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State of Wetside Real Estate Market – 5.3.2012

May 4, 2012 – 8:56 am
During the past few weeks, I’ve been asked multiple times what the true status is regarding the Real Estate market recovery.  While all the numbers and indicators are pointing to a turnaround, there is a distinct difference between a positive rise in market activity and the demand turnaround versus a turnaround in pricing.  Although the former is currently happening, the latter depends on the fifty plus distressed properties in Playa Vista that are on hold in the pipeline, when and at what price they eventually sell. Since most distressed properties are priced to sell quickly, many investors are jumping in to take advantage of these depressed residential prices. However, there is one new phenomenon that is surfacing with bank owned properties. Banks are now selling properties with tenants still in place.  This arrangement is perfect for investors, but definitely poses a challenge for homebuyers who are looking to move into the ...

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A Possible Turnaround for the Real Estate Market? – 4.27.2012

April 27, 2012 – 7:52 am
In my report of last week, the majority of pending listings were in the $500,000 or lower price range.  This week saw an about face with two new listings now pending on the Playa Vista Condo resale market in the higher price range:  The first listing was a 2,460 sq. ft., 3 bedrooms + 2.5 baths in the Dorian that listed at $979,000.  The second was a 2,169     sq. ft., 3 bedrooms + 2.5 baths in Chatelaine that listed at $799,000. While buyers remain cautious, local headlines are forecasting a turnaround of the real estate market. Just check the following links for the latest. Over the past three days, the Los Angeles Times reported: Pending home sales up, 'market has clearly turned the corner'; Housing reports point to improving market; and New foreclosure actions in California drop to 2007 level.  The only way to be certain that the housing market has ...

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What’s Selling in Playa Vista – 4.20.2012

April 27, 2012 – 7:50 am
It’s April and the Playa Vista condo resale market is sizzling!  Already this month, a dozen listings are pending.  That means the market is cooking along with at least one listing leaving the inventory ‘shelf’ for the smoking hot open escrow status every other day! You might ask, what is selling?  One third of these listings are short sales, another third are bank owned REOs, and the last third are standard sales.  75% of these listings have an asking price of $500,000 or less. But look out, because some of these listings may sell for over the asking price. 50% of these pending listings have already received multiple offers.  The reality is that if a listing looks like a good deal, it most likely sells with competitive multiple offers. Take a look at my top picks for this week: Serenade #121 – 3 bedrooms + 2.5 baths, 2,590 sq. ft. This is a ...

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Playa Vista Q1 2012 Market Report – 4.13.2012

April 13, 2012 – 10:25 am
The first quarter of the Playa Vista resale condo market ended on a positive beat.  Inventory is steady, hovering in the low 30’s, while demand is strong with an increase in pending transactions when compared to a year ago.  In fact, it has become very common for sellers of bank owned REO listings and short sales to have competing buyers making offers, especially in the $500,000 or less price range. In looking at market statistics from the first quarter of this year, the average price per square foot for sold condos saw a 4% increase over the same for last year.  The turnaround is a positive sign things are moving in the right direction.  However, upon closer examination, among the 18 closings in the first quarter of 2012, the average size and square footage saw a dramatic decrease.  Over 50% of the listings sold are units that are 1,300 sq. ft. ...

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