it daily possibility.
      
I live in the midst of lush wonderland,  up a long drive with nature  surrounding me. When I walk on to my balcony which is large enough to hold a huge couch and chairs, planters and more during the day I can see the LA Country Club to my right and to the north west the Getty Museum - where the sunsets are magnificent. I am on the 6th floor and am surrounded by beautiful trees and at night I see the sparkling city lights of the Sunset Strip.  
 
Since I live in a full service building,  I never ever have need worry about servicing a lawn mower or paying a bill for a gardener. The grounds are impeccably maintained, the lobby and gym and pool area spotless and both of my cars are parked by the careful hands of a valet  and even washed in the morning if I ask!
 
When I come home from a long day of showing properties with my laptop, printer, purse and more, the valets are always smiling and welcome me home with smiles on their faces and are waiting to help me. I never have to open a door, because they are there to help and know when to get the cart to unload the trunk . 
 
When I am out for the day should a package arrive there is someone there to sign for it. If I forget something at home - I can merely call the building and ask one of the valets to use the spare key I have at the front desk and they will run upstairs and take care of me. If I have a handyman or service provider coming they can give that person access when I am not home.  
 
I love that I have an extended staff that courteously helps  me with any tasks I need performed.  How lucky and blessed am I? If I want - the dry cleaners will pick up my dry cleaning and then drop it off. The gentleman that takes care of my plants has access to my unit along with my housekeeper. There are many local markets that will deliver to the building along with numerous restaurants.
 
I have no illusions about my life.  I am living a life of luxury and privilege.  As a single woman I feel safe and secure knowing that the only people that can get upstairs must be let up by the staff.  I am thankful and appreciative for all of it.   And I openly acknowledge  that this is the lifestyle I have chosen. And for this reason and a few more this is why I love selling condominiums. This is my lifestyle and I love it. To me it is and will be the lifestyle of choice for many in Los Angeles.  Vertical living is magnificent and knowing that I can "lock and leave" is exactly what I want at this point in my life.  

I had the great fortune to have lunch with an old friend the other day.  During the course of the lunch, I asked her about her Grandmother, a bright feisty woman now in her mid eighties.  I was thrilled to hear that her Grandmother was in grand health and enjoying her retirement.  "Grandma Sandy" as everyone still calls her today was one of the great inspirations of my life time.  Born in the roaring 20's Grandma Sandy spent the majority of her teen years surviving the Great Depression, it was then that she learned the value of a dollar would go up and down but that property would always weather the hard times. 

As a young married woman Grandma Sandy had seized opportunity and purchased the house next door when the owner, an air force widow, decided she needed to live closer to family.  Grandma Sandy rented the property for years and used the profit to tuck away college money for all of her five children.

In 1973, Grandma Sandy seized opportunity again and invested in another rental property, the price was right and she saw clearly the value in making an investment at the right moment.  Grandma Sandy made purchases during all of the major recessions in the second half of the last century.  She was never aware at the time that it was a recession.  She once said that she waited until the price was something that felt right to her.  Over her life Grandma Sandy amassed a small real estate empire. She will proudly tell you that none of her children, grandchildren or great grandchildren ever started life out with a college loan to pay off, all because she had the foresight to buy the house next door.

Tony Robbins, the great motivational speaker has a fool proof method for getting his clients to take action; he calls it doing "A Dickens".  It's a wonderful exercise that asks you to look at your life now and to examine some action that you have been considering taking but have been putting off.  For instance, imagine that you have been thinking of investing in a REO property, but you hadn't gotten around to it.  Robbin's exercise would ask you to imagine that you have taken action and purchased a REO property; to imagine how wonderful and empowering that might feel. 

Next the exercise would ask you to think five years into the future; your REO has successfully been bringing added income to you for five years while growing in value, equity accruing and your FICO score rising.  How would that feel?  How different would your life be with this additional income and security?

Next the exercise would ask you to imagine your life in ten years. Were you able to make additional investments because of that initial REO purchase? How different would your financial picture be after ten years of increased income?  The exercise continues to ask these questions at fifteen and twenty years in the future. What would your life look like in 20 years if you made the investment now?  What would be financially possible in 20 years because you made a wise investment now?  How would that feel?  For most of us, the idea of being more financially free in twenty years is extremely motivating.

Then when you have a clear picture of what your life would look like in twenty years, The exercise asks you to go back to the present and imagine that you never do make an investment in REO properties, you think about it but never actually take the action.  Imagine your life 5 years from now, still with no added income, still no more financially secure, still talking about it.  Then imagine 10, 15 and 20 years later and you are still thinking about it.  Other people have strengthened their financial future but you have continued to think about it.  Ultimately, the exercise asks you to compare the two 20 year pictures and to choose which one you would like to be your future. Which future would you like to choose?

To succeed in Real Estate you need to embrace the Art of Self Promotion.  If you are squeamish about being in the spot light you are going to have an uphill climb.  For most Realtors that isn't the problem, for most of us the issue is finding the fine line between self promotion and bragging.  No one wants to be a braggart, but there is no use in being a shrinking violet either.  There's one easy way to distinguish between the two: always tell the truth the whole truth and nothing but the truth and then you can never be accused of bragging. 

Instead of just telling people what you do, find ways to present evidence of what you do.

Instead of telling everyone about the houses you've sold, use pictures of the houses you have sold on your website and in all your advertising.

Don't be shy about advertising; it is a necessary expense in real estate.  Make sure that every thing that you generate for the public from the most basic email to a giant billboard advertising your business, clearly states your name, what you do and how you can be reached. And of course if it has your name on it make sure it is something you are proud of.

Lastly, be involved in your community, sponsor local events and have your name included in all of the promotional materials.  This is not only a wonderful effective way to promote your self, but it is also a good thing for the community. 

When you promote yourself in an honest truthful way, while helping others you will quickly see that clients are looking for professionals of your caliber and are grateful when they know where to find you.