Market Conditions in 90049>Question Details

Pablo, Both Buyer and Seller in Seattle, WA

Looking for an upscale home ($2-5 Million) in 90049 and Pacific Palisades seems to offer few good options.

Asked by Pablo, Seattle, WA Tue Aug 12, 2008

However it appears that more foreclosures are becoming available. How is this affecting listing and closing prices.

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Answers

13
Hi Pablo,

I just cheked 90049 and there is only one short pay, not a foreclosure, available between 2-5 million. The foreclosures are mostly occuring in lower price ranges, and therefore not affecting areas like the palisades. What is affecting prices in the mid and higher ranges is the lending criteria is much tighter now.

Prices are being affected by short sales and foreclosures, but its not an across the board issue, and its very localized. I would love to help you if you would like some help in finding a great deal...there are many out there. Just let me know...best of luck to you!

Jodie
1 vote Thank Flag Link Tue Aug 12, 2008
Hello Pablo, I just ran all the latest trulia statistics for Brentwood and posted them on my site for the 90049 zip code, feel free to view them here.
http://santamonica-realestateagent.com/latest-brentwood-ca-9…

I hope this information helps you.
Have a great day,
Heather Paul, Realtor
Coldwell Banker
(310)586-0364 or (424)625-1037
0 votes Thank Flag Link Fri Apr 29, 2011
I am not sure how you refute the 10 months inventory in Brentwood when I gave you the data chart and numbers. I agree the MLS sometimes throws in Central LA solds. But I filtered through all the sales, and none of those show up in 90049 or MLS area #6 (Brentwood). So these stats are pretty pure, minus off market sales. Mostly MLS area 7 (West LA) gets the central LA solds mixed in that can skew data.

Scott McIntosh
Coldwell Banker Brentwood
310.500.6107
scott@scott-mcintosh.com http://www.thewestwoodblog.com
0 votes Thank Flag Link Fri Apr 29, 2011
The condo market is much longer, however the unsold inventory in many areas is very low, definitely not the 10 months you are stating.
http://santamonica-realestateagent.com/real-estate-market-stats/
Here are some of the recent Trulia market statistics for Brentwood
Also, the question was how are foreclosures affecting this market place, there are very little foreclosures in the area.
Scott, the mls numbers have been very skewed due to their are throwing some sales from central Los Angeles, a much lowered priced area into the mix, Coldwell Banker has repeatedly tried to get them to fix this. Thank you for your input though. All the properties priced right from the get go when they hit the market are selling very quickly. Homes up to $1.5 million are selling quickly, the 2-5 Million market on average is over 5 months to go into escrow.
0 votes Thank Flag Link Fri Apr 29, 2011
No offense Heather, but I am not sure what data you are using. Brentwood is not even close to a seller's market. While there may be a property here and there with a quick sale after coming on the market, the overall general market is not a seller's market. You mention only a 2 month unsold inventory... Where are you calculating that information?? According to the MLS, the March 2011 MSI (months needed to sell all of the inventory at the monthly sales pace) was 8.8 months. And we are at 10.1 MSI year-to-date. You can see a full "How Is The Market In Brentwood" report for March 2011 here via my scribd account-> http://scr.bi/j1KKy2 . If you look at the top of the 2nd page of the report, that will show a chart and data for MSI. Also, keep in mind the average sold price in 90049 is skewed this year because we had 1 sale in the $24,000,000 range, which drastically bumped up the average sold price for 2011 by $500,000. If you take out that one extreme sale, the avg sold price would be closer to $2.3m instead of $2.8m.

Scott McIntosh
Coldwell Banker Brentwood
310.500.6107
scott@scott-mcintosh.com http://www.thewestwoodblog.com
0 votes Thank Flag Link Fri Apr 29, 2011
We actually do not have nearly any foreclosures in this zip code, both Brentwood and Santa Monica get very few foreclosures. There is only a couple of short sale properties available as well. These properties are definitely not impacting our property prices much. Current market conditions in 90049 have just a little more than 2 months of unsold inventory, this means we are essentially in a seller's market. It is very competitive for buyers out there, I highly recommend to get a local realtor that knows this area. I work and live in this area, feel free to contact me anytime.
You can also search all the listings here and the local area on my website, http://santamonica-realestateagent.com/brentwood/

Have a great day,
Heather Paul, Realtor
Coldwell Banker
(424)625-1037 or (310)586-0364
0 votes Thank Flag Link Fri Apr 29, 2011
Hi Pablo,
I thought I'd update the answer here. As of this morning in 90049, there are 74 properties at the auction stage, 25 bank owned, and 55 in pre-foreclosure (NOD). In the Palisades, there are 35 at the auction stage, 25 bank owned, and 33 in pre-foreclosure (NOD).
Despite what is written below, searching for distressed properties is never as simple as searching the MLS. Lenders are currently holding onto foreclosed inventory, attempting to reinstate with the foreclosed owner, and taking longer to negotiate after the NOD, attempting to work with the owner to modify or reinstate as well.
But whether or not this inventory is visible in the MLS, the foreclosures and bank-owned sales affect pricing of new inventory, because they are available as comparable sales within 2 months of recording via the county recorder's records, to agents and to appraisers.
And savvy agents are discussing these properties when they go out on listing appointments, so they affect the hearts and minds of the retail seller and buyer as well.
In my opinion, ALL information is relevent when buying or selling property, including this elusive "shadow inventory" in the wholesale market.
Deborah Bremner
REALTOR, 00588885
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
0 votes Thank Flag Link Wed Jun 23, 2010
Pablo, I tend to see less foreclosures or short sales in Pacific Palisades when searching for my clients. When I presented my seller a list of comparables in her Pacific Palisades neighborhood, I only identified 3 closed foreclosures listings within the last 90 days. i'm actually headed to Malibu today to show some properties in that price range. If you have any other inquires, please let me know. Good Luck!


Ikem Chukumerije
Broker/Owner/Notary
Westside Premier Estates
Brokerage | Financing | Investments
Tel: 323.350.8297 | Toll: 800.783.1421 | Fax: 310.496.0511
Email: ikem@MillionDollarLiving.com | Web: http://www.MillionDollarLiving.com
0 votes Thank Flag Link Sat May 22, 2010
Hi Pablo,
I don't think you have much to worry about in terms of foreclosures in Brentwood, Westwood, or Pacific Palasades. There are 68 single family homes for sale today in the 90049 and 56 single family homes available in Pacific Palasades between $2 million and $5 million. None of them appear to be foreclosed homes. These areas hold their value well due to the income level of the people that live there. If you are interested in a list of these properties feel free to e-mail or call me. Good Luck.

Gary Gukassian
Beverly Realty
818-303-4093
mrggg@aol.com
0 votes Thank Flag Link Thu Aug 14, 2008
Pablo- The high end cities have retained their value and in fact, in today's news I heard that Notices of Default have dropped in LA.

Good luck in finding your home.
Yona Bello
Web Reference: http://www.YonaBell.com
0 votes Thank Flag Link Wed Aug 13, 2008
Hi Pablo,

Each mini market is different from the next. I know that Brentwood (90049) and Pacific Palisades (90272) seems to be quite insulated from foreclosures. While both areas have had Notices of Defaults recorded (this is the 1st step toward the foreclosure process), most of these are cured because prices have not dropped much, if any, in these markets. One reason for these neighborhoods and their stable home values is that we do not have a lot of new inventory, partly because there is not much new development.

Another important note is that there were very few first time buyers who purchased a single family residence in these zip codes. This means that the buying population in Brentwood and Pacific Palisades were much less affected by the subprime fallout, and consequently, these areas are seeing few foreclosures.

I wouldn't anticipate a significant drop in prices here and would expect this market to run steady. In fact, the number of units sold in the Palisades was up last July. One thing I will say is that homes that are priced right and located in this neighborhood are selling FAST and often times in multiple offer situations. I think using the internet to find a home is an important, useful tool and a great place to start, but hooking up with a professional who is active in this market will be the answer to expanding your options. With my office located in Brentwood and my strong ties to other Realtors active in the area, I am aware of many of the "fast" selling and desirable properties before they come on the market. As always, if you would like to talk and gather more info about this area, please feel free to call or email me.

Hope that helped!

All the best,

Gregory Masi
Gibson International
gregory@gregorymasi.com
0 votes Thank Flag Link Wed Aug 13, 2008
Hello Pablo,

I just closed a property in the 3's in the Palisades. The stats for the Palisades are good. The medium price is $2,175,000 compared to $2,100,000 for 2007. These stats are YTD through July. The number of sales YTD through July was 120 for 2008 compared to 186 for 2007 so sales are less but prices are up slightly. The number of homes on the market remains about the same. I just don't see the Palisdaes as being forclosure city. I think for the Palisades the higher end has gone up even more than the stats. If your entering the market around the medium and not 10 mil you might find some deals but the Palisades just doesn't have the volume of foreclosures as other areas.

On another note. 90049 is Brentwood. If you need stats for Brentwood or any help looking the the Palisades, let me know.

Best,

Monique Carrabba
The Reavis Group
mcarrabba@kw.com
0 votes Thank Flag Link Tue Aug 12, 2008
Is definitely affecting the prices in most areas and the closing for sure because the lenders are getting pickier and more inquisitive at the time of granting a loan to anyone. However, this is not affecting high end homes as much since they have their own cycle, and of course, people who buy this kind of homes generally don't have a big problem putting a large down payment. Since you don't seem to find anything interesting in Pacific Palisades, have you considered Palos Verdes? Is a very nice area with very good schools, very good weather, not traffic problems and a very good place to raise children. it has ocean views and horse properties and is a truly beautiful place. Nothing to envy to Beverly Hills. If you are intersted in seeing something there, you can contact me through my profile and we can set something up.

susanacohen@mypalosverdes.com
susanacohen@remax.net.
Thanks
Web Reference: http://www.PVdreamhomes.com
0 votes Thank Flag Link Tue Aug 12, 2008
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