Real Estate Market Trends – August 2010
Beach Cities, Westside Los Angeles, Santa Monica Bay
In spite of really bad economy (still) and multiple warnings on real estate prices going down, there have not been huge price drops in sold property prices in the Beach Cities and Santa Monica Bay areas (largest markets analyzed, for homes and condos respectively: Manhattan Beach, Hermosa Beach, Santa Monica, Venice, Playa Del Rey, Marina Del Rey, West Hollywood, Culver City, Redondo Beach, El Segundo).
Houses
Home prices
- dropped in August 2010 comparing to July 2010 in: Manhattan Beach (5%), Redondo Beach (2%), Hermosa Beach (2.5%), and El Segundo (14%) and
- increased in: Santa Monica (5%), Westchester (1%), and Venice (8%).
Comparing to previous two years, prices show an upward trend in Manhattan Beach, are pretty stable in Santa Monica, Westchester, and Playa del Rey, and clearly lower in Venice and Hermosa Beach.
The best deals on houses one could get in El Segundo (5% below listing prices) and the most competitive proved to be Playa del Rey home market in August.
Condos
Condo prices
- dropped in August 2010 comparing to July 2010 in: Santa Monica (9%), Marina del Rey (16%), and Hermosa Beach (15%), and
- increased in: Culver City (6%), West Hollywood (4%), and Playa Vista (2%).
Comparing to previous two years, prices seem to be quite stable across the board for condominiums.
The most room for price negotiation on condos one could get in Marina del Rey (average 4% below asking prices) and the most competitive was Hermosa Beach condo market in August.
Properties sold in less than a Week
1. 931 10th St #B, Santa Monica
Listed and Sold at $1,350,000 3 bed townhouse built in 2002
2. 1400 Chestnut Ave, Manhattan Beach
Listed at $850k, sold at $900k 3 bed short sale house
3. 1900 Flournoy Rd, Manhattan Beach
Foreclosed fixer sold for land value, listed and sold at $1,150,000
4. 757 30th St, Manhattan Beach
Listed at $2,189,000, sold at $2,125,000, 5 bed home in the MB Tree section
5. 815 Hampton Dr #3B, Venice
2/2 architectural condo, 2 blocks from the ocean. Listed at $950k, sold at $930k after 3 days of being listed.
6. 1152 8th St, Hermosa Beach
3 bed home in Hermosa hill, listed and sold at $849k after 4 days on the market.
7. 8408 Holy Cross Pl, Westchester
3 bed house in Loyola Village, listed at $599k, sold at $611k.
8. 8180 Manitoba St #104, Playa del Rey
2/2 condo, listed at $439k, sold at $430k after 5 days.
9. 7530 Agnew Ave, Westchester
3 bed traditional home in Kentwood. Listed and sold at $666k, after 6 days on the market.
10. 7321 El Manor Ave, Westchester
3/3 craftsman in North Kentwood. Listed at $915k, sold at $920k after 6 days from being listed.
