Los Angeles Real Estate Market Observations: end of August, 2014 The Trends are good!
Since this past June, I have been meaning to write about how the Real Estate Market is doing in the Greater Los Angeles area. Thank fully I have been so busy that it became July and then August. I did not want to let it become September so here I am trying to pass on my observations.
As by now, most of my readers have become accustomed to the idea that Los Angeles is not your average Real Estate Market. Just to give you an idea within a fifteen mile radius you can have $300,000 homes as well as $100 million dollar homes. Most people have a difficult time accepting this concept.
Well not wanting to digress too much, we have sixty square miles of Los Angeles Real Estate. If we draw an imaginary line as a border that would be the Hollywood Hills on the North, then if we consider the Pacific Ocean on the West and Venice Blvd on the South and Highland Avenue on the East, we basically created what we call the West Side of Los Angeles.
Clearly you can see that even this is too large of a territory to lump into one market observation, especially, since inside this square we have Santa Monica, Venice, Marina Del Rey, West Los Angeles, Brentwood, Westwood, Century City, Beverly Hills, West Hollywood and part of Hollywood does not tell anything but trends. Then within these areas there are Micro Markets such as Ocean View Homes, homes with views of Century City, homes with views of Downtown Los Angeles to name a few. There are also gated communities in the Hollywood Hills as well as Gated Communities in Brentwood and Bel Air as well as Gated Communities in Beverly Hills 90210 Zip Code to name a few.
In order to get truly an accurate pulse of how the real estate market is doing we need to look at each pocket. Then we need to look more focused at the Single Family Homes in the areas, The Luxury Homes in the same areas as well as the Ultra Luxury homes. As you can see I have not even addressed the Condominium Market in the same areas, nor did I address the Full Service Buildings vs. the self managed or minimum service buildings. There are many different markets as you can see add to that the Investment Properties so when someone sees the News like I said all they get is trends.
Needless to say the Price Increase is 9% for the overall properties in the overall West Los Angeles area. This is great news if you are a Seller. If you are a buyer do not wait too long because in a median Sold Price that is about a $65,000.00 increase and if you do not step into the Real Estate Market soon you will be buying the same home for more money.
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, Playa Vista, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 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.
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