SALES HIT 8-YEAR LOW FOR CONDOS POTENTIAL BUYERS CAUTIOUS.Byline: ALEX DOBUZINSKIS Staff Writer SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, -- In a declining real estate market, condo sales were on the downswing down·swing n. 1. A swing downward, as of a golf club. 2. A decline, as of a business. Noun 1. downswing - a swing downward of a golf club last month, with fewer units changing hands than in any September since 1998. Despite the eight-year low in September sales, there was some positive news for condo sellers, as the median price of condos increased by 1.3 percent and sales edged up 2.8 percent from August. Young potential first-time buyers are waiting, perhaps expecting prices to plummet, said RE/MAX RE/MAX Real Estate Maximums (Canada) Realtor Mike Lebecki. ``They're very cautious, and I don't think they're thinking their caution through necessarily,'' he said. ``If all their friends are being cautious and not thinking it through, then they're all doing the same thing, and they're going to continue to ... buy BMWs and pay rent.'' The condo market in Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. differs from that in much of Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The valley has few luxury condo developments. And while apartment owners in cities including Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Glendale rushed to convert rental apartments to condos in recent months, to take advantage of the hot housing market, that did not happen in Santa Clarita. The Madison, near McBean and Magic Mountain parkways, is the only condo-conversion project in the city. The 341 units in the three-year-old building are all being converted by owner Lennar Homes, taking advantage of prospective buyers' interest in living near the Valencia Town Center and other amenities. ``It's a real stylish lifestyle,'' said Marlee Lauffer, senior vice president of marketing and communications for Newhall Land, which is part-owned by Lennar. In all, only 109 condos were sold last month in the Santa Clarita Valley, compared with 173 in September 2005, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Southland Regional Association of Realtors. The condo sales in September 2005 were the highest number for the month in at least eight years. The median price of a condo in Santa Clarita in September was $385,000, and the average price was $390,400. There were 178 new listings and 679 active listings. The active listings outnumbered Outnumbered is a British sitcom that aired on BBC One in 2007.[1] It stars Hugh Dennis and Claire Skinner as a mother and father who are outnumbered by their three children. those of September 2005 by 423, a change of 165.2 percent. ``This is not the market for anybody to buy something and then expect to sell it next year for more,'' Lebecki said. ``It's a traditional market: You buy something and you hold it for five years and sell it for more.'' alex.dobuzinskis(at)dailynews.com (661) 257-5253 |
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