Hello Fellow Friends and Neighbors,
Hope you had a great Thanksgiving holiday! I’m thankful for the opportunity to create this report for you. As expected with the holiday season, sales activity was a bit slower than usual. One bright spot is it seems that buyers are out and motivated to purchase with 20 units going in to escrow in November. Total number of sales is down, but I wouldn’t worry about that as the last few months have been a bit slower.
I’m seeing that buyers are being very attentive to what the HOA dues are for potential complexes they are looking to buy in. The complexes off of Shoup and Erwin are in demand due to having some of the lowest HOA dues in Woodland Hills. Complexes like Warner Village 1-2, Warner Village 3 and Warner Woods are being affected by their higher HOA dues.
What are the Hot Complexes Currently?
From my conversations with buyers and agents, I am seeing that there is considerable demand for the units in all of the complexes on Shoup & Erwin (Villa Madrid, Barcelona, Granada, Valencia and Dove Creek) as well as most units under $550k. Condos in the Met and Ascent also have considerable demand depending on their condition and location.
Complexes with lower HOA dues (under $400/mo) are appealing to buyers.
Remodeled larger units (3 bedrooms) are in demand right now as well.
December has the potential to be a great month with the recent low interest rates. I am looking forward to seeing what some of the units currently in escrow sell for.
Pricing has cooled off compared to 2018 pricing, but there is considerable demand for units that are market priced. We put a 1 bedroom unit into escrow that had 3 offers before the seller accepted in offer.
Thinking About Buying?
Over the last few years, the client’s that we’ve helped purchase during the holiday season have received some of the best deals for the calendar year. We recently helped a fellow homeowner in building 13 purchase a 3 bedroom townhouse in Calabasas for quite a bit lower than what units in the complex were selling for just 3-4 months ago. 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.
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, I would highly recommend sitting down with your realtor (hopefully me) and discussing your specific unit and how it compares to the current inventory. I’d love to interview with you if you do not currently have a realtor.
Values are still at or near peak values, but the sales climate is changing.
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. 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 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 with my listings having a lot of buyer activity and some even selling before going on the market for record prices. 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. Now is the time to get some of the best prices of the year if you are looking to purchase a new home. The information below compares the Real Estate Activity of October 2019 to September 2019 as reported by the Southland Regional Association of Realtors MLS.
We are here to help you! Each complex is different! If you are interested in getting more information about your complex please feel free to contact me at [email protected] or 818-256-7514 if you have any questions.
|MONTH||# OF NEW LISTINGS||# OF LISTINGS IN ESCROW||# OF CLOSED ESCROWS|
Inventory Level Today:
22 Active Listings
28 Listings in Escrow
Link to Current Inventory and Properties in Escrow:
If There’s a Home You’d Like to See in Person, Please Call Us Today
NOVEMBER Woodland Hills Condos/Townhouses Sold:
|ADDRESS||SALE PRICE||$/SQFT||BR/BA||SQFT||SALE DATE|
|22100||Burbank BLVD #218B||$285,000||$475.79||1/1,0,0,0||599/A||11/26/19|
|5535||Canoga AVE #207||$313,500||$513.93||1/1,0,0,0||610/A||11/14/19|
|22100||Burbank BLVD #216B||$337,100||$375.39||2/2,0,0,0||898/A||11/4/19|
|5510||OWENSMOUTH AVE #215||$395,000||$443.82||2/2,0,0,0||890/A||11/6/19|
|21500||Burbank BLVD #204||$410,000||$450.55||2/2,0,0,0||910/P||11/1/19|
|21301||Erwin ST #226||$420,000||$567.57||1/1,0,0,0||740/A||11/25/19|
|22119||Burbank BLVD #6||$435,000||$452.65||2/1,0,1,0||961/A||11/1/19|
|22121||Burbank BLVD #1||$498,500||$420.32||3/2,0,1,0||1186/A||11/5/19|
|6217 1/2||Nita AVE||$607,000||$399.87||3/3,0,0,0||1518/A||11/19/19|
Latest Customer Testimonial:
Kevin McDonald and Kevin Godley worked hard to get our condo sold. They were responsive to our needs and knowledgeable about the local market we were selling in. We would recommend them to anyone trying to sell their home in the Woodland Hills area, specifically the Warner Center. Without their help, we would not of sold our home quickly and efficiently. Thanks to them, our home sold at a higher price than most units in our complex
Nick & Danielle B., Sold 1 Bedroom Warner Center Condo with Kevin & Kevin
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Pinnacle Estate Properties
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 “Woodland Hills” as reported through the Southland Regional Association of Realtors multiple listing service.
Click Below to See Our Latest Activity:
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 “Woodland Hills” as of 11/30/19 reported through the Southland Regional Association of Realtors multiple listing service.