Westside of LA RE Meltdown

[Bugs]

It’s how fast that 10% racked up that should register.

Ten percent over a year is part of a correction, 10% over 6 months is something altogether; add a few of those years up and the results turn into a meltdown.

[CostaMesa]

>It’s how fast that 10% racked up that should register.

Understood. Considering how fast the market went up in the last few years, it’s not surprising to see it fall quickly also. I’m pretty sure there were 10% quarters on the way up…

[latesummer2008]

Spring Will Tell The Story! I suspect, there will be a ton of inventory and minimal buying. Once we start to see closings at the beginning of summer, the story of a DECLINING MARKET here on the Westside will be very apparent. Then, sit back and enjoy the ride. With everything going on in the real estate marketplace, we have the makings of a “Perfect Storm” to sink housing prices. Not only bloated inventories, but a real credit crunch, exploding ARMS and upside down buyers with virtually no investment. What else could there be? Earthquake? Hopefully, not. But the point is, the declining market is gaining steam every day now, and MARKET PSYCHOLOGY has changed.

If you come across any Westside Meltdowns, please post them on the following link.

http://westsideremeltdown.blogspot.com

[latesummer2008]

Talking Heads trying to spin the latest housing data. Building starts up 9%! NO.. Thats a month over month figure from January that was one of the worst months on record! The year over year numbers are DOWN over 25%…And, building permits down 2.5%. Another month to month figure that is REALLY DOWN over another 28% year over year. They must think people are really stupid or they must be really desperate trying to find something positive about the RE Market.

There is an interesting post about Malibu on:

http://westsideremeltdown.blogspot.com

Drop of over 20% from 2750K to 2100K. Check it out!

[latesummer2008]

Pacific Palisades & Malibu melting? With about 20 minutes of digging, I found the following sales histories on Zillow last night :

16040 W. Sunset Blvd #304
Pacific Palisades CA 90272
2+3 Condo 1438 sq ft
Sold 8/3/06 $897.5K
Sold 3/9/07 $779K (-13.3%) in 7 months !

17432 Revello Dr.
Pacific Palisades CA 90272
3+3 SFR 1936 sq ft 7090 sq ft lot
Sold 8/24/05 $1480K
Sold 2/26/07 $1350K (-8.8%)

18450 Kingsport Dr.
Malibu CA 90265
3+2 1872 sq ft 6547 sq ft lot
Sold 2/24/07 $919K (only 491/sq ft)
Sold 3/22/02 $811K (Are we rolling back to 2002 prices?)

18452 Wakecrest Dr.
Malibu CA 90265 (same housing track as above it seems)
2+2 1705 sq ft 6720 sq ft lot
Sold 9/5/06 $1490K (873/sq ft 43.8% higher than Kingsport)

Add or look at more meltdowns with the following link:

http://westsideremeltdown.blogspot.com

[latesummer2008]

Sea Colony Condo in SM is the most recent meltdown on the Westside of LA.

2930 Nielson Way #102
Santa Monica CA 90405
2+2 Condo 1229 sq ft
Sold 11/21/06 $840K

2930 Nielson Way #203
Santa Monica CA 90405
2+2 Condo 1229 sq ft
Sold 3/9/07 740K (-12%) in only 3.5 months

Other meltdowns on the Westside of LA at:

http://westsideremeltdown.blogspot.com

[latesummer2008]

Westside Meltdowns in Brentwood, Malibu, Pacific Palisades, Santa Monica, Rancho Park, Mar Vista and more can be found at the following link :

http://westsideremeltdown.blogspot.com

Specific area and individual home price drops for each of these areas. Also, information on how to search your own area for price declines.

Spring selling season is here and 2007 could be a year to remember……..

[latesummer2008]

New Home Sales number was Baaaaaaaaad. This is a leading indicator for housing because it reflects what is happening at least 1-2 months ahead of Existing Home Sales which require an ESCROW to close. New Home Sales just require a SIGNED SALES CONTRACT and are subject to high cancellation rates. 25 – 40% theses days. Lending crunch started in March, TsunARMis begin resetting in April. Sellers are the ones !@#$% now !

Check out current price drops in your favorite neighborhood at:

http://westsideremeltdown.blogspot.com

[latesummer2008]

TsunARMI is coming !!! Adjustable Rate Mortgages begin resetting in April and the first wave of STICKER SHOCK will be felt by homeowners. Even here, on the WESTSIDE of LA. HELOCS (Home Equity Lines Of Credit) may do even more damage, as many Westsiders have used their homes as an ATM. And, now that home values are dropping, they are in for, a world of hurt. It’s hard to sustain a lifestyle when, the CREDIT SPIGOT is turned off.

Find out more about areas on the Westside, such as Brentwood, Santa Monica, Rancho Park, Malibu, Pacific Palisades and Mar Vista at the following link :

http://westsideremeltdown.blogspot.com

Actual price drops on specific homes are posted…

[Bugs]

I’ll bet the Beemer dealers all over are hating life right about now.

[admin]

It seems that you are posting relatively content-less messages every couple days to bump this thread (and thus the dozen links to your website) to the top of the thread list. We welcome links to sites of interest, but we would appreciate a less spammy approach.

Thanks,
The Management

[latesummer2008]

Sticky Asking Prices Here on The Westside! 1 month into the spring selling season, sellers are still asking too much. I would say it is because of :

1) Totally upside down already (Speculators & FTB in 2005-06)
2) Totally in DENIAL about the current real estate market.
3) Totally misled, by an inflated Realtor Comparable Market Analysis, based on old comparables, in hopes of reductions later on in the listing period.
4) Totally STUPID.

I would venture to say it is a combination of all 4.
What do you think ?

http://westsideremeltdown.blogspot.com

[Author]

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