As we see prices continue to drop despite record low interest rates, one has to wonder what the correction would have been without the homebuyer tax credit and record low interest rates.
Even though the month of August saw 3 of the 11 sales in Culver City go for over asking price, prices are still sliding as a whole. Despite a vibrant downtown area, good city schools and its own police force, Culver City is also coming back down to earth from the real estate steroid era. Here are a few examples:
Sold 10/1/03 for $765,000
Sold 5/13/10 for $780,000
5208 Berryman Ave- 3+1, 1,020 sq. ft. built in 1951 on a 5,600 Lot
Sold 11/3/03 for $469,000
Sold 4/29/10 for $499,000
Sold 7/16/10 for $680,000
The next 12-18 months will be a good time for a young family to purchase in Culver City and take advantage of everything it has to offer…but be ready to move on a place you like quickly. Buyers are still circling Culver City and willing to pay over asking if the price is right.