Dear Brentwood Circle neighbor:
WOW, what a difference a year makes!!!!!!!! It is like night to day. At this time last year, there was just 1 home for sale, currently there are two, there is 1 home in escrow vs. none last year, and as far as closed escrows go, there were none last year, and 7 just this past quarter! Of the 7 closed escrows, 2 sold over asking price, 1 for full price, and the remaining 4 sold a little off of asking price. As you all know there is still a fair amount of construction taking place in the community, (some of which has already taken place and accounted for some the sales activity), and this could generate more of an accelerated rate for more sales. The only arena where the activity was the same for both years, was in the area of leases, none for lease, nor any leased.
Please let me know how I might assist you with all of your real estate needs. I am here to help you. Looking forward to hearing from you.
eight months of 2017, sales volume is 18.8% ahead of last year, exceeding $2.518 billion vs. $2.118 billion a year ago. Just in: Private sales, which are not reported in the MLS monthly statistics that I use for my reports, is showing an amazing 20 – 30%, depending on the area more sales than what the MLS is showing for last month. That means that both sales volumes and # of homes sold are robust, over the top, for our communities. That is not surprising as private sales have always been there, they’re private). But their existence certainly underscores the vibrancy of our market.
Prices are not calming down. They weren’t on steroids last month, but strong none the less. Beverly Hills, our leader in the pricing world, was up 3% for 2017 at $5.550 million. Beverly Hills Post Office was up 3% also to $2.492 million…. but Bel-Air/Holmby Hills was down 6%, at $2.109 million…Westwood/Century City was up 10% at $2.010 million, and Brentwood was up 20% at $2.185 million.
When comparing this time of year to last year, how are we doing? Good, bad, good. First of all, let’s get Beverly Hills out of the way…. their August median sales prices were down 39% to $3.615 million vs. $6.050 million in 2016, which reflects their normal hot/cold performances over the years. As the area’s strongest, priciest market, they will have huge swings through the year — it’s just the nature of their market.
Yes, it’s like downsizing but it’s more about re-arranging priorities and making a major shift in your life. For example, anyone who owns a home knows the amount of time, money, and effort it takes to maintain it. Moving to a smaller home requires less of your time, and energy, and will free you up for other often-neglected priorities.
$430,000. And you drive 75 miles to and from work every work day. That’s the bad news.
selling and buying real estate, I’ve learned a thing or two: Myth #1: Agents are paid a salary. We’re only paid a commission if the home sells and escrow closes. Myth #2: Agents keep all the commission. Not true. Invariably, commissions are split amongst another agent or several. The commissions are paid to the broker’s company (Coldwell Banker) and as an agent, we receive a portion of that commission. Myth #3: Seller pays all agents expenses — advertising, entertainment/open houses, direct mail, auto expenses —all expenses are paid by the agent…NOT the seller. We pick up all the costs. Myth #4: Weekends bring out the most serious buyers. No, that’s not true. It’s a popular belief because we have Open Houses on Sundays. Serious buyers come when their schedule works for them. Myth #5: Zillow says it. It must be true. Not true. Zillow admit that their pricing can be off as much as 8%…that’s huge on a $1 million home. And Myth #6: It’s better to price your house high because you can always come down. Homes that are not competitively priced will sit longer on the market and will become “tainted” — something you want to avoid.
My great listing at 2254 The Terrace in Mountaingate, has been an interesting lesson and experience. Within the 2 weeks it has been on the market, we have sold it 3 times in multiple offers, and find ourselves once again with multiple offers. Here is what is/has happened. All the offers have been substantially over the asking price, but in every case, we have been dealing with buyers that because of the dearth of inventory, just wanted to “tie the property up”, while they figured out what they want to do with it. We are now qualifying the buyers differently so that now we are dealing with “good solid buyers” who have a clear direction as to what they are doing with the property. Conversely, my other wonderful listing on Ipswich in Bel Air Crest is even more special because of this floor plan, there are only two in the entire Canyon portion of 135 homes in the community. Please contact me at 310 442-1384 for more information on these exciting homes! I also have some other homes coming on the market in the next few months, please ask me about them also.
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