County Line Gazette Volume www.1000OaksRealEstate.com
Number 37 www.TheRealEstateConversation.com
Market Update Is our market topping? The way things look, I would say the answer depends on where you live. With age restricted condos in the $200K’s, single family homes starting in the $500K’s, a multitude of executive and estate homes throughout 6, 7 and 8 figures, it’s safe to say the communities that surround the LA/Ventura County line vary wildly in price and size. This makes generalizing market conditions difficult, but I’m going to try anyway. Conejo Valley prices are up for 6 straight years but with interest rates rising, affordability is declining. No economic chart points upwards indefinitely so a small slowdown or topping should not be a surprise nor should it be worrisome. Let’s look at the numbers. Right now, there are 593 active listings in the Conejo Valley, 136 in Calabasas/Hidden Hills, 241 in Simi Valley, 77 in Moorpark and 200 in Camarillo. Though still historically low, these numbers are up significantly. Through May, Conejo Valley inventory is up year-over-year 14% representing about 2.4 month’s inventory. Though slightly favoring the seller, the market is not nearly as
strong as it was earlier in the year. In fact, sales are down 3%, though the average price is up 2%. Simi/Moorpark paints a different story entirely, highlighting the “Depends on where” I mentioned earlier. Average prices are down year-over-year 1%; sales are -11%. Yet, oddly, inventory is also down -12% leaving a very tight 1.7-month’s supply of inventory. But, average prices in Calabasas/Hidden Hills are up 6.9% and sales are up 3% too, indicting a stronger upper-end market or a stronger market to the east. I am in the latter camp. The economy in Ventura County is relatively stagnant compared to the other 6 SoCal counties. As a result, I believe Thousand Oaks and Newbury Park are under more pricing pressure than Agoura, Calabasas or Westlake Village. Slow growth policies bring benefits, but slow growth means just that; we are seeing the results in low job and income growth in Ventura County and thus softer prices. So, while prices are up, the competition for qualified buyers is up, too. Give me a call to discuss further if you or someone you know is thinking about buying or selling. n
What People Are Saying About Tim “Tim is one of those rare individuals, that really cares about your needs. His approach to sales is very much other centric as he makes sure that you are doing the right thing. Not to go into much detail, but if I would have listened to him before buying a house 7 years ago, I would have saved myself a big headache. He was right and I learned a lesson, that if I was listening, I would have not had to learn. That is the reason you hire a professional in the first place so you can take their advise and you could not ask for a more professional, active and caring realtor than Tim. He is truly a one of a kind!” - M. Levy
“We were extremely satisfied with Tim’s success in selling our Westlake Island home quickly. As soon as he put it on the market, he immediately had our home staged to enhance the features of each room. Tim was knowledgeable, approachable, personable and patient with every question we posed. There is no doubt we will be recommending him and be using him again for our next home purchase or sale.” – J. Farber “Tim has a deep level of knowledge of the community and the Conejo Valley. He is a great resource when selling or buying a house.” – T. Hicks n
Baby Boomer Corner
Title In The Age Of Aging You bought your home years ago and took title as Joint Tenants. So what happens when it’s time to sell but one of you becomes incapacitated and is unable to legally make decisions? Let me tell you a story…
585 River Hills Court, Simi Valley
A long time client contacted me about selling their home. She told me her husband was incapacitated and in a care facility. A tough blow. She had POA (Power of Attorney) and wanted to sell. I listed, got a great offer, opened escrow then sent the General Power of Attorney over to my title company. In my nearly 30 years of selling homes, I had never relied on a POA that wasn’t drawn up by escrow. It’s just one of those things. You attorneys out there already know where this is going; unfortunately my seller and I did not. The title company said that the seller had a “General” POA which was null and void once the husband became incapacitated. She needed a “Durable Power of Attorney.” She had a durable medical directive, but that isn’t applicable to real estate. Not being one to give up easily, I checked with a second title company and they confirmed the assessment. It became clear that the only solution was to conserve him. This however can be expensive and could be challenged, risking control of the assets. Thus the “Lack of authority to sell,” forced the cancellation of the contract. The hard part here is that the whole point was to get out while the getting was good and get the cash. Without a conservatorship or a durable POA, an owner can’t sell, get a reverse mortgage or do a refi. In other words, the home’s equity was inaccessible. The point I want to make is that you need to think about your partner and family and get your title and your estate in order. Be it a trust, a durable POA or conservatorship, hire an attorney and work it out. These are not easy discussions, but life happens in an instant. If it catches you unprepared, the consequences can be devastating which is why I work with a several local attorneys and title companies who can help with this. Just give me a call. n
Incredible Dennis Rice custom home in Simi Valley’s premier neighborhood of Sinaloa Highlands. This truly elegant custom traditional estate features a master bedroom suite down plus a second bed and another bath and a half on the first floor. With 3 more beds and 2 baths up, you’ve got the perfect floorplan. The kitchen features a gorgeous butcher block center island. With white cabinets, black hardwood floors, a library, formal living and dining rooms and the essential grand entry hall, you can’t wait to entertain. New carpet, paint and a newly plastered pool, this home is perfect for a family or having over the grandkids.
• 4,370 SF • 23,259 SF Lot • 5 Bedrooms • 4.5 Baths
www.585RiverHills.com Offered at: $1,425,000 n
Selling Homes When They Aren’t Perfect
We’ve all seen HGTV shows where the perfectly staged homes sell right away for top dollar. They always make it sound like getting a home in this condition is easy and essential; either that or you’ve got a home for Fix And Flip. Have you ever wondered, “Can’t someone just sell my home the way it is?” The answer is “of course I can”.
Burt’s Pharmacy Comes to Westlake! If you’re like me you’re having more and more reason to go the pharmacy. There are so many new meds and holistic solutions to the many ailments that age brings. I find I want a pharmacist much like I want a primar y physician. Someone who knows me knows what I’m taking and is there for me when I have questions. For this reason I go to Robbie Leark pharmacist/owner of Burt’s Pharmacy in Newbury Park. I’ve not recommended Robbie before now because many of you are too far from his NP or Thousand Oaks store. Well great news! Robbie just opened up a Burt’s Pharmacy in Westlake Village! Robbie is fast. He delivers. He knows meds and interactions, does his own compounding and has a fabulous, friendly staff that you’ll get to know and come to trust. His Newbury stores are located at 2333 Borchard Rd NP; 430 Avenida De Los Arboles TO and in Westlake at 2900 Townsgate #105 past Gelson’s. I encourage you to pay them a visit and introduce yourself, you won’t regret it. Visit him on the web at www.burtsrx.com and tell him Tim sent you!
While it is true that you will sell for more and faster if you have a turnkey home, it is also true each home has a price appropriate for its condition. I handle any home that is not in perfect ‘model home condition’, by discussing what it would take to make it model home perfect. If that’s too much, I find what it would take to clean it, pack it up and declutter. Many of us tend to collect a lot of stuff, especially as we get older. Sentimentality is big when selling the family home. At Tim Freund Fine Estates and Homes, we have people to help our clients get their home cleaned up and ready to go. It’s not expensive and most sellers welcome the help. This isn’t paint, carpet and stage, it’s “put your best foot forward and get the best price you can.” If you say “I don’t want to do any of that,” what’s next? Sometimes it’s just too much to do anything but list and sell. When that’s the case, that’s what we do. However, this convenience comes at a cost of a lower sales price. But remember, every transaction is about price and terms and “easy” is a term. For all of our sellers, we find the right balance of prep work and pricing strategy to sell for higher than the ”As-Is” price without having to make the home “model perfect”. If you’d like to discuss your options, please give me a call. n
Christie’s International Real Estate Just a quick reminder that Dilbeck is the exclusive Christie’s affiliate for all real estate north of the Santa Monica’s, from Studio City to Pasadena, from Hidden Hills to Ventura. When people think luxury, they think Christie’s. n
PRSRT STD U.S. Postage PAID Permit No. 55 Thousand Oaks, CA
850-A Hampshire Road Westlake Village, CA 91361
Each Dilbeck office independently owned and operated. If your home is currently listed with another broker, this is not a solicitation as it is not our intention to solicits another broker’s listing.
Greetings Happy summer my friends along the Ventura/LA County line and beyond. There’s a lot going in the world of real estate these days: rising interest rates, slowly increasing inventories… all of which affect buyers and seller alike. If you’ve never opened up your County Line Gazette, take a look and see what you’re missing! It’s been called “The best real estate newsletter I’ve ever read” by more than a few people, so you be the judge and see for yourself. I want to give a special thanks to those of you who have called and emailed me your appreciation for the County Line Gazette. But I must admit it makes me burst with pride when I get those. I know you aren’t necessarily selling or buying when you reach out, but the fact you let me into your life in this way warms my heart. I also know that
with your kind words eventually come those referrals that, as you know, are the life’s blood of my business. Of the over $22M in homes sold or in escrow so far this year, 11 transactions have come from past clients and their referrals. Thank you! So please enjoy this the 37th issue of the Gazette and I look forward to hearing from you. Inside you’ll find my articles: • Market Update • Baby Boomer’s Corner: Title in The Age Of Aging • Selling Homes When They Aren’t Perfect All the best!