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My take on the Market:
With each slow down in the market I have witnessed a rebound to ever higher prices and strength in the market The current market sluggishness is not unique and given the amazing run up the market has experienced. over the past five years this price correction is long overdue.
I believe the Miracle Mile community is uniquely insulated to fend off a market slowdown. With the opening of The Grove and the continued growth of the Museum square commercial area the Miracle Mile residential market is positioned to not only weather the storm but to thrive..
Year to date the residential prices are up 2% over last years While this increase seems modest, in light of the fact that real estate is a leveraged purchase (usually bought with 10-20% down payment) this 2% increase translates to a 10 or 20% return of cash on cash.
The Miracle Mile community currently has 59 houses listed for sale in the MM with an average asking price of $ 1,290,628. The average number of days on the market is 63 up from 43 for the same time last year. So, while the homes are taking longer to sell, they are selling— and at a profit.
