Bel Air Crest 4th Quarterly Updates 1 January 2022
Dear Bel Air Crest Neighbor
Welcome 2022 & Happy New Year!
Welcome and hail and farewell to 2021. It has been an interesting year to say the least. We are looking forward to another interesting year, particularly as we are about to enter our third year of this pandemic. Yet, through all of this, real estate continues to amaze us on the Westside.
During this past year we have seen median prices in the five communities, Beverly Hills, Beverly Hills Post Office, Bel Air, Brentwood, Westwood I report on continue to surge upward. Sales volumes are setting records every month, and mortgage rates continue to be the lowest in decades, and buyers are taking advantage of that. However, competition remans fierce for quality homes fairly priced — there just are not enough of them to satisfy demand. Inventory continues to stay low, to low actually ,and while interest rates are going to climb a little, they are still quite a bit lower then we had seen in the past.
2022, however, could be different — the Fed promises to raise rates at least three times this year…but that doesn’t necessarily mean mortgage rates are going to escalate out of reach. The last time the Feds raised rates in 2019, mortgage rates actually went down. But affordability remains a challenge for many, and while we are seeing our equity grow, buyers are scampering to get in line for the home of their dreams, only to find many qualified buyers — with cash — in front of them. There are many interesting programs out there, including one from my lender which will enable a non-cash buyer to qualify and present themselves to the seller as an all-cash buyer. Please contact me for more information – carole@caroleschiffer.com.
If one were to make a wish for the New Year, at the top of my list would be that we end this pandemic which has brought so much damage and heartache to our world, our communities, to our families. As winter and the rainy season descends upon us, we can only pray and strive to stay safe, healthy, and hopeful for a great 2022!
From a real estate perspective how are things looking in Bel Air Crest, and how does the market compare to that of 2020? It has been an interesting year for our community. For the past number of months, there have not been any Canyon homes listed for sale except for one, and that sold after having been on the market, taken off, remodeled and sold over asking price in 9 days! There are a few Canyon homes that are being marketed as private sales so we shall see how that goes. As for Custom homes, the market has been a little more active, with two (2) homes listed for sale, and again a few being marketed as private sales. In one case, one of those homes was listed, was taken off the market and is now reported to be in escrow along 2-3 ,more that are in escrow as private sales. Currently there are also no Custom homes listed for sale in the MLS. There were two (2) Custom home that closed escrow this past quarter, one of which had been on the market for quite a while. There is another Custom home that will be part of an auction, this home too has been on and off the market for a while. There are 2 or 3 Custom homes that are in escrow as private sales, all of which had been listed in the MLS and taken off and appear to have been sold privately. The numbers for the 4th quarter of 2020 are quite different. At this time, last year, we had five (5) homes listed for sale, three (3) of which were Canyon, and the remaining two (2) Custom. There were two (2) homes in escrow (one of each – Canyon & Custom), and we had six (6) closed escrows the last quarter of the year, three (3) Canyon and three (3) Custom.
Currently I have some VERY strong buyers who wish to purchase a Romani floor plan (preferably) but would consider a Metropolitan as well. If you are at all thinking of selling your home, please do let me know as they are ready to make a move now; Carole@CaroleSchiffer.com Ceschiffer@gmail.com (310) 442-1384.
I am here for all of your real estate needs, so please do not be a stranger and let me know how I can help you
Happy New Year! Stay healthy and safe!
Fondly,
Carole Schiffer
