Marina Del Rey Market Report #6 Part II.
As I mentioned in my previous Market Report (#5 Part I) we shall do an analysis of 2008 and how it fared with 2007. The numbers are in. So let us look at the statistics.
From January 01, 2008 to December 31 2008 we had 195 Condominiums that were sold.
The most expensive sale was $2,600,000 directly on the beach, not a penthouse a 3 bedroom 3 bathroom under 2000 sq ft Condominium. The least expensive sale was $280,000 for a studio with one bath approximately 450 sq ft of living space steps from the beach.
For the same period in 2007 as in 2008, there were 233 Condominiums that were sold.
The most expensive sale was $5,495,000 for a 3 bedroom 4.5 bathroom for a 5, 462 sq ft Condominium on the beach. There was also a PH unit that sold for $4,650,000 5 bedrooms 5.5.bathroom about 5,575 sq ft of living space. The least expensive condominium was a Single with one bath room approximately 422 sq ft of living space for $293,500.
In conclusion the overall the numbers were down by only about 8.4 %. If we listened to the Media we would think, that sales were down by 50%. The facts are different, prices are lower, it takes longer to sell, but hardly the numbers, and that we would take from the News Agencies.
There is a wonderful opportunity for buyers to take advantage of this doom and gloom mentality of Sellers, News Media and most importantly if you have good financial credit and a good down payment, you can get interest rates as low as your parents or grandparents had 37 years ago. In addition you can negotiate even better sales prices.
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, 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 EndreBarath@TheMLS.Com or visit one of my websites at https://www.endrebarath.com