The summer Real Estate season is in full swing after a very busy spring! Home prices on the Westside of Los Angeles are up at least 10% in most areas and higher than that in areas like Pacific Palisades and Santa Monica. Venice is off the charts! With some homes getting as high at $1,400 a square foot. Of course that's the land value distorting things, but the tech boom on Silicon Beach is having a dramatic effect on the once Bohemian community. Marina Del Rey is currently the best buy of any coastal community, prices have not regained their highs as of yet. I expect real estate prices to stabilize a bit and take a breather in the later summer months.
Loans are a bit easier to obtain and wonder of all wonders, interest rates are actually falling to lower levels than last year at this time. Those people waiting for the bubble to burst will be waiting years as prices are still below many other world class areas and the world is noticing. We have many buyers from outside Los Angeles both within the states and out who see us as a ripe place for long term gains. Also, currently multiple offers are common, but amazingly a home that is overpriced will sit and not get any offers! It’s a counter intuitive pricing environment. The best way to get the best price for your property is to price aggressively and believe in the market. You cannot underprice a home at this time, but you can over price it. Inventory is still very low, especially under $1mil. Condos are the best bet for the first time home buyer and speaking of first time home buyers they are making a bit of a comeback and that should continue to grow throughout the summer.