My wife made a comment that there were a lot of for rent signs around town. As of this morning there are eight homes on zillow plus it looks like there are a few more on craigslist. I noticed that the house at 712 W Palm I referred to previously just dropped the price from $5500 to $5250. Funny how supply and demand works.
On the sales front there are 13 listings on zillow. Who knows how many bullshit coming-soon or fishing signs Bill Ruane has out, so there may be a few more. In the past six months we’ve seen the average selling price jump about 10%. Right now the average list price is $1.21 million and along with that price we also see average square footage is up.
As with most crazy real estate (it’s not just El Segundo) we see a HUGE disparity on what people think their home is worth.
You can buy a crappy, 1600 sq ft home for $1.2 mil or a nice, remodeled 2300 sqft home for $1.35 mil. Funny how we talk about $150,000 price differences as if we are springing for avocado on a burger. It just goes to show how price is based on perception.
Don’t get sucked in. With flipping at a ten year high, and the stock market coming to terms that Trumps promises may not all come true there are some bumpy roads ahead.
Maybe I’m wrong, maybe this time it’s different.