Westside Real Estate in Review - 2009 RE information

Westside Real Estate in Review

The real estate market from late 2008 through the fall of 2009 was characterized by uncertainty and falling real estate prices over those many months. Below you will find information accumulated from the Multiple Listing Service provides an overview of the sales activity of 2009.


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Venice - 120 houses sold with an average days on market (DOM) of 76 days. The average price per square foot was $656/ft down from $784/ft from the prior year. The highest sale was 1311 Abbot Kinney Blvd which sold for $5,600,000.

Palms/Mar Vista - 235 houses sold with an average DOM of 55 days. The average price per square foot was $481/ft down from $531/ft the prior year. The highest sale was 4056 Marcasel Avenue which sold for $2,500,000.

Santa Monica - 188 houses sold with and average DOM of 72 days. The average price per square foot was $744/ft down from $835/ft the prior year. The highest sale was 703 Palisades Beach Road which sold for $6,500,000.

Brentwood - 217 houses sold with an average DOM of 94 days. The average price per square foot was $767/ft down from $969/ft the year before. The highest sale was 25 Oakmont Drive which sold for $15,150,000.

Pacific Palisades - 197 houses sold with an average DOM of 96 days. The average price per square foot was $678/ft down from $835/ft the year before. The highest sale was 1730 San Remo Drive which sold for $14,500,000.

Marina Del Rey - 25 houses sold with an average DOM of 121 days. The average price per square foot was $460/ft down from $542/ft the year before. The highest sale was 143 Voyage Mall which sold for $2,275,000.

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Bank real estate lending policies have become very restrictive in 2009, especially when borrowing for homes selling for more that $1 million dollars. Loan applications are getting much more scrutiny. Inventories of homes grew from January into the summer months, including higher end properties putting downward pressure on prices.

Buyers are being extremely selective and in many cases were looking for "a deal" and those deals were out there. Westside properties were not immune to the downturn, though when compared to the San Fernando Valley and other neighboring areas real estate prices did not fall nearly as far.

The above review is useful. But maybe it would be more useful if it also listed the lowest sale! LOL

Keith

11941 Wagner Street - $768,000 - in Culver City CA

A very nice Family House. Central Heat and Air Conditioning. Hardwood floors. Plantation shutters throughout the house. And a guest house (with permit)

Remodeled Kitchen 2006. Large Executive Sink. SubZero refrigerator w/ Glass door. Viking gas cook top. Built in Double Oven. Microwave, Warming Drawer. Extra prep. Sink. Very nice Cats Eye Granite counter tops.

Breakfast nook off of kitchen. Step down Great Room with Fireplace. Master bathroom has extra large spa tub.

Fruit trees in front yard are Lemon and Oranges.



11941 Wagner Street

This is priced right for today's market. With a few little tweaks here and there this can be a great family home for any growing family.

Please Forward to any buyers you may know.

Thanks Keith

HotIgloos.com - new map serching for apartments

Apartment hunting in Los Angeles just got easier with a new site called Hot Igloos. I think the new site will make a big shift away from the WestsideRentals.com site that is charging people way to much money to view the listings.

And this site has a much better search feature than CraigsList.org

So I am starting to use it. And recommending it to all the local housing providers I know as well.

What do you think of this listing on the site?

http://www.hotigloos.com/Listing/Rentals/19990264.html

This is for the One Bedroom up at 18th Street in Santa Monica.

Or start at the home page and select your desired area. www.HotIgloos.com

Have fun searching for Free!

Keith