Playa Vista, CA Condominium Market Report for the month of July, 2011

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Real Estate Agent with Berkshire Hathaway HomeServices 01238708
http://actvra.in/gRH

Playa Vista, CA Condominium Market Report for the month of July, 2011

I just returned from being on the East Coast in Boston, MA. Hence two of my Market Reports are late. Hope you did not have to wait too long. Anyway let me jump in and give you the Playa Vista, CA Condominium Market Report now.

playa vista,ca

Finally the Debt Ceiling cloud is resolved for now and buyers and sellers of luxury Condominium in Playa Vista can return to what we call the ‘normal real estate market’. When I say ‘normal’, I am referring to the new “normal” in today’s turbulent economic times.

The long term ramifications are unknown at this time. Once thing is clear there will be an economic slowdown for a number of reasons. One important reason is the Economic uncertainties in Europe, particularly Greece, Spain and Italy. You might be wondering, what effect will this have on the Playa Del Rey, CA Condominium Real Estate Market?

The answer is very clear Mortgage Rates have been falling dramatically and we are back to historic low interest rates. Hence the historic low prices coupled with the historic low interest rates create a fantastic opportunity to step into the Playa Vista, CA real estate market.

This in turn is creating not only for first time buyers’ great opportunities, but for investors who understand that during uncertain times more people tend to lease and this high demand for leasing will increase Rental Rates in the long run.

I know that there has been a lot of concerns that the Fed has been downgrade, because it holds AA+ debt, please do not fall into the trap of what I call “headline-panic”, there are countries such as Ireland, France and Japan to name a few who’s dept is much worse than the US and they still have AAA rating. This is more favorable to Real Estate, because it will drive many investors out of the Stock Market into safer long term investment such as Real Estate. Hence be prepared this will increase Demand and might even fuel the Real Estate Market from a buyer’s market into a seller’s market.

Currently there are 29 Active Condominiums on the Market available for purchase. The least expensive one is a One Bedroom One and a half Bath of approximately 1,149 square feet of living space for the asking price of $315,000.   At the other extreme, the most expensive Luxury Condominium is a three bedroom and three and bath with 2,169 square feet of living space for $875,000.00.

There were 6 Properties in Backup-Status, where the buyers still have not removed their contingencies. There was 1 Condominium in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. Interestingly there are 6 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. The Sold statistic consisted of 11 Condominium that closed during the month of July.

For your convenience, I am enclosing a link to last month’s Report, which also has a link to the last six months in order that you could see the trends. As you know in Real Estate it is nice to know the snap shot of the moment, with the understanding of the trends.  http://actvra.in/dJb

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 (USA) 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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Rainmaker
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Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Endre, the Playa Vista Condominium Market seems to be moving along.  Of course it may not be appropriate for me to comment from Alabama, but 11 sales for the month of July looks to be a good market for you.  I hope buyers are beginning to see the value in the current rates.

Aug 16, 2011 08:24 PM #1
Rainmaker
1,079,083
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nick if you look at my link to the previous six months you will see that the market is moving right along:)) yes Playa Vista is happening as we speak:0

Aug 17, 2011 01:59 AM #2
Ambassador
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Toni Weidman
Re/Max Sunset Realty - Trinity, FL
23 Years Selling Homes in New Port Richey, FL

Great market report, Endre. Looks like things are turning around a bit out west; and if that's how CA goes-so goes the nation (several months later).

Aug 17, 2011 07:19 AM #3
Rainmaker
259,817
Rob Spinosa
RPM Mortgage, Marin County, CA - Mill Valley, CA
Marin Mortgage Broker

"This in turn is creating not only for first time buyers’ great opportunities, but for investors who understand that during uncertain times more people tend to lease and this high demand for leasing will increase Rental Rates in the long run."

I was on vacation over the weekend and the more I heard myself talk about the housing economy, the more I realized that, indeed, this has all the makings of a classic, Buffett dynamic:  "When other people are scared, be greedy.  When other people are greedy, be scared."

 

 

Aug 17, 2011 08:37 AM #4
Rainmaker
480,069
Harrison K. Long
Coldwell Banker Previews, Irvine, South OC - Irvine, CA
business, REALTOR , GRI, Broker

Endre ... I like your Playa Vista homes sale market update and report.  The 29 active condo homes for sale there are probably great opportunities for buyers, and I will keep you in mind for a referral when our friends and customers talk about real estate at Playa Vista. 

Aug 17, 2011 01:27 PM #5
Rainmaker
1,079,083
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Rob great wisdom from Buffet thru you

Harrison, look forward to those referrals

Aug 17, 2011 07:44 PM #6
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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