WESTSIDE MARKET UPDATE

Listed below are the current inventory and May, 2008 statistics for home & condo sales in the Santa Monica real estate market. If you have any questions or need more information about real estate in Santa Monica, CA call me at (310) 392-0096 or email me at Dana@BestSideOfTheWestside..

I'm looking forward to earning your business!

    242  (as of June 4, 2008)

•     Single-Family:  98  (7.5 month supply*)
•     Condo/Townhouse:  144  (4.6 month supply*)

Total Contingent and Pending Sales:
    139  (as of  June 4, 2008)

•     Single-Family:  48
•     Condo/Townhouse:  91

May, 2008 Sales:

•      Single-Family:  13  (Price range: $800,000 - $5,295,000)
•      Condo/Townhouse:  31  (Price range: $160,000 - $5,800,000)

Single-Family:  13  (Price range: $800,000 - $5,295,000)    Condo/Townhouse:  31  (Price range: $160,000 - $5,800,000)

Sales per month   Dec Jan ’08 Feb '08 Mar '08 Apr '08 May '08 Single Family 22 10 11 11 17 13 Condominium/TH 18 16 27 16 32 31

Median Selling Price:

Single-Family:  $2,5000,000     Condo/Townhouse:  $729,000

Median price by month   Dec Jan '08 Feb '08 Mar '08 Apr '08 May ‘08 Single Family $ 1,855,000 $ 2,917,825 $ 1,825,000 $ 2,134,125 $2,200,000 $2,500,000 Condominium/TH $836,000 $705,000 $615,000 $697,500 $764,500 $ 729,000

 

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Average Days on Market:

•      Single-Family:  84
•      Condo/Townhouse:  78 

	Dec	Jan ‘08	Feb '08	Mar '08	Apr '08	May '08
Single Family	49	68	48	35	67	84
Condominium/TH	68	56	97	97	91	78

CLAW/MLS deems information reliable but not guaranteed. Information is for MLS area 14.

* - Supply = Homes Available/April Sales

Well? What does all this indicate? The Santa Monica Real Estate Market is still quite strong. Sluggish, but certainly not devastating. Judge for yourself, but to me, these stats don't seem like the sky is falling on the Santa Monica real estate market. Rate of sales has certainly slowed, but overall, our market remains quite strong.

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What’s All The Buzz About FHA Loans?
 
FHA-what’s all the buzz about FHA loans and can it benefit you? Well, if your loan amount is $729,750 or less and you want to refinance into a low 30 year fixed rate with little equity in your home due to declining values, this might be a viable option for you or if you are planning on purchasing a home and you want to put as little as 3% down, FHA might be the solution for you. The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States.

I work with several brokers who can either directly underwrite FHA loans or who can place FHA loans with a lender. Things are certainly opening up and the government is opening up their purse strings a little. If you have a reasonable amount of equity in your home and are looking to refinance, FHA is probably not for you.  But if you are trying to buy a home and have a small down payment, FHA might be a great way to go.

Forewarned is forearmed: FHA is not for the faint of heart or paperwork-phobic…the volume of documentation is voluminous and time-intensive. And make sure your broker explains ALL of the associated costs (i.e. PMI, etc.)

If you want to find out if FHA is a possibility for you and your situation, let me know and I’ll introduce you to one of my lenders.

Click here for the the best video I found on the topic of FHA

 

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THE BEST SIDE OF THE WESTSIDE

There was alot of noise recently when the magnificently lit ferris wheel on Santa Monica Pier was sold at auction to the highest bidder. Local residents were truly up in arms. How can they take away one of the true icons of Santa Monica? Well, now the new ferris wheel has been installed…and WOW!!! Everyone is so excited. It’s quite state-of-the-art! Take a look at the opening ceremony just last week!

How much fun was that???

Something else that’s equally as wonderful has just taken place on the Santa Monica Pier, which already boasts colorful characters, rides, games, and fun. The circus festival atmosphere has just been 'stepped up' with the addition of the Trapeze School New York, which opened for business just a few weeks ago.

From what I've learned, there will be classes that are open to the public, they'll have student recitals and professional shows. It seems to me that for the average Joe or Jane, the thrill of having such a venue in our own backyard is the drama and thrill of flying for the first time. I can't imagine the sense of triumph and struggle that one would experience!

The co-owners are of the belief that flying serves as an effective tool to expand peoples' views of what they are capable of taking on. I can definitely see how this would be true! Not to mention the super cardio workout that you'd get...talk about using muscles you didn't even know you had! I think I'm going to sign up this Summer! It sounds like a totally new experience in life.

If you're interested in learning more, the open-air school is nestled on the Santa Monica Pier in an area where there is great visibility for passerbys to watch the trapeze in action. Consider this: classes will be offered for everyone from the first-timers to advanced flyers (cool...you could be a 'flyer'). There are multiple class discounts, group classes, workshops, special events, and even birthday party packages...what fun!!! You can get more info at the TSNY website by clicking here or visit the Santa Monica Pier in person. And click here to see some students in action.

It’s amazing how much great stuff is going on in Santa Monica I would LOVE to learn from YOU about your favorite events, restaurants, venues, etc.

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