|I’m super excited for our first open house at 542 N Citrus today! There were multiple offers way over asking at 111 S Gardner because people loved the floor plan and the space for the price. Only one lucky buyer was able to buy that house and I have a hunch that the others will likely be drawn to this one. The sweet owners, who we represented as buyers when they moved to LA from Oregon in 2013, loved living in this house all the way until the time came to move closer to their grown children on the East Coast.
Lease prices have gone up! We put 6650 Colgate up for lease for 7500/month a few days ago and immediately we got six strong applications for 8000/month with good credit, good income, and immediate move in. The same house last leased exactly 2 years ago for 6200/month. The house is in substantially the same condition (no major upgrades from the last time it leased) and the lease price is about 30% higher two years later. It’s interesting to see why the people on the six applications are moving – 3 are relocating to Los Angeles from NY, one is a divorcing couple, one is renting a house that the owner is selling, and one is a couple looking to move in together. When lease prices go up, lease terms end up being shorter because tenants tend to be motivated to buy. So many places are coming up for lease, which is ok for landlords because lease prices have gone up.
There’s no doubt that buyer demand will be buffered some by the increase in interest rates + the volatility of the stock market + inflation, and there’s also no doubt that in our area both supply and demand are fueled by life choices + circumstances more than strictly by finances or whim. Because there’s consistently more demand than supply, prices will keep rising, albeit at a slower pace because of financial market conditions.
We’re planning a seller seminar for June 29th! After Covid, there are many sellers in our area who are considering moving but they’re not quite sure yet. People are curious to know loosely how it would work theoretically if they were to decide to move. To provide that information, in a setting where it’s understood that it’s a theoretical more than a practical or immediate need, we’re going to hold a seller’s informational seminar on June 29th on a first come first serve basis. A big part of the information around selling is taxes and the best way to approach the tax ramifications of moving is to consider all options well in advance. So we’ll make sure that a discussion around taxes will be part of the information at our seller seminar. I’m excited to be a resource for people at the beginning stages of gathering information!
This week we started in-house Bienstock Group Real Estate Training to grow our agents’ skills and knowledge base! Bryan just switched from our admin side to being an agent and Emily is doing the same at the end of this month. I absolutely love the idea of people seeing life as a ladder where you climb on board and then you keep climbing! I wish for everyone to keep learning + growing + increasing skills and success and I’m right there to celebrate our work family’s continuing accomplishments with them!
My thought of the week is overwhelming gratitude for repeat business. It’s our fifth time working with the Colgate owners and their family. It’s our fifth time working with our Fremont sellers and their family. We have an off market deal between a fourth time seller and a 10+ time buyer. Our Citrus listing is our fifth time working with the family. My goal in every transaction in our business is to earn repeat business on the merits of a job well done. I don’t take anything for granted and I strive to always make each client experience more successful and more worthy of earning their business again in the future. I’m overwhelmingly grateful for our clients and I so appreciate the honor to work with each and every one.
I’m excited to celebrate Wednesday night with the Fleischmans at Ahron’s wedding in NY! And to party with the Leonards in honor of Bassi’s wedding this week! It’s such a blessing to live in a warm community and to celebrate all together! Let’s all keep the parties coming!!!!