So what’s happening in your neighborhood with new construction? Like it? Hate it? Hmmmm? Or don’t want to think about it?
There has been a rush of new construction going on in the Palisades Riviera… for that matter new construction is appearing in every neighborhood on almost every street.
In 2011, Metropolitan Los Angeles ranked 5th of the major metropolitan areas for the most new construction permits issued (Houston was number one). In my Riviera Palisades neighborhood alone of the almost 600 homes, I have counted more than 15 new construction projects, all high-end homes being started or slated for the wrecking ball. When finished, these homes will range from $6,000,000 to $10,000,000+, a market value of more than $150,000,000.
The last time I saw anywhere near this fervor was around 2005-2006. The new construction rush, many of them spec homes, signals more confidence in real estate as well as about the economy in general. Redevelopment brings improved home values.and improved community infrastructure, The price ceiling of higher end homes is raised as well as the low priced entry level homes.
With new construction, however, neighbors must endure the congestion and the disruption to the once serene idyllic lives: Not to mention community (demographic) make-up and those generational and lifestyle changes.
The disruption in the short term are well worth the long term values.
A recent post by real estate website Trulia, deals with the , “7 Serious Worries of Today’s Home Buyers.” This is another statistical survey poll that discourages many who should understand that what others fear is a time to make bold decisions. 2013 is a crossroads year in the residential housing market. values continue to build from 2012 and overall values have recovered in most areas upwards of 15%. I said “recovered” from the statistical bottom of the market in 2009. The reasons to stay on the sidelines rather than to say “yes” and move tenaciously through the process of home buying are to miss opportunities of low interest rates and values again appreciating and on the rise. If you worry about today’s historically low Mortgage interest rates rising before you buy; or not qualifying for a mortgage at all; or appreciating home prices; or the “over heated” competitive marketplace, do your research, find a qualified, knowledgeable agent who has worked with the breath of qualified, marginal, savvy and first-time home buyers, and go forward and get into the market. The doors are open and opportunity knocks collaboration tools for business. The cycles of real estate move slowly and today we are in an upwardly trending market now in its third year, and values will soon surpass those highs in 2006 in most areas. Think home prices will fall after you buy? Think again. Get on board and enjoy the lifestyle and the security of home ownership..