Southern California real estate.

A Few Palatial Homes Stand Out in the Luxury Newport Beach Real Estate Market

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A Few Palatial Homes Stand Out in the Luxury Newport Beach Real Estate Market

Once upon a mansion multiplies itself time and again in the Newport Beach real estate market. Forget the dark cold European mansions. These fashionable Newport Beach homes breathe beautifully with the coastal ocean air. Sellers are now expecting more for their properties in the Newport area—Newport Beach, Corona del Mar, Balboa Island, and Newport Coast.

Spectacular Estates

Newport Beach Real Estate MarketBorn of someone’s dreams, each splendid home tells a unique story. An outstanding property is highlighted at realdeal.com. A 12-acre spread on Pelican Hill Road North in Newport Coast has the artful distinction of being the largest private residence in Orange County. The home features 17,000 square feet with 8 bedrooms and 14 baths and fine custom finishes—marble to gold leaf and iron.

The wow factor for this estate is not necessarily the size but the grandeur. The Villa del Lago estate boasts fabulous grounds and backs up to Buck Gully Reserve, about a mile from Pelican Hill Resort. It features panoramic views of the Pacific Ocean, lush canyons, and the city lights. A gatehouse entry, elegant landscaping with an acre cascading lake, tennis court, stable and riding ring, putting green, swimming pool and pavilion, and even an organic garden. Winemaking is next. Once valued at $87 million, it recently sold for $40 million.

Worth mentioning, a current MLS listing in guard-gated Harbor Island offers over 14,000 square feet right on the water. The distinctive classic architecture sits on a landmark promontory on Newport Harbor. This property has been flawlessly re-mastered with beautiful formal and informal spaces – along with accommodations for a large yacht.

A 9500 square foot masterpiece on Balboa Peninsula Point is priced at $29,995,000. The waterfront estate showcases extraordinary views and Italianate architecture. This one has all the bells and whistles inside and out, including a large private boat dock.

Price Fluctuations for Top Tier Real Estate

Newport Beach Real Estate MarketWe might ask ourselves, why the substantial price drop? The California ultra-luxury market tends to fluctuate dramatically. Built in 2000, this example property leaped from a million dollars in tax assessment value to $22 million. Yet its actual sales prices waivered substantially. It listed for $57, then $67 million in 2007 and sold for under $20 million in 2012. Last year it came on the market for $55 million before selling for $15 less.

However, as realdeal.com explains, potential sellers may overprice their homes and then they take a substantial hit to close. It averages out to 10 percent. And sellers who overprice take longer to get the right buyers. So best to price a luxury property right from the get-go and avoid the ups and downs.

Luxury Home Prices in Newport Beach

High prices are trending in the Newport Beach real estate market. Another Newport Coast home sold for $19.5 million at the end of 2017 and about 20 more homes nearby sold for over $15 million. Just a few years ago, only an occasional home for sale fell into this price range. Nonetheless, the median price for the area is about $3.2 million.

Remember, many of the homes in Newport Beach were built decades ago. Luxury home buyers love the beach area, however, and are willing to invest millions into a property with the right neighborhood and views. Older homes may get razed to make room for palatial alternatives with the modern, sought-after features.

Southern California Realtors®

For information about Southern California luxury homes in the Newport Beach real estate market, call Bob Cumming of Keystone Group Properties at (310) 496-8122.

Dana Point Marina in the 21st Century – New Marina and New Luxury Homes

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Dana Point Marina in the 21st Century – New Marina and New Luxury Homes

The newly approved Dana Point Marina leads the way into the modern 21st Century for the Dana Point community.  A 20-year-long plan to renovate Dana Point Harbor got the go ahead on July 17, 2018 by the Orange County Board of Supervisors.

Dana Point Harbor was created to buffer the wave action and swells, and in the area.  Today we see calm waters suitable for standup paddle borders, kayaks, and other water play.  The Marina offers more than 2500 boat slips and Catalina Express service to the City of Avalon on Catalina Island. However, it was built in 1966 and has been held together by quick fixes.

How to Upgrade Dana Point Marina

Compounding problems drew merchants, boaters and problem solvers together to find solutions.  As the mayor pointed out, this whole area is “a self-sustaining park.”  They came up with a complicated but doable solution.  After building an 1800-car parking structure, Dana Wharf and the landslide will be worked on.  Then the commercial core will be reconstructed along with Marina Inn Hotel and 52 guest slips.  Both the east and west marinas will be upgraded.  This phase should be completed within 3 years.

Dana Point Harbor Partners Erica Ritchie with the Orange County Register (07/17/18) explains:

“The Orange County Board of Supervisors unanimously approved a master lease agreement with Dana Point Harbor Partners to finalize the details to begin a $330 million renovation of the 47-year-old Harbor.”

Haven for Traders and Surfers

The Dana Point Marina changed everything in Dana Point.  Before the Marina was built in Dana point the 12-15-foot waves surges provided legendary surfing.  Killer Dana, she was called.  From the mid-1900s, surfers, surf shops, and Surfer Magazine put Dana Point on the map.  Began in 1966, a million tons of rock redirected the waters and eliminated the monumental waves.  It changed San Juan Point forever.  The era of Dana Point surfing all but disappeared.  Gone is the abalone diving and lobster fishing, too.

Condos and New Homes for Sale Dana Point Marina

Enter land development.  During the 1920s, Sidney Woodruff built Lantern Village, a neighborhood of Spanish-style homes on streets named for colored lanterns.  Lantern Village is still popular as new luxury homes, subdivisions, and master-planned communities.  New luxury homes join older condo complexes and gated communities near Dana Point Marina.  Prices depend on size and view.

  • The Stands at Headlands features new luxury homes for sale in Dana Point.
  • Lantern Bay Estates community is one of the most expensive neighborhoods in the Marina area with a nice collection of large two-story homes.
  • Lantern Bay Villas is situated across the street from Lantern Bay Estates and features large condos located just steps to the harbor.
  • Marina Vista Homes are in a great area in the Lantern Village area.
  • The Admiralty is a small, exclusive bluff front condo with views of the Dana Point Harbor.
  • Las Marianas is one of the older condo buildings.

A growing population as it approaches 35,000.  Multimillion dollar luxury homes for sale in Dana Point seem to be just right for boaters, entrepreneurs, and not necessarily the surfer crowd.

Southern California Realtors®

For information about Southern California homes for sale near Dana Point Marina, please call Bob Cumming of Keystone Group Properties at (310) 496-8122.

Our Historic Coastal Homes May Yet Beat Those Trendy Open Layouts

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Our Historic Coastal Homes May Yet Beat Those Trendy Open Layouts

Quilted with historic grace, our Southern California coastal homes may again be preferred to the trendy open concepts. Knocking down walls has become the stylish way to create a first impression. Walk in and see straight through the home. Not sure if the Feng Shui works, though. Energy tends to go right out the back. Lofts and other urban dwellings tend to multiply the square footage of a completely open span with high ceilings, another way to create the sense of space and volume.

Coastal HomesSparked by a century of designs beginning in early 1900s with these types of inspirations, “open” is advertised as “great for entertaining.” But is it great? What impression does the creative messy kitchen have on dinner guests? Most of the open concept designs as seen on HGTV have only a big kitchen island separating the kitchen and dining table. Do you really want your guests sitting down to dinner on the other side of the kitchen island that is loaded with dirty pots and pans?

Charming Elegance of Coastal Homes

For the purposes of this article, we will not be comparing charming assets of bygone days with the clean lines of today. Rather, we seek to sing the praises of interior architecture in century-old homes – Manhattan Beach to Venice real estate and style to La Jolla. These unique Southern California properties have a smaller blueprint and smaller rooms.

Popular through the mid-1900s, historic homes have not usually been about big expanses. They usually have separate sitting rooms, formal living rooms, formal dining rooms, and separate kitchens. This open concept idea made its way into suburban homes. Open floor plans so a mother can see her children. Open so the cook can still be a part of the party. Today, many of those separation walls are being removed to “modernize” the layout. Younger generations may only know of the separate rooms through seeing older homes on movies and television.

But is “open concept” better? As we talked about exposing the cooking mess, we can also bring up the problem of sound. Noise levels can be annoying even with a couple of families with children an open area. The same is true with adults. Gone are the quieter, more intimate conversations.

Gone are the cozy nooks and crannies of yesteryear. Instead we have finished basements, extra family rooms, game rooms, and play rooms. That means more space, higher heating and air conditioning bills, too. Is that preferable to the smaller separate rooms for everyday living?

Open Concept Designs

A recent article (The Atlantic 05/17/18) entitled “The Curse of an Open Floor Plan,” Ian Bogost examines the topic at length. He starts by underscoring the kitchen folly. Some people solve the messy kitchen problem by saying they need two kitchens! One for messes. He explains the original open concept of Frank Lloyd Wright as portrayed in Ladies Home Journal magazine (circa 1901). Wright’s Prairie design was advertised to promote connectedness. But it also had a second kitchen upstairs for hired help.

Those modernist designs did spread through suburban California. Nonetheless, we still have many older homes in Malibu, Santa Monica, and Hermosa Beach that have kept their winsome ways. And buyers are willing to pay a pretty penny to own them.

Southern California Coastal Homes for Sale

For more information about elegant coastal homes in Southern California, please contact Bob Cumming, Keystone Group Properties, at (310) 496-8122.

New Palisades Village Real Estate Project on Track for Summer Opening

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New Palisades Village Real Estate Project on Track for Summer Opening

The redevelopment of Palisades Village real estate now enters a final thrust to be ready for a summer 2018 completion. On Swarthmore Avenue off Sunset Boulevard, Palisades Village represents the revitalization of historic Pacific Palisades. Rick Caruso carefully designed this charming community gathering spot.

Besides its notable architecture, the village includes best in class retailers and restaurants are part of the 116,000-square-foot project. Unveiled in 2014, the project broke ground in June 2016.

Homes near Palisades VillagePalisades Village Real Estate

Wouldn’t it be wonderful to live within walking distance of the Palisades Village Green and shops?  The Alphabet Streets neighborhood real estate is closest.  It is comprised of older homes in the center of Pacific Palisades.  Before the Caruso development became a reality, these downtown homes were the most reasonably priced in Pacific Palisades.
However, the new Palisades Village amenities close by are changing all of that.  Home prices have been climbing steadily.  For example, an older home formally priced at $1.7 million has appreciated to $2.5 million, according to an article in the Hollywood Reporter (08/10/17).  Surrounding neighborhoods are also affected by significant added values.

Palisades Village Real Estate – Commercial and Retail

Chain stores are not permitted in Palisades Village.  All retail and commercial areas will be unique to Pacific Palisades.  Below is a list of several important anchors in Pacific Village.
  1. FdeiM’s Madeo, a 4000-square-foot eatery from Hollywood, will join the shops in a two-story Cape Cod-style building.
  2. Sweet Laurel Bakery, a paleo-centric baker, will open a 500 square foot shop.
  3. McConnell’s Ice Cream from Santa Barbara will have an 800-square-foot shop.
  4. Bay Theater, operated by Cinepolis, will provide five screens and 40-60 luxury seats for screening rooms.
  5. Recently announced retail establishments include Carbon 38, Marysia, Miller’s Oath, Zimmerman, and Elyse Walker.

Pacific Palisades and Palisades Village Greenpalisades village real estate

Pacific Palisades is one of the most unique communities in the world.  The residents and businesses welcome the renaissance of their small-town center and green.  Part of the project is the Palisades Village Green, a privately-owned park at 15280 Sunset Boulevard between Swarthmore and Antioch.
The attractive comfortable space was developed in 1923 and designed by the Olmsted Brothers of Brookline Massachusetts.  It is a triangular-shaped parcel of land.  50 years later residents raised the money to purchase the land, which had moved into commercial ownership.  Palisades Village Green was formally dedicated on August 17, 1973.  It is a tribute to resident’s spirit, generosity, and love of beauty.

Real Estate Companies – Pacific Palisades

For information about Pacific Palisades real estate near Palisades Village, please call Bob Cumming of Keystone Group Properties at (310) 496-8122.

Hermosa Beach Real Estate Market Trends

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Hermosa Beach Real Estate Market Trends

Besides the sand and surf, the trending Hermosa Beach real estate market and showcases a great opportunity for investment. The Median Listing Price at $2.1 million and the Price Per Square Foot at $954 provide some wiggle room in the Southern California coastal homes market.

Don’t let these prices frighten you away. The Median Closing Price is just $1.7 million, and the DOM are edging up right now. The value in Hermosa Beach winks at nearby pricier properties in western Los Angeles.hermosa Beach real estate

Sample Hermosa Beach Properties for Sale 2018

It is possible to find small condos or townhomes for sale in here most of beach, properties priced under $1 million. However, most properties in the lower price ranges may require upgrades. Today, three sample homes priced between $1 million and $2 million are all three-bedroom properties ranging from 1440 square feet to 2217 square feet. Look in East Hermosa south of Artesia Boulevard and north of Anita Street for cottages.

On the higher end of the spectrum, along The Strand is a gorgeous 6-bedroom estate with 6392 square feet–all done in the SoCal classic. Contemporary 5-bedroom home with 4403 square feet for $13 million. Or jump down to the $2 million to $3 million bracket. Find 4-bedroom beauties and condos on Golden Avenue or Hermosa Avenue.

Hermosa Beach Lifestyle

A great place to live, Hermosa Beach oozes with Southern California relaxed lifestyle. Five miles south of downtown Los Angeles, the 15 miles of Hermosa Beach ranked as the Travel Channel’s Top 10 Beaches. Pristine Hermosa Beach is known for vibrant outdoor activities and popular events. The largest arts and craft show held anywhere in Southern California is right in sunny Hermosa Beach.

Year-round sporting events bring folks out to the edge of the Pacific Ocean. Beach volleyball, surfing, and fishing are just a few of the favorite activities. On the beach, swimmers and sand castle builders listen to the unending surf. Sunset Concerts on the Beach accent the summer fun. In the village and along Pier Avenue discover numerous cultural and entertainment venues: art galleries, comedy, live theater and live music.

Schools in Hermosa Beach

Hermosa Beach City School District operate two National Blue-Ribbon schools at Hermosa View and Hermosa Valley elementary schools, and North School. High school students attend Mira Costa High School. Fusion Academy private school is also in the community.

Southern California Realtors®

For more information about Southern California homes in the Hermosa Beach real estate market, please call Bob Cumming of Keystone Group Properties at (310) 496-8122.

How Would You Design Homes on this Malibu Land near the Ocean?

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How Would You Design Homes on this Malibu Land near the Ocean?

Malibu landIt is still possible to find great Malibu real estate in today’s market.  Since there are so many of them restrictions in place along the Santa Monica Mountains, some people think that the Los Angeles coast is probably built out.  If you dream of a beautiful home overlooking the Pacific, take heart.  Head west to the choice Malibu land for sale.

In fact, a bit inland or up the coast, the acreage for sale in Malibu comes in large enough parcels for privacy.  5 acres, 10 acres, even 45 acre-lots here may be transformed into small ranches or large estates.  But let us look closer to the ocean.  Prices run from $50,000-$15 million.  That is quite a span.  Malibu land prices are affected by proximity to the ocean, access, size, typography, and condition.

Would You Go Contemporary or Craftsman?

Just looking at these vacant parcels and taking in the views and ocean air, we think you could be inspired to mentally design a few cottages or palaces above the waves.  Look and see for yourself.  Close to Santa Monica on the eastern side of the Malibu to a row of beach homes back up to the Pacific Coast Highway.  With walk out beaches, the small 6000 square foot lots are priced at approximately $3 million.  A quarter-acre oceanfront lot lists for $7 million.

Put your architectural masterpiece high above sea level Pacific Coast Highway and Topanga Canyon Boulevard.  Here you can gaze upon 180° views–from Catalina Island to Santa Monica and Malibu.  Shy of a half-acre, this parcel goes for $150,000.  Down the road is another beachfront quarter-acre lot for $7 million.

Maybe Design a Mediterranean in Western MalibuMalibu land

Western Malibu meets up with several canyons.  These rural neighborhoods are accessed by winding roads up the foothills and mountain side.  Here is where you might build a Mediterranean estate. In Malibu Hills, landowners are offering three adjoining parcels totaling 35.3 acres for $3.7 million.  These gorgeous lots perch on a grand promontory above El Pescador Beach.  Check out the build sites on the three tracts (11.75 acres, 11.45 acres, and 12.08 acres).

At Encinal Canyon Road and Pacific Coast Highway, however, buyers can pick up a nice two acres for under $250,000.  All have ocean views.  Right here PCH abuts the ocean and another Southern California lookout features 2.74 acres and a $2 million price tag.

How about a cottage or a cliff dwelling?  Check out the Ingleside Canyon of Malibu where a quarter-acre lot is selling for only $69,000.  Pick up an adjoining lot to build an elaborate treehouse for your guests.

Southern California Realtors®

For information about Malibu land for sale near the Pacific Ocean, please call Bob Cumming of Keystone Group Properties at (310) 496-8122.

Spotlight on Spaulding’s Heritage in LA Home for Sale

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Spotlight on Spaulding’s Heritage in LA Home for Sale

Renowned architect Sumner Spaulding designed an epic LA home for sale in Bel Air.  Chartwell, a gorgeous 10.3-acre storybook property in Bel Air, hits the real estate market with a record-breaking price tag.  The château style mansion features 25,000 square feet of opulence surrounded by blissful gardens and sweeping views–Downtown LA to the Pacific Ocean.

During the 1930s, a property developer commissioned the bucolic Spaulding design as a gift for his wife.  The extravagance did not suit her style, although subsequent owners fully appreciated the 18th century French neoclassical inspiration.  Among the sterling amenities, this fabulous LA home for sale includes a ballroom, state-of-the-art wine cellar, formal salon, and period-paneled dining room.  In addition to the pristine landscapes, the exquisite property includes a 5700-square foot guesthouse, a resort style swimming pool, lighted tennis courts, and underground parking.

The sensational Los Angeles real estate is being sold by the Estate of A. Jerrold Perenchio, a media tycoon, for $350M.  Jerry added much to the work of art over the past three decades.  The estate now includes five contiguous Bel Air properties, including Ronald and Nancy Reagan’s home.

Greenacres

In 1923, Harold Lloyd, a silent film star, hired Sumner Spaulding to design a house in the Benedict Canyon area of Beverly Hills.  Set on a hilltop, the 15-acre property includes the 44-room mansion, a fairyland children’s estate, and outbuildings.  The property also features nine-pole golf course, oversized pool, horse stables, tennis courts, outdoor bowling, handball, and a stocked 900-foot canoe stream.  Landscape architect AE Hanson fittingly landscaped the beautiful fountains and palm trees leading into the villa.

Lloyd lived in this mansion for the rest of his life.  It was then purchased by a retired international businessman and subdivided.  Eventually, the mansion at Greenacres was restored to its original Spaulding glory.  It is often used for filming and fundraising events.

Catalina Casino

Another Spaulding masterpiece, Catalina Casino exemplifies Art Deco and Mediterranean Revival architecture.  Designed in coordination with Walter Weber, the building ascends the equivalent of 12 stories.  It houses a theatre on the main floor and ballroom and promenade on the upper floor.  Elements include rounds, cantilevered, and reinforced concrete columns.   Interior touches include painted murals, walnut wood paneling, French doors, and sterling silver and gold leaf accents.

Overwhelming the site of the former Sugarloaf Casino, the Los Angeles real estate is a landmark on the historically significant Santa Catalina Island in Avalon Harbor.  Boasting excellent acoustics, the facility was often used to preview cinematic productions and live theatre.  The California Chapter of the American Institute of Architects awarded this building as “one of the outstanding architectural accomplishments.”  Interestingly, the masterpiece doubles as the civil defense shelter for Catalina Island.  Nice place to stay!

Buying and Selling Southern California Homes

For information about luxury Los Angeles real estate and investments, call Bob Cumming of Keystone Group Properties at 310-496-8122.

Prestigious Los Angeles Homes in Holmby Hills

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Prestigious Los Angeles Homes in Holmby Hills

Hearkening to the lamp-lit streets of the Britain, prestigious homes in Holmby Hills California nestle into the Westwood foothills of Los Angeles.  Part of what is called the “Platinum Triangle” along with Bel Air, and Beverly Hills, Holmby Hills attracts well-known residents to its stunning setting. The gorgeous neighborhood is relatively quiet and safe—and pricey.

At the same time, these fantastic homes in Holmby Hills are convenient to all parts of Los Angeles.  Downtown Los Angeles is accessible via the nearby freeway.  Sunset Boulevard winds through the affluent neighborhood.  Wilshire Boulevard is on the southern border with the distinctive Los Angeles Country Club across the street.  Sunny beaches along the Pacific Ocean and the Los Angeles International Airport are about 10 minutes west of Holmby Hills.

Yesterday and Today in Holmby Hills

This neighborhood offers a sense of place.  Part of the unique, cultural, lush, and grew out of a rich heritage.  Prior to the early 1900s, the Tongva-Gabrielino tribe frequented the area for 8000 years.  In 1843, a Mexican land grant here, Rancho San Jose de Buenos Aires, subdivided into 400-acre parcels.

Arthur Letts Sr. from England purchased 400 acres here in West Los Angeles to create a neighborhood of “grandiose estates.”  The man loved horticulture and endowed the property with beautiful vegetation and English-style street lamps.  After his passing, his vision for the neighborhood was carried forward as “The Ultimate in Residential Estate Development.”

Residents appreciate two beautiful parks ringed with large sycamore trees.  South of Sunset Boulevard is Holmby Park.  This is the larger of the two and it features playgrounds, a nine-hole putting green, and facilities for lawn bowling.  And De Neve Square is on the north side of the neighborhood.  The Frederick R. Weisman Art Foundation gallery is in Holmby Hills.

Holmby Hills Real Estate

Known for seclusion and privacy midst the metropolitan rush, Holmby Hills features large lots up to four acres and buried utilities.  Notable custom home styles are hidden along the tree-lined streets.  Castles ranging from English Tudor to Victorian to Mediterranean, Grecian and contemporary, Holmby Hills offers a showcase of gorgeous mansions.

The latest example of a grandiose estate sits on a famous two acres on Carolwood Drive.  It is the site of the Barbra Streisand’s former estate and across from Frank Sinatra’s.  The sensational 38,000 square-foot estate carries a $150 million price tag.  How about 10 bedrooms and 20 full baths? The 5300 square-foot master suite features a private, heated patio and club with a lounge, theatre, wine room, and valet entrance.  More extraordinary embellishments include a beauty parlor and nail salon, steam and massage rooms, indoor water wall, lap pool, sports courts, and a 10-car garage.  It is an artistic endeavor by Bruce Makowsky–Mr. Letts come again?

Real Estate Agents Southern California Homes

For information about Southern California homes in Holmby Hills, please call Bob Cumming of Keystone Group Properties at 310-496-8122.

Coastal Southern California Homes in Affluent ZIP Codes

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Coastal Southern California Homes in Affluent ZIP Codes

Southern California homes in the coastal communities of Western Los Angeles are unsurprisingly part of the most affluent zip codes.  Gorgeous and pricey homes on the waterfront and with views of the Pacific Ocean take top dollar.  Areas of the coastline and Santa Monica Mountains draw wealthy buyers from across the globe to beaches and trails to heaven.  And then there is the SoCal charm.

Buyers moving here enjoy the character and can afford the high real estate prices.  And those prices have continued increasing in 2017, albeit not as dramatically as in recent years.  Low interest rates, easier borrowing, high-paying tech jobs, and other factors are driving those prices for Southern California homes in Los Angeles County.

Case in point.  How about the artful beach community of Venice Beach?  Following a recent surge in buyers willing to pay top dollar to reside in this small, unique village, Median Home Prices in Venice are approaching $2 million.  This is one of the most expensive areas in the nation.

Top Tier ZIPs Near the Ocean

Let’s look at sample demographics in the Top Tier cities near the ocean.

Pacific Palisades: ZIP Code 90272 is assigned to Pacific Palisades.  The Palisades is home to 23,632 residents and 9404 households.  The Median Household Income is $167,675.  The Median Net Worth is $500,000.

Santa Monica: ZIP Code 90402 is used in Santa Monica.  The population is 12,451 with 5364 households.  The Median Household Income is $136,938.  The Median Net Worth is $472,090.

Calabasas: Slightly inland behind Santa Monica, ZIP Code 91302. Calabasas is home to 27,711 residents and 10,023 households.  The Median Household Income is $137,135.  The Median Net Worth is $500,000.

Top 10 Wealthiest Los Angeles ZIP Codes

The wealth (Net Incomes, Net Worth) is spread out a bit.  BizJournal lists the Top 10 Wealthiest ZIP codes in Los Angeles County.  Buyers will find quite a selection of attractive homes in any of these communities.

  1. 90077 Bel Air, Los Angeles
  2. 90274 Palos Verdes
  3. 91108 San Marino
  4. 90272 Pacific Palisades
  5. 91011 La Canada Flintridge
  6. 90210 Beverly Hills
  7. 91302 Calabasas
  8. 91436 Encino, Los Angeles
  9. 90402 Santa Monica
  10. 90275 Rancho Palos Verdes

Realtors® Southern California Homes

For information about upscale Los Angeles real estate near the Santa Monica Mountains and Pacific Ocean, please call Bob Cumming of Keystone Group Properties at (310) 496-8122.

Beverly Hills Real Estate Market 2017

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Beverly Hills Real Estate Market 2017

bevely hills real estate marketGangbusters! Median Home Prices in the Beverly Hills real estate market have been soaring. How about 10 percent in a year. The Median List Price is $4.4 million.  The Median List Price in 2014 was only $3 million.  The price per square foot is $1000. The Median Closing Price is $2.5 million.  If prices rise too high and the demand decreases, the Beverly Hills homes market could be affected.  Home prices could indeed stabilize as interest rates rise.

Presently, there about 275 homes and condos are for sale in Beverly Hills.  It’s a seller’s market and the tax rate also favors sellers.

Interest Rates

Buyers are taking advantage of the low interest rates, rates that are only increasing very slowly.  Interest rates on a 30-year fixed mortgage average about 4%.  But quite a few buyers in Beverly Hills pay cash.  These affluent buyers are not much affected by changing interest rates for mortgages.

Why Beverly Hills Home Prices are Up

bevely hills real estate marketSeveral reasons for the rising prices in Beverly Hills come to mind. Beverly Hills features an excellent central location with fantastic views.  It is easily accessible to the Pacific Ocean and Interstates 101 and 405.  The stunning Santa Monica mountains are immediately west of the city.  So, there is substantial demand for real estate in prestigious Beverly Hills, Bel Air, and the surrounding areas.

Los Angeles Real Estate Market

Putting the Beverly Hills market in perspective, home prices are also up throughout Los Angeles and in the state of California.  Prices in Los Angeles rose 7.8% in 2016.  But these home prices are only now returning to pre-recession values, as per Zillow.  Forecasters expect the trend of rising home prices to continue in the Los Angeles area.

Can People Afford to Buy Homes?

Many homes are priced out of the reach of buyers.  In fact, only about a third of Californians own their own homes.  Few real estate bargains can be found.  The inability of potential homebuyers to qualify for mortgages sustains the rental market.  And it adds value to investment properties.  The rental market is booming.

Improving Incomes

Employment is steady and improving.  But are salaries keeping up with the rising home prices in Beverly Hills and Los Angeles?  There may be more qualified buyers. As some of the Dodd-Frank regulations are loosened, borrowers may find fewer restrictions in the mortgage market.

Into the Future

bevely hills real estate marketWhatever we guess about the market, the months of January and February are not necessarily accurate indicators of the yearlong markets.  We can reasonably surmise that lower priced properties will be snatched up quickly while some of the gorgeous mansions in the Beverly Hills real estate market could take some time to sell.  Cash buyers and luxury investors, time to make your offers on these treasure homes.

Real Estate Agents Beverly Hills

For information about homes and condos in Beverly Hills and coastal California, please call Bob Cumming of Keystone Group Properties at 310-496-8122.