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Cynthia S. Radom
Certified Seniors Specialist
Specializing in Trust Sales
Coldwell Banker Realty - Beverly Hills CA
NEWS & ISSUES for BABY BOOMERS to GOLDEN-AGERS
No More "Pocket" Listings
Effective immediately the
National Association of REALTORS
) adopted a national
no pocket listing
. A “
listing is when a Seller does not want a property listed in the
Multiple Listing Service (
) with or without a Broker listing agreement, but allows an agent to promote the property to fellow agents and sell to prospective Buyers. Most often,
are serviced without a written agreement, which causes issues and confusion. Excluding from the
means lack of public/Buyer knowledge and lack of widespread agent awareness of the property, and
therein lies the issue
rationale deems that REALTORS
who join a local
agree to cooperate with other member agents, and that wide distribution of listing information is pro-competitive and pro-consum-er. The
creates an efficient marketplace, and public access to a listing indicates cooperation with all its members while servicing the Seller’s best interest.
Sellers who are concerned about privacy and wide exposure of their property (i.e. divorce situations or celebrity clients) can opt for an “O
” listing. This allows the listing Brokerage to promote the property
to its affiliated licensees (
Coldwell Banker has the most with 2,100 area agents
ads or displays of the listing because once the listing becomes public knowledge it must be
submitted to the
MLS within 24 hours
. Therefore, no yard signs, no digital marketing on websites, no e-mail blasts, etc. Also, no sharing the listing with agents in a multi-Brokerage network. And, Sellers can no longer share an off-market listing with agents from different Brokerages.
CA real estate is a business where everything must be in writing to be legally binding. Pocket listings, used mostly in high-end markets like CA, have been long-known to cause a variety of riffs without a formal agreement. Furthermore, a
is well-advised to submit their property to the open market via the
for worldwide Buyer consideration and for obtaining the highest sale price possible.
member commun-ity will maintain a watchful eye on fellow agents. When a REALTOR
loses a sale because a Seller's agent did not abide by the new rules, well...agent beware.
This year starts with
24% more estate sales over
$5M than in 2019.
Americans still lead the buying market for sales of
Here are two scenarios of would-be landlords:
1. A longtime homeowner who wants to move, but selling and paying high capital gains tax is not desired.
2. Someone who inherited a home under Prop 58 with low property tax and wants to turn the property into a long-term income producer.
Before renting, start with an overall
home inspection (including a termite exam) by a licensed contractor to determine repairs, replacements or deferred maintenance that need to be addressed. Applicable CA law requires smoke detectors, a gas shut-off valve, hot water heater strapping, carbon monoxide detector and, if listed by a REALTOR
®, owner disclosures submitted to the tenant. Other pre-leasing expenses may include: new carpeting, polishing wood floors, interior or exterior painting, replacing window coverings and pool resurfacing.
If you hire a
leasing agent this is not a
property manager, unless hired in a separate agreement. After the tenant moves in, the landlord takes full responsibility. The on-going expense of a property manager may not be necessary for a single-family home if the lease is properly negotiated. Monthly rents can be sent to the owner by direct deposit payments; a home warranty policy can be purchased to handle repairs, and who pays for pool maintenance, gardener and utilities can be determined.
Note: Proof of renter’s insurance, paid by the tenant, is a must prior to move-in.
A property owner
is required to purchase a business license since renting is a taxable activity based on gross receipts. When deciding if renting a home makes sense, both would-be landlord scenarios must be weighed thoroughly since there are different long-term tax ramifications for property owners. There are also
a lot of other decisions to consider before renting a home and becoming a landlord. Consult your tax adviser.
Short-term RENTALS (
click area) to read about the changes:
If you think no one is watching your rental property for violations,
your neighbors are watching
They are the watchdogs of the street who will quickly complain if owners or tenants are out-of-line.
In fact, after a house is sold, it's the neighbors who spill the beans to the new owners. All the issues you have discussed over the years and may not have disclosed.
Not everyone is meant to be a property owner. When moving from a long-term residence, the decision to rent instead of buying a replacement home depends on several factors. Consider these:
- Finances: Consult a financial planner who projects how much you need to live for the duration. Did the sale proceeds and other income give you ample funds for living expenses and future medical emergencies or assistance?
- Stage of life: Depending on your age, think about how many more times you'll want move. A
Boomer may want to rent a home or apartment while deciding where to live. An
older Senior may want to make one more move into an assisted-living residence.
- Responsibility: Renting leaves the home maintenance, repairs and upkeep to the property owner. That is the joy of being a tenant.
- Security: Consider the safety precautions when living alone. A gated community or a full-service building provides added safety. The rental price will be higher, but the security is invaluable.
What, where and how long to rent becomes the challenge. The initial lease usually requires a written agreement, which states the months or years of tenancy. After that lease expires, an extension is signed or a month-to-month obligation takes effect. The latter allows a tenant to move with 30-days' notice; the prior requires a commitment until the renewed time frame ends. Either way, a rent increase is usually the norm.
Caution: When renting a condo or a home, an owner has the right to sell the property. The new owner has to adhere to the terms of a signed lease, but otherwise may give notice to vacate within 60-90 days when no lease is in effect. If you plan to stay put, consider renewing with a multi-year lease and ask for a six-month notice if the owner plans to sell.
Try to add a clause that allows the tenant to break the lease with 60-90 days' notice, in case a move to a medical care facility is required or should the tenant pass away (consult an attorney).
A combined age of 211 years,
to read about this Texas husband and wife. Or,
to learn about a 109-year-old Los Feliz resident and others.
Private RECORD BREAKER
Jeff Bezos bought the
Warner Estate on Angelo Dr. in BH from David Geffen for
$165,000,000. Zillow estimated value...
A private deal made between two moguls without REALTORS
is an aerial view of the estate, which includes a nine hole golf course on-site.
The lace tablecloths, the silver serving pieces, the china bird collection all meticulously saved for your children and theirs to inherit. Except
no one wants your beloved items
, at best, maybe a small memento. Excerpts from a
article lists the
objects your kids do not want
: If you think a book is valuable search on
and see what information is found.
Otherwise donate books to a library, a Senior residence, or call a nearby book dealer.
: Photos or other ephemera linked to a well-known person or event is something the off-spring will keep. Otherwise, upload family photos onto a digital file for everyone to enjoy.
Steamer Trunks, Film Projectors et al
: Every family has some relic and thrift stores are full of these items, so donate or toss and don’t look back. (Some non-profits are overstocked with computers.)
Collections of Any Kind
: Frogs, chickens, pigs, elephants, bells, trolls, steins, even
figurines are not desired by grown children. Again, take a collection photo then donate to anyone, anywhere.
Heavy, Dark, Antique Furniture: While there is still a market for some, especially mid-century modern, old furniture is undesirable. If a buy-out/resale company isn’t interested, then donate.
: One of the hardest things to sell today; donate.
Linens/Hand-Embroidered: Donate to a theater costume shop or hand-made clothing artisans.
Sterling Silver Flatware/Crystal Anything
: Formal entertaining is long gone and so is polishing. Sell whole sets to
, which in turn sells per piece.
Fine Porcelain Dinnerware: Families don't see the value in bringing out the good stuff once a year.
There is no better exercise than
water aerobics, especially as we age. This
no-impact exercise offers total body strengthening, including the core; is gentle on joints and muscles, improves flexibility, is great for a cardio workout and the warm water feels soothing, too.
Many CA homeowners have an in-ground pool just steps away but it's unused, possibly for decades. Heating a pool is costly with a gas or electric pool heater, but what about solar heating?
According to the
Department of Energy
, solar pool heaters cost between
$3,000 to $4,000
installed. Most homeowners investing in solar pool heaters will
break even on their investment in less than seven years.
Less costly solar options for pool heat include:
- Solar pool pumps
- Solar pool covers
- Solar sun rings
If you're planning to stay in your home, make use of that unused, expensive accessory in your yard.
Tidbits of News!
- Paul Williams
, the fascinating and famous LA
Architect to the Stars
is featured in this new PBS documentary,
- Void and unenforceable are
CC&Rs that restrict or prohibit the construction, use or rental of an ADU (see article) on an adequate lot zoned for single-family residential use.
- A federal appeals court upheld, unanimously, Santa Monica's ban on vacation rentals of fewer than 30-days; the strictest in the nation.
LA Assessor says
to notify his office if the property owner dies to complete a change of ownership form, or some consequences may apply.
- CA drivers spent $1.5B more for gas in 2018 than any other State.
is now required installation in newly constructed homes.
- SM and BH may require extra on-site parking spaces when building an
COVID-19 will have on the local real estate market is yet another addition to the growing “
unknown” list. We
do know: there is extreme volatility in the markets, mortgage rates are crazy low and the Fed’s fund rate dropped to
.25% (lowest since the 2008 financial crash).
Demand for homes is still very high while supply remains low. But, are Buyers actively looking? Are Sellers pulling back? Will a recession bring home prices down? All indicators still point to a
great time to sell
and buy real estate. This may be a once in a lifetime opportunity, happening now.
Between 2007 and 2016 CA lost
1M residents who moved elsewhere in the U.S., about
2.5% of the State's population. The last four years of data found that CA professionals, aged 55-64, are most likely to move to Phoenix, Seattle, Las Vegas, New York City or Portland.
There has been a rush of retirees or near-retirees making a move to local
low-tax states such as AZ and NV after the recent tax reform and the SALT exemption repeal, which increases the tax bill for homeowners. Older Seniors, formerly from CA, have opted for TX. The main outbound movers are the middle class, and the top reason remains:
lack of afford-able housing.
Would You ADU?
Would you consider building a standalone unit on your property, or converting your garage, attic or basement space into a fully equipped living area to
help combat the CA housing short-age
Accessory Dwelling Unit
) laws make it easier to build a granny flat, casita or guest unit creating up to three homes on a parcel zoned as a single-family residence (
to search your area regulations for building an ADU.
What happens when a property for sale contains an add-on or another major improvement that was
not permitted? It depends.
The whole purpose of a permit is to ensure that the work is
done to code, according to State and local laws. The type of work (electrical, plumbing, structural) determines how the contractor will proceed. Once the work is completed, a City inspector will exam, and, when approved will issue a
Certificate of Occupancy and sign the permit indicating all is to code.
All too often homeowners hire unlicensed workers or by-pass the permit stage
to save time and money. But, when a Seller fills out disclosure forms, there are various questions about improvements (permitted or not), which must be answered.
the onus is on the Buyer to search for permits during the inspection period. If no permits are found, or do not contain final approval, a Buyer will decide to proceed or to re-open negotiations since
they become liable after the close of escrow. A Buyer may:
- request a discount
- request a code inspection
If the work was completed years ago, you can bet it is
not up to today's standards. What happens, depends on the Buyer.
in Thousand Oaks is one of SoCal's most sought-after
residential communities. Here are some other properties develop
that may not have a one-year waiting list. Click the link below:
Land was recently purchased at
Warner Center, corner of
Canoga and Burbank in Woodland Hills, where they will build another top-of-the-line home for
One Coast Palisades
live by the sea
here for info.
Respecting your privacy and confidentiality, names and e-mails will only be used for providing pertinent material from Cynthia S. Radom and will not be shared with any other organization.
©2020 Coldwell Banker Real Estate LLC. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Owned By a Subsidiary of NRT LLC. This is not intended as a solicitation if your property is already listed.