Pacific Palisades Real Estate update

What a wild ride if you are watching the financial markets rise and fall like bouncing ball. What does this really mean for the Palisades Real Estate market? What's really going on past all the negative doom and gloom. Answer, Palisades is still selling. So far in 2011 there have been over 10 reported sales over 5 million and two of them have been over 10 million, not bad for a recession. In the past 90 days alone there have been 69 reported sales and a very interesting notation is that number of sales is actually 9% less than last year at this time. With all the new regulations and difficult appraisals, how are buyers financing these purchases? Cash, more than 1 out of every 3 purchases is cash. The banks with all their new regulations and restrictions are really not very motivated to lend in this environment leaving home buyers scrambling to locate suitable financing from direct lenders and insurance companies. So what do we expect in the next 6 months to a year? I am projecting a rather flat amount of activity with a possible boost of sales from clients wishing to avoid the wild stock market. All things considered it is a good time to get a great value in Pacific Palisades.