Market Conditions for Miracle Mile, California Reported by Birthe Dooman, REALTOR®, e-PRO, REC Updated November 8, 2011.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

"The Grove" - Beverly Center-Miracle Mile. Prices rose in this area, since the very successful The Grove was built together with the old Farmer's Market on 3rd Street.

The present mortgage rates (US weekly averages) as of July 20, 2011 per Realty Times is:

30 Year Fixed: 4.51%
15 Year Fixed: 3.65%
1 Year Adj: 2.95%

These days banks are looking for Buyers with great credit scores (a FICA score of at least 720) to get a good deal, and with a 20% downpayment if their income warrants it. It is advisable to keep credit card balances below 35% of their credit line for getting a top FICA score.

Current Listings in Beverly Center-Miracle Mile District:
Homes: 83 ranging from $80,000 to $1,059,000
Condos: 46 ranging from $255,000 to $959,000

June 2011 sales in Beverly Center-Miracle Mile:
Homes: 19 ranging from $407,000 to $1,950,000
Condos: 3 ranging from $270,000 to $1,318,000

Homes were on the market for an average of 39 days
(average Sales Price/Average List Price: 95.5%).

Condos were on the market for an average of 76 days
(average Sales Price/Average List Price: 93.3%)

Those homes that are staying on the market much longer than those which are presently selling are especially those that are overpriced. Said homes will, of course, eventually be reduced if the sellers are really serious about selling.

There also seems to be a bit of remodeling done in the area, and I have noticed that several small homes have been torn down and much larger homes built on the same lots, i.e. what was once a small one-story 3-bedroom home is now a two-story 7-bedroom home selling for more than a couple of millions.

All statistical information is based on data supplied by the Combined Los Angeles Westside Multiple Listing Service. Data accuracy cannot be guaranteed and may not reflect all real estate activity in the market. Source of Information: Combined Los Angeles Westside MLS. Information deemed reliable but not guaranteed.

ZIP Codes: 90019, 90035, 90036, 90048

Approximate Location Boundaries: This Los Angeles residential and business district is bordering the rich and famous Beverly Hills to the immediate west, West Hollywood and trendy Melrose Avenue to the immediate north, and the fashionable residential area of Hancock Park to the immediate east, with the cheaper but nice residential area of Beverlywood to south.

Location Characteristics: This rapidly growing area encompassing the old Farmer's Market (since 1934) and a very successful The Grove -- a lovely new outdoor facility with many good restaurants and shops as well as the Pacific Movie Theatres which houses 14 comfortable and luxurious movie theatres. Its spectacular outdoor musical water fountain has become a focal meeting point for many people. The Los Angeles County Museum of Art, as well as the Pan Pacific Park and La Brea Tar Pits, are within walking distance. Nearby is The Beverly Center, a local indoor residential shopping mall with many small fast food eateries and small movie theatres. Across the street from Farmer's Market is the CBS Television City.

Also close is the ever expanding world famous Cedars-Sinai Medical Center, whose Center for Chest Diseases is in the forefront of medicine, offering patients access to the latest clinical trials and investigational studies involving new treatments for pulmonary diseases. The Thoracic Surgeons at Cedars-Sinai Medical Center (headed by Dr. Robert McKenna, Jr.) have been pioneers in developing minimally invasive surgery to treat lung cancer and emphysema.

For More Information:

• Visit My Web Site
  
• View My Newsletter
  
• Ask Me A Question