Quick-hitting real estate info you should know
*Jet traffic is down almost 85% since the Santa Monica Airport shortened its runway earlier this year…property owners in South Santa Monica and Mar Vista are definitely enjoying that.
* Mid-City is now a million-dollar neighborhood, with a median price point of $1,065,000
* More price reductions compared with last July were recorded in areas with a larger share of homes priced between $2 million and $3 million: Malibu, Silicon Beach, the Hollywood Hills, and Brentwood.
*With an average of $4,883 per month, the 90024 zip code of Westwood, ranked as the third-most expensive place to rent in the country, according to a new analysis by RentCafe. Westwood ranked higher then San Francisco!
*Nationwide home sales volume has dropped for seven straight months. The Western U.S. saw the biggest year-over-year dip by dropping 5.8%. The national association of realtors points to an over-heated housing market in which perspective buyers are just unable to afford homes and a ceiling of pricing could be developing…
*The value of all residential real estate in New York City is equivalent to the gross domestic product of France!
*More than 1/3 of the country’s $28.4 trillion in resi real estate is concentrated in ten American cities…New York and Los Angeles top the list, though Los Angeles is a distant 2nd
By John Skinner
