Beverly Hills is still hot. Are prices coming down? Perhaps. But as I check the recent solds in the area, I'm surprised at how close the SOLD price is to the asking price. In some cases, for the more expensive condos, there's a marked difference in Sale Price vs. List Price, but in those same cases, it seems that Days on Market was shorter too. Much of the west side seems to be holding its own. Many of my foreign clients are waiting for that perfect deal in Beverly Hills, and they are still waiting. I believe that time is on their side--that eventually, something will pop up that my buyers think is the answer, but when.... Now may be the perfect time to buy.
For properties on the market for several days or months, you see price improvements. To me this is a signifcant sign that the seller is serious about selling. I feel buyers might have a good chance of securing a "deal" on these listings as the seller seems to be quite motivated. I understand buyers who want to wait and see. No one wants to pay $2,500,000.00 for a property that might be worth 20% less in a couple of months. But how long does one want to hang with the 'wait and see" attitude? How long before it's too long? It's a buyers market right now. Buyers can write offers much below asking. Chances are that the seller isn't getting too many offers, so there's little if any competition for the proeprty. Therefore, if the buyer really wants the property, go for it on the buyers terms. Or wait til its too late.