Happy Fall. My favorite time of the year…there is no question that we’re absolutely blessed to
be living where we do, in beautiful, sunny Southern California, especially this time of year. We
are blessed also that we are not enduring the terrible pain and suffering of those in the Carolinas,
still reeling from the damaging floods. Our hearts and prayers go out to them in the South East.
As we enter the final quarter of 2018, we continue to see a strong economy, with unemployment at
record lows and while interest rates were hiked by .025% by the Federal Reserve last week, it was expected and economists (and the market) are not panicking, saying the economy is in good shape. So much so, the new Fed position is that the economy can “forge ahead on its own with less help from the monetary side.” The Fed rate increased for the third time this year, and the eighth in the current hiking cycle, which began in 2015, and it is expected to be increased again. While the rate has been increased we all need to remember that rates are still quite low.
On the real estate front, we are also continuing to see price increases with inventory increasing as well. The numbers for sales from July, show an increase also. The activity at open houses has increased with the major difference I can see is that buyers are a little more cautious perhaps taking time to make those all-important offers. There is still a great deal of all cash transactions being made, as well as that ever-popular bank…. Bank of Mom & Dad.
What is happening in Bel Air Crest? Our fabulous community is a hive of real estate activity! Currently we have 8 homes actively on the market, plus 1 that is being marketed off market. Of the 8, it is divided 50/50 between Canyon & Custom homes. The “pocket listing is a Canyon home as well. Last year the numbers were the same with the one change being 5 Canyon homes, 2 Custom homes, and one Custom lot. Currently there are 6 homes in escrow, 2 Canyon and 4 Custom vs. last year 1 Canyon home in escrow. As for closed escrows, this year we have had 2, one from each category, vs. last year, 8, only 1 of which was a Canyon home with the remaining 7 Custom homes. Just a little bit of boasting, in the last week in speaking with some of you, my neighbors, have told me “no one knows Bel Air Crest as well as you do”. I am sharing this with you in the hopes that when it comes time for you to think about referring me to someone looking to move here, or purchasing or selling a home here, you will give me a call. Also, please check out my personal app.. Carole Schiffer, realtor. It is easy, just go to the app store on your phone, type in Carole Schiffer and Voila, there you go. I hope you enjoyed our BBQ on the 30th of Sept. would love to hear your comments on the changes we made this year.
I hope to see you at the public hearing for the construction of a park in Mission Canyon, which is a hop, skip and & jump from Mountaingate Road. The hearing is set for Tues the 9th of Oct. at 7:00 pm. We need to know what is go on in our area, and the construction of two projects, the Berggruen and now the park with make the Sepulveda Pass even more crowded than it already is!