Condominium Median Sales Prices YTD in Santa Monica, Brentwood and West Los Angeles
The following DATA is taken from our local MLS run by the Beverly Hills and Greater Los Angeles Association of Realtors.
These are year to date statistics:
Santa Monica Condominiums up 12.18%
Brentwood Condomiminums down - 2.45%
Venice Condomiminums down - 10.68%
West L.A. Condomiminums up 17.17%
Westwood Century City Condomiminums down - 4.87%
Palms Mar Vista Condomiminums up 9.07%
Marina Del Rey Condomiminums up 4.9%
Culver City Condomiminums up 7.63%
Beverly Hills Condomiminums up 10.71%
Bel Air Condomiminums up 13.04%
West Hollywood Condomiminums up 3.57%
Of the major westside neighborhoods the only ones where condos have gone down in price are Westwood and Brentwood. These are two areas with a lot of condominium conversions and new construction. I will bet that within the next 12-24 months this inventory will be absorbed and values in these areas witll be back to normal. Venice doesn't have a lot of condos. In general I am of the opinion that Venice has been over valued by overly optimistic people for a while now. In a way that is what is so wonderful about the area-- people with vision are attracted to it. Eventually, these people will be right about Venice Beach, but it is going to take a few more years, while Santa Monica is currently a safer bet.
These are year to date statistics:
Santa Monica Condominiums up 12.18%
Brentwood Condomiminums down - 2.45%
Venice Condomiminums down - 10.68%
West L.A. Condomiminums up 17.17%
Westwood Century City Condomiminums down - 4.87%
Palms Mar Vista Condomiminums up 9.07%
Marina Del Rey Condomiminums up 4.9%
Culver City Condomiminums up 7.63%
Beverly Hills Condomiminums up 10.71%
Bel Air Condomiminums up 13.04%
West Hollywood Condomiminums up 3.57%
Of the major westside neighborhoods the only ones where condos have gone down in price are Westwood and Brentwood. These are two areas with a lot of condominium conversions and new construction. I will bet that within the next 12-24 months this inventory will be absorbed and values in these areas witll be back to normal. Venice doesn't have a lot of condos. In general I am of the opinion that Venice has been over valued by overly optimistic people for a while now. In a way that is what is so wonderful about the area-- people with vision are attracted to it. Eventually, these people will be right about Venice Beach, but it is going to take a few more years, while Santa Monica is currently a safer bet.
posted by Simon at
2:04 PM
2 Comments:
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