- This topic has 26 replies, 7 voices, and was last updated 17 years, 7 months ago by
latesummer2008.
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March 9, 2007 at 9:32 PM #8556March 10, 2007 at 10:10 AM #47294
(former)FormerSanDiegan
Participantoops, you mis-typed the link. SHould be …
March 10, 2007 at 11:25 AM #47304latesummer2008
ParticipantThanks FSD. More meltdowns in Culver City and Westchester as you suspected on :
http://westsideremeltdown.blogspot.com
I can see that the more desirable properties here on the Westside will surely follow as you said. We are just barely getting into this thing and it will get very interesting very fast. Credit crunch is going to have a HUGE effect on these prices. Should work it’s way up from the bottom as the top end flees as well. Kind of like eating from the top and the bottom of the food chain at once. “Perfect storm” is gathering.
March 12, 2007 at 7:03 AM #47410ParticipantSanta Monica, Culver City & Westchester meltdowns found last week on Zillow are :
2464 Ocean Park Blv, Santa Monica
2+1 SFR 984 sq ft 3202 sq ft lot R-2 or R-3
900K 6/15/05
762K 5/26/06
700K 2/16/07 (-22.3%)9430 Lucerne, Culver City
3+1 SFR 1131 sq ft 5000 sq ft lot
850K 05′
722K 07′ (-15.1%)8100 Kenyon, Westchester
3+1 SFR 1183 sq ft 6230 sq ft lot
710K 05′
610.6K 07′ (-14%)Please post any other Westside Meltdowns at :
http://westsideremeltdowns.blogspot.com
REAL BUYERS IN CONTROL NOW….
March 12, 2007 at 7:30 AM #47411ParticipantWestchester, Culver City corrections are as follows :
8100 Kenyon, Westchester
718K sold 4/18/05
610.6K sold 1/11/07 (-15%)9230 Lucerne, Culver City
850K sold 9/19/05
722K sold 2/9/07 (-15.1%)March 12, 2007 at 8:23 AM #47415Anonymous
GuestDoes LA have a neighborhood similar to our LIttle Italy?
March 12, 2007 at 4:20 PM #47469ParticipantNot really..Chinatown, Little Tokyo, Koreatown, Little Armenia, Thaitown, Little Siagon, But no Little Italy. Where is that ?
March 12, 2007 at 4:36 PM #47476PerryChase
ParticipantDowntown San Diego is a little like Disneyland. There’s a small Chinatown with a Chinese retirement home and a museum, but hardly any Chinese people. Little Italy has restaurants serving bad Italian food but no real Italians. Little Italy is just the name of a residential/commercial neighborhood rather than a real “Little Italy.”
March 17, 2007 at 9:18 AM #47716ParticipantAny New Meltdowns out there ? If so share them with all of us so we can inform others and educate them about the market. Buyers Unite and bring houses back to be something to live in and not a friggin credit card to buy things you can’t afford when you cant afford the house in the first place!
List any Westside Meltdowns here :
http://westsideremeltdown.blogspot.com
Or start up another meltdown list for another area.
March 17, 2007 at 9:37 AM #47881ParticipantCondo Wars in Mar Vista ! I did a little digging on Zillow and found a building at 5000 Centinela Ave that just closed 3 sales of identical size, 1 br + 1 ba, 778 sq ft, 5 days apart from 1/26/07 – 2/1/07.
The result : 20% PRICE DROP !
This is considered the bottom of the housing chain here on the Westside of LA and it will effect a number of other transactions all the way to the top. Without the first time buyers, the move-up buyers are affected next. Once the top of the housing chain realizes properties are not selling they are the next flee the market. That in turn, causes eating from the top and the bottom of the housing food chain. Another house I found in West LA on Butler, the owner obviously relisted his home right after he closed escrow and lost 10% in just 4 months ! Guess he felt lucky just to get out. Sad…. On Bundy in West LA another meltdown lost 11%.
Check out these and more on the following link :
http://westsideremeltdown.blogspot.com
Also, add any other Westside Meltdowns you come across at the link above. In addition, NODS in Santa Monica increased from 55-65 last week !! Getting very interesting day by day.
March 18, 2007 at 1:38 PM #47961ParticipantLA County Numbers for FEBRUARY (yoy) are in todays LA Times Sunday paper 3/18/07. Overall median is up, but it doesnt tell the whole story. The number of sales are down as well as the median prices in some high end areas.
For example :
Single Family Residences Median Prices
LA/Bel Air 90077 -50.2% (only 5 sales)
LA/Brentwood 90049 -11.1% (17 sales)
LA/Mar Vista 90066 -8.3% (29 Sales)
LA/Rancho Park 90064 -33.7% (18 Sales)
Malibu 90265 -34.9% (21 Sales)
Marina del Rey 90292 -24.4% (only 4 sales)
Pacific Palisades 90272 -20.0% (24 sales)
Palos Verdes Peninsula 90274 -10.4% (22 sales)
Venice 90291 -23.9% (10 sales)
West Hollywood 90046 -16.8% (19 sales)Pretty dramatic drops I’d say. Even though Bel Air and Marina del Rey had statistically few sales, you have to ask yourself why? Almost dead in the water I suspect…
Westsiders can check out specific home price drops at the following link :
http://westsideremeltdown.blogspot.com
Lots of national housing numbers coming out this week ! More bad news I would assume.
March 18, 2007 at 5:14 PM #47973Bugs
ParticipantThose markets didn’t enter into decline until recently, ya? Maybe they’re making up for lost time.
What’s ironic is that if that pace keeps up San Diego County will end up following L.A. instead of the otherway around.
March 18, 2007 at 6:51 PM #47975ParticipantLA Market has followed SD but, perhaps it is making up for lost time. 2 markets in particular, Bel Air and Marina del Rey, both high end, are just about DITW (Dead In The Water) with only 5 and 4 sales respectively. I was out looking at property today and it was SIGN WARS out there. I think the Realtors are getting desperate and increasing signage, thinking that will make a difference. Ha ! The only houses selling, are priced below market period. Even then I wouldn’t touch one. It appears a viscous cycle is starting where they start undercutting one another to make a sale. Its just beginning to get brutal here on the Westside. Bring it….
March 19, 2007 at 6:29 AM #48016ParticipantInteresting week ahead with Building Permits, Housing Starts, and Existing Home Sales numbers due out. I am sure, the MSM will be all over these numbers like flies on #$%@!. Housing Starts in particular tomorrow, is the one to watch. Existing Home sales (NAR) should also be interesting on Friday. We will see how it affects the Financial Markets. Could be another derailment from the oncoming trainwreck in housing.
March 19, 2007 at 8:09 AM #48022CostaMesa
ParticipantDude…ten percent is hardly a ‘meltdown’. Fifty percent, maybe. Ten is more of a correction, IMO.
Good data though – it’s nice to see data for something that I’m a bit more familiar with.
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