Beverly Grove, 90048

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Beverly Grove, 90048 Beverly Grove, 90048

Beverlywood, 90035

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Beverlywood, 90035   Beverlywood, 90035

Hancock Park, 90036

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Hancock Park, 90036 Hancock Park, 90036

Beverly Hills, 90211

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Beverly Hills, 90211 Beverly Hills, 90211

Los Angeles Real Estate Surging

home_sales_upThere is very little doubt that the real estate market is on much firmer ground that it was five years ago. Along the California coast, it’s not merely challenging to find reasonably priced real estate – it’s nearly impossible. Home values are rapidly rising and a confluence of factors will likely continue to drive the market even higher. Pent-up demand, job growth and still-slow mortgage rates continue to put pressure on home prices. The median price of a home in Los Angeles County rose by 5.9 percent in June, compared with the same month a year ago, while the number of homes sold dipped by 7.5 percent, a real estate information service announced today. According to DataQuick, the median price of a Los Angeles County home was $450,000 last month, up from $425,000 in June 2013. A total of 6,792 homes were sold in the county, down from 7,342 during the same month the previous year.  In many markets price appreciation has slipped into the more sustainable single-digit range, compared with gains exceeding 20 percent this time last year. Home values are rrising and a confluence of factors will likely continue to drive the market even higher. Consider the following:

  • Prop 13 – A voter initiative passed in 1978 amid an anti-tax revolt, it caps California property tax rates at 1.25% and freezes assessed property values at the original purchase price. While no one likes higher taxes, the measure artificially constrains inventory and make prices soar because it offers older homeowners a remarkable disincentive to sell.
  • Greater investment property ownership – Investors flooded the middle market after real estate hit bottom during the financial crisis, gobbling up foreclosures and short sales at bargain basement prices and converting them into rentals – further squeezing what little affordable inventory exists within these markets.
  • Lack of available land – In the most desirable neighborhoods within Los Angeles land is scarce. And when there is development in such neighborhoods, it often involves tearing down a $1 million home and replacing it with one that is three times more expensive.
  • Foreign buyers inflating prices – From locating a property to negotiating price to going through each exhaustive step of the mortgage process, buying a home often takes months. But for wealthy foreign buyers seeking the safe haven of US-based hard assets, and making all-cash offers to sweeten their deals, it only takes weeks.  And by frequently going above market prices in their offers, foreign buyers have helped drive up the price for everyone else.

Summer Home Buyers Should Be Happy

There’s been a dramatic change in the housing market lately, and it’s almost all good news for homebuyers. Home shoppers may find there’s good reason to breathe a sigh of relief this summer.. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year.What we are seeing is homebuyers who have become more disciplined than before, still pouncing on the A+ homes in the best school

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West Hollywood Real Estate Market Update

market-minure

{Video} West Hollywood real estate market update gives insight to the current home seller statistics for todays market conditions, Inventory of existing homes have been on the rise. Closed transactions followed with a record number of homes going into escrow. Home prices are trending up, however time on market is trending higher as well. We are keeping an eye on mortgage interest rates and the affordability index. This housing market minute answers your question, How

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Heart of the Home Moves Outside

outdoor living spaces

Many of us take pride in our homes, investing countless hours rearranging and remodeling the interior. But it can also be refreshing to step out of the confines of the inside and spend some time outside. As millions of Americans ready their outdoor space for summer season, a new study reveals just how enamored U.S. homeowners are with their backyards. Eighty-three percent of homeowners across the country say their outdoor living space is the favorite

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West Hollywood Real Estate Market Update

market-minure

This West Hollywood real estate market update gives insight to the current home seller statistics for todays market conditions. Home prices are trending up, however time on market is trending higher as well. Has the price increases and positive effect of negative equity made an impact on West Hollywood real estate market. This housing market minute answers your question. How is the 90048 real estate market? Get the market knowledge you need to make the

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