Using Zillow's nationwide US metropolitan housing numbers, a new Forbes article listed Manhattan Beach as the most stable real estate market in the Los Angeles area.
The article also mentioned the limited effect the expiration of the $8K federal tax credit has had on the higher price point neighborhoods in the U.S., such as the beach cities. In our office we saw it did impact the sale of some "move-up" buyers properties, though there was minimal impact on the sale of properties over $500K as the credit becomes less of a percentage incentive in the purchase. When you reach the million dollar and up range of homes the federal credit and related California $10K credit were not "decision makers" for our buyers.
From the article in relation to California's overall tough recovery from the subprime lending price crash: "There are exceptions in the Golden State. Manhattan Beach, Calif., ranks as the most stable housing market in the Los Angeles metro area. It is the priciest city to make our list: The median home is worth $1.2 million, almost three times the typical home in the Los Angeles metro area. The foreclosure rate in Manhattan Beach is almost non-existent, with only one in 5,376 homes facing foreclosure."
Full article by Kate Badenhausen on Forbes.com
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