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NEW: Off Market Pocket Listing In the Heart of Windsor Square

LUCERNE MAIN 2

A Classic Traditional home on large lot In Windsor Square hits the off-market place as a new Pocket listing.

This Windsor Square traditional on large lot has been in the same family since the 1960s and is ready to be passed on to the next family.  Original details throughout waiting to be enhanced & expanded, taking the home to the next level.  

ADDRESS: 
301 S. Lucerne Blvd.

Los Angele, 90005

PRICE: $3,275,000

SPECS: 5 Bedrooms & 3 Bathrooms
3, 371 Square feet interior / 0.31 Acre lot size. 

WEBSITE: www.301Lucerne.com

Showings by appointment:
Call or Email pete@coregroupla.com/ 323.762.2561

MORE DETAILS:  Center hallway floor plan.  Formal living room with Batchelder tiled fireplace.   Formal dining room with built in mahogany hutch.  Kitchen with butler’s pantry.  Large family room with walls of glass and French doors flowing to rear yard.  One bedroom and bathroom round out the main level. Second floor has 4 good sized bedrooms, one with separate enclosed sleeping porch, one jack and jill bathroom, and one hallway bathroom.  Detailed mahogany crown moldings throughout. Close proximity to Marlborough Private School, Larchmont Village shops, restaurants, coffee shops, Sunday farmer’s market and much more.  Third Street Elementary Public School.  

For more info and photos, go to www.301Lucerne.com

What is the single best investment for the next decade?

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“For money you wouldn’t need for more than 10 years, which ONE of the following do you think would be the best way to invest it—stocks, bonds, real estate, cash, gold/metals, or bitcoin/cryptocurrency?” 
That question was recently asked of more than a thousand investors in a recent Bankrate survey, and the winner—by a large margin—was real estate. For every two respondents who answered stocks there were more than three who said real estate is the way to go. ( FROM MARKETWATCH.COM)

Are these investors onto something? Have financial planners been wrong all these years? For this column I mine the historical data for answers.

On the face of it, the respondents to the survey need to go back to their history books, as pointed out in a recent column by my colleague Catey Hill. Since 1890, U.S. real estate has produced an annualized return above inflation of just 0.4%, as judged by the Case-Shiller U.S. National Home Price Index and the consumer-price index. The S&P 500 SPX, -0.68%  (or its predecessor indexes) did far better, outpacing inflation at a 6.3% annualized rate (when including dividends).

Even long-term U.S. Treasury Bonds outperformed real estate, producing an annualized inflation-adjusted total return of 2.7%. Check out the chart below:

If this were the end of the story, then this column could end here.

But it’s not the end. The stock and bond markets are currently so overvalued that it’s not only possible, but downright plausible, that real estate will do better than either of these asset classes over the next decade.

Maybe the investing public is smarter than we give them credit.

Let’s start by considering bonds’ prospects over the next decade. Currently the 10-year Treasury is yielding 2.1%, which is just 0.3 percentage points higher than the break-even 10-year inflation rate. (The break-even rate is the difference between the yields on the nominal and inflation-protected 10-year Treasury.) So the market’s best judgment right now is that your return above inflation over the next decade will be just 0.3% annualized.

And if inflation is worse than the market currently expects, bonds will do even worse.

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Next let’s consider stocks’ prospects. Forecasting equity performance is much more difficult than in the case of bonds, given the far greater number of factors that can impact their returns. But you should know that, according to almost all standard valuation metrics, stocks currently are somewhere between overvalued and extremely overvalued. Furthermore, you cannot explain away this overvaluation because of low interest rates.

Given this overvaluation, it’s entirely possible that stocks will join bonds over the next decade in falling far short of their historical averages. How far short? By way of a possible answer, I refer you to the 10-year forecast compiled by Research Affiliates. They currently are projecting that the S&P 500 (including dividends) will produced an inflation-adjusted return of just 0.5% annualized over the next decade, and that long-term U.S. Treasury bonds will produce an inflation-adjusted return of minus 0.7%.

Or take the 7-year forecast from Boston-based GMO. They are projecting that the S&P 500 will produced an inflation-adjusted total return of minus 4.2% between now and 2026, with U.S. long-term Treasury bonds losing at a rate of 1.1% annualized.

These are just projections, of course, and other firms are more bullish than these two. But, at a minimum, these two firms’ forecasts suggest that the respondents to the Bankrate survey aren’t necessarily as ill-informed as might otherwise appear.

Real estate during stock bear markets

There’s one other factor that should be considered when deciding whether real estate or equities is the better bet for performance over the next decade: How will real estate perform during a major stock market decline? Given our all-too-fresh memories of real estate’s awful performance during the financial crisis, you may be avoiding real estate because it’s even riskier than stocks.

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But real estate’s experience during the financial crisis appears to be the exception rather than the rule. In every other stock market bear market since the 1950s, the Case-Shiller Home Price Index rose in all but one. And in that lone bear market prior to 2007 in which the index did fall, it did so by just 0.4%. (I discussed real estate’s performance during stock bear markets in an article several years ago for Barron’s.)

Furthermore, you should know that the Case-Shiller index has been less volatile than the stock market—a lot less. As measured by the standard deviation of annual returns, in fact, the Case-Shiller index is only 40% as volatile as the overall stock market. Perceptions to the contrary that real estate is riskier than equities derive from the leverage we typically use when purchasing real estate. Note carefully that the risk comes from the leverage, not real estate inherently.

So if you were to believe there is a major stock bear market in the cards at some point in the next decade, you might choose real estate just because of its lower risk.

Written by Mark Hulbert for MarketWatch.com

 

EXPERT OPINION: The 8 Need-To-Know Things To Prevent Real Estate Money Loss

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What are the factors that prevent someone from losing money in real estate?

Written by David Greene for FORBES: We all know some who frequently lament their decision to invest in real estate. Constantly blaming the market, or real estate as an industry, they believe the entire process is predicated on luck and timing, an exercise in chance. For people who have lost money investing, it’s easy to sympathize with them-but are their beliefs regarding results being beyond their control actually accurate? 

Many who bought property between 2001 and 2007 lost money. These were years where prices aggressively increased, largely due to loose lending practices that allowed people to buy homes they could not afford using loans that were only temporarily manageable. Prices continued to climb until these loans reset, at which point houses fell into foreclosure, prices continued to drop, and the overall housing market spiraled into chaos. 

But was this truly unavoidable or impossible to predict? Is it justified to live in fear of something like this happening again?

If you believe the answer is “yes”, you’re not likely to get started investing in real estate. The constant fear of an anvil dropping on your head like a looney toons cartoon will prevent you from ever taking any serious type of action. This will also prevent you from having any serious chance of success. The consequences for incorrectly assuming real estate investing is a gamble are grave.

If you believe the answer is “no”, it begs the question-what are the factors that prevent someone from losing money in real estate? Is it just a matter of timing the market? Is it found in getting only great deals? Or are there more pieces to the puzzle?

If we can understand what causes folks to lose money in real estate, we can take preventive measures to ensure it doesn’t happen to us. While no investment is without risk, smart investors understand there are certainly precautions that can be taken to mitigate that risk. In my nearly ten years of investing in real estate I’ve found there are certain steps to take that have a big impact on avoiding the wrong deal. I’ve spent a considerable amount of time listening, interviewing, and speaking with real estate investors. I’ve found patterns in what went well, and I’ve also seen patterns in what led to things going horribly wrong.

The following is a list of the things I’ve noticed often lead to catastrophe. Avoiding these mistakes will greatly increase your odds of real estate investing success.

image

Negative Cash Flow

If you want to make money in real estate, you should plan on holding an asset for a long period of time. Good things happen when real estate is owned over the long haul. Loans are paid down, rents tend to increase, and the value eventually goes up. The number one problem preventing investors from winning the long game is buying a property that loses money every month.

Don’t buy real estate assuming the price will go up and you can sell it later
(this is an issue I’ll cover a little later). Nobody knows what the market is going to do. This is why trying to time the market is a bad strategy to base your decisions on. Instead, only buy properties that generate more income each month than they cost to own. By avoiding “negative cash flow”, you are protected from market dips or stalling home prices. You only lose money in real estate if you sell in unfavorable conditions or lose the asset to foreclosure. Ensuring you earn positive cash flow each month will put the power for when you exit the deal back into your hands.

Lack Of Reserves

If lack of cash flow is the number one culprit for losing money in real estate, lack of reserves is number two. Too many variables are involved in owning rental property to be able to accurately determine when unexpected expenses will hit, and how much they’ll be. Whether it’s an HVAC unit going down, a roof leak, or a water heater busting, there will always be something you need to repair or replace.

None of this takes into consideration evictions, destroyed property, and more. While you’ll eventually end up positive if you hold a property long enough, there will be times when your bleeding cash. Having a sufficient amount of reserves during these times is crucial to your success. Conventional wisdom suggests keeping six months of expenses in reserves for each property. While this number can vary for individual people with unique financial situations, make sure you have enough set aside to comfortably weather the storm when Murphy’s law hits.

Following The Herd

As Warren Buffet stated, “Be fearful when others are greedy and greedy when others are fearful”. While many of us know this to be true, the fact remains too many people still follow the herd. Many bad decisions are made when they are based on what others are doing, rather than basing them on sound financial principles.

It may be tempting to follow the herd, but understand it is a false sense of security. Just because everyone else is buying doesn’t mean you should too. In fact, it may be the opposite. The best deals I ever bought were purchased when no one else was buying. The only reason they were for sale is because someone else lost them who originally bought them when everyone else was buying! Make decisions on fundamentals like cash flow, ROI, equity, and a solid long term plan-not on what you see everyone else doing.

image

Betting On Appreciation

This is the number one reason I’ve seen for those who lose properties to foreclosure. Amateurs buy a house assuming it will go up in value and they can sell it later. Professionals buy under-valued properties in solid locations that produce positive cash flow. This gives them the flexibility to exit the deal when it makes financial sense to do so. When someone bets on appreciation, doesn’t have positive cash flow, and doesn’t keep accurate reserves, they are gambling on the market continuing to rise to bail them out from a risky investment. 

Buying in Bad Neighborhoods

While we all know the first rule of real estate (location, location, location), there is also still the temptation to buy a questionable property in an area that seems too good to be true. When it seems too good to be true, it usually is. While homes in undesirable locations can look great on paper (read, in a spreadsheet) the reality is they almost always look better in theory than they’ll be in practice.

When you buy in an area where good tenants won’t want to live, you’ll be forced to rent to less than desirable tenants with lower credit scores, less reliable income streams, and a worse rental histories. The cons just won’t justify the pros. Having to pay for multiple evictions, destroyed homes, and theft will cause even the most stalwart investors to lose their cool. Avoid the temptation and only buy in areas where reliable tenants want to live.

Underestimating Rehab Costs

Whether you’re a total newbie or a seasoned pro, everybody makes this mistake. Experienced investors assume their rehabs will go over budget and over schedule. They prepare for this by writing these overages into their budgets and planning for them accordingly.

There is no use in running out of money with 10% of your rehab left to go! You can’t rent out the property and can’t generate income unless 100% of the property is ready to be dwelled in. Don’t be the person who makes the mistake of buying a property then running out of money before it’s ready to be rented out. Don’t bet on contractors, don’t bet on estimates, and don’t bet on numbers in a spreadsheet. Make sure you bet on yourself and have enough money set aside to finish your rehab, even if you’re told that’s unnecessary.

image

Planning on Doing The Work Themselves

All too many people have assumed they would save on a deal by doing the rehab work themselves rather than paying someone else. While there are some people who can pull this off, it’s a mistake to assume you can pay too much for a property, or not have enough in reserves to pay for the work, simply because you plan on doing the work yourself.

It’s been said “The man who represents himself in a court of law has a fool for a client.” The same can be said of the person who assumes they’ll do the rehab work themselves to avoid budgeting correctly. You don’t know which direction your life will take, what time you’ll have later, or what unexpected problems will be uncovered once you start the rehab. If you’re able to do the work yourself, consider that icing on the cake-just don’t count on it.

Failing to Educate First

The final lesson I’ve learned from those who have lost money in real estate is that they didn’t understand what they were getting into until after they had committed to purchasing a property. Certain decisions like buying a property, starting a rehab, or putting money into a deal, can’t be taken back once they are made. The time to realize you’re not prepared, or it’s the wrong deal, is before you pass the point of no return.

If you want to invest in real estate, that’s great! Start by educating yourselfnow, before you’re committed, then use that information to help you make the best choice possible. I wrote the book “Long Distance Real Estate Investing: How to Buy, Rehab, and Manage Out of State Rental Property” to help save others money by learning from my mistakes. I document my systems, strategies, and the criteria I use to make my own decisions so others can avoid catastrophe. This is just one example of ways you can invest a very small amount of money to save yourself thousands of dollars in mistakes.

Reading articles like this show a propensity for avoiding mistakes and saving money. I encourage you to read as much as possible before jumping in. Other resources include websites like BiggerPockets.com, podcasts, and online blogsites where you can learn from the wisdom of others.

No investment is without risk, but that doesn’t mean we need to live in fear. Start by avoiding the eight mistakes I’ve outlined here and you should be well on your way to growing wealth through real estate.

Written by David Greene for FORBES.com

What are the factors that prevent someone from losing money in real estate?

Written by David Greene for FORBES: We all know some who frequently lament their decision to invest in real estate. Constantly blaming the market, or real estate as an industry, they believe the entire process is predicated on luck and timing, an exercise in chance. For people who have lost money investing, it’s easy to sympathize with them-but are their beliefs regarding results being beyond their control actually accurate? 

 

Many who bought property between 2001 and 2007 lost money. These were years where prices aggressively increased, largely due to loose lending practices that allowed people to buy homes they could not afford using loans that were only temporarily manageable. Prices continued to climb until these loans reset, at which point houses fell into foreclosure, prices continued to drop, and the overall housing market spiraled into chaos. 

But was this truly unavoidable or impossible to predict? Is it justified to live in fear of something like this happening again?

If you believe the answer is “yes”, you’re not likely to get started investing in real estate. The constant fear of an anvil dropping on your head like a looney toons cartoon will prevent you from ever taking any serious type of action. This will also prevent you from having any serious chance of success. The consequences for incorrectly assuming real estate investing is a gamble are grave.

If you believe the answer is “no”, it begs the question-what are the factors that prevent someone from losing money in real estate? Is it just a matter of timing the market? Is it found in getting only great deals? Or are there more pieces to the puzzle?

If we can understand what causes folks to lose money in real estate, we can take preventive measures to ensure it doesn’t happen to us. While no investment is without risk, smart investors understand there are certainly precautions that can be taken to mitigate that risk. In my nearly ten years of investing in real estate I’ve found there are certain steps to take that have a big impact on avoiding the wrong deal. I’ve spent a considerable amount of time listening, interviewing, and speaking with real estate investors. I’ve found patterns in what went well, and I’ve also seen patterns in what led to things going horribly wrong.

The following is a list of the things I’ve noticed often lead to catastrophe. Avoiding these mistakes will greatly increase your odds of real estate investing success.

image

Negative Cash Flow

If you want to make money in real estate, you should plan on holding an asset for a long period of time. Good things happen when real estate is owned over the long haul. Loans are paid down, rents tend to increase, and the value eventually goes up. The number one problem preventing investors from winning the long game is buying a property that loses money every month.

Don’t buy real estate assuming the price will go up and you can sell it later
(this is an issue I’ll cover a little later). Nobody knows what the market is going to do. This is why trying to time the market is a bad strategy to base your decisions on. Instead, only buy properties that generate more income each month than they cost to own. By avoiding “negative cash flow”, you are protected from market dips or stalling home prices. You only lose money in real estate if you sell in unfavorable conditions or lose the asset to foreclosure. Ensuring you earn positive cash flow each month will put the power for when you exit the deal back into your hands.

Lack Of Reserves

If lack of cash flow is the number one culprit for losing money in real estate, lack of reserves is number two. Too many variables are involved in owning rental property to be able to accurately determine when unexpected expenses will hit, and how much they’ll be. Whether it’s an HVAC unit going down, a roof leak, or a water heater busting, there will always be something you need to repair or replace.

None of this takes into consideration evictions, destroyed property, and more. While you’ll eventually end up positive if you hold a property long enough, there will be times when your bleeding cash. Having a sufficient amount of reserves during these times is crucial to your success. Conventional wisdom suggests keeping six months of expenses in reserves for each property. While this number can vary for individual people with unique financial situations, make sure you have enough set aside to comfortably weather the storm when Murphy’s law hits.

Following The Herd

As Warren Buffet stated, “Be fearful when others are greedy and greedy when others are fearful”. While many of us know this to be true, the fact remains too many people still follow the herd. Many bad decisions are made when they are based on what others are doing, rather than basing them on sound financial principles.

It may be tempting to follow the herd, but understand it is a false sense of security. Just because everyone else is buying doesn’t mean you should too. In fact, it may be the opposite. The best deals I ever bought were purchased when no one else was buying. The only reason they were for sale is because someone else lost them who originally bought them when everyone else was buying! Make decisions on fundamentals like cash flow, ROI, equity, and a solid long term plan-not on what you see everyone else doing.

image

Betting On Appreciation

This is the number one reason I’ve seen for those who lose properties to foreclosure. Amateurs buy a house assuming it will go up in value and they can sell it later. Professionals buy under-valued properties in solid locations that produce positive cash flow. This gives them the flexibility to exit the deal when it makes financial sense to do so. When someone bets on appreciation, doesn’t have positive cash flow, and doesn’t keep accurate reserves, they are gambling on the market continuing to rise to bail them out from a risky investment. 

Buying in Bad Neighborhoods

While we all know the first rule of real estate (location, location, location), there is also still the temptation to buy a questionable property in an area that seems too good to be true. When it seems too good to be true, it usually is. While homes in undesirable locations can look great on paper (read, in a spreadsheet) the reality is they almost always look better in theory than they’ll be in practice.

When you buy in an area where good tenants won’t want to live, you’ll be forced to rent to less than desirable tenants with lower credit scores, less reliable income streams, and a worse rental histories. The cons just won’t justify the pros. Having to pay for multiple evictions, destroyed homes, and theft will cause even the most stalwart investors to lose their cool. Avoid the temptation and only buy in areas where reliable tenants want to live.

Underestimating Rehab Costs

Whether you’re a total newbie or a seasoned pro, everybody makes this mistake. Experienced investors assume their rehabs will go over budget and over schedule. They prepare for this by writing these overages into their budgets and planning for them accordingly.

There is no use in running out of money with 10% of your rehab left to go! You can’t rent out the property and can’t generate income unless 100% of the property is ready to be dwelled in. Don’t be the person who makes the mistake of buying a property then running out of money before it’s ready to be rented out. Don’t bet on contractors, don’t bet on estimates, and don’t bet on numbers in a spreadsheet. Make sure you bet on yourself and have enough money set aside to finish your rehab, even if you’re told that’s unnecessary.

image

Planning on Doing The Work Themselves

All too many people have assumed they would save on a deal by doing the rehab work themselves rather than paying someone else. While there are some people who can pull this off, it’s a mistake to assume you can pay too much for a property, or not have enough in reserves to pay for the work, simply because you plan on doing the work yourself.

It’s been said “The man who represents himself in a court of law has a fool for a client.” The same can be said of the person who assumes they’ll do the rehab work themselves to avoid budgeting correctly. You don’t know which direction your life will take, what time you’ll have later, or what unexpected problems will be uncovered once you start the rehab. If you’re able to do the work yourself, consider that icing on the cake-just don’t count on it.

Failing to Educate First

The final lesson I’ve learned from those who have lost money in real estate is that they didn’t understand what they were getting into until after they had committed to purchasing a property. Certain decisions like buying a property, starting a rehab, or putting money into a deal, can’t be taken back once they are made. The time to realize you’re not prepared, or it’s the wrong deal, is before you pass the point of no return.

If you want to invest in real estate, that’s great! Start by educating yourselfnow, before you’re committed, then use that information to help you make the best choice possible. I wrote the book “Long Distance Real Estate Investing: How to Buy, Rehab, and Manage Out of State Rental Property” to help save others money by learning from my mistakes. I document my systems, strategies, and the criteria I use to make my own decisions so others can avoid catastrophe. This is just one example of ways you can invest a very small amount of money to save yourself thousands of dollars in mistakes.

Reading articles like this show a propensity for avoiding mistakes and saving money. I encourage you to read as much as possible before jumping in. Other resources include websites like BiggerPockets.com, podcasts, and online blogsites where you can learn from the wisdom of others.

No investment is without risk, but that doesn’t mean we need to live in fear. Start by avoiding the eight mistakes I’ve outlined here and you should be well on your way to growing wealth through real estate.

Written by David Greene for FORBES.com

Why ‘Days on Market’ is a Key Metric When Selling a House

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What’s really measured by days on market, and the implications this figure has for homebuyers and sellers alike ( FROM US NEWS)

When you’re trying to buy or sell a home, it’s important to take advantage of all the data that’s at your disposal. “Days on market” is an especially critical number to take into account. But what does this number actually mean, and why does it matter for your real estate transaction?

 

What Does Days on Market Measure?

When we talk about days on market, we’re talking about the amount of time the home is posted on the multiple listing service, or MLS, which allows real estate agents to search for local properties for sale. The timer starts whenever a house is officially listed on the market, and it ends when the seller has a signed and accepted contract with the buyer.

So, when you’re browsing real estate sites and you come across a home that has their days on market listed as one or two, that means the place was just listed. Chances are, it hasn’t had very many, if any, showings yet.

By contrast, if the home has 100 days on market, that means the seller has been trying to find a buyer for a long time – and things aren’t going well.

So what days on market tells you is more than just how long the place has been for sale. It also provides insight into how the house has been perceived by buyers in general.

Interpreting Days on Market

To that end, it’s important to understand some of the ways in which days on market can impact the sale of your home.

We’ll offer a couple of illustrations. Imagine that a buyer makes an offer on your home after being listed on the market for 48 hours. As a seller, you may not feel very desperate to cut a deal – after all, you just listed the place – and as such, you may be pretty rigid about the sale price. The buyer, meanwhile, will know that the house is new to the market, and will expect you to be pretty hard-lined about what you will and won’t accept. The offer you get will probably be fairly close to the list price.

In a second illustration, imagine that your home has been on the market for 45 days. Buyers will assume that you’ve had a lot of showings but not a lot of offers – and they may even assume you’re getting antsy to sell. Maybe even antsy enough to accept their offer, even if it’s fairly lower than anticipated. And they may be right. Questioning whether another offer will come your way, you may take the deal.

tilt-shift photography of house minitaure

Both illustrate a simple point: It’s important to sell your home quickly. The longer it’s listed on the market, the harder it’s going to be for you to negotiate a deal aligned with your asking price.

When it comes to tips for selling your home, a lot of it boils down to this: Make a strong first impression so you can get some good offers right out of the gate.

But how can you do this? For those wondering how to sell your house fast, what steps should you take?

 

Tips for Selling Your House as Quickly as Possible

Minimizing your days on market boils down to a few things.

First, get the pricing right. This is critical. If you overprice your home, it may languish on the market for days, weeks or even months. The best real estate agents will help you figure out the sweet spot that maximizes your return while still attracting buyers.

In fact, pricing your home too low may actually work in your favor by inciting a bidding war, depending on the current available inventory in your area.

Second, make sure your home looks move-in ready right out of the gate by staging it with the right furniture and finishing touches. You only have one chance to make a first impression.

Next, be mindful of the time of year. Putting your home on the market in spring or summeris almost always preferable to selling in the off-season. If you can wait until peak time, you’re more likely to have buyer interest and sell more quickly than in a cold market.

Finally, posting on social media can speed up your home sale by spreading the word to your personal network and beyond. Sometimes, a buyer could be closer than you think in the form of a friend, neighbor or relative, or someone in their social spheres. The more eyes on your listing, the better. 

WRITTEN BY DEANNA HAAS FOR US NEWS

 

LOS ANGELES REAL ESTATE: San Fernando Valley home prices shatter all-time record

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Homes sold for record-high prices in the San Fernando Valley during the month of June, according to a new report from the Southland Regional Association of Realtors. FTOM CURBED LA)

The median sale price for single-family homes was $722,000—nearly $15,000 higher than the previous record of $708,000, set last year. Condominium prices also reached an all-time high of $455,000 during the month.

“I’ve had multiple offers on everything I’ve sold this year,” says a local Sherman Oaks Realtor.

It’s not just the Valley. Prices across Los Angeles are crawling upward. The county’s median sale price tied an all-time record in May, according to real estate tracker CoreLogic. Sale numbers from June will be released later this month.

Perhaps because of those high prices, June also saw an unusually low number of sales in the Valley. Only 487 houses and 158 condos changed hands during the month; both numbers were the lowest recorded during the month since 1984, when the Realtors association began tracking sales.

“Prices have risen to a point where affordability issues combined with limited availability constrain buyer choices,” the group’s president, Dan Tresierras, said in a statement.

Tresierras points out that relatively low mortgage interest rates may be inspiring home shoppers to hit the market, but that there aren’t many options for them to choose from once they start looking around. Only 1,352 homes and condos were listed for sale during the month of June, down slightly from the same time last year and far below the level of inventory typically available in the Valley.

4917EdgertonAvenue.0001Still,  buyer interest remains strong, in spite of high price tags.

“As long as they’re priced right, homes in the southern Valley are still selling like crazy,” say local realtors.

With buyers persisting in their home searches for the time being, prices will likely continue to rise for the limited number of homes available for purchase, says Southland association CEO Tim Johnson.

“Lower interest rates help buyers get more house for their dollars,” he says. “Yet it also brings out more prospective buyers, which translates into additional upward pressure on prices.”

WRITTEN BY ELIJAH CHILAND FOR CURBED LA


DIRECT: 323.762.2561
EMAIL: pete@coregroupla.com
118 N. Larchmont Blvd. Los Angeles, CA 90004

Pete Buonocore DRE# 01279107 | KW Larchmont DRE# 01870534

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