We are really Blessed to have our real estate brokerage, REMAX Gateway, HQ’d in Los Angeles County.
Los Angeles County is a massive space and includes the Platinum Triangle – Bel Air, Holmby Hills and Beverly Hills.
The county of Los Angeles has spectacular beachfront homes and includes Venice and Malibu.
Of course, the best time I had in Los Angeles was when I was working as a full-time cop for the LAPD.
Plus, did I say I was working Motors, that’s motorcycle enforcement to the non-cops in the world.
Spec Homes – these have been talked about for the past few years but are getting renewed attention as of late due to some of their outrageous price points per square foot.
Spec – AKA for Speculative. What type of home can a person build that will sell for a massive profit. All you need is the land or a teardown improvement and land. Approved permits. Vision and a great architect with a well-recognized name. If the cards play out right you just made 15 million in profit. This is happening every day in the top neighborhoods in Los Angeles County. It’s happening on both sides of Mulholland Drive.
Part of my daily method is to read at least two hours of news online within Feedly. I have to be much more knowledgeable about the current market, financially and otherwise, than one of my fellow agents who happens to be a realtor working in Kansas City – It’s very different in Los Angeles and our clients mandate us being well learned.
I have all my pointers going toward the real estate business world and real estate articles that involve any issues I and my clients need to know about to make the best and most well-informed decisions.
Truthfully, that’s everything I can find that is new that has been written in the past 24 hours that I have not digested yet.
Real Estate prices are continuing to rise making those buyers and sellers we are working with wonder if we are approaching another real estate market crash.
I’d say no because we have too much equity in the current market. It’s a lot different today than the numbers we watched coming out of the 100% financing markets leading up to the market crash of 2006/2007.
That does not mean we are not going to have a “course correction”. Where values will slip lightly adjusting accordinly related to increasing interest rates.
Market Crashes and Corrections seem to appear out of the blue in a lot of cases. The past market you had the savants that said they were saying it’s going to crash(I don’t remember them really saying that), and you had other’s thinking that real estate was going to continue to increase hand over fist.
The world has gotten smarter, at least I hope, during the past 12 years.
One of the first indicators are homes sitting and not being bought with the market eerily moving from a seller’s market into a buyer’s real estate market.
Price reductions are also notable signs of the housing market starting to experience modifications of course.
Currently, in the Santa Clarita and Valencia CA areas within Los Angeles County, we are seeing slight signs of a course correction in prices reducing. However, I’m not ready to commit 100% because those price reductions are from areas where we have never seen home prices selling for. The more likely culprit is agents taking “overpriced” real estate listings from their home sellers.