Down, But Not Out, In Beverly Hills

1Have you been crossing your fingers, hoping against hope that prices would drop in some of our ritzier L.A. neighborhoods so that you could maybe afford to buy there? Well, the wait is over for those of you who have been wanting to move on up...The L.A. Times reported today that "Westside Housing Goes South". You can hear the gasping for air as prices have started dropping in Beverly Hills (-27.5%), Culver City (-16.6%), Pacific Palisades (-15.3%), Santa Monica (-11.9%) and even Venice (-11.7%). Areas like Cheviot Hills, Beverlywood, Palms/Mar Vista, West Hollywood and Hollywood Hills are also facing declines.

While many sellers are sitting on the sidelines, saying "No thanks" to the lowering comparable sales numbers, people who must sell must still sell. And if you are selling to move up or buy elsewhere, the decreased price that you must swallow will likely translate into a decreased price that you pick up your next home for. After all, if your house is now worth $1,200,000 instead of $1,450,000 chances are good the next house you write offers on will have a similar (or even better) price cut...

Interested in comps for a particular neighborhood - send us an email with the area you want to know about, and we'll run the numbers for you. Our buyers in Los Feliz are rubbing their hands together gleefully as they watch prices plummet from $1.5M to $1.1M - that's $400,000 saved.
You know where to find us.