L.A. real estate news and insights.
Scooter Braun cuts the price on his LA estate again!
Current asking price: $19,950,000
Original asking price: $23,950,000
This home has 6 bed/10 bath, 8,500 sq. ft. of living space, and is on over 2 acres.
Text me if you want a private tour at 818-445-7953.
Actor Michael B. Jordan puts his Encino property back on the market.
Asking price: $12,998,000
This Modern Farmhouse has 8 bed/14 bath, 12,300 sq. ft. of living space, and is on a 22,195 sq. ft. lot.
The home features a soundproof movie theatre, a glassed-in wine room, a gym/salon, an elevator, smart home technology, and an unparalleled security system.
The property includes an outdoor kitchen, a pool, a spa, a cabana, 2 story guest house, a massage room, and an oversized motor court.
Text me if you want a private tour at 818-445-7953.
According to the results of a survey from Consumer Affairs, if you call one of these five cities home, you might want to prepare for your home’s value to take a tumble in the year ahead.
1) Austin, Texas
2) Atlanta
3) Bakersfield, California
4) Los Angeles
5) Albuquerque, New Mexico
Coming in at number four, 23% of those polled believe Los Angeles is the city most likely to see housing prices drop.
As of October, the median listing home price in Los Angeles was $999,000 at $649 per square foot, up 5.2% year-over-year. The median home sold price was $915,000, with homes selling after a median 62 days on the market.
Prices have decreased slightly since July, down from a median listing price of $1 million at $654 per square foot. But the drops can especially be seen in the median sale prices in L.A. — down from $948,000 in the summer. And homes are lingering on the market for nearly two weeks longer, compared to 49 days in July.
If prices drop as much as 15% from the summer’s numbers, that would lower the median listing price to $850,000 — a decrease of $150,000.
Text me if you want to lowball them: 818-445-7953.
Here is the longest active home on the market in Arcadia - 467 days!
Original Asking price: 6,380,000
Current Asking price: 5,680,000
This home has 6 bed/6 bath, 7,693 sq. ft. of living space, & is on a 43,785 sq. ft. lot.
The Ranch-Style home features a huge family room, library, playroom, and dance studio/exercise room.
Outside, there is a basketball court, a swimming pool with a waterfall into the spa, a fishpond, and an entertainment/BBQ area.
This is the most unique property for sale in Burbank.
Asking price: $849,900
This Disney-style cottage has 2 bed/1 bath, and 874 sq. ft. of living space and is on a 2,602 sq. ft. lot.
The home features the original gingerbread wood touches and a loft accessible by a drop-down wooden ladder.
There is also a 2-car detached garage that has ADU potential.
Text me if you want a tour at 818-445-7953.
There are 58 properties for sale in Burbank, and 30 of those have hit the market in the last 8 days! That means more than 1/2 of Burbank's current housing inventory came on the market in just the last week.
Are you seeing more properties for sale in your neighborhood?
Here is the cheapest home sold this week in Burbank.
Asking price: $935,000
Sold price: $975,000
This home has 3 bed/2 bath, 1,476 sq. ft. of living space, and is on an 8,286 sq. ft. lot.
There is a swimming pool in the backyard, and there is a bonus room with ¾ bathroom attached to the garage.
Here's the best fixer-upper to hit the market this week in Burbank's Magnolia Park neighborhood.
Asking price: $1,100,000
This home has 3 bed/2 bath, 1,329 sq. ft. of living space, and is on a 6,577 sq. ft. lot.
The home has a separate family room, enclosed patio/sunroom, updated dual pane windows, and an upgraded electrical panel.
There is a large backyard with room to expand and a 2-car detached garage with ADU potential.
Text me if you want a tour at 818-445-7953.
Despite rising interest rates, buyer demand has yet to downshift in California. Home sales likely rose in March from February’s pace and several indicators showed a market that was even more competitive that it was in February with 71% of homes selling above asking prices and the typical home going from list to pending is just 8 days. In addition, the latest survey of REALTORS® suggests that few agents are experiencing buyers putting their search on hold or backing out of existing deals. Many would-be home buyers may be feeling a sense of urgency to complete their purchase before rates rise further, which is keeping the market tight so far.
Source: California Association of Realtors
Here is the cheapest home sold this week in Toluca Woods.
Asking price: $1,599,000
Selling price: $1,830,000
This fixer-upper home has 3 bed/1 bath, 2,210 sq. ft. of living space, and is on a 12,424 sq. ft. lot.
First time on the market in 46 years! Sold for $231K over the asking price – All cash!
With mortgage rates now nearing 5%, many aspiring home buyers may have reached the top of what they can afford, especially as 40-year-high inflation affects the threshold for them.
As a result, the number of sellers dropping their asking price is growing at a faster clip than in the recent past. About 12% of homes for sale had a price drop during the four weeks ending April 3. That marks a jump from 9% a year ago.
Home prices are well above levels from a year ago. The average borrower is paying about 40% more than they would have for the same home a year ago on a monthly payment due to higher mortgage rates and higher home prices, according to the National Association of REALTORS®.
More consumers believe that mortgage rates and home prices will rise further, according to a monthly consumer sentiment index from Fannie Mae. “If consumer pessimism toward homebuying conditions continues, and the recent mortgage rate increases are sustained, then we expect to see an even greater cooling of the housing market than previously forecast,” Mark Palim, vice president and deputy chief economist at Fannie Mae, wrote about the consumer sentiment index’s findings.
However, some buyers may see an opening in the market. They may want to rush ahead of further mortgage rate increases or may see an uptick in new listings.
Source: “Rising Mortgage Rates Are Causing More Home Sellers to Lower Their Asking Prices,” CNBC (April 7, 2022)
And it's on Buena Vista, a very busy street...
Here is the cheapest home sold this week in Burbank.
Asking price: $782,000
Selling price: $850,000
This remodeled/ upgraded home has 2 bed/1 bath, 864 sq. ft. of living space, and is on a 3,000 sq. ft. lot.
Would you have bought this home at this price?
Michael B. Jordan lists his Hollywood Hills home.
Asking price: $6,988,000
The home has 3 bed/5 bath, 4,800 sq. ft. of living space, and is on a 44,426 sq. ft. lot.
Outside there is a 50 ft pool, oversized hot tub, outdoor kitchen, waterfalls, and walking paths.
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.
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in the Burbank hills.
Asking price: $1,095,000
This home has 4 bed/2 bath, 1,126 sq. ft. of living space, and is on a 6,300 sq. ft. lot.
The home is a fixer-upper but has had some recent upgrades: a newer central heating furnace, relined main sewer line, and a reglazed bathtub.
