Dear Westwood Hills 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. Throughout the state, insurance companies have either abandoned the state entirely, or they have dramatically increased insurance rates with double or triple previous premiums.
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 ‘Fire Line 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 firstname.lastname@example.org and/or look for the 15 July issue of the Schiffer Line for more detailed information.
What is happening in Westwood Hills?
We are all going to need a little more patience with the traffic as I am sure that you all know that the gas company is working on their lines on Sepulveda and will be for the next couple of months, and also for the next year, Sunset Blvd., going east from the 405 will be a construction zone. There are also studies and conversations being held about some type of rapid transit system being installed in the Sepulveda Pass. As more information becomes available, I will keep you in the loop.
As usual, Westwood Hills just keeps jumping along as it pertains to real estate activity! Currently, there are 5 homes on the market, vs. 6 last year. We have 2 in escrow, with 3 last year, and there were 4 closed escrows this past quarter, vs. 7 last year. Two homes are available for lease and 4 were leased, vs. 1 available last year and 2 leased.
Please let me know how I can assist you with any and all of your real estate needs. I look forward to speaking with you.