With 2,770,576 views across all my social media platforms, my 2nd most-watched video of 2023 was about this for sale home that is located on a bridge!
This is what affordable housing in LA looks like! #repost
Check out the jaw-dropping sale price of the Alhambra "under the bridge" property!
Bridge home in Alhambra has officially sold!
1 bed/1 bath, 462 sq ft of living space.
Asking price: $249,950
Selling price: $430,000 all cash
Supply shortage keeps LA home prices afloat
Spring 2023 has shaped up as one of the slowest-selling seasons on record for Southern California.
Low housing inventory has kept home prices afloat.
See what affordable housing in LA looks like! Interested?!
This "waterfront" home has 1 bed/1 bath, 462 sq. ft. of living space, and is on a 1,819 sq. ft. lot.
The property is below street level and embedded into the side of a bridge overlooking the Alhambra wash.
Text me if you want a tour: 818-445-7953.
Luxury home sales in LA plummet after "Mansion Tax" start date
Measure ULA — also known as the “mansion tax” — was passed by L.A. voters in November 2022 to establish the city’s first dedicated stream of affordable-housing revenue. The measure adds a 4 percent tax to sales over $5 million and 5.5 percent tax to sales over $10 million.
We just had the slowest-selling April in 35 years
Home sales across Southern California have fallen steeply, with the number of deals down by almost half.
Buyers closed on 13,201 single-family homes and condos in April, down 46 percent in a year, the Orange County Register reported, citing figures from CoreLogic.
It was the third biggest, year-over-year drop since records began in 1988.
The wrench in the machine is high mortgage rates and low housing inventory, with the local housing market seeing its slowest-selling April in 35 years. It was also the 18th-worst sales month total on record.
Sales in Los Angeles were down 39 percent, according to the Register.
The Southern California market has a 2.5-month supply of single-family homes waiting to be sold, 34 percent below the average since 2008.
The 5 hottest real estate markets in the U.S. are...
Sorry Los Angeles... you didn't make the cut!
A midsize town in Georgia about 75 minutes by car from Atlanta is the nation's hottest real estate market, as a tide of renters flee pricey cities in search of homes in more affordable places.
That's the takeaway from a new Bankrate analysis of nearly 200 housing markets around the country. The personal finance website ranked the top most attractive and active housing market and found that Gainesville, Georgia, was No.1. Bankrate based its ranking on factors such as which cities had the strongest job growth, fastest population growth, largest home value appreciation, lowest unemployment rate and highest rate of homes for sale.
Rounding out the top five real estate markets were:
-Knoxville, Tennessee
-Fort Myers, Florida
-Sarasota, Florida
-Charlotte, North Carolina
Have you ever thought of moving to one of these 5 cities?
74% of homeowners estimate they have more than $100K in home equity
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage.
And how much equity you have may surprise you. A recent survey from Realtor.com finds many homeowners today estimate they’ve built up a significant amount of equity:
74% estimate they have more than $100,000 in home equity.
20% estimate they have more than $300,000 in home equity.
Home sellers are now seeing 5, 12, even 20 offers
Last year around this time it was not unusual to see 30 offers for one property. That is not an exaggeration. Then interest rates went up and buyers got scared. In the 4th quarter of 2022, a home on the market was lucky to get 1 offer.
Today, buyers have accepted the higher rates and are actively looking to buy.
I can now report that homes that are priced at market value and are in a decent location are seeing multiple offers again. I have first-hand knowledge of homes in and around the San Fernando Valley that are getting 5, 12, or even 20 offers.
The homes that are overpriced or in a bad location are sitting on the market. Some will point to those homes and say the market is tanking. If you believe the market is tanking then you are not in the real estate trenches.