I’m in the 818 area code and last night I saw a house going for $815k in Sun Valley. I looked it up on Zillow and the last sale was 12-2005 for $800k.
I think this summer we will start to see “motivated sellers” selling for a loss. Sure that’s one house, but it’s also the low season of sales. When summer rolls around I think we agree there will be more listings, and many will be desperate.
Highdesertrenter, to answer your question, I view those areas similar to Palmdale, and San Bernadino/Riverside, etc. Bedroom communities that have been overdeveloped simply because they are an “hour from LA.” I think prices will plummet there due to overbuilding. I remember seeing hundreds of homes, new and still being built in Adelanto no more than a year ago.
