West Los Angeles Condominium Market

West Los Angeles Condominium Market

There are approximately more than 2000 condos in the West Los Angeles neighborhood of LA County. This real estate area is located west of the 405 fwy and is surrounded by Brentwood on the North, Santa Monica on the West and Westwood on the East.

There have been already 103 West Los Angeles condominiums sold so far as of Sept 22nd of this year. The interesting part is that there were eleven 1 bedroom condos sold and more than half of them were for less than $300,000. Thirty six 2 bedroom condos sold in the range of $252,000-$499,000.

As of today, we have 79 West Los Angeles condos currently on the market. Entry level condos with 1 bedroom are in the range of $285,000 – $385,000. In addition, there are also thirty seven 2 bedroom West LA condos with pricing starting at $394,000-$850,000. There is a lot of inventory to choose from in the $500,000 or less real estate price bracket. 3 bedroom West LA condos start at $460,000 and can go all the way to $1M.

There are still a large amount of buyers talking advantage of the extremely low interest rates in the range of 4% and this is evident with 30 condos that are currently under contract.

For more information on the West Los Angeles condominiums, townhomes and single-family homes, please contact Santa Monica realtor Gary Limjap at 310.8293939.

 

Now May Be The Time To Buy A Home In West Los Angeles

I have been asked many times this month whether someone should buy a home now and take advantage of interest rates – before they go up any further – or wait for housing prices to go down further? Below, is a great article that addresses the question…

Now May Be The Time To Buy A Home

 

Mortgage Rates On 30-year Fixed Loans Soar Above 5%

One of the main reasons why its been so busy in real estate right now is that buyers are trying to lock in their mortgage rates since it has been slowly climbing and has reached above 5% on a 30 year fixed loan – the highest level in nine months. Did you know that if you had 20% down payment and wanted to keep your payments at say $2,500/month with a 4.75% interest rate, your purchasing power can get you approximately a $600,000 worth of property. If the interest rate jumps 1% higher to 5.75% and keeping your payments the same at $2,500/month, your purchasing power drops to approximately$535,000. Thats almost 11% less purchasing price that you can get. Definitely a great time to Buy.

Mortgage rates on 30-year fixed loans soar above 5%