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Old 12-20-2008, 07:15 AM
 
Location: Las Flores, Orange County, CA
26,345 posts, read 84,756,882 times
Reputation: 17581

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It's been a couple of months since this thread was updated - more data are hitting the databases since things really got bad with the overall economy. I just used the //www.city-data.com/ main site to get recent sales data for 91362 where we used to live. (Pretty neat tool - you can look for recent sales within a certain distance from a particular location or within a recent time frame.) I looked at about five homes' recent sales pretty comparable to ours within a couple blocks going back to maybe August 2008. The price/sq ft is in the $250-$320 range...Pretty amazing considering we sold our home at $418/sqft in June 2006. And, this was in Lang Ranch of Thousand Oaks, very desirable.

Highlighted in this LA Times article this morning:

Southern California real estate prices have fallen off a cliff - Los Angeles Times
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Old 12-20-2008, 08:56 AM
 
2,197 posts, read 6,815,972 times
Reputation: 1687
Bungalows that sold in the L.A. beach cities in the $200Ks in the mid-to-late 90s and the $400Ks in 2000-2002 are still priced in the $800Ks and $900Ks. If you want to live downtown, in the IE or the Valley, you might find a deal. If you want to live near the beach or on the Westside, keep dreaming. Some short sales are priced above 2005 prices. Buyers bought with little or no down, financed closing costs, have paid interest only and negatively amortized themselves into "reduced" short sales above their purchase price. Factor in government and lender intervention to keep people in homes above their means and prices will stay artificially inflated in the most desirable areas.
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Old 12-20-2008, 09:56 AM
 
1,753 posts, read 6,218,337 times
Reputation: 1613
In many areas, it's still difficult to figure out a true value. Again, using El Segundo as an example, the number of sales is sooooo small the numbers are seriously skewed. Prices HAVE come down, but Dataquick is showing the median at around $750K. . . based on 2 home sales in November. But, as I mentioned earlier in this thread and Charles has aboce, the price per square foot for those 2 homes was $605 which is far inflated above the typical reality. I still think Zillow gives a more reasonable value range and price per square foot figure. For El Segundo, that's in the $400-450/sq ft range.
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Old 12-20-2008, 11:35 AM
 
147 posts, read 351,211 times
Reputation: 61
Don't forget, you now need 15% down, very good credit, and verifiable income.

Good luck.
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Old 12-20-2008, 12:37 PM
 
1,020 posts, read 1,564,434 times
Reputation: 394
As long as the economy is as weak as it is, housing prices are going to be falling.
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Old 12-20-2008, 12:53 PM
 
11,715 posts, read 36,685,960 times
Reputation: 7522
Quote:
Originally Posted by edwardius View Post
As long as the economy is as weak as it is, housing prices are going to be falling.
And even when the economy recovers, you're not going to see the insane leverage that created the bubble. Real estate ain't coming back any time soon.
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Old 12-20-2008, 01:49 PM
 
147 posts, read 351,211 times
Reputation: 61
Quote:
Originally Posted by Charles View Post
It's been a couple of months since this thread was updated - more data are hitting the databases since things really got bad with the overall economy. I just used the //www.city-data.com/ main site to get recent sales data for 91362 where we used to live. (Pretty neat tool - you can look for recent sales within a certain distance from a particular location or within a recent time frame.) I looked at about five homes' recent sales pretty comparable to ours within a couple blocks going back to maybe August 2008. The price/sq ft is in the $250-$320 range...Pretty amazing considering we sold our home at $418/sqft in June 2006. And, this was in Lang Ranch of Thousand Oaks, very desirable.

Highlighted in this LA Times article this morning:

Southern California real estate prices have fallen off a cliff - Los Angeles Times

That article is also out of touch with reality.

The actual median income for the state of California is barely over $30,000 a year.
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Old 12-20-2008, 05:35 PM
 
1,714 posts, read 5,544,721 times
Reputation: 688
Quote:
Originally Posted by Radical Raul View Post
The actual median income for the state of California is barely over $30,000 a year.
Where are you getting your information? I would like to see the source, please.
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Old 12-20-2008, 05:49 PM
 
Location: Obama playing field
716 posts, read 1,928,914 times
Reputation: 380
Quote:
Originally Posted by Radical Raul View Post
That article is also out of touch with reality.

The actual median income for the state of California is barely over $30,000 a year.
WOW, what part of the neighborhood barely makes over 30k? lots of professionals where we live and they make nothing less than 80k...
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Old 12-20-2008, 06:03 PM
 
11,151 posts, read 14,422,412 times
Reputation: 18808
According to the Census Bureau (http://www.census.gov/hhes/www/income/4person.html - broken link), California's median income is more than $70,000 for 2008.
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