1 July 2019
Dear Bel Air Crest Neighbor:
Happy Summer! Happy 4th of July….
It’s been a wet Winter, gloomy Spring, but thank heavens, we’re now into Summer, finally. Americans do love their 4th of July holiday — parades, fireworks, and BBQs. I will be in Coronado, where will you be? It is also fire season, which is now lasting 12 months a year.
Scrambling for fire insurance as ‘fire season’ kicks off….
I recently met with Robert Feldman, one of California’s leading experts for high risk area insurance who underscored the challenges in today’s insurance market. For homeowners in fire prone areas, insuring their homes against fire has become a huge challenge in finding (and affordable) coverage. In the past year alone, California has lost more than 7,000 structures, 91 lives, and incurred over $20 billion in insured losses. Notably the Camp Fire (Paradise) and the Woolsey Fire (LA-Ventura counties) overhang the on-going, severe threat of wild fires existing throughout our state. And we’re now entering the heart of the fire season.
Every property has a ‘FireLine Score’ — which insurance companies use to calculate fire risk. For example, Feldman notes that one homeowner could have a high score and his neighbor, because they’re not at as risk could have a much lower score .There is a lot more information regarding this very important issue, please contact me at 310 442-1384 or ceschiffer@gmail.com and/or look for the 15 July issue of the Schiffer Line for more detailed information.
What is happening in Bel Air Crest?
From a real estate perspective, it has been an interesting quarter. Currently we have more homes on the market for sale than we have had for a while. We have 8 homes on the market, 3 Canyon and 5 Custom, compared to 7 last year. There are 2 homes in escrow, 1 of each, the same as last year, and re closed escrows. We had 3 sales, 1 Canyon, 1 Custom lot and 1 Custom home. Last year we had 3 closed escrows, 2 Canyon and 1 Custom. As for leases, we currently have 5 homes available for lease, vs. ’18 for 2, and leased homes 5 leased vs. none last year. The prices for the Canyon homes are stronger than the Custom homes at the moment, but I have found that through the years, this equation goes back and forth.
Please let me know how I can assist you with any and all of your real estate needs. Finally KUDOS to our BAC neighbor who saw the homeless person starting the fires recently and “took him down” and saved our community.
Cordially,
Carole Schiffer
