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The-Shoveler.
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July 4, 2007 at 12:01 PM #63885July 4, 2007 at 12:01 PM #63942
DaisyDuke
ParticipantFacts – some examples. In each of these I suspect the Sellers paid hidden costs:
14420 Eastridge Drive, Whittier, cA
Listing Price – $789,900
Sold – $750,000 on 6/21/07 (See Zillow)16210 Honnington Street, Whittier, CA
Orig. Listing – $750,000
Price Reduced – $699,900
Sold – $662,500 on 6/8/07 (see Zillow)519 Cherry Street, Brea, CA
Orig. Listing $648,000
Sold – $615,000 on 6/14/07This property was listed for much higher ($699,000) and then taken off the market for a short time. This is the second time it was listed:
2600 Shady Valley Lane, La Habra, CA
Price increased $650,000
Price Reduced $610,000
Sold – $610,000 – 3/22/07So, yeah, prices are going up, up, up!!! I can’t wait to overpay!
July 4, 2007 at 12:08 PM #63887scruffydog
ParticipantThanks 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.July 4, 2007 at 12:08 PM #63944ParticipantThanks 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.July 4, 2007 at 12:15 PM #63889ParticipantPropaganda! Publish FACTS.
2778 CASALERO DRIVE, la habra heights, ca
Listing: $1,300,000
Sold: $1,209,000 — 3/30/07They are going up! But then maybe I’m misreading the math?
July 4, 2007 at 12:15 PM #63946ParticipantPropaganda! Publish FACTS.
2778 CASALERO DRIVE, la habra heights, ca
Listing: $1,300,000
Sold: $1,209,000 — 3/30/07They are going up! But then maybe I’m misreading the math?
July 4, 2007 at 12:56 PM #63897LA_Renter
ParticipantScruffydog, In reference to this
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.”I would like your opinion on this. Please read my post above concerning San Fernando Valley home sales. Click on this link;
Now look at the data on the link. These are San Fernando Valley home sales dating back to 1984. Look at April and May of this year.
April 447
May 629Compare that to Aprl May sales during the last downturn of 90 – 93
……….’93…..’92….’ 91 ….’90
April..762….692…..865….824
May…818….701..1,000….882OK, April May sales of 2007 were not even close to the worst years of the downturn in 90 to 93. A downturn where home values dropped around 35%. These numbers do not factor any population growth between 90 – 93 verses 2007. That makes this Spring the most severe downturn on record in the San Fernando Valley by a large margin. FACT. Now look at how the Daily News is reporting this. A Record median home price. Do you see a problem with the reporting here?? Give me your thoughts on this. I’m curious.
July 4, 2007 at 12:56 PM #63954ParticipantScruffydog, In reference to this
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.”I would like your opinion on this. Please read my post above concerning San Fernando Valley home sales. Click on this link;
Now look at the data on the link. These are San Fernando Valley home sales dating back to 1984. Look at April and May of this year.
April 447
May 629Compare that to Aprl May sales during the last downturn of 90 – 93
……….’93…..’92….’ 91 ….’90
April..762….692…..865….824
May…818….701..1,000….882OK, April May sales of 2007 were not even close to the worst years of the downturn in 90 to 93. A downturn where home values dropped around 35%. These numbers do not factor any population growth between 90 – 93 verses 2007. That makes this Spring the most severe downturn on record in the San Fernando Valley by a large margin. FACT. Now look at how the Daily News is reporting this. A Record median home price. Do you see a problem with the reporting here?? Give me your thoughts on this. I’m curious.
July 4, 2007 at 12:57 PM #63899kewp
ParticipantFunny, for the past couple years I’ve been going to Costco about every two weeks. Even though I go during the day, I’ve noticed that recently the place seems much less crowded. I rarely find a line with more than one person in it.
My two cents (and really, don’t feed the trolls!)
July 4, 2007 at 12:57 PM #63956ParticipantFunny, for the past couple years I’ve been going to Costco about every two weeks. Even though I go during the day, I’ve noticed that recently the place seems much less crowded. I rarely find a line with more than one person in it.
My two cents (and really, don’t feed the trolls!)
July 4, 2007 at 1:21 PM #63901NeetaT
Participant“Come on Neeta are you F*cking kidding me???? Have you had your head in the sand since march? Over 90 subprime lenders are dead. Have you not heard about the CDO issues in the news and what’s happening with Bear Stearns????”
give me a break.
JWM,
None of your observations, although correct, matter to me unless it causes prices to drop. I’m looking for deflation. All I see is run away inflation to which the Fed does not want to admit to, because that means defending the Dollar with high interest rates. I love high interest rates, but the majority does not, because that cuts into their spending habits.
July 4, 2007 at 1:21 PM #63958Participant“Come on Neeta are you F*cking kidding me???? Have you had your head in the sand since march? Over 90 subprime lenders are dead. Have you not heard about the CDO issues in the news and what’s happening with Bear Stearns????”
give me a break.
JWM,
None of your observations, although correct, matter to me unless it causes prices to drop. I’m looking for deflation. All I see is run away inflation to which the Fed does not want to admit to, because that means defending the Dollar with high interest rates. I love high interest rates, but the majority does not, because that cuts into their spending habits.
July 4, 2007 at 2:17 PM #63905cyphire
ParticipantWow scruffy – I’m amazed…. That moderate earners (40-50K per year) are tearing down houses and buying 6 million dollar lots!
Are you kidding? What does the super high end have to do with anything? Other than Republican theft and greed? There is more money in the highest end than ever before. This is not the nation, it’s not even reality other than for the .01%!!!
My old neighborhood sold for 2M-2.1M in 2004, 2.2-2.5 in 2005 and went back to 2M-2.1M in 2006. My neighbor didn’t get out in time, his house is on the market for 7 months now at 1.8M-2.2M. I suspect he will sell for 1.85M or less. He would have sold (with a new sports court, poolhouse, etc.) for 2.4-2.5 if he had sold in 2005.
His house only shows 40 days on the market. Seems every time you change a Realtor – you can lie. The actual information in this market is minimal, misleading, and corrupt.
Home sales are DEAD in that 2 acre – wealthy, but not super-wealthy neighborhood. Remember – you are ONLY seeing the houses which actually sell! The houses which are selling are selling because they are really great houses. The rest of them (with a single flaw – such as a smaller back yard, no pool, too close to a road, or ANYTHING else – sit on the market.
Comparing the super-high end has no basis in reality! Also – it’s easy to buy a house, it’s very hard to sell one in a market like this. Your information is as misleading as it is simplistic.
p.s. My cousin is a realtor. His house has been slightly overpriced as he keeps pricing it where is should have been a year ago. It has sat for 9 months, he is in a reverse am mortgage, and he is in desperate shape.
I’m here in Wisconsin on vacation. Same deal…. Many houses for sale and many being taken off the market. It won’t be a dramatic fall (unless more market forces start a crisis which I think might happen), it could unravel for 10 years. We are in a crisis but at the beginning – smart money will take a slight hit now and get out.
I am not a bitter renter – living in an awesome house. would rather buy, but am going to wait and see how much more damage will happen.
Last point – I’m one of the anti-religious fighters… Just having some fun and not spreading it to all blogs… One major thread only. And if that’s not appropriate – sorry. There isn’t much different in the market except the Schaudenfraud in waiting for more misery. It’s a very human experience, sad but true. Are you a 6 percenter?
July 4, 2007 at 2:17 PM #63962ParticipantWow scruffy – I’m amazed…. That moderate earners (40-50K per year) are tearing down houses and buying 6 million dollar lots!
Are you kidding? What does the super high end have to do with anything? Other than Republican theft and greed? There is more money in the highest end than ever before. This is not the nation, it’s not even reality other than for the .01%!!!
My old neighborhood sold for 2M-2.1M in 2004, 2.2-2.5 in 2005 and went back to 2M-2.1M in 2006. My neighbor didn’t get out in time, his house is on the market for 7 months now at 1.8M-2.2M. I suspect he will sell for 1.85M or less. He would have sold (with a new sports court, poolhouse, etc.) for 2.4-2.5 if he had sold in 2005.
His house only shows 40 days on the market. Seems every time you change a Realtor – you can lie. The actual information in this market is minimal, misleading, and corrupt.
Home sales are DEAD in that 2 acre – wealthy, but not super-wealthy neighborhood. Remember – you are ONLY seeing the houses which actually sell! The houses which are selling are selling because they are really great houses. The rest of them (with a single flaw – such as a smaller back yard, no pool, too close to a road, or ANYTHING else – sit on the market.
Comparing the super-high end has no basis in reality! Also – it’s easy to buy a house, it’s very hard to sell one in a market like this. Your information is as misleading as it is simplistic.
p.s. My cousin is a realtor. His house has been slightly overpriced as he keeps pricing it where is should have been a year ago. It has sat for 9 months, he is in a reverse am mortgage, and he is in desperate shape.
I’m here in Wisconsin on vacation. Same deal…. Many houses for sale and many being taken off the market. It won’t be a dramatic fall (unless more market forces start a crisis which I think might happen), it could unravel for 10 years. We are in a crisis but at the beginning – smart money will take a slight hit now and get out.
I am not a bitter renter – living in an awesome house. would rather buy, but am going to wait and see how much more damage will happen.
Last point – I’m one of the anti-religious fighters… Just having some fun and not spreading it to all blogs… One major thread only. And if that’s not appropriate – sorry. There isn’t much different in the market except the Schaudenfraud in waiting for more misery. It’s a very human experience, sad but true. Are you a 6 percenter?
July 4, 2007 at 2:37 PM #63909stop_the_bubble_hype
ParticipantI don’t know what planet most of you live on, but I have to agree with Scruffy and Neet.
Today my wife and I went to look at homes in Carmel Valley and we were absolutely shocked at the prices, but even more shocked by the fact that most of the homes in Pardee’s larger tract (Santa Rosa) were sold. They only have about 6 homes left ranging from $999K to $1.13M. The biggest lot was 8,300 sq ft and there were buyers there throughout our visit and more coming in as we left.
My wife asked about incentives and we were almost laughed out of the place. The agent told us that they were offering about 16K toward closing and maybe a flooring allocation. The agent said they were not having a problem selling so they were not forced to offer incentives.
I saw similar in Carlsbad at La Costa Greens and La Costa Ridge. Last week we drove to an open house in Encinitas Ranch and the home was selling for about $2.0-$2.2M — about 5K sq ft home on a small lot.
I’m sorry but we are just not seeing the discounting you all are speaking of in the more desirable areas.
We have been on the sidelines for a few years waiting for the crash, but will likely be purchasing within the next 6-12 months. If you’ve seen dramatic discounts in the areas I mention, please let me know.
Hype
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