February Market Report – 2. 12. 2010
February 12, 2010 – 7:44 am|
Throughout the Westside, agents are reporting an active market with low inventory. The current inventory of properties in the Playa Vista condo resale market is 23, which is over 50% lower than one year ago. Sellers are waiting longer to list their homes this year, while many homebuyers are stepping up to take advantage of the $8,000 first time homebuyers’ federal tax credit, the $6,500 move-up homebuyers’ federal tax credit, and the historically low interest rate. (As of the week of February 8th, some of my buying clients were able to lock in a 30-year fixed rate mortgage at 4.875% for conforming loans.) In fact, there have been multiple offers and bidding wars on quality listings, from a $550,000, 2-bedroom condo in Playa Vista to a $1,525,000 single family home with 5 bedrooms in Westchester. Both listings went pending within the first couple of weeks they were listed on the market.
As recently as last summer, new home builders were “taking” offers and negotiating their prices and upgrades on standing inventory. However, they are acting quite differently in today’s market. For example, builders, such as Standard Pacific, are holding firmly to their asking price.
Case in point, at Dorian, Playa Vista’s most exclusive condominium building, where its residents enjoy their own concierge service, gym, and clubrooms, the builder is not negotiating much on its published prices. A recent Dorian condo listed and sold within 98% of its asking price. In fact, the sales team stressed that, with limited inventory remaining, Standard Pacific is less inclined to slash prices on the remaining inventory. Instead, the builder is taking a ‘wait-and-see’ attitude.
I would be happy to speak to you with more detail, should you like more information on the topics discussed above, properties listed below, or more information about Playa Vista real estate.
With the start of the 2010 Winter Olympics in Vancouver today and the President’s Day holiday next Monday, I hope you enjoy your fun-filled long weekend!
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