DataQuick Releases December Sales Figures - Market Has Improved Since December 2008

MDA Dataquick has just put out the December 2009 sales figures. Sales in the Southland rose 12.1% when compared with sales in December 2008. Their findings also indicate that the medain sales price has risen in each of the last eight months.

Trending upwards? Perhaps. Read the article HERE.

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Via Lovelisting.com

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90 Day Flip Rule Waived - Good News For Homebuyers and Investors

In an effort to stimulate more sales and stabilize the real estate market the Department of Housing and Urban Development, better known as HUD, has waived the "90-day flip rule."

The rule was put in place to protect buyers from predatory speculators who would purchase properties on the cheap, make low cost cosmetic repairs, and place the houses back on the market in an effort to pull a large profit. Many innocent buyers were left with substandard homes, and little recourse to the mitigating of damages. HUD, which oversees the FHA government insured mortgage program has not allowed FHA financing for homes that seller have owned for less than 90 days.

That rule will now be waived for the next year. Effective February 1, 2010 any buyer acquiring financing with an FHA mortgage can purchase any property regardless of how long it has been owned by the seller. This change will allow many buyers, a lot of them first-timers, to choose from the entire inventory of available homes. It will also allow many investors to quickly turn around rehabbed properties, and get them sold. The safeguard from the scumbags out there, of course will be your licensed REALTOR! Choose wisely.

The effect this will have may help stabilize pricing and create more activity in the housing market. Another potential result will be to revitalize blighted neighborhoods in areas where vacant properties are rampant.

See the press release from HUD here

Element Live/Work Lofts Marina Del Rey - 6 Units Back On Market

All 41 units sold during the December 13th court-ordered auction. After some delays, due to auctioneer errors, the average price per square foot came out to $415/sqft. The average overbid was $124,879.

Now that the dust has settled on the auction, as expected some of these units have already fallen out of escrow. They are now being offered on the open-market (refreshing no?) at the final auction sales prices.

The complex is a great build if you are a loft fan. The floor plans are bright, open and include Viking appliances, Ceasarstone counters, dual-sink bathrooms with large shower areas, dual showerheads and separate over-sized tub, generous balconies, polished concrete flooring. Each unit comes with 2 parking spaces, and there is a fitness center on site.

There are now 6 units available at the following prices.


Unit 201 $479,400 -- 1,070 sqft ($448/sqft)
Unit 207 $438,600 -- 1,270 sqft ($345/sqft)
Unit 409 $462,060 -- 1,070 Sqft ($432/sqft)
Unit 510 $448,800 -- 910 sqft ($493/sqft)
Unit 511 $518,160 -- 920 sqft ($563/sqft)
Unit 512 $805,800 -- 1,560 sqft ($516/sqft)

My opinion is that units 207 and 409 represent some of the better deals in the area for new construction boasting top-of-the-line amenities.

Have you seen these units? What's your opinion?