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Market Conditions in 91423 : Real Estate Advice

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  • Local Info0
  • Home Buying4
  • Home Selling2
  • Market Conditions2

Activity 2
Fri Jul 9, 2010
Cynthia Sparagna answered:
Dear Mom:
Like every market, it truly depends on the property's location, condition and price whether or not an appraisal is "favorable" or not. Last year there was a change in appraisal regulation and we saw a lot more conservative appraisals coming in. Depending on the location/neighborhood of the property, the appraisals are indicating a response in favor of a slightly higher market than last year. Honestly, the appraising has nothing to do with loan modifications from what we are experiencing in my office. Since the banks have the TARP money, they are not realy working hard to assist folks in loan mods. Also, what people don't understand about loan mods is they are not loan reductions, simply a reduction in monthly payments for a temporary amount of time. Most of my clients and friends are not getting much support from their mortgage lenders in providing them a loan modification.
Cynthia Sparagna 818.207.9399
E&A/Sotheby's - Sherman Oaks
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Mon Jun 21, 2010
Tommy Lee answered:
Mstreet,
I have seen anywhere from 14 to 45 for regular retail and 22 to 54 for restaurant. That is, per square foot per year. A couple places I showed a client were in pretty sad shape and needed a lot of renovation. That was on the lower end. The upper end I showed a restaurant set up that was next to a coffee shop on the boulevard and it, of course was on the upper end.

If you are a home buyer, why the interest in commercial?

If you need assistance with anything, please call or email me.

Tommy Lee
DRE#01723594
tommy.lee@dilbeck.com
323-821-2292
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