No area of Los Angeles County has entirely eluded the foreclosure and short pay issues of its residents. However, the coastal areas of Los Angeles have had the fewest NOD's and short pay problems. In some areas (i.e. Hermosa Beach) prices are still on the rise.
On Friday, a home was listed in Santa Monica. A beautiful 6 bedroom (6,000 SF) home, north of Montana Ave., in an area renowned for its highly ranked public elementary schools. By Sunday night (first open house was Sunday, Aug. 3) there were 4 offers. Needless to say, the home sold for over the asking price. I'm happy to report that my buyer was the successful bidder. But the point is that a home that is well-priced when it hits the market, will be snapped up within a week. The key is to price a home correctly in the first place. How is that accomplished? Lazer sharp attention to the most recent sales, and a motivated seller. If there are 3 other homes for sale on your block, be sure yours is the lowest price. You can't under-price a home. The buyers will bid the price up to its fair market value, as in days of yore.
Worst case scenario in pricing, if your property is on the market for over 1 week, correct/drop the price by 5% each week, until it is sold. It shouldn't take too many such reductions to find the true market value.
Please don't hesitate to call, if I can be of service. I have 30+ years of experience in the West Side Los Angeles sales and leasing. I welcome referrals. The price range I work in is from about $700,000 to $70Mil. I have the most satisfying career imaginable. Please allow me to share my knowledge and enthusiasm for the beach communities of Los Angeles. I will help you actualize your residential dreams.
Warmest best wishes,
K.C. Soll
Sotheby's International Realty
310.454.1525
Please visit my Websites: www.CoastalLosAngeles.com, www.Inrealestate.com, www.palisadesRiviera.com
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