Taylor Goldblatt is a Beverly Hills real estate executive who focuses on luxury apartment complex properties with significant upside potential. Having successfully purchased properties and increased their marketability and value, Taylor Goldblatt maintains a close watch on Southern California property trends.
As revealed in a California Association of Realtors Forecast report, the impact of the pandemic on a red-hot Los Angeles real estate market was temporary, with rebounds starting as early as mid-2020. This set the stage for an explosive December, in which residential sales rose by double digits across all major regions. The $709,500 median sales price across Los Angeles County represented 10.6 percent growth year-on-year. Factors cited in this uptrend included families seeking more spacious living quarters as they worked from home and a continuation of interest rates near a record low.
The high-end markets were particularly active, with numerous properties generating over-asking bids and multiple offers. Hot markets included Malibu, Hollywood Hills, Beverly Hills, Bel-Air, and Pacific Palisades. One key differentiator in today’s market, as noted in a Forbes article is that buyers are now extremely discerning and forgoing the ostentatious for a carefully curated, understated approach that emphasizes inherent value.
When it comes to rental property, there were challenges related to the coronavirus pandemic, but the Orange County Register reporting a rent boost of 1.2 percent in February 2021. This represents the first increase since June 2019 across a region spanning Los Angeles and Orange counties. This was described as reflecting an economic landscape that is gradually returning to normal.
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