I am a looking at a property in brentwood, los angeles, CA to buy in cash. the condo is well mintained built in 1975,price is 330 per Sq/f, worthed??

Asked by Mazda Kazemi, Brentwood, Los Angeles, CA Fri Jul 1, 2011

this is a 2 bed, 2.5 bath, with around 1700 Sq/f, built in 1975 with wood flooring, upgraded kitchen with bathrooms at it's original condition but nice, 1st level, 2 parking space with HOA of $410 per month, do you professionals think i should spend my cash on this or i should wait for another 9-12 months for the prices to hit lower, i appreciate every professional comment.
thanks.

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Deborah Brem…, Agent, Los Angeles, CA
Fri Jul 1, 2011
BEST ANSWER
Hi Mazda;
The building you are looking at has a good track record. However, you have to consider the location, both for noise and traffic, when you make your purchase. While it may not be a problem for you now, it may be, upon resale. (Always think about your exit strategy) This is specifically why the price per square foot is lower than the current average in Brentwood for that size/ age/ condition of unit. That's a tough corner, both because of the two major arteries, and because of the commercial that surrounds it. I'd try to find out what the other unit in the building, that is currently pending, is in escrow for.
Best,
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
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http://www.thebremnergroup.com
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
0 votes
Monique & Joe…, Agent, Beverly Hills, CA
Fri Jul 1, 2011
Hello Mazada,

330 per square foot is a steal in Brentwood. How do you know prices will get lower? I say go for it!

Monique Carrabba

The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
1 vote
I. Mia Shin, , Los Angeles, CA
Mon Jul 18, 2011
Brentwood is a very prestigious neighborhood of Los Angeles.
It is considered an entry level price range to pay $639,000 for a spacious well situated property.
It is well worth it, if it is the location you want, given what is out there, you must realize there isn't much out there for this price range.
0 votes
Dorene Slavi…, Agent, Torrance, CA
Mon Jul 11, 2011
Dear Mazda,
It might be....it might not. That all depends upon the building, the statistics, the CMA etc etc....Please do retain a good Agent who can assist you in making this determination.
0 votes
Kathleen Bec…, Agent, Santa Monica, CA
Sat Jul 9, 2011
Hi Mazda:

Do you love the unit? Do you need a place to go now or are you able to wait it out and hedge a bet that the market will fall lower, allowing you to find another gem for a lower price?

Please consider that Brentwood had pretty much held their market values, though values in the area have dropped a bit, the values have survived.

If this is a unit that you love, I would say...go for it! You may or may not find another one like it.

Good luck with your purchase.

If I may be of any assistance, please feel free to contact me directly.

All the best,

Kat Becker, Agent
Prudential California Realty
katbecker@prula.com
0 votes
Dorene Slavi…, Agent, Torrance, CA
Fri Jul 8, 2011
Dear Mazda,
This question would be best answered by your "Buyer Agent". You need a good CMA done of the area to determine the best offer.
0 votes
David Akram , Agent, Granada Hills, CA
Wed Jul 6, 2011
Hi Mazda, no one can give you an accurate estimation as to which direction future home prices are going to be in the next 12 months.
It all depends on the specific local market. But looking at the current state - buying now is not too bad considering how low the market price of properties are.

Waiting can have possible 2 outcomes - price will go lower hence you get a better bargain or the opposite where you will end up saying "why, why did I wait" :-).

It all comes down to making a investment decision after you have done your due diligence in the local market. I would love to discuss this more in detail with you.

Good luck.

David Akram
Realtor, DRE# 01891274
Notary Public, Certified Loan Signing Agent.
Cell: 661-505-8550
Century 21 All Moves
Contact: http://contactme.davidnewhome.com
Web: http://www.DavidNewHome.com
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Good luck.
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0 votes
Andrew Jones, Agent, Venice Beach, CA
Sun Jul 3, 2011
Hi Mazda,

No one's got a crystal ball as far as the housing market is concerned, but there's probably no reason that waiting will hurt your position when it comes to buying a home. I don't think that anyone expects prices to go up substantially anytime soon (with the possible exception of niche markets where prices may actually be going up right now.) There are also plenty of reasons to think that prices could drop again. However, a lot of that over-valuation has already been lost to the events of the last few years.

There real consideration should be what suits your needs best. Can you afford it? Do you need a place for your family to live in now? Will your credit score improve over the next year to get you a better rate than you can get now? Are you aware of all the other properties that are the available? Do you need to pay off more debt to improve your debt to income ratio? Will doing this make you happy?

If you are this close to buying and don't have a real estate agent, you should get one right away. If you decide to buy you'll need help with all of these issues as well as writing an offer and sucessfully closing escrow on your new home.

If you decide to wait you'll have a professional available to you at no cost to make sure you know what's on the market, check out properties that you find online, and get expert advice from on many of the issues that you'll encounter when the time is right for you to buy.

Whatever you do, make up you own mind about what is best for you. Best of Luck.
0 votes
Jonathan Shi…, Agent, San Bernardino, CA
Sun Jul 3, 2011
I have two rules in personal residential real estate.

One. If you want this home for the long run, as a home-home , the judge on the current market price and your time frame of staying in that home. Make the purchase based on your financial standing, not on speculation. If you want to buy and sell in a term easier stated in months than years, use a different set of rules.

Two. If rule one is true, whenever possible, take advantage of inflation and defend your liquid cash reserves. If one can reasonably pay with inflated dollars upon current currency, why not do so if it makes sense?

And agreed, Brentwood under 330/sqft is stupendous, even pretending the last hyper inflated market didn't exist (my unwritten rule number three, "the last market did not exist, do not base things on it").

I'd be remised if I didn't follow suit and display my direct number as well- 424.262.4599. If you require a second opinion (as I assume from your detailed knowledge you've already found yourself an amazing realtor to represent you).
0 votes
Fariba Bolour, Agent, Los Angeles, CA
Fri Jul 1, 2011
Hi Mazda,
Today's market is a good market to buy, and there are a lot of availabilities that you can choose from. If you would like my assistance, please call me at 310-666-2216 and we will discuss it further moreBest regards,
Fariba Bolour
0 votes
Michael Nava, Agent, Beverly Hills, CA
Fri Jul 1, 2011
Hey Mazda,

Today's market is a buyer's market. The interest rates are great right now and no one can ever guarantee what will happen even a month from now. If you see something you like, there's no point in waiting. The inventory is not where it once was, and with less foreclosures and short sales (people are getting their loans modified), I wouldn't be surprised if prices went up. It's all based on supply and demand.
Hope this helps.
Web Reference:  http://www.michaelnavala.com
0 votes
Andy Hong, Agent, Los Angeles, CA
Fri Jul 1, 2011
Hi Mazda,

I cover downtown LA to all the way west to Santa Monica. $330/SF is good price for Brentwood. I recently showed some condoes over $400/SF price range with similar offering size and HOA at $400. Brentwood is lacking condo inventory, so waiting may or may not be helpful to you. Many buyers are waiting for the bottom price, but no one really knows how long. Waiting too long will get you nothing.

Hope this helps!
0 votes
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