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The Playa Del Rey, CA Condominium Market Report for January 2011 & Economic Commentary by Endre Barath, Jr.

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

The Playa Del Rey, CA Condominium Market Report for January 2011 & Economic Commentary by Endre Barath, Jr.

The Playa Del Rey, CA Condominium Market Report for January 2011. I was asked by some of my clients wondering why I have not included it previously. I did not really have a good answer, in light of the fact that Playa Del Rey is a small Beach community next to Marina Del Rey and adjacent to Playa Vista. So now you will be able to read the Condominium Market report about this great community as well.

Before I go and give you this market report I would like to let you know, just in case you have not been keeping up with the news. Two of the nation’s largest mortgage lenders have raised their minimum required credit score by approximately 20 points.

What does this mean to you? The answer is as follows: 1. it will be harder to get a loan, 2. it will be more expensive to get a loan, and 3. most importantly it will eliminate potential buyers to step back into the market. What will the long term effect be? Unfortunately, this will delay the housing market’s ability to rebound faster. The long term effect will be that unemployment rates will be affected as well. Real Estate provides many other industries with work.

So now you understand the bad news as a potential buyer this will allow you to continue to purchase at the reasonable prices you have been accustomed to in the past two years. The key will be as long as interest rates remain low, you can take advantage of the better affordability of Condominiums as well as Single Family Residences. This of course is beneficial to the buyer as well as the seller who has owned their home for a longer period of time.

There were 53 Active Listings on the Market in Playa Del Rey, CA.

There were 8 Condominiums accepting Backup Offers, as well as 5 were Pending.  Not so bad for the beginning of the year.

One property was on Hold Status generally an indication of a Short Sale.

There were 7 Properties that Sold for the month of January.

These numbers almost mirror the Playa Vista January Market activity.

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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