The Playa Vista Condominium Market Report for the month of February 2011
The Play Vista Condominium Market Report for the month of February 2011 is here.
I am here to present you with the numbers as well as some commentary. There were 32 Active Condominiums on the Market. This is an 8.3% drop of the previous month. Generally in this “New Economy” the fewer Listings that are on the market impede the activity. Nowadays buyers are accustomed to a better selection in the inventory and then they can choose. It is best to have a larger inventory then prices remain more realistic. When there are fewer properties to choose from, this situation can create an unusually spike in multiple offers as well as price increases.
There were 10 Condominiums accepting back up offers and 14 Condominiums that were solid in Pending Status. This is a huge increase over the 19 from the previous month. Unlike what you have been hearing in the media this is not Distressed Property sales. The demographics are first time buyers that love the Newest Planned Development in Los Angeles since about 40 years ago, which happens to be less than two miles from the Ocean.
There were two Condominiums on HOLD Status this generally is an indication of Short Sales last month there was only one with this status. This appears to be a good sign that there are not a large volume of distressed properties on the market in Playa Vista.
Sales took a nose dive from 7 the previous month to 2 for the current month. That would be the headline. The reality is Loan Approvals are still taking a while and delays are still rampant hence the more Pending and Fewer Sales.
I am a firm believer we need to look at the Trends nowadays in three month increments. The focus being still on month to month, the headline has to be the Three Month Average, and then we will start getting the real picture. My observation up to know for this year there appears to be a return of the consumer confidence; nevertheless it is still a fragile US housing 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 firstname.lastname@example.org 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