Los Angeles, CA. Thursday, 22nd April – Anyone trying to buy a home in Los Angeles at the moment is only too aware of the shortage of available homes for sale. All you have to do to experience the frenzy first hand is visit open houses on any Sunday where you will be jostling through crowds of other determined homebuyers searching for that elusive purchase. But the shocking statistics are that there are now seven times more real estate agents in many areas of Los Angeles than there are homes on the market.
"The inventory of homes for sale has been dropping like a rock since the beginning of this year," says Anthony Marguleas of exclusive buyer’s agency, Amalfi Estates®, the leading buyers-only agency in Los Angeles. "A close scrutiny of the MLS (Multiple Listing Service) shows that across the city, the percentage of available homes has decreased eight percent in only the past two months alone. The hardest hit area is Culver City, where approximately 100 agents have only nine houses and ten condos to show potential buyers."
In Pacific Palisades, Amalfi Estates’s head office location, there has been a 20 per cent drop in available homes in just two months, and a similar statistic exists in neighboring Malibu and Santa Monica. In Brentwood, the drop is 34 percent with only 54 homes and condos on the market, and in Beverlywood the drop is 40 per cent, with only 23 homes and condos available. The only west side area showing any signs of recovery is Beverly Hills, with a modest increase of 7.69 percent in homes for sale, although condos dropped by 13 per cent in the same period and there are only 90 properties actively on the market.
"I have been helping buyers find homes across Los Angeles for almost 10 years, and I have never seen the home inventory fall so low. It is incredible that in a high-density residential area such as the Marina del Rey, for example, there are only a total of 44 properties to choose from, in Mar Vista/Palms, only 32, in Venice, only 34.
"It’s not unusual for us to have to write between five and seven offers on properties in order for one to be accepted," adds Marguleas. Not surprisingly, Amalfi Estates® is extremely busy; 15 agents are each currently working with between 10 and 15 buyers.
"We are increasingly thinking ‘outside the box’ to find suitable properties. One couple recently closed on a property where we hired a helicopter and an aerial photographer to identify the best home for their needs, and subsequently spent months on research and personal contact with a private party to make sure the deal went through. People don’t want to settle for less, but they are having to use their imaginations on some homes, such as probate sales, which they might not have previously considered."
Anthony Marguleas is the owner of Amalfi Estates®, California's leading Exclusive Buyer's company, working solely on behalf of buyers to find them the home of their dreams at the best possible price, with no conflicts of interest. The company has been in existence for 10 years and has offices in Pasadena as well as Pacific Palisades, and is opening its third office in Toluca Lake.