Residential Prices Hit Record Highs in 2017

House and condo prices reached record highs in the San Fernando Valley and the cost of Santa Clarita Valley home ownership also rose in 2017, according to annual reports released by Southland Regional Association of Realtors. The median price of single-family homes in the San Fernando Valley climbed to an unprecedented $643,783 — up 7.3 percent from 2016 and surpassing 2007’s record $611,931. Condominiums also set a record at $410,367, up 10 percent from the previous year. In terms of volume, the total number of homes changing hands rose slightly to 5,922 single-family homes and 2,286 condominiums, with houses up 1 percent and condominiums rising 6.8 percent over 2016, the Jan. 22 report said. By 2017’s close, the number of active listings reported throughout the Valley had fallen to a record low of 819, a mere 1.3 month supply at the current pace of sales, underscoring that residents are holding onto properties. Not surprisingly, two San Fernando Valley neighborhoods made real estate database PropertyShark’s list of the nation’s 100 priciest ZIP codes (based on residential transactions) for 2017: La Cañada Flintridge (91011) ranked 64th with a median home sale price of $1.64 million; and Encino (91436) in 79th place at $1.5 million. “Part of the hesitation to sell today may be related to the still-uncertain impact on residential real estate of the recently passed tax cuts at the federal level. And, current owners also are wary about finding another home due to the region’s severe housing shortage,” association President Gary Washburn said in the reports. A Salesman’s Life In Newhall, Bob Boog Realty celebrates its 40th anniversary, and the real estate agency’s namesake characterizes Santa Clarita’s market as operating on a dual force: people moving out of the greater Los Angeles/San Fernando Valley area; and Antelope Valley commuters looking to move closer to work. “Currently, the residential real estate market in Santa Clarita is very strong,” Robert Boog said. “Low inventory and strong demand have pushed prices higher. Many places will have multiple offers and there isn’t much affordable housing, so homes sell quickly.” The son of real estate brokers, Boog grew up in Santa Clarita surrounded by listings, appraisals and sales sheets, so he originally rebelled against entering the family business. Then he attended a UCLA class led by “Selling for Dummies” author Tom Hopkins. “Tom convinced me that if a real estate agent could just forget about making money and approach the business as a way to creatively help solve other people’s problems, the money part would take care of itself,” Boog said. Since joining the family business, Boog has run Bob Boog Realty out of a strip mall on Lyons Avenue, and now son Brandon Boog and niece Kelsey Rinker work alongside him as licensed agents, as wife Roxana Boog has since 1984 — the year Bob and Roxana married. “We are a team,” Boog said of his family. Four decades into a career, Boog has definitely warmed up to residential real estate. He attributes his professional longevity to his wife and community. “Our firm has lasted a long time in Santa Clarita because of the good people living (here),” Boog said. “If it wasn’t for them, trusting us with the biggest investment in their lives, we wouldn’t have survived one year.” Hooray for Burbankwood? Imagine looking out a Burbank window one morning and spotting the Hollywood Sign. A $120,000 study commissioned by L.A. City Councilman David Ryu has suggested just that. Transportation consulting firm Dixon Resources Unlimited released a comprehensive study last month with suggestions on how to resolve issues of visitor access and traffic in the residential areas surrounding the iconic tourist magnet. In a section titled “Replicate the Sign on the Other Side of the Mountain,” the report suggested, “The city could construct another Hollywood Sign on the north side of the park or on the L.A. Zoo side of the park.” While this would duplicate the world-famous sign, it would not replace it, the study said. Dixon’s logic is that an additional sign “could spread out the impact of photo-seekers to both sides of the park,” thus reducing congestion in impacted neighborhoods. “The Hollywood Sign and Griffith Park are being loved to death,” Ryu, who represents the 4th District that includes Sherman Oaks, Toluca Lake and portions of Van Nuys, said in a statement. “It is unsustainable and unsafe. I look forward to looking at the specifics of the feasibility of these strategies.” For now, no direction is set in stone. Other proposals suggested by the report include a visitor center and aerial trams. Staff Reporter Michael Aushenker can be reached at [email protected] or (818) 316-3123.