We have our office meetings on Wednesday mornings. On the first Wednesday of each month we have a joint meeting with three other offices. This morning we had a joint meeting and there was a lot of buzz on what seems to be happening around town.
Inventory is down in all cities. Buyers are once again out shopping, but they are being very careful about what they will purchase...
Some hot spots are :
Townhomes in the sand sections of Manhattan Beach and Hermosa Beach. Anything on a walk street with a view is moving.
Single Family homes in Manhattan Beach in the Tree section under $2,000,000.. The trick is they have to be in good condition and priced right...
Single Family homes in Palos Verdes.. this is a very hot market now.. inventory is way down and multiple offers are the norm for clean homes. Six months ago you couldn't give then away..
North Redondo townhomes.. they are selling like crazy.. inventory is lower then it has been since the top of the market in 2005..
Again... anything that has been on the market for a long time without price reductions is still sitting.. and if it needs lots of work and is priced high you can plan to sit for a long time. Buyers are willing to step up and buy again... but only those properties where they see value.
2 comments:
Hi Kaye, I noticed you on MyBlogLog and followed you back to your SouthBay blog. I'm a big LA fan, I've never lived in LA, but have spent a cumulative two years plus in nights there (I was in the film industry and always worked with companies that have LA offices, and just I love LA). Anyway, I was thinking Manhattan Beach and the other beach towns would be experiencing the same upturn we're seeing in the SF Bay Area ... mainly because there is limited housing supply between Palos Verdes and Malibu. Here are charts from Altos Research that seems to show median prices rising on your MLS there.
Yes Pat.. we have been seeing a big change from last year..will be interesting to see what happens over the next few months..
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