Dear Westwood Hills Neighbor:
Summer arrives…has it ever really left?
Many believe we have only one season…summer. While we are blessed with great weather year ‘round, we do enjoy the occasional rain (which we need much more of!),nippy cold mornings, and the golden colors of fall. So, with summer now officially here, enjoy your longer, hotter days, but there are caution flags, too.
On the summer front…Be prepared for fire emergencies that have a habit of recurring in our nearby canyons and mountains…. follow precautions cited by the LAFD — clear the brush and clutter around your home, have emergency exits preplanned, and insure your electrical systems are not overloaded. As we all love our beaches, there has been a major campaign to improve beach safety….be mindful of official warnings posted by life guards, be aware of rip tides, use plenty of sunscreen, and don’t venture into dangerous surf conditions. Most importantly, watch your family members at all times. And if you are grilling, stay away from the house, use charcoal and gas safely, and check for gas leaks…and be ready to put out a fire.
On the real estate front…. Case-Shiller reported US home prices have surged for the 72nd straight month. Home prices rose an average of 6.4%, year over year, down slightly from last month’s 6.5%. This really isn’t ‘new’ news…I have been reporting these increases monthly for the past five years. Low inventory levels are primarily the culprit here…yes, interest rates are beginning to rise, but the reality is, demand far exceeds supply. Everywhere I go, I am asked, how much longer can this last with the value of homes going up and interest rates now, while still low rising? The answer is. “I don’t know, but the majority of the economists seem to feel we are looking at another good year or so.
Westwood Hills – what is going on?! – As I am sure you all know, they are working on Wilshire Boulevard, which I am sure will add to the traffic & congestion. I think we are going to see an increased usage of the popular Bird or Lime scooters as a way to deal with the traffic. We shall see!
From a real estate perspective, Westwood Hills, remains a hot commodity! Currently there are 6 homes available for sale, 3 are in escrow, and as for closed escrows, there were 7. For the 2nd quarter in 2017 the numbers were, 5 active listings, 2 in escrow, and 8 closed escrows.
I am here to assist you with all of your real estate needs.
Looking forward to speaking with you
Coldwell Banker Global Luxury Director
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