Marina Del Rey CA Condominium Market Report for the month of August 2011

Marina Del Rey CA Condominium Market Report for the month of August 2011

 There has been a lot of Turbulence in the world as well as the US economic arena. This always makes me pause and wonder what effect it will have on Real Estate in my geographic area of practice. Interestingly I have finished posting three other micro real estate markets and they all fared very well. So with that said, let’s see how the numbers were in Marina Del Rey, CA.

Currently there are 139 Active Condominiums on the Market available for purchase.  This was a huge drop from the previous month. The least expensive one is One Bedroom of approximately 778 square feet of living space for the asking price of $189,000.   At the other extreme, the most expensive Luxury Ocean view Condominium is a three bedroom and three and a half bath with 3,848 square feet of living space for $3,950,000.00.

There were 9 Properties in Backup-Status, where the buyers still have not removed their contingencies. This is a huge increase from the previous month. There was 1 Condominium in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. I always wonder is that an indication of Banks approving the offers faster or is it, that there are fewer Short Sales. I suspect it is somewhere in between. Interestingly there are 17 Properties that are in Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. This is a slight increase over the previous month’s numbers. The Sold statistic consisted of 24Condominium that closed during the month of July. This was a huge increase over the previous month. Hence it proves that the savvy buyers were not affected by the turbulence in the world and US Markets and understood the value and proceeded with their purchases.

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.