We are coming up on the half way point of 2009 and the values along the ocean have continued downward, unfortunately, with 2007 being the height of the market for this location. Buyers are on the fence, not ready to buy unless that most amazing opportunity presents itself. (And it did recently, with the sale in our office of a beatiful ocean front home on Posilipo Lane - $8,300,000. It was purchased in 2007 for $10M; the owner was offered $16M within weeks of this purchase, an offer the owner regretfully declined.) Our office has also relisted a home above Summerland beach on Finney - it was on the market, unsold, for over 2 years, starting at $10M, and is now being offered at $6,500,000. Right down the street, is another beautiful listing in our office offered over a year ago at $6,450,000, and now as a new listing at $3,700,000. There are many more examples of "great buys."
Sales in the condo market have been almost non-existent with only one closing in the last 6 months. A true buyers' market with good inventory/selection, lowered prices, and low interest rates. www.kathleenbarnato.com to search the MLS in this area - or call!
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