Saturday, October 13, 2018

New Listing- Heart of Brentwood Village - 11687 Montana Ave.# 209 – 3+3, 1,848 Sq. Ft. $1.049M – Open Sunday 2-5 / Tuesday 11-2 | Back on Market- 12615 Westminster $1.599M Open Sunday 2-5

Rare opportunity to purchase an updated and incredibly spacious 1,848 square foot, 3 Bed+3 Bath unit in the heart of Brentwood Village. This stunning condo is flooded with natural light and features hardwood floors in the entry, kitchen and expansive living room which includes a fireplace, recessed lighting and sun room. The remodeled kitchen has all new cabinetry, quartz countertops and new stainless steel appliances while opening to the living and dining areas, which is ideal for entertaining. The oversized master suite with a fireplace, private balcony, enormous walk-in closet and remodeled bathroom with soaking tub, shower and dual sink vanity creates the perfect retreat. Excellent closet/storage space throughout. Secured access building with side by side parking, pool and spa. All while being a short distance from great restaurants, shops, Whole Foods, and easy access to the Westside and UCLA. HOA dues include Earthquake insurance. Community laundry access within ten feet of front door. Property Web-Site-
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Back on Market (was in escrow over asking)- Mar Vista- 12615 Westminster Avenue- 3+2/Apprx-1,243 sq. ft./6,750 Lot- List Price $1.599M | Open Sunday 2-5

Situated on a quiet tree-lined street in a highly sought after Mar Vista location, this charming traditional home with great curb appeal sits on an expansive 6,731 sq. ft. lot. The home has been in the same family for over 40+ years and is an entertainer's paradise with a chef's kitchen featuring Viking range w/ grill that opens into the living room which flows directly into the indoor/outdoor living concept and expansive backyard with mature landscaping. The large master bedroom with fireplace and custom designed closet captures an abundance of natural light and opens to the backyard via double French doors. A great opportunity to own in an extremely popular neighborhood where you can add-on to the current home or develop a wonderful two-story home with potential view opportunity from the second floor (buyer to verify). Property Web-Site

Mortgage Rates reach seven year highs – 20% increase over last year

After weeks of climbing, mortgage rates have now risen to their highest level in seven years According to the Primary Mortgage Market survey, the 30-year fixed-rate mortgage averaged 4.9% for the week ending Oct. 11, 2018, increasing from 4.71% last week, and significantly higher than last year’s rate of 3.91%.

An initial mortgage payment on a $1M loan at last year’s rate of 3.91% was 4,721.41. The same initial payment at 4.9% is 5,307.21, an increase of over 20% at $600.00 per month or $7,200.00 over the course of a year.

The 15-year FRM averaged 4.29% this week, moving forward from last week's 4.15%. This time last year, the 15-year FRM was 3.21%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage moved to 4.07% this week, moderately increasing from 4.01% last week. This is substantially higher than this time last year when it averaged 3.16%.
 

 Sources- Housing Wire

Los Angeles Residents- Get to the polls- Vote NO on Proposition 10

What homeowners and investors need to know about Prop 10-

Prop 10: Repeals Costa Hawkins Rental Housing Act, which limits municipal rent-control ordinances. California suffers from a significant shortage of housing. In studies conducted by UC Berkeley, rental control has been shown to provide disincentives for new housing developments and also causes more units to become owner occupied which, in turn, reduces the number of units available for renters.

Prop 10 would make each city in California go through the process of passing new legislation before the repeal would have any effect.

California’s affordability crisis is a direct result of undersupply of housing. Addressing the underlying reasons for the high cost of housing would better serve Californians.

For a very thorough economic analysis on why this could possibly be the worst approach to California’s housing crisis, CLICK HERE.

Purple Line to extend to UCLA by 2028 – Long-term positive for real estate

The Purple Line which currently only reaches Koreatown from Union Station, is being extended along Wilshire Blvd. The extension will bring the rail line 9 miles further west to the border of Westwood and Brentwood (see map below). The construction currently underway includes plans for stations at LA Brea Ave., Fairfax Ave., La Cienega Blvd. and Rodeo Dr. before shifting south towards Constellation Blvd. and Avenue of the Stars in Century City. It will then move north for the final two stops at UCLA and the Veterans Affairs Hospital.

The project, which began in 2014, is expected to be partially open to riders by 2023. With final sections opened before the Olympics in 2028. When complete the ride form the VA Hospital to Union Station will take 28 minutes.

 Source- LACURBED-  full article-

Also, here is a link to an article about Beverly Hills High students protesting since the subway will travel underneath the school.

(click on map to enlarge)

Monday, September 10, 2018

12615 Westminster Avenue- Mar Vista - LP- $1.599M OPEN TUESDAY 9/11 - 11am-2pm

Situated on a quiet tree-lined street in a highly sought after Mar Vista location, this charming traditional home with great curb appeal sits on an expansive 6,731 sq. ft. lot. The home has been in the same family for over 40+ years and is an entertainer’s paradise with a chef’s kitchen featuring Viking range w/ grill that opens into the living room which flows directly into the indoor/outdoor living concept and expansive backyard with mature landscaping. The large
master bedroom with fireplace and custom designed closet captures an abundance of natural light and opens to the backyard via double French doors. A great opportunity to own in an extremely popular neighborhood where you can add-on to the current home or develop a wonderful two-story home with potential view opportunity from the second floor (buyer to verify)

Property Web-Site- 12615 Westminster Avenue

Friday, August 31, 2018

Pre-Market opportunities you should know about

 We will be bringing the following properties to market in the next month-

Renovated 3+3, 1800+ sq. ft. Brentwood Condo- LP- Not established (high 900K range?): Centrally located in the heart of Brentwood, this Montana Avenue (just east of Barrington) condo is currently being renovated and should be ready by the end of September/Early October.

*We have two West Los Angeles Condos (2 bed/2 bath, aprox. 1,800 sq. ft.) located just south of Santa Monica Blvd. between Bundy and Barrington that are tentatively scheduled to come to market by early October and the price range for both will be in the $1M-1.1M range. Please reach out to us directly for more detailed information on any of these properties!

Thoughts on the current Westside market and what to expect in 2019

As I stated above, according to various title services, volume is down about 13-15%. We have definitely experienced some market softening with condos at all levels and single family homes above $3M. We have seen a little price depreciation but the softening is more along the lines of a normalizing market. Multiple offers are still common but not as plentiful. The entry and mid-level price points per neighborhood are still appreciating but not at the clip we have seen the past five years.

We are definitely at the end of a summer lull. Some colleagues feel this is a sign for a depreciating 2019 market and when you combine that with lower sales volume throughout the year, they have a point.  However, we had a very slow July/August period the past two years and saw things pick up nicely in September and October and frankly, inventory has been dreadful since the beginning of this summer. We have buyers who are ready to go but they have very few properties to choose from.

Silicon Beach is continuing to grow at a very strong pace (ex: Google is in the process of purchasing the Westside Pavilion) providing plenty of high paying jobs; the stock market is still on a bull run and a day does not go by that I do not receive e-mails from agents looking for pocket listings.

Overall, I am expecting things to pick-up again over the next few months (many people are waiting to put their properties on the market after Labor Day weekend). 2019 should be stronger from a volume perspective and most economic forecasts call for a 5% appreciation in home values next year.  If interest rates continue to float around the 4.5% mark, I agree with this assessment. However, if rates get to around 5%, I believe we will see a potential decline in values across all price ranges. Mortgage rates will have increased almost 25% in just two years.  When you combine that with losing the ability to write-off your property taxes above the standard $10,000 deduction provided, it creates an affordability issue for most buyers.