It has been widely forecasted that interest rates will continue to raise throughout the year, but after a slight increase at the beginning of the year, rates have eased back down and remain at historic lows. As a result, demand for real estate in Los Angeles remains incredibly high, and in general inventory remains low.
This means that the same market conditions that have lead to our current robust market are prevailing and should prevail until either demand lessens or inventory increases. This is great news for sellers who continue to watch the value of their home go up, and tough news for buyers who will have to compete for a limited number of good homes.
Consequently, when a good home in a good neighborhood hits the market, it is likely that multiple offers will ensue and the home will sell over the asking price. Case in point: this week’s top property at 1530 Louella Ave in the East of Lincoln neighborhood of Venice. Listed for $1,995,000, the home is a 3 bedroom, 3 bath contemporary that is roughly 2,200 square feet, on a 5,900 square foot lot.
The home has been thoughtfully remodeled with an open floor plan that encompasses the kitchen, dining room and the vaulted-ceiling living room. This open space leads you out to the incredible outdoor space of the home. It includes a large covered deck that is currently used for outdoor dining, a spa, a fire pit, a built in BBQ, and a spacious yard.
Inside you will find two good-sized guest bedrooms, a sumptuous master suite with a huge bathroom and french doors that let in tons of light and lead out to the patio. The home also has a large two car garage and bonus space next to the garage that is currently being used as an office.
The word oasis is overused in real estate to describe homes, but in the case of this home, it really is fitting. The home is gated and has been lushly landscaped, so when you step on the property you are in your own little world. The indoor-outdoor flow of the home, in addition to privacy that landscaping affords, transports you away from the loud, hectic nature of LA. It is located on a quiet street East of Lincoln, where lot sizes are larger, and that allows for even more privacy.
Because of its great floor plan, wonderful outdoor space, and quite location, I expect this home to receive multiple offers and sell significantly over the asking price.
If you have any questions about this top property, or the market in general, please feel free to contact me.