House Prices Continue To Rise In Most Neighborhoods of Los Angeles!

More data in this week regarding the continued rise of housing prices. CoreLogic reported that home prices rose 12.2% in May 2013 compared with the same month a year ago. It was the largest monthly increase since February 2006. Month over month, May prices rose 2.6%, including distressed home sales. Excluding distressed sales, May prices rose 2.3% compared with April, and the year-over-year price rose by 11.6%. 

Most interestingly, among the 100 largest U.S. cities, 97 showed a year-over-year increase in home prices. Some of the largest gains (including distressed properties) came in the Los Angeles metro area (up 19.8%) which mirrors what we’ve been seeing in this hot market.

What does the future hold? CoreLogic indicates that June housing prices will rise another 13.2% year over year and an additional 2.9% month over month. Excluding distressed sales, CoreLogic’s year-over-year increase for June is forecast at 12% and the month-over-month estimate is forecast to rise by 2%. All more signs that this market shows no signs of cooling off.

Here in Los Angeles, home prices in many neighborhoods have risen well over 20% since last May. If you own a property in one of these neighborhoods and are thinking of selling, now is a really great time to put your home on the market! The inventory is extremely low and with interest rates historically low, there is a multitude of buyers and homes are selling very quickly. The summer season is also the best time to put your home on the market.

• Mid-Los Angeles - 78% increase 
• Hollywood - 70% increase
• Venice - 70% increase
• Malibu - 68% increase
• Brentwood - 50% increase
• Silver Lake - Echo Park - 45% increase
• Palms-Mar Vista - 42% increase
• West Los Angeles - 31% increase
• Marina del Rey - 30% increase 
• Westwood-Century City - 27% increase
• Cheviot Hills/Rancho Park - 24% increase 
• Los Feliz - 23% increase
• West Hollywood - 23% increase
• Beverly Center/Miracle Mile - 22% increase
• Mid-Wilshire - 22% increase
• Playa Vista - 17% increase
• Pacific Palisades - 16% increase
• Hancock Park - Wilshire - 13% increase
• Sunset Strip - Hollywood Hills West - 8% increase
• Beverlywood - 7% increase
• Hollywood Hills East - 6% increase
• Culver City - 6% increase

A couple neighborhoods in Los Angeles have also experienced a decrease since last year. If you are interested in purchasing a home in these areas, it is currently a great time to buy with interest rates still low!

• Malibu Beach - 48% decrease
• Beverly Hills - 34% decrease
• Bel Air/Holmby Hills - 22% decrease
• Santa Monica - 18% decrease
• Beverly Hills Post Office - 6% decrease

If you are interested in selling your property or would like to find out how much your property is worth in this market, I would be happy to provide a free comparative market analysis and professional estimate of your home value.

If you are interested in purchasing a property, I would be happy to send you a list of available properties that fit your search criteria or answer any questions you might have.

Please contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com.

Market Trends & Increased Demand For Creative Offices In West Los Angeles (Santa Monica, Playa Vista, Marina del Rey, etc)

Santa Monica is the first choice location for many large media and technology companies. With the increased growth in the technology and media industry, the high demand for nontraditional office space featuring modern architectural design has created a shortage of vacant office space in Santa Monica.

According to a recent LA Times article, direct vacancy in the Westside creative office market was 9.2%, the lowest level since the first quarter of 2009. Much of the growth is coming from established technology and digital media companies including Google, Apple, Pandora, and YouTube.

Santa Monica has become a technology hub, home to many of the world's biggest names such as Google and Yahoo. However, due to the lack of inventory, many new tech and media companies are expanding their office locations to the outskirts of Santa Monica which has helped push growth into nearby markets such as Playa Vista, Culver City, Marina del Rey, and Playa Del Rey.

Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com if you are interested in finding out more info about properties in any of these areas.

I would be happy to assist you in purchasing, leasing, or selling a property in the greater Los Angeles or Orange County areas! Please allow me to provide you with a list of available properties that fit your criteria or provide a professional estimate of your property value at no cost!

Click the "Search Homes For Sale" tab above to search homes currently for sale in the greater Los Angeles and Orange County areas (updated live from the MLS). Make sure to zoom in your browser 100% or the map may not work correctly.

The Venice Beach Canals - Beautiful Waterfront Homes For Sale & For Lease, Tourist Attraction

Photo Credit: Rogerhoward at en.wikipedia

The Venice Canals of Venice, California were originally designed in 1904 by Abbot Kinney, an entrepreneur with a marketing vision to replicate the Venice Canals of Italy. He designed a series of 16 miles of manmade waterways on top of the existing wetlands to drain the area for a residential neighborhood and create a "Venice of America".

In 1924, most of the canals were filled because the city needed more roads. In that year, all but the remaining 6 canals that are left today were filled. Today, a few blocks of the canals still remain and you can walk along them in the area between the streets Washington, South Venice Blvd, Pacific Ave, and Ocean Ave. 

Some of West Los Angeles' most beautiful and luxurious multi-million dollar homes lie along the remaining canals. Most of these homes have their own docks and boats they can take on the water. Each canal has a few bridges that connect the two times. Although all of the bridges are very similar, each seems to be slightly unique. 

There are currently 5 properties on the canals for sale and 5 properties for lease, all with amazing views right on the canals! There are four single-family homes priced at $2.1 million, $2.249 million, $3.2 million, $5.25 million (an amazing contemporary masterpiece), and $6.5 million. There is also a 2 unit (8 bedrooms total) income-produce/investment/rental property listed at $3.2 million. Lastly, there are 5 properties available for lease priced at $8,450/month, $8,950/month, $12,000/month, $14,500/month, and $15,000/month.

Check out this $5.25 million contemporary mansion right on the canals (the price has not been updated yet, it is currently listed at $5.25 mil): http://www.trulia.com/property/166302-5110-Pacific-Ave-Marina-del-Rey-CA-90292

Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com if you are interested in finding out more info about any of these properties or would like to set up an appointment to view a property. I would be happy to assist you in purchasing or selling a property in the greater Los Angeles or Orange County areas! Please allow me to provide you with a list of available properties that fit your criteria or provide a professional estimate of your home value at no cost!

Click the "Search Homes For Sale" tab above to search homes currently for sale in the greater Los Angeles and Orange County areas (updated live from the MLS). Make sure to zoom in your browser 100% or the map may not work correctly.


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(Map of Venice Canals - canals shown in blue)

Just Listed For Sale! Last Ocean Front Lot On Sand in Marina del Rey (90292)

Just Listed For Sale on the MLS! The last ocean front lot on the sand in Marina del Rey! The property offers direct access to the sand and boasts of amazing unobstructed ocean views from Malibu to Palos Verdes. 

This lot is approximately 38 feet by 120 feet and there are plans underway to build an approximately 7000 sq ft property with a 6-car garage! A 2 unit duplex can also be constructed to make it an income-producing or investment property. 
The asking price is $7.5 million with plans or $7.2 million without plans. The plans can be modified to the buyer's specifications.

Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com if you are interested in this property or are interested in purchasing or selling a property or lot of land in the greater Los Angeles area! I would be happy to provide you with a list of available properties that fit your criteria or provide a professional estimate of your home value at no cost!

Click the "Search Homes For Sale" to search homes currently for sale in the greater Los Angeles and Orange County areas (updated live from the MLS).

You can see the empty lot in the top right. Photo credit: Redfin.com 

Photo Credit: Redfin.com

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Marina del Rey Full Service Luxury Condos! - The Cove, Azzurra, Regatta - For Sale & For Lease! (90292)

Photo credit: Redsoxfan274 at en.wikipedia 

Photo credit: Howcheng at en.wikipedia

Marina del Rey is one of the largest man-made small boat harbors in the United States! The area is known for its contemporary resort style luxury condominiums and offers a relaxed pace of life with amazing ocean, mountain, and city views.

The Regatta, Azzurra, and Cove make up one of these exclusive condominium communities in Marina del Rey. Each offers amazing views through floor-to-ceiling windows, oversized balconies, custom cabinetry, granite countertops, and Grohe and Kohler fixures. Amenities include an Olympic-sized heated pool, a full-sized health spa/cardio theater, landscaped sun decks, a DVD screening room with Dolby sound, secured-access high speed elevators, business/conference room, as well as 24-hour concierge and valet parking.

Here are some facts about each condo:

Regatta
The Regatta is located at 13600 Marina Pointe Drive, Marina del Rey, CA 90292. Completed in 1999, this 20-story, 224-unit condo offers 1 to 3 bedroom units ranging from 1,579 to 1,900 square feet. The HOA's range from $1000 to $1300 per month to pay for all the amazing amenities. If you rent/lease a unit, you don't have to pay for the HOA (owner pays for HOA). According to the MLS, there are currently 4 units for lease in the Regatta ranging from $4950 to $5500 per month. There are 6 units for sale (all 2 bedrooms, with 2.5-3 bathrooms) ranging from $799,000 to $1,325,000.

Azzurra
Italian for "sky blue", the Azzurra is located at 13700 Marina Pointe Drive, Marina del Rey, CA 90292. Completed in 2003, this 19-story, 450-unit condo offers 1-3 bedroom units ranging from 749 square feet to 3,111 square feet. The HOA ranges from $750 to $1,275 per month. If you rent/lease a unit, you don't have to pay for the HOA (owner pays for HOA). According to the MLS, there are currently 10 units in the Azzurra for lease ranging from $3750 to $5800 a month for 2 bedrooms and $18,000 per month for a 3 bedroom 4 bathroom penthouse. There are also 23 units in the building for sale ranging from $429,000 (1 bed, 1 bath) to $1,695,000 (2 bed, 3 bath). 

Cove
The Cove is the newest of the three condos located at 13650 Marina Pointe Drive, Marina del Rey, CA 90292. Completed in 2006, this 19-story, 138-unit condo offers 1-3 bedroom units ranging from 749 square feet to 3,848 square feet. This building offers the largest 3 bedroom penthouses between the three buildings. The HOA is the highest of the three buildings ranging from $1,200 to $1,700. If you rent/lease a unit, you don't have to pay for the HOA (owner pays for HOA). According to the MLS, there are currently 3 units in the building for lease (2 bedrooms) ranging from $4750 to $8900. There are 10 units for sale in the building ranging from $591,000 (1 bedroom) to 3,785,000 for an amazing 3 bedroom penthouse with amazing water views. 

Photo Credit: Zillow.com

Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com if you have any questions or are interested in leasing or purchasing a condo in Marina del Rey. I would be happy to provide you with a list of available properties at no cost and help you set up appointments to view the properties.

Click the "Search Homes For Sale" tab above to search the MLS (updated live) for properties for sale and for lease in the greater Los Angeles and Orange County areas!