The depressed market in Marina del Rey, Venice and Playa Vista was 2008-end of 2012. 2013 saw an appreciation of 20%-25% depending on the community. Reasons reduction of short sales, foreclosures and a shortage of properties on the market. The summer of 2013 was multiple offers on properties. Some properties went above their asking prices. Prices have appreciated but seem to be stabilizing and properties are staying on the market long. Prices are not dropping but staying level. Check with lender for rates and terms. for qualification. Lending practices in my opinion is not effecting home values.
Marina del Rey and Playa Vista have a density of condominiums and townhouses. In Marina del Rey the majority are older average 30-35 years olds. In Playa Vista home age average about 6 years. Venice is single home density. This is a good time to buyer but prices do not appear to be going down. Of course, in this economy anything can happen but housing market is recovering. If considering buying take advantage of mortgage interest rates under 05%. Any questions do not hesitate calling.
Gail Mercedes Cole
Your Westside Homes