DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
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12 DIGS.NET | 10.15.2021 OCTOBER 15, 2021 | ISSUE 136 TO OUR READERS Westside DIGS welcomes your feedback and encourages reader response to our editorial features. Please send your letters to the Publisher at 722 1st Street, Unit D, Hermosa Beach, California, 90254 or via email to Contact@WestsideDIGS.com. Please include your name and contact information. Letters may be published and we reserve the right to edit. ADVERTISING For inquiries, please contact Publisher Warren Dow at 310.373.0142. EDITORIAL For editorial inquiries, please email Editorial@SouthBayDIGS.com On The Cover PRESENTED BY CHRIS CORTAZZO OF COMPASS 310.457.3995 LIST PRICE $55,500,000 FEATURED ON PAGE 30 722 1st Street, Unit D, Hermosa Beach, California, 90254 Office: 310.373.0142 Westside DIGS Magazine is published every other Friday by m3 Media, LLC. Reproduction in any form or by any means is strictly prohibited without the prior written consent from m3 Media LLC. The Publisher and advertisers are not responsible or liable for misinformation, misprints, or typographical errors. All advertised properties are subject to prior sale or withdrawal without notice. Real estate advertised in this publication is subject to the Federal Fair Housing Act. M3 Media will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis. Any and all submissions to this publication become the property of m3 Media, LLC and may be used in any media. CREATIVE SERVICES & AD DESIGN/ORIGINAL ARTWORK PROVIDED EXCLUSIVELY BY WESTSIDE DIGS.. © 2021 Micro Market Media, LLC. All rights reserved. CO N N E C T W I T H U S Listen & subscribe on iTunes, digs.net or your favorite podcast provider. The Titans of Real Estate INFLUENCERS PODCAST .net Publisher Marketing Director Business Development Director Digital Media Director Video Editor Senior Graphic Designer Graphic Designer Contributing Writers Senior Staff Photographer Warren J. Dow Kyle Coats Bud Moore Kieron McKay Matt Polizzi Rufus Agbede Jim Alba Jenn Thornton Constance Dunn Karine Monié Joclene Davey Abigail Stone Paul Jonason FIND YOUR PLACE OCTOBER 15, 2021 DIGS.NET I N S I D E W O R L D C L A S S | I N A N D O U T | A P E R F E C T T E N A STUDY IN Serenity Spanning two parcels in one of Malibu's hidden coves and framing breathtaking ocean views, this stunning home, designed by internationally renowned architect Chad Oppenheim, is the essence of uncommon luxury P R E S E N T E D B Y C H R I S C O R TA Z Z O O F C O M PA S S FEATURE ON PAGE X X It is commonly known that local home values have increased significantly over the years. However, the extreme magnitude of the increase is not gener- ally known. For example, those owners who purchased their homes during the last market bottom in 2011 have seen an average 95% increase in value. ose who have owned their homes for a much longer period of time have an even greater percentage of increase and may be very surprised at the current market value. We all know that interest rates have been at near historic lows for more than three years and this low cost of money has stimulated demand, but what has really been accelerating price appreciation is the relative shortage of available inven- tory for sale. In fact, it might be a serious under- statement to simply say we're in a "sellers-market!" For some further context here, the strength of a "sellers-market" can be measure by comparing the average rate of sales per month with the available inventory of homes for sale in that period. It is generally considered that a market is in balance between buyers and sellers when that level of inventory is about 6 months. If the level reaches 7 or more months of inventory, it is consid- ered to be a "buyer's market". When the inventory level dips below 5 months, it is a "seller's market". At the end of the first quarter last year, the inventory was up to 7 months. is was due to the beginning of the Covid period and a stable inventory of homes available. At the end of the first quarter this year, the market shifted dramatically, with only 2 months level of inventory in most Westside areas! As of mid-July there is still only 2.5 months available. is reflects a remarkable increase in the number of homes being sold each month, approximately 50% higher than the average over the last 20 years. e last time we experienced such a strong "sell- er's market" was in 2004-2005 when the inventory of homes available was about 2 months. Long-time owners may seize this market opportunity to simplify their life and take full advantage of selling their highly appreciated home…but of course you must consider the financial implications. Some owners may wish to leverage their new cash position by downsizing or moving to an area where the cost of living and state taxes are less. While others may benefit from the still-remaining $250,000 per person exemption from capital gains taxes, and also utilize the property-tax carry-forward to a lower cost home in a new development or anywhere else in California. Be sure to consult your personal tax advisor or financial consul- tant regarding your individual situation. Maybe you're a long-time home- owner who would like to benefit from the increased value but would hesitate to place your home on the market until knowing where you would move to, or until you've already purchased another home… …or were not planning on selling but are going through a divorce and unsure what the best options are for you? e good news is there is always a practical and optimal solution for your particular circumstances and we have evolved solutions for numerous and unique situations. You've Made A Great Profit Owning Your Home For e Past 10 Years…Now What? Are you aware of your current value and equity position? The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approx- imations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Not intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. CalRE#00616212 Michael Edlen DRE 00902158. Homeowners who are interested in learning more can request a FREE What Sellers Need to Know Guide by calling 310-600-7422, or writing Michael@EdlenTeam.com