Lauren, Home Buyer in West Hollywood, CA

Just looked at a condo in Marina del Rey on Redwood. I'd love to know what realtors think of the area. Will property value increase over 5 yrs?

Asked by Lauren, West Hollywood, CA Wed Mar 9, 2011

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11
Hello Lauren,
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.
Sincerely,
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
2 votes Thank Flag Link Fri Mar 11, 2011
Hi Lauren,
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.

Best regards,
Jayne Clement
Keller Williams Realty
Cell) 213/309-5005
ePro, Short Sales Specialist
1 vote Thank Flag Link Wed Mar 9, 2011
Hi Lauren,
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)
1 vote Thank Flag Link Wed Mar 9, 2011
This is a good area but do your homework before making any purchase. Compare other recently sold condos in the same development and be sure you aren't paying too much.
1 vote Thank Flag Link Wed Mar 9, 2011
Hi Lauren:

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,
Kat Becker
Prudential California Realty - Santa Monica
(323) 819-4760
katbecker@prula.com
1 vote Thank Flag Link Wed Mar 9, 2011
This area is definitely being developed and is a good one to consider. No one can tell you definitively which area is going to increase over another, or when it is going to net you a good return on your money, but if you intend to occupy your home for a while buying now is not a bad time.
Web Reference: http://www.homejane.com
1 vote Thank Flag Link Wed Mar 9, 2011
You have the Villa Marina East Condominiums 125 units approximate living space 1880 to 2200 square feet. Lush complex built in 1981. Cape Code architecture with attention to details. Two bedrooms, two bedrooms + loft and two bathrooms. 24 hour guard security, pool, spa, sauna, 4 tennis courts, cabana, beautiful landscaping and subterranean parking. Upscale complex near 90 freeway, renovated Marina Place Shopping Center, dog park and close to ocean. June 2013 the prices have fared very well.

Marina del Rey Real Estate Expert
Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Mon Jun 24, 2013
I think it's a nice & convenient location. It's a hop, skip & jump away to many good restaurants, parks, shopping, the beach, etc., and you have easy access to the 90 frwy. I personally enjoy Marina Del Rey, because I go there quite often for many things, such as the parks by the harbor, good italian food, shopping at Costco, and taking my family to the beach. In terms of property value increasing over 5 yrs, I would say there's definitely many "perks" to substantiate the value.
0 votes Thank Flag Link Fri Apr 29, 2011
Hi Lauren,
In my professional opinion, you should not expect an increase in 5 years. Ten years would be more likely.
0 votes Thank Flag Link Mon Mar 14, 2011
Marina del Rey is a very nice community. Be ware of any realtor that recommends a specific area or neighborhood, this is actually a violation and could potentially lean towards what is called steering. The best way to find out if the area you are considering purchasing in to find out what the makeup, demographics, crime, etc is the check out the local statistics, google search Marina Del Rey demographics and study up on the area.

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
Coldwell Banker
(310)586-0364
"Your Local Real Estate Expert"
0 votes Thank Flag Link Fri Mar 11, 2011
MDR is one of the preferred costal areas to live in hence it does have a certain about of demand.
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.

David Akram
Realtor, DRE# 01891274
Cell: 661-505-8550
Century 21 All Moves
Contact: http://contactme.davidnewhome.com
Web: http://www.DavidNewHome.com
Blog: http://blog.davidnewhome.com
Facebook: http://facebook.com/davidnewhome

FREE Monthly Newsletter: http://newsletter.davidnewhome.com
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Web Reference: http://www.davidnewhome.com
0 votes Thank Flag Link Fri Mar 11, 2011
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