Pacific Palisades high end market report

Pacific Palisades high end market report 3 million dollar plus

What you hear is not always the truth is holding up its reputation. The sky is not falling in the high end Real Estate market. Even with people gathering all over the globe protesting the government and corporations, banks are on the verge of failure and hardly lending, unemployment is in the stratosphere and yet high end luxury homes in Pacific Palisades California are selling. In September alone there were two sales over $9,000,000 and two others over $3,000,000. Just last month the Palisades reported a quiet sale of $19,450,000 and another unreported sale just over $7,200,000. Unfortunately many of the big sales have the sales prices hidden and they frequently are unreported to the MLS. So who are these buyers? Where are they coming from and how are they paying for these luxury homes? Cash seems to be the payment of choice with many purchasers tapping into investment accounts and drawing cash from the sale of their previous homes. With all the turbulence in the banking industry and the new regulations regarding the administration of appraisals, most of these big ticket purchases would not have closed based on old comparables and stricter appraisal guidelines. No loan no appraisal , no headache that is the way nearly 50% of these home buyers are purchasing high end luxury homes. Although some of these buyers are coming from overseas, that is not the trend, most of the purchasers are just moving up into nicer homes. Pacific Palisades has always been a draw for the rich and famous and even in the recession that has not changed. Another interesting note is the average time a high end home is on the market before selling is down from 144 days on the market in 2010 to 78 days in September of 2011. So what does all this mean for high end buyers and sellers? The big stuff is selling faster than last year with some very big numbers. If you are looking for a deal maybe you should consider removing Pacific Palisades from your list.