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Century City/ Westwood, CA Condominium Market Report for the month of July, 2011

Posted on Aug 5, 2011 by in Active Rain | 0 comments

Century City/ Westwood, CA Condominium Market Report for the month of July, 2011. Finally the Debt Ceiling cloud is resolved for now and buyers and sellers of luxury Condominium in Century City/ Westwood, CA 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.

Century City by Endre Barath,Jr

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 Century   City/ Westwood, 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 Century City/Westwood, CA real estate market.

This in turn is creatingnot 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.

Currently there are 306 Active Condominiums on the Market available for purchase. The least expensive one is a Studio of approximately 325 square feet of living space for the asking price of $169,000.   At the other extreme, the most expensive Luxury Condominium is a three bedroom and three and a half bath with 5,519 square feet of living space for $13,795,000.00.

There were 19 Properties in Backup-Status, where the buyers still have not removed their contingencies. There were 9 Condominiums in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. Interestingly there are 19 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. The Sold statistic consisted of 39 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/dJq

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.

 

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