Playa Vista Home Sales Real Estate Blog

ICON Sales Office is Opened - 2. 5. 2010

February 5, 2010 – 7:58 am
Activities in the month of January began to move quickly after the usual dip due to the holiday season.  With the addition of a couple of new listings, the total inventory in the Playa Vista condo resale market inched upward to 24.  During the first 31 days of 2010, 11 properties went pending in escrow, and four closed.  Although the total number of closed sales rose slightly from those in January of 2009, the level of pending home sales is much stronger than a year ago.  This forward-looking indicator is in-line with the trend suggested by the National Association of Realtors, which published its pending home sales index for December 2009, showing an increase of 1% from the previous month. One positive sign that points to the state of the Playa Vista real estate market is the new ICON sales office that recently opened.  Icon is the distinctive, luxury 62 – ...

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California Home Buying Tax Credit in 2010? - 1.29.2010

January 29, 2010 – 7:37 am
  The market continues to be very active, especially within the entry-level price range and up to $550,000.  For example; last week, a 980 sq. ft. 2-bedroom condo entered the market and in only one day, went pending.  With low inventory and limited quality listings, buyers are competing for reasonably priced properties in good condition and in quiet locations. We expect to see this level of market activity remain high during the entire first quarter of this year, due to many homebuyers that are taking advantage of the federal home buying tax credit.  Additionally, with help coming from the Federal Government, the market may receive an additional boost from the state as well.   According to the Sacramento Bee, California Governor Schwarzenegger announced a plan that would help stimulate the California housing market so that new California homebuyers would get state tax credits of up to $10,000 this year under a new stimulus ...

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Short Sale vs. Bank Owned R.E.O. - 1.22.2010

January 22, 2010 – 7:33 am
  More and more buyers are looking for distressed properties, thinking the deals are there.  In today’s market, buyers will typically find two types of distressed properties: short sales and bank owned REOs.  These properties are different in that short sales are homes that sell in pre-foreclosure phase, while REOs are homes that sell after foreclosure.  There are pros and cons to buying either type of property. A short sale is defined as a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.  There are typically at least three or more parties involved: the owner/seller, buyer, and lender(s).  All parties have to agree on the terms before escrow can open.  The short sale approval process is lengthy, sometimes taking one to six or more months. R.E.O. stands for Real Estate Owned. An R.E.O. is a property, owned by a lender, ...

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$6,500 Federal Tax Credit for “Move Up” Homebuyers - 1.15.2010

January 15, 2010 – 7:43 am
  Local agents agree that the real estate market will soon return to the same high-energy activity levels seen before the holidays. Already we are seeing a noticeable, steady interest from eager people showing up at Sunday Open Houses, especially in the $650,000 and below price range.  The first half of January to date, there are only three new listings in the Playa Vista condo resale market. However, five properties went pending and opened escrow.  Is it possible that prices have reached a level that is comfortable for most buyers?  Could it be that qualified borrowers are taking advantage of the 30-year fixed rate loan with interest rates hovering in the low 5% range?  Perhaps, buyers are enticed by the extended $8,000 credit for first-time purchasers, not to mention the $6,500 credit for “move up” homebuyers.  All three are good reasons for purchasers. As the April 30 deadline for these federal tax ...

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