Marina Del Rey Condominium Market Report May 2009
As I indicated in my other Market Reports, I have noticed a large increase in Activity, from traffic at Open Houses to Offers being written. There seemed to be activity of the caliber, what we were used to as Realtors in previous years. I am referring to the 2001 to 2002 timeline. When buyers were looking for “good deals” and writing offers on properties that seem to be listed 15-20% below market.
The Active Condominium listings have dropped from the month before to 184 for the snapshot of May 31, 2009. The least expensive listing is a one bed room one bath Condominium in the Marina City Club at a list price of $329,900.00. The most expensive listing is located on Ocean Front and the asking price is $5,400,000.00 this is a four bedroom four and a half bath home waiting for a discriminating buyer who wants to live in the Marina and price is not an issue.
There are 23 properties that are accepting Backup Offers, where the buyers have not removed their contingencies. In addition there are 21 properties that are Pending. So basically there are 45 properties in Escrow.
The Sold statistic is quite impressive as well. For the month of May there were 18 Condominiums that closed in Marina Del Rey, CA. I have indicated that the buyers are stepping into the RE Market, because of the historically low interest rates, as well as they want to take advantage of the Tax incentives offered by the Federal Government as well as the State of California. In addition the buyers realize this period of uncertainty will not last, hence they want to take advantage of the buyers market.
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 EndreBarath@TheMLS.Com or visit one of my websites at http://www.endrebarath.com