Dear Moraga Estates Neighbor:
It seems only yesterday we were dealing with the Y2K issue, and now we’re entering 2020. The conversations as to if we are ending a decade or starting a new one are endless, guess it depends on which end of the spectrum you are looking at. Amazing what has happened since 2000 and the speculation as to what will happen with the turning of the end of that decade! Since, the economy remains strong and vibrant, we are expecting a solid real estate year in 2020. So, yes, Happy New Year!
While we started off down nearly 10% in sales volume at the end of 2018, we have steadily moved up with sales volumes through November 2019 over 10% higher than a year ago…a good sign that 2020 should be experiencing this upward trend. However, with all of the continuing tumult in our world with tariffs, trade wars and the 2020 political season heating up there continues to be some speculation as to the impact these events and situations will have.
The good news is that mortgage rates remain low, and the Federal Reserve indicates that they do not expect to raise rates this year and more importantly, the Fed does not see a recession in 2020, which was also endorsed by UCLA’s Anderson Forecast. California’s employment and GDP numbers are strong, but what is concerning is the lack of affordable housing and inventory for thirsty home buyers. This remains a problem on many fronts as rental costs are also soaring in Los Angeles County. The housing industry is, indeed, facing severe challenges in the future.
Your community is so very special. As I too live in a gated community (Bel Air Crest), I recognize how lucky we are to have the special level of security in today’s crazy world. Let’s look at the real estate activity both current and how it compares from ‘2018 to 2019. Currently there is 1 home available for sale vs. 2 at the same time last year. There are 2 homes in escrow, and there were none last year. As for closed escrows, there were two this past quarter and none in’18. You might be alarmed by the average cost per square foot I am sharing with you, but please don’t forget that in ’19 there were only 3 sales for the entire year thus bringing the cost to $818.16, and in ’18 there was only 1 sale at $1115, and that took place the first quarter of ’18, which in essence means it really took place in ’17, and closed escrow in ’18.
I hope none of you have gotten caught up in the horrible issue of having to deal with your homeowners’ insurance the recent fires, including the Getty fire. What happened to our neighbors in Brentwood is horrible, but those of us who live on the East side of the 405 dodged the bullet with the winds again. There is an interesting program, www.windy.com which enables you to view and track the wind. I know we use it extensively in Bel Air Crest to see how we are doing?
Please let me know how I can assist you with your real estate needs. I stand ready to meet with you and discuss how we can work together
Have a wonderful, safe, happy, and healthy Happy New Year.
Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at firstname.lastname@example.org www.caroleschiffer.com CalBRE 00677619 ©2019 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLCNot intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates, not employees. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered service marks owned by Coldwell Banker Real Estate LLC.