We sat down with Stephen & Liz Kaseno who are Estate Directors And International Marketing Specialist, to discuss the changes occurring in the L.A. real estate landscape and what we can expect to witness in the next few years.
What is the most rewarding aspect of working in real estate?
Helping people achieve their dreams. Whether people are buying their 1st home or condo to people acquiring the mansion they dreamed about owning as a child, nothing is more rewarding than that. A recent buyer who was purchasing a multi-million-dollar home, grew up in another country with absolutely nothing and dreamed of this. Now in a couple of weeks we will be handing him the keys to his dreams.
What is the state of the real estate market?
I have had several people come to me recently and say that they think the market is due for a correction. My response to them is this: I have been selling residential Real Estate for over 30 years and have seen many dips and dives. Ordinarily I would agree with them. However, this market and economy is far different. We have had a slow and sustained runup.
The runup is not built upon bad paper/loans. Lastly, the economy is extremely strong on all fronts. Most especially unemployment. Never in my years of doing Real Estate have I or anyone else seen virtually full employment. Basically, anyone that wants a job can get one. Previous, market drops have been precipitated by large increases in unemployment. Based upon this I predict the Real Estate market to remain balanced. Hovering between a seller’s market to a neutral market.
What impact will the high real estate prices and higher interest rates have on the market?
Continuing the thought from the previous question. If you have everyone that wants a job able to find one, then employers for specific technical jobs will be in high demand. Those employers to compete for talent will have to pay more to those people and pay more to their existing employees to keep them happy as well. This will lead to higher salaries and income, thus people being able to qualify for the higher prices and rates. One last aspect of record low unemployment more people will have income to qualify at the lower end of the market. When those homes sell at the lower end, those seller’s move up and so on up the price ladder. This is called the Move Up Market. When you have a strong move up market it leads to the best and balanced Real Estate Market. When All price ranges are active. This had been the missing element after the 2007 downturn.
What are LA’s most up and coming neighborhoods?
Mar Vista. Monrovia, Highland Park and Inglewood with all the construction for the new Football Stadium being built.
What are your favorite restaurants in LA?
Depending on the mood and the day. For a night out on the town, the Rooftop by JG at the new Waldorf Astoria in Beverly Hills. It offers exceptional food with unmatched views of the city. For a quick lunch if I want something bad, Michaels Burgers on Topanga Canyon in the San Fernando Valley. Lastly, for breakfast, Lovi’s in Calabasas.