** November 2009: MARKET UPDATE & OPINION for Pacific Palisades - AND - the Palisades HIGHLANDS ("One of L.A.'s Best Kept Secrets") -- from SHARON Schammel & JOHN Wild & VICTORIA Schammel -- Coldwell Banker Real Estate, Pacific Palisades / Palisades Highlands. *SHARON & JOHN & VICTORIA *
Go to: www.PALISADESHOMES.com for all the latest Multiple Listing Service home search information.
*** Please contact us regarding "PROP-ORTUNITIES" in various market areas (310) 573-7737 / 573-7725
"PROP-ORTUNITIES" are great OPPORTUNITIES! They are either a really GOOD DEAL, an unusually GREAT house, or simply a home that no one knows is available. In other words ..... an OPPORTUNITY PROPERTY ...... CALL US to find out more!!
Pacific Palisades is considered by many to be what is called a local "Micro-Market" - as opposed to national, state and county "macro markets". ** See Below For Details & CURRENT SALES **
Real estate IS still selling! However - Price, Location, & Quality are still king, with PRICE being the prime factor. Buyers are BUYING and there are still multiple offers on well-priced properties!
*************************************************************** 179 Single Family Homes closed escrow (SOLD) in all of 2008: 11 in Jan., 12 in Feb., 19 in March, 18 in Apri, 14 in May, 16 in June, 23 in July, 21 in August, 10 in September, 17 in October, 10 in November, and 8 in December.
(NOTE: The 179 sold in 2008, compares to 269 sold in 2007 - a decrease of 33%)
* SEE BELOW FOR CURRENT (as of 11/4/09) STATS & DETAILS *
(Still, this is an average of almost 15 (14.92) single family homes per month, 3.44 per week ---- or, about 1 every 2-3 days !!!)
In addition, 47 Condominiums (including townhomes) also SOLD (closed escrow) in all of 2008.
*************************************************************** Although nationwide and statewide the sale PRICES and sale numbers continue to ease - the local Palisades and Westside (read .... Palisades, Brentwood, Santa Monica) market is still more RESILENT, although it too continues to be VERY PRICE SENSITIVE.
Inventory has stabilized and in fact is DECREASING after continuing to increase at the start of 2009 - however days-on-market is still high. We currently have approximately 138 homes on the market as opposed to almost 200 at the start of the summer.
Some types of listings are going to sell at the same price range they did three, four or even five years ago. Yet others are selling for the same or slightly less than last year (depending on the property), and still others are generating multiple offers. *** It truly depends on Location, Quality, Condition and Price - but above all - it's PRICE, PRICE, PRICE (+ location) !
** PLEASE SEE BELOW FOR CURRENT MARKET INFORMATION SINCE THE START OF 2009 **
IS THE SKY REALLY FALLING ??? The answer is very simply ..... NO !! We think it's very important to keep things in PERSPECTIVE - compared to the last five to six years, today's market can feel, and is, challenging. However, if you take a close look at what is really going on .... we are back to a more "NORMAL" real estate market - especially when it comes to Buyer qualification (i.e. down payment amount, quality appraisals, full Buyer documentation, very good credit, etc.).
The slowing national housing market has brought into sharp relief the wisdom behind the real estate mantra .... "Location, Location, Location". The PACIFIC PALISADES is truly LOCATION, LOCATION, LOCATION ! That's one of the main reasons Forbes.com has named Pacific Palisades a "BLUE CHIP" neighborhood !!
The Palisades real estate market continues to "settle" - but at the same time is still ACTIVE for SERIOUS SELLERS.
************************************************************** HOWEVER, as we go into the last two months of 2009 there has been somewhat of a pause in BUYING activity in just the last 4-6 weeks after a large INCREASE in April-June.
People are buying. GOOD LOANS ARE AVAILABLE. Good properties, PRICED CORRECTLY and in good condition are selling - sometimes even with multiple offers!
INTEREST RATES are AFFORDABLE (although they continue to rise and fall depending on the economic news of the week), serious seller's want to sell, and there is more of a selection of properties than last year. So NOW (!) is a good time to be a SERIOUS Buyer - or -SERIOUS Seller!
As we go forward into the last of 2009 ...... with 1.) the ongoing "TARP" rescue plan, 2.) the RECENTLY PASSED 2009 VERY LARGE Stimulus Package, 3.) the ongoing "work-out" of the credit / liquidity issues, 4.) combined with the easing of the real estate market, increased inventory, and lower interest rates -- PLUS -- 5.) much more assistance by Congress ...(????) and the talk of a possible SECOND Stimulus Package and extension of "First Time Buyer Credit" AND a possible NEW CREDIT for CURRENT owners ....... there can be some GOOD VALUES available at this time.
A "WINDOW OF OPPORTUNITY" can be found as there are generally more choices.
SELLERS are becoming more MOTIVATED and REALISTIC, interest rates are LOW, prices are more feasable/reasonable, and in most cases you will not be bidding against other buyers for the same property.
The FEDERAL RESERVE again (during the 1st Qt.)LOWERED the federal funds rate by 75 basis points to .00-.25 percent --which in turn saw the "PRIME RATE" for banks lowered by three quarters of a point - now 3.25%. This is the latest in a series of reductions.
In their remarks, the Fed hinted they are prepared to do what is necessary to keep the economy moving forward (read continued LOW INTEREST RATES) ...... but NOW that credit markets continue to be constricted - maybe the Fed will again continue to ease interest rates in the future (?????).
Some believe there is no point in worrying about what prices are going to do in the short run (they feel this is something out of their control) and that REAL ESTATE is still a very, very GOOD LONG TERM INVESTMENT -- and, SERIOUS Sellers are still seeing "good" numbers (depending upon when they bought).
With prices continuing to settle and stabilize going forward - compared to the buying environment of the past few years, and with still FAVORABLE INTEREST RATES, many QUALIFIED (read - 20% or more downpayment, + excllt. credit score, + full Buyer documentation, + current up-to-date appraisal) Buyer's sense this is an OPPORTUNE time to buy!
** Please contact us directly (310.573.7737 / 573.7725) or visit our website -- www.PALISADESHOMES.com **
---------------------------------------------------------------------------- Pacific Palisades SINGLE FAMILY Home Sales: ** 10/01/09 - 10/30/09 ** (As of 11/04/09)
# HOMES "Active / On Market": 138 - (As of 11/04/09 -- a 22% DECREASE from the approx. 176 at the start of summer Jan. 09) **
# HOMES "In Escrow": 37 - (compared to 7 in Jan., 13 in Feb., 15 in March, 14 in April, 31 in May, 42 in June, 34 in July, 37 in August, 30 in September and 28 in October.)
Number of Listings "Sold" (since 1/1/09): 148
Average Days on Market (current listings): 129 (UP from 93 in June) Average List Price: $ 3,590,244 (UP) Average Sale Price: $ 2,119,107 (UP)
Median List Price: $ 2,757,500 (UP) Median Sale Price: $ 1,599,500 (DOWN)
Avg. List Price per Sq.Ft. = $ 694.71 Avg. Sold Price per Sq.Ft. = $ 619.08 Avg. Sale Price to Avg. List Price (Sept. '09): 90.13 %
# CONDOS "Active / On Market": 25 (As of: 11/04/09) # CONDOS "In Escrow": 11 (a large increase from 3 in Sept.)
Number of Listings "Sold" (since 1/1/09): 41 Average Days on Market (current listings): 120 (UP) Average List Price: $ 791,956 (DOWN) Average Sale Price: $ 800,400 (DOWN)
Median List Price: $ 798,000 (SAME) Median Sale Price: $ 640,500 (DOWN)
Avg. List Price per Sq.Ft. = $ 480.14 Avg. Sold Price per Sq.Ft. = $ 438.86 Avg. Sale Price to Avg. List Price (in Aug. '09): 97.71 %
** Please contact us directly (310.573.7737 / 573.7725) or visit our website -- www.PALISADESHOMES.com **
** Email: homes90272@aol.com
In POSSIBILITY, OPPORTUNITY & ABUNDANCE,
Sharon / John / Victoria --- (310) 573-7737 / 573-7725
ZIP Code: 90272 Location Characteristics: Pacific Palisades - "Where the Mountains Meet the Sea" is one of the last "Walking Villages" in Los Ageles.
The Palisades is bordered by the Pacific Ocean and Santa Monica Bay to the south & west, Malibu to the west, the Santa Monica Mountains to the north, the city of Santa Monica to the south and Brentwood to the east.
"The Village", as the locals call it, is reminisent of a small east coast town where neighbors greet neighbors in restaurants, coffee shops, markets and places of worship. Our current honorary mayor is Gavin McCloud of the "Loveboat" fame. On Sunday mornings there is an open-air Farmer's Market that is extremely popular and very well attended. There are also numerous community sponsored events including a Polo Tournment, Movies in the Park, a Health Fair, the annual Car Show, the Village Fair, and the ever popular 4th of July Parade!
Today, with a population of 27,000 residents and approximately 530 businesses - including retail shops and professional services - the atmosphere and small town feeling of a village still persists.
Though the community is within the City of Los Angeles, in keeping with the original intent of the founders, Pacific Palisadeds has kept its own name, post office designation, Zip code (90272), and functions as a town through the Community Council. It has a first class and well-read weekly newspaper, a hometown band and symphony, a community theater, service clubs, fine schools (including Charter Public schools), and places of worship, a YMCA, plus many active clubs and organizations. Civic pride by local residents is readily seen by the amount fo volunteerism and community service.
