Century City Condominium Market Report for May 2010

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708

Century City Condominium Market Report for May 2010. As we look at the snapshot from May1st 2010 to May 31st, 2010, we will notice that there were 277 Condominiums on the market for sale. This is an increase of approximately 9% from the previous month. I find this very beneficial; it will allow buyers to have a larger selection to choose from.

The gap between the super rich is widening and it is very clear. The highest priced condominium on the market is a Penthouse on Wilshire Boulevard; the asking price is $19,000,000.00. It consists of 6 bedrooms and 9 bathrooms with an approximate 11,179 sq ft of living space. Keep in mind the buyer, who will ultimately buy it, has many options available as far as where and what to buy.  Now to the least expensive condominium, it is a Studio (single) not even a one bedroom and the asking price is $225,000.00 and a mere 377 sq ft of living space.

There were a total of 28 Properties in Escrow and 14 have not removed their contingencies and 14 have removed them and are waiting to close escrow. These numbers are almost identical to the previous month's figures. (See my report of April.2010   http://activerain.com/blogsview/1674199/century-city-ca-condominium-market-report-for-april-2010  )

The total closed transactions were 41 for the period covered. This is an increase of 7.8% from the previous month. I find this very interesting.

I was also curious what the days on market numbers looked month over month from the previous year. So here it is, see how interesting these statistics are.

 

This was a drop of 32 per cent over the same period in 2009. The sales transactions confirm this as well. Clearly a sign of shorter times on the market translate to more sales.

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.  

 

 

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Rainmaker
722,437
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Endre,

Thanks for the post. Have a good day.

Jun 12, 2010 09:18 PM #1
Rainer
126,068
Barbara Kornegay
REMAX Essential - Wilmington, NC
Wilmington NC Real Estate, Homes

Nice stats!

"If your determination is fixed, I do not counsel you to despair. Few things are impossible to diligence and skill. Great works are performed not by strength, but perseverance."
Samuel Johnson

Jun 12, 2010 11:29 PM #2
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the information.  I would love to see the most expensive condo on the market.

Jun 12, 2010 11:31 PM #3
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Interesting stats Andre.  Pretty pricey area compared to my little section of Florida.  We have Century Village's here.  55+ small condos.  You can pick up a 2 BR for about $50,000 or less.

Jun 12, 2010 11:51 PM #4
Rainmaker
82,224
Derenda Grubb
CENTURY 21 Mike D. Bono & Co.'s - Lake Charles, LA
GRI, ABR, CRS

If someone can afford this life style, you would hope they can afford to wait until their property sells or have you run into very many with short fuses, so to speak?

Jun 13, 2010 09:14 AM #5
Rainmaker
3,205,097
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Patrick --- I am glad you like the report

 

Gita  --- I will do a post on it in the next day or too so you could see what you get for that price:))

 

Gabe-- unfortunately you can not even get Raw Land that is buildable for your price point...

Derenda -- the old saying Money is only an exellerant what ever person you are it just amplifies it. If you are nice and generous you become nicer and more generous. IF not than you are meaner

 

Jun 13, 2010 06:40 PM #6
Rainmaker
519,027
Harrison K. Long
HomeSmart, Evergreen Realty - Irvine, CA
REALTOR , GRI, Broker associate, Attorney

Endre ... 32% drop in market time for Century City condos is an interesting stat indeed. Thanks for this good post.

Jun 19, 2010 06:12 PM #7
Rainmaker
3,205,097
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Harrison, it is quite interesting what a huge drop in the marketing time I will be interested in the next couple of months which direction this goes.

Jun 19, 2010 07:30 PM #8
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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