L.A. real estate news and insights.
Tomorrow the Federal Reserve will announce if they will or will not raise short-term rates. My prediction is that we will see them raise rates another 25 bases point: that’s a fancy way of saying .25 of 1%.
How do I know?
I have been tracking a market indicator called the Fed Funds Futures. That indicator shows what investors are betting on. It currently shows a 98% probability that we will see a 25 bases point raise... so I'm going with that.
Do you think they will raise the rates tomorrow?
This is the smallest home for sale in Echo Park.
Asking price: $799,000
This home has 1 bed/2 bath, 546 sq. ft. of living space, and is on a 1,625 sq. ft. lot.
This newly reimagined bungalow features, vaulted ceilings, an open concept floor plan, stainless steel appliances in the kitchen, and a large background deck.
Text me for more info at 818-445-7953.
Text the word "pie" to 818-445-7953, and you will get on the list for next year.
Happy Thanksgiving!🥧
An analysis from the real estate site Redfin finds that would-be homeowners now need to earn $200,000 or more in eight U.S. cities, including L.A. This is because the average rate for a 30-year fixed loan is now hovering near 7%. Mortgage payments rose by an average of nearly 46% over the last year.
The typical U.S. homebuyer needs to pull down about $107,000 a year to afford a median monthly mortgage payment of roughly $2,700. Only a year ago, your salary needed to be closer to $74,000.
But some locations are much, much more expensive than others. In L.A., the median home price is $823,500. That means, by Redfin’s calculation, you need an annual income of $221,592 to make the numbers work.
In my 14-year career, I have never seen interest rates climb so quickly in such a short amount of time. They were in the high 2% range earlier this year.
Source: CNBC
This is the most expensive condo for sale this week in Century City.
Asking price: $10,250,000
This full-service condo has 3 bed/4 bath, 4,158 sq. ft. of living space, and there are 35 units in the building.
The condo features jaw-dropping unobstructed views of the ocean, downtown, mountains, and city.
The building amenities include concierge service, 24-hour security, valet, conference, Pilates, massage rooms, fitness center, saltwater pool, and more.
Text me if you want a tour at 818-445-7953.
Here is the cheapest home sold this week in Echo Park.
Asking price: $899,000
Sold price: $1,255,000 ($356,000 over the asking price)
This renovated Spanish bungalow has 2 bed/2 bath, 828 sq. ft. of living space, and is on a 4,280 sq. ft. lot.
The property is close to hiking trails, the LA River bike path, and the historic “hidden stairs".
LA Off Market Condo Available Now!
This condo has 2 bed/3 baths and 1,696 sq. ft. of living space.
There's an oversized master with a walk-in closet, a huge master bath with a rain shower, a washer & dryer in-unit, and a contemporary chef’s kitchen with stainless steel appliances.
The building has underground parking and a rooftop clubhouse with a sunning deck that has panoramic views.
Text me if you want a tour at 818-445-7953.
Housing demand is so intense that the data shows nearly half of homes are selling within a week of hitting the market. That's a record.
Just over 1 million homes are available for sale nationally, compared to a peak of more than 4 million at the height of the last housing bubble in 2007.
Off Market Condo for Sale in West Hollywood.
Located in the Norma Triangle, this condo has 1 bed/1.5 bath and 1,218 sq. ft. of living space.
The property features an open concept renovation, state-of-the-art kitchen, temperature-controlled wine storage, master suite, in-unit laundry, and a full unit length balcony.
The building recently had a massive multi-million-dollar renovation. Amenities include a beautiful lobby, 24 hr. concierge and valet, two pools (main level and rooftop with amazing 360-degree skyline views), and a fitness center.
Text me if you want a tour at 818-445-7953.
Do you have a friend or neighbor who might be thinking about selling their property?
Referrals are what keep my real estate business going!
It would mean the world to me if you shared this message with homeowners you know who are ready to make a move.
Below are some of the properties I recently sold.
Let's get your friend's property on this list!
Text me anytime at 818-445-7953.
Thanks!
•17911 Topham St, Encino 91316
•1717 Loma Vista St. Pasadena, CA 91104
•364 Wapello Street, Altadena, CA 91001
•22227 Bassett Street, West Hills, CA 91303
•4058 Mckinley Avenue, Los Angeles, CA 90011
•1366 Casmalia Court, Simi Valley, CA 93065
•11306 Victory Blvd, North Hollywood 91606
•10660 Wilsey Avenue, Tujunga, CA 91042 - In Escrow
•1124 N Naomi Street, Burbank, CA 91505 - In Escrow
In Los Angeles County, signed contracts for single-family homes priced at below $5 million far outpaced new listings in the category last month, as inventory couldn't keep up with demand.
Data shows 4,308 signed contracts countywide for single-family homes in all price categories in March and just 2,395 new homes listed.
In L.A. County, single-family homes in the $500,000 to $699,000 range were particularly popular.
At that price point, there were 1,093 deals last month but fewer than 400 new listings.
In the over $5 million single-family home category, there was still plenty of supply.
There were 92 signed contracts in that range compared to 179 homes that hit the market.
Source: Douglas Elliman by appraiser Jonathan Miller.
Comment below on why you think LA homeowners are not putting their homes up for sale.
Text me if you want a tour at 818-445-7953.
“Hot Home” alert in Pasadena!
This Mid Century Modern home has 4 bed/3 baths, 1,883 sq. ft. of living space, and is on a 9,380 sq. ft. lot.
The property features wood floors throughout the home, a bright gourmet chef’s kitchen that opens to an outdoor lounge area, and all the windows look out to the lush greenery surrounding the home.
The Master bedroom has high arched ceilings, a large walk-in closet, and a spa-like ensuite bath.
Did you know you have to pay your real estate agent a full 6% commission fee to sell your home... even if you found the buyer yourself?
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We don't think that's very fair!
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Here is the deal... YOU find the buyer and there is no other agent involved. We write the contract and walk it through escrow for you. Our commission is 1%.
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Click the Flexible Commission Listing link above for full details.
The day your homes listing hits the market, all of your best marketing pictures should be posted and made public.
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Don't let your agent post them a couple days later.
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At that point, it's too late.
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The majority of home buyers will have already seen your listing and have made a decision whether or not to take a tour.
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The majority to buyers will not revisit your listing to see if you added more pictures.
