Last month, (September 2015) the most expensive La Crescenta luxury home sale was 4750 Briggs Ave. This 4 bedroom, 4 bath home is 4,000 square feet on 1/3 acre with pool. Selling to a cash buyer for $1,520,000 the original structure was sold for $875,000 and torn down in 2005. The present home was constructed in 2007 when it sold for $1,680,000.
So is the Southern California real estate market turning? I don’t believe so, cooling but not turning. Just as a new car experiences depreciation when you drive it off the lot, keep in mind a new home is very desirable.
According to Lawrence Yun, NAR chief economist, “With sales and overall demand higher than a year ago and supply mostly unchanged, low inventories will likely continue to limit options for those looking to buy this fall even with the overall pool of buyers shrinking because of seasonal factors.”