As we move closer to the “Holidays” the market usually slows down a bit – this happens in all real estate cycles. There are a couple more weeks of get it now and move in by Christmas! In todays specific economic climate and “mortgage” climate, we have only a couple more weeks until the $729,750 is available via the FHA here in Los Angeles County, then it’s down to $625,000 (which is still great compared to the $417,00 conforming loan amount which doesn’t buy much in the South Bay.) As it is, $625,000 won’t make much of a dent in our higher end South Bay real estate market. Seems like we’ve had a slight run up of sales in the $700,00 – 800,000 price range lately – people out taking advantage of this $729,750 conforming jumbo mortgage.
In light of that, we have quite a few homes in escrow here in the Hollywood Riviera and have had quite a few closings this month. There are 10 single family homes pending sale and 1 townhouse pending sale right now. Those range in price from $545K (a bank owned home that apparently got tons of offers on it….be curious to see what it closes for) and on the high end $1,595K. As far as recent sales go – Since October 1st, 2008 – 10 properties have closed escrow – that’s not bad! One was a condo which sold for $495K (was listed for $529K and backed up to PV Blvd and was a bit dark) to $1,486,000 – a beautiful home w/ great queen’s necklace views and a short jaunt into the Riviera Village & Beach.
We shall see what the holiday season holds for 2008 – maybe it will defy normality and be super busy – wouldn’t that be nice. Weirder things have happened.
