Housing prices trending downward in LA (Long Beach, Pasadena: wood floors, for sale, real estate)

[LALady]

I have been watching the housing prices using the MLS sites. I actually see a one bedroom condo listed for under $200,000 in Pacoima. It's been on the market for almost a year with these reducitions:
Price Reduced: 04/24/07 -- $239,800 to $234,000
Price Reduced: 05/30/07 -- $234,000 to $229,000
Price Reduced: 07/13/07 -- $229,000 to $197,000
Price Reduced: 07/27/07 -- $197,000 to $192,500
Price Reduced: 08/15/07 -- $192,500 to $185,000

What I'm noticing is that condos in 'less desirable' neighborhoods are being reduced for 10s of thousands. Condos in more desirable neighborhoods are being reduced in 5K increments.

[Cattknap]

We had two houses on our street sell this past week - we live in Long Beach....one house sold for $595,000 (1150 sf) and was for sale for one week, the other house has been for sale for two months and sold for $565,000 (1300 sf)....sales have been picking up a bit in our neighborhood of small, modest homes.

[cynwldkat]

Difference here: condo/home---Pacoima/Long Beach. Like comparing apples to oranges! Certain areas of CA have only, if any, gone down a small amounts where as other, less desirable places have bigger reductions.

[fairweathergolfer]

Yes you are correct, but so is the previous poster.

The person is not comparing apples and oranges when the title of the thread is: Housing prices trending downward in LA. The previous poster is actually balancing out the thread title with a another leg in the chair. As we all know LA is a large metropolis with many real estate micro climates and even within those micro climates, micro, micro climates. If one is to fully take on the title of the thread and substantiate its claims it is going to take a larger viable recent sale figure that takes into consideration the whole area and single family housing, estates, and condos. This is somewhat like saying everything is 75% off at Target, when really just the sports/recreation equipment is on sale at that price. What is the price of everything? It may very well add up to 75% off yet without the overall data we don't know. Critical factor in a claim.

With all due respect, I think LAlady has overextended in the title, but I do appreciate the post and it makes me curious as to condo pricing versus single family homes and estates, as well as specific recent sale comps from specific local areas within LA. I am happy to see she is on it and posting her thoughts. So I don't want to be condescending or insulting, just challenge the legitimacy of the overall title and the content provided related to the title.

I like that we can post our impressions here at city-data and not be required to copy major spreadsheets and research findings to post our thoughts and even predictions. However I also believe that it is right and helpful to challenge the legitimacy and accuracy. That is what makes this site so very interesting to me and educational. It is holistic with its postings when all is said and done. The people reading the threads, not from our area, also get a chance to see how we relate to one another in this crazy, wacky, but very unique region. I personally think the California threads are the most respectful then others that I have read and participated in (when it comes to hard core disagreements--the moderators may disagree ) and thought/fact sharing and provoking. We are a somewhat diverse crowd with risktakers and forceful opinions. This is part of what draws people to our area, I believe. Freedom of societal restraints and expectation--or atleast the anticipation of it--and the compelling force of energy that swirls from us all and our locales. But I digress . . . . Yet that force comes from LA region and not just condos. (I had to weave that last part into the thread content somehow . LOL).

LAlady is like, "Dang girl, I just posted some thoughts on condos and pricing . . .. What's up with that?" LOL.

Originally Posted by cynwldkat

Difference here: condo/home---Pacoima/Long Beach. Like comparing apples to oranges! Certain areas of CA have only, if any, gone down a small amounts where as other, less desirable places have bigger reductions.

[Jillzs]

The housing market has changed significantly. Gone are the days when a home that is in marginal condition or location sells for the same as one that has improvements or in a nicer location.

In Orange County I have seen it first hand. Two properties on the same street, same size and similar view. One has new cabinets, granite, wood floors, upgraded baseboards and crown molding. The other is clean, has a few replaced window, some travertine but generally has all the same improvements that the builder put in over 15 years ago. The home with the improvements sold in 90 days. The other home has been on the market for one year and has been forced to reduce it's price to $100k under the last closed sale.

[fairweathergolfer]

That sounds like a return to sanity! Its about time.

Originally Posted by Jillzs

The housing market has changed significantly. Gone are the days when a home that is in marginal condition or location sells for the same as one that has improvements or in a nicer location.

In Orange County I have seen it first hand. Two properties on the same street, same size and similar view. One has new cabinets, granite, wood floors, upgraded baseboards and crown molding. The other is clean, has a few replaced window, some travertine but generally has all the same improvements that the builder put in over 15 years ago. The home with the improvements sold in 90 days. The other home has been on the market for one year and has been forced to reduce it's price to $100k under the last closed sale.

[SAI126]

Originally Posted by Cattknap

We had two houses on our street sell this past week - we live in Long Beach....one house sold for $595,000 (1150 sf) and was for sale for one week, the other house has been for sale for two months and sold for $565,000 (1300 sf)....sales have been picking up a bit in our neighborhood of small, modest homes.

I'm just asking. What kind of modest income affords a 565K or 595K home?

[timelesschild]

Originally Posted by SAI126

I'm just asking. What kind of modest income affords a 565K or 595K home?

See, that's what I'm asking too...

[JTGJR]

Well, the original post was from 9-months ago. I think everyone can agree that the market has been altered, somewhat, over that timeframe.

[timelesschild]

Well, I for one would love to hear how the past 9 months have affected the housing market, and what folks are thinking the next 6 months to a year are likely to bring. We have a house to sell in another state before we can buy in Pasadena or thereabouts, so in the meantime, I'm constantly assimulating every bit of information I can get.