Can I Have Some TOPANGA Real Estate With My Coffee??

By February 19, 2014 Blog No Comments

Can I Have Some TOPANGA Real Estate With My Coffee??

On our morning coffee runs to Mimosa or Waterlily, or wherever we happen to be in Topanga, the first thing people ask Adrian or me is…

“What’s going on with Topanga Real Estate? Is it selling like gangbusters?” Our short answer? Yes! More homes sold in Topanga, last year, than in any year since 2007, and the I Never Quit Team was a big part of that! Thank goodness I expanded our team last year, because we were extremely busy making sure our clients got the most out of the strongest market in years. 112 Topanga homes closed escrow in 2013, up 25% over 2012.  We barely had time to drink those coffees! During the spring “Buy or Bust” season, buyer bidding frenzies drove prices up like it was 2005. By the time we were putting away our holiday decorations; price increases were 20%, over 2012. $840,000 was the median price, not quite up to the high of $1,050,000 that we saw in 2006. But sellers who had been waiting years for their values to increase, were thrilled with the results!

While enjoying a Canyon Bistro lunch, or our Abuelita’s happy hour “business meeting” we hear…

“Is it going to continue like that in 2014? Is this a good time for me to sell?” Well, sort of, and yes! California Association of Real Estate (C.A.R.) Vice President and Chief Economist Leslie Appleton-Young said prices are still expected to rise, but at a slower pace of only 6%. With more sellers jumping into the market and slowly rising interest rates, we don’t expect the waters to be churning with ravenous buyers in 2014. However, prices are the best they’ve been in years, and demand is still high. There are less than 40 homes on the market in Topanga, right now, when we should see 50 or 60 at this time of year! Sellers should list in early spring to take advantage of the busiest buying season.

Buyers shopping at the Topanga Farmers Market at the Inn Of The 7th Ray, or deciding on a gift at Topanga Homegrown want to know…

“Is Topanga, with all its wild wonderfulness, still a good deal compared to our swanky neighbors?” Absolutely! Topanga prices are approximately 40% of Santa Monica, Malibu, and Pacific Palisades. Our priciest neighbor, the Palisades, saw a median of $2,260,000 last year. Don’t wait! Price increases may be slower, but increasing mortgage rates down the road, mean you’ll pay more for the same priced home. Fortunately, buyers dipping their toes in Topanga real estate soon discover they get a lot more bang for their buck here, and they’ll get to see actual bucks grazing outside their doors!

So, the next time you are waiting behind me in line at Topanga General Store, or trying to beat Adrian to the last wonton at Country Natural, ask us…

“How can I make the most out of my real estate goals this year?”Sellers, call us today for a comprehensive market analysis of your home. Buyers, call us for help in finding the home of your dreams. Whether you are looking to move further up the mountain, or looking to move into this legendary canyon we are blessed to call home, the I Never Quit Team is the team to help you find your way home.