[quote=poorsaver]I live in one of the so called “high end” neighborhoods, eastern LA county, and let me tell you I’ve been waiting it out by renting for over three years now, with no luck. In fact, just this last week, two properties just sold at prices near 2M. Prices are off at most 5-10 percent from peaks. The house across from me sold last year in two days for full asking price of 2.2M. I’m going to give it until my lease comes up in December, but if prices don’t fold by then, I might just give up and head to San Diego.[/quote]
Poorsaver, your same as me then. I am amazed to see areas in LA, such as Sierra Madre, Pasadena, San Marino that are still putting homes on the market for more than they were purchased for during the peak. Having said that I have also seen many homes sit on the market for months, and are eventually removed. There’s probably more stupid money in LA than SD, but apart from isolated cases I very much doubt this is the rule, more the exception. People tend to have the heads in the sand in LA, but the reality usually catches up.
