Hollywood Riviera 1st Quarter 2010 Sales Statistics -
Here we are with our first quarter 2010 over already - it sure has gone by fast if you ask us. So far market activity has been brisk with the number of sales up 80% over this time last year. The average price is holding steady with less than a 1% decline. You can see the numbers overall have come down since 2006 (which is not shown but was used in the % change Y over Y column for 2007) average price of $1,221,927 a total of 16.7%.
Our market has also been affected by the number of Short Sales and REO's as well especially in 2010 - the "Pending" sales show that 5 of the 14 homes in escrow are in some sort of distress position. From what websites like www.ForeclosureRadar.com report we will be seeing a lot more of that activity in coming months. It's too bad that the banks who benefitted greatly by our tax dollars can not be more flexible with people who are struggling from job losses and cut backs. There is a lot of money out there available to people for loan modifications, but sadly that does not mean it's easy to obtain.
Will be curious to see what the 2nd quarter brings. Only time will tell.