condos

New Record High For Home Prices Nationally Per Case-Shiller

The S&P CoreLogic Case-Shiller National Home Price Index hit another new record in May, marking the sixth consecutive month. The National Index, which covers all nine U.S. census divisions, rose 5.6% on an annual basis, the same increase it posted in April. Of note, the index is now 3.2% higher than its previous peak in July 2006, and has risen by 42.2% since hitting bottom in February 2012.

Pending home sales recovered in June from a three-month decline, increasing 1.5% for the month according to the National Association of Realtors’ Pending Home Sales Index (PHSI). The index is a forward-looking indicator based on contracts for existing home purchases, which are generally expected to result in completed transactions in about two months. The index in the West grew 2.9% in June, but is still 1.1% below a year ago.

The S&P CoreLogic Case-Shiller National Home Price Index hit another new record in May, marking the sixth consecutive month. The National Index, which covers all nine U.S. census divisions, rose 5.6% on an annual basis, the same increase it posted in April. Of note, the index is now 3.2% higher than its previous peak in July 2006, and has risen by 42.2% since hitting bottom in February 2012.

“Home prices continue to climb and outpace both inflation and wages,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Housing is not repeating the bubble period of 2000- 2006; price increases vary across the country unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months’ supply is declining, not surging.”

On the other side of the coin, the National Association of Realtors (NAR) reported that existing home sales fell in June as low inventory levels continue to be problematic. NAR said sales of existing single-family residences; townhomes, condos, and cooperative apartments were down 1.8% in June, to a seasonally adjusted annual rate of 5.52 million units, the second slowest performance of the year.

The number of available homes for sale fell again in June, down 0.5% from May to 1.96 million units. A year ago, the inventory was 2.11 million units and it has now fallen year-over-year for 25 straight months. Properties typically stayed on the market for 28 days in June, one day more than in May, but six days fewer than in June 2016. 54% of homes sold in June were on the market for less than a month. Existing home sales in the West declined 0.8% to an annual rate of 1.21 million, but remain 2.5% higher than last June. The median price in the West was $378,100, up 7.4% on an annual basis.

Finally, the U.S. homeownership rate rose by 0.1% in the second quarter of 2017, to 63.7% according to the U.S. Census Bureau. The rate has trended down since the Great Recession after peaking in 2004 at 69.2%. Homeownership is highest in the Midwest at 68% and lowest in the West at 58.9%.

Feel-Good ‘Hood

One of DTLA’s most anticipated developments melds high-end luxury with down-to-earth amenities

Written by Alexandria Abramain | Photography Courtesy of WREN

South Park is one of Downtown L.A.’s hottest ‘hoods, and the first phase of one of the area’s most anticipated—and largest—projects is now open for leasing.

WREN—a $144 million, joint venture between Mack Urban, AECOM Capital and Capri Capital Partners—will unveil its seven-story luxury building, which offers 362 move-in ready, for-lease residences, by February of 2017. Setting the development apart from many other projects in Downtown L.A.’s booming South Park area is the fact that this new community is tailor-made to appeal to a new breed of environmentally-conscious, design-savvy renter looking to be within walking distance of pretty much everything.  Call it a case of prime location. The community offers exceptionally easy access to public transportation and entertainment complex L.A. Live, as well as one of the key components for people looking to live in DTLA: a nearby Whole Foods.

Designed by Togawa Smith Martin architects and Mercedes Fernandez Interior Design, units at WREN range from 487-square-foot studios to 1,750-square-foot three-bedroom apartments. Rents span from $1,850 to $6,200 per month. The development also includes 22 two-story townhomes fronting Hill and Olive Streets. Floor-to-ceiling windows, wide-plank floors, stainless-steel appliances and fully tiled bathrooms are available in all residences, reflecting Urban’s vision to extend comfort, functionality and thoughtful living into every area of the community. Residents of WREN also have access to onsite indoor/outdoor lounges with communal kitchens, as well as rooftop decks and a pool deck that includes cabanas, lounge areas and barbecue pits. Also part of the package is a 4,000-square-foot restaurant as well as a private outdoor park.

A true architectural wonder in the heart of DTLA’s thriving city scene,

WREN is the perfect locale for those looking to experience all that

Los Angeles has to offer right at their doorstep.

WREN has less expected amenities, too, with specific features that are geared towards sustainable living. Two levels of subterranean parking will cater to eco-minded residents with 40 charging stations for electric vehicles. The large bicycle room and maintenance area, meanwhile, houses up to 400 bikes, among the largest in such private facilities in Los Angeles. For dog owners, WREN holds a particular appeal: Two outdoor dog runs are available to residents, along with a full-service dog-wash station, reflecting an overall trend in Los Angeles toward pet-friendly amenities for renters. 

However, WREN is just one component of the larger project. .e second phase, developed by Urban and AECOM, broke ground this year and will be a 38-story tower with 536 units and 13,000 square feet of retail space, located at the corner of Grand Avenue and 12th Street.

“Residences are walkably close to public transportation such as the Blue Line/Expo light rail, as well as some of the most desirable shopping and entertainment in all of Los Angeles,” says Dori Nolan of Capri Capital Partners. “At the same time, it’s far enough away from the Central Business District to enjoy a true, comfortable neighborhood.”

A true architectural wonder in the heart of DTLA’s thriving city scene, WREN is the perfect locale for those looking to experience all that Los Angeles has to offer right at their doorstep.