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Old 05-05-2009, 01:49 AM
 
619 posts, read 2,160,639 times
Reputation: 261

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Lots of areas in OC is at 2001 levels on average. How low do you see it dropping? Inland Empire is red hot right now and ppl are buying like crazy just because prices have dropped from 50% in Corona up to 75% in Moreno Valley and east of 215. Areas like Peris or Moreno Valley cann`t see more depreciation because prices there are at mid 1980`s levels.
Orange County hasn`t seen 50% depreciation yet on average, so do you think is OC turn to start depreciating a little more?
BTW top prices was summer of 2006.
Your opinions please!
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Old 05-05-2009, 02:06 AM
 
11,715 posts, read 40,327,705 times
Reputation: 7585
There's two markets in OC now: The junk and the nice areas. The junk areas like Santa Ana have already been slaughtered. The OC Register recently listed median prices by zip code and 92701 was $135k. It was probably over $400k two years ago. That's crazy. I think areas like that have probably already bottomed out or close to it. But the nicer areas are still way too expensive relative to incomes. I think they've got a ways to go before seeing a bottom. The alt-a loans are supposed to be resetting and put downward pressure on the nicer neighborhoods soom the way the subprime resets did a couple years ago in the junk areas. We'll have to see how that all pans out.
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Old 05-05-2009, 04:02 AM
 
619 posts, read 2,160,639 times
Reputation: 261
Quote:
Originally Posted by flo2900 View Post
Lots of areas in OC is at 2001 levels on average. How low do you see it dropping? Inland Empire is red hot right now and ppl are buying like crazy just because prices have dropped from 50% in Corona up to 75% in Moreno Valley and east of 215. Areas like Peris or Moreno Valley cann`t see more depreciation because prices there are at mid 1980`s levels.
Orange County hasn`t seen 50% depreciation yet on average, so do you think is OC turn to start depreciating a little more?
BTW top prices was summer of 2006.
Your opinions please!
rectify....current prices reflect 2003 levels on average in OC
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Old 05-05-2009, 10:16 AM
 
17 posts, read 89,878 times
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I read everywhere that Ladera Ranch is one of the weakest markets in OC and I believe it. Having lived there before (02-05) and knowing what the prices were in 2005-2006, I can't say that most of the comps are reflecting 2003 levels. Prices have DEFINITELY come down (a LOT), but only some comps reflect 2003 levels. That said, I am fully expecting homes in Ladera Ranch, for example, to come down to 2002 levels within the next 2-3 years. I love the town! I hope to move back some day. But we are waiting 3 years b/c we are convinced the home values will continue to plummet.

My guess is the rest of OC is going to continue to see downward correction until 2011 or 2012. By 2012 I think things will level out and we *might* see modest/minor appreciation at that point. But with the OC economy TANKING and homes going into foreclosure (only will get worse), I don't see how the OC real estate market doesn't keep going down......
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Old 05-05-2009, 11:30 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,453,139 times
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Recommend people interested in this subject read (besides City-Data) the Orange County Register Real Estate Lasner's Blog:

Lansner on Real Estate - OCRegister.com
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Old 05-05-2009, 12:49 PM
 
17 posts, read 89,878 times
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I read Lansner too, but I tell you.... that guy and his cronies are always saying the OC real estate market is doing well. No matter how bleak the news, his guys seem to give one story after another about how prices won't fall anymore (and this was in 2007 and we know what's happened since). Do you feel this guy's blog is really factual? I don't.
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Old 05-05-2009, 12:59 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,453,139 times
Reputation: 17827
Quote:
Originally Posted by dawnsearlylight View Post
I read Lansner too, but I tell you.... that guy and his cronies are always saying the OC real estate market is doing well. No matter how bleak the news, his guys seem to give one story after another about how prices won't fall anymore (and this was in 2007 and we know what's happened since). Do you feel this guy's blog is really factual? I don't.
Sometimes he presents a lot of tabular data too. Honestly, I just started reading that blog so I really don't have a total feel. Plus there are lots of links from the blog to useful information - like other OC real estate stories.

Also, I enjoy reading the comments from the readers. Some of them are pretty funny.

Last edited by Charles; 05-05-2009 at 01:46 PM..
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Old 05-05-2009, 01:33 PM
 
11,715 posts, read 40,327,705 times
Reputation: 7585
Quote:
Originally Posted by Charles View Post
Sometimes he presents a lot of tabular data too. Honestly, I just started reading that blog so I really don't have a total feel. Plus there are lots of links from the blog to useful information - like other OC real estate stories.

Also, I enjoy reading the comments from the readers. Some of them a pretty funny.
Yeah I think the peanut gallery is more in tune with reality than the "buy now or be priced out forever" articles.
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Old 05-05-2009, 01:59 PM
 
17 posts, read 89,878 times
Reputation: 14
Quote:
Originally Posted by EscapeCalifornia View Post
Yeah I think the peanut gallery is more in tune with reality than the "buy now or be priced out forever" articles.
Agreed!!! I read the articles for a good laugh and I read the comments for a bit of education. I too agree the links are helpful, but I do not find Lansner himself (or his cronies) to be of ANY use whatsoever!
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Old 05-05-2009, 05:12 PM
 
4,536 posts, read 10,583,688 times
Reputation: 4068
That blog is hillarious.
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