Here is my continuation of the Century City Market Report Part #2 (the 2009 year end summary)
The numbers are very interesting, many people do not understand why this occured. I suspect since the bankes were encouraged to do more short sales in lieu of foreclosures, this in turn created a demand by buyers and at the same time prevented a larger drop in the prices.
The number of Condominiums in Escrow are up by 56% compared to December 2008. Hence I do not anticipate any large drop in price nor demand for the next few months.
As you can see the inventory, i.e.: new listings have declined a great deal. Since this is a supply and demand bussiness, you will again agree with me that prices will not decline in the near term.
So in conclusion, please take advantage of the low interest rates and the tax benefits, since this will still allow you to get some great deals in the Century City-Westwood Condominium Market place.
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 firstname.lastname@example.org 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.