Hello Fellow Friends and Neighbors,
I hope you are having a great start to 2020! February was a strong month for the Met with sales and escrow activity numbers that are giving indications for a great 2020. The huge decrease in interest rates is bringing out many buyers at a time of low inventory which is a perfect storm for sellers. If you are thinking about selling, now is a great time to consider testing the market.
How do these sales stack up to sales of previous months?
February had a 2 bedroom + Loft sale that closed at $450k which is a good sign as 2+Lofts were in a mini slump at the end of 2019 with two sales closing at $438k and $415k. The more common lower level 2 bedroom units are coming back strong as well with a sale at $418k which is good to see as the last quarter of 2019 had some of these layouts selling between $395k-$410k. Inventory levels are still very low with units still going into escrow very quickly. The recent average interest rates are about 1% lower than they were this time last year which is bringing out more buyers into the market who were previously priced out and don’t want to miss out on near historic low rates. For example, we listed a 2 Bedroom with Loft unit for $469k in Building 8 that sold with multiple offers over list price in less than a week. Feel free to contact me if you have any questions about how the market is doing.
There is still much demand in the complex. Top floor units and locations without street noise seem to be in the most demand.
Thinking About Buying?
Interest rates are much lower than they were at this time last year. Last year, rates were hovering around 4.5% and now we are hovering around 3.5%. That’s a huge savings in interest! Feel free to reach out if you have any questions and let’s see if there’s an opportunity for you to score a deal.
Here’s a link to the current and in escrow inventory:
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (2019-PRESENT)?
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,844 |
| 1 Bedroom PLUS Den/Loft | $2,031 |
| 2 Bedroom | $2,325 |
| 2 Bedroom PLUS Loft | $2,456 |
| 3 Bedroom | $2,596 |
January 2020 SFV Condo/Townhouse Sales Statistics
If you are a homeowner looking to sell and purchase, sellers are now more willing to take contracts from buyers contingent on selling. If you are considering selling at this time, We would highly recommend sitting down with your realtor (hopefully us) and discussing your specific unit and how it compares to the current inventory. We’d love to interview with you if you do not currently have a realtor.
While the market is definitely changing, we wouldn’t let this discourage anyone looking to sell as there is still demand for units in the Met. If you are taking your proceeds and buying another property, this is a prime opportunity to take advantage of the lower interest rates and lower property taxes as most properties you would be looking for as replacements have had an adjustment in pricing as well.
The key is coming up with an effective marketing strategy that highlights the competitive advantages of the property. If you purchased between 2009-2015, current values are still significantly greater than when you purchased. If you purchased in 2006-2008, values are very close to your purchase at the height of the market so it may be a good time to get out with either a slight gain or minimal loss. Feel free to ask me about how I would do things in this market. We still think there is great opportunity to capture great prices for our units, but it is very important to analyze what your individual unit’s strengths and weaknesses are compared to what else is out there. If you have any questions about this, please reach out to us. I own a unit at the Met too so your success is also my success! We are local experts and can help you assess your property and compare it to what else is out there and how we stack up compared to what’s sold in the past. We know of many buyers still looking for homes in the area. The current inventory is just not what they are looking for.
We’d recommend anyone who has their unit as a rental property contact me to discuss the market conditions before you decide to rent the property out for another year or sell. We’d love to help you make an informed decision with no pressure or obligation. This is why it is important to consult with someone who is an expert in the complex so you don’t waste time on the market at a price that the market will not respond to. We can also advise on what improvements can net you the best ROI when it comes time to sell.
Properties are still moving very quickly in the Met. We know of many buyers looking right now and the low inventory is creating high demand of high quality buyers. It may be a good time to consider selling for anyone thinking about taking their equity and purchasing a new home either to get more space or shorten your commute. There are still many opportunities out there for anyone looking to move up to a bigger home or move closer to shorten your commute. We’ve recently helped a few of your former neighbors sell their condos and move into larger homes. The information below compares the Real Estate Activity of January 2020 to December 2019.
We are here to help you! I own a unit at the Met too! Please feel free to contact me at [email protected] or 818-256-7514 if you have any questions. It’s a hot market!
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
2020 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| FEBRUARY | 8 | 10 | 6 |
| JANUARY | 6 | 8 | 11 |
2019 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| DECEMBER | 4 | 6 | 6 |
| NOVEMBER | 4 | 4 | 3 |
| OCTOBER | 10 | 6 | 8 |
| SEPTEMBER | 6 | 6 | 6 |
| AUGUST | 9 | 7 | 6 |
| JULY | 6 | 6 | 11 |
| JUNE | 8 | 9 | 7 |
| MAY | 14 | 9 | 6 |
| APRIL | 10 | 7 | 6 |
| MARCH | 13 | 5 | 9 |
| FEBRUARY | 8 | 11 | 6 |
| JANUARY | 9 | 4 | 3 |
2018 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| JANUARY | 5 | 9 | 9 |
| FEBRUARY | 5 | 4 | 6 |
| MARCH | 7 | 7 | 4 |
| APRIL | 8 | 4 | 6 |
| MAY | 8 | 8 | 7 |
| JUNE | 10 | 5 | 8 |
| JULY | 8 | 5 | 6 |
| AUGUST | 11 | 6 | 7 |
| SEPTEMBER | 11 | 6 | 6 |
| OCTOBER | 11 | 8 | 6 |
| NOVEMBER | 6 | 2 | 10 |
| DECEMBER | 4 | 3 | 2 |
Inventory Level Today:
6 Active Listings
9 Listings in Escrow
FEBRUARY 2020 New Listings
| ADDRESS | SALE PRICE | BR/BA | SQFT | |
| 21500 | Burbank BLVD 2ND FLR | $335,000 | 1/1 | 610 |
| 5510 | Owensmouth AVE 2ND FLR | $349,900 | 1/1 | 610 |
| 21520 | BURBANK 3RD FLR | $355,000 | 1/1 | 610 |
| 5535 | CANOGA AVE 2ND FLR | $375,000 | 1/1 | 610 |
| 21520 | Burbank BLVD 1ST FLR | $349,000 | 1/1 | 610 |
| 5525 | Canoga AVE 3RD FLR | $389,000 | 2/2 | 900 |
| 5500 | OWENSMOUTH AVE 2ND FLR | $429,000 | 2/2 | 920 |
| 5565 | Canoga AVE 3RD FLR | $469,000 | 2/2 | 1050 |
| 21550 | Burbank BLVD 2ND FLR | $417,000 | 2/2 | 910 |
| 5500 | Owensmouth AVE 3RD FLR | $429,000 | 2/2 | 1010 |
FEBRUARY 2020 Listings Put in Escrow
| ADDRESS | SALE PRICE | BR/BA | SQFT | |
| 21520 | Burbank BLVD 1ST FLR | $349,000 | 1/1 | 610 |
| 5525 | Canoga AVE 3RD FLR | $389,000 | 2/2 | 900 |
| 5525 | Canoga AVE 2ND FLR | $390,000 | 2/2 | 1010 |
| 5500 | OWENSMOUTH AVE 2ND FLR | $429,000 | 2/2 | 920 |
| 5565 | Canoga AVE 3RD FLR | $469,000 | 2/2 | 1050 |
| 21550 | Burbank BLVD 2ND FLR | $404,900 | 2/2 | 910 |
| 21550 | Burbank BLVD 2ND FLR | $417,000 | 2/2 | 910 |
| 5500 | Owensmouth AVE 3RD FLR | $429,000 | 2/2 | 1010 |
| 5545 | Canoga AVE 2ND FLR | $449,000 | 2/2 | 987 |
| 5510 | Owensmouth AVE 3RD FLR | $358,000 | 1/1 | 740 |
FEBRUARY 2020 Closed Sales
| ADDRESS | SALE PRICE | BR/BA | SQFT | |
| 5515 | Canoga AVE 3RD FLR | $313,678 | 2/2 | 820 |
| 5510 | Owensmouth AVE 2ND FLR | $320,000 | 1/1 | 610 |
| 5510 | Owensmouth AVE 3RD FLR | $358,000 | 1+LOFT | 740 |
| 21400 | Burbank BLVD 3RD FLR | $450,000 | 2+LOFT | 1050 |
| 5545 | Canoga AVE 2ND FLR | $418,000 | 2/2 | 910 |
| 5545 | Canoga Ave 2nd FLR | $415,000 | 2/2 | 920 |
Latest Customer Testimonial:
Over 10 years ago, I bought my one bedroom, one bathroom condominium located in the Warner Center area of Woodland Hills. The purchase was during an early phase of developer sales, who was converting apartments to condos. It was called The Metropolitan. The project name was changed to The Met.
Prior to my decision; I learned Pinnacle had a great resume selling units in The Met and in addition, estimated the lowest total costs. I recently decided to sell my rental unit and to work with Kevin McDonald and Kevin Godley of Pinnacle Estate Properties, Calabasas. I am very happy with the decision I made and the results that were achieved. I also thought their suggestion to use RidgeGate Escrow, enhanced the seamless professional experience. RideGate was also a pleasure to work with.
I appreciated the very professional experience. The regular consistent communication was something that exceeded my expectations. I was never left wondering, what is going on. I found the professional experience to be fantastic and very refreshing. I have no hesitation recommending Kevin McDonald and Kevin Godley, with Pinnacle Estate Properties, Calabasas to anyone considering selling or buying real estate.
-Alan M., Sold 1 Bedroom Unit in Building 9 in December 2019.
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Realtor & Met Woodland Hills Homeowner
Pinnacle Estate Properties
818-256-7514
Lic# 01810388/01216088
If your property is currently listed with another Broker, this is not intended as a solicitation of that listing. This information is based on all homes closed in “The Met” as reported through the Southland Regional Association of Realtors multiple listing service.
Click Below to See Our Latest Activity:
IN ESCROW…$469K 2 BEDROOM WITH LOFT
JUST LISTED…GREAT LOCATION WARNER CENTER TOWNHOUSE FOR $549K
JUST LISTED…1+LOFT FOR RENT IN BUILDING 14
JUST LISTED…GREAT LOCATION 1 BEDROOM UNIT FOR RENT IN BLDG 16
IN ESCROW…TOP FLOOR 1 BR WOODLAND HILLS CONDO…MOVE IN READY
LIVE IN NORTH RANCH…3 Bedroom Townhouse in Westlake Village
SOLD….BUYER GOT A GREAT PRICE FOR THIS BLDG 16. 2+LOFT
HIGHEST SALE IN LAST 6 MONTHS…2ND FLOOR 1 BEDROOM IN BUILDING 9
SOLD…CONGRATS TO OUR BUYERS MOVING FROM THE MET
SOLD…Former MET Owner Got a Great Deal On a Home in Agoura Hills
Coming Soon:
MOVE IN READY 1 BEDROOM UNIT IN THE MET…Contact Me for More Details
Want to View Some Homes on the Market?? Want to View a Different Area? Contact me at 818-256-7514.
If your property is currently listed with another Broker, this is not intended as a solicitation of that listing. This information is based on all homes closed in “The Met” as of 3/1/2020 as reported through the Southland Regional Association of Realtors multiple listing service. Not all homes listed are represented by Kevin Mcdonald, Kevin Godley or Pinnacle Estate Properties.
