Notes on a Realtors Scorecard – Buyers staying longer, the Chinese aren’t just buying, prepare for El Nino and more!
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Home of the week- Quick $3.2M sale in Santa Monica near Pico– 2432 32nd street is a brand new 3,363 sq. ft. traditional 5+4 home on a large 9,007 sq. ft. lot that came on the market for $3.2M and immediately sold right after the broker caravan. The builder did a very nice job with the details of the home and when you combine its emotional appeal and large lot, one can start to look past the ½ block proximity to a stretch of Pico that is not the most aesthetically pleasing. The house features a large gourmet kitchen that opens to the living room, huge windows providing tons of natural light, vaulted ceilings, luxurious master and drought resistant landscaping with the majority of it featuring turf. 
By John SkinnerSecond quarter market report reflects robust housing market in Los Angeles
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The Los Angeles housing market continues to be robust with no signs of abating in the near future. Average sale prices hit record highs in many areas (both single family and condos) and the number of sales rose to the highest second-quarter total in a decade. . The Westside luxury market (ex. Santa Monica, Pacific Palisades, Beverly Hills) saw strong growth, proving the enduring value of these communities commands a premium.
Manhattan Beach reflects the vibrant and strong South Bay market where prices are up by double digit percentage points and the decreasing days on market shows a tight inventory crunch.
Property in areas where prices are a little lower such as Mar Vista and Westchester saw some of the largest appreciation.
Overall, Los Angeles County is on the rise as the value of all assessed taxable property in the county has risen 6.13% in 2015, the largest jump since 2010.
Please click on the image below to download the full report and if you need more detail on your neighborhood please contact us and will be happy to help.
Average rate on 30-year mortgage falls
The average rate on a 30-year fixed-rate mortgage declined to 4.04 percent from 4.09 percent a week earlier. The rate on 15-year fixed-rate mortgages slipped to 3.21 percent from 3.25 percent. As in recent weeks, mortgage rates followed the yield on the key 10-year Treasury note, which declined.
Bond yields for Treasury’s were pushed lower by a rise in bond prices.
The average fee for a 30-year mortgage was unchanged from last week at 0.6 point. The fee for a 15-year loan also held steady at 0.6 point.
With mortgage rates at low levels and the economic recovery in its sixth year, home-buying has recently surged as more buyers have flooded into the real estate market. Data issued Wednesday by the National Association of Realtors showed that Americans bought homes in June at the fastest rate in more than eight years, pushing prices to record highs as buyer demand has eclipsed the availability of houses on the market.
Mortgage rates still remain relatively low due primarily to near-zero short-term borrowing rates set by the Federal Reserve, as well as the present lack of investment opportunities for the excess sums in bonds and on deposit with the Fed. This allows homebuyers to borrow more mortgage funds with relatively unchanged incomes. However, mortgage rates will likely begin to increase steadily in late 2015 as the bond market anticipates the Fed’s inevitable short-term rate hike.
The median home price has climbed 6.5 percent nationally over the past 12 months to $236,400, the highest level — unadjusted for inflation — reported by the Realtors.
Sources: LA Times and Housing Wire
Westchester residents excited about 30 million dollar facelift set for Howard Hughes Center
Westchester and Playa Del Rey residents received some welcome news when the new owner of the Howard Hughes Center announced they would be spending $30 million dollars to upgrade the facility. With Playa Vista continuing to grow with a new Cineplex, restaurants and a Whole foods, the close access to these amenities will continue to fuel the surge in popularity with young families that Westchester has been experiencing over the past four years.
The large-scale overhaul will be designed by Jerde Partnership (which designed Universal CityWalk and the open-air renovation of Santa Monica Place) and aimed at creating smoother entries into the compound for walkers, like a new crossing planned for Center Drive. Meanwhile, the courtyard across from the Cinemark Theaters will become the “center” of the complex and get a new outdoor film screening area and a fire pit. By Laurus’s estimates, Howard Hughes Center “will soon hold nearly 3,200 new multifamily units,” including the luxury Altitude apartments, “and more than 1.3 million square feet of office space.” That’s a lot of potential shoppers. Renovations are supposed to begin immediately.
Sources: LA Times and Cubed LA
Two mixed use projects proposed for Downtown Santa Monica
The Santa Monica planning commission is recommending two development agreements with NMS properties that will create much larger mixed use sites than what currently occupy the land. The locations are 1560 Lincoln Blvd. (currently Denny’s) and 1415 5th street.
Both projects are right near the light rail line connecting Downtown Los Angeles with Santa Monica. The increase in residential units will continue to add to the congestion that already plagues the area.
Check out the full article here: Mixed use projects recommended for Downtown Santa Monica
(Source: Santa Monica Daily Press)
