L.A. real estate news and insights.
Here is the cheapest home for sale this week in Glendale.
This home has 2 bed/2 bath, 1,198 sq. ft. of living space, and is on a 6,352 sq. ft. lot.
The property features 2 bonus rooms, a detached 2-car garage with ADU potential, and drought-resistant plants.
Asking price: $1,000,000
Text me for a tour at 818-445-7953.
Best fixer-upper for sale this week in Glendale.
Text me for a tour at 818-445-7953.
Asking price: $1,299,000
This Spanish-style home has 3 bed/2 bath, over 1,700 sq. ft. of living space, and is on a 6,550 sq. ft. lot.
The property features a private front patio, scenic mountain views, a screened-in sun porch, fruit trees, a newer roof, and copper plumbing throughout.
This is the most expensive home for sale in Glendale.
Asking price: $4,300.000
Text me for a private tour at 818-445-7953.
This Glendale fixer-upper home has 3 bed/2 bath, 1,330 sq. ft. of living space, and is on a 5,9707 sq. ft. lot.
Asking price: $950,000
Text me if you want a tour: 818-445-7953.
Forced to slow down construction as buyer demand plummets, builders predict lower home starts through 2023.
Single-family home starts dropped in September and were down 5.6% since the beginning of the year, the Commerce Department reported this week. Multifamily construction has dropped 13.2%.
Builders are blaming rapidly rising mortgage rates, ongoing supply chain disruptions, and affordability challenges for the rapid pullback in the new-home market. “High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” says National Association of Home Builders chairman Jerry Konter. “This situation is unhealthy and unsustainable".
This is the most unique home for sale in Glendale.
Asking price: $5,638,000
This tri-level home has 5 bed/4 bath, 6,056 sq. ft. of living space, and is on an 8,348 sq. ft. lot.
The home features an indoor pool, spa, sauna, BBQ area, and theater with a kitchen.
There is an expansive open deck with unobstructed views of DTLA.
Text me for more info at 818-445-7953.
Here is the cheapest home sold this week in North Hollywood.
Asking price: $899,000
Selling price: $850,000
This home has 2 bed/2 bath, 1,250 sq. ft. of living space, and is on a 6,623 sq. ft. lot.
The home features a remodeled kitchen, double pane windows, an enclosed patio, and original refinished hardwood flooring.
When Newsweek viewed Google Trends data, it found that interest in the term "housing crash" was at its highest point in July compared to any other time on a graph that dated to January of 2004.
Interest was also significantly higher when compared to months in 2007 and 2008.
When the housing market crashed in 2008, it led to an economic crisis that became known as the Great Recession.
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in Glendale's Glenoaks Canyon Neighborhood.
Asking price: $2,499,000
This private home has 3 bed/3 bath, 2,390 sq. ft. of living space, and is on a 20,825 sq. ft. lot.
The eco-friendly home features an open floor plan, 20 ft open beam ceilings, a movie room, and a lofted library/den.
There is an outside deck, an elevated hot tub, a "yoga deck,” and a fountain.
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.
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.
Here's an update on 2 "Hot Homes" I recently told you about.
Hot Home #1: Roderick Pl., Los Angeles
Asking price: $1,199,000
Sold price: $1,405,000
Hot Home #2: Riverside Dr., Glendale
Asking price: $3,995,000
Sold price: $4,150,000
Housing affordability in the third quarter improved slightly from the prior quarter as mortgage rates remained low while prices began to level off.
24% percent of California households could afford to purchase the $814,580 median-priced home in the third quarter of 2021, up from 23% in second-quarter 2021 but down from 28% in third-quarter 2020.
A minimum annual income of $148,400 was needed to qualify for the purchase of a median-priced home in the latest quarter in the state.
With interest rates expected to rise and the state median price projected to climb further in 2022, the housing affordability condition will likely get worse in the coming year.
Source: California Association of Realtors.
“Hot Home” alert in Echo Park’s Elysian Heights.
Asking price: $2,349,000
This A-frame cabin has 4 bed/3 bath, 2,676 sq. ft. of living space, and is on a 7,500sq. ft. lot.
The home features a detached 172 sq. ft. office space and an 1800 sq. ft. refinished deck that offers hillside/DTLA skyline views.
Text me if you want a tour at 818-445-7953.
Off-market home in Pasadena available NOW!
This multi-level home has 4 bed/3 bath, 3,130 sq. ft. of living space, and is on a 25,483 sq. ft. lot.
The home, which is located near the Annandale Golf Course, features beautiful canyon views, and a wraparound patio and deck.
The master retreat along with the remainder of the bedrooms are on the lower level and all have awesome views. The home also features a 2 car garage and avocado/fruit trees.
Text me if you want a tour at 818-445-7953.
See all my off-market properties at OffMarketShowings.com.
