Summer is almost here in Los Angeles, and I have begun to notice a slight uptick in the amount of inventory in the market. In addition, I’ve noticed buyers becoming a little more price sensitive, as well as more selective when looking at homes. This shouldn’t be a shock considering how far prices have risen recently, but it is a slight change from where the market has been.
Is this a sign of the market beginning to plateau? Or is it just a small bump on the road to ever-increasing prices? Stay tuned over the coming months where we should be able to tell whether this is a larger trend or not.
A great example of the increasing inventory is this recently remodeled traditional home in the Kentwood section of Westchester. 7516 Alverstone Ave is a 4 bedroom, 3 bath home at roughly 2,600 square feet that was listed last week for $1,895,000.
The first thing you notice about the house is that it is set on an oversized 9,600 square foot lot, which is large, even for Westchester. This provides for an enormous backyard and allows the graciously sized home to be laid out in all one level. It’s rare to find this amount of yard space anywhere in Los Angeles, and that is a huge selling point of the home.
The interior of the home has been tastefully updated in a classic, yet still contemporary fashion. The lighter wood floors accentuate the beautiful, all white kitchen that is complete with stainless steel appliances. The master bathroom has a classic, clean design using modern materials with a marble look and feel.
My favorite part of the home is the great room that blends together the kitchen, living room and dining room. It features wood paneled ceilings, a huge fireplace, French doors that lead you to the backyard, and open counter top space for informal seating. It is easy to picture yourself relaxing with family, or hosting a large event in the space as it is very versatile.
In addition to the large yard space, the backyard also features a deck that has room for an outdoor dining set and a lounge area. There is even a spa right off the master bedroom!
Overall this home has been very well thought out and fits the criteria of almost every discerning buyer currently in the market. Because of all the great features it has, and an awesome location on a tree-lined street in Kentwood, I expect this home to get a lot of interest and sell almost immediately.
If you have any questions about this top property, or the market in general, please feel free to contact me.