Dear Bel Air Crest Neighbor:
It’s Fall, my favorite time of year, and hopefully, the hottest days are behind us. I enjoyed seeing a lot of you at our annual BBQ a few weeks ago. Hope you had a good time. The attendance was the largest we have had and we are already discussing the one for next year! I hope you have a wonderful Happy New Year!
While the real estate market continues to face the uncertainties of the tariff wars and the international scene, the real estate market on the Westside has seen a turn-around in sales volume, now more than 8% ahead of last year at this time. Median sales prices are awkwardly stuck in the middle — some areas are up over last year’s benchmark but others are down.
This fluctuation in home prices is a constant all over. However, the luxury home market — those homes over $5 million — are still substantially behind in number of sales versus 2018. Even when you look at median sales prices in Los Angeles County that are topping median sales prices in the pre-recession period, we’re still down in real dollars when inflation is factored in.
While the Fed stimulated the market last month with another rate cut, mortgage rates jumped 10% last week because the uncertainties of what’s going on in the nation’s capital. Even with all the turmoil, we still have low mortgage rates, and sales are being made.
From the real estate perspective, what is happening in our fabulous community and how does it compare to the 3rd quarter of 2018. As seems to be the norm for our community, there doesn’t appear to be a standard number of Canyon or Custom homes on the market, and this past quarter has proven itself to be no different. Currently there are (8) homes on the market, (6) of which are Custom homes. Last year there were (7) homes in escrow (3 Canyon and 4 Custom). One of the custom homes did not close escrow, and is once again on the market at a corrected price. As for closed escrows, last year there were (2), (1) Canyon and (1) Custom. This year there were (3), (1 Canyon). One of the Custom homes had been on & off the market for a while. Currently we have (3) homes available for lease (1 Canyon), last year it was (3), (2 Custom), Four homes were leased this quarter (2 of each), vs. in ’18 it was (2), both Canyon.
Along with this mailing I am including a fact sheet for you to read and understand for a proposed rapid transit system that would right down the middle of the 405 or Sepulveda, thus greatly impacting our community. Along with this fact sheet, is a letter that the BAC boards are asking all of us to send to the department in the city regarding this project stating our concerns about this proposed project. The more they hear from us, the more we potentially have a say in what happens. If you do choose to send the letter, all you need to do is copy it and sign it. We would appreciate knowing that you are adding your very important voices to this serious issue, so please send the managers a copy of some type of notice that you are sending this letter.
Please let me know how I can assist you with any and all of your real estate needs. Looking forward to speaking with you. 310 442-1384 or ceschiffer@gmail.com
Cordially,
Carole Schiffer
