From my July newsletter…

Perhaps the most challenging time in our real estate market is to separate fact from fiction. A realistic view of our micro-market here on the Westside gives one a discerning eye from all the scary headlines to the realities of our marketplace. It is without question that our marketplace is slower, and that we witness many price reductions. Sellers for the most part are not selling because of an inability to pay their mortgages, therefore, some sellers test the market. When the realities of the market sets in it dictates very quickly to the seller a price adjustment is in order, and the price is adjusted to hopefully where it needs to be. Buyers beware, the percentage point of how much a property comes down in price may be surprising given all the media hype. Homes are not coming down in price nearly as much as one has been lead to believe. True sellers are selling their properties (i.e., job relocation, retirement, divorce, marriage, upgrading, and downsizing) just as true buyers are taking advantages of a slower market. First quarter year over year median sales price rose in nearly every Westside community. Cheviot Hills rose 15.64% Pacific Palisades rose 17.08% Brentwood rose 69.71% Santa Monica rose 46.89% West Los Angeles rose 18.81% Westwood rose 7.04% For more information about the realities in your marketplace, please don’t hesitate to call me at (310) 961-0660 or send  an email to portiapark@telesproperties.com. –Portia