Kanye West is selling his Tadao Ando-designed Malibu home.
This home has 4 bed/5 bath, over 14,000 sq. ft. of living space, and is on a 5,674 sq. ft. lot.
Asking price: $53,000,000
Text me for a tour at 818-445-7953.
Make sure you check out my 2nd most-viewed video from 2023!
With 2,770,576 views across all my social media platforms, my 2nd most-watched video of 2023 was about this for sale home that is located on a bridge!
This is what affordable housing in LA looks like! #repost
97,197 Southern California homes sold during the first seven months of 2023, the lowest January-to-July total on record.
This year's sales tally is 41% lower than during the pandemic boom two years ago.
Source: CoreLogic
Mortgage rates hit their highest point since 2000!
The average rate on a 30-year fixed mortgage has hit 7.48%, according to Mortgage News Daily.
Mortgage rates jumped, following a rise in bond yields driven by investors’ concerns that high interest rates and inflation will linger longer than expected.
Listings fell to a 12-year low for June
Southern California’s housing market continued rebounding in June, despite below-average sales and the highest mortgage rates in seven months.
With inventory at the lowest level for a June in a dozen years, even this year’s diminished demand exceeds the number of homes for sale, driving up prices.
As a result, the median price of a Southern California home — or price at the midpoint of all sales — was $730,000 in June, CoreLogic reported.
That’s down just 0.7% or $5,000, from a year earlier. It also follows four months of off-and-on price gains that brought the region’s median within $20,000 of the all-time high of $750,000 reached in April 2022.
Median home listed in LA will soon cost more than $1M — up 30% in 5 years
The already dizzying Los Angeles housing market is poised to reach new heights, as the latest data from Zillow suggest that the median home listed in the city will soon cost more than $1 million.
As of June 30, the figure was $975,333, more than a 30% increase from five years prior. Statewide, six other cities were even more expensive and had already crossed the million-dollar mark: San Jose, Santa Maria, Santa Cruz, Salinas and San Francisco.
In Santa Cruz and San Diego — the major markets with the largest increases — median listing prices were up more than 40% over the last five years.
Source: Los Angeles Times - By Terry Castleman
Housing market stuck in biggest freeze in a decade
Actor/Writer strike is affecting the LA real estate market
When the Writers Guild of America, a relatively small union, went on strike in May, I immediately saw an impact with my showbiz clients who were looking to buy a house. Actors are now also on strike. They command a big presence in Los Angeles. It has 160,000 members. Here is how I am currently seeing the market being affected and how it may potentially be affected in the future:
1) In order to get a home loan, my clients in the entertainment business have to show a paystub dated within the last 30 days. Writers, and those affected by the writer strike, will not be able to show a paystub from their normal writing job for the last 30 days. No paystub means no home loan. As soon as the strike is over, and they get a paycheck, they should qualify to get a mortgage again.
2) If writers, actors, and everyone else affected by these strikes are no longer getting paid, and can't afford to pay their mortgages, will they be forced to sell their homes? Will we see a big jump in LA's for sale housing inventory because of this? It is too early to tell, but this is definitely something to keep an eye on.
I'm hoping the strikes end soon and everyone can happily get back to work!
New listings in June take a big year-over-year hit in LA County
There was about a 41% drop year-over-year for active listings in LA county (2,096 listings in June 2023 versus 3,531 listings in June 2022).
Source: Douglas Elliman Report
Arctic Monkeys' Matt Helders' home for sale: A Mid-Century Modern gem in Silver Lake!
Arctic Monkeys’ Matt Helders lists Silver Lake home.
This Mid-Century Modern home has 4 bed/4 bath, 1,674 sq. ft. of living space, and is on a 7,474 sq. ft. lot.
Asking price: $2,995,000
Text me if you want a tour: 818-445-7953.
Kanye West sells his Hidden Hills home. Take a look!
Kanye West sells his Hidden Hills home in an off-market deal.
Selling price: $4,250,000
This home has 5 bed/4 bath, 3,651 sq. ft. of living space, and is on a 46,428 sq. ft. lot.
The property features a guest unit off the garage, a pool, a horse corral, a 3-stall barn, and a tack room.
Check out the jaw-dropping sale price of the Alhambra "under the bridge" property!
Bridge home in Alhambra has officially sold!
1 bed/1 bath, 462 sq ft of living space.
Asking price: $249,950
Selling price: $430,000 all cash
CA home prices keep rising
Los Angeles metro area average home price up $25,000 from April 2023 to May 2023.
1/3 of home buyers are paying in cash – who are they?
Redfin found that 33.4% of buyers opted for an all-cash deal in April, the highest that mark has been since 2014.
Baby Boomers make up the largest share of those buyers with more than half of people age 58 to 76 paying in all-cash.
“Homeowners have really been the winners in that scenario … they have equity and are able to make a move with paying all cash,” Jessica Lautz, National Association of Realtors deputy chief economist and vice president of research, told Nexstar.
Another trend that stood out in the data – single women are the most likely to pay in all-cash, Lautz found.
28% single women
27% married couples
20% single men
20% unmarried couples
When it comes to the race of all-cash buyers, Lautz found that 23% were white/Caucasian, 15% Black/African-American, 8% Asian/Pacific Islander, and 8% Hispanic/Latino.
Supply shortage keeps LA home prices afloat
Spring 2023 has shaped up as one of the slowest-selling seasons on record for Southern California.
Low housing inventory has kept home prices afloat.