A Real Estate Pandemic Induced Boom

Stuffing a family at home on lockdown has created a boom for more living/work space amongst those whose income has not been affected by the pandemic.

“Katerina Krumwiede wasn’t looking to move.

She and her husband, Rob, recently spent “well over” $100,000 on a complete remodel of their Encino house that added a backyard gazebo, custom kitchen countertops, new roof and imported bathroom tiles from Spain.

But Krumwiede, 40, said the single-story house still lacked quiet space — a drawback when the COVID-19 pandemic hit and she had to work from the master bedroom if she wanted to escape the sound of her husband’s frequent video calls.

Eventually, it became too much, setting off a chain reaction that led the family to sell their Encino home for $1.5 million and purchase a larger one in Calabasas for $1.7 million….

In November, the regional median home price jumped 11%, while sales climbed 19%, according to DQNews.”

Prices nationally rose 9.5% in November from the year before, according to the S&P CoreLogic Case-Shiller Home Price Indices. The 20-city composite showed a 9.1% year-over-year gain, up from 8% in the previous month. Phoenix, Seattle and San Diego continued to show the strongest price appreciation of all the major markets in November.

While much business slowed down last year, real estate heated as many buyers felt the need for more space and were encouraged by record low interest rates.