Navigating the 2024 West Hollywood Condo Market: Insights and Strategies
Hey everyone, if you're anything like me, you're probably eager to know where the 2024 West Hollywood area condo market is headed. Whether you're a seller or a buyer, understanding the market dynamics is crucial for making informed decisions. Let's dive into some insights and strategies to help you navigate the market with confidence.
First, let's take a look at the overall economy. The job market continues to show strength, with monthly gains surpassing estimates and unemployment remaining below 4%. This positive trend has led the Federal Reserve to hold off on lowering interest rates. However, the trajectory of interest rates for the rest of the year remains uncertain, as it depends on various economic indicators.
As we move further into 2024, inventory levels will continue to impact the market. We're already seeing available inventory surpassing last year's estimates, resulting in over a 5-month supply of West Hollywood area condos. With more options available, buyers have greater negotiating power, leading to sellers accepting offers on average about 2 to 3% below the list price.
Now, let's talk about equity growth for condo owners in the area. We're anticipating modest growth, reflective of a normal market. However, the health of homeowner associations (HOAs) will play a significant role in determining growth potential. Many buildings are facing challenges due to historically under-collected monthly HOA dues, leading to the need for increased dues or special assessments to fund necessary repairs and improvements.
The health of an HOA can greatly impact pricing and buyer confidence. As listing agents, we're committed to understanding the health of each HOA and strategically pricing properties accordingly. Buyers want assurance that the HOA is financially sound and prepared for major capital improvements.
Looking ahead, we also have a general election occurring in the fall, which may introduce some uncertainty into the market. However, with strategic pricing, clear preparation, and experienced presentation, we're confident in our ability to maximize sales prices for our sellers.
If you're considering buying or selling this year, don't hesitate to reach out. We're here to answer any questions you may have and provide expert guidance tailored to your needs. Let's navigate the 2024 market together and achieve success.
Thanks for tuning in, and here's to a successful year ahead in the West Hollywood condo market!
Navigating the 2024 West Hollywood Condo Market: Insights and Predictions
Hey everyone, if you're anything like me, you're probably curious about where the West Hollywood area condo market is headed in 2024. Whether you're a seller or a buyer, the direction of the market can mean different things at different times. Let's dive into some insights and predictions to help shed light on what lies ahead.
First and foremost, let's talk about the overall economy. The job market remains strong, with gains consistently outpacing estimates and unemployment remaining below 4%. This positive news has led the Federal Reserve to hold off on lowering interest rates. However, the trajectory of interest rates for the rest of the year remains uncertain, as it ultimately depends on specific economic indicators.
As we move further into 2024, inventory levels will continue to influence the market dynamics. We're already seeing available inventory surpassing last year's estimates, resulting in over a 5-month supply of West Hollywood area condos. With more options available, buyers have greater negotiating power, leading to sellers accepting offers on average about 2 to 3% below the list price.
Now, let's talk about equity growth for condo owners in the area. We're anticipating modest growth, reflective of a normal market. However, the health of homeowner associations (HOAs) will play a significant role in determining the growth potential. Many buildings are facing challenges due to historically under-collected monthly HOA dues, leading to the need for increased dues or special assessments to fund necessary repairs and improvements.
The health of an HOA can greatly impact pricing and buyer confidence. As listing agents, we're committed to understanding the health of each HOA and strategically pricing properties accordingly. Buyers want assurance that the HOA is financially sound and prepared for major capital improvements.
Looking ahead, we also have a general election occurring in the fall, which may introduce some uncertainty into the market. However, with strategic pricing, clear preparation, and experienced presentation, we're confident in our ability to maximize sales prices for our sellers.
If you're considering buying or selling this year, don't hesitate to reach out. We're here to answer any questions you may have and provide expert guidance tailored to your needs. Let's navigate the 2024 market together and achieve success.
Thanks for tuning in, and here's to a successful year ahead in the West Hollywood condo market!
February West Hollywood Condo Market Update: Insights from Ian Rhodes
Hey there, this is Ian Rhodes, and I'm excited to bring you the latest West Hollywood housing condo market update for February. We've just wrapped up the first 30 days of the new year, and I've got some interesting insights to share with you.
In the past month, a total of 23 condos were sold in West Hollywood. These condos spent an average of 44 days on the market before finding a buyer, and they fetched an impressive 97% of their list price on average. But here's where it gets even more intriguing – condos that sold within their first 30 days on the market received, on average, 100% of their sales price. However, those that lingered on the market for 30 to 60 or 60 to 90 days saw that average drop to 97%.
What does this tell us? Well, now more than ever in 2024, you need a hyperlocal expert to ensure your condo gets sold. Strategic pricing, combined with clear preparation and experienced presentation, are essential in today's market.
So, if you're looking to sell your condo in 2024, don't hesitate to reach out. Let's discuss putting together a great strategy tailored to your needs. With our expertise and dedication, we'll help you navigate the market and achieve your real estate goals.
Thanks for tuning in, and here's to a successful year ahead in the West Hollywood condo market!
Rhodes Lead Home January 2024 Collection
December was a month to remember for our clients, marked by a series of seller success stories 🌟.: https://youtube.com/shorts/5J-ZaxZPSCk
Our last four closings speak volumes: 1️⃣ 911 N Kings Rd #304 - 780K💰 2️⃣ 1310 N Detroit St #302 - 738K💰 3️⃣ 7135 Hollywood Blvd. #707 - 675K💰 4️⃣ 7250 Franklin Ave. #912 - 700K💰 Each property surpassed expectations, selling below the average days on the market and achieving an impressive 1.5% above the list price📈. Our clients are consistently putting more money in their pockets compared to other sellers. The results are clear...will you be the next success story 🏡 ? #RealEstate #SuccessStories #HomeSales #MarketWinners #PropertyGoals
🌟 Explore Your Urban Oasis at Our Exclusive Open House! 🏡✨ Join Us Today @1-3PM: https://youtube.com/shorts/yybW1t-azMs
Discover a modern condo just off the Sunset Strip – 7-unit boutique building, no common walls, and a private terrace! Join us today: 📅 Date: Sunday, January 7th 🕒 Time: 1:00PM-3:00PM 📍 Location: 8265 Fountain Ave. #202, West Hollywood, CA 90046 ✅ Single-level living ✅ Abundant natural light ✅ Expansive terrace ✅ Upscale finishes ✅ Primary suite oasis ✅ In-unit laundry 🚗 2 tandem subterranean parking spots 🔐 Secure lobby 🛗 Oversized elevator 🌿 Courtyard #UrbanLiving #SunsetStripHome #ModernCondo #OpenHouseEvent #LuxuryLiving
Presentation is key! 🔑 See the difference it made at our sold listing at MarryBarry111.com 🔗: https://youtube.com/shorts/_sQOelpWox8
Discover the power of presentation in real estate with our latest sold listing at MarryBarry111.com! Step inside to witness meticulously staged interiors that captivate buyers. From elegant furnishings to strategic lighting, every detail matters. Explore the impact of presentation today! #RealEstate #HomeStaging #SoldListing #InteriorDesign #PropertyPresentation 🏡✨
Looking Back & Looking Ahead! We Selected Success Stories from 2023, Lets Make More Happen in 2024!: https://youtube.com/shorts/nHconj6n9LY
#RealEstateSales #2023recap #2024Goals #SoldProperties #SellerSuccess #StrategicPricing #ClearPreparation #ExperiencedPresentation We used our strategic pricing, clear preparation, & expert presentation to create these seller success stories in 2023: 1121 N. Olive #113 West Hollywood, CA 90069 https://www.rhodesleadhome.com/the-bristol-113 7250 Franklin Ave. #210 Los Angeles, CA 90046 https://www.rhodesleadhome.com/franklin-towers-210 813 N. Martel #7 Los Angeles, CA 90046 https://www.rhodesleadhome.com/813-martel-7 11417 Missouri Ave. #3 West Los Angeles, CA 90025 https://www.rhodesleadhome.com/11417-missouri-ave-3 1310 N. Detroit St. #404 Los Angeles, CA 90046 https://www.rhodesleadhome.com/1310-detroit-st-404 1230 N. Sweetzer Ave. #214 West Hollywood, CA 90069 https://www.rhodesleadhome.com/1230-sweetzer-214 1900 N. Vine St. #304 Los Angeles, CA 90068 https://www.rhodesleadhome.com/1900-vine-st-304 906 N. Kings #3 West Hollywood, CA 90069 https://www.rhodesleadhome.com/906-kings-3 1747 N. Barry Ave. #111 Los Angeles, CA 90025 https://www.rhodesleadhome.com/1747-barry-ave-111 7135 Hollywood Blvd. #707 West Hollywood, CA 90046 https://www.rhodesleadhome.com/7135-hollywood-blvd-707 1310 N. Detroit St. #302 Los Angeles, CA 90046 https://www.rhodesleadhome.com/1310-detroit-302 911 N. Kings Rd. #304 West Hollywood, CA 90069 https://www.rhodesleadhome.com/911-kings-rd-304 7250 Franklin Ave. #912 Los Angeles, CA 90046 https://www.rhodesleadhome.com/franklin-towers-912
We're bringing #StarPower to the #SoCalRealEstate scene! 🏠 #HomeSweetHarmony #RealEstateInvesting: https://youtube.com/shorts/xVeXlPpecPU
🎶 Today in 1986, the Rock and Roll Hall of Fame welcomed its first class of legends, including Chuck Berry, Fats Domino, and Elvis Presley. 🌟 Ready to turn the page to a new chapter in your homeownership journey? 📖 Let's make your real estate dreams a chart-topping reality! 🤩 #RockinHomes
🏡✨ Seller Success Story: 1310 N. Detroit St. #302, Los Angeles CA 90046 #SuccessJourney #RealEstate: https://youtube.com/shorts/TOGWyJbLRW4
Tenant out, upgrades in! 🚀 2 offers, 1 week, opened escrow above asking. 🌟 HOA hike and mold discovery—challenge accepted! 🛠️ 🎉💪 #HomeSweetHome #ChallengeAccepted #ClosingVictory
👀 I bet you're a bit like me... 👀 #realestateagent #westhollywood #realestate #comingsoon #sneakpeek: https://youtube.com/shorts/8AXdIChZQk8
Get ready for an exclusive sneak peek at our latest gem in West Hollywood! This spacious condo boasts over 1,400 square feet and features its own private rooftop sun deck. Don't miss out on this exciting opportunity! Stay tuned for the full reveal in just 2 days. #WestHollywood #CondoListing #SneakPeek #RealEstate #ComingSoon 🌟🏙️
Rhodes Lead Home December 2023 Collection
Grab N Go WeHo Condo Housing Market Update! #larealestate #marketinsights #condoliving: https://youtube.com/shorts/raZoXLjAI5A
Just closed on our West Hollywood condo! 💼🏡 3 offers in 7 days, above list price. 📈✨: https://youtube.com/shorts/uwjT3x-l5kw
In just 1 week on the market, we generated and leveraged multiple offers to sell over asking price!: https://youtube.com/shorts/LDikFTKGw2U
Sold below average days on market, leveraging buyers against each other, & closing above list price!: https://youtube.com/shorts/yVfhB-cdxrI
🌟 Between Thanksgiving and Xmas, we're thrilled to share the success of our last 4 closings! 🏠🎁: https://youtube.com/shorts/Te0EcmTrxrc
It’s that time of year again! #weho #larealestate #condoliving #sunset #walkthrough: https://youtube.com/shorts/09hqPKWyx_g
🎉🏡 Tip Tuesday: Year-End Living Space Wrap-Up 🌟🥂 #2024Ready #YearEndWrapUp #HomeReset #Goodbye2023: https://youtube.com/shorts/bOrhPkkWD6E
Rhodes Lead Home November 2023 Collection
🗓️ T-Minus 2 Days ☀️ Top Floor Living, Vaulted Ceilings & More! #realestate #condoliving #sneakpeek: https://youtube.com/shorts/gKYdPrRCyec
🏡 Exciting News in Tarzana! 🏡This lovely home at 18829 Sylvan St has just been SOLD! #realestatesale: https://youtube.com/shorts/GdK0MoPt1kE
🚨 BIG NEWS 🚨 | November WeHo Condo Market Update: Increased Inventory & Seller Strategy #realestate: https://youtube.com/shorts/Qn1w8D6jMrM
#JustListed 🙌 Top-Floor Condo in the ❤️ of WeHo with All-Day Southern Sunlight 🌇 🔗 911Kings304.com: https://youtube.com/shorts/uZx1K0jHf44
2 and 2 in T-Minus 2 Days! #realestate #condo #sneakpeek #weho #losangeles #westhollywood #dreamhome: https://youtube.com/shorts/_2_2Y23yLSU
#JustListed 🌟 Seamless Living with Sun-Drenched Southwest Exposure ☀️: https://youtube.com/shorts/Z6OOC1Lid9E
What does a #pricereduction with an #openhouse get you in today's market? #realestate #weho #urban: https://youtube.com/shorts/vdQEAo6HQFA
🏡 Exciting News! 🏡 This weekend, We are hosting FOUR open houses that you won't want to miss! 🎉: https://youtube.com/shorts/oc-NBpYesXY
#InEscrow 🔐 Exciting News! Top-Floor Condo in the ❤️ of WeHo is Now Secure!: https://youtube.com/shorts/Bv8W9AuIJCQ
🌆📱 Tip Tuesday: Navigating WeHo Condo Connectivity 🚀🔗: https://youtube.com/shorts/Oce9Aq17gB0
#InEscrow 🎉 Priced, Prepped, and Presented to Generate Results!: https://youtube.com/shorts/_5ewG4hYlAg
#InEscrow 🎉 Generating Results with Strategy! This rare condo received multiple offers over asking!: https://youtube.com/shorts/ZJk1tG6GZeg
What’s the Mid-November Energy Like in the #RealEstateMarket? #listings #properties #dreamhome #sell: https://youtube.com/shorts/Flj_8v7gTcU
🎨🏡 Tip Tuesday: Creating Your Creative Corner ✨🖌️: https://youtube.com/shorts/R415Y0tdI9Q
🔔 WeHo Wednesday Alert! 🔔⏰ Time is running out to claim your Architectural Urban Oasis!: https://youtube.com/shorts/-3YgVvdTd6I
While we don't have any Black Friday Deals, we DO have a #FeatureFriday on Fountain Ave!: https://youtube.com/shorts/3Ffhyd1FxP4
Highrise Living at its Finest, Now Closed!: https://youtube.com/shorts/ro0KYlu03tw
Rhodes Lead Home October 2023 Collection
He shoots 🏀… and he SCORES! 🎊: https://youtube.com/shorts/vP2WDa_pXBs
Do you deserve full service amenity lifestyle living?: https://youtube.com/shorts/cqERA_NayWs
October WeHo Condo Market Update | Strong Sellers' Market Continues | 2023 Real Estate Trends: https://youtube.com/shorts/zQTbC1bydVw
🏡 NEW LISTING: Hollywood High-Rise with Sensational Views! 📍 7135 Hollywood Blvd. #707: https://youtube.com/shorts/VIoqb7TuWAs
Embrace the perfect blend of mid-century charm and nature's beauty at your Dream Mid-Century Condo!: https://youtube.com/shorts/u_ApOd-Rdrg
🌇 This Monday, we have an amazing opportunity for you in West Hollywood!: https://youtube.com/shorts/VC-23XHqU4s
T-Minus 2 Days! Imagine waking up to THIS view each day! Your Space, Your Style - Elevate Your Life!: https://youtube.com/shorts/C_Zu4wmzXvM
🌇 T-minus 1 Day! Imagine this as your daily backdrop! Tomorrow, it's unveiled. 🏙️🔥: https://youtube.com/shorts/79mHnvDGE18
🏡 NEW LISTING: Epic Western Views at Franklin Towers! #condoliving #panoramicview #larealestateagent: https://youtube.com/shorts/btHU1f0Lz0k
🌟✨ #FeatureFriday Showcase: Two Phenomenal Properties Waiting for Their New Owner! ✨🌟 #realestate: https://youtube.com/shorts/Kjmi6XXDpQI
🎃 Happy Halloween, everyone! It might not be perfect, but our spooky spirit is on point! #halloween: https://youtube.com/shorts/2Uuq5fZjeDE
Rhodes Lead Home September 2023 Collection
West Hollywood Condo Market Update | September 2023 | Trends and Analysis: https://youtube.com/shorts/Tbk8H2O3iTk
🌞 Enjoyed a pre Labor Day midweek escape from the heat last week in Newport Beach 🏖️: https://youtube.com/shorts/mYkKAi_w0kE
Hollywood Hills 2-bed, 2-bath lease opportunity with stunning views. Don't miss out! #HollywoodLivin: https://youtube.com/shorts/Q48nkSutvKA
🏡 Mid-century condo with mountain views! Modern living at its finest. Don't miss out! #ForLease 🌄: https://youtube.com/shorts/cv3oeGyISho
Tip Tuesday: Creating a Serene Condo Retreat for Self-Care 🌿🏡: https://youtube.com/shorts/L2SrPlBe2c4
It’s that time again! West LA Condo Closing in 2 Days | MarryBarry111.com: https://youtube.com/shorts/WitNXodggRg
Someone Married Barry! 💍 What does 8, 9, and 10 do for YOU in todays real estate market?: https://youtube.com/shorts/AbHxCtl_yAw
Tip Tuesday: Elevating Your Condo's Ambiance with Lighting ✨🏡: https://youtube.com/shorts/lJKj6F05vvM
Sneak Peek 👀 Your Urban Oasis Awaits Just Off of the Sunset Strip 🌅: https://youtube.com/shorts/cmgxkwNY-RE
🏡 NEW LISTING: Discover Your Urban Oasis in West Hollywood!📍8265 Fountain Ave #202, West Hollywood: https://youtube.com/shorts/ezIjwnWeWZ4
Looking to score a win-win for our clients 🙌: https://youtube.com/shorts/CEyaRjMjqoM
🏆 Don't miss out on maximizing your property's potential. 💼🏆
#realestatesuccess #homesellingtips #hotmarketdeals #realestateexperts #propertyinvestment #homesales #realestatemagic #marketinsights #condo #realestategamechanger
September Housing Market Update: Insights into the West Hollywood Condo Market
Hey there! Curious about what went down in the West Hollywood condo housing market last month? Well, buckle up because here's your September housing market update.
In the last 30 days, we witnessed 34 condos change hands, with an average time on the market of 35 days. These condos fetched a solid 98% of their list price, which marks a slight increase in the days on market compared to July, along with a small reduction in the number of condos sold.
Now, here's where it gets interesting. Of those condos that sold in the last 30 days, a whopping 65 of them were snapped up within the first 30 days of listing. And guess what? They sold for an average of one and a half percent above their list price. Talk about a hot commodity!
But wait, there's more. It's no secret that the longer a condo sits on the market (over 30 days), the more its price tends to dip. On average, we're looking at about a two to three percent drop below the list price for condos that linger on the market.
So, what's behind this slight shift in the market? Could it be the 7 plus percent interest rates causing buyers to hesitate, or is it just the natural ebb and flow as we transition into late summer? It's hard to say for sure, but one thing's for certain – the market is always in motion.
If you're curious about how these trends might impact your specific scenario, don't hesitate to reach out. I'm more than happy to discuss and provide personalized insights tailored to your needs.
Thanks for tuning in, and here's to staying informed in the ever-evolving world of real estate!