Stunning $4.4 Million Midcentury Modern Home in Calabasas Comes Complete With Airstream and Quirky Converted Shipping Container
MLS via Realtor.comAn immaculately decorated midcentury modern home with a wealth of quirky amenities has hit the market in Calabasas, CA, for just a hair under $4.4 million.The property, which was built in 1956, has had just two owners since it was completed, both of whom have painstakingly maintained its original design and layout, while adding just a few unique and modern touches.The sellers snapped up the three-bedroom, two-bath home in 2019 and embarked on renovations that included updating the kitchen and baths, while still maintaining its architectural integrity. Original to the home are its adobe brick; post-and-beam ceilings; and the living room’s wood-burning, sunken fireplace and slate floors.One of the property’s more eye-catching elements actually sits on its 4.31-acre plot: a vibrant, painted Airstream that has been turned into a giant art piece, adding a funky pop of color to the lush grounds.Although the vehicle needs to be restored, listing agent Tracy Bunetta, with Sotheby’s International Realty – Malibu Brokerage, notes that it can in fact be used as a temporary accommodation for guests who are happy to enjoy a more rustic setting.In the sunken living room is the original wood-burning fireplace.Josh Bustos Architectural PhotographyThe sellers updated the kitchen while retaining the post-and-beam ceilings and other architectural features.Josh Bustos Architectural PhotographyThe bedrooms, including this one, are filled with light.Josh Bustos Architectural PhotographyAll of the baths in the home have been updated by the sellers.Josh Bustos Architectural Photography“You could camp in it, but you’re not going to live in it,” Bunetta jokes. “It’s a fun art piece, but not in great shape.”However, that’s not the only external asset this $4,398,000 home has to offer.Also located on the property is a converted shipping container that has been transformed into a sleek and modern studio and office space.While the painted exterior, complete with graffiti tagging, would not be out of place in a shipping yard, the inside has been given a stunning makeover to turn it into a modern oasis for anyone seeking a quiet, private place to work.Additional outdoor amenities include a workout area and yoga spot, as well as a vast fire pit and a “charming” container pool—making the property a perfect spot for those who love to host and entertain multiple guests at a time.If the weather is not ideal for an outdoor gathering, guests need only duck inside to the property’s “cantina,” which boasts a full bar, lounge, and an optional fourth bedroom and bath.The cantina is an entertainment-focused space on the property.Josh Bustos Architectural PhotographyA custom-painted Airstream parked on the property is a cool spot to entertain or hang out.Josh Bustos Architectural PhotographyThe pool in the property’s yard is a repurposed container.Josh Bustos Architectural PhotographyThe repurposed shipping container could be used as an art studio or home office.Josh Bustos Architectural PhotographyThe home sits in the Malibu Canyon neighborhood of Monte Nido, near the historical Saddle Peak Lodge, popular for its dining.According to Bunetta, the property also offers unparalleled access to Calabasas’ beautiful natural surroundings, both on the lot— which features native oak and sycamore trees—and in the local area.“It’s hard to find this bucolic, sleepy neighborhood so close to L.A.,” says Bunetta, “And having 4.5 acres is a rarity. It’s surrounded by national parkland, local parkland, and Santa Monica Mountains National Recreation Area.”These local trails are used for horseback riding, hiking, and bicycling.“It’s a very rural lifestyle, but you’re six minutes from downtown Malibu, Bunetta says. “On the other end, you can be in Agoura Hills with shopping and doctor’s offices. You have access to everything within a short period of time.”She adds that another perk is a tight-knit neighborhood of 275 homes, where everyone is “really connected” and there are plenty of community events.
Mortgage Rates Rise to 6.72% Amid ‘End-of-the-Year Uptick in Activity’
Realtor.com; Getty Images (1)Mortgage rates ticked up from 6.6% last week to 6.72% for a 30-year fixed home loan for the week ending Dec. 19, according to Freddie Mac.“This week, mortgage rates crept up to a similar average as this time in 2023,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “For the most part, mortgage rates have moved between 6 and 7 percent over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity.”Indeed, despite stubborn interest rates, the housing market is not stuck in its usual December deep freeze.“We see some indicators possibly reflecting an end-of-the-year uptick in activity as both buyers and sellers look to close on the purchase or sale of a home before the new year,” explains Realtor.com® senior economist Ralph McLaughlin in his analysis.With the holidays just around the corner, here’s a snapshot of the latest housing market data and what it means for homebuyers and sellers in the latest installment of our Weekly Housing Market Update.The Federal Reserve cuts ratesThe Freddie Mac rate for a 30-year mortgage moved slightly higher this week as markets reacted to Wednesday’s Federal Reserve meeting.“The Federal Reserve’s Open Market Committee cut the federal funds rate 25 basis points, falling in line with market expectations,” says Realtor.com senior economic research analyst Hannah Jones.Because investors had anticipated the Fed’s recent rate cut, it has already been factored into the long-term bond markets, which are the primary drivers of mortgage interest rates.Consequently, the latest rate adjustment is unlikely to trigger sharp changes in mortgage rates.The housing market outlook for 2025The Realtor.com economic research team projects that mortgage rates will average 6.3% through 2025 and end the year at around 6.2%.“Generally, we expect mortgage rates to ease and home prices to tick higher in the coming year, resulting in very little, if any, change in the cost to purchase a home,” says Jones.Yet buyers in many areas, including the 2025 top markets, will be in a more favorable position as more new and existing homes are listed for sale.However, even though 2025’s housing market is expected to be the most buyer-friendly since 2016, “it will not cross into buyer’s-market territory,” according to Jones.She says sellers will also be in a good position next year since household real estate equity remains near last quarter’s record-high of roughly $266,000 for existing homeowners.Prices take a tumbleWhile home prices may rise next year, buyers hoping to snag a home before year’s end have some good news.The median listing price fell by 1.2% year over year for the week ending Dec. 14. (The median home price was $416,880 in November.)This marks the 29th week in a row in which the national median home listing price was down or remained flat from the corresponding week last year.However, that listing price does come with an asterisk.When a change in the mix of inventory toward smaller homes is accounted for, “the median listing price per square foot increased by 1.4% this week compared with the same time last year,” says McLaughlin.Housing stock is upNew listings shot up for the week ending Dec. 14 by 7.9%, giving buyers an unusually high number of fresh homes to tour.Indeed, the past two weeks have brought the highest combined two-week increase in new listings since April.This reflects “a rising desire of existing home sellers to sell their home and, in many cases, also buy a new one,” explains McLaughlin.This late-season increase could lead to a noticeable but modest spike in housing market activity throughout the remainder of the year.Overall, buyers had more homes to choose from in the week ending Dec. 14, with 23.4% more homes on the market than the same week a year ago, marking 58 straight weeks of housing stock growth.“This increase should help lead to a more balanced housing market heading into 2025,” explains McLaughlin.Pace of homes slows downHomes lingered on the market seven days longer for the week ending Dec. 14 compared with this time last year. (The typical home spent 62 days on the market in November, the slowest November in five years.)However, “this is down from eight days last week and is the lowest year-over-year change since September, when rates bottomed out,” explains McLaughlin. “This trend could be due to the relatively small but recent downward trend in mortgage rates.”Even so, “buyers are taking their time,” he adds.
Sales of Existing Homes Jump to Their Highest Level Since March in Pre-Holiday Surge
Getty ImagesSales of previously owned homes rallied in November as more buyers came off the sidelines, breathing life into the housing market ahead of the holidays.Total existing-home sales increased 4.8% from October to a seasonally adjusted annual rate of 4.15 million last month, the National Association of Realtors® reported on Thursday. The November sales figure, which excludes new construction, represented a 6.1% jump from one year ago, the largest year-over-year gain since June 2021.“Home sales momentum is building,” says NAR Chief Economist Lawrence Yun. “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.”Home prices continued to march higher, with the median existing-home sales price of $406,100 up 4.7% from a year ago, the 17th consecutive month of year-over-year price increases.Mortgage rates also remained elevated, averaging 6.81% in November after dipping to a two-year low of 6.18% in September, according to Freddie Mac.“What may be happening is that consumers are getting used to these mortgage rates,” says Yun. “They are no longer expecting that 3% to 4% mortgage rate that happened during the early years of COVID.”Prospective homebuyers have also benefited from a number of buyer-friendly trends that have emerged in recent months, such as a rising supply of homes on the market and an increase in listings with price reductions.“Homes with November closings generally went under contract in September and October, when shoppers benefited from an uptick in newly listed for-sale homes,” says Realtor.com® Chief Economist Danielle Hale. “Increased buying power, as mortgage rates declined to a two-year low in September, brought shoppers to the market, and the late September surge in rates created a sense of urgency that likely contributed to the uptick.”Sales grow in most regions as inventory remains strongThe supply of houses on the market ticked down in November, following typical seasonal trends, but remained much higher than levels seen a year earlier.Total housing inventory stood at 1.33 million units at the end of November, down 2.9% from October but up 17.7% from one year ago. It represented a 3.8-month supply at the current sales pace, down from 4.2 months in October but up from 3.5 months in November 2023.The number of closed sales of existing homes grew monthly in every region except the West, where they were unchanged from October at an annual rate of 770,000, up 14.9% from a year ago. The median price in the West was $628,200, up 4% from a year earlier.In the Northeast, existing-home sales rose 8.5% from October, to an annual rate of 510,000, up 6.3% from last year. The median price in the Northeast was $475,500, up 9.9% from last year.Existing-home sales in the South climbed 5.6% on the month, to 1.87 million annualized in November, up 3.3% from one year before. The median price in the South was $361,300, up 2.8% from one year earlier.In the Midwest, existing-home sales grew 5.3% in November, to an annual rate of 1 million, up 5.3% from the previous year. The median price in the Midwest was $302,000, up 7.3% from November 2023.Despite the uptick in sales for November, the country is on pace for a weaker year of home sales than in 2023, when just 4.09 million existing homes were sold, the lowest level since 1995.“It has been a difficult market for would-be homebuyers. Some of the obstacles in the market will ease somewhat in 2025 as listing activity increases and mortgage rates come down slightly,” says Bright MLS Chief Economist Lisa Sturtevant.“Pent-up demand that has been building over the past two years will be unleashed, and 2025 sales should outpace 2024,” she adds. “Buyers should still expect to encounter a competitive market in the year ahead.”
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