Sellers Solve Pent-Up Demand in the Luxury Santa Monica Condo Market
By Dana Ehrlich, Seniors Real Estate Specialist
(Mint Real Estate)
Even in an economic slow-down, there's pent-up demand within the segment of the market that comprised the buying population of yesteryear in the luxury Santa Monica condo market. A majority of my business from ‘04 through ‘08 was made up of representing buyers and sellers in the $900,000 to $1.5M price range, mainly in Santa Monica. Many prospective buyers in this price range have discontinued their searches for many reasons: 1) Lost capital toward down payment in stock market investments (most likely where money was being socked away in anticipation of a real estate purchase), 2) In the old market, with secondary financing readily available, it was easy to get in with 10% down, 3) Now, with a 25-30% down payment requirement, many buyers who can easily carry the mortgage don't have the ...
Comments
0