NEWS

The Fed takes a deep dive

9.20.19
The Federal Reserve lowered interest rates by a quarter of a percentage point this week, its second cut since late July, and suggested it was prepared to move aggressively if the United States economy showed additional signs of weakening. For now, a growing number of Fed officials expect one more cut this year, based on economic projections released after the Fed’s two-day meeting. But an unclear economic outlook and a division within the Fed’s policy-setting committee prevented a clear message about what comes next.
 
The Fed’s policy interest rate is now set in a range of 1.75% to 2%, and not a single official sees it falling lower than 1.5% to 1.75% through the end of 2022. Stocks initially fell on the Fed’s announcement on Wednesday. But they ended slightly higher on the day, and Treasury yields barely moved, suggesting that the Fed’s decision and communication were roughly in line with investor expectations.
 
In this period of historically low mortgage rates, numbers out this week settled just above 3.20% for a 15-year fixed loan, and just below 3.75% for a 30-year fixed.
 

Housing Market Fireworks

9.6.19
As Summer fades and Fall ascends, lower mortgage rates continue to spur strong home sales in Southern California, and median sale prices keep climbing amid an unremarkable national market.
 
In a new report out this week from CoreLogic, 22,071 new and existing houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in the month of July. That’s up 6.1% from June 2019, and up 3.7% over last year’s figures. The number of homes sold in July was the highest amount since 2015.
 
Other benchmarks from July’s data: The number of homes sold for $500,000 or more in SoCal rose 7.1% compared with July 2018, and sales of $1 million-plus homes increased by 2.4%. The median home sale price for L.A. county in July was $635,000, 5% higher than the same time last year, and 2.75% higher than in June.
 

We can help you pay for almost anything.

8.9.19

L.A. Luxe Group and Vesta Home have partnered to offer a home improvement service created for our clients—with no up-front costs. From home staging to painting to landscaping—even moving and storage–we can help. Vesta, L.A.’s leading staging and design firm, will work with L.A. Luxe Group’s sellers to create a custom go-to-market plan for your home. Buyers of homes can also be offered assistance after the close of escrow to cover the costs of improvements. Vesta will offer L.A. Luxe Group’s clients the opportunity to defer out-of-pocket expenses and pay-at-close or finance up to a year–with no hidden fees and no interest.

 

Services offered to our clients include (but are not limited to):

  • Staging
  • Design
  • Renovations
  • Plumbing, electrical, and roof repairs
  • Furniture purchasing
  • Interior & exterior painting
  • Window treatments/coverings
  • Wallpaper
  • Custom closet work
  • Deep cleaning
  • Landscaping
  • Moving & storage

 

Unlike most home improvement entities, ours is designed for speed, so as to get your home on the market as fast as possible. Improvements—as directed by you and Vesta + L.A. Luxe Group team members—could unlock significant value by increasing sales prices and decreasing time on the market.

 

This opportunity to defer your up-front costs is available to buyers and/or sellers in a purchase or listing agreement with L.A. Luxe Group. We challenge you to find a scenario we can say “no” to.

Big, Bigger, Biggest

001B MLS & INSTAGRAM 1924 Canyon Drive - High Resolution (60)
The Los Angeles County Assessor has certified the 2019 Assessment Roll, which represents record growth and new all-time highs in real estate and business property values across the County. The roll grew by a record $94.41 billion (or 6.25%) over the prior year to an all-time high of $1.604 trillion in total net value. Leading indicators for the growth in the local property assessment roll are: a) property sales, which added $48.34 billion to the roll as compared to 2018; b) the CPI adjustment prescribed by Proposition 13, which added another $28.74 billion; and c) new construction, which added a further $11.09 billion.
 
Among the greatest single additions to the roll are $1.95 billion for construction of the Rams/Chargers stadium in Inglewood and $200 million for the Banc of California stadium in the City of Los Angeles.
 
The 2019 Assessment Roll comprises 2.57 million real estate parcels and business assessments, including 1,878,470 single-family homes, 249,972 apartment complexes, 248,109 commercial and industrial properties, and more than 200,000 business property assessments. Below are additional highlights from the 2019 Assessment Roll…
 
Cities with the greatest percentage growth:
 
1.           Inglewood: 25.7%
2.           Vernon: 13.2%
3.           West Hollywood: 11.6%
 
Cities with the highest total assessed values:
 
1.           Los Angeles: $652.9 billion
2.           Long Beach: $60.2 billion
3.           Santa Monica: $39.5 billion
 

In a Manor of Speaking

7.12.19
Los Angeles’ luxury real estate market just received a shot in the arm: “The Manor,” a 56,500 sq.ft. chateau in Holmby Hills, sold earlier this month for $119.75 million—the highest home price in L.A. County history. It represents another notch in the belt for the county, which saw its price record shattered last year by the $110-million deal for Hard Rock Cafe co-founder Peter Morton’s Malibu beach house.
 
It’s the fourth sale of $100 million or more in L.A. and the third in Holmby Hills, which saw two record-setting sales of $100 million in 2016: deals for the Playboy Mansion, and for a nearby mega-mansion built on speculation. The Manor was built in 1991 for late producer Aaron Spelling and his widow, Candy. She then sold it to Petra Ecclestone, daughter of Formula One billionaire Bernie Ecclestone, for $85 million in an all-cash deal eight years ago.
 
The racing heiress originally shopped the limestone-draped mega-mansion as a pocket listing in 2014 at $150 million before bringing it to market in 2016 at $200 million. At the time of the sale, it was on the market for $160 million. The buyer remains unknown.
 
The Manor’s $119.75-million closing weighs-in as the priciest sale in California history, edging out a home in the affluent Silicon Valley community of Woodside that sold for $117.5 million in 2013. The national record still belongs to a New York penthouse towering over Central Park for which billionaire Ken Griffin paid $238 million in January.
 

KW-Beverly-Hills-Long-Black

DRE #01428775