Cindy, Home Buyer in Queens, NY

What is the projection of town home value in Marina del Rey, CA for the next 5 years?

Asked by Cindy, Queens, NY Wed Nov 20, 2013

T-Home Built in 1974 3bedroom/3Bath tri-level with garage, FP, garage.
Remodeled baths and kitchens in 2005, hardwood floors in LR &DR. No abets (removed). Valued currently at 700k.
Very good Condition.

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3
Dear Cindy,
We are looking at home values going up and that should be good for you, provided interest rates stay where they are. It's a good time to sell right now if your property is priced well for the area. Most economists do expect West Los Angeles Real Estate to continue appreciating for at least the next year or so at about 3% per year.
Best!
1 vote Thank Flag Link Thu Nov 28, 2013
I can only say, you have to look at all the economists predictions and find a average. IF you could get a 9% return on investment (guarantee)everyone, would be in Real Estate and out of their other portfolio investments.:)
Flag Sat Nov 30, 2013
Hi Dorene,
Can you explain why on Trulia or Zillow…it lists MArina del Rey to escalate/appreciate at 9%…does it level out over the next few years down to 3%?
Thanks again for responding..it is appreciated!
Cindy
Flag Fri Nov 29, 2013
Cindy,

The townhouse is in section east Lincoln and north 90 freeway. Last year that section saw an appreciation of about 20%. BUT this was after a depressed market from 2008-2012. The projection for appreciated for 2014 is 04% to 05%. I would not be bold enough to predict what values in that area will be in next 5 years. There are a lot of good points with the area pools, security gated, spacious units (some renovated/updated) and reasonable HOAs. Compared to townhouse being built today with less space and subterranean parking the trade off is age.

Gail Mercedes Cole
310.853.9933
http://yourwestsidehomes.com/
0 votes Thank Flag Link Tue Feb 11, 2014
Cindy,

Let's say your current value is 100K with an estimated/projected market value increase of 5% a year, then the value will go up on an average as follows;

Year 1: $100,000 x 5% = $5,000
Year 2: $105,000 x 5% = $5,250
Year 3: $110,250 x 5% = $5,512

Total value increase over 3 yrs is $15,762, (the sum of each year's increase).

Cheers
0 votes Thank Flag Link Wed Nov 20, 2013
Thank you Thierry…I see on Trulia and other places that it says the area (MDR,CA) will go up by 9% but I suppose I am correct to assume it will "level off" and average to the 5% per year? And I also have heard that real estate will peak at 2 years from the time it plunges upward and then level and even go down again a bit?
Thanks for your response! :-)
Flag Thu Nov 21, 2013
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