Tracking the Changes …is this really happening? It feels like Los Angeles has suddenly awakened from a long sleep and now rush hour traffic, restaurant wait lines, and pulsing shopping centers are everyday occurrences. Maybe it’s too early to say it, but -- We’re Back!
There is an air of peaceful liberation almost everywhere you go. Our Douglas Elliman offices in Beverly Hills issued the notice yesterday that indoor masks are not required if a vaccination card is on file. We’ve been obedient during this long haul and for most of us it paid off with a safer, healthier lockdown. We’ve worked at our homes and adjusted, yet longed for the networking that naturally occurs when realtors gather in communal spaces and share property information. Yes, we’re back.
UCLA economists reported this week that California’s economy will recover faster than the nation’s-- at a “euphoric rate”, potentially one of the best years of growth since World War II. California will add new jobs faster than the US and had less of a contraction than Texas or Florida (who’s moving there??) noting that those states had fewer restrictions than California. Take that news and enjoy it.
Yes -- our real estate news seems to be booming on all media sources. Be careful what you read as this boom is sensitive to PRICE and price point. When the news reports that there has been a 14% increase in LA real estate median price, that does not mean that every house raised 14% in value this past year. Some homes raised more, others noticeably less. That’s what averaging and studying the median does -- it wants to arrive at a single number, but this is a city of 100+ neighborhoods…. Each with their own value barometer. Ask us about your neighborhood value increase and we will gladly share the truth. Isn’t the Truth what Sellers and Buyers want? It’s my bedrock principle for my personal career and the ethic of my Team, that we begin with the Truth. We look to share it with you. Enjoy your Summer!
-Ernie
