Dear Gabby: I knew being a property manager isn’t easy, but it’s proving to be a lot harder than I imagined. There are so many responsibilities to balance, but I’m still determined to be the best in the biz. Any tips?  Sincerely,  IWannaBeTheVeryBest

Dear IWannaBeTheVeryBest:

So you want to be a perfect property manager eh? The property management world can be highly rewarding one, but it’s definitely not for the faint-hearted. I’ve been working in the industry long enough to know what personalities and skill sets are better suited for this line of work.

Just call me the Mr. Miyagi of property management. Learn how to focus on your goals and start with the basics. The rest will follow. After all, someone who can catch a fly with a pair of chopsticks can accomplish anything (note: this is not an official requirement of being a good property manager, but it would make for a killer party trick).

It may seem like you have a long path ahead of you, but have patience young grasshopper. Let’s start with some of the imperative qualities of today’s successful property managers: 

1. Communication

A property manager must have excellent communication skills. Residents must be able to reach the property manager for emergency and non-emergency related issues. Keeping the lines of communication open can be challenging when the phones are ringing, your email inbox is full, and residents and potential residents alike are lined up at your desk, but it’s important to do so if you want to build and maintain good relationships with your residents.

One way to streamline communication is by implementing a resident portal. This will allow residents to ask questions, make maintenance requests, find information, and pay bills online. Not only will this keep your phone from ringing nonstop, but it also allows you to closely track communication with your residents for better organization. Communication should be painless – no one likes playing phone tag. 

2. Stay in the Know

The multifamily housing industry is evolving every day. If you want to be a successful property manager, it’s important that you stay ahead of the latest trends and regulations.

Make sure you’re reading the latest trade journals, industry reports, and other news sources (hint, hint…my blog). It’s simple! For example, I read up on all my multifamily news sources while enjoying my morning coffee.

Because property laws change frequently – especially in big cities – you need to make sure you’re not missing something important that could undermine your business. We live in a fast moving world (just ask the Kardashians) and you have to move fast to keep up! 

3. Organization Skills

As a property manager, it’s up to you to make sure everything runs smoothly. Think the opposite of Taylor Swift’s love life and you nailed it. Keeping track of all your responsibilities as a property manager will help you stay organized. Remember, you’re responsible for things such as:

• Rent: While you likely don’t have direct control over what your prices are, you do have the tasks of staying on top of rent collections, adjustments, and lease breaks.
• Maintenance and Repairs: Of course you have a maintenance team but at the most random of moments, you’ll have no choice but to get things done on your own, for the convenience of the resident and the team.
• Supervising Employees: If you have employees that you manage, such as security personnel, you’re responsible for making sure they are doing their job… and keeping team morale high!
• Residents: You’re involved in all capacities when it comes to managing your residents, from finding the new ones and dealing with complaints to renewing leases or initiating evictions.
• Managing the Budget: Gross I know, but absolutely necessary.
• Property/Renter Laws: These include laws regarding tenant screenings, lease terminations, handling security deposits, property safety standards, etc. Whew! I need a nap just thinking about it… or maybe just another latte? As a property manager, you obviously want to minimize the complications and chaos involved. Don’t let yourself be pulled in five different directions because you’re ill-prepared or misaligned with situations that can arise.

4. People Skills

You won’t ever make it in the property management business with a bad attitude. To be successful, you’ll have to learn to work well with people of all kinds. A property manager must have a friendly, positive attitude, and excellent customer service skills to build relationships with new and existing residents. Being a people person boils down to a few specific skills:

• Patience: This is especially important when dealing with residents. Every day can bring a new problem or frustration, so you must be able to deal with them without losing your cool.
• Good Listener: Listening without cutting off the other person is absolutely critical. Sometimes your residents simply want to be heard, even if it’s a complaint. Many problems can be resolved just by listening.
• Relatable: In the property management industry, you’ll encounter all types of people in all types of businesses. Being able to find common ground with all of them will help you succeed.

By following these easy tips, you’re well on your way to being the best property manager your residents have ever had!

courtesy of www.aoausa.com

Gelb Group of Encino sold and bought a pair of equal value properties in Woodland Hills and Granada Hills in a 1031 exchange, a way for investors to defer paying capital gains tax on the sale of property.

Development and property management firm Gelb Group sold an 8-acre shopping center at 16201 to 16269 San Fernando Mission Blvd., for $23 million to Harridge Development Group of Los Angeles.

According to California Realty Group in Santa Monica, which brokered the deal on behalf of Gelb, Harridge hopes to redevelop the property into a housing and retail community with 440 apartments and 60,000 square feet of retail space.

In the second deal, Gelb bought a 108,000-square-foot office building at 6200 Canoga Ave. in Woodland Hills’ Warner Center for $22 million from Canoga Center Holdings.

Broker Mark Esses with California Realty negotiated both off-market deals on behalf of Gelb. He said Harridge plans to redevelop the Granada Hills Plaza into apartments and retail because it’s the highest and best use of the property.

“Mixed-use development has been a trend for some time now because of the increasing land values,” Esses said. “In the last few years, outdated and obsolete retail centers are being morphed into great mixed-use projects.”

The trend will continue, he added, because of e-commerce’s success, which has caused many big box retailers to close stores.

For more information contact us at 818-501-5518

Courtesy of San Fernando Valley Business Journal

U.S. consumer prices moderated in May, but sustained increases in housing and healthcare costs kept underlying inflation supported, which could still allow a cautious Federal Reserve to raise interest rates this year.

While another report on Thursday showed an increase in the number of Americans applying for unemployment benefits last week, the trend remained consistent with a healthy labor market.

The data came a day after the Fed lowered its assessment of the jobs market and suggested a slower path to interest rate hikes.

“The economy is generating enough heat to produce some inflation, even if the Fed has worries about the long-term trend for economic growth being too weak to lift interest rates much higher for now,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.

The Labor Department said its Consumer Price Index increased 0.2 percent last month, slowing from April’s 0.4 percent gain, as gasoline prices rose modestly and the cost of food fell. In the 12 months through May, the CPI increased 1.0 percent after advancing 1.1 percent in April.

Stripping out the volatile food and energy components, the so-called core CPI increased 0.2 percent after a similar gain in April. That took the year-on-year core CPI rise to 2.2 percent from 2.1 percent in April.

The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.6 percent. The U.S. central bank on Wednesday kept interest rates unchanged and said it expected inflation to remain below its target through 2017.

Although the Fed signaled it still planned two rate hikes this year, there was less conviction. Six officials expect only a single increase, up from one in March.

The Fed raised its benchmark overnight interest rate in December for the first time in nearly a decade.

The dollar was trading higher against a basket of currencies. Prices for U.S. government debt rose, while stocks on Wall Street fell.

RISING RENTS, HEALTHCARE

Gasoline prices rose only 2.3 percent last month after surging 8.1 percent in April. Food prices fell 0.2 percent, reversing the prior month’s increase. Within the core CPI basket, housing and medical costs maintained their upward trend.

Owners’ equivalent rent of primary residence rose 0.3 percent after rising by the same margin in April. This measure of rent jumped 3.3 percent in the 12 months through May, the largest increase since June 2007.

Rents have soared as some Americans, scarred by the housing market collapse, remain wary of owning a home. Rising household formation as the fairly healthy labor market boosts employment prospects for young adults is also driving the rise in rents.

Medical care costs increased 0.3 percent, with the cost of hospital services shooting up 0.7 percent. The cost of doctor visits surged 1.0 percent, but prescription medicine prices fell 0.4 percent. Americans also paid more for apparel and motor vehicle insurance.

Prices for used cars and trucks, however, recorded their biggest drop since March 2009.

In a second report, the Labor Department said initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 277,000 for the week ended June 11.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, slipped 250 to 269,250 last week.

Jobless claims have now been below 300,000, a threshold associated with a strong job market, for 67 straight weeks, the longest streak since 1973.

The Fed said on Wednesday “the pace of improvement in the labor market has slowed,” and also noted that while the unemployment rate had declined, “job gains have diminished.”

But with job openings near record highs, both economists and Fed officials expect job growth to pick up after the economy added only 38,000 jobs in May, the smallest increase since September 2010.

“The payrolls data greatly exaggerated the extent to which the trend in employment growth is weakening,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York. “Without an uptrend in claims, we remain highly skeptical that the trend in employment growth is suddenly weakening sharply.”

Separately, the Philadelphia Fed said its business conditions index rose nearly seven points to 4.7, returning to positive territory after two consecutive negative readings.

But details of the survey were weak, with a measure of new orders declining further and shipments falling. This suggests that the manufacturing downturn is yet to run its course.

courtesy of reuters

Los Angeles has some of the highest rents in the nation.

And when it comes to the highest, there’s a new champion: Westwood (90024). Yes that Westwood that houses the regarded UCLA University.

The March Los Angeles Rent Report from Apartment List analyzed thousands of local listings to determine that the median asking rent for a two-bedroom pad in Westwood will set you (or your parents) back a whopping $4,200 a month.

The area has the highest average price for a two-bed in the market.

The good news is that if you’re renting a two-bedroom in Westwood, it’s quite possible you’re sharing it with three or more other UCLA students who are being subsidized by the family crest.

But it’s still a shocking lease rate.

Westwood’s rents even beat out perennial champ Marina del Rey, which saw average two-beds list for $3,640, Apartment List found.

The next highest-rent neighborhood in L.A. might be a surprise: downtown.

Yes, the community where rent was once an option for those on the edge of homelessness now is asking Westside prices for leases. The average two-bedroom here was being listed for $3,350.

Another surprise came in at No. 4: Mid-Wilshire, which includes the traditional bargain hunters’ turf of Koreatown. The average two-bed here listed for $2,800.

Hollywood ($2,700 for a two-bedroom) rounded out the top five.

Rents have been rising across Los Angeles, Apartment List says.

“Los Angeles rents have increased steadily over the past month and are up 6.8 percent over the last year,” a spokesman for the site said, “which puts the metro 1.4 percent ahead of California rent growth overall.”

To list your rental property for lease or sell, call One Source Property Management, in business since 2005 for a professional experience. (818) 501-5518

Carriers join an increasingly crowded sales floor. AT&T and Verizon Wireless are now the newest tenants at Best Buy stores. The mobile providers have begun opening branded in-store shops to select Best Buy showrooms, and each carrier plans to have 250 in place by year’s end.

Verizon expects to have nearly 100 of its new “Experience Stores” up and running by the end of September. The shops, which will be an adjunct to the carrier’s current presence within Best Buy mobile departments, will range from 90 to 180 square feet, Verizon told TWICE, and will showcase the latest smartphones, tablets, computers, wearables, accessories and data plans.

The shops will be staffed by specially-trained Best Buy employees, and their sales-floor locations will vary with each store’s big-box footprint, a spokesperson said.

“The Verizon Experience in Best Buy is geared to showcase connected lifestyles such as wearable tech, computing on the go and connected home, and the devices and plans that make these lifestyles a reality,” said John Colaiuti, the carrier’s national distribution VP.

“Just like in our own ‘Destination’ and ‘Smart’ stores, the specialists in the Verizon Experience stores at Best Buy are trained in a hands-on environment so they can provide real-world examples to customers when talking about our new simplified plans and devices,” he said.

The AT&T shops will similarly be manned by dedicated employees, and will eventually showcase DirecTV services from its newly acquired satellite provider in addition to mobile products, wearables, connected-car plug-ins, and the carrier’s Digital Life home automation and security platform.

“By expanding our in-store presence and depth of products sold at Best Buy, we’re giving customers another convenient way to fully experience what AT&T has to offer,” said Andy Shibley, national retail senior VP  at AT&T Mobility.

From Best Buy’s perspective, the shops “allow us to offer even better service to our customers, whether they need help with their data plan or understanding how their phone or tablet can better control their increasingly connected life,” explained Josh Will, the chain’s senior category officer of mobile and connected home. “The mobile device is becoming the remote control to everything else in our lives, but it can be confusing. We can help shoppers make sense of it all.”

AT&T will eventually sell DirecTV services through its 250 Best Buy shops.

The Experience Stores join an already crowded field for Verizon, which numbers some 7,124 company-operated and authorized retailer locations across the U.S., according to AggData.

AT&T is no slouch either, with some 5,341 company-owned and authorized retail locations under its belt.

The carrier shops also join an increasingly crowded sales floor at Best Buy, which recently added Samsung appliances and Sony high-res audio demo areas to its roster of branded vendor shops. Other dedicated sections include computers and smart watches from Apple; Samsung mobile products; Microsoft-fueled PCs; and Ultra HD TVs by Samsung and Sony.

The in-store shops are a key initiative under CEO Hubert Joly’s Renew Blue turnaround strategy and are credited with helping to restore the chain’s traffic and comp sales.

“I am very excited about these how these partnerships with our key vendors have evolved,” Hubert said last month on second-quarter earnings call. “It’s more than just about the physical layout in the stores. These are very close partnerships.”

In other mobile retail news, TCC, Verizon’s largest premium-tier authorized retailer, has acquired 88 We R Wireless stores in Maryland, Delaware, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island and Virginia.

The acquisition, TCC’s largest, follows the recent buyouts of 55 Verizon Wireless premium retailers, 37 Wireless Communications stores, and 18 Phones Plus stores, bringing its store count to over 700 locations in 37 states.

courtesy of twice.com

There are many mansion in Round Hill Road in Greenwich, CT. Some are worth $5 million to $13 million.

During a recent lawsuit, Seven Oaks Enterprises LP and Seven Oaks Management Corp. v. Sherri DeVito and Robert DePalo: Litigation over a debunk real estate development project in Greenwich has led to a $1.33 million jury verdict in Stamford.

According to a 2014 New York Times article, Round Hill Rd is also notorious for being home to rich criminals serving prison sentences. Among them are an investment adviser who steered clients to Bernie Madoff, a hedge fund executive serving time for insider trading and a founder of a high-end handbag business convicted of bribery.

Another resident is Dominick DeVito, who served time for real estate fraud. DeVito also bought, renovated and sold homes in the area. After the market crashed in 2009, he was sent to prison again.

According to court documents, Seven Oaks Management Corp., of Greenwich, was in business to buy and sell assets through its agent, Murray Chodos. Seven Oaks created a limited liability company, 516 LLC, whose sole purpose was acquiring, managing, and maintaining a property at 516 Round Hill Rd.

On Oct. 19, 2006, Sherri DeVito, Dominick’s wife, purchased the property from Seven Oaks for $4 million. The same day, DeVito obtained a construction loan from Patriot National Bank for $5.6 million. The Patriot mortgage was to be used to build a single-family residence on the property. That same day, DeVito paid Seven Oaks $2.68 million at the close of escrow.

Also on Oct. 19, DeVito and Seven Oaks entered into a promissory note, in which DeVito promised to pay by a particular date the difference between the purchase price and the amount tendered at the closing. The two sides further entered into a management agreement that was intended to protect Seven Oaks’ interest by preventing subsequent financing of the property while the debt was unpaid; to prevent mismanagement; and to allow Chodos to control 516 LLC while the debt was still owed.

Seven Oaks’ lawyer, Ryan O’Neill, of the Law Offices of Mark Sherman in Stamford, explained that the intent of putting Chodos in charge of the project was to protect Seven Oaks’ investment while DeVito still owed the company money. But in 2008, O’Neill said, a number of changes were made to the management contract. The upshot was that Chodos was removed from his management role without his knowledge or consent.

According to court documents, DeVito replaced Chodos with Robert DePalo. The defendants then allegedly took out additional loans and used funds for their own personal use and that of their family members. In the meantime, the plaintiffs charge, DeVito and DePalo never made any payments on what they owed throughout this time. The date by which the defendants had to pay off the amount listed in the management agreement came and went. The project never did get completed.

O’Neill said this alleged contract breach occurred around the time the real estate market crashed in 2009. “Chodos and Seven Oaks didn’t get anything out of this deal,” said O’Neill. “That was a time when a lot of real estate deals collapsed … but despite everything going on with the economy and the real estate market, this was something they could have and should have made good on and didn’t.”

The Seven Oaks companies sued DeVito and DePalo in 2010 for breach of contract, breach of the implied covenant of good faith and fair dealing and reckless and wanton misconduct. In response, the defendants filed counterclaims alleging that Chodos duped them and that the management agreement terms were not in their best interests, according to O’Neill. Counterclaims included a Connecticut Unfair Trade Practices Act violation and intentional misrepresentation.

“They alleged that the plaintiff had intimate knowledge of the financial affairs of the defendant and by virtue knew they shouldn’t be getting into this kind of deal and took advantage of them,” said O’Neill.

The lawsuit was filed in 2010 but ended up on what’s called the dormancy docket because nothing was happening. The plaintiffs’ initial lawyer eventually withdrew, and O’Neill and Christine Gertsch, also of the Law Offices of Mark Sherman, were hired. The case went to trial earlier this year before Judge Charles Lee in Stamford Superior Court.

During the trial, one hotly contested issue was the whereabouts of the original promissory note. O’Neill explained that under the Uniform Commercial Code, a party must possess the original document in order to try to collect in court for breach of contract. He said a party must prove that it cannot reasonably obtain the original in order to get around the UCC’s requirement.

At trial, Chodos testified that he simply could not find the original but displayed a copy. O’Neill said the defense argued that the plaintiffs had to show how and when they lost the original. “Trying to figure out how or when you lost it was kind of a difficult burden to meet when you think about it conceptually,” said O’Neill. “If we knew, it wouldn’t be lost anymore. We would just go get it.”

After about five days of evidence presentation, the jury sided with the plaintiffs on all of their claims, and against the defendants on their counterclaims. The jury awarded $1.33 million. “It was important for [Chodos] to have this deal enforced,” said O’Neill. “It was his view that the failure to pay [the remaining debt] wasn’t something inevitable. There were actions taken specifically to disregard his financial interest, and it was important to hold them accountable for it.”

The defendants were represented by Ridgely Brown of Stamford. Brown said he filed post-trial motions, including a motion to set aside the verdict. If unsuccessful, he plans to file an appeal, he said. Brown declined to discuss the case further because motions were pending before the judge.

Read more: http://www.ctlawtribune.com/id=1202723896251/Dispute-over-Greenwich-Real-Estate-Deal-Leads-to-13-Million-Verdict#ixzz3XhjMwMUL

Live like a king or queen, or at least rule over your own private realm, in one of these California properties listed among the priciest homes now on the market, according to Zillow.com.

1. $49.5 million

• 2431 Riviera Drive, Laguna Beach
• 6 bedroom, 8 bathrooms, 10,000 square feet

One of only 5 beachfront homes in the exclusive gated community of Irvine Cove, this six-bedroom estate is the ultimate in beachfront living and was handcrafted to marry the splendor of the sea with modern luxury living. The house features more beach frontage than any of the 19 other guard-gated properties in north Laguna. A three-story staircase adorned with fossilized stone depicting ancient marine life is a stunning reminder of this property’s unique connection to its saltwater neighbor. » more via Zillow

2. $42.5 million

• 9904 Kip Drive, Beverly Hills
• 10 bedrooms, 22 bathrooms, 24,260 square feet

A long, private drive leads to a property beautifully landscaped for maximum privacy and security just minutes from the Beverly Hills Hotel. Designed by KAA Associates, this house provides for large-scale entertaining and boasts a world-class art collection. All principle rooms face manicured gardens and grounds with spectacular views of city lights and ocean as background. » more via Zillow

3. $39.5 million

• 2936 Ocean Front, Del Mar
• 5 bedrooms, 6.5 bathrooms, 8,925 square feet

Elegant oceanfront estate is one of the most exclusive properties in San Diego. This beach home features three kitchens, a large media room, separate guest quarters and a four-car garage. The outdoor entertainment areas feature a professional chef’s kitchen, swimming pool, jacuzzi and oversized patio. » more via Zillow

4. $39 million

• 2701 Broadway St., San Francisco
• 7 bedrooms, 7 bathrooms, 4 half-baths, 16,400 square feet

The manor sits at one of the highest elevation points in Pacific Heights, providing unparalleled panoramic views stretching from the Golden Gate Bridge to the San Francisco City skyline. Originally built in 1910, the home has undergone a full restoration preserving its classic architecture yet instilling a modern style. Comprised of five levels encompassing over 16,000 square feet, the home includes two kitchens, two family rooms, two offices, three rooftop terraces and a basketball/sport court. » more via Zillow

5. $35 million

• 10771 Bellagio Road, Bel Air (Los Angeles)
• 11 bedrooms, 18 bathrooms, 20,866 square feet

“The Bellagio House” dwells in a trophy compound in the heart of Bel-Air. Originally designed by Paul Williams and expanded by William Hefner, with a two-story entry hall and floating staircase, the 1.2 acre property includes a gorgeous formal lawn, paddle tennis court and sunlit pool. Plus, views to Century City and Bel-Air Country Club. Enjoy life in your own screening room, wine cellar or beauty salon.

Hiring a handyman can be a headache-inducing experience. Sometimes the job ends up costing more than the original estimate, or the five-star Yelp reviews turn out to be pure fiction. There is little protection for customers who simply want their homes to function properly.

Zorik Gordon and Michael Kline, two veterans of the tech industry, recognized these issues and set out to change the way people approach home repairs and services. This past July, they launched Serviz (serviz.com), a website and iPhone app (an Android version is planned to launch sometime this year) that allows users to find repairmen, plumbers, cleaners, electricians and other home specialists on demand. Users can book a background-checked professional for same-day service and see exactly what it will cost beforehand.

“The whole process of booking and buying a home service is really broken,” Gordon said. “We created a new solution.”

All of the Serviz professionals are required to have a clean criminal record, insurance, a license (if necessary) and good reviews from customers in order to stay listed. They all are given tablet devices so customers can track their arrival time and pay the bill electronically.

It’s free to book an appointment. Listed prices vary per service, but customers may also book a repairman for a service not listed, for $45 to $60 per hour, depending on the project. The company marks up parts and labor 20 percent.

“We think the rates in the current market are just too high,” Kline said. “A lot of market research went into our pricing. We’re willing to survive on lower margins because, for us, it’s about building lifetime customer relationships.”

Currently, Serviz, which is headquartered in Sherman Oaks, is available throughout all of Los Angeles and Orange counties, but Gordon said he plans eventually to take it global.

Gordon said that Serviz has more going for it than price: It also helps alleviate safety concerns because people don’t always know who they’re hiring to come into their home when they call up a business.

“We were considering hiring one potential merchant until 17 negative things had come up on his background check. This is somebody out there who is advertising his services, and he gets to go into people’s houses. That alone is a huge fundamental difference between [us and the existing system],” Gordon said. “Having an intermediary company is a buffer between yourself and the merchant.”

The Serviz model also has proven valuable to the listed specialists. In its first five months, Gordon of Valley Beth Shalom said 10,000 jobs have been booked and completed through Serviz. And Kline, of Congregation Or Ami, explained that the company is taking some of the effort out of the job-finding process for these professionals.

“We’re burying the cost of marketing and customer acquisitions that they’d normally have to cover,” he said.

Richard Ledesma, an L.A.-based handyman with 17 years of experience, said his time with Serviz has been nothing but positive. He’s working an average of four jobs per day six days a week, and the majority of his jobs come from the website.

“It’s been great. They book me clients now,” Ledesma said. “Before, I had my own clientele, but they’ve pretty much doubled my work.”

Bruce Blumberg, a customer from Ranchos Palos Verdes who has hired Serviz professionals to fix his microwave and dryer, said that from the time the appointment was made until the technician completed the job, an email and text were sent to him to document the process. He also never waited more than 30 minutes for a technician to arrive at his home.

“Being a real estate broker for many years, I have come in contact with a multitude of vendors, including many handyman types,” he said. “Serviz is a breath of fresh air. In most businesses, communication is the key to success, and these guys get that.”

Before starting Serviz, for which they have raised more than $20 million in funding, Gordon and Kline were founders of ReachLocal, an online marketing system for local businesses around the globe.

Gordon said he believes that everything local, from auto repair to health care businesses, needs to be disrupted because the same problems exist across the spectrum.

“You don’t know who a good provider is,” he said. “Booking and buying services is a painful experience.”

courtesy of jewishjournal.com

Zillow and Trulia, two competing online real estate listing services, are now joining forces to create one online real estate listing database behemoth. Both services provide current listings on single-family and multi-family properties that are represented by agents and brokers. Uniquely, Zillow offers users the preference to search for properties labeled as “For Sale by Owner.”

Zillow has agreed to purchase Trulia in a $3.5 billion all-stock deal. While the announcement for the deal was made this past Monday, the merge will complete next year. Both Zillow and Trulia will maintain their names and respective websites. The two companies will also retain their CEOs – Pete Flint of Trulia and Spencer Rascoff of Zillow.

The most significant driving factor behind the deal is the advertising revenue generated by both services. Zillow and Trulia thrive through their placement of ads on their websites. Crucially, in regards to real estate marketing, “the combined revenue of both companies represents less than 4% of the estimated $12 billion that real estate professionals spend on marketing.” The boards of both companies hope that a combined service will be an enticing model to showcase advertisers.

Source: http://www.usatoday.com/story/money/business/2014/07/28/zillow-trulia-acquisition/13260727/

Current California foreclosure numbers are exhibiting the same low level as the market in 2005. Fourth quarter numbers for 2005 were the last lowest level for foreclosures in the state – a total of 15,337 defaults recorded. The overall amount of defaults in California reached their highest levels in recent years during 2009; the first quarter saw 135,431 defaults filed.

DataQuick notes that lenders issued a total of 17,524 defaults to Southern California property owners who are severely behind on their payments. This exhibits a 32 percent drop from the second quarter of 2013, as well as a 9 percent drop from the first quarter. Foreclosures fell by 33 percent to 3,836 properties in Los Angeles County and 29 percent to 1,543 properties.

These latest statistics prove that homeowner distress is diminishing. Foreclosure numbers are falling, the economy continues to strengthen, and home prices are on the rise.

Source: http://www.dailynews.com/business/20140717/foreclosure-activity-in-california-remains-at-8-year-low