Hi John,
Contrary to what the news is saying, the real estate market is not crashing and burning. It is true that there are areas which have been hit very hard due to subprime lending practices. It is also true that there are areas throughout the Los Angeles area and other areas throughout the country where prices are remaining stable and in some instances are still rising.
Where ever you choose to buy, you should do your research carefully and look at local trends in the market place. Then you can make an informed decision.
Nancy Sanborn
The Sanborn Team
310-777-2858

Mon Feb 11 2008, 10:13

After living and working in MB for nearly ten years and I am asked that same question repeatedly. Buyers are often shocked at the prices in MB. My quick answer is that we beautiful beaches, fantastic restaurants and shopping, an award winning school system, easy access to freeways providing shorter commute times etc. In the last few years several other factors have been added to the mix. One of these is the astounding “mansionizing” effect that has been going on for many years in MB. Small (under 1000 sqft) beach cottages are torn down and replaced with multimillion dollar homes. When those homes are resold, the median home prices increase over all. Now add the fact that volume sold in MB dropped nearly 50% last year. From a purely statistical stand point fewer homes sold with higher price points will explain “some” of percentage increase in home values being quoted in the Los Angeles Business Journal.
Recently I have also seen that many if my buyers are coming from out of the country. Seems news of all the wonderful things MB has to offer is “going global”. Since the Euro is so strong against the dollar we are actually a great value for people coming from Italy, Canada and New Zealand to name a few. They see MB as the perfect place for vacation or rental homes. So you have a scarce, valuable resource with global competition it’s no wonder prices in MB are more resistant to market fluctuation.
Did I mention our beautiful beach….

Mon Feb 11 2008, 08:51

Supply and Demand. MB has gone up over 17% since the same time last year (from latest LA Bus. Journal.) There is only so much land there and as long as people find it desirable, it will continue to go up in value. Also so much building has taken place, if you have a SFR rather than a townhome..value goes up.

Sun Feb 10 2008, 17:16