Century City Condominium Market Report for January 2009

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708

 I have been monitoring the Century City Condominium Sales activity for quite some time, but I chose not to publish it previously. I have been receiving requests from buyers and sellers to give these statistics. Here is a New Year, a new President, so here we go this is my first Market Report for Century City/ Westwood Condominiums. This will be a monthly report with a year end summary.

Instead of just giving a snap shot of the Market I would like to frame the current Activity in relationship to the past two year.

 For the month of January 2007 there were 44 Condominiums that sold in Century City/Westwood area.

For the month of January 2008, there were 21 Condominiums, which sold in Century City/Westwood area.

Now before I give the 2009 figures I would like to bring to every one's attention. That we had a tightening of credit, a severe economic downturn which has led to record job losses, making it difficult or impossible buyers to step into the dwindling pool of potential buyers of real estate. Consumer confidence has been at an all time low.

For the month of January 2009, there are 289 Active Condominiums on the Market.14 are in Escrow where the buyers have not removed their contingencies and there are 35 in Escrow that appear to be solid. 13 Condominiums were sold this January.

Evidently the euphoria of the New Political momentum has not translated into a solid Consumer Confidence yet. Neverthe less, today there are fantastic opportunities out there to Choose, Negotiate and Buy a home. Interest rates are at a forty year low, inventory is at about an eight month level and there are many nervous sellers willing to negotiate. This Translates to fantastic Buying Opportunities.

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,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 EndreBarath@TheMLS.Com  or visit one of my websites at http://www.endrebarath.com

 

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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

Hi Endre, nice synopsis of why things are the way they are. Although January transactions seem to be low, there are almost four times as many just "waiting" to close, that should be somewhat encouraging.

Feb 03, 2009 07:13 AM #1
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Silvia, you are absolutely correct once the ones close that will be encouraging.Thank you for your constructive observation.

Feb 03, 2009 09:47 AM #2
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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