West Los Angeles has seen terrific price increases, and continues to be an active market, say local Realtors.
"The West Side of L.A. from Beverly Hills to the Malibu, including Bel-air, Westwood, Brentwood, Santa Monica and Pacific Palisades and Malibu has the best air-quality and climate (temperatures) in the Los Angeles Basin," says Realtor K.C.Soll, "Agents are scouring the area for inventory. This is a very active, early spring market.
Advises Soll, "Well-priced properties are selling quickly. In my professional opinion, properties on the market after two months are at least 10 percent overpriced. Therefore, look for DOM (days on market) for property listings to help determine value. The rental market is soft, with a large and growing inventory."
Says Realtor Anthony P. Marguleas, "The City of Angels, with a county population of 9.1 million, has long held its place as one of the most famous cities in the world. A mecca for many types of business and a melting pot of diverse cultures, L.A. has also become one of the most desired cities in which to live. With the ocean and beaches, mountains and natural parks, along with city life energy that is unsurpassable, L.A. has something for everyone."
Suggests Marguleas, "Los Angeles has seen an average price appreciation of 10-12 percent for the past four years. Homes range from $100,000 up to $20 million dollars. We are still seeing multiple offers and sometimes even over the asking price. Entry-level homes are still selling very quickly due to the large number of buyers who want to live in Los Angeles. The higher end price range of $1 million and up has been hit harder. This is especially true in the upper end of $5 to $20 million.
In the Sacramento or Placer County areas, the residential market is strong for sellers and purchasers, says Realtor Repp Realty.
"At the present, good locations expect and sell for the full asking sales price," says Repp. "Homes under $200,000, are selling within 30-45 days and the real estate market remains strong. Homes are selling in a strong real estate market of $200,000 - $1,000,000, and sell within 30-90 days. The residential real estate market of $1,000,000, and higher are selling according to trends. Multiple offers are common at the present time in this real estate market. Neighborhood schools, quality day care, good locations, top schools, investment opportunities in real estate are all strong factors."
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Published: January 29, 2003
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