Rodeo Realty Journal July 2013

RODEO REALTY JOURNAL

local expertise, global presence.

July 2013

July 2013

TABLE OF CONTENTS

1 RODEO REALTY Welcomes New Agents 2-3 RODEO REALTY Economic Report--June 2013 4 Brentwood Opening 5 New Corporate Office 6-7 HOT PROPERTIES IN THE PRESS 8 Agent Success Storoes 9 A. Quincy Jones Exhibit Tour 10 Agent Appreciation Letters 11 Beverly Hills HOME Project 13 Events

14 Rodeo Realty in the News

INDEX

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RODEO REALTY

Welcomes You

Beverly Hills Calabasas Nick Collins Aliasgar Najeeb loni Weiner Denise Hoffman Samantha Scudder Gus Waters Khoshaba Danyal Barnet Gold Cory Diebold

Woodland Hills Westlake Village Nick Di Brizzi Robyn Lynch Tori Lee

Brentwood Studio City Mary Klein Jack Garant Marjan Vakilmozaffari Enrique Flores Darlene Murphy Kathleen Holland Saudy Sanchez Benjamin Vorspan Marc Reingold Allison Rinauro

Sherman Oaks Sunset Strip Mario Munoz Debbie Rauh Matthew Johnson Cheryl Williams

Encino Northridge Jamil Hasan

Thank you for the confidence you have entrusted in me and my team.

Welcome to the Rodeo Realty family -- Syd Leibovitch

JUNE 2013 ECONOMIC WRAP-UP

Real estate news for the month of June centered on higher interest rates after the Federal Reserve Chairman, Ben Bernanke, announced that the Fed would be slowing down the mortgage-and-bond buying purchases under the program known as QE3 by the end of the year. He further stated that the Fed planned to end all purchases as early as mid-2015.

The reason for this announcement was because the Fed now felt that the economy was growing at a strong pace, unemployment levels have dropped and he expected them to continue to drop, so further stimulus would no longer be needed. This program helped bring rates to the lowest level seen in decades. After hitting this year’s low of 1.61% on May 1, the 10-year note spiked soaring to a 22-month peak of 2.667% Wednesday, its highest level since August 2011, before settling at 2.52% today.

Mortgage interest rates were up sharply both for the month. A 30-year-fixed conforming mortgage is now at 4.38% climbing steadily from 3.75% a month ago. The rate was 3.57% on May 1, so rates are up almost a full percent in 60 days. A 15-year-fixed mortgage rate is up to 3.46% over half a point from 2.90% last month. Rates on high balance conforming $417,000 - $625,500 (LA and Orange County and $598,000 for Ventura County) are about 1/8% higher than conforming, and jumbo loans are about ½% higher. This week Federal Reserve officials continued efforts to curb a rise in long-term interest rates, hoping to calm fears raised by comments made by Chairman Ben Bernanke that triggered turmoil in global financial markets. Officials say an increase in the Fed’s benchmark interest rate is still a way off and bond purchases could also be prolonged if the economic performance doesn’t measure up to forecasts.

Reports on home prices continue to beat expectations. The California Association of Realtors reported that the median housing price in California increased 31.9% in May,

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JUNE 2013 ECONOMIC WRAP-UP the largest year-over-year increase in 33 years. Inventory levels remain low while the number of sales in May continue to rise. In May, there was a 2.6 month supply listings at the current sales rate, down from 3.6 % a year ago. A six-to-seven-month inventory represents a balanced market. DataQuick reported that an estimated 42,293 new and resale houses and condos sold statewide last month. That was up 8.3 % from 39,051 in April, and up 1.2 % from 41,790 sales in May 2012. The sales count was the second highest May ever reported behind only May 2006, where 54,099 homes were sold. We are seeing the strong market continue to get stronger and it seems rising interest rates are making a red hot market even hotter as buyers rush to make deals before interest rates get too high.

The Dow finished out June at 14910 down 2.5% overall from May but up 19.22% over last year. The NASDAQ closed at 3403 down 2.49% from May but up 19.38% year over year. The S&P 500 was down 3.24% from May and up a strong 20.86% year over year.

Recent volatility seems to have decreased as investors have come to terms with the fact that the Federal Reserve’s stimulus program will eventually come to an end.

In May U.S. employers added 175,000 jobs, a slight improvement over April with the unemployment rate at 7.6%. The state’s employers added 10,800 employees to their payrolls in May, according to figures from the state Employment Development Department. Nearly all industries added workers, led by the leisure and hospitality sector, which added 9,000 jobs, mainly at hotels and restaurants. The California jobless rate plunged to 8.6% in May, down from 9% in April.

In other economic news, The Consumer sentiment Reuters / University of Michigan index showed consumer confidence at a 6 year high. Consumer spending was also up. Inflation remained at very low. Gold, commodities and oil prices all continued to fall on the news that inflation remains in check. Gold, a popular safe spot for investors continues to fall dipping to under $1200 this week, a continued slide for the precious metal which hit a $1,895 an ounce in 2011. It was thought that the Fed’s stimulus programs would add so much money to the money supply that inflation would spike.

Gold was sold as a “hedge” against inflation. Unfortunately, for gold buyers, that inflation has not materialized.

I would expect to see prices up sharply over May and perhaps the highest number of sales ever for June! I think mortgage rates will stabilize and further rises will be much more gradual than we have seen the last 60 days. I would expect them to be a percent higher a year from now, but spread over a year it won’t seem so extreme.

-Syd Leibovitch

BRENTWOOD GRAND OPENING PARTY

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NEW CORPORATE OFFICE

Continuing a strong history of expansion in Southern California, Rodeo Realty is proud to announce a new corporate headquarters in the Palm Wilshire building located at 9171 Wilshire Boulevard in Beverly Hills, California. The office is centrally located in order to best serve Rodeo Realty’s 11 offices. This location offers complete in-house marketing, advertising, mailing, public relations, and website development services for the company’s over 1000 agents.

Based in Beverly Hills, Rodeo Realty continues to dominate the California market as the #1 independent single-owned brokerage with the largest market share in southern California. “Becoming a real estate agent means owning your own business, but our agents don’t have to go it alone,” said company founder and president Syd Leibovitch. “Our corporate staff is able to assist agents with all of their marketing needs and help them grow their businesses faster.”

Leibovitch is proud to be opening the state-of-art space which includes a complete print shop and post office facility. The new office provides room for expansion and allows his centralized corporate team to more efficiently do what they do best, help agents achieve their business goals. “My company gives agents an edge, by providing them with the technology and marketing tools they need to succeed in any market,” said Leibovitch.

Beverly Hills Corporate Office 9171 Wilshire Blvd. ste. 321 Beverly Hills, CA 90210 (310) 471-2600

HOT PROPERTIES

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GOT A HOT PROPERTY with celebrity credentials?

Tell us about it: mediarelations@rodeore.com

Joe Babajian represents a country retreat tucked in above Benedict Canyon and minutes from the heart of Beverly Hills. It is on a 1.5 acre lot with tennis court, lawns, patios, pool, spa, and lush landscaping. Beautiful living room with fireplace, gourmet kitchen with professional appliances and breakfast area, large family room with bar, formal dining room, & den. Fine details throughout including hardwood floors, vaulted & beamed ceilings, paneling, & custom built-ins. Upstairs features two family bedrooms & master suite with dual baths & closets. 4th bedroom suite downstairs, & additional guest suite with living room, bath, & separate entrance. Once home to tennis star Pete Sampras, Kate Jackson & Wiliam Asher.

It is listed for $4.495,000.

Michelle Weiss of Studio City has a new listing in Tarzana. A beautiful Ranch Style Home, formerly owned

by NFL Hall of Fame star, Gale Sayers. This lovely 4bed/3bath home features a huge Master Suite with closets for two, a master bath with granite vanity, tile floors, spa shower & clawfoot tub. Walk out from the master to patio, pool & hot tub. This home has great flow, perfect for entertaining. Rustic, cozy, inviting, with tremendous charm and warmth.

Joe Babajian and Judy Cycon hold a famed Beverly Hills listing. This landmark Spanish Colonial Revival estate was originally built in 1927 by architect Harry E. Werner. It was built for George and Freda Kolb and later owned by the actor James Coburn and also by a relative of the Sultan of Brunei. The property has undergone a painstaking restoration and remodel by the legendary architects/designers Tim Morrison and Tom Proctor.

The property is located north of Sunset Blvd. and the famed Beverly Hills Hotel and is sited on close to 1 3/4 acres on an extraordinary promontory with wonderful views of the City. This 14,000 sq/ft estate is listed for $38 million.

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HOT PROPERTIES Allyson Carter of the Sherman Oaks office will have the listing for a house owned by Mick Mars of the band Motley Crue. The home is undergoing some renovations and will hit market soon.

Ben Salem has the listing for this 6,458-square-foot home in the gated community of Brentwood Hills. The 5-bedroom estate was designed by award- winning architect James Porter FAIA. The striking contemporary home boasts amazing city, ocean and canyon views. The tranquil master bedroom has a large master bath with large walk-in closet which opens up to a charming terrace. The grounds have been transformed into a modern serene oasis with hiking paths, exceptional views and a complete compost center. Additional features include a three-car garage, maids quarters and an elevator.

Niki Rosenfeld has the listing for part of the original William Mellenthin estate in coveted “Hidden Woods� pocket of Sherman Oaks. This property which has been lovingly and impeccably restored by its present owner, was the original guesthouse and pool of William Mellenthin, a major builder in the valley during the 1930s and 1940s. The home has expanded and updated while retaining the original charm and integrity of its past. Situated on an extra large lot of approximately 10,700 sq ft, this beautiful property features three bedrooms and two bathrooms in just under 1700 sq ft.

An elegant estate with deep architectural roots has recently listed in Ojai, California. In the late 1920s, William Ford, Board Chairman and controlling stockholder of one the largest glass companies in the world, set his sights on the early California town of Ojai. After purchasing land on a majestic viewing knoll in Country Club Estates, he selected famed architect to the stars, Paul Revere Williams to design his Spanish-style center courtyard house and pool. The extremely private gated estate sits on 3 plus acres with mature oak trees and a working tangerine grove. The property is listed with Rob Johnson.

AGENT SUCCESS STORIES

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Networking to make the sale--

Michael Chez of the Woodland Hills office sold a a $3.675 million home in Hidden Hills by networking with agents that sell in the area to find out about any pocket listings that met his clients needs.

Persistence pays off--

While door knocking in his farm Michael Cather of the Woodland Hills office met an elderly couple that wanted to sell their home but were unsure where they were moving to. They weren’t sure if it would be out of area, out of state or out of the country.

After staying in touch with the seller month after month and keeping them engaged to use him, he took the listing after nine months of diligent follow up.

Using a CMA to gain clients-

Joyce Riskas of the Woodland Hills office has been sending letters to all her past clients and sphere of influence with a CMA attached to let them know what their neighborhood is selling for.

So far she has gone on three listing appointments and received four buyer referrals.

Want to be featured here?

Share your success: mediarealtions@rodeore.com

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A. QUINCY HOT JONES SALES EXHIBIT TOUR

The Hammer Museum is hosting the first major career survey of noted Modernist architect A. Quincy Jones. Archibald Quincy Jones (1913–1979), who was known as Quincy, practiced architecture in Los Angeles from 1937 until his death in 1979 and designed many of the area’s most prized homes. An architecture professor at the University of Southern California, Jones refined postwar housing and was one of the first architects of this period to view developments as an opportunity to build community through shared green spaces, varied home models, and non-grid site planning. Jones is credited with over 5,000 built projects, most of which still exist today.

The show draws from significant design collections including Jones’s personal and professional archives and includes original architectural drawings, a rare Case Study House model, and vintage photographs by Julius Shulman, Ernest Braun and other notable photographers of the period. It’s an important exhibit for anyone who is interested in the the architecture of Southern California Join Rodeo Realty on July 31 at 11 am for a guided tour of this exhibit at the Hammer Museum 10899 Wilshire Blvd Los Angeles, CA 90024 Space is limited. Contact Deidre Woollard at deidre@rodeore.com to register.

APPRECIATION LETTERS FROM CLIENTS

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Joni Greer, Calabasas We bought our second house earlier this week. Our first home-buying experience was smooth and eventless. But, the ride this time was eventful in every turn. We got our dream house only because of Joni’s dedication, perseverance, and adroitness.

Without her, we would still be in the market looking for a house.

In the beginning, we weren’t sure if Joni would be the right agent for us since she was in Calabasas and we were looking a house in Simi Valley area. She cleared our doubt immediately by involving herself actively in searching and setting up appointments. Soon she was showing us houses everywhere in Simi Valley. When things weren’t clear to us, we always went to Joni and she was always happy to answer or point us to the right direction.

In early May, when we went to see the house we eventually bought, she came prepared with all the necessary documents ready for us to sign. After we had inspected the house, we signed the offer on the spot, which Joni handed over to the listing agent immediately. We were able to place our offer early because of her proactive steps and thoughtfulness. When an appraisal price came in less than the asking price, we were in great dilemma; we neither wanted to lose the house nor wanted to pay over the market price. Joni adroitly made a deal with the listing agent and sellers below the price we were willing to pay. When Joni gave us the good news, we could hardly believe it.

Our next battle was with our lender and it was a lengthy and feisty fight (our loan officer quit two days before the escrow closing without locking our rate and due to the lender’s inept actions, the closing date was postponed twice). Joni stood next to us during the whole period. She went to battle for us even though we had chosen this lender. We found in her a mentor and a friend as well.

There were multiple offers on the house. In the end, we got the keys because we had Joni on our side and the rest had someone else.

Thank you, Joni, for making our dreams come true. You’re a godsend to us.

Suman & Reena Malia, Simi Valley, CA Simi Valley, CA

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AGENTS GIVING BACK: JAY GEISENHEIMER

From the left: City of Burbank Mayor, Student Recipient, and Rodeo Realty agent, Jay Geisenheimer

Studio City agent Jay Geisenheimer believes in the importance of giving back to her local community and local education programs. For the past three years, Jay, has been a major sponsor and donor for her local elementary school, The Rancho. The McKinley Scholarship is awarded to one stellar student with outstaning academic and community achievement each year. The Burbank Mayor, Emily Gabel Luddy, and Jay Geisenheimer presented the check to this years recipient.

Beverly Hills Office Staging Event

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Rodeo Realty has recently joined forces with Pottery Barn. Our Pottery Barn experts at the flagship store on North Beverly Drive have offered their expert staging advice for free and hosted an event to guide agents on home staging.

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EVENTS

Syd Leibovitch and fellow Beverly Hills agents gathered for a fun evening of cocktails and good company during the Caffe Roma Mixer event.

Rodeo Realty Corporate Liaison Patrick Boylan and Jerry Humes, Assistant Manager of the Sherman Oaks office, are playing in the 2013 SRAR Charity Golf Classic at the Moorpark Country Club on Tuesday July 16.

The event is a fund raiser to raise money for first time home buyers. Lets all wish them luck to bring home the trophy and maybe a few good agents from our competitors.

RODEO REALTY IN THE NEWS

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Ron Tanzman in the Los Angeles Times: Ron Tanzman was featured in an article on the extreme measures being taken to court sellers. He told the story of offering a recent seller the use of his sports car — a 2012 Audi R8 Spyder, a model that starts around $130,000 — for up to a year as part of the deal.

Aaron Scott in the New York Times: Jeff and Lorena Leininger, clients of Aaron Scott were highlighted in a story about the current hotter-than-hot seller’s market. “It felt as crazy as it was back when we bought 10 years ago,” Mr. Leininger said. “But it was much worse on the other side.”

Aaron Scott and M. Tyson Flynn in the Los Angeles Times: Both agents were featured in an article regarding the easing of mortgage restrictions and reported that they are seeing more flexibility in down payments as well as see ing more options for potential buyers who are only able to put 5 or 10% down.

Randy Tolchinsky was celebrated in the Ventura County Star for his patriotic July4th act of placing flags on the lawns of local homes.