Bel Air Park 4th Quarterly Updated 1 January 2022
Dear Bel Air Park Neighbor:
Welcome 2022 and 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 aren’t 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 than 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, 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, what is happening in Bel Air Park, and how does it compare to the same quarter as well as last year in the community? As is typical for the community, there has been some real estate activity this past quarter. Currently there are no active listings, which was the same at this time last year. In fact, the numbers of transactions are similar to that of last year with two (2) closed escrows and three (3) each year, no homes in escrow either year. All in all, the community has done well with price appreciation this past year. As I have said before, I think Bel Air Park is one of the best values on the Westside. With the proposed changes in the mass transit that may go into effect in the next few years, it is going to be very interesting to see how it impacts the community.
I am very much looking forward to another exciting and active year in real estate and would love to have you join me in that excitement. Please contact me at carole@caroleschiffer.com or ceschiffer@gmail.com or 310 442-1384 so we can discuss how we might work together.
Cordially,
Carole Schiffer
HAPPY NEW YEAR! Stay Safe!
