Westwood -Century City Condominium Market Report for December 2011

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/qPL

Westwood- Century City Condominium Market Report for December 2011

As we closed this challenging year in Real Estate and in the overall Economy, I am truly glad we can start a New Year. So let’s review, we had the fear of a double dip recession, European crisis in Italy, Greece, Portugal to name a few. Then we had the Japanese Tsunami and the various other catastrophes around the world. All this has impacted the housing market. Let’s keep in mind that the debt crisis at home and in Europe will continue to linger on in 2012. Ironically this volatile economic environment will push investors into the Real Estate Market. I anticipate this migration to the “safety” of “Real Estate Investments” in the coming year of 2012.

Century Park East Motor Court

 

The good news Fannie Mae & Freddie Mac will continue to guarantee new mortgages on the conforming loans, what I call the “fuel” of the real estate recovery. The other great news is that nearly all of the economic data that was released in the 4th Quarter of 2011 point to improvements, which is a recipe for a stronger housing market activity! THE BEST NEWS: consumer confidence has improved, which translates to increase in spending in all areas, including housing.

 

Now with that said let’s look how the Real Estate activity fared for the month of December.

 

There were 247 Active listings on the Market waiting for buyer in Westwood-Century City. There were 24 Properties Accepting Backup Offers and 2 on Hold (an indication of Short Sale) and there were 24 Properties Pending waiting for Escrow to Close. There were 43 Sold Condominiums for the month of December in Westwood – Century City.  I would like to let everyone know, that in the past five days I have seen a great deal of activity in all price points, hence the delay of this report. I anticipate a very strong and much improved 2012.

 

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 at310.486.1002 email me athomes@endrebarath.comor visit one of my websites athttp://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

 

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Ambassador
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Endre, nice analysis.  We all just need to remember "under all is the land" and in most cases, it can't be moved regardless of what economy we are in, real estate therefore remains a solid investment for those who have the vision and believe in its potential!

Jan 06, 2012 12:46 PM #1
Ambassador
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Endre - that's a very encouraging report and bodes well for an improving market in 2012. Ad I couldn't agree more about the attractiveness of real estate as an investment strategy in our current economic situation.

Jan 06, 2012 12:50 PM #2
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Silvia, well said, just to underline what you pointed out I was with investor clients all day yesterday and with another investor client today...

Dick outside of Real Estate the only good place I could see putting money is in precious metals:)

Jan 06, 2012 12:59 PM #3
Rainmaker
722,487
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Endre

Thanks for the post. Thanks for the very positive report. Have a great 2012

Jan 06, 2012 02:25 PM #4
Rainmaker
873,318
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Hi Endre,  This is a very nice, easy-to-understand market report.   I also anticipate a very strong 2012. Wishing you a Happy New Year!

Jan 06, 2012 03:47 PM #5
Rainmaker
3,362,459
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Endre -- Nicely presented recap of the Westwood/Century City market.   Of course, who doesn't want to live in Southern California?  Here's to our mutual success in 2012!   

Jan 06, 2012 04:28 PM #6
Ambassador
1,470,875
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

A great upward trending report, Endre. Looks like things are moving up all over and I'm sure you are helping!

Jan 07, 2012 12:46 AM #7
Rainmaker
542,530
Rob Spinosa
Guaranteed Rate, Marin County, CA - San Anselmo, CA
Vice President of Mortgage Lending, Marin County

Endre --- I agree with your points on the economy (especially FNMA/FHLMC --- since Congress bankrolled part of the payroll tax cut extension with increases in fees to them --- guess they won't be disappearing any time soon!), and I especially agree with the positive tone of your post.  2012 is looking very good and I'm optimistic.  Let's make it a great year!

Jan 07, 2012 12:54 AM #8
Ambassador
2,079,969
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Endre - I wanted to stop by and wish you a fantastic 2012~! This year is going to ROCK!

Jan 07, 2012 03:02 AM #9
Rainmaker
732,653
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

43 condos in Westwood Century City sold in December is pretty impressive. Good market report for buyers who would like to move into that neighborhood.

Jan 07, 2012 05:07 AM #10
Rainer
308,124
Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

I hope you are right about the predicition that people will be migrating back to the safety of real estate.  Prices here in Manhattan are very stable but they still have dropped 1% per sq. foot in the last year.

Jan 07, 2012 05:29 AM #11
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Patrick, it is good to be able to report something positive for a change:)

Elyse, I was out showing income property New Years eve day to investors, since then I have been out with two other investors and we were writing offers!

Jan 07, 2012 11:10 AM #12
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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