Dear Yo! Broker,
Every year, my agent has been telling me “buy now, Danny the market is going up. ” So this summer, I went for it. Five seconds after I close on my condo, I go to a party and some other agent is talking about how the market is down. I hate all of you agents, how do you guys truly know where things are going?
You’re right, it’s all very confusing — The short answer is that most good agents look at the numbers. For example, last summer (according to the MLS) roughly 60 apartments/houses were listed for lease. A year and a half later there are 140 apartments/homes, etc, listed for lease.
What happened? Was it the new restrictions on Airbnb? The new restrictions on rent? Are renters avoiding Venice because of the homeless? “Why” almost doesn’t’ matter Danny. The fact is the rental market in Venice is verging on disaster (at least if you’re an owner).
Ironically, both agents are correct. The real estate market is softening. But given the historical track of California, if you hold on to your condo long enough… you’ll do just fine.
Got an unusual real estate question? e-mail it to firstname.lastname@example.org.
Winston Cenac is the owner of Bulldog Realtors, a boutique real estate brokerage with 90 agents and offices in Venice, Santa Monica and West Adams.