Real Estate December 08

Su Casa - Real Estate

December 2008

[ REAL ESTATE ]

Richard Stanley Mug Shot 10 Reasons to Sell Your House Now
By Richard Stanley,
Ledger Columnist

    It’s the second question in almost every “long time, no see” conversation I have lately. Delivered slightly soto voce, in funeral tones and with a pained expression, my friends and past clients ask: “How’re you doing in this real estate market?” The short answer is, “Pretty well, thanks.”
    In retrospect, I’ll take the 2008s market any day over those of the early ‘90s or early ‘80s. Sure, the old reliable sources of business continue to prime the market: death, divorce, relocation and urgent family need, but unlike in the past, buyers are out shopping. I have the feeling that demand is building and that buyers may be deferring purchases until now—now that the presidential election is over. Hope and change do, indeed, seem to be on the way and, I expect, will buoy the market, at least in the short term.
    If you own real estate and are wondering whether you should sell now or wait, here are some points to consider:

Selling your house has been on your mind. Don’t be scared off by bad news. The real estate market is better than you may think.

Lenders are still making loans. More loan money is expected since the passage of the bailout—and Congress is expecting lenders to put the bailout money into circulation. One caveat: lenders are very picky lately. Fixer properties are harder to get financed than ever before. If you have good credit, your debt-to-income ratio looks good, you have a significant down payment and you want to buy a well-maintained house, you should be fine.

Interest rates are still exceptionally low. Savvy buyers know that under 6% loans and higher loan limits will not last forever. For example, the $729,000 FHA conforming loan limit will roll back to $625,000 on January 1st.

The inventory of local houses for sale is average, not a glut. Our neighborhood has not seen a surfeit of foreclosed properties. There is something for everyone on the market right now.

Buyer interest remains keen for well-priced, attractive houses. Smart buyers are buying now to take advantage of opportunities—like housing values they haven’t seen in a long time—and not as much competition, either.

Prices are more stable in our neighborhood than in outlying areas. Prices today are higher than at the start of the recent boom.

Buyers are looking for alternative investment opportunities. Since the stock market dive of late, tangible assets, especially in local real estate, are back in vogue.

Richard Stanley is a local realtor for more than 21 years. He may be contacted by visiting www.richardstanleyrealtor.com.

[ ANGELS ON ARCHITECTURE ]

John Marshall High School
By Karen Numme and Laura Massino Smith

John Marshall is located at the corner of Tracy and St. George streets.

    John Marshall High School was built in 1931 and carries the designation of Los Angeles Historic Cultural Monument. It was named after the foremost chief justice in the history of the United States Supreme Court. The first student body was comprised of about 1,200 students and 48 teachers. Currently approximately 4,000 students attend and the teaching staff numbers 230.
    George M. Lindsey was the architect who designed the school in the architectural style known as English Medieval Collegiate, (also called Gothic)— a very popular style for schools and universities worldwide in the early part of the 20th century.
    The school emanates a feeling of history, power, strength and serious stability. Looking closely at the facade, the cast decorative icons such as shields, crowns, eagles, arrows, scrolling and foliage are apparent. The brickwork sets off the decorative features as well as creating a grounding of stature. The diamond pattern of the brickwork adds a decorative element. A central bell tower serves as a focal point when viewed from a distance.
The 1971 Sylmar earthquake severely damaged the school, but the building narrowly escaped demolition due to an outcry from the alumni and the neighbors. Following a lengthy restoration the school was successfully restored and reopened in 1981.
    The school was used in the 1970s television series “Room 222” and the athletic field served as the playing field for the carnival scene in the 1970s movie “Grease.” “Growing Pains,” another television series of the 1980s, was also filmed here.
Leonardo DiCaprio who grew up nearby is one of the more well-known alumnus of John Marshall High School. Local Los Angeles city councilmember Tom LaBonge also counts himself among the illustrious alumni.

Karen Numme, a realtor with Keller Williams, Los Feliz, holds the title of Master of Architecture and Landscape Architecture.

Laura Massino Smith holds a Master of Architectural History degree, is an Architectural Historian and author of a series of guidebooks of Los Angeles architecture.