(This article was published in the Century City News on April 17, 2012)
By Bess Hochman
Positive Signs Of Real Estate Recovery On Luxury L.A. Westside
Recently sales from the beach to Bel-Air and Beverly Hills have been seeing a resurgence of activity not seen on the Westside since the height of the real estate bubble five years ago. Some attribute that to the stock market rebound and lower prices attracting the high end buyer. We are even seeing multiple offers!
Case in point, a 5 bedroom post and beam residence in Beverly Hills designed by A. Quincy Jones asking about 6.5 Million Dollars stimulated several offers last month. It was reported to be under contract at over the asking price going out at 6.625 Million Dollars. Real Estate agents from Brentwood, Bel Air, Beverly Hills and the Pacific Palisades are all reporting movement on the high end in their neighborhoods.
Another optimistic sign is houses are on the market for a shorter period of time before selling according to Realtor.com. It reported the median number of days a Westside home sat on the market about a year ago was 115 days compared with only 88 days now. The numbers reflect a 23% decline year over year in the number of days on the market before a home goes under contract.
More signs of a real estate recovery are reflected in reports and comments made by respected real estate tracking services in the last couple of weeks. These reports include studies concerning rent increases, housing affordability and foreclosure rates.
USC’s Lust Center for Real Estate expects rents in Los Angeles will rise by about 8% in 2012 with total growth of 9.6% by the end of 2013. This is more evidence that we are in a real estate upswing. While this is not good news for renters, it is a good incentive to buyers of investment properties. The rise in rents in Los Angeles, Orange County and other areas of Southern Californian reflect a national trend in the apartment sector.
The fact that housing affordability is at its highest level ever is another positive for the market says mortgage tracker CoreLogic. In spite of concern about another wave of foreclosures, Realty Trac which tracks foreclosures, reports foreclosure activity during the first 3 months of the year hit its lowest quarterly total since the last quarter of 2007. While foreclosure activity remains high by historical levels, it is lower than the peak levels over the last few years.
According to Realtor.com data showing the Westside median list price down about 5% from a year ago, reduced prices are attracting more interest. With high end sales on the rise, buyers are no longer assured that the house they saw on the market last week will still be available a few weeks later. Keep in mind the high end market is not reflective of all price spectrums so be sure to consult a real estate expert in your area to provide you with current information about sale trends in your neighborhood.
To find Luxury homes and condos, including short pays and foreclosures in your area or for a free consultation, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients.
Contact Bess:310.291.4111.E-mail: Bess.CenturyCityNews@yahoo.com
* The sources of information may or may not have been based on information from the combined /Westside Multiple Listing Service as of 4-13-12. Some listings may not be available as of publication.
c. 2012 Bess Hochman
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“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
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