HOT NEW LEASE LISTING - LATITUDE 33 SKY EDITION LUXURY CONDO IN MARINA DEL REY

HOT NEW LEASE LISTING:

Latitude 33 Sky Edition luxury building- Marina Del Rey, CA

Fully Furnished 2 Bedrooms, 2 1/2 Baths with stunning ocean and panoramic views

$6300/Month - short term considered for min. 3-6 mos. Security Deposit $10,000

Offering the California dreaming lifestyle you deserve.

Ultimate stunning designer fully furnished coveted rare Latitude 33 Sky Edition condo offers ocean and panoramic views. Ocean breezes situated next to the historic Venice Canals and walking distance from Venice Beach & Pier, the chic Abbot Kinney shopping & trendy dining, and social nightlife of Maria Del Rey/Venice. Located in the heart of the Silicon Beach scene. Southern exposure wall to ceiling windows with unobstructed views of the ocean complete this masterpiece. Loads of natural light floods the open concept space with a dedicated dining area. Impressive chef’s kitchen is complete with a Sub Zero refrigerator & Wolf appliances for coastal living pampering that pleases the most discerning tastes. Gorgeous hardwood plank floors. This one has it all.

Two ensuite bedrooms with full baths on either end provide maximum privacy. The luxurious master suite has a large custom walk in closet fit for a shopaholic.  Inside laundry room with storage for designed comfort living. Personalized concierge care, 2 car secured garage parking, bicycle storage, fitness center, and a security access controlled building. The beach lifestyle you deserve among the clouds that eludes success on this 6^th floor paradise. California dreaming redefined. Go ahead and spoil yourself, you deserve it.

Available fully furnished beginning mid-March.  Tenant occupied. Call LA1 for appt to view. Sandy Lew 310-963-1623. Showings (10am-5pm only by appt). 

FROM LINCOLN BLVD, HEAD WEST ON WASHINGTON BLVD. TURN LEFT ONTO VIA DOLCE INTO DRIVEWAY ON RIGHT- Steps from the Venice Beach Pier and Beach at the end of Washington Blvd.

More pictures on my website: www.sandralew.com

Benefits of home ownership.

Benefits of home ownership are not just bragging rights. Whether you are buying or selling is this the right time for you? Feel free to contact me for a complimentary private consultation. Love to assist you with your specific real estate needs. Call or email me direct 310-963-1623. Sandy@sandralew.com. Love to meet you. I specialize in the area dubbed Silicon Beach in LA with roots growing up in Silicon Valley. I love the California lifestyle and love sharing it with others.
Relocating from either ends of the state? Just want to learn about different neighborhoods? Feel free to connect. =)

Silicon Beach leads the latest surge in home sale growth in L.A

The area in LA dubbed "Silicon Beach" home prices are still surging! Housing market around these parts remain hot especially in Playa Vista the tech hub. The neighboring communities of Venice Beach, Marina Del Rey, West LA's Sawtelle with trendy eateries, and Playa Del Rey are all hot areas in great demand. With so much new development in the area and great lifestyle more people want to live in these communities. As a local real estate broker in the area dedicated to your real estate needs feel free to connect with me. I love this area so happy to connect with you for all your questions. I cherish the beach lifestyle and sharing it with others. Sandy Lew 310-963-1623 www.sandralew.com

 
Silicon Beach leads the latest surge in home sale growth in L.A.

By Jack Flemming

Nov 03, 2017 | 6:15 AM

Temperatures may finally be cooling off across Los Angeles, but the same can't be said for the housing market.

Following a record-breaking quarter that saw median sales prices in L.A. County hit a decade high, and the average days on market near a decade low, real estate markets, particularly on the Westside, have remained white-hot.

In July, August and September, the booming tech hub of Playa Vista saw a 317% increase in sales volume for single-family home sales over the same period last year, according to a survey by the Combined L.A. Westside MLS.

Neighboring communities have also benefited from rapid growth in the area. Venice saw a 10% increase in sales volume last quarter over last year; West Los Angeles, which includes Sawtelle-Japantown, increased 89%; and Playa del Rey saw an uptick of 52%.

"Tech companies such as Facebook and Google have moved to these areas, and many employees of these companies are looking for homes near their offices," said MLS CEO Annie Ives.

And don't expect things to cool anytime soon.

"Venice is getting more and more expensive, which is pushing people to move to Marina del Rey, where you get more for your money," real estate agent Denise Fast said.

In Marina del Rey, 47 home sales during the quarter combined for $72.666 million in sales volume, an increase of 119%.

Fast said that an influx of development near the harbor, such as new restaurants, hotels and entertainment, are also attracting people to purchase homes in Oxford Triangle and the surrounding areas.

Central neighborhoods also continued to trend upward.

Ladera Heights showed an 81% increase in sales volume based on 21 sales. South Inglewood increased 37% based on 25 home sales in Q3.

Across the county, there were 2,688 single-family-home sales during the quarter. In addition, 36 neighborhoods experienced home sale growth, whereas 15 experienced a decline.

Those numbers are nearly on par with the previous quarter, which had 2,813 homes sold and growth in 39 neighborhoods.

"2017 definitely started out strong for the L.A. market, but it may slow down in terms of sales volume in upcoming months," Ives said. "That said, median prices for single-family homes in Southern California will likely continue to rise due to the limited inventory."

Source: http://beta.latimes.com/business/realestate/hot-property/la-fi-hp-mls-market-climate-map-20171104-story.html#nt=oft09a-2gp1

Southern California home prices jump again. Lots of residents worry about affordability

The Southern California real estate market continues to be driven by simple economics of supply and demand. With demand outpacing supply home prices are continuing to surge upwards. With low inventory there were fewer sales. The homes sold are often higher priced with bidding wars a common occurrence for well priced homes. The housing market is still rebounding from the height of the housing market in 2007. The rebound is due to an improving economy, historically low mortgage rates and shortage of homes available for sale. Definitely a sellers market with prices still increasing in the near future as demand continues to outpace supply. 

Southern California home prices jump again. Lots of residents worry about affordability

By: Jim Puzzanghera Contact Reporter - September 19. 2017

The Southern California real estate market continued to sizzle in August as home prices jumped 7.5% from a year earlier, reinforcing new poll results showing widespread concern about the state’s housing affordability.

 Across the six-county region, the median price increased to $500,000 from $465,000 a year earlier, though down slightly from $502,000 in July, according to a report Tuesday from data firm CoreLogic.

In Los Angeles County, the median price surged 9.4% to a record $580,000. The previous record of $575,000 was set in July.

It was the best August for home sales since 2006. Total sales in Southern California were up 3.2% year over year and surged 13.3% from a sluggish July, CoreLogic said.

The August home price for the six-county region was just below the all-time high of $505,000 reached in 2007 at the height of the housing bubble. The market began collapsing soon thereafter.
But it’s been rebounding for the last six years, fueled by a slowly improving economy, historically low mortgage rates and a shortage of homes for sale.

“The market’s just chugging along,” said Tregg Rustad, estates director for Rodeo Realty in Beverly Hills. He and his partner sold 10 houses in August — half were at or above the list price and the rest were very close to it.

“Buyers are taking advantage of some of the lowest interest rates we’ve had in the last year. The economy is continuing to improve and the stock market and financial sector is up, so confidence is up,” Rustad said. “And I think sellers are taking advantage of record prices and low inventory.”

Home prices in the region can’t keep rising 7% a year and will probably moderate to between 3% and 5% annually for the foreseeable future, said Richard Green, director of the USC Lusk Center for Real Estate.

“Unless there’s some existential event like a nuclear missile hurled in our direction,” he said, “I don’t know why prices are going to fall any time soon.”

Los Angeles County is short about 100,000 housing units right now and needs to be adding between 30,000 and 35,000 a year to keep up with growing demand, Green said. But only about 25,000 units are being built annually, meaning the county is falling further behind, he said.

This is different than the housing bubble, which was fueled by real estate speculation, Green said. Now it’s a simple case of low supply and high demand in an area that is attracting more upper-income workers, he said.

Andrew LePage, a research analyst at CoreLogic, said inventory is particularly tight for homes in the lower price ranges and demand for those more affordable units remains strong.
“The result is somewhat higher price gains in many of the region’s more affordable communities,” LePage said.

The median price — the point where half the homes and condos sold for more and half for less — rose 12.5% in San Bernardino County to $315,000, the report said.

Median prices rose 7.7% in Riverside County to $365,000; 7.4% in San Diego County to $535,000; 6% in Ventura County to $567,000; and 5.5% in Orange County to $685,000.

The report came as a new statewide poll showed nearly half of the state’s voters — 48% — described housing affordability in their area as “extremely serious.”

The figure was 42% for respondents from Los Angeles County and 65% for those in the San Francisco Bay Area.

The survey of 1,200 registered voters this summer by the Institute of Governmental Studies at UC Berkeley also found that 56% of voters considered moving to find more affordable housing, with 25% saying that they would most likely choose to leave the state.

Nearly six in 10 Los Angeles County voters — 59% — said they considered moving out of the area because of rising housing costs, the poll found. In the Bay Area, the figure was 51%.
The poll showed 51% of registered voters support a measure on the 2018 state ballot to spend more money on affordable housing.

Last month, Gov. Jerry Brown and legislative leaders agreed to a $4-billion bond proposal to be put on next year’s ballot that would fund low-income housing developments and subsidize mortgages for California veterans.

Source: http://www.latimes.com/business/la-fi-home-prices-20170919-story.html

 

 

Trend: Venice Beach Homes Now Selling for More Per Square Foot Than Bel Air or Beverly Hills

Silicon beach prices are still rising. Pure economics supply and demand driving the market. Average per square foot is a whooping $1440 which is even costlier than Beverly Hills. Silicon Beach is the tech hub and as it continues to expand real estate prices will most likely increase even more. The coastal lifestyle by the beach which includes Venice Beach, Marina Del Rey, and Playa Vista are the most desirable areas to buy in all of LA. Hard to beat the main attraction of life at the beach.

Looking to live here too? Or how much would it take for you to sell? Feel free to contact me directly at 310-963-1623 or sandy@sandralew.com

Trend: Venice Beach Homes Now Selling for More Per Square Foot Than Bel Air or Beverly Hills

It’s a seller’s market; homes in Venice Beach are selling for an average of $1,440 per square foot.

 By Alexandria Abramian on August 5, 2017 

 

While homes in Bel Air and Beverly Hills may garner the highest price tags in the Los Angeles area, it turns out that the comparatively sleepy Venice Beach is making headlines of its own. The small beach village has recently moved to the front of the pack when it comes to per-square-foot real estate prices.

The latest numbers from Trulia reveal that the median value of a home in Venice is now clocking in at $1,440 per square foot—well ahead of Beverly Hills, which comes in at $1,049 per square foot.  And Bel Air? At $778 per square foot, Venice beats it handily.

That’s not to say it’s an apples-to-apples comparison, of course. While homes in Bel Air and Beverly Hills are often 20,000 square feet and above, Venice features much more modestly apportioned residences under 3,000 square feet.

Nevertheless, it’s a compelling testament to the once-boho neighborhood that’s now proving to be one of Southern California’s priciest areas per square foot. Since 2012, the median price of one-bedroom homes have increased by roughly 54-percent in Venice. Fueling the stunning rise in real estate values in Venice and the surrounding areas is the emergence of Silicon Beach, a growing concentration of high-flying tech and media companies that call the area home.

“Venice was once just tiny lots with little cottages,” says designer and builder Kim Gordon, who has built eight homes in the area in the past three years purchased by both tech executives and music-industry moguls. “Tech people are now descending here, and they want larger homes where they can live and work and do everything,” she says. Gordon’s latest home, a 3,500-square-foot compound, sold for $5 million (just over $1,428 per square foot).

Other recent sales have closed at even higher prices, including a 7,500-square-foot eco-compound (with 5,000 square feet of interior space) made famous on the television series Californification. Designed in 1995 by architect David Hertz, the home sold in April for $14.6 million, the highest price ever paid in Venice and one that garnered a $2,900-per-square-foot price—something virtually unheard of in Bel Air and Beverly Hills.

Real estate experts say the tech-centric Venice juggernaut is also extending into neighboring communities, as well. Playa Vista—the creative community that’s home to Yahoo, YouTube, and soon Google—has recently seen a significant increase in property values. Newly completed neighborhoods include Jewel, a collection of 14 4,500-square-foot, single-family homes selling from around $3 million to $5 million. The neighborhood features three-story single-family homes ranging from 4,200 – 4,500 square feet.

Even more recently completed is the Collection, a series of tech-centric homes and the very first community in Los Angeles to offer Apple HomeKit technology as standard in all residences.
“Venice, Marina del Rey, and Playa Vista comprise the main hub of Silicon Beach, which is one of the most desired areas to buy in all of L.A.,” says Justin Alexander, director of sales at Halton Pardee & Partners. “Although you don’t get the grandeur of Beverly Hills and Bel Air, these communities provide an array of lifestyles from all around the world, creating a truly unique vibe that can’t be replicated anywhere else in L.A.”

As Silicon Beach continues to expand, prices in Venice Beach are sure to increase—driven not only by demand but by the desire to live near one of L.A.’s primary attractions: the beach.

Source: http://robbreport.com/shelter/spaces/venice-beach-homes-selling-for-more-than-beverly-hills-2725984/

 

Foreigners are buying US residential real estate at a record clip

The foreign US residential housing market is still growing with a 49% jump compared to last year. United States is seen as a safe haven place to live, work and invest. 44% of all foreign transactions were all-cash as well further driving up the housing prices due to lack of continued inventory. Even with the strong dollar foreigners are willing to pay a bit more to invest in the US.

Foreigners are buying US residential real estate at a record clip

Source: National Association of Realtors

A tumultuous political environment isn’t scaring international buyers from investing in US residential real estate.

Foreign investment in US residential real estate hit a new high this year,  driven by an increase in sales dollar volume from Canadian buyers, according to a new survey by The National Association of Realtors.

Foreign buyers and recent immigrants bought $153 billion of residential property, which represents a 49% jump from last year.

“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” said Lawrence Yun, NAR chief economist.

And despite a relatively strong dollar, foreigners are willing to pay a bit more to invest in the US, he said.

“While the strengthening of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest.”

Foreign investors paid, on average, $302,290, a 9% increase from the median sales price last year. Ten percent of international buyers paid over $1 million, with 44% of transactions all-cash purchases.

Canadian interest

The survey reveals that China is still No. 1 in terms of sales dollar volume, but the overall boost in activity came from Canadian buyers. 

Transactions from Canadians this year more than doubled from last year, reaching $19 billion – a new high for Canada.

Canadians are finding that US markets though expensive are actually more affordable than in their home country. Though home prices have been steadily rising, gains across Canada have been steeper, especially in Vancouver and Toronto, according to Yun.

Which countries top the list?

Chinese investors purchased $31.7 billion this year, up from $27.3 billion last year and $28.6 in 2015. Buyers from China also bought the most residential units for the third consecutive year. 

The top five countries in terms of sales dollar volume after China are Canada, the UK, Mexico and India — all saw increases from last year’s levels.

Where are foreign investors buying?

Mirroring the 2016 survey, investors focused on three states — Florida (22%), California (12%) and Texas (12%). New Jersey and Arizona round out the top five destinations for foreign buyers.

While Florida was the most popular state for Canadian buyers, California was the favorite among Chinese and Mexicans preferred to purchase property in Texas.

Though this survey reveals that foreigners are buying at robust levels, headwinds like the shortage of homes for sale could end up denting sales activity, according to Yun.

“Stricter foreign government regulations and the current uncertainty on policy surrounding U.S. immigration and international trade policy could very well lead to a slowdown in foreign investment,” he said.

Source: https://finance.yahoo.com/news/foreigners-buying-us-residential-real-estate-record-clip-140825003.html

 

Who’s making all-cash offers on houses in LA?

Yep, it's true! There are still so many all cash offers in LA. I'm seeing it firsthand so far this year representing so many clients up against multiple offers on so many properties. The competition has been fierce in my personal experience. Parents or rich uncles and family buying for their children to give them a head start in life. I feel this is one of the richest generations with the aging baby boomers.  I'm seeing the starter homes in affluent homes being much nicer than in the past with modern amenities and location being the key factor. This generation of folks desire proximity to everyday conveniences and want to be close to the city center of local restaurants.

Let me know if you have a home to sell as there is huge shortage of homes. It's still a seller's market and I have clients ready to buy. If you're looking to buy I'll help you be prepared to face the competition. Finding out what is important to the seller is important as sometimes it's not necessary just the price. Multiple offers... bring it on with me you will have a real chance. Feel free to contact me for a real estate consultation. Love to help you with your real estate needs. Call me Sandy Lew at 310-963-1623. My website:www.sandralew.com

 

 Who’s making all-cash offers on houses in LA?

Last month, cash purchases made up 20 percent of all real estate transactions

by Bianca Barragan Jul 12, 2017, 3:25pm PDT 

 

 

As sales prices for Los Angeles homes continue their solid recovery from the recession, the profile of all-cash homebuyers has changed. 

In the wake of the recession, foreign and domestic investors made up a good chunk of cash-only buyers in LA. All-cash sales are still happening fairly frequently—last month, 20 percent of all real estate transactions in Southern California were all-cash, Geoff McIntosh, president of the California Association of Realtors, tells KPCC—but the days of investors snapping up homes passed four or five years ago, says McIntosh.

Who are these buyers making all-cash home purchases? KPCC reports that one dominant group is the children of wealthy parents. "They're going to mom and dad and saying, 'We really want to buy something and would love it if you give us the money,'" McIntosh tells the radio news station.

Another is tech industry employees, Richard Green, director of the USC Lusk Center for Real Estate, tells KPCC. He says these workers are often paid well and are offered stock options that they can sell when the company goes public, leaving them with money to put toward a house. 

Source: https://la.curbed.com/2017/7/12/15961814/all-cash-home-sales-rich-kids-tech-workers