L.A. real estate news and insights.
Rick and Kathy Hilton’s Bel Air mansion finally sells.
This newer mansion has 8 bed/16 bath and is on a 26,992 sq. ft. lot.
The home features a lower level 2,000 sq. ft. entertainment space with a bronze wet bar, wine room, kitchen, and home theater.
Original Asking price: $55,000,000
Selling price: $25,000,000
LA Laker Rui Hachimura just bought this new Encino home.
This home has 6 bed/7 bath, over 7,000 sq. ft. of living space, and is on a 13,464 sq. ft. lot.
The modern farmhouse features a cinema room, gym, pool, spa, outdoor kitchen, fire pit, and ADU.
Asking price: $7,495,000
Selling price: $7,250,000
2024 predictions:
6.1% Mortgage bankers association
6.3% National Association of Realtors
6.5% Fannie Mae
6.8% Realtor.com
A new study has found that home prices in Los Angeles are on the decline year-over-year.
In December 2022, the median price of a home in Los Angeles was $810,000; down $40,000 or 4.7% from December 2021.
That was the second largest decline in the study for all US cities, behind only San Francisco which saw a 5.1% decrease.
Considering rising interest rates, inflation, major layoffs, and recession fears, a 4.7% decline is not that bad.
Source: RE/MAX
This home is known as "Domestead", a one-of-a-kind dome-shaped home in Glassell Park.
With panoramic city and mountain views, 1 bed/2 bath, and 1,787 sq. ft. of living space on a 10,869 sq. ft. lot, this is, in my opinion, the most unique home for sale in Glassell Park.
Asking price: $1,725,000
Designed by Los Angeles architect William King.
Text me for more info at 818-445-7953.
Despite the sharp increase in December, recent housing data has indicated that rents have begun to fall: Realtor.com®, for example, reports that rents have dropped in many of the nation’s hottest real estate markets after rising more than 20% over the past three years.
Also, robust apartment construction likely will raise rental vacancy rates, which could help further ease rental prices in the months ahead.
Source: The National Association of REALTORS®
Here is the cheapest condo for sale in Hollywood.
Asking price: $899,000
This condo has 1 bed/1 bath and 1,380 sq. ft. of living space.
The historic Broadway Hollywood building, built in 1928 as a department store, was converted into 96 loft condominiums in the early 2000s.
The building features a 24 hr. doorman, valet parking, a rooftop pool, cabanas with a firepit, and a gym.
Text me if you want a private tour at 818-445-7953.
Share of U.S. homes bought with all cash hits highest level since 2014. Roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October.
However, expensive West Coast metros dominate the list of places with the lowest share of all cash-purchases. They’re least common in the Bay Area: Just 14.3% of home purchases in San Jose and 16.5% in Oakland were made in cash. Next come Seattle (19%), Los Angeles (19.2%) and Newark, NJ (20%).
Source: Redfin analysis of county records
There were 57 property sales in Burbank for January 2021.
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.
"Punky Brewster" Soleil Moon Frye Sells Hollywood Hills Home to ‘Mortal Kombat’s’ Jessica McNamee.
Selling price: $2.814 million
This Spanish Villa has 5 bed/5 bath, 3,030 sq. ft. of living space, and is on a 10,341sq. ft. lot.
The private estate features indoor/outdoor living spaces, wood-beamed ceilings, terracotta floor tiles, and other vintage details.
Along with the exceptional views outdoors, there is a patio, gardens, and mature landscaping.
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 Los Angeles. You won't find this one anywhere else but here.
This home has 5 bed/4.5 bath, 4,000 sq. ft. of living space, and is on a 6,204 sq. ft. lot.
The gated home features hardwood floors throughout, open concept staircases, walls of glass, and Miele appliances in the kitchen.
The primary bedroom has a fireplace, 2 closets, an ensuite bathroom, and a large balcony. There is also a media room upstairs along with a laundry room.
There is a pool with a spa and a deck in the private backyard. Walking distance to tons of restaurants and shops on Melrose Ave.
Text me if you want a tour at 818-445-7953.
Mortgage rates have taken a big leap at the start of the new year. In the first week of 2022, the 30-year fixed-rate mortgage jumped nearly 60 basis points higher than a year earlier, averaging 3.22% this week, Freddie Mac reports.
“Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021,” says Sam Khater, Freddie Mac’s chief economist. “With higher inflation, promising economic growth, and a tight labor market, we expect rates will continue to rise. The impact of higher rates on purchase demand remains modest so far given the current first-time home buyer growth.”
The National Association of REALTORS® forecasts that mortgage rates will average 3.7% by the end of this year.
Source: Freddie Mac and “Instant Reaction: Mortgage Rates, January 6, 2022,” National Association of REALTORS® Economists’ Outlook blog
