Mortgage rates decreased for the fourth consecutive week and the 30-year mortgage hit a new low for 2017, according to Freddie Mac’s Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage dropped to 3.86% for the week ending August 24, 2017. This is down from last week’s 3.89% but up from 3.43% last year.
The 15-year FRM held steady at 3.16%, an increase from last year’s 2.74%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly, hitting 3.17%. This is up from 3.16% last week but down from 2.75% last year.
Sources: Freddie Mac and Housing Wire
**Please note this report doesn’t just cover the Westside…it also covers Malibu, Downtown LA, Pasadena, South Bay and the San Fernando Valley.
Overall sales volume is up around 12% compared to last year in most Westside locations despite tight inventory. Cheviot Hills/Rancho park was up over 40% and the Hills of the Westside (Beverly Hills Post Office, Holmby Hills, Bel-Air, was up over 25%. All Westside communities saw increases in the average sold price except for Westwood. However, all this means is that less higher-end homes traded hands in Westwood as the area is still appreciating in value. Days on market continue to decrease in most areas but that is not necessarily the case in the market above $5M.
The outlook for the rest of the year is strong. In terms of the buzz regarding off-market activity…only about 5-15% of the sales in most areas are happening off-market and the buyer better be willing to pay a premium in most cases.
Check out the latest Partners Trust Los Angeles Mid-Year report.
34 story tower planned for Brentwood –The project, located at 11770 Wilshire Boulevard, would replace an existing commercial building with 376 units of housing.
Santa Monica will force developers to build the most affordable housing in the state –
The Santa Monica City Council voted Tuesday to require developers to make 20 to 30 percent of all new condos and apartments built in Downtown affordable for low-income earners.
|Howard Hughes Rendering|
|Art’s District rendering|
Source: LA CURBED
Just as we were getting comfortable with boutique real estate companies leading the charge on the Westside, some major players have recently come in to snap us up. New York based Douglas- Elliman just purchased Teles Properties and Pacific Union out of San Francisco is now the majority owner of our company Partners Trust. Along with recently purchasing John Aaroe and having a large stake in Gibson International, Pacific Union who will now have a significant imprint in Los Angeles as it looks to become the biggest national boutique firm. Pacific Union is currently one of the biggest players in Northern California.
Pacific Union International to acquire Partners Trust (via Real Deal)
Douglas Elliman to acquire Teles Properties (via Real Deal)