Condo Wars in Mar Vista ! I did a little digging on Zillow and found a building at 5000 Centinela Ave that just closed 3 sales of identical size, 1 br + 1 ba, 778 sq ft, 5 days apart from 1/26/07 – 2/1/07.
The result : 20% PRICE DROP !
This is considered the bottom of the housing chain here on the Westside of LA and it will effect a number of other transactions all the way to the top. Without the first time buyers, the move-up buyers are affected next. Once the top of the housing chain realizes properties are not selling they are the next flee the market. That in turn, causes eating from the top and the bottom of the housing food chain. Another house I found in West LA on Butler, the owner obviously relisted his home right after he closed escrow and lost 10% in just 4 months ! Guess he felt lucky just to get out. Sad…. On Bundy in West LA another meltdown lost 11%.
Also, add any other Westside Meltdowns you come across at the link above. In addition, NODS in Santa Monica increased from 55-65 last week !! Getting very interesting day by day.
