During the first three months of 2014, the local Southern California Real Estate market has seemingly flattened out as far as appreciation yet “All Cash” purchases are increasing.
Many of these all cash buyers have been institutional or smaller investors either looking for long term rentals or short term “flips” along with many foreigners from Asia who maybe seeking a second home and/or stability for the cash here in Southern California real estate.
The low inventory also is causing a frenzy in the hotter more desirable markets on the westside (Brentwood, Pacific Palisades and Bel Air). Even sellers of condos, town-homes and COOPs are finding frenzy buyers in the coastal areas around Venice (Abbott Kinney), Marina Del Rey, Ocean Park and the North of Wilshire area of Santa Monica.
Why is it that the mass has a tendency to naturally be followers? Of course when our economy was in the gutter (so to speak) the media and many buyers belief was the sky (market) was falling to depths way beyond repair. That a multi million dollar home in pacific palisades or Brentwood would sell for 500~700k and condos in Santa Monica (close to the beach) would drop to below 200k!!
Of course there were a few exceptions to any rule. The 2br condo I sold on Franklin near Broadway as an REO for 259k was a unique deal in 2008 or the 2br fixer upper / tear down in the bluffs on swarthmore for 900k ….
The market is healthy is what my normal answer is. Yet there will always be a buyer for every property, usually when they are following the media hype, especially since I just saw a home in echo park sell for 750k on. a flip that was just bought 8 months earlier for 350k….and a home in watts that was flipped for 300k after selling for 105!
While Los Angles is really a desert, without natural/local fresh water rain is a badly needed commodity here in the City of Angels… Yet with every rain drop seems to come traffic tie up, fender benders and even once in a while an overturned truck.
Maybe the absense of rain and the dust is why our freeways like the 405,101,5 and 210 have so many cars sliding into one another… Perhaps drivers training should have a mandatory rain day lesson?
Yesterday evening, the NFL hosted an All Access event at the Grand Daddy of all “The Rose Bowl” in Pasadena!
It was a pleasure yesterday to see/meet head coach Bruce Arians (of the Arizona Cardinals) and Mike McCoy of the San Diego Chargers! As a lifelong NFL fan/season seat holder (Cardinals/Raiders) getting to finally see Andrea Kremer in person and to say hello to the beautiful and talented Amy Trask (former executive with the “Raiders”) was pure heaven.
Bill Romanowski and Mark Sanchez along with Jay Glazer also made the event a lot of fun too. They all were panelists, along with Mike Perierra (ex NFL referree/Fox Analyst).
The evening event was presented by the Los Angeles Sports and Entertainment Commission, took place on the field….which was another joy to walk on the grass then to be able to throw footballs (5,10,20 yards) on the Rose Bowl field.
The locker room tour was great (except for the fact it was a “UCLA Bruin” locker room) to meet Gordon “Red” Batty who is a 20+ year equipment manager for the Green Bay Packers who showed us how to Suit Up Like a Pro!
To talk hockey with him, a true Montreal Canadian fan, was fun too!!!
The food was great, Catered by Wolfgang Puck, the atmosphere was pleasant, also meeting a few cheerleaders from the Cardinals,Raiders and Chargers was fun had by all!!! Yes this fan is looking forward to 2013 Football Season!!!