Marina Del Rey is one of the largest small boat harbors in the world, and known for beaches, casual living, and dining. No wonder the attractive area is still firmly in the grip of a seller's market, say local Realtors.
"Marina Del Rey is just 15 minutes from Los Angeles International Airport, nest to Playa Del Rey and the vast ocean," says Realtor Vida Ash. "These seaside communities offer all amenities within walking distance. Residents claim to need little more than a boat for transportation.With many buyers wanting to live near beaches, Marina Del Rey is one of the best upscale community near the magnificent California beaches. Marina Del Rey is known for beaches, dining, and some of the best ocean-front condos and houses in California.
Ash advises, "Marina Del Rey's real estate market the average price for houses was $1,056,137 and the median price was $935,000 in the past month. As for condos the average price was $600,000 depending upon the building and the proximity to the beach."
Echoes Realtor Liz Cooke, "Built around the largest man-made small-boat harbor in the world, Marina del Rey is home to over 6,000 pleasure boats and yachts, and it is the "Headquarters" of the Internet!"
Explains Realtor Derrick Ruiz, "Marina Del Rey is not actually a city, but an unincorporated area of Los Angeles. It is located just South of Venice and north of Playa Del Rey. To get to "the Marina", as we call it, take the 90 Freeway West from the 405 Freeway until ends at Lincoln Blvd. That deposits you at the eastern edge of Marina Del Rey. I lived in the Marina for several years and know it well. Let me try to sum up the Marina: Beautiful beaches, the largest man-made harbor in the World, world-class yachts, awesome sunsets, incredible ocean-front real estate, super fun restaurants and bars, and a classic Southern California Beach lifestyle. Get the picture?"
"Marina Del Rey in 2003 started great...for sellers!" says Ruiz. "Now in February the trend continues. There is not a lot of inventory for buyers to choose from. Prices are higher than Fall 2002 and they still seem to be rising. Rates of course are super low. I also see buyers taking interest-only loans to drop their loan payments. Most of my listings sell between 7 and 14 days. As far as real estate goes, Marina Del Rey is comparable to Santa Monica in prices. Both are rather expensive upscale beach cities. But the Marina has a more
"beachy" feel to it. There are probably more townhouses and condos than anything else. The cheapest condos are east of Lincoln in several different older developments. They go from about 350k to about 550k. Ocean-front condos can go over $2 million.
Ruiz advises, "Here is a good tip for buyers; when examining a property for sale, look carefully at the DOM or days on market. The longer the DOM the more likely the property is overpriced. If a property is still on the market after 30 or 45 days, you may be able to offer a less than the asking price. And here's a tip for sellers. If you are selling your home, make sure you look at similar properties that are currently in escrow or have been recently listed. Property prices are still trending upward and in some neighborhoods I've seen 20 percent appreciation! Sales comps that are 3 or 4 months old could be too old to appraise your property."
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Published: February 17, 2003
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