Land listings in the Pacific Palisades are slowing down as sellers underestimate the current market decline of approximately 35% to 40%. Anthony Marguleas, a local broker, advises sellers to hold out until community amenities are rebuilt in the next few years. Despite the downturn, some sellers remain hesitant to sell and incur losses. The market's dynamics suggest a prolonged buyer's market with limited listings available. Marguleas notes that inventory is crucial for market recovery, yet the current slowdown complicates predictions for reaching the market's bottom.
A lot of sellers mistakenly think we are at the bottom of the market. We're not even close, said Anthony Marguleas, founder of Amalfi Estates.
The market requires more burned lots be made available in order for the decline to peak. However, some sellers are hesitant at the thought of losing money.
What this means is the peak of inventory is going to take a lot longer. It's going to spread out this buyer's market much longer than anyone expected.
We need inventory to move, Marguleas said as he walked The Real Deal through his comprehensive data sets and charts.
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