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The Westside Lifestyle

Though there is more inventory on the market then we have seen in some time and buyers are taking their time in making a purchase, the Westside of Los Angeles is still the most desirable area of Los Angeles and prices here compared to other places is still very reasonable. Compare our prices to Hong Kong or London and know that we are still in the midst of a market where there are deals to be had and places to purchase of great value. The high end is still setting new records and LA is still the place that people from all over the world want to live.

Interest rates have gone up and down. Banks that were in business are out of business. Other banks have gone in to the business. People with good credit and steady employment will continue to purchase properties and there are great properties available in today's market that can be purchased and need to be sold. Inventory is up and the percentage of properties in escrow may be less but believe me there are deals out there and all you need is an agent that can help you find them.

Remember - prices may still be what you might think are a little high but interest rates are still low. If what the economists are predicting comes true and the interest rates go up as the prices go down - ( this is assuming that there will be foreclosures

on both homes and condos on the Westside which will inevitably bring down the

prices on the homes around them) buying a property now with a low interest rate

as opposed to waiting to purchase a property for less money and a higher interest

rate - it may make sense to buy now.

Many sellers put their homes on the market looking only at asking prices, not selling prices. As buyers have become more discerning—and are waiting - listening to the news and being extremely picky as to what they buy - they are no longer willing to buy “just anything” in order to get a Westside address—and properties have languished unsold, price reductions are common and many propeties will be facing possible foreclosures if the sellers got interest only loans that are going to come due next year. New home construction has slowed, we have just had a series of major fires in the areas and developers have stopped buying like they were in certain marketplaces and in certain areas are offering numerous incentives to make their almost-finished homes more appealing to buyers.

Through decades of up and down real estate cycles, California homeowners have discovered a couple of things: the “on paper” value of a home is not always the same as its value in the marketplace, and, over the long haul, properties generally increase in value. The 2007-2008 market is the time for sellers to price their homes intelligently and for buyers to purchase homes they plan to hold onto for a while as their equity may go down for a while and then go back up. Buyers hoping to “flip” properties for huge gain will likely be out of the market and a long time needed adjustment will finally occur.

The Los Angeles Westside is still a fabulous place to live and a wonderful place to invest in a home. There are plenty of buyers who recognize that. They are taking advantage of the abundance of Sunday open houses and they are being smart and cautious as they make their selections. By keeping their properties in tip-top shape and pricing them at or very slightly below market, sellers are attracting well-qualified buyers and still making significant profits when they sell.

Getting started…

If you’re considering buying or selling a home on the Westside, this is a great time to do so—and this is a great place to start! This site is designed to make the process as simple as possible by providing you with valuable information before you start making those important decisions.

The Buyers and Sellers Resource areas are packed with helpful information, whether you are a first time home buyer or a savvy real estate investor. The Estate Properties section allows you to search all the active listings in Bel Air, Beverly Hills, Beverly Hills Post Office, Brentwood, Malibu, Pacific Palisades and Santa Monica. In the Search for Properties section you will find my current listings and recently sold properties. You can also search other areas of Greater Los Angeles not highlighted on my site from the Multiple Listing Service (MLS).

Thank you for visiting Westside Lifestyles. Please browse these pages at your leisure and check back often; we are committed to keeping it current. If you have questions or need any real estate-related information, please contact Coco at Coco@WestsideLifestyles.com or 310-278-6033.