The Century City Condominium Market Report for the month of August 2011
The Century City Condominium Market Report for the month of August 2011
I have been so busy with Real Estate and my personal life that I have to mention that my report is late again. The turbulent economic picture around the Globe and in the US should make this report very interesting.
Currently there are 300 Active Condominiums on the Market available for purchase. This is a slight decrease from the previous month. The least expensive one is a Studio of approximately 188 square feet of living space for the asking price of $49,000. 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 25 Properties in Backup-Status, where the buyers still have not removed their contingencies. This is a large increase from the previous month’s numbers. There were 4 Condominiums in Hold Status; this is an indication of Short Sales, where buyers and sellers are waiting for Lender Approval. This is a huge drop from the previous month. So either Short Sales are decreasing or Banks are starting to get the approvals out faster. My observations on this are, it is a combination of both. Interestingly there are 16 Properties that are Pending- Status. This is where the buyers are just waiting for funding and Escrow to close. This was a slight drop from the previous month’s numbers. The Sold statistic consisted of 43 Condominium that closed during the month of July. This is an increase over the previous month’s number of 39. So it is very interesting that the turbulence did not affect the savvy buyer’s decisions to move forward with their purchases in Century City, CA.
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 https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.
