When cycles change, they usually don’t announce that they are here. Usually they advance onto the market in a slow gradual pace. What’s amazing about this cycle is that it’s screaming out that the real estate recession is over. I am here to tell you that we have hit bottom and now is the time to start buying.
The house on the corner where I live in Mar Vista went on the market for $795,000 (a modest 1,300 sq. ft. home). They had the first open house Sunday and had over 100 people visit.
I had a conversation with Robert Minskey of Commerce Escrow in Downtown Los Angeles, an company we use a lot. Rob told me they are hiring and are very, very busy. Deals of all types are getting done. Vacancy rates are way down and all types of real estate are getting offers from multiple buyers.
A few weeks ago, I had a meeting with Kara Savoian Chase Bank, and they are becoming very aggressive for deals. Last week I had a meeting with Joe Pacis of City National Bank and about 15 of their loan officers. They were all very hungry for deals. Today I had lunch with Gus Ghusayni and Sania Kazimi from Wells Fargo Bank. They said the bank is sitting on $150 billion nationally and they want deals.