Activity in the high-end Luxury market in the West side of Los Angeles:
Since January 1, 2007 there has been an astonishing change in the motivation of buyers in the high-end market. No longer sitting along the sidelines, everyone is a quarterback. The average of 6 accepted offers in the last 3 weeks was $250,000+ over the asking price! A probate listing I represent sold for $100,000+ over the asking with a 3 week escrow. It was, at best, a major fixer-upper.
After the doldrums of the market of 2006, this is a remarkable change. Whether it is due to overall consumer confidence, or the Fed's caution in raising the short term rates, buyers seem fearless and far more motivated. With the early Spring market taking off like a rocket, I suggest to buyers and sellers that they become sufficiently knowledgeable in the market before jumping in. Your Realtor can inform you of the recent comps in your preferred neighborhood(s) and accompany you to see the crowded open houses in your area. Knowledge is strength before listing or purchasing a home. A pre-approved buyer has far better chances to have their offer considered. Sellers, the terms of the offers will offer a key to the buyer's intent. Short escrows (30-45 days + /-) are best for both sides, with the long term interest rates beginning to rise.
At your service in the West side of Los Angeles, Malibu to Playa del Rey, Brentwood to Beverly Hills:
K.C. Soll
www.InRealEstate.com
Sotheby's International Realty
Pacific Palisades, California
310.245.6161
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