?? Tacos, Music & the Other Art Fair
Hello Los Angeles neighbors,
We have amazing events, delicious food, and exciting updates this month and next. Here's your all-in-one guide to making the most of it!
??? Things to Do
The Other Art Fair | Atwater Village
Experience art like never before! Opening Night on Thursday, 2/20, grants first access to 140 game-changing artists and their sought-after works. Bonus? All Thursday ticket holders get free return tickets for Friday, Saturday, or Sunday.
Camber Walk & Coffee
Walk through Marina Del Rey and finish at Alfred Coffee for a refreshing pick-me-up. | ?? Suggested Donation: $5+ | ?? RSVP Here
AM Sunday Music Session
?? Relax to the sounds of AM Radio LA at this weekly music session. ?? Learn More on Instagram
BroadStage
?? Don't miss Marlon Martinez & the Marlonius Jazz Orchestra! Tickets start at "Pay What You Wish" (starting at $0).
?? Taco Tuesday Spotlight
Craving tacos and drinks? Check out SoCal Vibes on Abbot Kinney, a tiki-style bar with house-brewed ciders, meads, and beers. ?? Location: Abbot Kinney
?? Real Estate News: The LA Market
领英推荐
$1 Billion Hollywood Television City Project Approved
The historic Hollywood Television City is set for a massive $1 billion redevelopment, including state-of-the-art production facilities and office spaces, reinforcing Hollywood's role as a global entertainment hub.
Market Trends
Impact of Wildfires on Housing Supply and Demand
Destruction of Homes: The January 2025 wildfires have destroyed over 12,000 structures, significantly reducing the housing inventory in Los Angeles.
Increased Rental Demand: Displaced homeowners seek temporary accommodations, leading to heightened competition in the rental market. This surge has resulted in bidding wars and elevated rental prices, with some landlords unlawfully increasing rents beyond the 10% cap imposed during emergencies.
Economic Implications
Rebuilding Costs: Reconstruction efforts are projected to be extensive and costly, with insured property losses estimated to reach up to $40 billion. Due to the scale of destruction and the complexities involved, the rebuilding process is expected to be prolonged.
Insurance Challenges: The increased frequency of natural disasters has led to higher insurance premiums and, in some cases, the withdrawal of insurers from high-risk areas. This trend complicates the financial landscape for homeowners and potential buyers.
Market Trends and Forecasts
Home Prices: Despite recent challenges, the median home price in Los Angeles County remains elevated at approximately $937,030, reflecting a 4.3% year-over-year increase as of November 2024.
Inventory Levels: The housing supply remains constrained, with a 3.5-month supply of single-family homes in Los Angeles County as of November 2024. This is below the 4-6 months indicative of a balanced market, suggesting continued upward pressure on home prices.
Mortgage Rates: The California Association of REALTORS? forecasts that mortgage rates will average 5.9% in 2025, a decrease from 6.6% in 2024. Lower rates may encourage buyer activity, but affordability challenges persist due to high home prices and limited inventory.
In summary, the Los Angeles real estate market is resilient amid recent adversities. However, stakeholders should remain vigilant and informed as ongoing challenges related to housing supply, affordability, and climate-related risks continue to influence market dynamics.
?? Let's connect: Reply here with questions or suggestions.
Warmly,
Michael
P.S. Do you know an extraordinary event or a hidden gem? Let me know, and I'll include it in the following newsletter!