Home Buying in Westwood>Question Details

Gk, Home Buyer in Westwood, Los Angeles,...

How is the resale market for older updated condos (1970's-80's) in Westwood with 2000 square feet or more?

Asked by Gk, Westwood, Los Angeles, CA Sat Jun 30, 2012

Ten years from now, if I put a substantial amount of money into renovating the unit, will buyers be interested in a large, aesthetically pleasing unit in a good area albeit it's age? Is age usually the determinant factor for buyers?

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Answers

8
Sona Gallatin’s answer
While I don't predict what will happen in the future.....I imagine that as it is today, condition of the property will be top on buyers list. The better the condition, the higher the value.

Good luck.
1 vote Thank Flag Link Sun Jul 1, 2012
Larger units are more desireable regardless of age and are selling fast in any condition. Research the market with renovations and without because they are going at high prices without too. We have agents serving Westwood.

http://www.FrankandSheryl.com
http://www.Under640FicoScoreLoans.com
Sheryl Arndt, Broker
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Mon Sep 10, 2012
All great answers. I would make sure that the building has a strong and committed Home Owners Association and that building maintenance is a priority.
0 votes Thank Flag Link Mon Aug 13, 2012
Dear GK,
Everyone loves new units, but everyone cannot afford them! There are buyers who will love an updated (though older) condo..provided it is priced correctly for the market.

In my experience, it's not necessarily the age of the development,but the condition and price of the individual unit.
0 votes Thank Flag Link Sun Jul 1, 2012
Keep in mind that ten years down the road, every other property in the area will age as well. The demand location and condition are likely higher priorities for buyers. In fact, an older building may be constructed better, making it preferable to a newer one.
0 votes Thank Flag Link Sat Jun 30, 2012
As mentioned here location is of course a very important factor for buyers. Condos that are spacious are not always easy to find so with the upgrades it should make it much more appealing.
Older condo's are fine as long as they have been kept up including the common areas. Usually older condo's can have some benefits such as a lower HOA fees.
0 votes Thank Flag Link Sat Jun 30, 2012
HI,
I work in this area quite a bit ,in addition to our offices being there. I can tell you first hand from all the clients Ive worked with, that these condos sell quite well in terms of resale value. There is alot of demand in this area that keep the prices strong.
Give me a call if you need any help.
Best
Neal


Neal Grusky
DRE# 01890580
Hpremiere Properties
Real Estate and Financing
10940 Wilshire Blvd. Suite 1600,
LA, CA 90024 | Office:
(800) 652-1768
neal@hpremiere.com
0 votes Thank Flag Link Sat Jun 30, 2012
Hi Gk,
Location is the most important factor in determining demand. Properties can be updated but not moved. As long as the rest of the complex is well maintained you should be good to go.
Good luck,
0 votes Thank Flag Link Sat Jun 30, 2012
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