Home Buying in Studio City>Question Details

Kathy, Home Buyer in Beverly Hills Post O...

Is now a good time to buy in Studio City, CA? Looking to buy a condo w/ $700K budget.

Asked by Kathy, Beverly Hills Post Office, Los Angeles, CA Sun Aug 5, 2007

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My office is in Studio City and I deal with alot of homes and condos in that area. If I were you I would wait about 6 months. I see alot of developers that have over built their condo project in and around studio city. The prices are going to come down as the supply far outways the demand to this point. The interest rates should remain around the same because the President is worried about a recession. Studio City will come down in prices but not as quickly as the surrounding areas. I would keep an eye out to see if a bill gets past that will raise the conventional loan in major areas like Los Angeles. If the bill goes through it could help stimulate the housing market in Los Angeles.
1 vote Thank Flag Link Thu Dec 6, 2007
I work the Studio City/Sherman Oaks area for over 10 years. I think it is a great time to buy right now. The reasons being are interest rates are still historically low, there are a lot of homes just sitting now and you can get a great deal on a wonderful house. We are in "Buyer's Market" they say because I think the factors that define the factors that define a market are supply and demand. Today there is a great supply but demand is minimal. A recent LA Times article predicted that the market would continue to decline in a lot of areas of California. However, areas close to the city such as Studio City is still highly desired and may continue to decline in value but gradually.
1 vote Thank Flag Link Tue Dec 4, 2007
If you have the income to qualify to purchase in this price range, you are giving a lot of money to taxes that you could be using to build even more equity than your down payment. If for some reason you have so many write offs that your taxes are minimal (does anyone feel that way? hmmm) you still can't beat the current interest rates. I do believe in the Studio City area it is a more balanced area than most and we are seeing multiple offers, which confirms it is not strictly a buyers' market. When the seller prices it under market, it is a seller's market on that property. The sellers in Studio city are pretty sophisticated and overall do get this strategy. So I say let's start looking...can't hurt! You might just find something that saves you a lot of taxes this year. Charlanne Divito, Dilbeck Real Living, Studio City, cell/text 818-414-1214. CA DRE # 00904230
Web Reference: http://www.charlanne.com
0 votes Thank Flag Link Fri Apr 15, 2011
Are you kidding? With prices at that lowest in YEARSd and % rates at 4? 3? Huh? And we could probably find you a small HOUSE for that amount! Let's talk soon. Can you leave me a phone #?
I am available all weekend. Roxana Benseman Broker-Associate 01154011
0 votes Thank Flag Link Thu Mar 24, 2011
Studio City has a lot of options if you want to purchase a luxury Condo. Haven grown up in this area I have literally seen the growth of this city. I think I may know just the pocket... That said...you are wise to purchase now... Brand new construction is not always the absolute best option...for various reasons, yet Studio city has a lot of established and incredible places to live with state of the art amenities and broad and spacious floor plans...Yet the thing to consider is how to keep as much of your budget in your pocket as possible...
Click my name to contact me
I think I can steer you in the right direction

I can show you prices from about 2003 and you may be surprised to see how similar those prices are to today's.
So ask yourself this; if you could buy a new car for the same price now as in 2003, wouldn’t you be more apt to buy it? I would.

A lot of people are making a lot of money in Real Estate and they didn't even want to buy, but they did.
Don't wait for the time everybody else starts to buy again, because then you could lose out on what you really want. It happens really fast... I've seen it first hand... No fun being the 50th offer on one property...
Thanks for your consideration.

Yours,

Ed Evans
0 votes Thank Flag Link Wed Jan 5, 2011
Absolutely!! With that budget you can find an incredible condo. I specialize in the area and would love to help you.

Julie Kryukova
Crescent Realty
310-402-8181
http://www.lapropertiesbyjulie.com
0 votes Thank Flag Link Fri Sep 24, 2010
Hi Kathy,
I have 4 brand new construction condos in Toluca Lake (directly across the street from Studio City). They range in price from $585,000-$705,000.
If you contact me I can send you the links. I am also holding them open this weekend if you'd like to stop by!
: )
Mary Dignan
Keller Williams
Studio City
818-605-7880
marydigsla@aol.com
0 votes Thank Flag Link Thu Jan 31, 2008
Kathy, no one REALLY knows what is going to happen with the market. Blayne is probably right that the prices may continue to drop. I don't believe they will drop much in Studio City - SC has always been a desirable area for buyers.

You should weigh your situation and your reasons for buying. If you plan to live in your condo for a few years you should be fine!

Let me know if I can help you with your search. Blayne and I are in the same office in Studio City - he's a great agent!

If you are open to W Toluca Lake I have a great condo to show you
0 votes Thank Flag Link Sat Jan 26, 2008
Kathy, you may have found a condo already. If not, I viewed a really nice one yesterday in the heart of Studio City. I has a very sunny exposure, 2 bedrooms up, nicely redone, subterranean parking, pools and tennis courts. Best of all, it's listing at $599,000. Please contact me if you'd like to see it.
Web Reference: http://www.judygraff.com
0 votes Thank Flag Link Wed Sep 19, 2007
I've been looking for condos in Studio City for myself lately and I think it's a great time and great place to buy. You'll have your choice of inventory and yes, there are deals to be made. Several new buildings have just begun to sell units as well. Good luck with your search.
Web Reference: http://www.JudyGraff.com
0 votes Thank Flag Link Mon Aug 6, 2007
Timing helps. The end of the summer is typically the peak in number of listings. If you are thinking about buying within the year, then this will be the time with the most inventory and the fewest buyers. Also the days on market is the longest too. IE - sellers are long on the market and more willing to negotiate. This natural timing shifts to the opposite as we approach New Years.
0 votes Thank Flag Link Sun Aug 5, 2007
Mario Pinedo,…, Real Estate Pro in Beverly Hills, CA
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