Kevin Bacher

Buyers are always interested to know how safe the neighborhood is that they are considering purchasing a home in. The Miracle Mile Beverly Center area of Los Angeles is in the heart of the city and the Los Angeles Police Department has this great mapping tool that shows you crime reports for an area near an address. Check out http://www.lapdcrimemaps.org To see what is happening in the Miracle Mile Beverly Center area, put in a central address like 6200 Wilshire Blvd. With a few clicks of the mouse you can see it all on a map. I love technology.

Many neighborhoods in the Miracle Mile have some sort of neighborhood watch that can be very effective in alerting people to be on the lookout for criminals that are targeting the area. With the latest technology like facebook and twitter, people can get these alerts fast and efficiently. When neighbors are alert and informed they can be very effective in preventing crime and apprehending criminals.

I checked the MLS today as I do every day to see what is happening in the Miracle Mile Market of Los Angeles. I get into just about every listing when it hits the market and like most people, form an opinion on the house, the price etc.

I noticed today that 2 homes that recently came on the market in the Miracle Mile, specifically the popular South Carthay neibhorhood both went into escrow this week. One was a bit dated and listed at $1,199,000 and the other was a showplace that listed at $1,495,000 (pics http://www.postrain3.com/kw/1016alvira/mls.php . The house listed at $1,495,000 belongs to a real estate agent I know and according to him he got multiple offers and over asking within the first 2 weeks of coming on the market.

The interesting thing is that this is a high price for the neighborhood - even during 2007 this would have been a high price. What it tells us is that when a house comes along that is really unique and special, buyers will still pay a premium. His home was on a larger than average lot, had a guest house, a pool and a separate garage which is not typical for most homes in the area. Buyers realize that another home like this won't come along for awhile so they pay for it.

At the same time, we have plenty of homes sitting in the Miracle Mile that have been on the market for months. Those homes are often nice homes but not something buyers feel they need to jump on. In those cases it's all about being a good deal. Pricing is what will move all those other listings that are just sitting. Price it right and the buyers will come.

I'm encouraged to see some of this stuff moving - it's a good sign that buyers are out there ready to buy.

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.

For more information visit my web site www.MiracleMileMarket.com