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Market Conditions in 90048 : Real Estate Advice

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  • Local Info2
  • Home Buying9
  • Home Selling3
  • Market Conditions1

Activity 106
Wed Jul 9, 2008
Cameron Piper answered:
Occat,

John will be hopping in here in a moment to tell you that he has the inside track on the future. He will tell you that the 2nd greatest depression is coming.

As an agent that doesn't work in the area, I don't have an opinion on the matter. I would also caution you to be leary of the advice you get here. The reality is that nobody knows. Markets are too dynamic for any person to be able to make anything more than a guess.

Cameron Piper
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0 votes 8 answers Share Flag
Thu Mar 25, 2010
Ray Calnan answered:
Your perception is different then the banks. Many buyers approach and ask if a foreclosure is a good deal and I let them know that it may be. It depends on the condition and the competition from normal sales.

Many banks are not at a point to lose huge on a property, because although the media keeps talking about it, from the banks point of view tey don't have that many REO's on the books yet and are not willing to take too big of a hit until that have to.

Just keep offering and one might accept!
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0 votes 6 answers Share Flag
Thu Mar 25, 2010
Ute Ferdig answered:
Hello Daniel. That's a very good question and I think the answer will depend on the individual and what kind of a view is involved since not all views are created equally. In my experience, for resale purposes, a view does not add nearly as much as people hope for. It's similar to a pool. People like to have the pool, but they don't want to pay much extra for it. I think it would be interesting to hear from an appraiser on this issue. I would also want to know what a view is worth in a lawsuit (I know people have sued when their view was blocked by new construction). It will be interesting to see how others answer your question. ... more
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Sat May 24, 2008
Maggie, your REALTOR® answered:
I am in the trenches every day. I mostly work with homebuyers and I can tell you that at the low end (below $300K) there are MULTIPLE OFFERS and even some crazy frenzy of overbidding. I believe we are reaching the bottom, as you so aptly put it very quickly. This is correct from being out there everyday. My homebuyers are definitely feel the URGENCY to make offers much more quickly than even 2 months ago.

My buyer pipeline is over 1500 strong so I have a decent sized sampling of the Long Beach market.
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Sun Sep 14, 2008
Rabby answered:
Rancho park is selling fast still. The houses in this neighborhood are the best buys around!!!!
0 votes 8 answers Share Flag
Wed Jun 5, 2013
Ron Deutsch answered:
There are 84 condos or co-ops for sale on Wilshire in Westwood at the moment. They range in price from $110,000 to $11,500,000. Home owners dues range from $168 to $5,535 /month (perhaps not coincidentally for those two properties, respectively). Does this help? Let me know if you need anything else.
Ron
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0 votes 6 answers Share Flag
Tue May 20, 2008
Laarni G. Omingo answered:
Hi Mandana,

It is so hard to predict since this market is completely different from what we had seen before. The only thing I can tell you is that the Westside including WeHo is not deeply affected by the price declination. With this in mind, the future looks rally bright in your chosen area 5-6 years from now.
All the best,
Laarni
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0 votes 10 answers Share Flag
Fri Jun 6, 2008
Keith Sorem answered:
R
Pricing land is difficult in our area because there is simply not a lot of vacant land. The lack of vacant land yields few comps and also fewer Realtors with experience in selling land.

I was consulting an investor about some land he owns and after evaluating his options he opted to build on one of his lots and hold the other until later. Building on hillsides is expensive and with the cost of building materials skyrocketing making a decent profit takes very good project management, which is not a skill that many investors have (not to say that it cannot be done, simply that the margin for error is smaller).

So far as market conditions go, the people in this market either have to buy or have to sell. What the LA TImes forgets is that in any given market, life goes on. People get married, divorced, have babied, die, life goes on. So well-priced and marketed homes will still selll in under 30 days closest to asking price. Over-priced homes will sit, sit, and sit...and then expire.

If you'd like my market report I'd be happy to email it to you.
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0 votes 7 answers Share Flag
Wed Mar 19, 2008
Irina Netchaev answered:
Hi Ryan, your real estate consultant would be able to pull up this info for you by a specific area. In the meantime, check out www.dqnews.com. It's a service offered by LA Times. When you go on the side, look on the left hand side for Monthly charts. Click on the LA Times Charts. You'll be able to see a lot of stats by zip and the # of homes sold last month.

Good luck!
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Fri Mar 21, 2008
Jill Lowy answered:
Hi,
Los Feliz like the Sunset Strip and Hollywood Hills has alot of Industry people. This keeps the market strong. My feeling is that we are coming to the low end of this cycle and if you find something you truly love, strongly consider it. With the interest rates where they are if you are a strong buyer and plan on living in the home at least 5 years, you will be glad you made the move!
I am very familiar with the Los Feliz area. If you would like me to send you some active listings that fit your criteria, please let me know.
Thank you ,
Jill Lowy
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Thu Mar 25, 2010
Alex Salvatti answered:
A great website to research rent values is
www.rentslicer.com
which gathers craigslist rental information and "slices" it up in several different ways. You can easily rank different area using great mapping tools.

Alex Salvatti
Broker, Trulyhome
1-888-TRULYHOME
www.trulyhome.com
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0 votes 3 answers Share Flag
Sat Mar 15, 2008
Dorene Slavitz answered:
Average Home Prices in West Los Angeles is about $415,000
To rent a one bedroom apartment in the same area is between $1225 - $2050 roughly.
0 votes 3 answers Share Flag
Sun Feb 28, 2010
Monique and Joe Carrabba answered:
Hey Karen,

A duplex in Westchester is desirable. Many folks love the schools and the location to LAX. I checked the listing. It looks like the bank has been trying to sell it for over a year. The started around 900k. The units are on the small size. I haven't seen this duplex but it seems like a great deal. Without seeing it I would say 1600-1800 would be safe. The rental market is still strong. Especially if they are clean units.

Best,

Monique Carrabba
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0 votes 2 answers Share Flag
Sun Aug 27, 2017
Joe Connolly answered:
Peter,
Sellers are usually very happy when someone writes n all cash offer, but there are so many factors to consider. What is the list price, and what is the rental income like? How long has it been on the market?
The terms of your contract will also go a long way in securing you a better purchase price. While an all cash offer is very attractive to sellers for the seriousness it conveys, they will need to know more about you as a buyer.
Contact me for assistance in structuring your offer to your best advantage.

Joe Connolly, Realtor®

323 481 6299 c

Keller Williams Realty - Wilshire
5900 Wilshire Blvd.
Los Angeles CA 90036

JoeConnolly@kw.com

http://www.joesellsrealestate.com

Is it really cash, liquid, ready to go? Or is it 1031 cash, contingent on a sale closing first?
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Fri Feb 15, 2008
Michael Krotchie answered:
Hi Henry,

It sounds like you are referring to a conversation with your lender. By "soft market" they may mean that because many borrowers are defaulting on their mortgages they lender would like to see a larger down payment.

Depending on your credit score and other financial liabilities a bank may only have you qualify for certain loan programs, some of which have different down payment requirements than others.
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Wed Aug 29, 2012
Monique and Joe Carrabba answered:
Hello Simon,

I take it you are looking at Brentwood or are you looking at all of LA County in general.

For new construction Condos in Brentwood it is about 615 a square foot. and for homes it was 926 a square foot.

If you need it for another neighborhood in LA let me know. To lump all of LA in general would be inacurate as the prices vary greatly from one neighborhood to the next.

Best,

Monique Carrabba
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0 votes 4 answers Share Flag
Thu Jan 10, 2008
Michael Rozales answered:
In the Hollywood Hills area, current modern architectual homes in the 3,000-5,000 sq ft range are currently listed at about $850 sq ft and in the past 3 months, selling at about $811 sq ft. Remember, this is just the average and there are homes out there for more and less. If I can be of any assistance, please visit our website below. Thank you. ... more
0 votes 1 answer Share Flag
Mon Feb 11, 2008
The Sanborn Team answered:
Hello,
Are you inquiring about an apartment to rent or commerical space to rent. There is a big difference.

You should contact a property manager and they should be able to help you.
Please visit www.pspmla.com

Best,
The Sanborn Team
Allison & Nancy

Reinventing your real estate experience
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0 votes 1 answer Share Flag
Wed Feb 6, 2008
Ed Ross answered:
Lara,
Since you may choose different areas in LA. I suggest using craigslist.com and you will see a bunch of ads of "for rent". It is a great indicator for someone looking to understand the westside versus downtown versus inland empire, etc... If you ever want to see if it is better to BUY versus RENT. You can use a free calculator I have on my site. Even with LA's bad market it might serve you better looking for a purchase. ... more
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Mon Nov 26, 2007
ian cockburn answered:
Take a look on my webbsite on the "investor secrets" page, http://iansellsnola.com/gpage8.html

and there are breakdowns of costs per sf by trade, and for the electrcial and plumbing go up by 30% for West LA. ... more
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