1 July 2021
Dear Bel Air Crest Neighbor:
First of all, Happy Fourth of July. We have much to be thankful for — California has ‘re-opened’…we’re getting out, shopping, and dining, and seeing our friends again! Yes, while we still face some Covid-19 challenges, we hopefully have gotten through the worst of it and have all done a great job in helping our communities be safer. Hopefully we don’t back slide with the variants that are out there now. Be safe!
On the real estate front — we have seen a dramatic improvement in pending home sales across the country — experts expected a 1% drop, instead there was an 8% increase in transactions for existing homes, the highest level of sales activity for May since 2005. We too, continue to see increased marketing activity in our communities with median sales price still hovering above 5% compared to 2020.
The good news is that the Fed is committed to keeping interest rates low, meaning mortgage rates will remain near record lows as well. This bodes well for those of you thinking of selling or buying. Mortgage rates remain in the low 3% range, which makes financing or getting a re-fi on your home much easier. On the mortgage, financing front in one my recent sales meetings we were discussing the fact that a lot of transactions are falling out of escrow. The primary cause is that buyers are bidding up the purchase price only to find out that they cannot qualify for the property, and if there is a “back up offer” in place, which I always encourage, if possible, many times that buyer will become the prevailing buyer and end up with the property. Please give me a call at 310 442-1384 and I will be more than happy to explain the process.
The record breaking heat we are experiencing all over is a major cause for concern given the drought we are experiencing. So again, I remind you to please be fire safe and clear the brush around your property. In the last week or so, I have received a number of emails from clients telling me they have been sited by the Fire Dept. They are out there inspecting our properties, so please make sure you are in compliance. There is a new mandatory statewide disclosure that goes into effect today, 1 July 2021 where in every property sold in a very high fire risk area will need to comply with the brush clearance guidelines. You might want to check out…http: www.readyforwildfire.org for more information.
What is happening in Bel Air Crest? From a real estate perspective, it has been very quiet. At the moment, there are no Canyon homes on the market and that has been the case for the last few months. We did have a large Custom home sale ($31,000,000) which was a private sale. The house is quite special on a very large lot, is very private behind its own gate and had been greatly upgraded since it had been completed a few years ago. There is currently one Custom home in escrow, one Canyon home closed escrow this past quarter, and three Custom homes closed escrow. One of those homes is currently up for lease. And one of the Custom homes up for sale, was sold the last quarter of last year. Conversely the activity we saw for the second quarter of last year, which was the beginning of the shut down for Covid-19 was typical of the slowness of the market for the entire year. There were 2 closed escrows of Canyon homes in the 2nd quarter of 2020, and 2 Custom homes, as well.
Please reach out to me for any and all real estate assistance and questions you may have. I am here for you.