The race to space could impact real estate

Amazon and Blue Origin founder Jeff Bezos flew to suborbital space and back on Tuesday. His journey follows Virgin Records founder Richard Branson’s space trip last week. But what do these billionaire space joyrides have to do with real estate? A lot, if this trend truly takes off, real estate experts say.

The hub locations for aerospace giants such as Elon Musk’s SpaceX and Bezos’ Blue Origin could drive average median real estate prices as they attract job growth and higher incomes.

“If, say, a large tech company decided to open another headquarters with high-income jobs, then the local area will experience a sizable growth in home prices,” NAR’s Chief Economist Lawrence Yun told Fox Business. “Given that SpaceX and Blue Origin employees have sophisticated high-tech skills with presumably high income, the impacted small community real estate market will clearly benefit.”

To what extent can space rides affect the local real estate prices in these areas? The areas where SpaceX, Blue Origin, Virgin Galactic conduct business have gone up substantially. In Cameron and Santa Barbara counties, home prices have climbed 51% and 108%, respectively, between 2000 and 2020, according to the Federal Housing Finance Agency’s housing price index map. In Sierra County, N.M., and Kern County, Calif., real estate prices have surged 80% and 114%, respectively, between 2000 and 2020. In Brevard County, Fla., prices are up 128% in that time period.

Source: Fox Business

San Fernando Valley median home price soars to $955K

Do you think San Fernando Valley home prices have peaked?

Great news for homeowners, but tough news for those looking to buy: The median home price in the San Fernando Valley topped $955,000 in June.

The surge in prices is nearly 30% higher compared to last year.

It's also the fourth straight month that prices have been above $900,000.

Source: ABC 7 Eyewitness News

Tell me... is this Canoga Park home worth the $200K over the asking price that it sold for?

Sold for $200K over the asking price.

This is the cheapest home sold this week in Canoga Park.

Asking price: $674,999

Selling price: $875,000

This fixer-upper home has 4 bed/2 bath, 1,349 sq. ft. of living space, and is on a 12,104 sq. ft. lot.

The home features floor-to-ceiling raised hearth brick fireplace, original hardwood floors, and a huge sunroom w/ new wall-to-wall carpet.

Would you pay $200K over the asking price on a home?

Actress & Producer Sophie Kargman just bought this lovely Beverly Grove home. Take a look inside!

Sophie Kargman just bought this Beverly Grove home.

Asking price: $3,495,000
Selling price: $3,850,000

This English Revival home has 3 bed/3 bath, 2,889 sq. ft. of living space, and is on a 7,150 sq. ft. lot.

The home features vaulted ceilings, hardwood floors, marble fireplace, and the remodeled kitchen has Calcutta marble and high-end appliances.

The home came with permit plans for a pool and pool house/ADU.

What do you think of the kitchen?

Can you believe how long this Chatsworth home has been active on the market?!

Do you think they should reduce the price?

Here is the longest active home on the market in Chatsworth.

The asking price is $15,000,000. The property has been on the market for 260 days with no price reductions.

This Trophy Compound in the foothills of the Santa Susana Mountains has 7 bed/11 bath, 11,755 sq. ft. of living space, and is on almost 16 acres.

"The Ranch" features a main residence, 3 guest bungalows, an art gallery, and a ballroom.

Text me if you want a tour at 818-445-7953.

The cheapest home sold this week in Pasadena STILL sold for $200K over the asking price! WHAT? WHY?

This is the cheapest home sold this week in Pasadena.

Asking price: $649,000

Selling price: $861,000

This bungalow starter home has 2 bed/1 bath, 903 sq. ft. of living space, and is on a 5,195 sq. ft. lot.

The home features a brick fireplace in the living room, hardwood floors throughout, and LG appliances in the kitchen.

In the oversized fenced backyard, there is a covered patio, fruit trees, and a parking area.

Is this home worth the selling price?

Would you pay over $1.8 MILLION for this gorgeous home in Burbank?!

Here is the most expensive home for sale this week in Burbank.

Asking price: $1,825,000

This home has 4 bed/3 bath, 1,766 sq. ft. of living space, and is on a 6,881 sq. ft. lot.

The home features a gated front yard, hardwood floors throughout, dual sinks in the kitchen along with a subzero fridge, and wolf range.

The garage has been converted into a guest house and is where the 4th bedroom and 3rd bathroom are.

Text me if you want a tour at 818-445-7953.

Don't miss out on these recent "Hot Home" updates! Were you surprised?!

Here is an update on the “Hot Homes” I told you about back in June. Did you think these homes would sell for this much?

Hot Home #1 - California St., Burbank

Asking price: $849,900

Sold price: $985,000

Hot Home #2 - Ostego St., Sherman Oaks

Asking price: $2,489,000

Sold price: $2,711,000

Kelly Clarkson bought a NEW HOME in Toluca Lake. Take a peek inside!

Kelly Clarkson just bought this Toluca Lake tennis court estate for $5,400,000.

The revamped home has 6 bed/7 bath, 4,946 sq. ft. of living space, and is on a 1.2-acre lot.

The kitchen has high-end appliances, a center island, and a breakfast nook.

There is a library, a great room, and a sunroom with a yellow fireplace.

The landscaped grounds feature a tennis court, pavilion, garden, gazebo, and pool, and spa.

Should she have rented instead?

Housing moving past pricing peak

The rate of home price growth has started to slow, and the competition for homes may be showing some signs of easing somewhat.

“The market’s topping out,” Mark Zandi, chief economist at Moody’s Analytics, told realtor.com®. It’s “starting to show cracks. It feels like we’ve hit the apex, and we’re moving to the other side of it.”

But that doesn’t mean the housing market is heading for a bubble that is bound to burst. Mortgage lending has remained tight. Real estate economists have long said the current frenzy in the housing market is no housing bubble that is reminiscent of nearly a decade ago with the run-up in real estate.

Economists are generally predicting an overall slowdown in prices and more moderation rather than any major downfall.

76ers' Ben Simmons paid HOW MUCH for this Hidden Hills home?!

Does this move mean he is trying to join the Lakers?

No thanks... I would rather have Kyle Lowry as our point guard!

NBA Star Ben Simmons just bought this Hidden Hills Mansion - Selling price: $17,500,000.

This new Modern Farmhouse has 7 bed/8 bath, 12,000 sq. ft. of living space, and is on 1.5 acres.

The gated home features 2 separate motor courts, sleek contemporary light fixtures, giant slabs of grigio marble, a massive great room, and a “floating” fireplace.

The master suite overlooks the backyard where there is an infinity-edged swimming pool and a poolside cabana that has a lounge area with a TV & bathroom.

The guest house has floor-to-ceiling glass panels overlooking its own negative edge pool.

This home is TOO HOT to handle! See for yourself.

“Hot Home” alert in Burbank.

Asking price: $1,280,000.

This home with ADU has 3 bed/2 bath, 1,526 sq. ft. of living space, and is on a 6,075 sq. ft. lot.

The home features hardwood flooring throughout, a new tankless water heater, a new cool-roof, and newer copper plumbing.

The kitchen has new stainless steel appliances, Viking range hood & a skylight.

The master bedroom has a large walk-in closet, and the central bathroom has stainless towel warmers and a 6 ft soaker tub.

There is also a bonus office space, basement, and storage unit.

Text me if you want a tour at 818-445-7953.

Burbank had 83 property sales for the month of June

There were 55 property sales in Burbank for June 2020.

Make this OFF MARKET home in Beverly Hills yours!

You won't find this off-market home anywhere else!

Located in Beverly Hills 90210, this multi-level home designed by architect Thom Mayne has 4 bed/5 bath, 4,043 sq. ft. of living space, and is on a 7,059 sq. ft. lot.

The home features floor-to-ceiling windows, exposed beams, and metal railings.

There is a grand living room with a fireplace, bar area, and separate office space.

The kitchen has Stainless steel appliances and a center island.

The master suite has a walk-in closet and bathroom with double sinks, a walk-in shower, spa tub.

The outdoor spaces are great for lounging and having a summer BBQ.

Text me if you want a tour at 818-445-7953.

Home buyers are waving their contingencies

To win a bidding war, more buyers are waiving appraisal and inspection contingencies, according to the latest REALTORS® Confidence Index survey.

Here is the full list of contingencies buyers are removing:

Appraisal contingency (28%)

Inspection contingency (25%)

No contingency was waived (22%)

Financial contingency (11%)

Home sale contingency (9%)

Title contingency (2%)

Other (2%)

Would you waive your contingencies when submitting an offer on a home?

Source: Survey of more than 3,300 REALTORS®.