L.A. real estate news and insights.
Kaley Cuoco just sold her Hidden Hills Estate.
Selling Price: $16.2 million – sold off-market.
The home has 6 bed/8 bath, 10,976 sq. ft. of living space, and is on 1.5+ acres of land.
The backyard has a large patio, a pool with a spa, a cabana, and a guesthouse.
Sold this piece of land for $1,077,000. Another off-market deal.😉
11853 Weir St., Culver City, CA 90230
3,950 Sq. Ft. | Vacant Lot
Text me for more info at 818-445-7953.
Off Market property in El Sereno. You won't find this on Zillow or Redfin.
This home has 3 bed/3 bath, 2 car garage, 1,747 sq. ft. of living space, and is on a 5,951 sq. ft. lot.
Recent upgrades include new interior/exterior paint, new bathrooms, new flooring, and an updated kitchen with a moveable island.
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?
This is the most unique home for sale this week in Glendale.
Asking price: $3,295,000
This Mayan-inspired home has 5 bed/3 bath, 3,281 sq. ft. of living space, and is on a 66,723 sq. ft. lot.
The Derby house was built in 1926 by Lloyd Wright for businessman James Derby.
The home is listed on both Glendale and National Register for Historic Places.
Text me if you want a tour at 818-445-7953.
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 best fixer for sale this week in Reseda.
Asking price: $699,900
This home has 3 bed/2 bath, 1,151 sq. ft. of living space, and is on a 10,851 sq. ft. lot.
The single-story home is at the end of a cul-de-sac and is on an oversized lot—plenty of room to expand.
Text me if you want a tour at 818-445-7953.
Los Angeles’ median home value in 2000 was around $231,000. That number has jumped to $878,000 in 2022 – a 280% increase.
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.
Do you have a friend, co-worker, or neighbor who is thinking about selling their property?
Referrals are what keep my real estate business going! I would be honored if you referred me to a homeowner that is getting ready to move.
Feel free to give them my number: 818-445-7953.
Thank you!
Katy Perry lists her Beverly Hills estate.
Asking price: $19,475,000
The home has 5 bed/6 bath, 5,427 sq. ft. of living space, and is on a 50,699 sq. ft. lot.
This European Villa features a quarter-mile-long driveway, media/family room, and gym with a sauna, cold plunge, and shower.
The backyard has lush rolling lawns and an Infinity-edge swimming pool with a spillover spa.
Text me if you want a tour at 818-445-7953.
Elevated inflation and the Federal Reserve’s monetary tightening policy drove the latest leap in mortgage rates this week. Since the beginning of this year, mortgage rates have jumped by 1.2%. The typical home buyer would need to spend $250 more every month to be able to purchase a home, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s blog.
The 30-year fixed-rate mortgage moved up to a 4.42% average this week, more than a quarter of a percentage point compared to last week, Freddie Mac reports in its latest mortgage market survey. Rates continued to rise across loan types. “Rising inflation, escalating geopolitical uncertainty, and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power,” says Sam Khater, Freddie Mac’s chief economist. “In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting home buyers’ ability to keep up with the market.”
30-year fixed-rate mortgages: averaged 4.42%, with an average of 0.8 points, rising from last week’s 4.16% average. Last year at this time, 30-year rates averaged 3.17%.
Source: Freddie Mac and “Instant Reaction: Mortgage Rates, March 24, 2022,” National Association of REALTORS® Economists’ Outlook blog (March 24, 2022)
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?
