January 2008
THE BAD, THE GOOD, & THE UGLY
Real Estate on the Westside
by Sanda Alcalay

THE BAD NEWS:

• Sales volume is way way down.  Believe everything you read.
• Prices for Entry Level Condos in Santa Monica, Brentwood, WLA, and Westwood are continuing to slide. The decline has now been going on for 2 years, and it does not seem to be stopping.
• Prices for Single Family Homes in Venice are sliding.
• It is true: Fewer people can qualify for a loan. 
• In my opinion, unfortunately we don’t know when this market is going to end, but probably not soon.

THE GOOD NEWS:

• There are plenty of buyers who are ready and need/want to buy now.
• Buyers are looking for a property that screams VALUE.  When they find it they buy it right away.
• There are some very aggressive loan programs available for qualified buyers — I don’t mean the 100% loans — who have 20-25% down payment monies available.
• From Malibu to BH and beyond, The High End Properties are selling very well, thank you very much. 
• Single Family Homes north of Montana in Santa Monica, 90402, have increased in value in 2007 some say by as much as 20%.
• In 2007, the price per square foot for a Single Family Homes in Sunset Park, Santa Monica, 90405, has increased from about $930 to $1100/sq ft.
• In the Alphabet Streets of Pacific Palisades, there has been one sale for a Brand New Construction Home for just under 5 Million dollars.

IF YOU ARE A SELLER…here is the 64 Billion dollar question for you:

• Are you willing to price your property so that a buyer will want to buy it now? 

IF YOU ARE A BUYER… here is the 64 Billion dollar question for you:

• What would compel you to buy a property now?

COMPELLING PROPERTIES SELL IN ANY MARKET. I HAVE A 10-POINT SELLING PROGRAM THAT WILL CAUSE YOUR PROPERTY TO SELL FOR THE HIGHEST NET. NO KIDDING!

FOR YOUR BUYER FRIENDS, THIS IS THE OPPORTUNITY YOU’VE BEEN WAITING FOR.  I AM HERE TO MAKE IT HAPPEN FOR YOU.