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Condominiums are
hot now—but how long will it last?
2003 was a record
year for condominium sales in LA County and
2004 appears to be more of the same. The median
price for condominiums in LA for March 2004 was
33% higher at $310,000 than March 2003 at $207,700.
Continual low interest rates and a chronic shortage
of inventory are driving LA condominium values
up. This demand is creating tough competition among
prospective
buyers – many of who want to get into the market while mortgage rates are
still low.
The majority of condominium sellers are receiving
multiple offers for their property. Buyers are finding they must be pre-approved
for a loan in order for their offer to even be considered. Every buyer should
be pre-qualified before starting to look at what is on the market (see story
below).
The jury is still out on whether property values
will
continue to edge higher – but experts forecast demand will not remain as
strong in the later part of the 2004.
According to The Wall Street Journal, "Condo prices this year will slip...and
rising mortgage interest rates will dampen demand for homeownership, ultimately
bringing prices down for condos."*
Below
are the median condominium prices in thousands of dollars and percentage increase
from March 2003 to March 2004.**
To sell your property for the maximum price, contact
a Condosource condominium
specialist at 310.659.3546.
*"Condo Prices Overtake Single Family Homes," The Wall Street Journal,
Ray A. Smith, March 25, 2004.
**Data provided by DataQuick in La Jolla.
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