With the city’s first open streets festival the was called “Coast”, a play on our location on the Pacific Ocean and cruising on your bicycle. There were many neighbors out and of course new visiting friends all enjoyed (in the thousands) bicycling, walking, skateboarding and scooter through the performance art, music groups, dancing, food, and politicians visiting (damn you Bernie for coming to the pier and interrupting an otherwise fun day).
The amazing part this afternoon was that it was just beautiful and the temperature was in the mid to high 60 degrees, a bit cooler for the season, but made it even more fun watching the Samba dancers, the musicians, a few talented artists and more important the hot women of our city.
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?