November 2018 Met Real Estate Update

Kevin McDonald
Published on December 3, 2018

November 2018 Met Real Estate Update


Hello Fellow Friends and Neighbors,

Hope you had a great month of November! This month was one with increasing levels of inventory with 6 properties coming on the market this month with only 2 units in the complex going under contract. We are sitting at some of the highest inventory levels of the year with 20 active listings in the complex. Closed sale prices increased a bit from October as many of the units sold were 2 bedroom with Loft units or upper units with wood flooring. One bedroom closed sales also had a strong month with units closing at some of the highest prices of the year. I am starting to see an increase of upper level units with wood flooring starting to either sell or come on the market. Having these units on the market makes it difficult for unit owners with carpet try to sell as hard surface flooring is more desirable than carpet.

The rest of the year will be an interesting time for our Real Estate market as we get closer to Christmas and New years. Also throw in pessimistic sales numbers and rising interest rates.

Condo activity in the San Fernando Valley was better than that of September. Total condos going under contract in the SFV increased 10% compared to September’s totals. There was also a 23% decrease in condos falling out of escrow in October compared to September. Average condo sale prices in the SFV increased 1.2% compared to September. These statistics were compiled from the Southland Regional Association of Realtor Statistics. In light of these statistics, I still feel there are still great opportunities for buyers and sellers in this market. If you are a homeowner looking to sell and purchase, sellers are now more willing to take contracts from buyers contingent on selling. For sellers, 1 bedroom units are more desirable again in the Met as inventory has reduced significantly for 1 bedrooms. If you are considering selling at this time, I would highly recommend sitting down with your realtor (hopefully me) and discussing your specific unit and how it compares to the current inventory. For some, it might be advantageous to wait until after the holiday season or try an alternative sales plan. I’d love to interview with you if you do not currently have a realtor.

I wouldn’t let this discourage anyone looking to sell as this is still a great market for sellers. 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. I 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 me. I’m a local resident (7 years at the Met) and expert 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. The threat of increasing interest rates has also brought back some buyers who are looking to get into something know before their buying power decreases with a rise in interest rates. I know of many buyers still looking for homes in the area. The current inventory is just not what they are looking for.

I’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. I’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. I can also advise on what improvements can net you the best ROI when it comes time to sell.

Many properties are still moving very quickly in the Met. I 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. I’ve recently helped a few of your former neighbors sell their condos and move into larger homes. One of my recent clients just sold their 2 bedroom + Loft unit and purchased a larger unit in a different area. The information below compares the Real Estate Activity of November 2018 to October 2018 as reported by the Southland Regional Association of Realtors MLS.

I am here to help you! I live in the Met too! Please feel free to contact me at [email protected] or 818-256-7514 if you have any questions.

November 2018 Totals

6 New Listings in November

2 Listings in Escrow in November

10 Listings Closed Escrow in November

October 2018 Totals

11 New Listings in October

8 Listings in Escrow in October

6 Listings Closed Escrow in October

September 2018 Totals

11 New Listings in September

6 Listings in Escrow in September

6 Listings Closed Escrow in September

August 2018 Totals

11 New Listings in August

6 Listings in Escrow in August

7 Listings Closed Escrow in August

July 2018 Totals

8 New Listings in July

5 Listings in Escrow in July

6 Listings Closed Escrow in July

June 2018 Totals

10 New Listings in June

5 Listings in Escrow in June

8 Listings Closed Escrow in June

Inventory Level Today:

20 Active Listings

3 Listings in Escrow

November 2018 New Listings (Homes Brought on Market in November)

  1. 21520 Burbank, 1st Floor, 1BR/1BA, 750SF, Listed for $375,000
  2. 5540 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920SF, Listed for $445,000 (WOOD FLOORS)
  3. 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Listed for $469,000
  4. 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 820SF, Listed for $469,000
  5. 5565 Canoga Ave, 3rd Floor, 2BR/2BA, 1050SF, Listed for $479,000
  6. 5525 Canoga Ave, 2nd Floor, 3BR/2BA, 1100SF, Listed for $485,000

November 2018 Listings Put in Escrow

  1. 5540 Owensmouth Ave, 3rd Floor, 2BR/2BA, 1050SF, Listed for $489,000
  2. 5515 Canoga Ave, 1st Floor, 3BR/2BA, 1020SF, Listed for $434,500

November 2018 Closed Sales

  1. 5500 Owensmouth Ave, 3rd Floor, 1BR/1BA, 610SF, Sold for $348,000 (SOLD BY KEVIN)
  2. 5520 Owensmouth Ave, 3rd Floor, 1BR/1BA, 610SF, Sold for $349,500
  3. 5500 Owensmouth Ave, 2nd Floor, 1BR/1BA, 610SF, Sold for $350,000
  4. 21450 Burbank Blvd, 3rd Floor, 1BR/1BA, 760SF, Sold for $370,000
  5. 5565 Canoga Ave, 3rd Floor, 2BR/2BA, 920SF, Sold for $450,000 (WOOD FLOORS)
  6. 21450 Burbank Blvd, 3rd Floor, 2BR/2BA, 1030SF, Sold for $460,000
  7. 5520 Owensmouth Ave, 1st Floor, 3BR/2BA, 1020SF, Sold for $460,000
  8. 5530 Owensmouth Ave, 2nd Floor, 3 BR/2BA, 1020SF, Sold for $465,000
  9. 21550 Burbank Blvd, 3rd Floor, 2BR/2BA, 1050SF, Sold for $475,000
  10. 5540 Owensmouth Ave, 3rd Floor, 2BR+Loft, 1050SF, Sold for $480,000 (WOOD FLOORS)

Latest Customer Testimonial:

“In September 2018, I reached out to Kevin McDonald to assist my husband and I to sell our condominium at The Met in Woodland Hills and purchase a Townhouse. I chose Kevin based on his real estate expertise of The Met and the surrounding area. Given that he is a resident here himself, I felt he offered credibility above and beyond the average realtor. Before listing our third-floor unit with many upgrades and a loft, he insisted we begin looking around to see if there was a property that would interest us. Whenever I would call him about a property, he would arrange for us to view it. He joined me on many excursions. Other times I would go to an open house on my own and other listing agents demonstrated a lack of professionalism by asking if we were working with a realtor. Even though I stated we were, they would try and convince us to have them list our property. I was actually surprised that Kevin McDonald didn’t encourage us to list our property. He wanted to ensure that we were making the right decision and not pressure us into doing something we would regret. We found a townhome that we wanted to make an offer on. Kevin came over to our house and listed our condominium. Kevin’s knowledge of the market at The Met in Warner Center afforded him to recommend an asking price. He drafted an offer on the townhouse that we wanted to buy. It was a seller’s market, so having to purchase with a contingency to sell our home put a lot of pressure on Kevin. He was confident that our unit would sell and knew exactly what strategies to use. He knew all the right people to recommend including a photographer, appraiser, and termite inspector. He was always present when these professionals came into our home. Kevin knew exactly how to stage our house, so it would be attractive to buyers. Our offer was accepted. Now, Kevin had a huge responsibility resting on his shoulders. He had very little time to sell our condominium. He made himself available early in the morning until late in the evening and got the job done. We received a full price offer. Buying and selling at the same time is not easy. There was so much to do. Kevin McDonald prepared us for this daunting task. He made the job easier for us by converting legal documents to sign electronically. In addition, I had to take two trips out of the area back-to-back. He stayed in direct contact with me at all times to make sure that everything that was needed was delivered on time. He is detail oriented and left no stone unturned. Our buyers were not easy to work with. Kevin’s communication skills are excellent, and his ability to negotiate is phenomenal. Even though we were assured that our loan was solid, one week before closing there were challenges. Kevin assisted me in communicating with the lending officer, the senior account manager, and finally the escrow company. He knew the timeline and we closed on time. We had negotiated with the seller of our new home to leave the washer and dryer. They took them. Kevin spoke to their realtor and provided us with a check, so we could purchase brand new appliances. In addition, they left paint at the property not knowing we were going to have the entire interior of the home repainted. Kevin removed the paint and disposed of it. He provided substantial comprehensive assistance. I can’t think of a better, more qualified realtor than Kevin McDonald, the consummate professional. He offers both credibility and accountability to list your house or to assist you in buying a new home. You can be confident that he will assist you in every way possible and offers excellent communication skills and knowledge. I would recommend him to friends and family, because he is the PERFECT agent.”

Joe and Joyce E.

Former Homeowner in Building 13

Sold Condo & Purchased New Townhouse with Kevin

At Your Service,

Kevin McDonald

Realtor & Met Woodland Hills HomeOwner

Pinnacle Estate Properties


[email protected]

Lic# 01810388

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.   

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Want to View Some Homes on the Market?? Want to View a Different Area? Contact me at 818-256-7514.

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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.