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    Los Angeles Luxury Real Estate Market Report October 2009

    October 19, 2009

    Luxury Real Estate Market Trends for Beverly Hills, Bel Air, Los Angeles & Malibu.

    Los Angeles & Beverly Hills Luxury Real Estate Market Trends for 3rd Quarter 2009.

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    Everyone asks me “So how is the market?” The answer is “it depends, are you a Buyer or a Seller?” While the latest news reports have shown some signs of rising home prices, these statistics represent only the average home sales and these are well under the million dollar price point. Homes that are valued over $2 Million represent less than 2% of home sales nationwide and this market is currently experiencing strong price fluctuations.

     
    Our current luxury market is showing price sales that are comparable to our 2003 market. This can represent a drop in value of as much as 30% to 40% from our market peak of 2007. So if you have owned your home for more than 6 years, chances are you are still most likely to realize a healthy profit on the sale of your property. If you purchased your home after 2003, be prepared for the possibility of a lower price adjustment, unless you have done some serious improvements or have some other kind of highly coveted feature.
     
    The good news is that Buyers, both local and foreign, are taking advantage of the lower prices and are perceiving our current real estate market as a great value, so sales activity is definitely rising! An experienced agent that is current with the latest market trends and understands the importance of international marketing, photographic campaigns, internet social media, short sales, and even auction options, should be successful in getting your home sold. Our luxury market is doing well, homeowners are able to sell their properties and buyer activity is on the rise with prominent sales happening every day.

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