Lately when I run into friends that ask "How's the Market" and I have to tell them that it is actually very good here. This week's ECONOMIST says real estate in Los Angeles is down 10% and that is just not true in my area.
The Sunset Strip and particularly "Bird Streets" are selling very well and we recently had a $4,000,000+ listing sell the first day. There are few homes for sale and there is plenty of demand. Recently there was a $12,000,000 sale in Doheny Estates which is an all time record.
Beverly Hills and Bel Air seem to be increasing in price and when the stats are published I think we will see large increases. There are so few homes for sale, and plenty of buyers so it has to go up. Same in the Pacific Palisades and Santa Monica.
In my career of 29 years, I have never seen such slim pickings in Beverly Hills & Bel Air. The quality of many of the listings is just poor, with bad floor plans, street noise and the good ones seem to be very overpriced.
We have Buyers from London arriving and have little to show them!
We will not see any price declines until we get a lot more supply on the market and with what the buyers are hearing in the media, that will not be too soon.
We are selling "Pocket Listings" which are properties where the clients have special privacy needs and do not want to put them on the market. We show them on a case by case basis and frequently sell them. I had three sales last year in the 3 to 5 million dollar range which sold as pockets.
Interest rates are low, clients have taken their money out of the stock market, and things on the Westside are just fine. I should have some interesting statistics next week so stay tuned!
Richard Klug
http://www.richardklug.com/
richardklug@yahoo.com
Wednesday, February 13, 2008
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