Calabasas Home Prices Inch Up in February
March 17th, 2010 Categories: In The News Calabasas
The Calabasas housing economy is showing signs of recovery. A whopping 16.7% of the homes listed for sale in Calabasas were in escrow during February 2010 as compared to only 2.5% in February 2009.
Affluence and luxury surround Calabasas with the median home price close to $1,000,000. This means that most Calabasas homebuyers end up shopping for a jumbo mortgage. Since the mortgage meltdown of 2007, it has been difficult for a buyer to get a conventional mortgage, let alone a jumbo loan. In 2004, all a home buyer had to do was fog a mirror and he could get a mortgage, no income check, no asset check. But this hasn’t been the case since 2007 when banks became extra cautious. it’s been so bad lately, the famous Russian billionaire Mikhail Prokhorov had to pull out of a real estate deal and lose his 53 million dollar deposit on a property due to financing woes.
Luckily the jumbo mortgage market has finally started to open up. This is great news for Calabasas home sellers and would be buyers. We’re finally seeing hordes of Calabasas buyers pre approved for a mortgage and ready to buy. I’ve hosted several several open houses in the past two months. Can you say “jam packed”? Home buyers are out there in droves and the inventory is low. There is less than 4.5 months of inventory for sale right now, down from 34 months of inventory in February 2009. Normally we say that six months of inventory is a balanced market. Anything more than six months of inventory is considered to be a buyers market and less than six, a seller’s market.
Home prices in Calabasas have started to creep up. During January 2009 there were 24 closings in Calabasas. Homes sold at approximately 93.67% of their list price for an average of $306 per square foot. The least expensive per square foot, a three bedroom, two bath, bank owned property with a damaged foundation sold for $231 a square foot. On the other end of the spectrum, true luxury sold for $420 per square foot. The exquisite Calabasas Oaks, celebrity style, five bedroom, six bath home included a home theater, recording studio and resort like backyard with jetliner views sold and for $2,700,000. In February there were 16 escrow closings in Calabasas. Homes sold at approximately 95.74% of their list price at an average of $337 per square foot. February sales ranged between a three bedroom, two bath condo on Las Virgenes Road for $410,000 to a Spanish Colonial estate in The Oaks with Brazilian Oak floors, cabana and dramatic views. This mini mansion sold for $2,800,000 or $413 per square foot.
Spring is prime home buying time. As buyers scramble to buy a home before school starts in September, expect to see Calabasas home prices continue to inch up.
To find out what your Calabasas home is worth or to buy a home in Calabasas please call Tracey Thomas at 818-652-2937.
Calabasas Homes in Escrow February 2010
This entry was posted on Wednesday, March 17th, 2010 at 10:34 am and is filed under In The News Calabasas. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Leave a Reply
You must be logged in to post a comment.
Copyright © 2007 Blog Calabasas Agent Login Design by Real Estate Tomato Powered by Tomato Blogs