L.A. real estate news and insights.
‘Fancy’ Rapper Iggy Azalea has just listed her Hidden Hills home.
Asking price: $6,195,000
This home has 5 bed/5 bath, 5,228 sq. ft. of living space, and is on a 46,211 sq. ft. lot.
The property has a 2-story guest house, screened-in porch, new saltwater pool, and it comes with completed plans with permits to remodel some of the home.
Text me if you want a tour at 818-445-7953.
The number of owners who can save by refinancing is down by more than half from the start of this year to 5.9 million, according to Black Knight data. Black Knight considers refinance candidates as 30-year mortgage holders who have a maximum 80% loan-to-value ratio, a credit score of 720 or higher, and a likelihood of reducing their current first-lien by at least 0.75%.
The average 30-year fixed-rate mortgage has climbed by about 50 basis points in the first weeks of the year.
Still, even with recent mortgage rate increases aside, many of those 5.9 million borrowers could still see savings of $275 a month per borrower, according to Black Knight. More than 1 million of them could save at least $400 a month, and 661,000 borrowers could trim $500 or more from their monthly mortgage at current rates.
The remaining borrowers may have missed the opportunity to save by not refinancing when mortgage rates were below 3%. The number of refinance candidates has dropped significantly from about 11 million at the start of the year and is down by about 20 million in late 2020.
Mortgage applications to refinance a home are down by half from a year ago, the Mortgage Bankers Association reports.
Nearly 18 million homeowners have refinanced over the last two years.
While many homeowners over the last two years have taken advantage to lower their mortgage payments, they’ve also quickly accumulated equity, in record amounts. A sharp increase in home prices has meant that, in the last year, homeowners have gained an average of $50,200 in equity, according to data from the National Association of REALTORS®.
Would you live next to Skid Row? Here is the cheapest condo that sold this week in DTLA.
Asking price: $419,000
Selling Price: $425,000
This condo has 1 bed/1 bath, and 725 sq. ft. of living space. There are 14 floors with 130 residential units.
The historic A. G. Bartlett Building features a rooftop deck, 2nd-floor patio, and 24hr security.
The Bartlett building was given Mills Act status giving homeowners up to 70% off their property taxes. The city offers this in hopes of attracting people to the area, revitalizing the neighborhood, while also preserving historic structures in LA.
Most expensive home for sale this week in North Hills.
Asking price: $867,500
This Mid Century home has 4 bed/3 bath, 1,878 sq. ft. of living space, and is on an 8,200 sq. ft. lot.
The corner lot home features a 2 car garage, pool w/ spa, fire pit, large grassy area, and patio.
Text me if you want a tour at 818-445-7953.
