L.A. real estate news and insights.
This is the most unique home on the market in the Hollywood Hills.
Asking price: $1,049,000
This boat-shaped home has 2 bed/1 bath, 1,136 sq. ft. of living space, and is on a 2,707 sq. ft. lot.
The home was built by Norwegian shipbuilders in the 1950s using hand axes instead of saws.
The "boathouse" features an open floor plan, floor-to-ceiling windows, and a large balcony overlooking the canyon.
Text me if you want a tour at 818-445-7953.
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in Pasadena
Asking price: $2,995,000
This remodeled Ranch Style home has 4 bed/3 bath, 3,409 sq. ft. of living space, and is on a 43,424 sq. ft. lot.
The home features expansive views, has drought-tolerant landscape, and the former garage is permitted and ready to be transformed into a new space.
Jennifer Lopez and Ben Affleck reportedly open escrow on this beautiful Bel Air Estate.
Asking price: $65,000,000
The home has 10 bed/17 bath, 19,721 sq. ft. of living space, and is on a 52,052 sq. ft. lot.
"The Bellagio Estate" features a movie theater, wine cellar, and a full basement level that has a media room, gym, and private “security suite” for a full-time bodyguard.
On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massachusetts, Georgia, Texas, Colorado, Utah, Washington, and California.
Nationwide, 48% of buyers’ offers were above the list price, according to NAR’s data. On average, those offers were about 2.9% above the list price; on the median-priced home, that would be about $10,000 over the asking price. However, 13% of the offers were 10% above the list price.
Real estate pros report that in general their buyers typically lose two homes before succeeding on the third try, according to the study.
Homes are selling quickly under the intense competition. Eighty-four percent of listings were on the market for less than a month.
“Competition could intensify in 2022 before waning in 2023 as home buyers compete to lock in at the current rates,” Gay Cororaton, a research economist for NAR, writes on the association’s blog. “Mortgage rates may rise more steeply in 2023.”
Source: “February 2022 REALTORS® Confidence Index Survey: Buyer Competition Intensifies to 5 Offers Per Home Sold,” National Association of REALTORS® Economists’ Outlook blog (March 18, 2022)
Here is the cheapest home sold this week in Hollywood.
Asking price: $825,000
Selling price: $900,000
This home has 1 bed/1 bath, 720 sq. ft. of living space, and is on a 2,342 sq. ft. lot.
Is this home too small for you?
"Hot Home” alert in Burbank!
Asking price: $1,499,000
This home has 4 bed/4 bath, 2,496 sq. ft. of living space, and is on a 7,391 sq. ft. lot.
The home features an ensuite primary bedroom upstairs with a vaulted ceiling and balcony.
The backyard has a covered patio and heated pool.
Text me if you want a tour at 818-445-7953.
Do you like the see-through glass from the pool in the living room?
Rapper 2 Chainz Buys Eva Longoria’s Former Hollywood Hills House.
Asking price: $3,825,000
Selling price: $3,750,000
This Contemporary Mediterranean home has 6 bed/9 bath, 8,880 sq. ft. of living space, and is on a 6,761 sq. ft. lot.
Here is the best fixer-upper property for sale this week in Woodland Hills.
Asking price: $750,000
This home has 3 bed/3 bath, 1,845 sq. ft. of living space, and is on a 7,500 sq. ft. lot.
They are looking for an ALL CASH BUYER!
The home has an open floor plan, a carport for 2 cars, and a swimming pool in the backyard.
Text me if you want a tour at 818-445-7953.
Housing costs are one of the top three categories causing inflation in the U.S. to surge, the U.S. Department of Labor announced Thursday. The largest items in households’ budgets—shelter, gasoline, and food—were the main culprits in February that fueled the highest inflation rates since 1982.
The Consumer Price Index, which measures price fluctuations in goods and services, increased 7.9% in February compared to a year earlier.
“There’s nowhere to hide,” Greg McBride, chief financial analyst for Bankrate, told CNBC. “This is hitting everybody … [with inflation] most pronounced on items that are necessities.”
Household grocery bills increased 8.6% over the last year; that is the fastest pace since 1981. Gasoline prices are up 38% compared to a year ago, although that statistic does not reflect the latest increases at the pump following Russia’s invasion of Ukraine.
Shelter costs such as rents are up 4.7% compared to last year. That is the highest since May 1991. “That comparatively benign increase … is likely to put the biggest squeeze on household budgets for the remainder of the year,” McBride told CNBC. Housing comprises more than a third of households’ average budgets.
Also, mortgage rates rose this week in response to higher inflation, averaging 3.85%, Freddie Mac reports.
“While it’s too soon to know how the war in Ukraine will affect the U.S. economy, it seems that it will continue to put upward pressure on inflation,” Nadia Evanelou, senior economist and director of forecasting at the National Association of REALTORS®, writes on the association’s blog.
In an attempt to try to tame inflation, the Federal Reserve is expected to start raising its short-term interest rates next week.
Source: “There Is ‘Nowhere to Hide’ for Consumers as Inflation Hits Food, Gas, Housing,” CNBC (March 10, 2022) and “Instant Reaction: Mortgage Rates, March 10, 2022,” National Association of REALTORS® Economists’ Outlook blog
Here is the cheapest home sold this week in Valley Village.
Asking price: $990,000
Selling price: $1,630,000
This Ranch Style home has 2 bed/2 bath, 1,345 sq. ft. of living space, and is on a 10,124 sq. ft. lot.
The home sold for $640K over the asking price. ALL CASH!
The well-lived home definitely needs to be restored and expanded.
Champagne Papi, AKA Drake, is selling his YOLO (You Only Live Once) Estate.
Drake owns 3 Hidden Hills homes right next to each other, and they are ALL for sale. He is asking $22.2M for the package deal, which is a total of 6.7-acres at the end of a cul-de-sac.
The backyard has a massive swimming pool w/ spa grotto, swim-up bar, cascading waterfalls, an 80-foot long rock waterslide & surrounded by TVs.
There is also a tennis/basketball court, sand volleyball court, horse stable & equestrian ring, a mechanical riding bull & 25-seat theater.
Fashion Nova founder outbids others to buy the Bel-Air mega-mansion known as “The One”.
Asking price: $295,000,000
Selling price: $141,000,000
This "once-in-a-lifetime property" has 21 bed/49 bath, 105,000 sq. ft. of living space, and is on 3.8 acres of land.
It is the most expensive property sold at a U.S. home auction and is one of the largest/ grandest houses ever built in an urban setting.
The elevated property has panoramic views, 5 pools, a huge nightclub, full-service salon/spa, running track, and private Dolby Digital theater seating 40+.
Do you think you will ever need 49 bathrooms?
My brother is selling his Burbank investment property located in Chandler Park!
Asking price: $1,699,000
This rebuilt Modern Farmhouse has 4 bed/3 bath, 2,031 sq. ft. of living space, and is on a 5,777 sq. ft. lot.
The tech features of the home include an audio system, Nest smart automation system, video doorbell, 2 Nest cams, and Smart Display Hub.
The finished 2 car garage can be used as a live/workspace. It has recessed lighting, built-in speakers, an insulated garage door, and a 12 ft tri-panel sliding glass door.
Text me if you want a tour at 818-445-7953.
JUST SOLD💥
5604 Rhodes Ave #103, Valley Village, CA 91607
2 beds | 2 baths | 1,260 Sq. Ft.
Located in Valley Village on the same street with million-dollar homes, you will find this corner unit 2 bedroom, 2 full bathroom condo!
This newly painted unit features a large kitchen with breakfast bar, fireplace in the living room, a remodeled guest bathroom, and a large en-suite bathroom in the master bedroom.
There is an in-unit laundry area, central AC/Heat, a private patio, 2 parking spaces in the gated garage, and the complex is pet-friendly.
If you are looking for a 2 bed, 2 full bath corner unit condo, at a great value, this just might be the home for you.
Homeowners are seeing record levels of equity in their properties, and many plan to tap into some of that newfound wealth.
Mortgage holders have an average of about $185,000 in home equity, according to research from Black Knight. That amount assumes retaining a 20% stake in the property.
The options to draw money from a home are typically cash-out refinancing, home equity lines of credit, and reverse mortgages. Homeowners aged 62 and over have been using equity from their homes more often, driven mostly by cash-out refinances, according to Urban Institute research.
“As interest rates rise in the coming year, you could see folks using more second lien products … to tap some of that equity when they need it,” Karan Kaul, principal research associate at the Urban Institute’s Housing Finance Policy Center, told CNBC. “Folks already have a very low rate, and as rates rise, it’s not going to be economical for most of them to refinance.”
Kaul predicts a shift from cash-out refinances to HELOCs, which are often used to remodel a home.
But Greg McBride, chief financial analyst at Bankrate.com, says that even as more homeowners consider leveraging equity in their home, they should remember that it isn’t 2005, when equity lending policies were looser. He says lenders aren’t allowing homeowners to pull out “every last nickel of equity that you have. Just because you have home equity doesn’t mean you can borrow from it,” he told CNBC. Most lenders will require owners maintain at least 20% equity in their home.
