Dear Brentwood Neighbor:
Happy 2020….
It seems only yesterday we were dealing with the Y2K issue, and now we’re entering 2020. The conversations as to if we are ending a decade or starting a new one are endless, guess it depends on which end of the spectrum you are looking at. Amazing what has happened since 2000 and the speculation as to what will happen with the turning of the end of that decade! Since, the economy remains strong and vibrant, we are expecting a solid real estate year in 2020. So, yes, Happy New Year!
While we started off down nearly 10% in sales volume at the end of 2018, we have steadily moved up with sales volumes through November 2019 over 10% higher than a year ago…a good sign that 2020 should be experiencing this upward trend. However, with all of the continuing tumult in our world with tariffs, trade wars and the 2020 political season heating up there continues to be some speculation as to the impact these events and situations will have.
The good news is that mortgage rates remain low, and the Federal Reserve indicates that they do not expect to raise rates this year and more importantly, the Fed does not see a recession in 2020, which was also endorsed by UCLA’s Anderson Forecast. California’s employment and GDP numbers are strong, but what is concerning is the lack of affordable housing and inventory for thirsty home buyers. This remains a problem on many fronts as rental costs are also soaring in Los Angeles County. The housing industry is, indeed, facing severe challenges in the future.
In comparing the real estate market of 2019 to 2018 for Brentwood (please remember these numbers are only from Brentwood Circle west to Bundy and north of Sunset), at first blush the numbers are quite different on a cost per square foot basis. Currently there are 5 homes available for sale, two in escrow and 1 closed escrow. In 2018 there were 8 homes and 1 lot for sale, two homes in escrow, and no closed escrows. There was 1 large sale this past fall which skewed the cost per square foot numbers… So here goes. The average cost per square foot in 2018 was $671.59, and in 2019 it was $1,694.55. A big difference, but again, with a sale of $29,500.500 any and all stats will be impacted.
Brentwood is a very special place both to live and work in (I know as I have been selling real estate in Brentwood since ’83). It continues to flourish and with the projection for a strong 2020 real estate market, it is going to be interesting to see what happens. I am here to assist you with all of your real estate needs and do hope that you have not been negatively impacted by the cancellation of your home owners insurance, as some of your neighbors have.
Looking forward to meeting with you soon. Have a wonderful, healthy, safe and Happy New Year.
Cordially,
Carole Schiffer
Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com www.caroleschiffer.com CalBRE 00677619 ©2019 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLCNot intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates, not employees. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered service marks owned by Coldwell Banker Real Estate LLC.
