You might be asking and wondering what will the increase in interest rates and the wild ride on the stock market do to our market? In checking with my experts the last few days, the vote seems to be out as to what major impact if any it all will have. I personally think it will impact the “marginal” buyers, but that will be the extent of it, but obviously we will have to wait and see. So other than dealing with the “joys” of the construction projects on the 405, Sepulveda and Sunset which will last about another year (OUCH!) what is the difference in the real estate activity in the Lower Casiano Area this past quarter vs. the same period of time last year? The lack of inventory is also impacting Lower Casiano Area, which given the size the area and the general amount of turn over really is nothing new. Currently there is one home available for sale as was the same last year. There are no open escrows, one closed escrow vs. none last year. The same house that is available for sale is also available for lease, vs none last year and no homes were leased either this year or last.
What is happening in Lower Casiano Area specifically?
As usual, the area is a little quieter than other parts of Brentwood or Bel Air. Last year at this time, there was one home for sale, vs. none this past quarter. There were no open or closed escrows as well as nothing for lease nor any homes that were leased. However, the overall increased sales activities and prices are impacting the entire area and should be reflected when properties do come on the market in the Lower Casiano Area!
What is happening in the Lower Casiano Area? As you know they are still working on the 405, so that impact will continue for a while. As a result, we are all dealing with the street closures, etc. from time to time.. It can make living in the area a challenge at times. Has it impacted real estate values directly, I personally think it is a combination of the overall economy (mostly), and the construction (somewhat). With the construction work still going on, and the heat up in the market, it is easier to see where they issues have been. As far as real estate comparisons between this past quarter and the same one last year, the amount of activity in the area, was as it was last year, somewhat minimal. For example, there are no homes for sale and it was the same for the last quarter of 2011 and no escrows either year. There was one closed escrow in 2011, but none this past quarter of this year, and one home available for lease this year, vs. none last year.
Please let me know how I can assist you with your real estate needs.
Happy New Year… here’s to a Healthy, Happy one!!!
What is happening in the Lower Casiano area specifically?
Basically the real estate activity in the community has been on par with that of the same quarter last year. There currently is one home for sale, vs. none last year, no escrows, no closed escrows, vs. one last year, one home available for lease vs. nothing last year and no leases at all.