Real Estate Analysis and Commentary in [CITY]

January 12th, 2018 11:10 AM
Understanding Calabasas is key to the valuation process.  Calabasas and the 91302 zip code is home to many gated communities including,  The Oaks, The "Double" Oaks, Mountain Gate, Mountain View, Hidden Hills, Westridge, Eastridge, Bellagio, Calabasas Hills Estates, Calabasas Park Estates, and more.       

The Story for 2017 Calabasas is the price of Condos, with the newest complex located where the old Calabasas Inn,  the highest sale of a single condo posted in the MLS was $1,555,515 sold in 2017, which is an all time high for Condo sales in Calabasas.  The other end of the spectrum, smaller condos, are located within blocks of the new complex are now selling at over $400,000 for 2 bedroom 2 bath units.  This shows the great variations in values in Condo Complexes in Calabasas.  There are vast differences in sale prices in many of Calabasas Communities.   

Also in 2017, the story shows by sale prices that homes in Mulwood, Lost Springs, and other non gated communities clearly sell at a lower price point, then homes in the Parkway.  It should be noted that all homes except for a small amount near the Golf Course are ALL located in Gated Communities in the Parkway.  Hidden Hills, another gated community had over 35 sales in 2017, and Calabasas had 242 in total home sales in both gated and none gated communities.  As is to be expected in a family-centered communities sales in the last quarter of the year are much slower than in the 2nd and 3rd quarters of the year. 1

Lastly so you can see the whole picture 1/4 of the Single Family Residences sold for less than $1,000,000. Over 1/2 the Single Family Residences sold for between $1,000,000 and $2,000,000 dollars, and the last 1/4 of sales sold above $2,000,000 with the top sale at a price point of over $8,000,000 with 10,000+ sq ft in the prestigious Oaks Community within the Double Gates.  

As we all prepare for Real Estate Sales in 2018, the market has slightly frozen in reaction to the new tax codes, there are currently very few homes for sale. 2018 will tell its own story as the market adjusts to the new tax laws, and slightly higher interest rates.   

For more information about Pamela Evans, MBA, AR, Certified Residential Appraiser, or for a free quote for an appraisal call (818) 216-0591. She specializes in Dissolution of Marriage Appraisals, Mediation Appraisals,  Date of Death Appraisals for Trust Distributions and Tax Savings.   Retrospectives and Current Market Value Appraisals are available services to meet your needs.