Dear Mountaingate 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.
How is Mountaingate doing from a real estate perspective, and how does that compare to 2018? Currently there are 5 homes available for sale with the same # at this time in ‘18. There is 1 home in escrow, again the same in ‘18, and we had 1 closed escrow this past quarter, with 6 last year at this time. What does it say about the market for the community over all? In 2019 there were 14 closed escrows, and in ’18 there were 22. I separated the average cost per square feet for town houses in 2018 ($4748.18, and, homes it was $569.78, and in 2019 is was $530.33 for the townhouses, and $527.22 ’18. Please remember that the total number of closed escrows in ’18 was markedly higher than in 2019.
Does the community and area in general face some challenges, Yes, it does. The scars of the recent Getty fire are scary and sad to see and I know the fire has impacted a number of you as regards to your home owner insurance coverage. There are also the proposed development issues in the area including the Bruggruen Institute, the toll lanes on the 405 as well as the rapid transit proposal that will include some type of transportation system from the San Fernando Valley to LAX with stops in between. How will all of this impact the community and the values, that is the unknown at this point as we have to take a wait and see what happens with all of them. I urge you to stay tuned to not only my updates and the Schiffer Line, but to attend the public meetings to keep your selves well informed.
If you need assistance with not only any and all of your real estate needs as well as some referrals for your insurance, please do not hesitate to contact me. I am to serve and work with you.
Looking forward to speaking with and see you soon.
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.