Newspaper Archive of
Beverly Hills Weekly
Beverly Hills, California
August 11, 1994     Beverly Hills Weekly
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August 11, 1994

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BEVERLY HILLS NEWS THE REAL A Good ,News! in California's housing ma Tl'elds 1. April resale housing acOvity posted a strong 31.6% gain from a year ago, the sharpest year-over-year jump in over six years. 2. All of the major 15 r3 in California posted existing home sales increases over April 1993; most experienced double-digit jumps. 3. Inventory of unsold exisb'ng homea has improved from 12.3 months last April to 8.1 months this April for detached homes, a sup-  usua associated with ng home prices. 4. Reflecting the continuing decline in inventory, the statewide median home price was up 1.1% from March, the second consec- utive monthly increase. History shows buying a home is a wise investment Over the yearg a hon' likely will be a g00d investneat as ip is the pri- rna oomponant in the coetion of weelth/or many Americans. Data from Harvard Universi- ty's Joint Center of Housing Studies illustrate not only that the median net wealth of home- owners is 34 times higher than that of renters, but also that over half of that wealth is generat- ed from home equity. Histoncaily, Californians have experi- enced solid growth in their housing equity over the long term. That is, the value of their down payment and accumulating principal payments for several years has increased as a result of rising  term trends in home prices. For example, the average annual equity growih for a hypothetical homeOwer in Car#omla was 14.3% if a median-pdced home was purchased in 1986 and betd for seven years through 1993. Another iasson of history is that patiance has its benefits. For example, a 93-year look at Los Angeles housing prices shows that real estate is indeed cydical. While average Los Angeles home prices, adjusted for inflation, experienced nine cyclical downtums since 1900, overall home prices have inc six- and- tirnes in the last 93 years. In con- trast, the Standard and Poor's Stock Market Index, also adjusted for inflation, increased just 3.8 times. II I I I I II" I For Lease Beverly Hills Medical 436 North Bedford Drive Last Available Space - 4,849 Square Feet Beautiful new building located in the "Golden Triangle" of Beverly Hills * Professional and experienced (for 20 years) management by G & L Realty Corporation. A company which owns and manages twelve (12) medical office buildings in Southern California Eight (8) exam rooms (which can easily be expanded to 12 or more), Five (5) doctors consult offices, laboratory, x-ray, waiting room, reception, private restroom, and conference room Features beautiful high end finishes - marble counters, travertine floors Two Hour Free Parking kX provided by the City of Beverly Hills Perfect for group practice For more information, or to arrange a showing please call: KA13HIY KEEG (3zO) 273-993o R G2Z Co00. I IIIIII II I I t tt - t?, tgs4 5. Homes have become much more affordable going from 16% of the househok who could afford to buy a home in June 1989 to 40% this Apnl. 6. At today's interest rates a household needs only $48,755 to qualify for a loan on a median priced home compared to a minimum income of $62,100 three years ago. 7. Given the im@rovement in housing affordability, over 780,000 more renters could potentially qualify to buy a median priced home now as compared to 1990. 8. More affordable housing has brought first.time home buyers into the market in droves. Just over half of the home buyers in the in home tracking this in 1981. 9. rates are still at should return to more 1994, once the that inflation 10. The Califomia I since last speed siighW as payrolls. were 15,000, 1994 to 30,400. jobs lost in 1993. Sands Group to lender-owned he Sands Group, the auction of Fred Sands Realtors, will auction 92 lender-owoedproper- ts kx:ated in  courmea throughout Southern California at I p.m. on Aug. 20-21. Properties in San Bemardino and Riverside Cocmties  be auctioned on Seturday Ue 20 at the Rivers Con- vernon Centor, 344 Orange St., R,er- sids; propecs kxed in Los Ange, Kern, Orange, and Ventura counties will be auctioned on Sunday the 21st at the Los Angetes Airport Hilton, 5711W. Ce. Biddsr pre-regisVetio are currermy being procassed, and bkUer regtmt wm also be beW on au= days ,- ning at 11 a,m. The propelk wiU be offered two ways: with a pubt,ed reserve ( acceptable sale price), and with an unposh restore (seuer may reie= high bid if doesn't meet pre-auction accemauo sa po). "The malor of these pmparties are ery kwel homos that are ideal Dan Verdin, move-in condition somo TLC, but  at! For lists one of $5,o0o, and llshed g prices on tho p range $285,000 All tion from 13, Two nars will be atctim sites: 7 P.r atthe p.m. on Wedm ' of e p " inspection. For to recevo auc I The Sands of= 1.a0o Douglas Company to sponsor annual MS Jon Douglas Company and the National Multiple Sclerosis Society are sponsoring the fifth annual MS bike tour -- Bike Along the Beach -- Saturday, Sept. 10. Picture yourself cyding through the beautiful beach communi- ties of Santa Monica, Venice, Marina del Re/, Manhattan Beach and Palos Verdes. The MS Bike Tour is your chance. Spedai host for the day is Miss U.S.A., Lu Parker, who will be the official M.C. as well as joining the cyng fun on her bike.  may choose from 30K cruise, 60K  or 90t( endurance ddas. And if you don't want to cycte solo, form a team of three or more dders --friends, family or co-workers. The purpose of the day king event is to raise money for lhe dLabimg llness thars the number one disease of the central newous system stdking young adu#s today. The rt 800 to burger. The the event to feed For registration, If you have please Beverly Hills 5O9 TEL(3 ]O}553-217