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 on Moraga Drive this past quarter vs. the same period of time last year? Given, the general lack of inventory we are experiencing all over, the numbers for the past quarter are interesting in that there has been more activity on the street this past than last. Currently there are two homes available for sale vs. none last year. At present, the only open escrow is the World famous Moraga Vineyards. If you saw the recent article in the LA Times about the sale of the Vineyards, the buyer, Rupert Murdoch needs a license the approval for a Type 02 wine growers license before the transaction can close. Generally this takes about 45 – 90 days to obtain. As for closed escrows, the numbers are the same for both year; none, the same holds true for the number of homes available for lease and that have been leased; none.
What is happening in Moraga Drive specifically?
The BIG news on the street is that the Moraga vineyards property is in escrow, and in a very short time (51 days) for such a special property!!! So soon we shall have a new vintner in the neighborhood. Currently there is one home that just came on the market which is the same for the first quarter of ’12, the escrow of the winery, home and office, vs. none last year at this time. Also there was one closed escrow this past quarter vs. none last year and no homes are available for lease or have been leased. The increase in both prices and sales activity bodes well for the street , which is so special as well as the area in general.
What is happening on Moraga Drive? 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/were no current listings of homes for sale, no escrows either year, one closed escrow this year, and no homes available for lease nor any that were leased either 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 on Moraga Drive specifically?
Other then the opening and closing of the street on a regular basis with the construction, and the speed with which the construction is going along on the Bel Air Bar & Grill, and of course the fire of a few weeks ago, it has been relatively quiet on your wonderfully beautiful street. The only difference between the 3rd quarter of this year and last is that there is one home in escrow, other than that, everything else is the same, no active listings, no closed escrows, no homes available for lease nor leased.