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 Bel Air Crest fared from a real estate perspective for this past quarter, particularly as compared to the last quarter of 2019. Currently there are five (5) homes on the market, three of which are Canyon homes, and the remaining two are Custom homes. Last year there were eight (8) homes on the market, only two of which were Canyon, and the remaining six Custom. This is a testament to the lack of inventory which all markets are facing. We have two (2) homes in escrow, one is a Canyon home and a Custom home. Again, as a comparison, there was (1) Custom home in escrow. As for closed escrows, this past quarter we had (3) Canyon homes close escrow, and three (3) Custom homes close (two of which sold for healthy prices as you will see from the enclosed list.
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.