Happy Fall. My favorite time of 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 Park? From a real estate perspective it has been very quiet for the last quarter, and not that much different from the 3rd quarter last year. Currently there is 1 home available for sale, where as last year there were 2. There are no homes in escrow, vs 1 last year, ad There were no closed escrows this past quarter, and last year there were 2. How does this bode for the community, please remember that while prices continued to climb the activity was somewhat slower in July & August, but has picked up over all in recent weeks. We will need to wait and see how it all settles out at the end of the year. When it comes time for you to think about referring me to someone looking to move here, or purchasing or selling a home, I hope 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.
You might not know there is a public hearing at Skirball on the 9th of October a 7:00 pm on the proposed park at Mission Canyon, please put it on your calendar to attend. This proposed project which is at the intersection of Mountaingate Road & Sepulveda will no doubt, along with the proposed additional of the Berggruen Institute add to the congestion in our community.