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.

 

State of California Housing Market

More First-Time Buyers in Real Estate Market

Affordable home prices, tax credits for home buyers, historically low interest rates, and a large number of distressed properties prompted many first-time home buyers to enter the market in 2009, according to C.A.R.’s 2009-2010 “State of the California Housing Market” report released today.

California’s median home price hit bottom in February 2009 at $245,170. Since then, the median home price has increased steadily in month-to-month comparisons, but remained below 2008 levels throughout 2009. The annual median price is projected to increase to $280,000 in 2010 from $271,000 in 2009.

Homes priced $500,000 or less dominated the sales mix throughout 2008 and early 2009, but peaked at 85 percent in January 2009. Meanwhile, the market share of homes sold for more than $500,000 increased from 15 percent in January 2009 to 25 percent in July 2009, holding steady around that figure for the remainder of last year.

 

Home Equity Is Up.

Fed’s Survey Shows Net Equity Grew in Late ’09

According to the Fed’s most recent “flow of funds” survey, homeowners’ net equity grew by nearly $1 trillion from the recession’s nadir in the first quarter of 2009 through the third quarter. From June 30 to Sept. 30, net equity rose by $418 billion.

The latest survey offered some hints of modest improvements for housing. The overall negative-equity rate among American homeowners remained flat in the fourth quarter, at 21.4 percent. But like the Fed’s numbers, that ratio represented a slight decrease from the first two quarters of last year, when 22 percent and 23 percent of owners owed more on their mortgages than the estimated market value of their real estate.

This is good news, not just for home-owners, but for home-buyers.