Thanks Neeta T… “There seems to be just as much corroborating information to support Scruffydog’s comments as there is for ours”.
Yes, yes I know median price has its limitations but that’s mostly what is widely available – at least they separate out lower and higher priced home median figures. Sure inventory is up, absolutely sales are down, but the bottom is not falling out as many of you believe.
House prices are still setting new records here in LA. Some coastal areas are on fire!
I love this quote “ Where is the money coming from? “It’s from everywhere. The movie industry — and not just the stars. Software people, dot-com people. Trust fund babies.”
Happy 4th of July! Here’s some info for you. Enjoy!
http://www.dailynews.com/gregwilcox/ci_6273184
System glitch delays housing numbers
“The news last week that the San Fernando Valley saw a record median house price of $650,000 in May was not all that surprising. The bigger surprise was that it eclipsed the prior record set in April of $637,000.”
http://www.dailynews.com/gregwilcox/ci_6228625
Home prices hold up in area
“Subprime lending concerns continued to drag down home sales across California in May, but prices made modest gains in some areas, including Los Angeles County, a trade association said Monday.
For higher-priced homes, the median increased an annual 6.8 percent.
The report also showed that:
In Los Angeles County, sales fell an annual 16 percent, and the median price increased 2 percent to $580,040.
Jack Kyser, chief economist at the Los Angeles County Economic Development Corp., agreed that the high end of the market seems to be holding up and that the county’s economy is on firm footing.
“L.A. County is one of the bright spots around the state,” he said.”
http://latimesblogs.latimes.com/laland/2007/06/micromarket_sna.html
Micro-Market Snapshot: In Manhattan Beach, A “Stable” Market, Still Hot on the Strand
Get used to it: big houses crammed onto little lots, new money driving out laid-back beach attitude, no parking, narrow streets, cool breezes and ocean views — Manhattan Beach is a market unto itself. And the closer to the beach, the stronger the market. “I think the market’s been pretty stable the last six months,” Realtor Kaye Thomas told me today. “The premium properties have actually gone up just a little bit in price.”
Teardown prices on the Strand are in the $6 million range; one nice lot recently sold for $9.5 million, Thomas said. You can find a house under $1 million, east of Sepulveda, if you are lucky. Where is the money coming from? “It’s from everywhere. The movie industry — and not just the stars. Software people, dot-com people. Trust fund babies.”
http://latimesblogs.latimes.com/laland/2007/06/santa_monica_sn.html
Santa Monica Snapshot: North of Montana, $5 Million Is the New Normal
Like Westside Bubble, we were surprised when listings broke through the $5-million barrier north of Montana in Santa Monica, and more surprised when the house in question sold above the asking price in, like, 11 minutes.
http://latimesblogs.latimes.com/laland/2007/06/1995-million-fo.html
$19.95 Million for a Neutra?
We’ve been writing for a while that the high end of L.A. real estate has been pretty strong. If this item in Curbed L.A. is accurate — and they’re usually on the money — the high end market is, as they say on ESPN, en fuego. That is, On Fire.
