Culver City Retreating to 2003 Price Levels Despite Record Low Interest Rates and Inventory Moving

As we see prices continue to drop despite record low interest rates, one has to wonder what the correction would have been without the homebuyer tax credit and record low interest rates.

Even though the month of August saw 3 of the 11 sales in Culver City go for over asking price, prices are still sliding as a whole. Despite a vibrant downtown area, good city schools and its own police force, Culver City is also coming back down to earth from the real estate steroid era. Here are a few examples:

3972 Midway Ave- (Picture on left)
3+3, 1,943 sq. ft. built in 1980 on a 4,982 Lot

Sold 10/1/03 for $765,000
Sold 5/13/10 for $780,000

5208 Berryman Ave- 3+1, 1,020 sq. ft. built in 1951 on a 5,600 Lot

Sold 11/3/03 for $469,000
Sold 4/29/10 for $499,000

3818 Tilden Ave. (Picture on left)
3+3, 2,219 sq. ft. built in 1928 on a 5,850 Lot

Sold 7/16/10 for $680,000

The next 12-18 months will be a good time for a young family to purchase in Culver City and take advantage of everything it has to offer…but be ready to move on a place you like quickly. Buyers are still circling Culver City and willing to pay over asking if the price is right.