U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-20-2008, 07:36 PM
 
147 posts, read 351,090 times
Reputation: 61

Advertisements

Quote:
Originally Posted by JTGJR View Post
Half the households earn more and half earn less.
Put the two together and you get a median income, base on variable criteria.

Southern California is extremely hard to gauge accurately due to it's huge underground economy, something which local and state officials have not been able to gauge let alone control.

Back to the topic at hand; Housing costs are continuing to bottom and in time rents will also fall in line.
Reply With Quote Quick reply to this message

 
Old 12-20-2008, 07:46 PM
 
Location: Obama playing field
716 posts, read 1,928,040 times
Reputation: 380
Quote:
Originally Posted by Radical Raul View Post
Depends where you live. How is the foreclosure rate in your neighborhood?
Has'nt peaked yet, according to one realtor round our area, but floodgates are about to break come new year!
Reply With Quote Quick reply to this message
 
Old 12-20-2008, 09:53 PM
 
Location: Southern CA
32 posts, read 106,637 times
Reputation: 18
Dropping like crazy. I am not sure if they will drop more. I think they will. Even if they do go back up, it will be slow. Not like last time, when they increased price overnight.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 08:15 AM
 
1,831 posts, read 4,864,972 times
Reputation: 666
I've probably mentioned this before but ... is anybody actually getting or going to get these low prices? I'm wondering if you guys are seeing in LA what I'm seeing on the central coast.

Sure, prices are dropping but there's also multiple bidding wars so good luck actually getting any of these properties. At least the decent ones. Lower prices also breed more bidding wars making it more difficult to actually get anything.

Unless you have a ton of cash (which is what the banks want) to make a cash offer ... it's very difficult.

What are you guys seeing in LA?
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 09:08 AM
 
147 posts, read 351,090 times
Reputation: 61
Quote:
Originally Posted by sheri257 View Post
I've probably mentioned this before but ... is anybody actually getting or going to get these low prices? I'm wondering if you guys are seeing in LA what I'm seeing on the central coast.

Sure, prices are dropping but there's also multiple bidding wars so good luck actually getting any of these properties. At least the decent ones. Lower prices also breed more bidding wars making it more difficult to actually get anything.

Unless you have a ton of cash (which is what the banks want) to make a cash offer ... it's very difficult.

What are you guys seeing in LA?
They are having fire sales in Palmdale, the Inland Empire, and Victor Valley.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 01:35 PM
 
Location: DFW
219 posts, read 552,776 times
Reputation: 162
Quote:
Originally Posted by sheri257 View Post
I've probably mentioned this before but ... is anybody actually getting or going to get these low prices? I'm wondering if you guys are seeing in LA what I'm seeing on the central coast.

Sure, prices are dropping but there's also multiple bidding wars so good luck actually getting any of these properties. At least the decent ones. Lower prices also breed more bidding wars making it more difficult to actually get anything.

Unless you have a ton of cash (which is what the banks want) to make a cash offer ... it's very difficult.

What are you guys seeing in LA?
From what I've read, the majority of these sales are foreclosures.

I haven't moved to LA yet but it sure would take a lot of nerve to buy into a declining market. I thought CitiGroup was a really good deal at $15, considering it was at $55+ a year or so ago and now it's at $7.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 01:58 PM
 
Location: South Bay
7,141 posts, read 19,532,036 times
Reputation: 3402
i've seen a bunch more 'for rent' signs and 'for sale' signs at condo buildings here in santa monica that weren't there last year or even earlier this year. i think the people who bought these condos in the last 3 years or so are starting to feel the pinch. hopefully the alt-a and prime option mortgage resets in the coming year will drive prices down further. That's what I'm hoping for anyways. I'd love to be able to afford a decent condo in santa monica.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 02:04 PM
 
Location: Colorado
2,561 posts, read 5,141,389 times
Reputation: 2228
I have been closely observing the So. Cal. coastal markets for about eight years--
checking data on activity-sold-under contract-active-withdrawn--they too have been deeply affected by the money backed securities fiasco---You can often purchase prime beach property at 2000-2003 prices...Great time to purchase a vacation home or to just live on or close to the water...Some of the most expensive, desirable California zip codes are being hard hit----not just a middle class or poor thing..The exodus of the highly educated to other states,the ridiculously inflated tax base,the general economy and social unrest spell an almost unavoidable long term disaster for the California real estate market..If you intend to hold on to property for the long haul
it should be a good investment---it's still continuing to crash hard now-The explosion of Californian's moving here to Colorado is astounding---I think the resentment locals have here towards the new transplants is that they don't want Colorado to become the new California---I am not hating on California-I have lived in Newport and Laguna-loved it--may move back some day ,but things would have to improve drastically on the West Coast for me to make that decision..I feel sorry for the California locals who have watched their former paradise turn into what it is today...Real estate cycles are in a constant fluxuation , but these days it really has become scary...
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 02:18 PM
 
2,197 posts, read 6,812,671 times
Reputation: 1687
I'm not seeing low prices or screaming deals on the Westside. Now that liar loans are out of the picture, even a $100K income doesn't qualify buyers to purchase a starter box. Prices and incomes are still way out of whack and without creative financing to close the gap, prices should be realigning. There can't be that much cash on the sidelines. There is, however, lots of intervention to keep people in homes they really can't afford. People can stay in homes a long time without making payments before the lender gives them a sweetheart deal.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 03:02 PM
 
Location: DFW
219 posts, read 552,776 times
Reputation: 162
Is there any easy way to figure out at what prices homes are actually selling as opposed to their list price?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top