R.E. market has low inventory and fierce competition

The L.A. Times had a substantial feature in today's paper about how many homes aren't for sale, and the resulting strong competition among buyers.  Title should link; if not, click here.  Trends I'm seeing in Sherman Oaks and Studio City: overpriced homes for sale that are not reducing their prices but just waiting for the market to catch up.  Also, some of the higher-priced properties are only having two or three public showings, total. If you miss one, you're out of luck for seeing these select homes.

2+2 chic condo in Sherman Oaks' hottest neighborhood is now on the market

Looking for a very cool condo around Hazeltine and Moorpark in Sherman Oaks? This is 14115 Moorpark #202 and it's really lovely.  It has 2 beds, 2 baths, 1250 sf, beautiful laminate floors, huge living room, on-trend kitchen and dining area with re-done cabinets and new appliances, long pass-through bar, fp, and big balcony.  It also faces trees instead of your neighbor's stucco!  There are two tandem parking spaces and extra storage in the garage. And, it's walking distance from The Local Peasant, mega-Ralphs, Westfield Shopping Center, Cafe Bizou, Mendocino Farms, etc. Price is $420,000 and the HOA is $425/mo.  The building is well-managed and even has a pool and spa. HOA includes earthquake insurance and yes, allows 2 pets per unit!  I will be holding it open on Sunday, March 27, from 1 to 4.

Cool things on Studio City's caravan

I checked out a few homes for sale in Studio City today.  Just like you, I enjoy seeing really cool interiors. The home at 4218 Farmdale Ave. in SC was splendidly decorated and here are a few of some of my favorite things about the home.  BTW, this brand-new listing is a 3+2 and listed for $1,325,000.

The succulents in the front yard and back yard are awesome.

This is a big canvas that hangs over the tub.

I fell in love with this dining room light fixture.  Where can I get one of these?

The buyers are ready to buy...but where are the sellers??

A colleague recently listed a home for sale in Studio City.  He had two open houses and one more just for Realtors.  A total of 500 people came through the house.  That's right; 500.  That's a huge amount of people for one house.  Yup, there are a lot of buyers out there chasing very little inventory.  If you're thinking of selling your house, this might be the time. And if you're thinking about buying a home, don't wait too much longer -- limited inventory tends to drive prices up.

Why you can't find and purchase that cute new house

Today's L.A. Times featured an article titled "Fewer starter homes being built" in the print edition and "Why millenials are staying away from home ownership..." in the on-line edition.  Last sentence and should link.  The gist: "Builders are catering more and more to affluent baby boomers and building larger and more expensive dwellings..." instead of more modestly-sized entry-level homes.  We are certainly seeing this trend in homes in Studio City and the east SFV.  The article has all kinds of interesting statistics and is definitely worth a read.

Will home affordability return here in L.A.? Perhaps not for brand-new homes in hot areas anytime soon.  But if you're a first-time buyer, or even NOT a first-time buyer, there are lots of not-new homes and homes in not-so-popular areas that are certainly worth considering.