FIND your own MELTDOWNS using ZILLOW
As prices begin their decline here on the WESTSIDE, you can FIND your own MELTDOWNS using ZILLOW.COM. ZILLOW is located in the "Real Estate TOOLS/DATA Sites" section to the right on this blog. Here is an easy method to use:
1) Type in the address and zip code of desired home or area on Zillow.com
2) Click on '"MAP COMPARABLE HOMES"
3) Click on "DISTANCE" twice, to arrange by closest proximity to desired address
4) Search for similar homes (Room & Bath Count) on similar streets or buildings
5) For CONDOS, simply DIVIDE smaller $/SQFT by the larger $/SQFT , get the % (RBX) Rabindex. Subtract the % (RBX) from 1.0 and the result is your % decline over that specific time period.
6) For HOUSES, perform the HPM Calculation for each house, DIVIDE the smaller HPM by the larger HPM to get the % (RBX) Rabindex. Subtract the % (RBX) Rabindex from 1.0 and the result is your % decline over that specific time period.
7)Finally, post your results here, on the MELTDOWN AREA to the right, of this blog.
Good Luck!
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9 comments:
Is anyone else trying this method here in Los Angeles or other Major Cities in the U.S. ?
Nice blog. email me
schberkland@sbcglobal.net
Recently the number of homes showing in the comparables section of ZILLOW has slowed considerably. And, volume of sales for Orange County declined over 30% (Year over Year), in the 22 business days ending May 24th.
Is this the turning point?
I'm behind the Orange Curtain (downtown Anaheim, to be precise), and the zero-bedroom, 3-bath loft condos are still going up for "Starting at ONLY $400k!"
(Note: "ONLY $400K" translates to probably $3-4000/month when you include property taxes, mortgage insurance, and snob appeal HOA squeeze. RE pimp for those "lofts" said they were targeted on 20-somethings fresh out of college. Nice to know a 20-something with massive student loans automatically makes enough to afford $4k/mo in housing costs.)
The area for half a mile west of Anaheim Stadium looks like the Norks tested their nuke there -- completely bulldozed flat & covered with construction fences pimping "URBAN LIVING! LUXURY *CONDOS*!" Looking for the first "INVESTMENT Real Estate!" billboards to spring up along Katella...
Orange county could be toast. Bulding Permits dropped 85% last month (Year over Year)
They know what lies ahead...
It seems like the number of comparable sales on Zillow has been cut in half at least!
Maybe, that's because sales dropped by almost half from October of last year according to DataQuick:
Los Angeles
4,368 sales (-48.3%)
$500,000 median sales price (-3.8%)
The mortgage mess and credit crunch are taking their toll. Lack of Jumbo Loans, could mark the unraveling of the high end markets here on the Westside
The Number of Sales, Total Volume, Median Prices and I suspect $/sq ft is plummeting.. Credit Crunch is taking it's toll on the Real Estate Market. We are retrenching back to lower "sane" pricing. Any guesses on how far we go back?
I'll say 2001. Some areas are already back to 2004.....
Santa Monica Rollback:
3041 Paula 90405 (Ocean Park)
Sold 2/28/08 $1170K
Sold 9/24/04 $1090K
04' Pricing is already starting in "Prime Areas"..
How low will it go??
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