Playa Vista, CA Condominium Market Report for the month of July, 2011
I just returned from being on the East Coast in Boston, MA. Hence two of my Market Reports are late. Hope you did not have to wait too long. Anyway let me jump in and give you the Playa Vista, CA Condominium Market Report now.
Finally the Debt Ceiling cloud is resolved for now and buyers and sellers of luxury Condominium in Playa Vista can return to what we call the ‘normal real estate market’. When I say ‘normal’, I am referring to the new “normal” in today’s turbulent economic times.
The long term ramifications are unknown at this time. Once thing is clear there will be an economic slowdown for a number of reasons. One important reason is the Economic uncertainties in Europe, particularly Greece, Spain and Italy. You might be wondering, what effect will this have on the Playa Del Rey, CA Condominium Real Estate Market?
The answer is very clear Mortgage Rates have been falling dramatically and we are back to historic low interest rates. Hence the historic low prices coupled with the historic low interest rates create a fantastic opportunity to step into the Playa Vista, CA real estate market.
This in turn is creating not only for first time buyers’ great opportunities, but for investors who understand that during uncertain times more people tend to lease and this high demand for leasing will increase Rental Rates in the long run.
I know that there has been a lot of concerns that the Fed has been downgrade, because it holds AA+ debt, please do not fall into the trap of what I call “headline-panic”, there are countries such as Ireland, France and Japan to name a few who’s dept is much worse than the US and they still have AAA rating. This is more favorable to Real Estate, because it will drive many investors out of the Stock Market into safer long term investment such as Real Estate. Hence be prepared this will increase Demand and might even fuel the Real Estate Market from a buyer’s market into a seller’s market.
Currently there are 29 Active Condominiums on the Market available for purchase. The least expensive one is a One Bedroom One and a half Bath of approximately 1,149 square feet of living space for the asking price of $315,000. At the other extreme, the most expensive Luxury Condominium is a three bedroom and three and bath with 2,169 square feet of living space for $875,000.00.
There were 6 Properties in Backup-Status, where the buyers still have not removed their contingencies. There was 1 Condominium in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. Interestingly there are 6 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. The Sold statistic consisted of 11 Condominium that closed during the month of July.
For your convenience, I am enclosing a link to last month’s Report, which also has a link to the last six months in order that you could see the trends. As you know in Real Estate it is nice to know the snap shot of the moment, with the understanding of the trends. http://actvra.in/dJb
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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