Playa Vista Condominium Market Report for July 2010

People like to say that the "dog days of summer" are here. Well it depends on how you interpret the information as well as what your outlook on the future is. I find it ironic most of the so called experts do not look at current data, now with that said I would like to give you the actual numbers for the month of July and you determine how we fared.

This month there were 43 active Condominiums listed for sale in Playa Vista. This just for the record an 8.8 per cent increase in the inventory. As I said many times the larger the inventory the better the selection as well as the list price tends to be more reasonable.

If you listen to the news you would have been told that there was a 75% drop in Pending Escrows. My answer has always been let us look at the Real Estate market by Micro Markets just as there are over 2000 wineries in Napa, CA not all are selling by identical pace nor by identical price. The Playa Vista Condominium community is a luxury condominium life style. We call it a resort style living, as if it was a private community in the middle of Los Angeles proper.

Well as it turns out last month there were a total of 9 condominiums which were pending and Accepting Backup offers. This is a drop of 52% month over month, this obviously must be watched closely and see how it develops.

Closed transactions were down as well. During the month of June there were 14 Sales vs. the month of July only had 10 Closings. In spite of these numbers, I see a great deal of activity. I see buyers are out. Particularly I am working with quite a few foreign buyers, who tell me that the opportunities are great here and they are taking advantage of the buying opportunities here.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.