I live in the Valley (Sherman Oaks) up in LA. While prices have come down quite a bit, it still seems prices are 20-25% overpriced.

Here are two examples of 2bedroom condo sales history/current asking from Redfin:

4425 Whitsett Ave #208 – Studio City, CA
Jan 31, 2009 Listed $479,000
Oct 08, 2004 Sold $392,000
Nov 06, 2000 Sold $174,000

4189 Vineland Ave #122 – Studio City, CA
Dec 03, 2008 Listed $465,000
Sep 21, 2000 Sold $158,000
Oct 13, 1993 Sold $103,000