Subscribe
According to the Micro Market Report, a local report published by Teles Properties in Beverly Hills, real estate sales are on the rise in the posh locale. The report suggests first-time home buyers are back in the market, pushing the median sale price up from $1.475 million in March 2008 to $1.74 million in April. That April figure is also up from $1.54 million from April 2007, which suggests the market in that area may finally be taking a turn for the better.
Unfortunately, not all areas covered in the report are experiencing such promising numbers. While month-to-month sales volume tripled in the Venice area from March to April of this year, median sale prices in the Wilshire and Silver Lake - Echo Park areas were down $87,500 and $52,500 respectively. Of course, this could all be chalked up to the location. Well-known, high-end areas like Beverly Hills are always in demand, and with the struggling dollar and strong Euro, 90210 has become a particularly attractive zip code to foreign buyers.
Nonetheless, new construction in the area has slowed and lenders are still more stringent than ever in their qualification requirements.
Could prospering markets in certain areas of Beverly Hills be a sign of things to come for the rest of the real estate market? Possibly, but it may be too early to say for sure.
Related Articles:
Mortgage News - AM Edition - Wednesday, June 04th, 2008Mortgage News - AM Edition - Thursday, June 05th, 2008
Top 50 Mortgage and Real Estate Blogs
Is Real Estate Really A Good Investment?
Mortgage and Real Estate Monday Link Up - October 8, 2007