Westwood Hills Real Estate Quarterly Updates | Los Angeles Realtor

Westwood Hills 4th Quarterly Updates 1 January 2022

Dear Westwood Hills Neighbor:

Welcome 2022 & Happy New Year!

Welcome and hail and farewell to 2021. It has been an interesting year to say the least. We are looking forward to another interesting year, particularly as we are about to enter our third year of this pandemic. Yet, through all of this, real estate continues to amaze us on the Westside.

During this past year we have seen median prices in the five communities, Beverly Hills, Beverly Hills Post Office, Bel Air, Brentwood, Westwood I report on continue to surge upward. Sales volumes are setting records every month, and mortgage rates continue to be the lowest in decades, and buyers are taking advantage of that. However, competition remans fierce for quality homes fairly priced — there just aren’t enough of them to satisfy demand.

Inventory continues to stay low, to low actually ,and while interest rates are going to climb a little, they are still quite a bit lower than we had seen in the past.

2022, however, could be different — the Fed promises to raise rates at least three times this year…but that doesn’t necessarily mean mortgage rates are going to escalate out of reach. The last time the Feds raised rates in 2019, mortgage rates actually went down. But affordability remains a challenge for many, and while we are seeing our equity grow, buyers are scampering to get in line for the home of their dreams, only to find many qualified buyers — with cash — in front of them. There are many interesting programs out there, including one from my lender which will enable a non-cash buyer to qualify and present themselves to the seller as an all-cash buyer. Please contact me for more information – carole@caroleschiffer.com.

If one were to make a wish for the New Year, top of my list would be that we end this pandemic which has brought so much damage and heartache to our world, our communities, to our families. As winter and the rainy season descends upon us, we can only pray and strive to stay safe, healthy, and hopeful for a great 2022!

From a real estate perspective, what is happening in Westwood Hills, and how does it compare to the same quarter as well as last year in the community. As usual, the numbers for real estate activity in Westwood Hills is always interesting. At the moment, there is one (1) listed for sale, vs two (2) last year, the same number two (2) for each year that are in escrow, and as for closed escrows there were three (3) this past quarter and eight (8) at the same time period last year. Prices as a rule have followed the trend lines as I have reported in the Schiffer Line. I personally have missed meeting some of you personally at the annual HOA meeting which is usually held in the fall. Hopefully the world will be in a better place when the meeting can be held in person once again.
In the meantime, please let me know how I can assist you with your real estate needs. I look forward to hearing from you….. carole@caroleschiffer.com, ceschiffer@gmail.com… 310-442-1384.

Cordially,

Carole

Happy New Year & Stay Safe!

Westwood Hills 3rd Quarterly Report 2021

Dear Westwood Hills Neighbor:

Happy Fall, my favorite time of year….
The long, hot summer is behind us. Or is it? We have drifted into a draught again, and as the leaves turn brown and gold, we look skyward for just a drop of rain. But no luck. Perhaps we should all do a rain dance to see if that will help. It never rains in Southern California…as the song goes. Not true, it just feels that way.

As we enter our 19th month of the global pandemic, we continue to see record sales being posted in our Westside real estate market, especially in the high-end market where we outpaced previous years by as much as 75% increase in homes selling for more than $5 million, year over year. Locally, we are 72% ahead in sales volumes through August compared to 2020. On a national basis, existing home sales fell by 2.0% in August, which has been running counter to rising home prices. You might ask, “What does the future bring?” At this writing we are all looking to and hoping that Congress will be able to find a way to avoid a government shutdown and avoid a financial disaster for the country. That being said, the forecast for the real estate market, especially in “our neck of the woods” will stay strong, we are and will continue to see an increase in prices, just not as much as we have seen recently, and there still will be multiple offers again not as many.

According to Case-Shiller, U.S. home prices rose 19.7% in August for the fourth consecutive month of record price appreciation, but the market could be starting to cool as there are signs the market frenzy might be starting to ease. Price growth is starting to decline in some major markets. A word to the wise — the Fed has indicated that rates will most likely increase in 2022, so it is a good time to look at getting your finances in order if you’re thinking of buying soon. We all must remember that even with the forecast of increasing interest rates, that increase will be somewhat slow in developing and in looking at interest rates historically, even if they go to 4%, they are still low.

From a real estate perspective, what has happened in Westwood Hills this past quarter? The community of Westwood Hills just keeps chugging along. As was the case for both this past quarter and quarter #2, there are no homes actively on the market. This past quarter brought us 2 homes in escrow, vs. none in quarter #2. The difference is in the number of closed escrows: 6 this past quarter and 8 in the 2nd quarter.
The work on the Metro continues to move forward, albeit somewhat slowly, but some progress is being made.
Please know that you can reach out to me with any questions, or real estate needs. I am here for you…

Give me a call 310-442-1384

Westwood Hills 2nd Quarterly Report 2021

1 July 2021

Dear Westwood Hills Neighbor:

First of all, Happy Fourth of July. We have much to be thankful for — California has ‘re-opened’…we’re getting out, shopping, and dining, and seeing our friends again! Yes, while we still face some Covid-19 challenges, we hopefully have gotten through the worst of it and have all done a great job in helping our communities be safer. Hopefully we don’t back slide with the variants that are out there now. Be safe!

On the real estate front — we have seen a dramatic improvement in pending home sales across the country — experts expected a 1% drop, instead there was an 8% increase in transactions for existing homes, the highest level of sales activity for May since 2005. We too, continue to see increased marketing activity in our communities with median sales price still hovering above 5% compared to 2020

The good news is that the Fed is committed to keeping interest rates low, meaning mortgage rates will remain near record lows as well. This bodes well for those of you thinking of selling or buying. Mortgage rates remain in the low 3% range, which makes financing or getting a re-fi on your home much easier.

On the mortgage, financing front in one my recent sales meetings we were discussing the fact that a lot of transactions are falling out of escrow. The primary cause is that buyers are bidding up the purchase price only to find out that they cannot qualify for the property, and if there is a “back up offer” in place, which I always encourage, if possible, many times that buyer will become the prevailing buyer and end up with the property. Please give me a call at 310 442-1384 and I will be more than happy to explain the process.

The record breaking heat we are experiencing all over is a major cause for concern given the drought we are experiencing. so once again, I remind you to please be fire safe and clear the brush around your property. In the last week or so, I have received a number of emails from clients telling me they have been cited by the Fire Dept. They are out there inspecting our properties, so please make sure you are in compliance. There is a new mandatory statewide disclosure that goes into effect today, 1 July 2021 where in every property sold in a high fire risk area will need to comply with the brush clearance guidelines. You might want to check out..http:www.readyforwildfire.org for more information.

What is going on in Westwood Hills from a real estate perspective? At the moment, there are no homes available for sale, however there are two (2) in escrow, and eight (8) homes closed escrow this past quarter. As for leases, no homes are currently available for lease, but two (2) were leased in the last 90 days. Unfortunately, I am unable to provide you with a comparison as to real estate activity for the second quarter of 2020 but will be able to do for moving forward with the third quarter.

Please know I am here for all of your real estate needs, and questions, so please do not hesitate to each out to me. I am here for you!

Cordially,

Carole

1 July 2021

Dear Westwood Hills Neighbor:

Please know I am here for all of your real estate needs, and questions, so please do not hesitate to each out to me. I am here for you!

Cordially,

Carole

310 442-1384 ceschiffer@gmail.com

1 July 2021

Dear Westwood Hills Neighbor:

Please know I am here for all of your real estate needs, and questions, so please do not hesitate to each out to me. I am here for you!

Cordially,

Carole

310 442-1384 ceschiffer@gmail.com

Westwood Hills 4tht Quarterly Report 2020

Dear Westwood Hills Neighbor:

I want to wish all of you a very Happy New Year…we are hoping that 2021 will be a so much better for us, our families, and our world. The challenges remain with the pandemic, of course, but we have many blessings for which we can be thankful. The good news is the economy is continuing its hot streak and for the real estate market, many economists believe the housing market will enter 2021 blazing hot with off-the-charts demand and an extreme shortage of homes for sale. While the risk of a double-dip recession hovers in the background, home sales and prices are expected to keep rising this year as coronavirus vaccines become available. The economists believe the economy will be buzzing again with a new president focused on housing taking the helm. But inventory or better said, the lack there of will continue to rule.

In our local real estate market, we have seen a continued rise in prices and demand in the high-end luxury segment, and we are closing the gap for total sales volume compared to a year ago. Buyers are out there armed with historic low mortgage rates, eager to snap up homes in our prestigious Westside. So, if you’re contemplating either buying or selling, this is the time to do so.

I know I speak for all of us when I say that we will be glad to turn that page of the calendar and see 2020 gone. Year over year, our prices have held very well. Given all that we have gone through how has our community of Westwood Hills. Traditionally there has been a good amount of real estate activity in the community however, that has not been the case this year. Currently there are three (3) homes on the market, vs. only one (1) last year. There are two homes in escrow with the same quantity last year at this time. As for closed escrows, there were eight (8) this past quarter, and five (5) the last quarter of 2019.

The ongoing campaign to develop the last remaining 447 undeveloped acreage in the Santa Monica Mountains, adjacent to both Mountaingate and Bel Air Crest by the Berggruen Institute continues in the public sector as well in the courts. There are strong opinions on both sides of this proposal. If you want more information please reach out to me. Also, the research continues as to the proposals to develop a rapid transit system through the Sepulveda Pass from the San Fernando Valley to LAX. Most likely it will be a while before decisions will be finalized on either of these projects.

Please check out my re-designed web site, CaroleSchiffer.com. In the meantime, please let me know how I can assist you with any and all of your real estate needs.

Fondly,

Carole

Westwood Hills Up to Date Report

Dear Westwood Hills Neighbor:

What a strange year we are having! With Covid-19, the horrible fire season we continue to experience, and the climate changes, it makes for challenges for all of us to experience. The calendar says Fall, but as usual we are experiencing an Indian Summer. Leaves are turning to autumn hues. All these changes are causing us to reshape our lives in so many ways.

As Fall descends, we are also seeing a home-buying frenzy in full swing. With mortgage rates near historic lows, the buying season has moved beyond traditional patterns. Mortgage applications in the US are now 25% higher than a year ago and homes selling for more than $1 million are up 44%. For Westside’s high-end market, we had 464 closed sales of $5 million-plus homes — up 12% from last year. Of those sales, 142 were $10 million-plus, up 26% over 2019….42 were $20 million-plus, up 50%….and 14 were $30 million-plus, up 27%. There were 6 sales of $40 million-plus, the same for both years. There are 92 pending sales of $5 million-plus, of which 20 are $10 million-plus and two are $20 million-plus.

One of the conversations I have with many of you is what is the impact on real estate activity from the upcoming national elections? According to Money Matters, historically, there is a minus of 15% of real estate activity at the time of a national election vs. minus 9% for non-election years at this time of year.. However also historically activity picks up right after the election is held. Given all that is going on today, it will be interesting to see what the results are this year. I will be sharing that information with you in my year-end report.

The controversy dealing with the plans to have a rapid transit system from the San Fernando Valley to LAX is ongoing, and I once again invite you to follow this ever-evolving situation. Also, with the horrible fires we are experiencing up and down the West Coast, please make sure you and your property are fire safe.

I have been cleaning up my data base and noticed several of you receive my mailings both electronically and via “snail” mail. In that case, I have deleted the “snail” mail component. If you wish to still receive them via the mail, please let me know and I will be more than happy to put it back.

You will please note that my traditional quarterly report is longer than usual this time as I was not able to send one out for both the second and third quarters of the year. The year-end report will most likely also be a little longer when I send it out right after the first of the year, as it will be a recap for the entire year.

From a real estate perspective what happened in Westwood Hills for the past 3 quarters, vs. ’19. Currently there are 3 homes for sale, vs. 7 last year. In escrow, there are 4, vs. 1 last year. As for closed escrows, there were an eye popping 16 against 4 last year. With regard to leases, we are looking at 6 currently, vs. 1 last year, and 7 homes were leased this year, vs. 1 last year.

Please know I am here for the long term, and here to assist you with any and all your real estate needs. Please reach out to me.

Stay safe!

Cordially,

Carole