L.A. real estate news and insights.
If you own a home in Southern California, it’s probably increasing in value every single day. But how much? The New York Times analyzed the last decade of single-family home prices and found that homes in San Jose had a net daily value increase of $266, the highest of any metro area in the country.
Unsurprisingly, California cities took the top four spots on the list with San Francisco ranking second at $208, Anaheim ranking third at $146, and L.A. ranking fourth at $123.
Here is the cheapest home sold this week in Mid-City LA.
Asking price: $795,000
Selling price: $775,000
This home has 3 bed/2 bath, 1,265 sq. ft. of living space, and is on a 2,000 sq. ft. lot.
The fully renovated home has a new kitchen, bathrooms, windows, flooring, mini-split AC, electrical, plumbing, etc.
It is close to Midtown Crossing shopping center and just minutes from K-Town, DTLA, West Hollywood, and Beverly Hills.
Here is the cheapest home sold this week in Newhall.
Asking price: $599,900
Selling price: $625,000
This starter home has 2 bed/1 bath, 900 sq. ft. of living space, and is on a 5,454 sq. ft. lot.
The home has hardwood floors throughout, stainless steel appliances in the kitchen, and a newly remodeled bathroom.
The share of Realtors who have seen home sellers reduce their price to attract buyers increased for the fifth consecutive month to 43.4%.
The share of buyers expecting lower prices also has more than doubled from 32% in April 2022 to 78% in September 2022.
Source: Latest California Association of Realtors monthly member sentiment survey
Here is the cheapest home sold this week in Highland Park.
Asking price: $799,500
Selling price: $800,000
This 2-story home has 3 bed/2 bath and 1,066 sq. ft. of living space.
The home features new paint, updated flooring, and original wood stairs.
The Warehouse style garage includes an attached storage or workshop room, high ceilings, and an original oil pit for at-home car repairs.
Here is the cheapest home sold this week in Chatsworth.
Asking price: $645,000
Selling price: $705,000
This home has 3 bed/3 bath, 1,300 sq. ft. of living space, and is on a 2,627 sq. ft. lot.
The renovated property features new flooring, a newer A/C and heating system, a newer electrical panel, and copper plumbing.
Here is the cheapest home sold this week in Valley Glen.
Asking price: $899,000
Selling price: $991,000
The home has 3 bed/2 bath, 1,454 sq. ft. of living space, and is on a 6,754 sq. ft. lot.
Did the buyer get a good deal?
This is the most unique home on the market in the Hollywood Hills.
Asking price: $1,049,000
This boat-shaped home has 2 bed/1 bath, 1,136 sq. ft. of living space, and is on a 2,707 sq. ft. lot.
The home was built by Norwegian shipbuilders in the 1950s using hand axes instead of saws.
The "boathouse" features an open floor plan, floor-to-ceiling windows, and a large balcony overlooking the canyon.
Text me if you want a tour at 818-445-7953.
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in Pasadena
Asking price: $2,995,000
This remodeled Ranch Style home has 4 bed/3 bath, 3,409 sq. ft. of living space, and is on a 43,424 sq. ft. lot.
The home features expansive views, has drought-tolerant landscape, and the former garage is permitted and ready to be transformed into a new space.
The housing market doesn’t appear to be following its typical seasonal slowdown this winter. Homebuyers appeared in a rush last week, with economists crediting rising mortgage rates.
Mortgage rates moved to their highest level in more than a year, the Mortgage Bankers Association reports. Buyers who are already facing higher home prices are watching mortgage rates closely as they affect what shoppers can afford.
Mortgage purchase loan applications increased 2% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase applications, however, are 17% lower than the same week a year ago, but real estate pros say that is primarily due to low inventories of homes for sale. They reported to CNBC anecdotally higher-than-normal activity in early January from home shoppers.
The MBA reports that the average contract interest rate for a 30-year fixed-rate mortgage for conforming loan balances rose to 3.52%, up from 3.33% the previous week. That marks the highest contract rate since March 2020.
“Mortgage rates increased significantly across all loan types last week as the Federal Reserve’s signaling of tighter policy ahead pushed U.S. Treasury yields higher,” says Joel Kan, an MBA economist.
Source: “Fear of Even Higher Mortgage Rates May Be Heating Up Winter Homebuying,” CNBC (Jan. 12, 2022)
Here's the most expensive home sold this week in Burbank.
Asking price: $1,900,000
Selling Price: $1,875,000
This Tuscan Villa home has 4 bed/3.5 bath, 3,656 sq. ft. of living space, and is on a 7,958 sq. ft. lot.
The home features a formal dining room, kitchen with a huge center island, breakfast bar, walk-in pantry, and separate butler’s pantry.
The primary suite has an oversized walk-in closet, fireplace, private balcony, and full en-suite bathroom.
There is also a media room and a 2 car garage.
Cheapest home on the market this week in Burbank. Text me if you want a tour at 818-445-7953.
Asking price: $1,199,000
This home has 3 bed/2 bath, 1,454 sq. ft. of living space, and is on a 6,881 sq. ft. lot.
The home features hardwood floors, a brick fireplace, a family room with vaulted ceilings, and recently remodeled bathrooms.
The property also features a landscaped yard, lemon tree, and a 2 car detached garage which has ADU/ guesthouse potential.
Off Market property in Woodland Hills. You won't find this one anywhere else but here.
This home has 5 bed/4 bath, 3,244 sq. ft. of living space, and is on a 9,913 sq. ft. lot.
The home features a double door entry into the foyer, a formal dining room, and an open kitchen with a breakfast bar.
The master bedroom has a walk-in closet, ensuite bathroom with shower, and jacuzzi tub.
Text me if you want a tour at 818-445-7953.
Off Market Condo Alert for Valley Village!
The condo has 2 bed/2 bath, and 1,260 sq. ft. of living space.
This corner unit features a large open floor plan, remodeled bathroom, laundry in unit, large bedrooms, private balcony, and 2 gated parking spaces.
Text me if you want more info at 818-445-7953.
