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Southern California Homes Market Still Sees “Good Signs”

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Southern California Homes Market Still Sees “Good Signs”

Some bemoan the rising prices of Southern California homes for sale and slower sales. Think again! We’ve come a long way since 2007. At that time, median prices for homes within the six-county area of Southern California’s real estate market reached a record of $505,000. For perspective, the median price today for new and existing homes and condominiums is chugging along at $415,000.

Home Prices Up

Home prices have been increasing rapidly in the last two years – possibly too fast. When interest rates were at two and three percent and investors were buying up the market, home inventory diminished dramatically. Properties with popular price points disappeared. And luxury homes in Southern California were also picked up readily.

Prices are still rising but at a more modest rate. Consider the equation if the annual gains of 20 percent experienced last spring should have continued over the past year. Prices would be outdistancing income opportunities. They already are. And because the housing bubble created such a bitter aftertaste, we agree with Andrew LePage, analyst at DataQuick market tracker in La Jolla. Stats showing slowly increasing prices and better economic indicators are “good signs.”

Sales Down

Sales have been affected. DataQuick reported sales in June 2014 down 4 percent compared to June 2013. After spiking in spring 2013, the rate of homes sales has been for the past nine months.

Several factors are responsible for slower sales. Higher home prices. Higher interest rates. Lower inventory. Tighter lending. Economic uncertainty. Fewer investor purchases. Fewer foreclosures and short sales. But look up! Approximately 40,000 homes were sold in California during May and June 2014. Even though that’s below the 25-year average of almost 50,000, sales are far better than they were a few short years ago.

Buying and Selling Southern California Homes

It is still a good time for buyers as well as sellers. Interest rates remain near historic lows and we don’t know how long they can be held down by the Fed.

For more information about opportunities to purchase Southern California luxury properties and real estate, call Bob Cumming of Keystone Group Properties at 310-496-8122.

Elaborate to Quaint Santa Monica Homes North of Montana Avenue

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It’s no wonder why homebuyers seek Santa Monica homes in the neighborhood located North of Montana Avenue.  This is an area of fabulous Santa Monica homes with beautiful views, sought-after Santa Monica schools, and stunning terrain.

North of Montana, many of the luxurious options for Southern California homes, townhomes, and condominiums overlook the sun-kissed waves of the Pacific Ocean.  Others nestle into small subdivisions.  Most homes feature four or five bedrooms with prices ranging from $2 million-$5 million.

Some of the more elaborate homes are located on La Mesa Dr., Winnett Place, Foxtail Drive, Woodacres Road and so forth.  One of the largest subdivisions is known as Gillette’s Regent Square, an historic area with home sites a bit larger than most.  The west side of the neighborhood borders the Pacific Coast Highway as it passes along the sparkling beaches.

Palatial Santa Monica homes for sale North of Montana Avenue comprise some of the most expensive real estate in the nation.  Prices range from $2.5 million to $10 million.  Elegant architectural styles include early Spanish and Mission influences with modern Mediterranean flourishes.  Over time, older homes are being redeveloped or replaced with new homes featuring 4000 to 6000 square feet.

Quaint Santa Monica homes listed on the National’s registry for historic properties can be found west of Seventh Street and east of Ocean Avenue.  The area features extraordinary homes on wide home sites.  This area is within walking distance of the Pacific Ocean as well as Palisades Park.

Santa Monica Canyon is surrounded by the Pacific Ocean, Santa Monica, and Pacific Palisades.  These properties are somewhat secluded and are served by the Los Angeles School District.

Buying and selling Southern California Homes

For information about distinguished Southern California homes in Santa Monica, call Bob Cumming of Keystone Group Properties at 310-496-8122.

Showcase of Santa Monica CA homes