Nice area and popular. If the pricing is on par with the comparables and you love what you buy, it is hard to go wrong. When you are speculating and your thought on a property is you can leave it or take it... doesnt really matter, then, it may not be the right one in regards to appreciation in the next 5 years.
By the way... why 5 years? Keep in mind, if you are buying a property with the thought of selling it in 5 years, in order to make a profit over that time frame, you are going to need to appreciate in double figures. The reason I say that is just to sell the property is going to cost you about 8-9% with commissions, taxes, transfer fees, escrow, title, etc... not to mention interest and maintenence costs that accrue over the time period of ownership. I am saying this only if you have the intention of selling and getting out in 5 years... then this process is not much different from renting...
Unless you are an investor and have all this figured out, you may want to find a comfortable budget for yourself and in this market, continue to search until you have found the home you love, that way, if you sell in 3 years, 5 years or 20 years, you enjoyed your home, your life and then ownership becomes an afterthought and if the property appreciates as well, then it is just bonus. (keep in mind... it is hard to time the market, however, when things are considered to be on the upswing, most economists expect an annual appreciation rate of somewhere between 1-3% annually. Forget what happened 5 years ago, that was a once in a 50-60 year cycle and not expected to happen again anytime soon.
Always happy to assist.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
This is a great area of MDR! And there are lots of great short sales and REO's in this area! Keep your eyes open in this area for some great deals! If you have a good Buyer's agent they should be directing you to these "distressed" units...there are many in the same area as the Redwood condo. Several of these buildings in this area have elegant, spacious condos that are now distressed sales with great prices! And these properties are not the typical short sales properties where you will have deferred maintenance issues or outdated interiors. In fact, many of these distressed condo sales in this area are done with top grade finishes, high end appliances, etc.
Specifically the Redwood condo in MDR, is a great property at just under 2000sqft, and is in a well maintained building. As always, when considering a condo, don't forget to factor in the HOA dues, which in this case are $650/month, which is a bit on the high side for most of the condo buildings in this area (make sure your agent investigates the HOA issues, i.e. special assessments, reserves, percentage leased, etc.).
As Suzanne writes below, this is a great area in terms of being centrally located. Moreover, you get a lot more house for your money here...if you go west of Lincoln towards the beach or further north into Venice or Santa Monica the prices start to escalate pretty quickly...yet, you're just a stone's throw from those areas in this part of MDR, for considerably less.
If you are not yet working with a Buyer's Agent, then please feel free to call me to discuss. I'd be happy to show you some of these units.
Keller Williams Realty
ePro, Short Sales Specialist
I live in the area and am currently representing a buyer in the building you're talking about. (I see from your past posts that you're an FHA buyer, so I assume we're talking about the same FHA approved new construction building on that street : )
I'll take off my Realtor cap and tell you from a homeowner's perspective that the reason why I bought here several years ago is because I believe so strongly in the area. It used to appeal to a lot of us who couldn't afford Santa Monica or Venice, but over the past 5 years or so, it's really been developing its own identity and has become a 1-st choice neighborhood for a lot buyers.
Take, for example, all of the new restaurants that have sprouted up on the Washington Blvd corridor: Pitfire Pizza, A-Frame, Waterloo & City, The Alibi Room, Wood and Leaf, just to name a few. Redwood is technically a MdR address, but you're right on the edge of Mar Vista and Culver City who's redevelopment coffers have completely transformed downtown Culver City within the past decade. Even during this recession, these restaurants are jam-packed on a nightly basis. The surrounding neighborhood of Mar Vista used to be predominately blue-collar pre and post-war housing tracts, but I've represented a LOT of new homeowners in the area who earn very respectable six-figure incomes and have given these old homes some beautiful make-overs that could teach the HGTV shows a lesson or two.
Good luck with your decision and feel free to contact me directly for any other questions or concerns!
Suzanne (Suzie) Glaser
LA VILLAGE REALTY
p.310.383.1141 | http://www.LAVillageREALTY.com
RealEstateSuz@gmail.com | lic # 01390707
(a division of Power Brokers Int'l | lic # 01520327)
The condo's on Redwood are centrally located. There is a great shopping complex within walking distance, which includes a Pavillions, 2 movie theaters, a Sport Chalet, Soup Plantation, Jerry's Deli and many other shops and restaurants. The location is freeway close. The complexes are very nice, some with lush gardens, walk ways, water features, tennis courts and more. And you can ride your bike or drive to the beach in not time at all.
As far as the increase of property values, that is all in direct proportion to the economy. Some forecast that the housing crunch will stabilize this year.
If you are purchasing a property for an investment, you may want to consider speaking with your accountant and/or a financial planner to determine what your goals are, if you want to purchase and hold the property for a long or short period of time. Depending on the purchase price, this may be an ideal property for a rental unit.
Feel free to contact me directly to discuss this further.
All the best,
Prudential California Realty - Santa Monica
Marina del Rey Real Estate Expert
Gail Mercedes Cole
Properties are selling much faster currently when properties are price well. I would definitely recommend using a local real estate agent that is familiar with the area. Feel free to call me or email me anytime as I work this area extensively.
Have a great day,
Heather Paul, Realtor
"Your Local Real Estate Expert"
However, no one can tell you what the value is going to be in the future or how your investment will return.
Hope this helps.
Realtor, DRE# 01891274
Century 21 All Moves
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