Hi Friends,
We made it, the holidays are here! Lights and decorations are up all over the city. Magic is in the air and it truly is the most wonderful time of the year.
The real estate market has been unpredictable this past year and a question I get asked a lot is when will rates go back down and when should I purchase? The simple answer is they may never go back down and more than likely we will never see rates like we saw these past two years. We are currently seeing a correction in the market and a stabilization in the housing market. What does this mean? Well, as the world shut down interest rates dropped to an all time low to stimulate the economy. The problem was there was a massive shortage of homes and an over abundance of buyers. This caused prices to skyrocket to the highest inflation period of our lifetime. Now that rates have risen, we have seen some stabilization in inflation and home prices.
In short, it is now a buyers market and you will start to see price reductions on properties all over. My take is to be mindful of rates and know your budget. We will continue to see rate increases until everything stabilizes, which increases your monthly mortgage payment the longer you wait. If you’re still not sure what to do call me and we can make a game plan on what works for you.
With only a couple of weeks left in 2022, I think I speak for everyone when I say, bring on 2023. Whether you’re celebrating Christmas or Hanukkah, I hope you and your families have a wonderful holiday. See you all next year!
If you are thinking of buying or selling a property, I would love to help. I am always here to answer any questions you may have.
Check out Barronestates.com for more information on selling, purchasing or leasing your next home.
I will do my best to assist and educate you in finding your place called “Home, Sweet Home” for now or at last!!
Warmest Regards,
Oriana
“New Look” Barronestates.com
I am excited to announce that my website has received a major makeover! I have been working this past year at bringing a new and improved site to all of my clients and future clients. The site is much easier to navigate and allows users to search for properties directly through my site. You will also be able to access all previous newsletters as well as the current one. My goal is to provide a better user experience for everyone to make finding or selling their dream home a success. Please visit Barronestates.com for a new and improved user experience! THANK YOU for all your continued support!
Southern California home prices fell in November, marking the fifth time in six months that prices declined amid a broad slowdown in the housing market.
The six-county region’s typical home price dropped 0.9% from October to $815,911 last month, according to data released Monday by Zillow.
The typical price — which Zillow defines as roughly the average of the middle third of the market — is now 6.3% below the peak reached in May.
Home values are broadly falling for the first time in a decade because borrowing costs have exploded this year and priced many people out of the market.
Mortgage interest rates have more than doubled to the mid-6% range, a result of high inflation and the Federal Reserve’s attempts to fight it.
In individual Southern California counties, home price declines from the peak range from a 3.5% drop in San Bernardino County to an 8.6% drop in Orange County.
In Los Angeles County, prices are down 7%.
The declines aren’t enough to offset the rise in borrowing costs, even though mortgage rates have come down from recent highs of just over 7%.
For example, if in November someone bought the typical priced home in L.A. County, and received the prevailing mortgage rate of 6.5%, their monthly payment would still be $360 more than if they bought the typical priced home at May’s peak since rates were lower then, according to a Zillow analysis that assumed 20% down in both cases.
Given strong demand in early 2022 — before rates jumped — home prices are also higher than this time last year. That, along with higher mortgage rates, means housing is much more expensive compared with winter 2021.
Many analysts expect home prices will keep falling in 2023.
If values decline enough, it could eventually offset the rise in borrowing costs, though the exact trajectory of prices depends on several factors, including the direction of mortgage rates and if the Fed’s actions to fight inflation push the country into recession.
Here is how home prices changed last month in each of the six Southern California counties.
- In Los Angeles County, the typical home price fell 0.5% from October to $842,752 last month. Prices are now 6.3% lower than the county’s peak reached in May.
- In Orange County, the typical home price fell 3.4% from October to $1,014,194 last month. Prices are now 8.6% lower than the county’s peak reached in May.
- In Riverside County, the typical home price fell 0.5% from October to $599,428 last month. Prices are now 4.6% lower than the county’s peak reached in June.
- In San Bernardino County, the typical home price fell 0.6% from October to $523,830 last month. Prices are now 3.5% lower than the county’s peak reached in June.
- In San Diego County, the typical home price rose 0.1% from October to $877,278 last month. Prices are now 7% lower than the county’s peak reached in April.
- In Ventura County, the typical home price rose 1.2% from October to $837,891 last month. Prices are now 3.9% lower than the county’s peak reached in May.
Los Angeles Mayor Karen Bass on Tuesday will launch a city program to move people living in tents on streets into hotel and motel rooms, she said Sunday during an appearance on NBC’s “Meet The Press.”
“Now it’s not going to address everybody, but it is going to address hopefully a significant number,” Bass told “Meet the Press” host Chuck Todd. “We’re going to put them in motels and hotels immediately.”
Bass said the “Inside Safe” program would get “people to move on their own” and wouldn’t involve “sweeps” — a pejorative word used by activists to describe the clearing of encampments by the city.
“This is not coercing people, this is not ticketing or incarcerating people,” Bass said.
Bass’ comments shed more light on the program, which she has talked briefly about in recent weeks. Previously, she said the program would target some of the city’s larger encampments and utilize hotel conversions and master-leasing of buildings.
She also said last week that the first push to bring people indoors from encampments would cost “under $100 million” but didn’t elaborate.
Bass promised during her mayoral campaign to bring urgency to the homelessness crisis in L.A., where some 40,000 people are unhoused. Bass also previously said she would bring about 17,000 people indoors in her first year.
On Monday, Bass announced a state of emergency on homelessness, a declaration that gives her additional power to spend money on facilities and services without going through a competitive bidding process or the City Council.
She also issued a sweeping directive on Friday requiring all departments responsible for processing affordable housing and shelter applications to complete all reviews within 60 days. Such reviews typically take six to nine months, city officials said.
Affordable housing and homeless service providers have applauded Bass’ initiatives, but also cautioned that it remains to be seen how the policies will be implemented.
Bass was asked Sunday on “Meet the Press” what the city will do if people don’t want to move from the streets.
“What we have found in the community organizations that we’re bringing in to do this work is that you can get 95% of the people housed,” Bass said. “People will go. It takes a while. You have to do outreach.”
She also said the Inside Safe program will rely on “lessons that were learned from the pandemic.”
Later Sunday morning, Bass talked up the Inside Safe program and her other homelessness initiatives at First African Methodist Episcopal Church, one of the city’s most prominent congregations.
“Thank you for being on the journey with me to win the election, but now the work begins,” Bass said as many in the congregation filmed the mayor on their phones. “And I want to ask you if you will please continue to pray for me, with me, walk with me as we go to this part of the journey.
“Because we have to get the entire city to understand — everybody has to have skin in this game. Housing has to be built everywhere.”
“Some community organizations have been trying to get the city to master-lease out entire hotels and motels for years,” Bass said.
At the end of the “Meet the Press” segment, Bass was asked what metrics should be used to judge her work on homelessness at the end of her four-year term.
“A fair way to judge it would be encampments should be significantly down, if not eliminated,” Bass said. “And there should be housing being built underway at a much more rapid pace. And there should not be 40,000 people who are unhoused. That’s for sure.”
In 2022, Time Out checked out over 60 brand-new restaurants across greater Los Angeles, averaging at least five visits a month. Among them, we found great date night spots, plenty of solid neighborhood joints, a couple of duds and a handful of truly great places that we think might soon rank among the city’s very best. Along the way, we witnessed the surprising resurgence in Silver Lake’s dining scene, became parking whizzes in East Hollywood and even grew to enjoy visiting Hollywood a little (thank you, Evan Funke).
Though the coronavirus is now unfortunately a part of our everyday lives (just look at the county’s latest case counts), L.A.’s restaurant industry found a way this year to come back from the pandemic despite it all. Rising inflation and labor costs have cut into many restaurants’ overall bottom lines, but the city’s countless chefs, line cooks, managers, servers, hosts, bartenders, bussers and barbacks have still managed to deliver another great year of dining in Los Angeles. Hats off to you all, first and foremost.
After much consideration, we think these 14 newcomers in particular deserve special recognition for their exceptional—at times game-changing—cuisine alongside wonderful service and ambience. Among them, you’ll find some new Michelin stars, amazing pizza and Filipino food that began as a humble garage pop-up during quarantine. From top to bottom, every place on this list is worth visiting in the new year—or anytime, really. These are Time Out L.A.’s best new restaurants of 2022.
You’ve probably had to fend off this tired question before from out-of-town friends: How can we get in the holiday spirit here on the West Coast when it’s warm in December? Well, first of all, it’s cold—by L.A. standards, at least. But second, there’s also plenty of holiday cheer if you know where to see Christmas lights in Los Angeles. In between a deluge of Christmas events, festive movie screenings and frantic shopping trips, take the time to check out these twinkling neighborhoods and ticketed events. Just make sure to bring along an extra sweatshirt and some patience: Not even Christmas lights can escape L.A. traffic.
Holiday Cocktails To Put Some Extra Cheer In Your Season
Christmas Margaritas
Ingredients
- 1 (14-oz.) can unsweetened coconut milk
- 2 tbsp. cream of coconut
- 12 oz. silver tequila
- 8 oz. triple sec
- 1/4 lime juice
- 4 ice cubes
- Lime wedge, for rimming glass
- Sanding sugar, for rimming glass
- Lime slices, for garnish
- Cranberries, for garnish
Directions
Step 1
Combine coconut milk, cream of coconut, tequila, triple sec, lime juice and ice in a blender. Blend until smooth.
Step 2
Rim glasses with lime wedge and dip in sanding sugar. Pour into glass and garnish with lime and cranberries. Enjoy!
Espresso Martini
Ingredients
- 1 oz. or 1 shot espresso or cold brew concentrate
- 1 oz. coffee liqueur such as Kahlúa or Mr. Black
- 1/2 oz. simple syrup
- 1 1/2 oz. vodka
Directions
Step 1
Add all ingredients to shaker and shake vigorously to completely chill the hot espresso and create foam (15 seconds).
Step 2
Double strain into a coupe glass. Cover half the top of the glass with a paper towel and dust the other half with espresso or cocoa powder. Garnish the plain side of the glass with coffee beans. Enjoy!
