Dear Brentwood 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.
What a difference a year makes from a real estate perspective! When we speak about the amount of inventory impacting the market, Brentwood is a prime example of that fact. Currently there are 3 properties for sale in this part of Brentwood (from the west end of Brentwood Circle to Bundy – north of Sunset only), one of which is land, vs. 8 for the 1st quarter of ’17. There are 3 homes in escrow, and last year found 2 in escrow. There are 3 homes that closed escrow in the first quarter of ‘18 and 2 in the first quarter of ’17. There is only 1 home available for lease, but last year there were 7 available. No homes were leased this last quarter, but last year there were 4. As for value, as I have indicated in my monthly stat portion of the Schiffer Line, Brentwood as a whole has done very well, and all indications suggest it will continue to do so.