Miracle Mile Beverly Center Los Angeles Real Estate Update

It's October 1, 2009 and we're quickly approaching the end of a challenging year for real estate. Fortunately, in the Miracle Mile area of Los Angeles, price declines have not been as dramatic as they have been in more economically depressed areas.

Homes in the Miracle Mile Beverly Center Area are still selling with most the action happening in the price point below $1 million. When listings come on the market at prices that are perceived as good value, it is not uncommon to see multiple offers.

For homes in the higher price point ($1,200,000 and up) we continue to experience a more sluggish market. I get the sense that Buyers are waiting for further price adjustments before they will step up and wirte offers. In the past 2 months only 4 homes have closed escrow in this price point and all of them at discounts of at least $100,000 from the original list price. Buyers with the qualifications are in a powerful position to negotiate in this price point. Now may be a good time to get out there and write low offers when you have less competition. Some of these Sellers really need to sell.

Other parts of LA are experiencing a robust market. Parts of the San Fernando Valley are seeing many mulitple offers. I had a Buyer who was constantly fighting with as many as 20 Buyers on the same property. It seems like Buyers sense that the market has hit bottom there and they want to take advantage of the low interest rates and tax credits while they last.

We are seeing some light at the end of the tunnel. I work at one of the larger more productive offices on the West side and September was actually a pretty good month with deals closing in all price points. Every Tuesday I go out on Broker's Caravan to see the new listings and the past few months have been very quiet with not much new stuff coming on the market.

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