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Old 05-22-2008, 12:03 PM
 
148 posts, read 435,858 times
Reputation: 122

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Quote:
Originally Posted by Charles View Post
At the luxury end, home prices are falling - Los Angeles Times

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Please God, let it be true and finally here. Could the "myth" of the delayed drops in the best areas coming be a reality?

Thank you for posting that, as well as good old Jack's quote. And to think I've actually had a few doubts about missing the boat in the nicer parts of town, wondering if they could indeed buffer the storm. We haven't even seen the true strength of this storm yet!

Last edited by karkyco; 05-22-2008 at 12:15 PM..
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Old 05-22-2008, 01:13 PM
 
1,753 posts, read 6,215,131 times
Reputation: 1613
Quote:
Originally Posted by motoman View Post
Haha! Awesome. And just a few months back you could find an endless string of people on this board talking about how prices in these areas wouldn't fall. Haha! This is greatness.

Thanks for passing it on.
I don't think that many, including myself, said that prices would not fall on the higher end homes. Most said they wouldn't be hit as badly. Some of what you're seeing in the high end is this (from the article):

In Newport Beach, the coastal 92663 ZIP Code saw an April price increase of 66%, to $2.49 million, DataQuick said. However, only 10 homes were sold, which means that a few extraordinary transactions could account for dramatic percentage changes.

Which is indicative of this: Sellers in high-priced areas often have a large amount of equity in their homes or own them outright. That makes them more able to sit on their houses and ride out a market downturn than people desperate to unload a house with a mortgage they can't handle.

So, one should expect to see huge swings in the median price of a home in a given area when there are so few sales.

The dataquick numbers don't lie. Or do they?
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Old 05-22-2008, 02:03 PM
 
1,868 posts, read 5,296,342 times
Reputation: 525
lol..lol.... I can find a WHOLE lot of those...go back to 2006 posts ...it's even better! I used to get so bashed and "red marked"......now these people seem pretty quite.

kudos to orthopodfrancis!! Right on!!
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Old 05-22-2008, 06:37 PM
 
Location: West LA
2,318 posts, read 7,126,652 times
Reputation: 1099
I don't think housing prices are STILL going down... I know they are going down!

L.A. Land : Los Angeles Times : L.A. home prices falling, and faster (http://latimesblogs.latimes.com/laland/2008/04/la-home-prices.html - broken link)
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Old 05-22-2008, 07:07 PM
 
1,875 posts, read 2,413,013 times
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Quote:
Originally Posted by LASam View Post
I don't think housing prices are STILL going down... I know they are going down!

L.A. Land : Los Angeles Times : L.A. home prices falling, and faster (http://latimesblogs.latimes.com/laland/2008/04/la-home-prices.html - broken link)
Hopefully, the prices have decreased a little on the southwestern part of the Westside.
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Old 05-22-2008, 10:45 PM
 
Location: West LA
2,318 posts, read 7,126,652 times
Reputation: 1099
Quote:
Originally Posted by LAFan View Post
Hopefully, the prices have decreased a little on the southwestern part of the Westside.
Not enough...
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Old 05-22-2008, 11:17 PM
 
1,875 posts, read 2,413,013 times
Reputation: 145
Quote:
Originally Posted by LASam View Post
Not enough...
This has to be the worst decade ever when it comes to situations like this.
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Old 05-22-2008, 11:17 PM
 
Location: southern california
57,828 posts, read 76,796,090 times
Reputation: 51158
6 more months.
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Old 05-23-2008, 09:21 AM
 
Location: La Cañada, CA
332 posts, read 2,021,810 times
Reputation: 164
I don't know what the newspapers mean by "Los Angeles"
Do they mean the entire LA area (LA, SB, Orange, Riverside counties) or just the city of LA?

In communities like Perris, prices have already fallen 30% across the board.
But even in the worst parts of LA, it's tough to find a decent house listed for less than 15-20% of its peak value.

So while the outskirts of LA might be hitting the bottom right now or very soon, the city of LA and its desirable close communities (Pasadena, Glendale, Santa Monica etc.) still have quite a ways to fall.
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Old 05-23-2008, 09:25 AM
 
830 posts, read 2,618,931 times
Reputation: 381
Quote:
Originally Posted by Rats View Post
I don't know what the newspapers mean by "Los Angeles"
Do they mean the entire LA area (LA, SB, Orange, Riverside counties) or just the city of LA?

In communities like Perris, prices have already fallen 30% across the board.
But even in the worst parts of LA, it's tough to find a decent house listed for less than 15-20% of its peak value.

So while the outskirts of LA might be hitting the bottom right now or very soon, the city of LA and its desirable close communities (Pasadena, Glendale, Santa Monica etc.) still have quite a ways to fall.

Yep. The closer in to LA you are the longer it will take for prices to fully adjust, simply because it is more desirable to live closer to or in the city. But there is still a breaking point, and a lot of people haven't hit it yet. But they will.

I say it will take another 2-3 years for prices to bottom in the LA "area", however you want to define that.
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