The Marina Del Rey Condominium Market Report for the Month of October 2011
The Marina Del Rey Condominium Market Report for the Month of October 2011
The Global Economic volatility continues and Europe’s problems are visiting every part of the world. The roller coaster ride of will China bail out Europe or not and will Greece take the offer of saving their as well as the rest of the Global economies or will they turn it down? It was a busy month for all. Hence if you are an investor would you want to invest in Europe and specifically Greece? The answer is clear to me, if you are an investor you need to do your homework, since there is a very fertile ground right now for the Bernie Madoff’s style Ponzi schemes.
Once you do your Homework, the answer will be clear and you will discover that this is a good time to buy Real Estate in the greater Los Angeles area. Investors need to look at fixed assets such as homes, condominiums and investment land vs. the pie in the sky profits offered by “free lunch” and or “free dinner” seminars.
Rental Demand is an all time high, since many of the regular buyers are sitting on the sidelines instead of taking advantage of the lower prices, all time low interest rates and nervous sellers. Therefore it is clear to me that it does not matter if you buy a single-family home or a condominium for the purpose of renting out you will do well. Hence it does not matter if you are a small or a large investor the opportunities are out there. Once you read in the Media Portals that this is the way to go you missed out on the best window of opportunity.
As long as there is such a large percent of buyers sitting on the fence Rental demand will be high and as we all know “supply & demand” side economics will assure you a good return on your investment.
Now with that said let’s look at how the Condominium activity turned out for the month of October in Marina Del Rey, CA.
There were 145 Active listings which was a drop 9.5% from the previous month’s inventory. There were 10 properties in Back-up Status which was 33% drop from the previous month. There were 2 on Hold Status (generally an indication of Short Sales) there were 8 Pending waiting to close. This was a 28% drop from the previous month. Interestingly with numbers like this I would anticipate a huge drop in the Sold category. Ironically that was not the case instead the Sold numbers were virtually identical.September there was 21 Sold Condominiums and for the month of October there were 20 Sold Condominiums virtually identical.
This to me is a very interesting number, with all the turbulence occurring there is still a steady activity of sales occurring in the Marina Del Rey Condominium sales.
The most expensive sale was a 4 bedroom with 3 baths of approximately 1904 living square feet of space for $1,050,000, close to the ocean. So if you wanted walking distance to the sand this would have been a great opportunity to purchase. Hence there is one lucky buyer who will have the sand as their backyard. The least expensive sale was for $261,000. This was a one bedroom one bath Condominium in a Full Service Luxury Condominium with a Home Owner Dues of $915 per month.
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 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.
