I've been receiving lots of calls lately about the market, specifically regarding foreclosures (bank-owned properties) and short sales (pre-foreclosures). As of this writing, there are 871 single family homes in foreclosure or short sale status on the Multiple Listing Service within Greater Los Angeles. Although the Westside of Los Angeles hasn’t suffered the way many other areas have, there ARE opportunities for buyers in this arena.

But let me warn you: chasing foreclosures and short sales is NOT for the faint of heart. I can hold your hand through the process. But you cannot be in a h urry to close on your property, and more importantly, you cannot be emotionally attached to the outcome. You see, the banks are overwhelmed. You need to be willing to move at their pace. It’s called “wait-then-hurry-up”. And if you are thick skinned, are buying mainly for investment rather than seeking your dream home, let’s find you a foreclosure! Let me know if you’d like me to set you up with a special search so that you can understand “propertunities” (properties that are opportunities!) that might be right for you. All you need to do is tell me: -specific area(s) or neighborhood(s) of interest -type(s) of properties (i.e. single family, condo, multi-family) -bed/bath count -price range I’ll get a search set up for you so you can be automatically notified of your next “propertunity” At the beginning of each month, I tell the tale of 3 local markets. Here’s proof that real estate is a ‘local’ market: Santa Monica- Condominiums During the month of March, 2008, condos in Santa Monica sold for an average of 98.2% of list price, with an average days on market of 47. Only 10 homes sold compared to 16 during the same month last year with an average days on market of 56. With 79 homes currently on the market and 24 pending sales, there is 3.3 months supply of inventory. Venice – Single Family During the month of February, 2008, homes in Venice sold for an average of 96.6% of list price, with an average days on market of 29. But only 5 homes sold compared to 12 during the same month last year with an average days on market of 58. With 73 homes currently on the market and 24 pending sales, there is just over 3 months supply of inventory. Marina del Rey – Condominium During the month of February, 2008, condos in Marina del Rey sold for an average of 93.9% of list price, with an average days on market of 192 (3 took over 280 days!). But only 8 condos sold compared to 24 during the same month last year, with an average days on market of 64. With 180 condos currently on the market and 41 pending sales, there is 4.4 months supply of inventory. Well? What does all this indicate? The Westside Los Angeles Market is still quite strong. Sluggish, but certainly not devastating. Compare our stats to places like Atlanta which has 2 YEARS supply of inventory in some areas! Or Phoenix at 18 months. Judge for yourself, but to me, this doesn’t sound like the sky is falling on the Westside real estate market. Rate of sales has certainly slowed, but overall, our market remains quite strong.

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