Dear Fellow Bel Air Park Neighbor:
Summer arrives…has it ever really left?
Many believe we have only one season…summer. While we are blessed with great weather year ‘round, we do enjoy the occasional rain (which we need much more of!), nippy cold mornings, and the golden colors of fall. So, with summer now officially here, enjoy your longer, hotter days, but there are caution flags, too.
On the summer front…Be prepared for fire emergencies that have a habit of recurring in our nearby
canyons and mountains…. follow precautions cited by the LAFD — clear the brush and clutter around your home, have emergency exits preplanned, and insure your electrical systems are not overloaded. As we all love our beaches, there has been a major campaign to improve beach safety….be mindful of official warnings posted by life guards, be aware of rip tides, use plenty of sunscreen, and don’t venture into dangerous surf conditions. Most importantly, watch your family members at all times. And if you are grilling, stay away from the house, use charcoal and gas safely, and check for gas leaks…and be ready to put out a fire.
On the real estate front…. Case-Shiller reported US home prices have surged for the 72nd straight month. Home prices rose an average of 6.4%, year over year, down slightly from last month’s 6.5%. This really isn’t ‘new’ news…I have been reporting these increases monthly for the past five years. Low inventory levels are primarily the culprit here…yes, interest rates are beginning to rise, but the reality is, demand far exceeds supply. Everywhere I go, I am asked, how much longer can this last with the value of homes going up and interest rates now, while still low rising? The answer is. “I don’t know, but the majority of the economists seem to feel we are looking at another good year or so.
What is happening in Bel Air Park from a real estate perspective? – There is very limited inventory available for sale in the community at this time. By comparison to the market in 2017, it was much stronger then than it is currently. There is only home for sale now, vs. 3 last year. As for homes in escrow, the number is the same, none, and with regard to closed escrows there have not been any this past quarter (that includes any private sales), however there were 3 in the 2nd quarter of 2017. There is 1 home available for lease, with none last year, and none having been leased this past quarter with 1 last year.
As always, please let me know how I can assist you with any of your real estate needs.
Looking forward to hearing from you.
Coldwell Banker Global Luxury Director
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