The Playa Del Rey Condominium Market Report for the month of September 2011
Every month as I am about to write my Condominium Market Reports, I am a bit nervous and wondering how the particular pocket of the area fared, since I am unable to gage the activity based on the news media’ s observations. I am confident based on the activities of the past couple of months that we are heading in the right direction.
Interest rates are at an all time low and the Stock Market has been a Roller Coaster Ride, hence a perfect recipe to go to the safer area i.e.: Real Estate Investing. From my personal observations I am still getting a lot of inquiries from foreign buyers, hence to me this is an indication that the devalued Dollar and the low Prices is still a fantastic opportunity to buy investment properties in Los Angeles and vicinity.
Now with that said let’s look at the actual activity for Playa Del Rey for the month of September 56 Active Condominiums on the Market available for purchase. The least expensive one is a Single with One Bath of approximately 612 square feet of living space for the asking price of $209,000. At the other extreme, the most expensive Luxury Condominium is a three bedroom and three and bath with 2,200 square feet of living space for $2,175,000.00. This was interestingly an increase in price on the high as well as the low end. Also it was an increase as well in the number of properties on the market compared to the previous month.
There were 12 Properties in Backup-Status, where the buyers still have not removed their contingencies. There were 2 Condominiums in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. Interestingly there are 11 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. The Sold statistic consisted of 6 Condominium that closed during the month of September. This is a large increase of activity compared to the previous month.
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 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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