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latesummer2008
ParticipantJust Wait! Market Psychology has changed dramatically and reality is just beginning to set in after sellers come out of denial. Add to it Mortgage Meltdowns, Credit Crunch, Bloated Inventories, Starving Realtors, Hungry MSM, and access to REAL NUMBERS and I say we will be back to 2002 prices at least, in 1 1/2 years. We are in UNCHARTERED TERRITORIES. You think the GREED was bad on the upside, wait until PANIC, NECESSITY and BANK FAILURES start to set in. Not gonna be pretty, but something had to give.
March 14, 2007 at 7:11 AM in reply to: The Prognostication Station – A Chance to go on the Record! #47627ParticipantI believe they call that STAGFLATION. Housing price will drop from artificial highs. Mass emigration from expensive California to TX,and other parts of the more affordable south.
March 14, 2007 at 5:48 AM in reply to: The Prognostication Station – A Chance to go on the Record! #47625ParticipantStay Tuned.. Program is starting to change now. The weak dollar will ultimately force the Feds hand by eventually raising interest rates to keep foreign money here. Possible rate decrease first, to try jumpstarting housing but it won’t last. Fed may just throw in the towel on housing and screw the little guy once again to save banks and Wall Street.
So Cal -50% off peak prices
Dow 8800Post any big drops on the Westside here :
http://westsideremeltdown.blogspot.com
Maybe someone should start another meltdown posting sight for other neighborhoods ? San Diego, La Jolla etc..
ParticipantI beg to differ. Upturn started earlier than 1995. The worst pain and some of the best deals were people buying in 1991-1992 when things were the worst. It flattened out along the bottom and begain to upturn in 1995. Also we didn’t have nearly the appreciation rate as we did this time. This “perfect storm” is building steam fast and will crash the re market even faster. I’ll stick to late summer or early fall of 08′ when bottom fish start eating…..
ParticipantWestside RE has been sticky too but is now showing signs of cracking. It will drop quickly however. Wait till April when the traditional spring listings start and watch the market stop dead in its tracks. A world of hurt is coming to people who bought in the last 3 years first. Then the domino effect will take place. Check out these 15 – 22% drops in a little over 21 months at the following link :
March 13, 2007 at 10:19 PM in reply to: The Prognostication Station – A Chance to go on the Record! #47607Participant1000 points by the end of the month……Sub Prime Implosion creeping up through the mortgage market food chain. “Perfect Storm” gonna smack down the RE market here in So Cal.
ParticipantNot really..Chinatown, Little Tokyo, Koreatown, Little Armenia, Thaitown, Little Siagon, But no Little Italy. Where is that ?
ParticipantWestchester, 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%)ParticipantSanta 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….
ParticipantLA market is cracking… Just now starting to see 15 – 22% drops on the Westside for areas like Westchester, Culver City and fringes of Santa Monica. Check out the following link for actual sales data
http://westsideremeltdown.blogspot.com
The best is yet to come….
Participant45-60% off Peak Prices depending on location, timing, and need to sell. Southern California is about ready to GET ROCKED. Credit Crunch and EZ money being turned off will HIT THIS MARKET HARD. I think it will come quicker than most can imagine. Usually falls faster in a panic to sell than the “want” to buy on the way up. Simple market psychology. The “herd” is starting to rumble. Probably very well, will spill into the local economy with layoffs, and job losses dragging the US economy down. Isn’t California the 5th largest economy in the world ? Perhaps now, everyone in the state, country, and world has their eyes on the leading market indicator, San Diego…….
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.
ParticipantMore Westside Meltdowns! Just found 2 more drops of 15% since 2005 in Culver City and Westchester. If you are interested in the details of these drops on the Westside of LA, check out the following link for details
http://westsideremeltdown.blogspot.com
Checking Zillow gives you access to recent sales history and you can find more in your chosen area. Lets get the word out and get this train chuggin !!!
ParticipantWestside RE Meltdown starts ! Perfect storm of bloated inventories, exploding arms, credit crunch, buyers stalemate, REOs, and MSM fear is gaining steam. Just found a 22% drop in Santa Monica in just over 21 months ! Check out
http://westsideremeltdown.blogspot.com
Sellers market is OVER, Buyers now hold the cards. This spring it will become evident and summer should be brutal with price wars. FINALLY…..
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