Situated just north of Santa Monica and minutes from the ocean, Brentwood, not to be confused with Brentwood in northern California, is showing quick sales in most price ranges as well as rising home prices, say local Realtors.

"With easy access to the freeways and featuring the J. Paul Getty Museum, Brentwood is a highly desirable neighborhood," says Realtor Anthony P. Marguleas. "Brentwood offers beautiful homes and equally striking condominiums. Shopping, restaurants, parks, and the best schools in California are all perks of living in Brentwood. Home prices range from $600,000 up to $11 million."

Maguleas explains, "Brentwood has seen an average price appreciation of 10-12 percent for the past 4 years. If a home is priced well, we are still seeing multiple offers and sometimes even over the asking price. Now there are 114 homes available. Low interest rates seem to be fueling this hot market. Entry-level homes from $600,000 to $900,000 are still selling very quickly due to the large number of buyers who want to live in Brentwood. The higher end price range of $1 million and up has been hit harder. This is especially true in the upper end range of $3-$10 million."

Suggests Realtor Rick Lombardo, "With low interest rates and a low number of homes on the market Brentwood real estate has continued to stay hot. There are still a large number of buyers who are looking to purchase their first home or move up buyers. If you are looking for a home that needs some cosmetic work you may be able to find something under $700,000, but typically anything under $1,000,000 seems to be selling within 21 days. Homes priced over $3,000,000 tend to be sitting on the market longer due to some sellers having unrealistic expectations of their property as well as their are not as many buyers that are able to purchase the high end homes."

Realtor Dan Urbach says, "With many buyers wanting to live in Brentwood, there are very few homes available and we have seen home price appreciating very quickly. This past month we saw 34 homes sell with an average price of $1,248,691 and an average days on market of 110. With condos we saw 25 condos sell for an average sales price of $416,400 and an average days on market of 55."

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Published: October 24, 2003

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