WHEN AGENTS MOVE --
WE JUST DID
!
Our Team has relocated to a beautiful Contemporary office building on El Camino in Beverly Hills. We are still unpacking boxes and locating necessary items --- so we know quite well what our clients experience when moving their home contents. As a team of 20 now, we have accumulated a house-full of office furniture and files. Please come visit us when you’re in the area : 150 S El Camino Drive, 90212, 3
rd
floor. We have a full kitchen!
🍴
November opens the annual Holiday Season in Real Estate with the year’s 2 biggest holidays--
Thanksgiving
, then
Christmas
and
Hanukkah
. Under the tree, the market gifts
🎁
will be
lower prices in the luxury markets of west Los Angeles
. The previous 6 holiday seasons have seen higher prices under the holiday tree
🎄
, so this begins a New Reality in luxury home pricing .
LA Area price growth inched up with 1.6% increase in Median Sales Price, but noticeably
fewer sales transactions
compared to last year and
growing inventory
. Luxury housing in any particular neighborhood market is the hardest hit by these lowering prices. Generally speaking, up to $ 4M price points are still the solid territory of “
Seller’s Market
” whereas above $ 4M, it is quickly becoming a “
Buyer’s Market
” with less competition among Buyers and less urgency on them to make their decision.
We do not consider this a CRISIS, by any means. It is an
ADJUSTMENT
, which was perhaps overdue - at least if you ask Buyers.
Wisely priced
properties in the luxury sector will still receive offers and demand. This is what I characterize as the “Flight to Quality”. Any key component that is a quality amenity for a property such as location, condition or design, will help retain more value now from the buying public and will continue to attract solid interest. Prime shall remain
prime
.
-Ernie
PS - I do love pumpkin pie.
