Is L.A.’s housing market really as unaffordable as it seems?

The average asking price for a home in some of Los Angeles’ most recognizable communities ranges from $269 per square foot in Boyle Heights to $1,118 per square foot in Malibu.

Based on these averages, one might reasonably expect that a 1,000-square-foot residence in Boyle Heights would cost about $269,000, while a similarly sized one in Malibu would go for $1,118,000. If you’re a prospective home buyer looking for affordable housing, it would seem reasonable, staring at these numbers, to steer as far clear of Malibu as possible in your search.

But is that the right approach?

We often hear about how unaffordable the L.A. housing market is. When we look at the average cost of a home in an area like Venice, the Southland’s reputation for being hopelessly unaffordable certainly appears justified. Stories of bidding wars pushing up prices in once-affordable neighborhoods like Highland Park often discourage prospective buyers from even trying to purchase a home.

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The reality, however, is that while many neighborhoods may seem out of reach based on price averages, those numbers don’t tell the whole story. The range of prices behind these averages can vary significantly — meaning affordable properties are available in areas where many might never think to look.

Los Angeles housing price ranges by neighborhood as compiled by real estate data provider NeighborhoodX.
Los Angeles housing price ranges by neighborhood as compiled by real estate data provider NeighborhoodX. (NeighborhoodX)

For example, while Boyle Heights has the lowest average asking price of the areas we analyzed, the prices within the neighborhood range significantly from $188 per square foot to $524 per square foot. On a per-square-foot basis, the most expensive listing in Boyle Heights is pricier than the most affordable properties in Beverly Hills ($474), Bel Air ($403) and Santa Monica ($423).

Conversely, there are neighborhoods where the average listing price is more expensive than that of Boyle Heights, but with a greater price range. In other words, these neighborhoods have properties than are more affordable than the lowest priced properties in Boyle Heights. Deals can be found in Mount Washington (as low as $155 per square foot), El Sereno ($163), East Los Angeles ($173) and Hollywood ($186) that are all cheaper than the lowest priced property in Boyle Heights ($188).

This holds true for the upper end of the Los Angeles neighborhoods, too.

For example, while the average listing price in Beverly Hills is $1,089 per square foot, it ranges from $474 to $3,206. To put this in context, the most affordable listing in Beverly Hills ($474) is less expensive than the average listing in Eagle Rock ($499). Similarly, the most expensive listing in Los Feliz ($1,030) is still more affordable than the average listing in Bel Air ($1,080).

In short, while data can help in the search for a residence or investment property, the right kind of data is even more useful. At any time, neighborhood averages can be skewed higher by new development or lower by foreclosures — and this can steer buyers away from certain neighborhoods.

Instead of simply flooding a neighborhood like Boyle Heights because it appears to be the most reasonably priced — and in doing so helping to create bidding wars — Angelenos might be better served by expanding their searches beyond what might appear to be possible at first glance.

Looking at the range behind the neighborhood averages can help buyers recognize that there are often some relative bargains even in some of Los Angeles’ most affluent neighborhoods.

Article by : Constantine A. Valhouli published in the LA times on May 5th 2016

Los Angeles hottest zip codes

If you were a seller, the Southern California housing market was a good one last year.

The economy improved. Sales jumped after a lethargic 2014. And prices climbed even higher, making an already expensive region even more so. By the end of November, the median home price for the six-county market was $438,000, up 6.8% from the same month a year earlier, according to the data from CoreLogic.

Still, the real estate frenzy cooled through late summer and fall. To what extent the slowdown could be blamed on the typical seasonality of home sales or to the price hikes that have made housing increasingly unaffordable is unclear. A better picture of the market’s health should emerge during the busy spring buying season.

Economists generally expect further improvement in the market, though they predict that the price increases will slow as fewer families are able to buy into it — a trend that started in 2013.

“Affordability is dulling demand,” said Leslie Appleton-Young, chief economist for the California Assn. of Realtors, which projects the state’s median home price to increase 3.2% this year, about half the pace of the 6.2% gain in 2015.

For now, many of Los Angeles County’s hottest burbs fall into two categories: Westside areas in the midst of a tech-industry boom and communities near downtown coveted for their older homes and short drive to an increasingly vibrant city center.

Even with the demand, some of these neighborhoods are seeing sales fall amid a lack of inventory, but Appleton-Young said they are likely to see further price growth. And despite affordability constraints, she’s bullish on Southern California’s housing market for the year.

“The signs are good,” she said, citing predictions for job and wage growth that should support the overall economy.

To gauge L.A. County’s hottest neighborhoods, The Times ranked them by the change in the median price per square foot for a single-family home. The median is the point at which half the homes are sold for more and half for less. The per-square-foot metric was chosen to best account for changes in the sizes of homes selling, such as older smaller houses that are desirable but have relatively lower price tags.

Sales and median prices reflect transactions involving existing single-family houses. The comparison is for the 11 months ended November 2015 with the same period a year earlier. All neighborhoods had at least 30 sales. (Source: CoreLogic)

 


Santa Monica | 90402 (Photo: Christina House / For The Times)North of Montana

Median price per square foot: $1,420, +37.5%

Median price: $3,237,500, -1.7%

Sales: 100, unchanged

The ritzy neighborhood north of Montana Avenue saw the largest gain last year. At $1,420 a foot, that’s the equivalent of $2.84 million for a 2,000-square-foot house. Known for larger homes than other city neighborhoods, the area has long attracted those looking for a spacious spread near the beach.

More recently, the neighborhood has grown even more exclusive amid a surge of international buyers and executives from the growing Silicon Beach tech hub, said Tregg Rustad, a real estate agent with Rodeo Realty.

“It’s not just Asia, it’s South America, Russia — the stability of the housing market compared to some [of foreigners’ other investment options] is very strong,” he said.

Also fueling the appreciation are developers picking up smaller, older homes at a premium so they can tear them down and build modern mansions. The surge in these smaller tear-downs helps explain why median per-square-foot price soared while the overall median for existing single-family homes dipped, Rustad said.

Agent Tracey Hennessey said she sees values continuing to skyrocket.“We are seeing more and more money coming into Santa Monica like never before,” she said.

 


Hermosa Beach | 90254 (Photo: Glenn Koenig / Los Angeles Times)Median price per square foot: $967, +28.6%

Median price: $1,693,500, + 30.9%

Sales: 123, +7%

Strong demand, tight inventory, good schools and a view of the Pacific made Hermosa Beach a real estate standout in 2015. The small South Bay town also has something else going for it: It’s not Manhattan Beach.

Wealthy families priced out of increasingly ritzy Manhattan Beach — with its median price of $2.1 million — are looking to the next town over. But that’s pushing up values in a city that’s had more of a reputation as a younger party town, agents said.

Tech workers employed in Venice and Playa Vista are also buying in Hermosa, searching for schools with better reputations than those in the L.A. Unified School District, said Nick Peters, president of Engel & Volkers LA – South Bay

“A lot of people are moving here from Silicon Beach,” he said.

 


Lincoln Heights | Montecito Heights | Elysian Valley | 90031 (Photo: Realtor.com)Median price per square foot: $419, +28.3%

Median price: $458,500, +14.6%

Sales: 78, -18.8%

The neighborhoods north of downtown L.A. have seen values soar for decades — Silver Lake, then Echo Park, followed by Highland Park. As one neighborhood grows increasingly expensive, people priced out look the next block over, sparking debate over the gentrification of the working-class communities.

Now the same appears to be happening in 90031, which includes Lincoln Heights and parts of Elysian Valley and the more expensive Montecito Heights. Demand in Elysian Valley, a small neighborhood sandwiched between the L.A. River and the 5 Freeway, has been robust, in large part due to investors looking to capitalize on plans to revitalize the waterway.

“Investors realize this area is on the up-and-coming. Investors working in the Eagle Rock, Highland Park area are now shifting focus to this area as well,” said agent Mark Diffie, who added that the influx has unnerved some longtime residents.

In the larger area of Lincoln Heights and Montecito Heights, between the 10 and 110 freeways, prices are rising as well.

Jennifer Wenzlaff, an agent with Redfin, said would-be Lincoln Heights buyers are a mix of investors, singles and families. In her experience, many are renters in Silver Lake, Culver City and Echo Park, where they can’t afford to settle down. “My clients that love Highland Park – and unfortunately are priced out – are starting to look around,” she said.

 


City Terrace | East L.A. | 90063 (Photo: Luis Sinco / Los Angeles Times)Median price per square foot: $307, +23.2%

Median price: $320,000, +18.5%

Sales: 144, +0.7%

Forces similar to those in Lincoln Heights also are at play in City Terrace. The hillside community in unincorporated East Los Angeles has seen an influx of demand that’s pushed prices up, said Camilo Valentin, a co-owner of Red House Realty Inc.

Buyers have been a mix of those from outside the neighborhood looking for a relatively affordable Spanish Colonial near downtown, and former locals who went off to college or left for a job and are returning to put down roots of their own. Investors also are a heavy presence.

“You still get a bang for your buck — $325,000 with views of downtown L.A. You can actually see the Hollywood sign from City Terrace,” Valentin said.

Other East L.A. areas in 90063 have also seen increased demand lately, but not to the extent of City Terrace, Valentin said. He expects prices to climb higher there and for longtime owners to cash in, repeating a process that has played out in nearby Highland Park and other close-by neighborhoods.

 


Marina del Rey | 90292 (Photo: Allen J. Schaben / Los Angeles Times)Median price per square foot: $737, +23.1%

Median price: $2,157,500, +6.5%

Sales: 38, unchanged

Another beachfront Westside neighborhood, another tech story. The flourishing online businesses that have created a wealth of jobs in nearby Santa Monica, Venice and Playa Vista have added an influx of buyers to an up-and-coming area, real estate agent Tami Pardee said.

While the marina had been relatively sleepy compared to next-door Venice, that’s changing, she said. New restaurants and stores are opening; the county is planning a massive renovation of its maritime, entertainment and hospitality attractions; and housing developers have projects in the works.

“People are finally opening their eyes to it, it’s cleaner, it’s friendlier,” Pardee said.

 


Manhattan Beach | 90266 (Photo: Jay L. Clendenin / Los Angeles Times)Median price per square foot: $1,021, +21.4%

Median price: $2,100,000, +10.1%

Sales: 288, -18.9%

Manhattan Beach long ago ditched its reputation as a sleepy beach town. Professional athletes, tech executives, Hollywood types and other high-income earners are drawn to this city by its beach lifestyle, good schools and gourmet restaurants.

But buyers on the hunt for a home find all that competition means there are few for sale and at top prices.

The median price for an existing single-family home hit $2.1 million last year, up 10.1%. The median price per square foot grew about twice as fast to $1,021.

Developers are also playing a role in driving up prices, buying a dwindling supply of cottages and throwing McMansions up at a rapid pace.

Real estate agent David Keller said he sees the dynamic holding steady, given the extremely low inventory in the city and lack of room for new development.

“I don’t think anything will change dramatically anytime soon — unless there’s some sort of economic catastrophe,” he said.

 


Compton | 90220 (Photo: Mark Boster / Los Angeles Times)Median price per square foot: $257, +20.9%

Median price: $285,000, +9.8%

Sales: 279, +16.3%

 


Compton | 90222 (Photo: Gary Friedman / Los Angeles Times)Median price per square foot: $264, + 20.6%

Median price: $274,000, +14.2%

Sales: 182, -11.2%

Compton was an epicenter of the housing bust as buyers who financed their homes with subprime loans went belly up. But prices have been rebounding for years, as has the city’s reputation. Crime has plummeted and after once shunning the city, large retailers have moved in.

Families from the South Bay and Long Beach areas are increasingly looking to Compton for a cheaper home, real estate agent Lulu Robles said. Families are doubling up — parents and a grown child with their spouse isn’t uncommon — to afford the mortgage. Low interest rates and down-payment programs also are giving more families the ability to buy, she said.

All of the demand has helped two neighborhoods — 90220 near north Carson and the adjacent 90222 near Willowbrook — see some of the strongest price growth.

Investors also have scooped up many homes to renovate, lifting values for those properties and the surrounding neighborhood, Robles said.

“It’s helping the area come up in pricing,” she said.

 


Playa del Rey | 90293 (Photo: Liz O. Baylen / Los Angeles Times)Median price per square foot: $636, +20.1%

Median price: $1,517,500, +26.5%

Sales: 40, -21.6%

Real estate in this relatively low-key beach-side neighborhood at the end of Culver Boulevard is red hot. The culprits? Strong job growth and a dearth of homes for sale.

In particular, demand is heavy from workers in the growing technology and advertising hubs of nearby Playa Vista, agents say. In some cases, prices — at least on a nominal basis — have risen past those seen during last decade’s housing bubble, agent Jane St. John said.

For example, she said she recently listed a home for a client at $2.8 million. In 2006 — amid the housing bubble — it changed hands for $2.6 million.

“If you look at the number of advertising agencies along Jefferson Boulevard, many of those were not there three or four years ago,” she said. “That corporate expansion in our area is definitely driving things up.”

 


Toluca Lake | Studio City | 91602 (Photo: Erik Grammer / EGP Imaging)Median price per square foot: $570, +19.6%

Median price: $1,022,500, +3.2%

Sales: 111, +3.7%

The San Fernando Valley has not experienced the pace of price increases of some other areas. But it’s not a surprise that Toluca Lake and Studio City are standouts.

The area has long been attractive to Hollywood executives and wealthy families looking to be near elite private schools. More recently, Studio City has become a hot spot for young urban professionals amid an explosion of bars and restaurants.

And with all the talk of the Federal Reserve hiking interest rates, real estate agent Matt Epstein said many buyers decided that it was time to make their move. He said developers also are shelling out for older homes to renovate or tear down to build towering replacements.

“Developers are willing to pay a premium,” he said.

The flood of activity here — like the market as a whole — has slowed its pace in recent months, but Epstein doesn’t foresee a bubble about to pop.

“I don’t see prices going down, but leveling out,” he said.

 

Article by Andrew Khouri posted on January 16th on LATimes.com

Cutting Edge: Agents go high tech to sell homes

Phillip Molnar

To close a sale in real estate, opportunity favors a charged phone.

Three years ago, real estate agent Jordan Clarke was traveling north on Interstate 5 when he received a panicked call from clients in Washington, D.C., to say a home in Del Mar had just gone on the market.

The countdown had begun. There are few homes for sale in the affluent coastal city, and, chances are, other agents had clients interested too.

Clarke pulled off the freeway, called the listing agent, got into the home and pulled out his cellphone. Step by step, he marched through the remodeled home, showing live video to his East Coast clients of hardwood floors, two fireplaces, a designer kitchen and large windows.

Impressed by what they saw, they made an offer. In just a few hours, the home sold for $1.1 million — beating out a higher offer an hour later from another agent.

Many agents have used video streaming with buyers, primarily through apps such as Skype, FaceTime and Periscope. Now, real estate brokerage Redfin is taking it a step further. Since July, Redfin’s website and phone app have allowed users to select the Live Video Tour function to have an agent take them through the home with his or her phone.

It is the first time a real estate company has set up live streaming connected directly to a listing.

“You are able to direct [an agent] just like you’re there,” said Clarke, a Redfin agent.

The feature is available only in San Diego and Chicago but may expand to other markets in 2016. Redfin says it has been mostly local buyers who have had a long day at work and don’t have the time, or energy, to go to a listing in person.

The way it usually works is an interested buyer goes on the Redfin website, selects the time they want to see a video feed, and the agent goes to the property with a phone. Then, agents walk up to the property while talking about its features. Inside, the agent shows off different areas until the user asks for close-ups or to go back.

Fred and Lori Clark of Albuquerque, N.M., had tried for years to move to San Diego County but kept losing out when their offers weren’t accepted.

In September, Fred, 71, and Lori, 75, spotted a home on the market in Oceanside listed by Redfin. They were unable to fly out before another offer was made, so the agents encouraged them to get on their computer.

The Clarks set up Skype online, and Redfin agents walked them through the property with their phones. From the comfort of their New Mexico home, they made an offer. It closed two weeks later for less than the asking price of $480,000.

Mark Goldman, a finance and real estate lecturer at San Diego State University, said the industry is quick to adapt to new technologies. He is old enough to remember the excitement over the fax machine.

“It took about five minutes to transport one page,” he said. “You fast-forward to today where you can get real-time video streaming on a property, people can negotiate from around the world, send documents in a service like DocuSign. It’s just another way technology increases efficiencies and transactions.”

Goldman said the lack of new home inventory would continue to push the industry to innovate and be aggressive.

Single-family homes in San Diego County have sold in an average of 40 days this year, down from 45 days in 2014, Multiple Listing Service said. In areas where home values are rising fastest, it can get more extreme. In Imperial Beach, homes are staying on the market an average of 26 days this year before they are sold.

Just 23,000 new homes have been constructed in San Diego from 2012 to 2015, despite 101,000 jobs created, economist Lawrence Yun noted at a national Realtor conference in San Diego recently.

Realtor Jason Cassity, who works with sellers and renters at City Consulting Group downtown, said he has been using video streaming, mainly through Periscope, for three years but mostly for rentals.

“People aren’t as afraid to commit to a one-year lease at $2,000, compared to dropping $600,000,” he said of viewing places by phone.

For Cassity, video streaming may already be a thing of the past. He said he prefers 3-D modeling platform Matterport (also used on Redfin listings), which allows companies to take detailed 360-degree photos inside a property. Potential buyers can scroll through a home, similar to using Google Maps on streets.

The costs for agents can add up. Cassity said a recent Matterport filming of a 1,100-square-foot condo cost $350. Add that to $150 for photos and $600 for video. However, he said the commission on a house sale is worth it.

“For what we do nowadays,” he said, “you better be putting in ridiculous levels of service and marketing to get that thing sold.”

 

Article by Phillip Molnar published on Dec. 6th 2015 on LAtimes.com

Valley home prices hit highest level in 8 years, but sales are flat

Valley home prices hit highest level in 8 years, but sales are flat…

After spiking two months ago, homes sales in the San Fernando Valley flattened out during April, but the median price still hit its highest level in eight years, a trade group said Thursday.

Last month the median price of a previously owned home increased 7 percent from a year earlier to $555,000 and rose $18,500 from March, said the Van Nuys-based Southland Regional Association of Realtors.

It’s the first time since 2007 the price has been above $550,000, the association said. But prices began flattening out in May of last year after a long run of double-digit year-over-year gains.

“That suggests the pace of price increases is slowing, which would be welcome news to prospective home buyers,” said association president Gaye Rainey.

The April median was 15 percent below the record $655,000 set in June 2007.

Last month there were 543 homes sales, three fewer than a year earlier and six more than in March.

The condominium median price last month increased 12 percent from a year ago to $350,000, the highest in eight years, the association said. The condo price is 16 percent below its record high of $415,000 hit in February 2006.

Condo sales were flat in April, totaling 181 units, two less than a year earlier. Sales rose 8 percent from 167 in March.

Sales and prices continue to react to a familiar nemesis: scant inventory.

At the end of last month the number of homes and condos listed for sale had dipped 3.5 percent from a year earlier to 1,543 properties, the association said. That’s just a 2.1-month supply at the current sales pace. A six-month supply would create a balanced market in which neither buyer nor seller holds an advantage.

“The lack of supply limits sales. Even though the April inventory hit its highest level in five months, it still is not enough to satisfy demand,” said association CEO Jim Link. “As resale prices rise, affordability becomes an issue for buyers, even with interest rates still extremely low.”

One reason prices continue to make gains is there is strong activity in the upper price ranges, but sales taper off at less expensive price points, the association said.

That’s because foreclosure sales and short sales have been flushed through the market.

 

As Home Sales Heat Up Again, Buyers Must Resort to Cold Cash

As Home Sales Heat Up Again, Buyers Must Resort to Cold Cash…

By JENNIFER MEDINA and KATHARINE Q. SEELYE

Published: June 8, 2013

LOS ANGELES — Bidding wars sound almost quaint. These days, the only way for would-be buyers to secure a home, it often seems, is to offer all cash and be ready to do so within hours, not days.

Dick and Susan Yost had heavy competition while trying to buy a smaller home.

The bursting of last decade’s housing bubble feels like ancient history here, where first-time home buyers are competing with investors to get into single-family homes with prices approaching $1 million.

“It’s everyone from a kid out of law school to an investor from China, walking around with thousands to spend,” said Kameron Eliassian, a Los Angeles real estate agent. “I don’t know where it’s coming from, and I don’t care. Just show me proof that it’s there, and we’re good.”

After saving money for years, waiting for the residential real estate market to hit bottom, buyers all over the country appear eager to get back in, lured by low interest rates and the prospect of a good deal.

But with the number of homes for sale at historically low levels and large investors purchasing thousands of properties, buyers are facing a radically changed market and prices are quickly rising.

The percentage of homes bought with cash has shot up in many markets across the nation. Nearly a third of all homes purchased in Los Angeles during the first quarter of this year went for all cash, compared with just 7 percent in 2007. In Miami, 65 percent of homes sold were for cash deals, compared with 16 percent six years ago.

The prices on all-cash deals are also rising significantly. In Los Angeles, the median price on an all-cash home this year is about $351,000, compared with $230,000 in 2009. Over the same period, the median price over all increased to $410,000, up $85,000. In fact, last month, home prices in Southern California hit their highest level in the last five years.

All-cash buyers, typically investors eager to renovate and quickly resell or rent out homes, are making it more difficult for first-time buyers, who typically rely on mortgage loans that can take weeks or months to materialize. More California homes have been flipped in the last year than in any year since 2005.

And while Los Angeles may be a center of the frenzy, it is not an anomaly. Buyers in Boston are offering $100,000 more than the asking price or placing offers on homes they have spent only minutes in. In San Francisco, Miami and Phoenix, sellers are looking at dozens of offers within days of putting their home on the market, often accompanied by letters from would-be buyers professing their love for the property. New York City has seen similar drops in inventory, and prices have been rising steadily since 2009.

Shortly after Andres Alvarez, 36, got married last fall, he began to look for a home with his wife, figuring that their steady jobs, savings and good credit would make them the perfect buyers in Los Angeles. They were ready to spend $700,000. Their optimism deflated quickly.

“We thought we were the cream of the crop, but anything that was in our price range and move-in ready, there was this insane competition,” Mr. Alvarez said. They put in nearly a dozen bids, often losing to cash buyers, before finding a two-bedroom home for $650,000. “It might be a great time to buy, but it’s a horrible time to be a buyer,” he said.

Dick and Susan Yost can vouch for that. They wanted to downsize while leaving their home in Cambridge, Mass., to their son and his family. “We bid on eight places before we finally got one,” Mr. Yost said. “The worst we bid was $85,000 over the asking price, and we didn’t get it.”

Even unappealing homes, he said, had “people all over them.”

Still, there are plenty of skeptics wondering how long the sharp price increases can last.

“People are realizing we’ve probably hit bottom, but the kinds of spikes we’re seeing in places like California seems like history is repeating itself,” said Daren Blomquist of RealtyTrac, which monitors residential sales. “That’s not sustainable for the long term, at least not for the regular home buyer, so I think there are some warning flags there.”

For agents who spent the last several years scrounging for business, the change is welcome. When Mr. Eliassian listed a three-bedroom home in the Hollywood Hills for $699,000 this year, he worried that the current renters would make it difficult to schedule prospective buyers. But with just two open houses — one meant only for other agents — nearly 300 people came through.

“I had to turn the phone off to avoid people asking to see the place,” Mr. Eliassian said.

Within the week, he had six offers, and the home sold for $745,000. He said he had represented and sold homes to more cash buyers in the last year than at any other time in his career.

Lewis Legon, a developer in Salem, Mass., jumped into the Boston market after he saw how many people were showing up at open houses. “It was like Times Square,” he said of one open house, at a property listed for $1.5 million. He beat out two dozen other bidders by offering $1.8 million in cash, not the first time he had made an all-cash offer.

“The first time I was ready to have a heart attack,” he said of all-cash buy. “But it makes you a more attractive buyer and helps you stand out.”

He also waived the inspection clause, an increasingly common practice. While offers have typically included appraisal clauses, allowing buyers to back out if the home was valued below what they were willing to pay, offers today are more likely to include escalation clauses, saying buyers will pay an additional amount over the highest bid.

“Buyers are taking a lot more risks than they ever would before,” said Dana DeSimone, a Boston real estate agent who called the current market an “insane asylum.” “I don’t know that I’ve ever heard of waiving the inspection contingency on a 150-year-old brownstone until now.”

Now, agents say their biggest challenge is potential sellers who are wary of putting their home on the market because they fear they cannot find a place to buy.

Jeff and Lorena Leininger considered moving from their suburban Los Angeles home over the last several years, but they feared they would not get as much as they paid for it. But this year, with their youngest child getting ready for kindergarten, they decided it was time. Three days after showing the home, they had nine offers.

“It felt as crazy as it was back when we bought 10 years ago,” Mr. Leininger said. “But it was much worse on the other side. We would show up to an open house, and it was already sold. The clear message was: be ready to move fast or just get left out.”

Even in Florida, where the market was once swamped with foreclosures, there are signs of the latest boom, with cash purchases fueled in part by international investors and retirees awash in cash after selling their homes elsewhere.

Don Faught, a manager with Alain Pinel Realtors near San Francisco, said the current market is turning buyers to desperation, particularly because the turnaround has come so quickly.

“A year ago, people didn’t want a deal, they wanted a steal,” he said. “Sellers were listing homes for less than what they originally paid for them and offering all these concessions. Now, the only concessions are coming from the buyers.”

His office has begun to track the number of offers clients make before landing a property. The current record: 27 offers, nearly all at or above asking price.

16669 Charmel Lane, Pacific Palisades, CA 90272

16669_charmel_001b-02

Property Type: Residential

This spacious 4 bedroom and 3.5 baths situated on a 16,939 sq ft. lot...
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