The inventory levels are so low that buyers and sellers are once again seeing multiple offer scenarios
Los Angeles, California (PRWEB) March 02, 2013
Merely hours after putting 9380 Sierra Mar on the market luxury Real Estate agents Dustin Cumming and Danelle Lavin were fielding hundreds of calls. Within thirty six hours a deal was reached for the 5bedroom, 5.5bath property with jetliner views in the highly sought after Bird Streets.
"Inventories are so low that even though our buyer pool hasn't returned to 2006 levels, we're seeing similar interest on properties", said luxury real estate agent Danelle Lavin,"it's impressive how fast the market is recovering."
Prime areas, like the Bird Streets in the Hollywood Hills, have always been desirable for their unobstructed views of the city and close proximity to all that Hollywood has to offer. It's for these reasons that the neighborhood has seen an influx of celebrity residents in the last ten years including the likes of Jennifer Aniston, Leonardo DiCaprio, Tobey Maguire, Jody Foster, Larry Flynt, Matthew Perry amongst dozens more.
Bidding wars for luxury homes in affluent Los Angeles enclaves such as Brentwood, Beverly Hills and Bel Air are increasing as buyers of all types feel a recovery is underway. Rising home prices are luring developers and investors back to the marketplace in search of opportunities. Expensive bidding wars are even breaking out for properties in need of extensive renovation as buyers expect to resell them at a significant premium after a remodel or rebuild.