In West Los Angeles, in all of the Westside, there are not many foreclosures to buy. Unless you find one that is still listed on the MLS, your investment could be at risk. Buying a foreclosure that is not on the MLS typically means going to an auction to purchase the house, site unseen and with an all cash payment. I would only recommend this to someone who would not be financially strapped if their investment turned out to be a cash cow. Nevertheless - as the other agents here indicated - prices have fallen and it is a good time to buy.
Per the MLS in the past 3 months there have been 4 sales of 3 bedroom homes in West Los Angeles. There are 14 currently active, 7 in escrow. Of those the high sales prices was $745,000 and low sales price was $600,000 with an average sales price of $645,000 (average price per square foot is437.39.). There are a lot of good deals in West LA compared to last year. There is an influx of sales of properties selling with more than one offer on the lower end of price ranges for all areas of Los Angeles. I'm seeing properties selling with 3-12 offers on the table if they are priced on the lower end (low price) and selling quickly. I think this has to do with two factors. The first time buyer tax credit and also interest rates being low. It's a great time to buy at fair (or fairer) prices.
Good luck with your house hunt WestLa Renter. Hopefully you'll be a homeowner soon. If there is anything I can do to help, just let me know.
The Carrabba Group
Keller Williams Sunset
Culver City is in the 550k -800K
West LA is about the same there are great deals on condos in this area also. if you could give me a more focused area I can give you specific numbers. The important thing to remember is that the deal is not on the surface . you need to make offers to find them
Buyers in this current market have great opportunities!!! To capitalize on the â€œNow Market â€œyou have to be in relationship with a Realtor who knows what it takes to get you the BEST PRICE and also GET THE DEAL CLOSED!!
We call this Professional Representation; and what it includes is a deep understanding of the complexities of this current market.
-First and most important is your Buyers Financial Package. Packaging yourself up for the home buying process will help you understand what kind of house best fits your needs, as well as make your offer standout from others.
-Knowledge of Inventory, knowing what is for sale, what has sold, what is pending, and what is coming on the market will position you for a quick response when you want to write an offer as well as help in determining a value for each property .
-Understanding of Current Procedures and Practices, we attend weekly classes to keep us educated on the new legal forms and procedural changes that we need to close a deal.
In addition, there are First time Buyer and New Construction Tax Credits up to $18,000 in the state of California. We will help you take advantage of any and all advantages you may have as a first time home buyer.
Keller Williams Realty