Marina Del Rey, Condominium Market Report for July 2010

Marina Del Rey, Condominium Market Report for July 2010

 As we all are aware about the uncertainty of the pace of the economic recovery, everyone is looking at the Real Estate Activity as a Gage. Hence I find that more savvy buyers are stepping into the market. A clear indication is Investors are considering mortgage-backed securities as a relatively safe choice hence you see that the interest rates are at a 50 year low.

Now with that said let’s see how the Condominium Activity for the month of July fared in Marina Del Rey, CA.

During the month of July we had a 9.1% increase of Active Inventory over June, buyers have now a better selection to choose from and this also keeps Sellers from listing their Units at inflated prices. I find it is much healthier to have selections to choose from. That way everyone wins.

There has been a large decrease in the total properties that were in Escrow in June vs. July. The ones accepting back-up offers are relatively unchanged 12 in June and 13 in July. The difference is noteworthy in the Pending Escrows, where the buyers removed their contingencies. During the month of June there were 40 Pending vs. for the month of July there were 10 Pending.

The Sold numbers have decreased from 29 in June to 24 in July; this is an 8.2% decrease. Not as bad as the pundits have predicted. Nevertheless these are numbers we have to watch closely. So in conclusion the Tax Incentive elimination had a small effect on the activity, not as large as the media tried to make it out, at least in the Marina Del Rey, CA luxury condominium market.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at https://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.