Dear Bel Air Park Neighbor:
It’s the Spring selling season…
March came in like a lion, dumping rain, and snow across the country, but we escaped the devastating floods and mudslides of February, and the moderate rains we did receive were sorely needed in California. The snow pack received a healthy amount also.
With the economy continuing to show strength and with interest rates remaining relatively low for the past five weeks, we enter the 2nd quarter of 2018 prepared for a more challenging year for real estate market. We’re still lacking in inventory and prices continue to move up, especially on the Westside. Activity is strong as well with lots of activity at open houses and there are multiple offers for those homes that are priced competitively. Just recently one of my associates received 28 offers on her listing.
For those of us who live in hillside areas, you should be aware that the City of Los Angeles Fire Department will no longer allow home owners to “self-certify” for fire safety and brush clearance on their property. Please check your property to make sure they are in compliance with LAFD regulations as it pertains to brush and the landscaping for your homes. Starting April 28, the LAFD will be inspecting homes and will fine ($28) those residents that are not in compliance and possibly issue additional fines if the non-compliance is not completed and/or corrected. For specific information as to what is allowed, please refer to L.A.M.C. Section 57-3722.
From a real estate perspective, what is happening in the community and how does it stack up to last year? As pertains to the number of homes listed for sale, it is the same this past quarter as 20017, 2 is the magic number. Currently there is 1 home in escrow, vs. 2 for the same time period in ’17, and again the same number for both years with closed escrows – none. Also, there are no homes available for lease, with 1 leased this past quarter, and none last year. As far as an analysis of value is concerned, the community at large is holding its increase in value as is the case in the majority of the homes in West Los Angeles.