While the real estate market on the Westside of LA has slowed somewhat for the summer, it hasn’t completely come to a stop. Multiple offers and bidding wars are still occurring with regularity for the right homes in the right neighborhoods.
I expect the market to continue to slow through the middle of August while many people remain on vacation. However, I’m anticipating our traditional uptick at the end of August and beginning of September to be particularly strong this year, mainly due to the threat of increased interest rates.
This week’s top property is going to buck the trend of a slowing market as it will no doubt get multiple offers. 4313 Chase Ave is a 4 bedroom, 2 bath bungalow that has been modernized into a contemporary space. It is roughly 1,600 square feet, is set on a 5,300 square foot lot, and is listed for $1,345,000.
As I’ve mentioned before, I firmly believe in the Del Rey neighborhood as an area of great value and as a good bet for long term appreciation. This house is a great example of that since if it were in some of the nearby neighborhoods such as Mar Vista, Venice, or Santa Monica, it would likely be listed in $1,000 a square foot range or around $1,600,000. As the area continues to develop, it won’t be a surprise to see homes reach $1,000 a foot in the near future, so at the moment, this home is a value.
The home itself has a great flow, which is the first thing that caught my attention about it. The entry takes you immediately into a great room that includes the kitchen, dining room, and living room with no separating walls. Rooms of this size are tough to find in 1,600 square foot homes and homes in this price range.
The master bedroom is a sumptuous space complete with a fireplace, walk in closet, and two sets of french doors leading out to the backyard. Once again, a master suite of this size is tough to find in a home with this square footage and in int his price range, which creates a lot of demand for the home.
The garage has also been converted into a den space that also comes with a laundry room and bathroom. The space is very flexible and can be used for whatever the buyer desires, which yet another added value tot his home.
Because of all of the above, this home won’t last on the market long. It will be interesting to see how much it sells for, and consequently, how much longer Del Rey will remain a value.
If you have any questions about this top property, or the market in general please do not hesitate to contact me.