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Source: Forbes
Does your house earn $123 a day?
If you own a home in Southern California, it’s probably increasing in value every single day. But how much? The New York Times analyzed the last decade of single-family home prices and found that homes in San Jose had a net daily value increase of $266, the highest of any metro area in the country.
Unsurprisingly, California cities took the top four spots on the list with San Francisco ranking second at $208, Anaheim ranking third at $146, and L.A. ranking fourth at $123.
See this fully renovated home that just sold in Mid-City, Los Angeles!
Here is the cheapest home sold this week in Mid-City LA.
Asking price: $795,000
Selling price: $775,000
This home has 3 bed/2 bath, 1,265 sq. ft. of living space, and is on a 2,000 sq. ft. lot.
The fully renovated home has a new kitchen, bathrooms, windows, flooring, mini-split AC, electrical, plumbing, etc.
It is close to Midtown Crossing shopping center and just minutes from K-Town, DTLA, West Hollywood, and Beverly Hills.
Get ready for a ton of multi-units to hit the LA market
I have reached out to a ton of multi-unit property owners to see if they are interested in selling. The #1 response I get from the owner is that they can’t sell because their tenant stopped paying rent, they refuse to vacate the property, and the owner is not allowed to evict them. No one wants to buy a property where you have to take over that type of situation.
Looks like changes are coming soon.
Los Angeles County will move forward with a plan to lift its pandemic-era eviction moratorium and other renter protections by the end of the year, according to a 3-2 vote Tuesday by the Board of Supervisors.
The county’s moratorium, which took effect in March 2020, has protected tenants against evictions for nuisance, unauthorized occupants, and not providing entry to landlords.
With the eviction moratorium coming to an end, I’m predicting a huge increase in multi-unit properties hitting the market in 2023.
Newhall’s cheapest home sold this week is a perfect starter home! LOOK!
Here is the cheapest home sold this week in Newhall.
Asking price: $599,900
Selling price: $625,000
This starter home has 2 bed/1 bath, 900 sq. ft. of living space, and is on a 5,454 sq. ft. lot.
The home has hardwood floors throughout, stainless steel appliances in the kitchen, and a newly remodeled bathroom.
43.4% of sellers have reduced their asking price
The share of Realtors who have seen home sellers reduce their price to attract buyers increased for the fifth consecutive month to 43.4%.
The share of buyers expecting lower prices also has more than doubled from 32% in April 2022 to 78% in September 2022.
Source: Latest California Association of Realtors monthly member sentiment survey
Would you pay $800k for this Highland Park home?!
Here is the cheapest home sold this week in Highland Park.
Asking price: $799,500
Selling price: $800,000
This 2-story home has 3 bed/2 bath and 1,066 sq. ft. of living space.
The home features new paint, updated flooring, and original wood stairs.
The Warehouse style garage includes an attached storage or workshop room, high ceilings, and an original oil pit for at-home car repairs.
A bowling alley and screening room and salon... OH MY! "The Manor" could be yours for $165M!
This is the most expensive home for sale in all of Los Angeles right now!
Asking price: $165,000,000
This gated, private home has 14 bed/27 bath, 56,500 sq. ft. of living space, and is on 4.68 acres.
"The Manor" features a bowling alley, beauty salon, library, screening room, billiards room, gym, wine cellar, and more.
The resort-like grounds have a caliber pool, spa, tennis court, vast lawns, and formal gardens.
Text me if you want a tour at 818-445-7953.