Across the board the Real Estate market has been mostly flat, but indicators show that the worst is over and consumer confidence is beginning to increase. In Culver City in January, February and March of this year, sales have remained consistent, and given the low interest rates and competitive pricing for homes, it is actually a good time to purchase a first home or condo, or move up to a larger home if you choose. Let’s check out how Culver City fared during the first quarter of 2011.
Currently, there are 79 active listings of condos and townhomes in Culver City ranging in list price from $177,000 to $855,000. Also, 26 listings are currently in escrow and 35 sales have closed already this year. The sold condos range from a one bedroom, one bath, 764 square foot unit sold for $235,000, to a three bedroom, three bathroom, 1,735 square foot unit for $720,000, or as high as $843,000 for a two bedroom, two bathroom, 1,811 square foot newly-constructed unit in downtown Culver City.
Looking at the current inventory, I can’t help but advise people who might be thinking of buying to jump in with both feet. If you’re renting, you can get a variety of two bedroom, two bathroom condos with varying square footage for about the same amount you’re paying in rent. With the current interest rates, for about $1,600 a month you can move into a two bed, two bath, 885 square foot unit including a totally redone kitchen with granite countertops, in a great location with multiple amenities such as a pool, recreation room and manicured grounds. And there are multiple listings that will give you a choice of complexes and unit layouts to meet your needs. If you’re still on the fence, I can even provide down payment option advice, initial and monthly mortgage expense calculations, and a comprehensive net sheet to show you how home ownership may actually build you equity, while saving you money on a monthly basis!
In the single family residence market, there are currently 49 active listings in Culver City zipcodes (this includes both Culver City incorporated and unicorporated areas). Prices range from $321, 000 for a two bedroom, one bathroom, 1,122 square foot home in an unicorporated area of Culver City to $1,179,000 for an updated three bedroom, three bathroom home in a nice neighborhood of Culver city proper. 23 listings are currently in escrow. Between January 1st and March 30th, 21 homes sold ranging in price from $305,000 to $1.3 million for a five bedroom, three bathroom, 3,368 square foot home in one of Culver City’s most desirable neighborhoods.
As you can see, prices vary greatly and in this complex market it’s really important to get professional advice when pricing your home or making an offer. The old adage “location, location, location” still holds true, and recent sales in the $500, 000 range in both Lindberg Park and lower Culver Crest have shown that the market can play in your favor if you’re willing to buy a short-sale, probate or foreclosure property, or buy a fixer and upgrade it to suit your needs. There are great deals to be had if you are a savvy buyer.
But, we counsel sellers- don’t be dismayed with the low comps out there. Well maintained homes are still commanding a premium, as evidenced by recent multiple offer, above-asking-price sales in Carlson Park, Veteran’s Park and Lindberg Park.
If you‘re considering the benefits of home ownership, or questioning your ability to purchase a condo, town-home, single family home or multi-unit income producing property, we would love to meet with you to assess the affordability and requirements of homeownership for you. We are always abreast of the best deals on the market, so our buyers get the best property for the best price, and our sellers price their properties to sell quickly and to the right buyer.
To find out more, visit www.heartrealtors.com or drop us a line at [email protected]. You can also call or text direct to 310-259-7419.