33% drop in L.A. area (Inglewood)

[avidsaver]

I don’t know if there’s a specific post topic already dedicated to finds like this, but I ran across this little gem from Zip Realty today:

419 HILLSDALE, Inglewood, CA 90302
MLS #I955101

Current asking price (short sale): $400K
Last sales price (from Zillow): $595K 6/9/2006

I just like seeing evidence of the shift. My ex-husband and I looked at houses in this area back in 2002 or so, and I want to say that they were going for at or more than the current price. It’s still a shoe-box, and I wouldn’t buy it, but just wanted to share the info.

[Coronita]

yeah, because it's ingle-"hood".

I doubt you'll find a 30% drop in an area like palos verdes or hermosa beach (yet)

[bsrsharma]

Even after 100% drop, I wonder why anyone wants to live there. You are safer in a cardboard box on the fast lane of 405.

[avidsaver]

I just like to see the evidence – anywhere in L.A. County. The home is actually in a pretty decent pocket of Inglewood near to what people refer to “Old Ladera” (north of Centinela between LaBrea and LaCienega) I grew up near Ingle-hood anyway, so I’m ok with living in the “hood.” The odds of me buying in Palos Verdes are non-existent and in Hermosa are slim (too far for me – although I live in El Segundo now). But you got it… “yet” is the operative word. I’m waiting to see the drops (coming soon to a town near me) while I keep saving.

[avidsaver]

Even after 100% drop, I wonder why anyone wants to live there. You are safer in a cardboard box on the fast lane of 405.

Depends on where you’re from…

[bsrsharma]

Are you saying there are nice parts in Inglewood? That is surprising to me. I worked for a year in Culver City and the received wisdom I got was to never set foot in Inglewood, even accidentally. A close friend told me that even the Inglewood police advice outsiders (considering to live in Inglewood) that the place is too dangerous to live.

http://www.cityofinglewood.org/depts/police/detective/wanted_suspects_n_request_for_information.asp

[avidsaver]

FLU – from what I can see, it seems like Torrance and Redondo Beach would get hit harder than the other South Bay areas that you mentioned. I remember earlier this year driving through Redondo and seeing open house signs on just about every corner. It’s a good idea to consider the rental property idea considering the vantage point that you bring up.

BRSHARMA – I’ll admit that I haven’t clicked on your link yet. I would say that there are some parts of Inglewood that are nicer than some parts of Culver City… Of course, I’m comparing the “best” parts of Inglewood to the “worst” part of Culver City in that statement.

I would imagine that there could be some areas in San Diego that a native would know about that someone moving from afar wouldn’t. It’s also in the vantage point of the speaker. As a Black person, I might not have felt afraid to drive on Florence and Normandie during the riots, but it didn’t turn out too well for Reginald Denny…

Having said that, I’m not comparing the parts of Inglewood that I’m talking about to Florence and Normandie, and I suppose that a conservative white person could feel out of place in even the “best” parts of Inglewood (but they also might in the 90056 zip code of Los Angeles).

I guess it’s the way that I feel about some parts of the San Fernando Valley. I’ve always heard that you “shouldn’t” live in Van Nuys, but then I know of people who grew up out that way who say that there are some pockets that are better than others.

So… to make a long post even longer… I guess my initial point was just to point out an mere example of a 30%+ drop in just over a year as evidence of what several Piggatonians have been predicting.

[Coronita]

FWIW:

my relatives up there tell me that nice parts of Torrance is getting hit pretty hard, especially the townhome market. The relative disparity between torrance and pv/hermosa was not that different during the peak. That in itself is an indication of what's to come.

 

Personally, Torrance is a great area with decent schools. When prices are reasonable, I wouldn't mind picking up a rental or two. A few relatives own attached homes nearby industry parks. They have a steady stream of renters from Japanese companies that work here on rotation.  Corporate pays the rent. They've been doing this for the past 20 years….The entry point to do this however is still not there, because the condo market still needs to fall some.

 

No movement in Palos Verdes, Hermosa yet.

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