Danny Brown's Q&A

You may want to contact Justin Weiss who is very involved with what's going on Downtown and may know people living in the Market Lofts.  I know they're planning an auction soon at that project and I'm curious what sort of prices will be offered.jweiss@downtownla.com

LA County property tax is approximately 1.25% of the purchase price /market value.  It's billed bi-annually in November and February, not monthly. 

There's a limited amount of 2009 construction in each pocket of Brentwood.  Look at your specific micro market or pocket and see if any new construction has sold this year.  This information will give you a starting point in terms of value per square foot and overall market value. Of course, you have to take into account the upgrades, the lot size, the floor plan, the street and the location on the street, etc.  The you drill down on the details the more accurate your price assessment will be. 

The residential market is hyper local, or micro, so each area has a unique landscape and the activity level varies in each area and each price range.  The schitzophrenic impulses you're feeling are valid.  We're reading and hearing a lot of awful econmic news everyday, and then we're seeing 15 offers on some properties.  Why is this happening?  This usually happens on the Westside of Los Angeles when a home is priced more than 5% below the true current market value.  If a house is priced right, there's a lot of qualified buyers ready to snap it up.  If a house is not priced right it will sit until it's reduced to an attractive price.  Obviously, Interest rates are ridiculously low and won't stay this artifically low forever, and there's been a pent up demand of buyers who have been on the sidelines for the past 3-5 years.  All of these factors have helped spur transaction activity through out Los Angeles.