Brentwood and West Los Angeles are still going strong, although, Palisades has experienced some adjusment. The average sales price in June of 2008 was $1,464,000 compared to June of 2007, which was $1,735,000 which is about 15.62% reduction in price level. There were 18 properties that sold in the Palisades in June 2008.
I can send you some properties to look at in your price range to review - sellers are more apt to accept a lower offer if their house has been on the market for several months.
If you would like to receive property updates automatically please let me know
First Team Real Estate
In LA, especially on the Westside, Brentwood, Palisades and Venice/Santa Monica, single family homes are still up (prices). Volume/the number of sales is down. Their just doesn't seem to be a shortage of people that can afford these homes. Condo prices (in most areas have dropped slightly. You can never know for sure, but if home prices don't fall in any areas, I would would bet on West LA, Brentwood and Palisades (and other Westside areas surviving and staying strong.
Have a great day,
Heather Paul, Realtor
(310)586-0364 or (424)625-1037
There is a third wave of foreclosures starting and a pending 'double dip' in the market but the Westside is going to be all right.
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
Specifically, itâ€™s the rents Americans pay on condos, apartments or houses that are about the same size, and share the same neighborhood as a comparable purchase, that in the end determine what your house is worth.
That brings us to an interesting study by Deutsche Bank. Its Real Estate Investment Trust research team first established a benchmark for a "normal" ratio of rents to ownership costs â€” what it calls ATMP, or after-tax mortgage payment â€” for 53 U.S. cities. In recent reports, Deutsche Bank demonstrates how steady or even falling rents have pulled down housing prices, to the point where in many markets it costs about the same amount to own as to lease.
In normal times, people wonâ€™t pay too much more to own a house than to lease it. The surest sign that prices have fully adjusted arrives when the ratio of what people pay in rent versus what owners spend on the same property returns to its historic average. The DB research also offers convincing evidence that the wrenching adjustment in housing prices is finished for much of the nation, with a bit more pain to come in selected areas.
What does that mean for future prices? Given the DB analysis, itâ€™s likely that prices will fall another 5% or so nationwide. In Californiaâ€™s San Bernardino and Riverside Counties, it now costs 10% less to own than to rent; in Los Angeles County, it's about even.
As for Brentwood and Palisades, a lack of inventory plus own-to-rent value comparisons tells us that the market has stabilized. For the first time in over 4 years, with the tax credits and low interest rates, it's more affordable to own a home than to rent a comparable one.
Blogging at: http://TheBremnerGroup.com/blog
We have the best weather. Why do you think homes in the San Fernando Valley are so much cheaper? It's 90-100 degrees in the Summer, when Brentwood has temperature in the 70s.
Look at the 405 freeway from the Sunset Blvd. overpass during the morning rush hour commute. You will see thousands of cars driving in from the north and south into Brentwood, Santa Monica and the Palisades. Unbelievable demand to be here keeps prices higher than other areas. Don't expect prices to fall anytime soon. They may dip a bit but the demand keeps them fairly steady.
I don't think property values will drop further in the best areas of Los Angeles. As a matter of fact, we have seen a stabilization in many areas. My advice is to purchase in the very best area, that your budget can afford, those are the areas that maintain their value.