While prices are seemingly still declining in this housing market sales are up in the San Fernando Valley. I was on the Southland Regional Association of Realtors website and found this article you may be interested in reading:
In the past year homes have become much more affordable to a broader section of the population. Those buyers who were holding out to see if prices would fall are now actively in this market and many have made smart buys in the housing market.
We are seeing foreign investors coming to America to invest their nest egg in our real estate and are taking advantage of our declining dollar. I don't have statistics available at the moment to see what percentage of real estate investors are from outside our borders.
A group of Texans went to Mexico and met with Mexican investors who are talking about investing millions of dollars in the Texas real estate market. (I know some great Realtors in Texas if you need to find one)
From my personal observation, the over-built Los Angeles condo market is still hurting with prices having dropped drastically over this last year. Can someone in the building department PLEASE stop issuing permits to build more condos in the San Fernando Valley????
When purchasing a condo in today's market buyers are walking away with many concessions including closing costs, HOA dues paid for up to 12 months, three months of mortgage payments being paid for them - you name it and you just may get it!
Speaking of condos on the market, check this one out:
www.ExquisiteCondo.com The price has just been reduced to $649k and the photos do not do it justice. It is truly the best condo available in my opinion. It has travertine floors, a custom stacked stone fireplace, a water element in the living room. The rooms are large, the ceiling is higher than your average ceiling and there is an extra room that is an atrium, solarium, storage or office. This corner unit also has a balcony that wraps around. You've got to see the kitchen up close and personal - very custom and very updated! This condo puts all the newly built ones to shame!
Still looking for a bargain? There are plenty out there.
Happy home hunting!