It’s interesting what’s happening this summer in the exclusive, luxury enclave of Bel Air. Previously unavailable estate homes are now coming onto the market — there has been a veritable flood of excellent inventory from which to choose — and this has brought prices down in the last 90 days, to the point where there are some pretty delicious deals to be had. Overseas investors have already known this for a while — that’s why they spent 66 billion dollars in 2009 on US real estate investments.

More recently, the word seems to be out, and now buyers are recognizing these deals as low-hanging fruit and they are purchasing some of these amazing lifestyle properties, as evidenced by the recent uptick in closed escrows for this area.  For example, from April 2010 to July 2010 there were 31 homes sold so far in the 90077 zip code, as opposed to 25 sold from January 2010 to April 2010 (and as compared to April-to-July 2009 when there were only 14 sold!).

What will the next 90 days look like? Will increased purchases begin to drive up the prices?  In the chart above — for the 90077 zipcode — you can see how in the last 90 days inventory has increased (represented by the orange line) while median price has decreased (represented by the black line).  Keep in mind that median sales price means the highest and the lowest extremes have been removed to more accurately represent the normal price for a home in the Bel Air area for 90077.

See here, in this video snippet, what community expert — and my fellow colleague — Nick Segal had to say this morning on what’s happening with homes, real estate, and new construction in Bel Air:

What am I missing? What do you think is happening right now in Bel Air? What are you seeing? Please leave your observations below, in the comments section.