Market Conditions in Venice>Question Details

Brennan, Home Buyer in Santa Monica, CA

Purchasing property on the Westside. Are property values going to drop by 30-40%?

Asked by Brennan, Santa Monica, CA Sat Sep 29, 2007

Or are they really going to stablize and grow at a 4% rate over the next couple of years? It seems that Beach Cities retain their value a little better than some in the inner lying areas. So is it a good time to buy? That is the question.

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Answers

5
Well..this is an old question..in January 2014 prices are going UP.
1 vote Thank Flag Link Tue Jan 28, 2014
I agree with you regarding oceanfront property. http://www.OceanAveLiving.com is a great recourse for pricing on Santa Monica Oceanfront Property. No one knows if prices will drop tomorrow and go up the day after. All we know for sure is that history has proven that real estate prices double every ten years even in economies like this one. We're talking about luxury property here...not high foreclosure areas. Solomon Team, (310) 979-3798, SoldbySolomon@gmail.com
0 votes Thank Flag Link Thu Apr 8, 2010
Hi Brennan,
You cannot combine all areas as one. Consult with a local realtor for advice.
0 votes Thank Flag Link Mon Oct 15, 2007
Brennan, now is a good time to buy. We are seeing some great deals. I agree with Stan that no one knows for sure what will happen. In my opinion we will NOT see prices dropping by 30-40%.

In the San Fernando Valley the median priced home has actually gone up. The westside has always done well with retaining value. The developers have overbuilt condos all over the city so we are seeing quite a few price reductions in the condo market.

If you are looking to buy a house and turning it around in the next year, then I would say no, it is not a good time to buy. If you are looking to buy a house and remain there for 2 or 3 years then it may very well be a good time for you to buy.
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Sat Sep 29, 2007
I don't think anyone wil answer that with 100% assurance. However, I don't see that market will recover in following 2 years. There is a reason -- current administration willbe in the office for one more year and whoever will come next, there will be a year at least to do something about market because this person will be new and it takes time to do something. IMHO.
0 votes Thank Flag Link Sat Sep 29, 2007
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