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Old 08-25-2008, 01:51 PM
 
Location: California
67,671 posts, read 16,652,817 times
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It depends on the area,Some parts like the San Gabriel Valley you would see multiple offers,and the selling price over the listing price.
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Old 08-25-2008, 02:43 PM
 
482 posts, read 717,884 times
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Quote:
Originally Posted by VillageLife View Post
It depends on the area,Some parts like the San Gabriel Valley you would see multiple offers,and the selling price over the listing price.
In the SG Valley, strong demand from Chinese buyers, who will pay a premium to live there will prop up prices. There's probably an undersupply of homes in certain areas like Arcadia.

I just looked at the profile pages for several cities that are especially sought after due to certain 'demand generators' (good schools, close to the ocean, being an ethnic enclave, etc.). Manhattan Beach, Arcadia, South Pasadena, Laguna Niguel, Burbank, etc. Most of them have seem to have bottomed out or are even trending upward as of Q2 '08, whereas less desirable areas continue in freefall. Not sure how reliable these figures are, though (if the # of sales is large enough to be representative).

Neighboring communities also seem to have held up fairly well compared to less desirable areas.

Finding a small fixer upper in one of these prime areas probably wouldn't be a bad investment, compared to renting.
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Old 08-25-2008, 08:27 PM
 
Location: California
67,671 posts, read 16,652,817 times
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Quote:
Originally Posted by mark85 View Post
In the SG Valley, strong demand from Chinese buyers, who will pay a premium to live there will prop up prices. There's probably an undersupply of homes in certain areas like Arcadia.

I just looked at the profile pages for several cities that are especially sought after due to certain 'demand generators' (good schools, close to the ocean, being an ethnic enclave, etc.). Manhattan Beach, Arcadia, South Pasadena, Laguna Niguel, Burbank, etc. Most of them have seem to have bottomed out or are even trending upward as of Q2 '08, whereas less desirable areas continue in freefall. Not sure how reliable these figures are, though (if the # of sales is large enough to be representative).

Neighboring communities also seem to have held up fairly well compared to less desirable areas.

Finding a small fixer upper in one of these prime areas probably wouldn't be a bad investment, compared to renting.
Cities like apple valley and surrounding areas are hit hard with foreclosures,there are more than 200 listing out there with the price range arond $100,000 that are either short sales or foreclosures.very sad situation
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Old 08-25-2008, 08:29 PM
 
Location: Cincinnati
1,749 posts, read 7,772,655 times
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If you want to still steal property, look to LB multi-unit properties will cash flow. My pick is East Arts District.

About 3 months ago there was a lot of cheap inventory in the SGV but something interesting has been happening in the last month...inventory is cleaning out quickly and things that have been sitting for ages are selling for WAY above asking price. I'm seeing a few that sold for 20-25% above asking. A few months ago things had screeched to almost a halt. Interesting.
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Old 09-27-2008, 02:52 PM
 
Location: Las Flores, Orange County, CA
26,345 posts, read 84,709,484 times
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Foreclosures on million-dollar homes surge - Mortgage Mess - MSNBC.com
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Old 09-29-2008, 04:42 PM
 
830 posts, read 2,618,640 times
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For those of you that believe the real estate market is turning around, I have a bridge to Hawaii I'd like to sell you.

I can't say anymore than I have on the subject. Just read my previous posts from a few months back. Everything I said is even more true today.

The real estate market, especially in California, probably won't bottom for another 3-5 years. The last bubble, which ended in 1990, took five years to bottom, and it wasn't even close to the magnitude of this bubble.

You know all these banks failing? This big government bailout that wasn't to be, at least yet? Yeah, that is just about all related to BAD MORTGAGES, mortgages on properties that aren't worth nearly what they were last purchased for. And California is a disproportionate amount of that badness. There is still a lot of pain to come. Not admitting it doesn't make it go away.
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Old 09-29-2008, 04:55 PM
 
482 posts, read 717,884 times
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Looks like we've still got a ways to go...

Calculated Risk: Housing: It's about prices ...
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Old 09-30-2008, 02:23 PM
 
1,714 posts, read 5,542,479 times
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Home prices fall at record pace in July - Los Angeles Times
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Old 10-04-2008, 10:10 AM
 
59 posts, read 178,028 times
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Default Real estate mrking turn around...ha!

Okay, let's understand something. If you are planning on buying something right now, than I too would like to sell you an ice factory in Antartica. Not only is the economy going into a recession (with or without the bailout), but when banks loan money for mortgages they will be highly scrutinized. Banks are NOT going to loan out 400K mortgages anymore, not even if you are making a decent amount of money. They simply CAN'T take the risk! Thus, the housing market must drop in the future in order to accomodate for the lower mortgages! Houses that are 400K now will be 300 in a year or two!

This is the the only time in the history of real estate that the housing market has jumped so high, so quickly. The bubble has to pop sooner or later. As for me, I hope if you can't afford your mortgage, than you get foreclosed on. I have spent my whole middle-class, hard working life trying to save for a house and DID NOT buy a house because I did not want to live beyond my means. Finally, I may be able to reap some rewards! I really hope people don't get bailed out because they are STUPID! If you were making less than 100K a year and bought a 500K house, than you need to get forclosed on...no sob stories or complaining that you have no where to go. Simple fact is that you tryed making a quick buck by living beyond your means and you got stuck! I say, GOOD! Serves you right, now let the hard working, tax paying, live by the book, average joe buy your house!
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Old 10-04-2008, 02:47 PM
 
Location: Hollywood North
428 posts, read 1,070,708 times
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Quote:
Originally Posted by scout1lt View Post
Okay, let's understand something. If you are planning on buying something right now, than I too would like to sell you an ice factory in Antartica. Not only is the economy going into a recession (with or without the bailout), but when banks loan money for mortgages they will be highly scrutinized. Banks are NOT going to loan out 400K mortgages anymore, not even if you are making a decent amount of money. They simply CAN'T take the risk! Thus, the housing market must drop in the future in order to accomodate for the lower mortgages! Houses that are 400K now will be 300 in a year or two!
Does this mean that you didn't buy a house in Valencia?
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