TopLACondos.com Blog

Pending home sales rose in July to the highest level in over two years and remain well above year-ago levels, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.4 percent to 101.7 in July from 99.3 in June and is 12.4 percent above July 2011 when it was 90.5. The data reflect contracts but not closings. Lawrence Yun , NAR chief economist, said the index is at the highest level since April 2010, which was shortly before the closing deadline for the home buyer tax credit. "While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity," Yun said. Limited inventory is constraining market activity. "All regions saw monthly increases in home-buying activity except for the West, which is now experiencing an acute inventory shortage," Yun added. Existing-home sales are projected to rise 8 to ...

If you live in high demand areas such as Beverly Hills, The Hollywood Hills or West Hollywood and its surrounding areas, there is currently an inventory shortage.  Our group alone has over 40 buyers with no properties currently on the market that interest them. That being said, this is great news for sellers who have owned their homes for over 7 years.  Chances are, you have equity and options. If you have equity, now is also the time to take advantage of "trading up" to a larger home.  With rates still at historic lows, your money will go quite a bit further as well.  The market has stabilized and properties that are priced well are even going into multiple offers. That certainly does not mean that there are no longer deals to be had.  They are out there, you just need to know how to find them. Keep in mind, the areas we are discussing are different then the rest of the country.  What you might see on the national news, speaking in general about the...

Prince Abdulaziz ibn Abdullah ibn Abdulaziz al Saud, son of the Saudi King Abdullah, has won a victory to complete his once estimated 85,000 sq foot compound.  He decided to down size plans for his Benedict Canyon Compound, from 85,000 square feet down to roughly 52,000 square feet. By doing this he was "technically" in compliance with the law.  The rule at issue is City Building Code sec. 91.7006.8.2 which requires projects that are subject to subdivision to apply for a tentative tract map prior to grading on sites greater than 60,000 square feet. The city and certain neighbors argued that this provision is applicable to the Saudi prince's project even though no subdivision was proposed or contemplated. Hence, they argued the project requires a discretionary review and public hearings. The court found that the code section is not applicable to the project and ordered the city not to apply this provision to the project. The proposed project consists of three single f...