By Nick Timiraos

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There were fewer homes listed for sale at the end of 2011 than in any of the previous four years, a positive sign for the housing sector.

But appearances can be deceiving, and it remains to be seen whether the drop is the beginning of a real recovery or if inventory is being held down by sellers waiting for prices to pick up and banks moving slowly on foreclosures.

The 1.89 million homes on the market at the end of December represented a 6% decline from November and a 22.3% decline from one year ago, according to data compiled by Realtor.com.

Low inventories are an important ingredient for any housing recovery because prices could firm up in markets that have worked through their inventory.

Still, some real-estate agents aren’t celebrating because there’s a large backlog of potential foreclosures that haven’t yet been taken back and listed by banks. The inventory declines are particularly pronounced in certain states where banks have sharply slowed down foreclosures to correct document-handling abuses.

Moreover, some sellers have pulled their homes off the market to wait for a turn in prices, and that “pent up” demand from sellers could keep inventories higher once prices do rise.

Inventories were down for the year in all but one of the 145 markets tracked by Realtor.com, with Springfield, Ill., posting the only year-over-year inventory gain. The largest declines were recorded in Miami (-49.7%), Phoenix (-49.1%), and Bakersfield, Calif. (-46.6%).

The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country. They don’t cover all homes for sale, including those that are “for sale by owner” and newly constructed homes that aren’t always listed by the services.

Nationally, median prices were down by 1% from November but up 5% from one year ago. Asking prices rose by 32.5% in Miami last year, with big increases in other Florida markets that include Naples (21.7%), Fort Myers-Cape Coral (21.5%), and Punta Gorda (19.4%).

Median asking prices fell from year-earlier levels in Detroit (-11%), Chicago (-10%), Las Vegas (-7.6%) and Sacramento, Calif. (-7%).

Inventories traditionally decline in December as sales slow during the holiday season. Listings have declined by 11% in December over the past 29 years, according to research firm Zelman & Associates.

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Housing Inventory In the US Ends Year Down 22% . That is the biggest problem in the Los Angeles, Beverly Hills Real Estate market, we have so many buyers looking for homes and not enough good homes on the market.
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Penelope Cruz Home In Hollywood Hills Sold For $2.88 Million (PHOTOS)

The Huffington Post   Kathleen Miles & Ann Brenoff

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  First Posted: 01/26/2012 7:30 pm Updated: 01/26/2012 7:59 pm

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Even celebrities get hit hard by the recession -- especially when it comes to real estate. In December, Academy Award-winning actress Penelope Cruz finally sold her 3,334 square foot mansion overlooking the Sunset Strip for $2.88 million after more than a year on the market. Public records show that her final price is $807,000 less than she originally sought and $250,000 less than she bought it for.

Cruz put the three-bedroom, four-bathroom Hollywood Hills home on sale in May 2010 for $3.695 million and, nearly a year later, in April 2011, reduced the price to $3.15 million. Cruz and and husband Javier Bardem may be looking to accelerate their move in light of their first child, Leo Encinas Bardem, who was born that month.

As Zillow reports, the celebrity pad features carved-wood doors that open to a private courtyard, fountain and front entrance; french doors, bamboo floors and enormous floor-to-ceiling windows; a gourmet kitchen with stainless-steel appliances and granite counter-tops; and a large patio, in-ground heated pool and luxurious tented cabana.

Feeling all of sudden like your house needs to go on "Extreme Makeover: Home Edition"? Here's some consolation: property taxes alone on this estate for 2010 were a whopping $42,877!

Catch Cruz in two films coming out this year: Woody Allen's "Nero Fiddled" and Sergio Castellitto's "Venuto al Mondo."

Take a virtual tour through the house Cruz used to call home. What do you think of it?:

Photos via Realtor.com.

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Penelope Cruz Home In Hollywood Hills Sold For $2.88 Million (PHOTOS). Located in the hot Sunset Strip area north of famed Sunset Boulevard.

A guide to Los Angeles’ best beaches

Friday, 27 January 2012 3:29 PM

With the Oscars approaching next month everyone is heading off to tinsel town, so we thought we'd provide them with a guide to Los Angeles' best beaches. Los Angeles County is home to an impressive 72 miles coastline, with more than 30 miles of beaches. The beaches here provide something for everyone, whether you’re a nature lover, a surfer, a sunbather or simply want a nice quiet beach for sunset walks, you're bound to find something here.

El Matador – El Matador, located along the Pacific Coast Highway, may be one of the smallest and most secluded beaches in Los Angeles, but its rocky picturesque coves and scenic views, make it one of the locals’ favourites. Off season it’s quiet and private, making it perfect for romantic walks, while in the height of summer it’s popular with sunbathers, swimmers and body boarders.

Venice Beach – Situated in the town of the same name, Venice Beach, lying south of the city of Santa Monica, this is one of the state’s more popular beaches. The beach’s Ocean Front walk attracts an eclectic crowd, from skate boarders, to basket ball players, cyclists, street vendors as well as the downright weird and bizarre, don’t be surprised by anything you see here. If it’s people watching you want, then this is your place.

Malibu Lagoon – Nature lovers will be in their element at this charming white sand beach, home to an estuary and wetland area. It’s great for bird watching and wading around the rock-pools in search of marine life. There is a small charge to enter the beach area, but it’s worth it just to see the beach’s unique wildlife. Don’t forget to stop by to see the nearby historic Adamson House, a classic Malibu home, which has now been turned into a museum. Surfers should head next door to Surfrider Beach for some great waves.

Manhattan Beach – Manhattan Beach is a fun lively urban beach, lined with luxurious beachfront homes. This is where the Beach Boys used to hang out, a popular destination for surfers, swimmers, cyclists and beach volleyball players. The beach gets crowed on weekends though, with many weekenders coming over from nearby LA. The beach also has a great fishing pier and excellent seafood restaurants.

Zuma Beach – The county’s largest beach park may not be its prettiest, but its vast area ensures that it’s never too crowded either. This is a great swimming beach and is also popular with surfers. If you’re lucky you might even catch a few dolphins riding through the foam, come here in winter and it’s an excellent spot for whale watching too.

Hermosa Beach – Hermosa Beach is a wide charming white-sand beach, which actually means beautiful in Spanish. It has a broad boardwalk great for walkers, cyclists or skaters and plenty of cafes, playgrounds and volley ball courts to keep everyone entertained. It’s a great family beach with changing rooms and lifeguards and it’s pretty good for surfers too.
 

A guide to Los Angeles’ best beaches - My favorite is El Matador. And considering it will be 82 degrees again today, why not just play hooky and go to the beach.
Los Angeles, Platinum Triangle, Beverly Hills, Real Estate, 90210, Bel Air, Holmby Hills, Sunset Strip, Hollywood Hills, Luxury Estates, Mansions, Celebrity Homes, Homes For Sale, Listings, Realtor, Real Estate For sale, Luxury Homes, Los Angeles Realtor, Bel Air Real Estate, Christophe Choo, http://www.ChristopheChoo.com, beverly Hills real estate agent, Beverly Hills Realtor

Source: Washington Times

Last night, President Barack Obama took to the podium to deliver his annual State of the Union address before a packed house of his Congressional peers, esteemed White House guests, and millions of Americans who tuned in to the live broadcast.

Obama outlined his plan for economic growth, with an overarching theme of creating an America “where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules.” While job creation, education, and clean energy initiatives dominated most of Obama’s economic plan of action for his hopeful next term, the issue of the ailing housing market was not side-stepped. “While government can’t fix the problem on its own, responsible homeowners should not have to sit and wait for the housing market to hit bottom to get some relief,” Obama said.

Zillow Chief Economist Dr. Stan Humphries shares a similar view: “Housing presents a bit of a conundrum for Obama,” said Humphries. “People care a lot about it and it will figure prominently in this election year, but there isn’t much the government can do without addressing the main issue of negative equity, which is a $750 billion dollar problem. There aren’t any easy solutions to make it go away.”

What the President did propose to Congress was an expanded refinancing plan “that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates.” Despite an immediate bed of skepticism to the new refinancing plan, the revamped program has the potential to “help a lot of people and represents a decent amount of stimulus for the economy,” said Humphries, who has previously discussed the potential benefit of such a program. But, expectations for this stimulus need to be kept at realistic levels. “It‘s important to note however that it isn’t going to fundamentally change the pace of foreclosures or the trajectory of the housing market,” Humphries continued. “Unfortunately, the plan is going to require Congressional approval, which makes it exceedingly unlikely to happen this election year.”

The second bullet item on Obama’s housing agenda tasked the Attorney General to create a special unit to further investigate abusive mortgage and lending practices that led up to the housing crisis. According to Dr. Humphries this special task force “is an effort to satisfy demands for greater accountability for wrong-doings during the housing boom. That’s fine, but it isn’t necessarily a proactive effort to change things going forward. Foreclosure and short-sales are state issues so there isn’t much the federal government can do.”

What else can be done about housing? What actions can the government realistically take to help turn the market around? A more in-depth analysis from Zillow’s Chief Economist outlines six ideas that could not only push the housing market in the right direction, but are ideas both Democrats and Republicans could support (this seems to be the catch).

There is a consensus that housing and home ownership lie at the base of American values and will play an important role over the next 9 months leading up to the election. Obama showed this in his speech last night and, for now, we’ll continue to absorb what each Presidential hopeful has to say before the big voting day.

> See Where Candidates Stand on Housing Issues

State of the Union and Obama’s Plan for Housing.
Los Angeles, Platinum Triangle, Beverly Hills, Real Estate, 90210, Bel Air, Holmby Hills, Sunset Strip, Hollywood Hills, Luxury Estates, Mansions, Celebrity Homes, Homes For Sale, Listings, Realtor, Real Estate For sale, Luxury Homes, Los Angeles Realtor, Bel Air Real Estate, Christophe Choo, http://www.ChristopheChoo.com, beverly Hills real estate agent, Beverly Hills Realtor

Simon Cowell's Beverly Hills Mansion.
Los Angeles, Platinum Triangle, Beverly Hills, Real Estate, 90210, Bel Air, Holmby Hills, Sunset Strip, Hollywood Hills, Luxury Estates, Mansions, Celebrity Homes, Homes For Sale, Listings, Realtor, Real Estate For sale, Luxury Homes, Los Angeles Realtor, Bel Air Real Estate, Christophe Choo, http://www.ChristopheChoo.com, beverly Hills real estate agent, Beverly Hills Realtor