Fall is upon us. I know people say we don’t have seasons here in Southern California. I think they are wrong, don’t you? In my book, nothing is prettier than seeing the trees with all of their golden leaves, etc. It is such a picturesque sight
Our economy and high unemployment continue to be serious concerns to us all. In its 3rd quarter report, UCLA researchers at Anderson School reported on September 20 that while the national economy is in “far worse” shape than it was just three months ago, neither the U.S. nor California is expected to slip back into recession. “The U.S. economy has only ‘stalled’, the job market continues to be horrible, and even a modest shock could possible trigger a full-blown recession”. But in a “nuance only an economist could appreciate”, a recession is unlikely because the forces that normally spur downturns such as home construction are already so weak that that this declining effect won’t cause much harm. A sudden drop in consumer spending or exports will, however. The GDP is expected to grow between 2.5% and 3% my mid-2012. Silver lining? We hope so.
Real estate performance on the Westside can best be described as the Tale of Two Markets, higher-end homes — those over $4 million — are selling well vs. lower-priced homes that are under-performing. I was recently showing a house on La Mesa, one of the prettiest streets in all of West Los Angeles. A home that came on the market for over $9 million had two strong offers in less than a week! However whatever the price point, if any home is priced right, they’re gone quickly. The buyers want to take advantage of the record-low interest rates (my own was just lowered to 2.75%!). As I have mentioned before, they are sophisticated: They know their neighborhoods and pricing, and are ready to move when they find a property that works for them. Effective October 1, maximum loan amounts for conforming loans goes down from $729,000 to $649,000, which could negatively impact the market.
Coyote Alert: Be careful walking your neighborhoods….we’ve had several coyote confrontations with residents and their dogs. Carry a big stick! If you experience aggressive behavior from any type of wildlife, you should immediately contact the West Los Angeles Animal Services at 310-207-3156 and file a Wildlife Sighting Report. If they say that they do not accept reports over the phone, say that you were told by Officer Randall (the Wildlife Officer in charge of our area) that they are supposed to accept phone reports. Also, you can please file a report with the Dept of Fish and Game at 562-596-3885.
f you want any information on specific transaction that occurred during the last quarter, or if you have any questions or needs regarding real estate. please contact me by phone 310-442-1384 or by email carole@caroleschiffer.com
