Westside DIGS | Digital Edition Online

8 DIGS.NET | 5.19.23 MAY 19, 2023 | ISSUE 155 722 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.. © 2023 Micro Market Media, LLC. All rights reserved. On The Cover PRESENTED BY: BJORN FARRUGIA OF CAROLWOOD ESTATES Remarkable achievement, the entire development of 401 Ocean Ave is completely sold at record breaking numbers. Constructed with an appreciation for the past and a vision for the future, the five residences combine luxurious beachside living, modern conveniences, breathtaking views and an address steeped in California's history. FEATURED ON PAGE 24 COVER PHOTOGRAPHY BY: DUSAN SIMONOVIC TO OUR READERS South Bay 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 Founder & CEO / Publisher President & COO Chief Growth Officer Digital Media Director Video Editor Senior Graphic Designer Contributing Writers Senior Staff Photographer Warren J. Dow Bud Moore Kyle Coats Kieron McKay Matt Polizzi Rufus Agbede Jenn Thornton Constance Dunn Karine Monié Joclene Davey Abigail Stone Paul Jonason C O 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 There is general agreement that we are currently in a very confusing real estate market. Prices have actually moved lower in many areas of the country over the last several months, even though there is generally still a shortage of inventory as compared with the continuing demand in most price ranges. ere are at least several identifiable reasons for the confusion, and perhaps some clues as to what the future may look like in the Westside. First, the rapid reduction in interest rates enabled a large number of people to become homeowners or to trade up to a higher level during the Covid period. A l t h o u g h p r i c e s quickly escalated far faster and longer than expected, enough people were able to qualify for financing that kept the buying energy going until interest rates doubled some months ago. Second, many people have delayed selling their homes because they don't know where they would move to, or because they were not willing to pay the capital gains taxes due after selling homes that had such large increases in value. Others have refinanced their loans during the period of 3-4% interest rates, and do not want to lose these low costs of money by selling the homes. Third, as most people probably know, several cities have implemented huge increases in transfer fees when homes above certain price levels are sold. In Los Angeles, for example, which includes many homes on the Westside, the so-called "mansion tax" has resulted in more than $200,000 in added costs for homes selling at or above $5 million. For homes selling above $10 million, the fees are vastly higher. Fourth, world events have continued to create uncertainty about the future. S o m e e x a m p l e s include the political climate, writer's strike, critical situations in Ukraine and Africa and other parts of the world, signs of increasing violence in various parts of the country, etc. Despite all of that, people still need to buy or sell homes, and this involves making major financial decisions. e economic law of supply and demand will ultimately prevail. Michael Edlen's team has counseled thousands of people during market transition periods over the last 35 years. ere are always alternative solutions to consider, and the real estate market will continue to provide a wide variety of opportunities. Contact Michael Edlen at 310-600-7422 or Michael@ Edlenteam.com to arrange for a complimentary consultation if you have given any thought to moving sometime soon. Where Is e Westside Real Estate Market Headed? 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 approximations. 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. By Michael Edlen

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