Mortgage rates tick up slightly to 3.58% but still nearly one percentage point lower than a year ago

Although the average U.S. rate for a 30-year fixed mortgage rose this week, the rate still managed to hover near last week’s 3-year low.

The 30-year fixed-rate mortgage averaged 3.58% for the week ending August 29, 2019, up from last week’s rate of 3.55%. A year earlier, the rate was 4.52%

The 15-year FRM averaged 3.06% this week, slightly rising from last week’s 3.03%. This time last year, the 15-year FRM came in at 3.97%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.31%, sliding from last week’s rate of 3.33%. Once again, this rate sits much lower than the same week in 2018 when it averaged 3.85%.

Source- Marketwatch

NEW PRICE- PRIME DTLA OPPORTUNITY - THE METROPOLIS- 38TH FLOOR - $1.799M

Live above it all in Downtown LA and acquire one of the most desirable units with the largest 2BR floorplans available (1,720 sq. ft.) in Tower 1 of the Metropolis. This luxurious residence is situated in the Southwest corner of the top floor and provides a fantastic floor-plan ideal for entertaining or enjoying a quiet evening watching the sunset. The 11-foot ceilings along with the floor-to-ceiling windows provide an expansive feel and the best views you can find in LA. Other features include custom cabinets in the kitchen along with Bosch appliances, automatic shades in the living room and plenty of storage. Tower 1 provides world-class amenities such as fitness center equipped with steam rooms in both ladies and men's bathrooms, 24-hour lobby attendant, media room, business center and a wide open outdoor space located on the 6th floor that includes a BBQ area, resort-style pool, and dog park. A true gem providing the perfect blend of luxury and A+ location. **The Seller bought the unit for over $2.050M and is ready to move on...E-mail us for more information and to set up a showing.

Los Angeles real estate- lower interest rates have strengthened LA’s housing market after a slow start to the year

Compass Chief economist Dr. Selma Hepp has published an in-depth article examining the Los Angeles real estate landscape.

Here are the key takeaways-

* After a large dip in housing market activity starting in the last quarter of 2018 and first quarter of 2019, housing markets in recent months have mostly bounced back to where they were last summer.

 * In July, total sales in Los Angeles County trended at the same level as July of last year, with an increase in sales of homes priced between $1 million and $2 million, up 5 percent year-over-year, being offset by slower sales in other price segments.

*Strong activity among homes priced between $1 million and $2 million bring the levels of homes in that price range to the highest level in the last five years.

*Some West Side communities, which experienced slower market conditions since last year, have finally seen more activity. Most notably, sales in Malibu and Beach Communities North have posted the first annual increase since last summer, up 11 percent year-over-year. The impact of wildfires has had a considerably negative impact on the area with overall year-to-date decline in sales of 26 percent. The most recent uptick was driven by strong sales of homes priced below $2 million while higher priced sales continue to lag.

*For-sale inventory is once again trending below last year’s levels with July’s year-over-year decline for the overall inventory down one percent, and inventory priced below $1 million down 5 percent. Declines follow almost a year of year-over-year increases. And the lower priced inventory is now 24 percent below the 2015 levels.

Also, here is the Compass July 2019 Market Real Estate Market Update which provides a quick summary of the overall market and more detailed statistics on specific areas. 

Wire-Fraud continues to be an issue in real estate transactions- Here is how you avoid the scam!

Recently, the Consumer Finance Protection Bureau published a fraud alert for wire transfers of earnest money, down payments, closing costs and loan payoffs.

Here’s how you can avoid a wire-transfer scam:

1. Never follow wire-transfer instructions sent via email. Verify the closing instructions, including the account name and number, with your trusted representatives either in person or by using a predetermined phone number. Similarly, never email financial information.

2. Pay attention to email addresses related to the transaction. A legitimate address like john-doe@abc.com could be confused with a spoofed email like john_doe@abc.com or john-doe@bcd.com.

3. Keep computer security patches and antivirus software up to date. Change your password every 90 days and enable two-step authentication on your email account.

4. Suspect a scam? Contact the bank immediately and request a wire recall. To recover large, international wire transfers, ask the bank to contact the local FBI office and request a Financial Fraud Kill Chain.

From Manhattan Beach to Brentwood- catching up on some of our sales activity

3201 Pine Ave, Manhattan Beach (5+4, 3,260 sq. ft.- Selling Agents)- This outstanding property was acquired for $3.025M after being listed for $3.1M. It has been updated/upgraded with a contemporary coastal color palette and designer selections throughout. The curb appeal starts with the flagstone walk way, groomed gardens, and a charming Dutch door entryway. Soaring two-story ceilings draw in natural light and offer a dramatic setting in the formal areas. The dining room features crisp, white wainscoting and patterned floor inlay details. The custom kitchen centers around an over-sized Calacatta marble topped island. The kitchen is finished with a high end appliance package. A cheerful breakfast nook, a sun-filled family room and the kitchen all enjoy a seamless feel that opens direct to the private backyard retreat

13041 South Icon Circle, Playa Vista (4+5, 3178 sq. ft.- Selling Agents)- Encapsulated by lush landscaping this enchanting Playa Vista home sold $2.575M after originally being listed for $2.8M. The seller, Jeanie Buss (see LA Times article) outfitted the home with top of the line audio/video equipment and other fine details that were included in the sales price. The home features a chef's kitchen w/expansive center island, wine fridge, compacter, wet bar, large pantry, stylish chandelier & breakfast nook. Relish indoor/outdoor living in the dining space that flows to the deck w/heaters, chic light fixtures & warm fireplace. Relax in the sumptuous master suite w/high ceilings, expansive windows welcoming floods of light & hotel-like bathroom w/dual sink vanity, exquisite glass shower, soaker tub & grand walk-in closet w/endless built-ins. Jeanie Buss article- https://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-jeanie-buss-playa-vista-20190524-story.html

11921 Dorothy Street #204, Brentwood (3+3, 1,760 sq. ft. –Listing Agents)- This spacious 3 bedroom, 2.5 bath unit sold for $1.2M after being listed for $1.250M. The property sold for a similar price of a third floor unit with a few more upgrades. Located in one of the premier buildings in the heart of Brentwood, the open floor plan features a kitchen with granite counter-tops, stainless steel appliances and ample cabinet space while opening to a light and bright entertainer's living room with maple hardwood floors, fireplace and access to a balcony. The spacious master suite has a fantastic walk-in closet with custom built-ins and en-suite bathroom with dual sinks. A few blocks from elite Brentwood restaurants, shops, boutiques, Whole Foods, and convenient access to all the Westside has to offer.

3910 Spad Place, Culver City (2+2, 996 sw. ft.- Listing Agents)- Beautifully remodeled home by celebrity designers Nate Berkus and Jeremiah Brent in the heart of Culver City near the amazing restaurants and shopping that electrify downtown. This global coastal style home sold for $1.160M, ($1,164 per sq. ft.) with a list price of $1.190M. The home features white oak floors, quartz counter tops, stainless steel appliances, and tons of gorgeous designer finishes throughout. The spacious master bathroom has a custom carrara marble tiled soaking tub, and dual sinks. While the master bedroom features dual closets with ample storage. The open floor plan and off kitchen half bath make for easy guest hosting. No detail was left untouched in the remodel. **Alexis Antin did a great job navigating this sale that brought multiple offers after being on the market for about a month

4200 Via Dolce #129, Marina Del Rey- (2+2, 1,532 sq. ft. –Listing Agents)- Situated a few short blocks from the beach, the famous Venice Canals, world-class restaurants and shops on Abbot Kinney, this large 2 Bed +2 Bath sold for the asking price of $925K within two weeks of being on the market. The home features hardwood floors, upgraded LED recessed lighting, custom designer finishes throughout and no detail left untouched or expense spared! The living room features a custom finished fireplace, wet bar, and adjacent private patio. The Kitchen boasts quartz countertops, stainless steel appliances, apron sink, water filtration system, adjacent space for a home office, and a custom finished wood bar top that flows into the dining room. **Alexis Antin did a fantastic job with her designer eye to help showcase the property so the client could acquire a higher price per sq. ft. then a comparable property on the same floor that sold at the same time.

7924 El Manor Ave, Westchester (4+2, 1,600 sq. ft. –Selling Agents)- Beautiful Kentwood home acquired for $1.230M with a list price of $1.250M. Located on one of the nicest streets in Westchester, bright sunshine welcomes you into the living room courtesy of oversized bay windows with views to the tree-lined street. Crown moldings, recessed ceilings, and a stately fireplace create an elegant first impression for guests. The kitchen is the heart of the home, and offers stainless appliances, granite counters, custom cabinetry, and innovative storage. Down the hall, two comfortably sized bedrooms are perfectly situated for privacy. The master suite is a brightly-lit sanctuary boasting a charming en suite and French doors to a romantic covered patio.  A detached bonus living space sits at the back of the lot and creates a lovely option for guest accommodations.

30010 Via Borica, Rancho Palos Verdes (4+3, 2,808 sq. ft.-Listing Agents)- Located on a picturesque cul-de-sac, this beautiful home sold within three days of hitting the market at $1.580M, just off the $1.599M list price. Spacious rooms, plenty of natural light and both ocean and hillside views highlight the property. Generous living room complete with modern fireplace. Sunlit dining room adjacent to the beautifully-appointed remodeled kitchen. Upstairs you’ll find four airy bedrooms with wonderful light, charming built-ins and walk-in closets. The master suite features a luxurious remodeled en-suite bath and tranquil fireplace as well as a private balcony **Co-listed with Caskey&Caskey - Kurt Allen