Some Condos are Hot, Others Turkeys
Wondering where in Los Angeles condo buyers are flocking to lately? The most active neighborhoods (with 20 or more sales in the last three months) are North Inglewood and Playa Vista, where sales volume shot up 87% and 83%, respectively. Thoughts about “why” include the future football stadium in Inglewood and the easy commute to Silicon Beach from Playa. Prices in both areas may be going up as well. The average condo in North Inglewood sold for $282,860 during the 3rd quarter of 2016—and $366,979 a year later. In Playa Vista, the average sale price went from $868,214 to $1.14mil over the same time period.
Other areas where condo sales are booming include Downtown (where median sale prices rose $90,000 over last year’s 3rd quarter), Beverly Hills, Playa del Rey, and Culver City. The two condos highlighted in this email as “Success Stories” both experienced a rapid transition from on-market to in-contract. In the case of the 2BR/2BA condo at 6001 Carlton Way, the unit sold for $75,000 over-asking in a multiple offering.
But not everything is selling like pumpkin hotcakes. Condo sales volume declined at least 10% in Hancock Park, West L.A., and around the Miracle Mile area. Meanwhile, the Westwood/Century City ‘hood saw more condo sales than every other part of Greater Los Angeles, but also saw sales volume decline by 2% over 3rdquarter sales in 2016. It’s all about lack of inventory right now, which makes it a great market for sellers (more $) and for buyers looking to make a move (low interest loans).
Have a great weekend and a happy Thanksgiving!