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Mortgage Rates Dropped Slightly 📉 – TBG Update 7/31/2022

 

I’m excited for our new listing at 458-460 N Alta Vista.  The offering is primarily one of land value.  It’s a 7,700 square foot lot zoned R2 in a great location on Alta Vista between Oakwood and Rosewood.  Right now there are two newer construction houses in the 90036 zip code that are pending (committed to be purchased by a new buyer), listed for $4,750,000 and $4,780,000.  534 N Martel, built in 2013, is active (available for sale) for $4,249,000 and the house is just a little over 4,000 square feet.  Building a house on this Alta Vista lot leaves room for immediate equity once the house is built.  It’s a solid offering. The property (one vacant unit and backyard) is open for viewing today 2-5 and Tuesday 11-2.

 

Our listing at 409 N June is just reduced to $6,750,000!  The house is 7,366 square feet of house and the sprawling backyard truly feels like a park with so much grass and hardscape alongside a large pool and spa.  Each room in the house has an impressive scale with big windows to pool sunlight everywhere.  The house was last entirely remodeled 1995/1996.  We’ll be hosting open houses this week Tuesday 11-2 and next Sunday 2-5.

 

Our listing at 531 N Poinsettia is lowered to $1,995,000 and it’s primarily sold for land value too.  This property is vacant so ready to be used immediately. It’s a 7,357 sq ft lot zoned LAR1 and used as a duplex.  The property is open for viewing today 2-5 and Tuesday 11-2.

 

Our listing at 542 N Citrus, also open today 2-5, is now an amazing deal with the price newly dropped to $1,899,000.  The square footage according to our floor plan company’s measurements is a total of 2,105 sq ft and it equals the house (1,618) + guest house (487).  The master bedroom is at the very back of the house, overlooking the landscaped manicured yard, and it has doors outside to the pergola.  The second bedroom is close to the master and the two bedrooms share a bathroom. The third bedroom is at the front of the house and was used by the previous owners as an office.  The second bathroom is at the back of the house – in the kitchen/laundry room area.  Both bathrooms have showers; neither has a tub.  The floor plan feels airy and spacious with the large living room and dining rooms opening to one another and the backyard feeling so quiet and zen.

 

The downstairs unit at 807 S Detroit is available for lease for $5,000/mt at the end of August.  It’s interesting that both upstairs and downstairs tenants became good friends and they both bought houses at almost the very same time.  As rents climb, tenants are motivated to buy houses.  They’re smart because even if their monthly payment is higher, those payments going toward a mortgage make for a good investment.  It’s a win for the landlord too because rents have gone up so the new tenant will pay more than the old tenants paid, until the new tenants buy a house and the process repeats.  This will be our 18th lease we’re handling in a span of less than 3 months, which is a lot more change than we usually see in an average year.  But all this turnover is win-win for both the landlord and the tenant, which makes it kind of cool all around.

 

A highlight of my week this week was baking Challah!  I LOVE baking Challah but I haven’t in a long time because the girls love to do it too.  Now that it’s just Seth and me, the joy is all mine.  I love mixing the dough until it’s silky, and then leaving it and coming back to see it double in size, punching down the air, shaping it into traditional braids, taking the golden loaves out of the oven, and then having the fresh-baked-bread-smell linger throughout the house for hours.  I’m really excited to prepare food because summer break is here and the kids are coming!!!!!!!  On Friday afternoon I Facetimed with my older grandson, Eliyahu, and on every page of Brown Bear Brown Bear What Do You See Eliyahu made sound effects of the animal on the page; I can’t wait to read books to Eliyahu in person and not over Facetime!  For this week I have ambitious menus planned for dinner with the kids, mostly from the Ottolenghi books, such as Pan Fried Sea Bass with Harissa and Rose, Marinated Sweet and Sour Halibut, Cauliflower and Cumin Fritters with Lime Yogurt, Rice Salad with Nuts and Sour Cherries, and Candy Beets with Lentils and Yuzu. I also want to check out the new Pat’s Cafe, a dairy restaurant that opens today.

 

It seems like there’s some motivation to buy houses right at this moment before the Feds raise interest rates more.  It was interesting that mortgage rates quoted by lenders to buyers dropped slightly this week. It definitely pays for buyers to shop around and compare quotes, starting with banks/financial institutions in a relationship with the buyer!  This week buyers were getting quoted low to mid 4% for a 30 year fixed.  Lower for people willing to do interest only or shorter time span loans.  With price reductions and the market shifting a little bit, this may be just the right time for all those buyers waiting for the crazy market of Covid to end in order to buy!  I’m taking a buyer out myself this afternoon to check out the landscape for myself!

 

Wishing everyone a spectacular week ahead!

 

Xoxoxo,

Sheri

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