tag:blogger.com,1999:blog-2983944778720243687.post4602079132362067094..comments2023-11-05T04:24:01.807-08:00Comments on Westside Bubble: 2012 Inventory wrap-upWestside Bubblehttp://www.blogger.com/profile/03383559105050069002noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2983944778720243687.post-14827390753363533992013-03-31T23:05:04.603-07:002013-03-31T23:05:04.603-07:00Thanks, Andrew, for the detail. Any more thoughts ...Thanks, Andrew, for the detail. Any more thoughts on why inventory remains so low? <br /><br />For me, I'll continue to document these statistics post-bubble.Westside Bubblehttps://www.blogger.com/profile/03383559105050069002noreply@blogger.comtag:blogger.com,1999:blog-2983944778720243687.post-5955485455579170582013-03-28T00:27:55.116-07:002013-03-28T00:27:55.116-07:00Sales of properties on the beaches and Westside in...Sales of properties on the beaches and Westside in L.A. finally began moving (some) in 2011 and started picking up momentum towards in the summer of that year. By February 2012 far more homes had sold or were pending in the previous few of months than were listed for sale at the time. This trend continued throughout 2012 and the inventory homes (especially the more affordable ones) was an increasingly severe problem all year.<br /><br /><br /><a href="http://www.midtown-miami-real-estate.com/" rel="nofollow">Midtown Miami Real Estate</a> | <a href="http://www.midtown-miami-real-estate.com/" rel="nofollow">Midtown Miami Condos</a>Anonymoushttps://www.blogger.com/profile/16261002984149096233noreply@blogger.comtag:blogger.com,1999:blog-2983944778720243687.post-88141795380956249702013-03-09T12:35:06.509-08:002013-03-09T12:35:06.509-08:00Hi, your blog has been a valuable asset to regular...Hi, your blog has been a valuable asset to regular folks trying to figure out what's going on in the real estate market, especially in the year or so before the big crash in 08’. Thanks banks! <br /><br />However, I think that you’ve been giving people the wrong impression over the last year or so. Posting statistics, but not analyzing what they mean and the ‘let’s wait and see what the market does’ commentary is now misleading to potential home buyers (at least in L.A.’s beach cities and the Westside.)<br /><br />Sales of properties on the beaches and Westside in L.A. finally began moving (some) in 2011 and started picking up momentum towards in the summer of that year. By February 2012 far more homes had sold or were pending in the previous few of months than were listed for sale at the time. This trend continued throughout 2012 and the inventory homes (especially the more affordable ones) was an increasingly severe problem all year.<br /><br />By the spring of this year (2013) the inventory of affordable properties closer to the beach has now been completely stripped and we’re seeing many properties selling in under a month with multiple offers on them. Higher-end properties have also been moving quickly and the existing inventory of these properties for sale is now a real problem as well.<br /><br />The significantly declining number of total sales on the Westside in the second half of 2012 is in no way a reflection of a faltering market and there’s nothing anecdotal about it. We’re in a major seller’s market on the Westside right now and the supply of homes for sale is nowhere close to meeting the high-demand going into the summer season. I saw many buyers get frustrated with the lack of options over the last year and abandon the possibility of getting an affordable home closer to the water altogether.<br /><br />Interestingly, all of this didn’t start translating into higher prices until last fall (2012.) It’s actually difficult to get a handle on what prices are doing this year (2013) because there are so few current sales to analyze due to the extremely low inventory.<br /><br />I can’t comment on what effect the mysterious backlog of foreclosures held by the banks (thanks again,) government layoffs, and the various economic crises brewing around the globe will have in the future. Obviously there are a lot of unresolved long-cycle issues to consider as the country continues to wean itself from the post WWII ‘sugar high’ over the next 10 or 20 years, but it seems to me that for all intensive purposes the market has clearly stabilized over the last couple of years and is recovering significantly.<br /><br />Best Regards,<br /><br />Andrew Jones / Realtor<br />Venice, CA<br />Andrew Joneshttp://labeachcitieshomes.com/noreply@blogger.com