So, why are we here and how the heck did we get here? Two simple yet difficult to answer questions as we remain, since my last newsletter, still sheltering in place. My purpose is not to answer these thought-provoking questions, rather to raise them since we have the time to reflect as we are staying safe at home rather than fighting traffic and being out-and-about. I am sure the answers are based on many variables. And rather than speculate, I will instead share some real estate related information.
Seeing that we have a global economy, the outbreak and spread of the Coronavirus has had a major influence on the financial markets which began escalating on March 11th when the World Health Organization (“WHO”) declared the COVID-19 outbreak a pandemic. Nationwide and globally, many strict measures were taken and restrictions put into place to control the spread and flatten the curve. The US Government took unprecedented actions in conjunction with the US Federal Reserve and Central Banks around the world to support consumers and businesses in an effort to prop up the economy. Cleary the intent was to attempt to limit the disruption to the financial systems.
What does all of this mean for Real Estate in the Greater Los Angeles area? For one thing, trying to get a loan became more challenging since one of the conditions of Closing a Transaction is confirmation of employment; sadly 45% of Los Angeles County is unemployed. Getting appraisers out to a property with the current social distancing guidelines delayed closings as well.
Nevertheless, Real Estate remains active amongst the serious buyers and sellers. I very recently closed a Land Sale with a ‘Land Loan’ which has even more merit in current times since the stereotypical land purchase or sale is usually ‘all cash’. I also just signed a listing agreement for a “coming soon” two-bedroom Condominium in West Hollywood. And I have another ‘under construction Hollywood Hills home’ which will be coming online within the next few weeks.
The bottom line is I have many interested buyers who are reaching out to me daily, and the best part is that these are serious buyers. So Real Estate is alive and well in Los Angeles.
I remain committed to helping you stay informed from a real estate perspective during this Pandemic as things continue to unfold. As always, if you have questions, please reach out to me directly. Since I am sheltering in place, I am even more readily available to answer your questions or concerns or to chat real estate.
Stay safe and healthy, both physically and emotionally.
Wishing you a safe and healthy life and I look forward to your comments.
If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly!
If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 ( m) homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations.
) and actually have fun creating new patterns and be with a few friends. I feel for you guys in CA and the other hold out states.....something needs to shift soon as it's not good for anyone or any business to be locked down as the Governor's are doing. They need to be stopped.
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