Playa del Rey, CA

Playa Del Rey, CA Condominium Market Report for December 2011 & january 2012

It was brought to my attention that I did not do a Market Report for the month of December. For some reason it was in draft mode all this time on my computer. Anyway with my apologies you will find both Months’ numbers:

December 2011: Active properties on the Market were 48 in Playa Del Rey, CA; Accepting Backup Offers were 16; on Hold Status 1; Pending i.e.: waiting to close 7; Sold 7!

January 2012: Active properties on the Market were 42 in Playa Del Rey, CA; Accepting Backup Offers were 7; on Hold Status 1; Pending i.e.: waiting to close 6; Sold 12!

Overall this is a good sign that the Sales have increased month over month. Even though there are fewer properties on the market the buyers have moved off the fence. If this trend continues, then it might indicate that life is returning to the Real Estate activity in Playa Del Rey, CA. Keep in mind the affordability has returned to the comparable years as 2002. The interest rates are at a 50 year low. So there have been two things missing: Consumer Confidence & Momentum. In my experience, I have noticed when either one or the other is missing then the Real Estate Activity is sluggish.

Ironically Play Del Rey is a great place to live. There are many Ocean View Condominiums where the Sand is the back yard. The location is directly South of Marina Del Rey it is more enclosed, hence not a true destination place for tourists, hence it is one of the best kept secrets in the Beach Communities. Consequently, since it is less known the prices are more reasonable than Marina Del Rey and the benefits of living is the same: Beach, Ocean Views and identical climate who would not want to live here?

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002or emails me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

The Playa Del Rey Condominium Market Report for the Month of October 2011

The Global Economic volatility continues and Europe’s problems are visiting every part of the world. The roller coaster ride of will China bail out Europe or not and will Greece take the offer of saving their as well as the rest of the Global economies or will they turn it down? It was a busy month for all. Hence if you are an investor would you want to invest in Europe and specifically Greece? The answer is clear to me, if you are an investor you need to do your homework, since there is a very fertile ground right now for the Bernie Madoff’s style Ponzi schemes.

Once you do your Homework, the answer will be clear and you will discover that this is a good time to buy Real Estate in the greater Los Angeles area. Investors need to look at fixed assets such as homes, condominiums and investment land vs. the pie in the sky profits offered by “free lunch” and or “free dinner” seminars

Rental Demand is an all time high, since many of the regular buyers are sitting on the sidelines instead of taking advantage of the lower prices, all time low interest rates and nervous sellers. Therefore it is clear to me that it does not matter if you buy a single-family home or a condominium for the purpose of renting out you will do well. Hence it does not matter if you are a small or a large investor the opportunities are out there. Once you read in the Media Portals that this is the way to go you missed out on the best window of opportunity.

As long as there is such a large percent of buyers sitting on the fence Rental demand will be high and as we all know “supply & demand” side economics will assure you a good return on your investment.

Now with that said let’s look at how the Condominium activity turned out for the month of October in Playa Del Rey, CA.

There were 57 Active listings which was a drop 6.5% from the previous month’s inventory. There were 9 properties in Back-up Status which was 25% drop from the previous month. There were 2 on Hold Status (generally an indication of Short Sales) there were 3 Pending waiting to close. This was a 75% drop from the previous month. Interestingly with numbers like this I would anticipate a huge drop in the Sold category. Ironically that was not the case instead the Sold numbers increased from the previous month. September there were 6 Sold Condominiums and for the month of October there were 9 Sold Condominiums which translates to a huge increase..

This to me is a very interesting number, with all the turbulence occurring there is still a steady activity of sales occurring in the Playa Del Rey Condominium sales.

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

The Playa Del Rey Condominium Market Report for the month of September 2011

Every month as I am about to write my Condominium Market Reports, I am a bit nervous and wondering how the particular pocket of the area fared, since I am unable to gage the activity based on the news media’ s observations. I am confident based on the activities of the past couple of months that we are heading in the right direction.

Interest rates are at an all time low and the Stock Market has been a Roller Coaster Ride, hence a perfect recipe to go to the safer area i.e.: Real Estate Investing. From my personal observations I am still getting a lot of inquiries from foreign buyers, hence to me this is an indication that the devalued Dollar and the low Prices is still a fantastic opportunity to buy investment properties in Los Angeles and vicinity.

Now with that said let’s look at the actual activity for Playa Del Rey for the month of September 56 Active Condominiums on the Market available for purchase. The least expensive one is a Single with One Bath of approximately 612 square feet of living space for the asking price of $209,000. At the other extreme, the most expensive Luxury Condominium is a three bedroom and three and bath with 2,200 square feet of living space for $2,175,000.00. This was interestingly an increase in price on the high as well as the low end. Also it was an increase as well in the number of properties on the market compared to the previous month.

There were 12 Properties in Backup-Status, where the buyers still have not removed their contingencies. There were 2 Condominiums in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. Interestingly there are 11 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. The Sold statistic consisted of 6 Condominium that closed during the month of September. This is a large increase of activity compared to the previous month.

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

The Playa Del Rey, CA Condominium Market Report for the month of August, 2011

Hope everyone had a relaxing Labor Day Weekend and are ready to get back to work and finish the year strong. The month of August had a lot of ups and downs on the World Economic as well as the World Political fronts. Europe has been in turmoil and that has affected the Stock Markets throughout the world as well as the Momar Ghadafi situation in Libya has put people on the cautious side.

Currently there are 49 Active Condominiums on the Market available for purchase. The least expensive one is a One Bedroom One bath Condominium of approximately 720 square feet of living space for the asking price of $189,000. At the other extreme, the most expensive Luxury Ocean view Condominium is a three bedroom and three and bath with 2,200 square feet of living space for $2,175,000.00.

There were 5 Properties in Backup-Status, where the buyers still have not removed their contingencies. There were 2 Condominiums in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. Interestingly there are 3 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. The Sold statistic consisted of 13 Condominium that closed during the month of August.

The Statistics are very similar to the numbers in July, so all the negative detractors have not had any major impact on the Playa Del Rey Condominium Activity.

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486 or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

Playa Del Rey, CA Condominium Market Report for the month of July, 2011

I just returned from being on the East Coast in Boston, MA. Hence two of my Market Reports are late. Hope you did not have to wait too long. Anyway let me jump in and give you the Playa Del Rey CA Condominium Market Report now.

Finally the Debt Ceiling cloud is resolved for now and buyers and sellers of luxury Condominium in Playa Del Rey can return to what we call the ‘normal real estate market’. When I say ‘normal’, I am referring to the new “normal” in today’s turbulent economic times.

The long term ramifications are unknown at this time. Once thing is clear there will be an economic slowdown for a number of reasons. One important reason is the Economic uncertainties in Europe, particularly Greece, Spain and Italy. You might be wondering, what effect will this have on the Playa Del Rey, CA Condominium Real Estate Market?

The answer is very clear Mortgage Rates have been falling dramatically and we are back to historic low interest rates. Hence the historic low prices coupled with the historic low interest rates create a fantastic opportunity to step into the Playa Del Rey, CA real estate market.

This in turn is creating not only for first time buyers’ great opportunities, but for investors who understand that during uncertain times more people tend to lease and this high demand for leasing will increase Rental Rates in the long run.

I know that there has been a lot of concerns that the Fed has been downgrade, because it holds AA+ debt, please do not fall into the trap of what I call “headline-panic”, there are countries such as Ireland, France and Japan to name a few who’s dept is much worse than the US and they still have AAA rating. This is more favorable to Real Estate, because it will drive many investors out of the Stock Market into safer long term investment such as Real Estate. Hence be prepared this will increase Demand and might even fuel the Real Estate Market from a buyer’s market into a seller’s market.

Currently there are 47 Active Condominiums on the Market available for purchase. The least expensive one is a Studio of approximately 612 square feet of living space for the asking price of $169,900. At the other extreme, the most expensive Luxury Ocean view Condominium is a three bedroom and three and bath with 2,200 square feet of living space for $2,175,000.00.

There were 7 Properties in Backup-Status, where the buyers still have not removed their contingencies. There were 2 Condominiums in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. Interestingly there are 7 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. The Sold statistic consisted of 12 Condominium that closed during the month of July.

For your convenience, I am enclosing a link to last month’s Report, which also has a link to the last six months in order that you could see the trends. As you know in Real Estate it is nice to know the snap shot of the moment, with the understanding of the trends. http://actvra.in/dGx

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.