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latesummer2008
ParticipantSticky 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 ?ParticipantTsunARMI 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…
ParticipantNew 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:
ParticipantWestside 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……..
March 24, 2007 at 10:11 PM in reply to: Post Price Declines in Santa Monica, Brentwood, Pacific Palisades, Rancho Park, Mar Vista, and other areas of the Westside here #48398ParticipantURL was Wrong. Thank you.
For checking price declines on The Westside the link is:
ParticipantSea 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 $840K2930 Nielson Way #203
Santa Monica CA 90405
2+2 Condo 1229 sq ft
Sold 3/9/07 740K (-12%) in only 3.5 monthsOther meltdowns on the Westside of LA at:
ParticipantPacific 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 $1490K (873/sq ft 43.8% higher than Kingsport)Add or look at more meltdowns with the following link:
ParticipantTalking Heads trying to spin the latest housing data. Building starts up 9%! NO.. Thats a month over month figure from January that was one of the worst months on record! The year over year numbers are DOWN over 25%…And, building permits down 2.5%. Another month to month figure that is REALLY DOWN over another 28% year over year. They must think people are really stupid or they must be really desperate trying to find something positive about the RE Market.
There is an interesting post about Malibu on:
http://westsideremeltdown.blogspot.com
Drop of over 20% from 2750K to 2100K. Check it out!
ParticipantSpring Will Tell The Story! I suspect, there will be a ton of inventory and minimal buying. Once we start to see closings at the beginning of summer, the story of a DECLINING MARKET here on the Westside will be very apparent. Then, sit back and enjoy the ride. With everything going on in the real estate marketplace, we have the makings of a “Perfect Storm” to sink housing prices. Not only bloated inventories, but a real credit crunch, exploding ARMS and upside down buyers with virtually no investment. What else could there be? Earthquake? Hopefully, not. But the point is, the declining market is gaining steam every day now, and MARKET PSYCHOLOGY has changed.
If you come across any Westside Meltdowns, please post them on the following link.
ParticipantInteresting week ahead with Building Permits, Housing Starts, and Existing Home Sales numbers due out. I am sure, the MSM will be all over these numbers like flies on #$%@!. 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.
ParticipantLA 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….
ParticipantLA 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.
ParticipantCondo 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.
ParticipantAny 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.
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