Saturday, June 20, 2009

When Will Appreciation Return To Westside Real Estate?

This is what buyers should be most concerned about. Despite all the hope, spin, denial or delusion, the facts state that prices are heading down. Not very surprising, when just about everything else is also trending down. Speculation is a dangerous game these days, and if you are banking on the past, the odds are against you. Wages and incomes are all taking hits in businesses, both public and private. Everyone is talking layoffs, salary and benefit cuts. The demand for our overpriced housing is getting weaker and weaker each day. Sure, you may find a few instances of housing with multiple bids, but they are catching a falling knife due to being misinformed about the market. There will always be those who make bad financial decisions. The truth is the market is just plain ugly right now. Realtors know it, Bankers know it, anybody remotely tied to the real estate industry knows it. Hopefully, now you know it.

Maybe now your hearing chants the bottom is in, or near. In the past, that meant another real estate bubble was close at hand. Not this time. Many believe we could continue downward at 5-10% annual depreciation rate throughout the next decade (Japanese style). The chance of any sizable appreciation appears remote, given the macroeconomic headwinds facing the US.

What would you be risking if you waited 1,2 or 3 years to purchase a property? Or better yet, what would you risk losing IF you purchase in the next 1,2 or 3 years? Unless you find an absolute steal or pre-foreclosure, chances are you are buying a depreciating asset. Look at the record high unemployment, extremely low sales volume and astronomical inventories. It's really about supply and demand, Economics 101...

73 comments:

Anonymous said...

Homes are where people live, not just "depreciating assets." People buy to be part of a neighborhood where they feel comfortable, and they buy at a time that makes sense for their family as well as the market conditions.

Depreciation could go on for another 1,2, even 10 years, no one knows. If you want to buy a home to raise a family, why would you be worried about this? Should you wait 10 years? Maybe then, after your children are half-way through primary school, you can buy. Yeah- great idea.

It is clear that people from across the US want to live in Southern California, and specifically on the Westside. These homes will not depreciate that much, although they of course will continue to drop in price until the second wave of loans is sorted out.

If you are buying a house speculating that in 2-5 years you will get rich off of it, think again. IF, OTOH, you are buying to raise a family, much of what you are talking about doesn't make much sense. A family will stay in a home for 10-15 years. AFter that time a faimly will, at the very least, have come back to what they paid for it. And they will have all those wonderful years in their home to look back on.

Stella

Anonymous said...

Stella, you with Century 21 or Prudential?

Anonymous said...

1:59 PM--"It is clear that people from across the US want to live in Southern California, and specifically on the Westside. These homes will not depreciate that much, although they of course will continue to drop in price until the second wave of loans is sorted out."

Who wants to live in Southern California? More people are LEAVING California for other states than are moving in. Even the influx of illegals from south of the border has slowed.

Why would anyone want to move to L.A. right now? In my field which is medicine, you won't find physicians, nurses, lab techs or any of the allied professionals wanting to come to Southern California because of the ridiculous cost of living.

Even a physician can't afford anything more than a modest tract home in L.A. that's located in a decent neighborhood (e.g., West L.A.). These same physicians can buy a mansion in other great states for less than a cardboard shack costs in 90066.

And remember, most Americans aren't from L.A.--in other words, most people actually find it quite acceptable to live and work somewhere other than California.

The aerospace and aircraft industry is a shadow of its former self now. And even the entertainment business is declining in L.A. So why would someone want to move here?

We have a high cost of living, lousy schools, high crime and the largest population of illegal immigrants of any state.

Yessir, "People from across America" want to move to L.A./Tijuana California.

WillyWanker said...

@4:08

Obviously you have no desire to live in what you call 'L.A./Tijuana'. I lived in the westside in the city of Beverly Hills and I can assure you that it was a wonderful place to call home. The weather was the finest you can find in pretty much any part of the country and the shopping, is~~~well~~~WORLD CLASS. If you hate it so much what are you doing here on the WestsideREmeldown? You obviously have no intention of owning a house in Beverly Hills/Bel Air/Holmby Hills or other communities in the Westside (perhaps the fact that you may not be able to afford buying into the area may be coloring your perception). What exactly is it you are wanting to relate? That life in Pocatello or Chilicothe is far greater? I'm sure if you make your home in Bumf*ck Heights you can be perfectly happy~~~if you have the capacity for happiness, that is. Otherwise, no matter where you take your bitterness you will taint all that is around you. Yes, even places outside of L.A./Tijuana.

Get well soon.

speedingpullet said...

your moniker suits you Mr Wanker ;-)

TBH - I love the posts here, but the commenters get more tinfoil hatty by the day.

Then again, you might have forgotten the sarcasm tag at the end.

If that's the case, I salute you! and hope you have a ready supply of tissue paper in all your future endeavours....

Anonymous said...

Mr Wanker must have not gotten wonked from his husband.

That is one angry wonker.

Anonymous said...

Way to go Willy!

The sour grapes on this board are so stale that they couldn't even pass for the Two Buck Chuck.

Pullet Boy and company love to decry the utter wretchedness of the Westside, while simultaneously fantasizing about home prices dropping to levels not seen since they a bit of the old candy factory themselves.

Anonymous said...

so, any takers on $500 Visa gift card proposal?

I predict that avg. median CC home will fall at least 10-15% by this time next year.

Come on chicken asses. You know the fucking prices will drop, and you guys are scared shit less.

Put your money where your mouth is otherwise shut the fuck up about prices staying at the current level.

Anonymous said...

I agree the poster who says that many people might leave, The point isn't whether they WILL leave, the point is that they CAN leave. The choices for those of us one the sidelines is not rent or buy. It's rent, buy, or live someplace else that has better weather, less crime, and more accessability to amenities, and more affordability. I am moving to CA now, betting that prices will drop, but I may well be wrong and prices may increase. But if they do, I'll simply take my promotion and go to Austin or Portland. I won't buy at these absurd prices.

speedingpullet said...

Anon 6.51 - that's Pullet Girl to you, matey ;-)

Anonymous said...

u can't compare Austin or Portland to LA. Portland is a great city, but it rains a lot, no jobs, and snows.

Austin only has two seasons: hot and hotter.

Cities like San Francisco or Chicago are comparable to LA--NOT Portland and Austin. It's like comparing a BMW to a honda accord

Anonymous said...

Yeah, so the weather is decent in LA - not San Diego perfect, but good. There are many who simply don't mind other types of weather and can easily be swayed to move to DC or NY or Seattle for a better job, nicer home, or better quality of life. There's something to be said for a place where service industry workers actually speak fluent English and where social services, schools, parks, and all other public infrastructure isn't inundated by the "undocumented".

L.A. is hardly the end-all be-all some like to delude themselves into thinking it is. It can be a good place to live, but not at the current prices and not for nearly all people. As in past downturns, many will leave here. The only difference this time is it's hard to foresee what industry could lead us out of the doldrums. Last time, in the wake of the tech bubble collapse, it was the real estate industry and related jobs that saved the economy. It clearly ain't gonna be real estate this time around.

Anonymous said...

First of all, no need to be racist and xenophobic. There's crime, bad schools pretty everywhere in the US including majority white cities and towns.

If you are complaining about LA home prices, DC and esp NYC are not places for you. Seattle is a great city, but you will be so depressed by the time you are half way through your first winter there, you'd wish you were still in LA.

There's always going to be people moving to LA esp the aspiring actors/actresses.

In all honesty, LA does not seem like the place for you. LA is a nice fling, but not you final destination. Should not be considering by a house if you are only going to be here for a few more yrs.

Anonymous said...

Portland rarely gets snow and has a very moderate climate. I can't take the rain, but my family and friends who live there love it. Sun is a matter of personal taste and Portland is a very livable city. Likewise Seattle is very livable, although about 10 degrees colder and even rainier than Portland. I also still have friends in the Seattle area who do not share my need for sunshine.

We win on weather, but Oregon and Washington have a better business and tax climate, plus better overall schools. Unemployment is much lower.

We live here and are loving it, but we only live somewhere so expensive because that is where the jobs are for my husband. If he retires or loses his job we will not stay unless prices drop dramatically. We will sacrifice weather for fiscal sanity. LA does indeed compete with other areas and with Califoria's current mess and jobs leaving, it is really hard to see how prices could do anything but drop. If they don't there are plenty of very nice places to live later on.

Anonymous said...

Why buy right now, when you can rent the same house for much less? I would rather "throw away" $2500 per month on rent than $4500 on a mortgage, for the same house.

I'm not building equity, or getting a mortgage tax deduction, but then again my downpayment is earning 2.5% in a CD and not being eaten up by price declines.

BTW your life doesn't have to be on hold for 10yrs while you rent -- A home isn't who you are it's just where you are...

Anonymous said...

Response to first poster:
Sorry, but a home IS an investment no matter how long your time horizon, and even if you don't see it as one. If you spend 5K/month on something you could have spent 3K/month on in 2 years, you're missing a meaningful opprtunity to put another 2K/month into retirement, college savings, whatever. That your objective is not specifically to make money on your home is not the complete picture; you probably have other non-home financial objectives in life and overpaying for a home compromises your ability to meet those objectives as quickly or surely as you could. JayC

Anonymous said...

80-100k jobs are going to be the key on whether prices can be sustained for starter homes in the 600k range. 2 people working will bring in 160-200k and that's enough to cover a 600k or so mortgage and also live a modest lifestyle with kids who attend public schools.

This message is not for people who make several hundred dollars/yr. If you are making that much, I doubt you will settle for a modest 1100-1200sq ft 3/2 starter home in CC.

Anonymous said...

True comment above.

Together, my girlfriend and I do make several hundred thousand dollars per year, and could afford some of the ridiculously priced crap out there. I have no intention of paying for it though.

Bubbles burst, rationale lending will prevail (at least until banks forget), and values are going down.

Almost everyone I know is in two camps: (i) People who cannot afford current values with traditional mortgage products; or (ii) people who can but whose taste and/or market savvy is keeping them from wasting money on some of the stuff I've seen.

How many people here have actually visited some of the >$1M flips (or flips gone bad) in Ocean Park / Sunset Park? Ridiculous.

Jason

Anonymous said...

we should all put our cash in 12 month CDs or a money marker account, and revisit this site in a year. No substantial price declines will be seen until a year from now or longer.

This sight is very informative, but it is also like watching water boil.

Anonymous said...

Jason, I think that oyur comments are intelligent, but there is absolutely no need to let everyone know that you and gf make several hundred thousand dollars a year eight times on a blog.

I am a doctor that cuts people's heads up, do what i need to do, and sew them back up. There is just no need to reveal how much one makes.

Anonymous said...

Thanks for sharing your occupation, something completely irrelevant to the discussion at hand.

Anonymous said...

Jason,

Thanks for your post. Most of the people here fall into your two categories for sure. I'm in your category #2, and we are waiting for more housing inventory to appear on the South side of SM and Culver City that has potential. I've visited some of those flips on the South side of SM and what a joke. We would rather buy a starter for 600K and throw 150K into it than buy one of these unholy monsters (can anyone say enough with the green Ceaser stone! ;p ).

OTOH, you will (and have in this thread) receive a lot of flack from people who post here that are in category #1: they do not earn enough to afford a home on the Westside. They will chastise you for reporting your earnings, even though this is important information to understand where people are located on the financial spectrum. They have berated many who discuss having enough money to afford a 600K home, even when those same people are very clear that they are not going to jump into the market as it deflates. The category #1's are hell bent on defending a Santa Monica at 1996 prices, because, sadly, it is the only way they will be able to afford it.

They attack anyone viciously who suggests that there are people making enough money- many of them- to comfortably afford a 600-650K home. God forbid anyone makes enough money to afford living on the Westside.

Larry

Darnell Washington said...

Hey Jason & "anonymous doctor" who cuts people's heads off (OK that was a joke), can you guys put them back in your pants & zip up?

Anonymous said...

this is turning into a class war.

Anonymous said...

I have one simple question for the CC/Westside housing pundits: please explain why we should believe that the last 7 years have completely re-defined the long-term historical trends in real estate? Please, entertain me with your explanations.

Robert said...

Mr Blog Writer...latesummer 2009,

you plagerized my comment to your last blog about Econ 101 and law of supply and demand. at least give me some credit....
but you are very smart to repeat my views. haha. these inane comments about the westside, CC, and the like have little to do with reality. The economy of the world is on the skids. and the problems for the first time started right here in the USA. Until our financial system is cleaned up and the money vultures who are real estate agents, flippers, banks, mortgage companies come to realize that excessive greed can only last a relative short time, the talk of a turn around is downright silly.
And those of you who think you can sell your house at what YOU think is a decent price will be waiting a long time to transfer to greener pastures in Seattle, Portland, NYC, or Idaho.
It is not about how much an actress makes, it is the larger statistics which come from the government which seem so boring like % unemployed, retail sales, interest rates, mortgage rates, foreclosures, and so many other mundane statistics.
One more word: when every one is leaning one way, you must lean the other way. How many million times have people here and elsewhere stated that real estate only goes one way. They are correct until it doesn't. And it won't go down forever either.

Anonymous said...

Could someone pls help me breakdown CC/Mar Vista in terms of best/worst places to live. I have found that LA is one of those places where a few blocks away could be an entirely different world.

Thanks

Anonymous said...

It is block by block - you really have to pull up the los angeles police department crime map for Mar Vista - it maps out the exact address of each crime - once you have that map in front of you you should avoid the blocks with murders and rapes - you can't avoid other crimes since the other crimes are all over mar vista -

In general, crime is correlated to house prices. the people that commit murders are usually the people living in less expensive homes.

For example, if you look at it neighborhood by neighborhood, the murders are committed where the houses cost less

that is why people who can afford it often try to buy homes in neighborhoods where homes are more expensive


By the way, it doesn't matter how much you pay for your home - if you buy the cheapest home in an expensive neighborhood you are way better off in terms of crime than you would be buying the most expensive home in a cheap neighborhood

Again i suggest you look at the crime map

Anonymous said...

Does anyone know a reliable real estate agent that you can recommend?

I just won enough cash to buy a starter home in CC in Vegas this weekend.

Thanks.

Anonymous said...

"It is clear that people from across the US want to live in Southern California, and specifically on the Westside."

That made me LOL!! Sure... people flock to the "westside" of Los Angeles for their overpriced shacks, mediocore public schools, and the immigrant community flavor. I would love to see the data that supports that statement.

You people are like roaches cowering in the dark corner of a basement. You are as much to blame for this crisis as the bankers and policy makers because in your sick little minds the "westside" has some intrinsic value that doesnt really exist.

90066:
Estimated median household income in 2007: $58,724

90232:
Estimated median household income in 2007: $58,216

90405:
Estimated median household income in 2007: $71,550

And you think your piddly ass incomes of 150k+ justify paying 600K or more, if you can even qualify for the loan without mommy and daddy digging into their retirement accounts?? Hell, even assuming the lower end is dragging the median income down, why would you pay 600K_ to live next to THAT??

And if you have kids, then what? How will you pay the private school tuition because you sure as hell arent going to send your kids to the middle and high schools in the area are you?? are you?? Like throwing baby seals to wolves.

Open your fucking eyes, and climb off the high horse. Then maybe we can all start living in reality again.

Anonymous said...

The truth is that no option is attractive for the typical buyer with kids.

Choice number one - stretch to buy a shack in Culver City. live in the same neighborhood as violent low IQ feral children who beat up and sodomize your kids if you send them to public schools.

Choice number two - for the same money, live in the Valley, your kids go to safe clean schools with good kids. But you have a hellish commute stuck in traffic and see your kids much less

Again, I can see why some people buy in Culver City and I can see why some buy in the valley. Neither is the right choice neither is the wrong choice.

Show some respect for everyone here

Anonymous said...

Anon June 24, 2009 12:06 AM

Reality IS what people are willing to pay. Sorry, but people do pay more for living on the Westside. The only roach here is YOU, and it is a good thing that home prices are working like an exterminator to rid us of your filthy presence.

It is clear that you couldn't afford a shack in Palmdale, let alone the "dregs" of CC, so you come here to rail at the people who actually make a decent living and actually are discussing (civilly) the housing market.

Or, perhaps your anger stems from being sodomized from the feral kids in Culver City?

The median is on the rise and, thankfully, it will sweep you out of the Westside. Take comfort in the fact that Palmdale is a better place for angry people.

Anonymous said...

"low IQ feral children who beat up and sodomize your kids"

Hilarious

Anonymous said...

MS-13 is the only gange in Culver City that sodomizes people and they do it as punishment. Only punks get sodomized.

If your kids are getting sodomized by MS-13 then you certainly don't belong in Culver city. Get out and leave it to those that can actualy handle themselves

taylor said...

I love that the rhetoric on this board has gone from "Culver City's overpriced" to "Culver City's a place where your children will be sexually assaulted by MS13 thugs." When did this idyllic, somewhat boring westside hamlet become '80's-era South Bronx? Not sure what happened to your kids, but the ones I know seem to be managing just fine, nary a beating or sodomizing among them.

Anonymous said...

Most kids in Culver City are not getting abused by the gangs. Stop trying to scare people

Anonymous said...

forget about the gangs in Culver City - the reason why Culver City is cheaper than the Palisades is that Culver City has gangs and Palisades do not.

Sales are picking up in the Palisades

981 Napoli in escrow for $6,295,000

714 Ocampo in escrow for $6,290,00

Just check the real estate databases -

Bottom line, if you have 600k to spend you live in Culver City. If you have 6 million to spend you buy in PP

It is only fair that the people spending 6 million get something different than the people spending 600k

Anonymous said...

You would have to pay me to live anywhere near the overrated Westside. Living amongst so many a**hole attorneys, investment bankers, "industry" types, East Coast transplants, etc. would be a living hell.

Anonymous said...

let's compare apples to apples.

Anonymous said...

"You would have to pay me to live anywhere near the overrated Westside."

I call bull$#!t - why are you reading this WESTSIDE blog otherwise? You either have no life and live in cyberworld or want to live here and feel inferior due to your net worth.

So which is it???

Of course you won't answer so I deem it to be the latter.

Anonymous said...

My FICO is 810, I have less than 1% debt, and my net worth is more than enough to buy westside property, but after reading a few of these comments I am once again reminded why I would never live amongst so many overleveraged a**holes

Anonymous said...

any suggestions om modest, safe neighborhoods with modest people in LA?

Anonymous said...

Live in the valley.

Only assholes and gangbangers in LA

Anonymous said...

If your FICO is 810, you will not have to worry about being sodomized in Culver City. Those with FICOs under 800 may want to stay in the Simi Valley with all the humble and modest people who make very little money and like to drink beer out of a can all day long...

Anonymous said...

This blog has really deteriorated to the point that it's not worth reading all of this bile.

Anonymous said...

latesummer2009 ; what do you have to say about the WSJ link below?

Prices in CA are actually going up:

http://online.wsj.com/article/SB124597490775357441.html

Anonymous said...

valley sucks: hot, pollution, traffic

HOWEVER< valley has GREAT golf courses: Lost Canyons, Robinson's Ranch, etc...

Anonymous said...

The self-congratulatory blather from Westsiders is comical. If I had a nickel for every person I've met who said "it won't happen here", I'd own the Westside. Is Manhattan some sort of undesirable backwater? If not, how to explain the 50% decrease in home prices during the recession of the early 90s? Let me guess - it's different here?

It couldn't be more simple to see coming. Just look at median income vs. median home prices in any Westside area code and you'll see that it's completely out of whack with all reasonable metrics - well over 5x and usually closer to 10x. No matter how desirable those locations my be, the laws of economics don't change, nor, apparently, do the lousy schools.

The next wave of defaults and foreclosures could not be easier to detect. It doesn't take forensic work to determine the volume of those loans about to go bad - the stats are there for anyone to see if you bother to take your head out of the sand for more than a second or two.

Oh, and has anyone noticed that the communities with the biggest differential between list price and sale price last month were Palisades and Beverly Hills? Wait - let me guess - those locales are passe' and SM and Venice are where all the cool dentists need to be these days. My God the hubris is astounding. The shadenfreude will be delicious for the next few years.

Anonymous said...

Is "shadenfreude" related to the gangs in the Palisades? Your hatred of Westsiders clearly marks you as a under-funded, low wage, rich person hater. Please crawl back under your rock in Semi Valley.

Anonymous said...

The WSJ article was hilarious. The median goes up when more higher end homes start to sell, even if the homes sell at slashed prices. Notice they do not use the Case-Shiller index. I loved the little disclaimer about how 11.5% unemployment might be a problem.

Anonymous said...

All neighborhoods East of the 405 are permanently destroyed. Please read professor Putnam's explanation for why West of the 405 is a good place to live and East of the 405 is heading in to the toilet (pretty rapidly)

professor Putnam is the one honest commentator we have about this.

Google it -
the professors at Harvard are laughing at what the UCLA professors did to us here in LA.
Read professor Putnam's condemnation of the UCLA professors here :


"A bleak picture of the corrosive effects of ethnic diversity has been revealed in research by Harvard University's Robert Putnam, one of the world's most influential political scientists. His research shows that the more diverse a community is, the less likely its inhabitants are to trust anyone—from their next-door neighbor to the mayor."
"In the presence of diversity, we hunker down," said Putnam. "We act like turtles. The effect of diversity is worse than had been imagined. And it's not just that we don't trust people who are not like us. In diverse communities, we don't trust people who do look like us." [Study paints bleak picture of ethnic diversity October 8, 2006]

"Professor Putnam," said the Financial Times, "found trust was lowest in Los Angeles, 'the most diverse human habitation in human history.'"

Anonymous said...

Bogus

Latesummer2009 said...

I have to agree with Anon 11:42 and 7:44. The reality of Westside real estate is bleak. Nothing but hope and spin keeping it on life support. The WSJ article is simpldy bad headline reporting trying to entice readers.The writing is on the wall for those who choose to see it. Just remember we all make our own choices. Caveat Emptor....

Anonymous said...

"Is "shadenfreude" related to the gangs in the Palisades? Your hatred of Westsiders clearly marks you as a under-funded, low wage, rich person hater. Please crawl back under your rock in Semi Valley."

Huh? There might have been discussion about gangs in PP up thread, but I certainly didn't say anything about that. Rather, the schadenfreude will be solely related to the joy I experience watching hubris such as yours crash down around you. I don't hate Westsiders at all. Many good friends and some relatives there. The thing is, I chose to associate with people who don't let their personal interest blind them to economic realities. It's clear you are taking this personally, so perhaps your just another Realt-whore or house poor shmuck like so many I've met on the Westside. I pity you. YHou've poured a tremendous amount of money into a depreciating (at lest for the near to medium term) asset, so your anger here shouldn't be surprising. Perhaps you want to lash out against the unfair world and all of these loons who are talking the market down and can't see the intrinsic value of the good life on the Westside?

I don't know what your motivations are, but you've done a piss poor job of arguing the point rather than the person. In a world in which high-risk loans are no longer available, please enlighten us as to how the math works for a 30 yr fixed loan when median home prices are 7-10x median incomes on the Westside. Let me guess - the trust funders and wealthy foreigners are going to save the day, right? Funny - that's what everyone in Manhattan was saying in the late 70s, and late 80s, and the late 2000s. Oh wait - The Westside is different.

Anonymous said...

I agree - The math just doesn't work -

especially in Culver City. There is no way prices are sustainable at their current levels

Anonymous said...

Anon June 26, 2009 12:31 PM, is obviously just another looser NY transplant. He moved out here and couldn't find any good hot wings, so he cried a bit and decided to talk it up about how stupid people on the Westside are.

Please just go back to your state, and let us house poor shmucks enjoy the beach, the mellow (native born) people and the surf.

The shadenfreude will be related to the joy I experience as you sweat in your rented tiny NY apt, because you cannot afford to buy. I hear that Elliot Spitzer is looking for a roommate.

Anonymous said...

Better yet, just go live east of the 405. You leave us on our side of the 405

Anonymous said...

To Anon June 26, 2009 2:44PM

I'm still waiting on your counter argument for how prices will remain stable/rebound other than rich foreigners and rich people will come flocking to the westside to save the day. If you can prove that this has happened in the past through historical data, I would appreciate that as well to see how credible this argument is.

Anonymous said...

Anon June 26, 2009 5:18 PM,

We are all still waiting for rich Germans to come and eat red cabbage and share their shadenfreude, and, in between gulps of very good beer, buy up all the Westside property. If there is one thing that will uplift these horrible Westside neighborhoods full of depreciating assets, it is a good strudel.

Your a little light on the facts there too, aren't you buddy? Still, that hasn't stopped anyone here from making a point, especially you.

As a displaced East Coast intellectual, full of facts about Manhattan, would you like to bring to bear your insightful knowledge about that city- a full 3000 miles away, with a geography NOTHING like the Westside- to predict the bottom of the Westside housing market?

I shall not sleep until I know your answer, and facts, cabbage or Freud's Shining Nob are not necessary.

taylor said...

Here's some fun reading. Probably everybody's already seen it, but in case otherwise:

http://www.forbes.com/forbes/2009/0713/opinions-housing-market-values-heads-up.html?partner=daily_newsletter

Anonymous said...

Taylor I agree with you

but certain neighborhoods will be good places to live and certain ones will not be

Anonymous said...

good article Taylor.

If jobs hold up, prices will probably not fall as quickly.

Anonymous said...

"If jobs hold up..."

What are you smoking right now. The State is going to start issuing IOUs soon. Thousands of government workers will certainly have their salaries reduced.

The fuel that propelled the boom is gone (ie, construction, RE, financial sector).

Businesses are all downsizing, cutting back, going bankrupt or leaving the state.

California is imposing even more expensive regulations on businesses.

The babyboom generation is hitting retirement age and hundreds of thousands will be leaving their homes because of death and/or retirement.

We have bloated supplies and decreasing incomes.

Yeah, the Westside prices will stay stable.

The only reason I come to this site is to get a good laugh at the people who are still in denial.

Anonymous said...

1. most people living on the westside does not work fo the State of CA.

2. i don't know where the money is coming from, but people always have money on the westside.

3. baby boomers will be working until they are at least 70 unfortunately.

Anonymous said...

to add some humor to the blog:

prices will fall, and this blog are like the kids in the car on a long trip asking daddy/mommy:

are we there yet?

And, dad/mom; replies: N0. you will know when we are there.

We will get there. Give it another 12-18 months. It is just a matter of time. For the time being, work as hard as you can and save up for a bigger down payment, and for some you might be able to buy something a little nicer with lower prices.

Also, ask yourself is west LA a place where you really want to raise your children.

Anonymous said...

I agree 100%

But also consider that the West Side is made up of a large number of micro neighborhoods each with their own character.

North of Montana is a million miles away from the pico neighborhood (in terms of safety and cleanliness)

Do not treat the whole west side as one block

Anonymous said...

"2. i don't know where the money is coming from, but people always have money on the westside."

damn so the westside people have money trees growing in their backyards. no wonder i can't afford the houses there.

Anonymous said...

Hello !.
You re, I guess , perhaps curious to know how one can collect a huge starting capital .
There is no need to invest much at first. You may commense to get income with as small sum of money as 20-100 dollars.

AimTrust is what you haven`t ever dreamt of such a chance to become rich
AimTrust represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with offices around the world.
Do you want to become an affluent person?
That`s your chance That`s what you desire!

I feel good, I started to take up income with the help of this company,
and I invite you to do the same. If it gets down to choose a proper partner utilizes your money in a right way - that`s it!.
I earn US$2,000 per day, and my first investment was 500 dollars only!
It`s easy to start , just click this link http://megafokej.builtfree.org/upisyr.html
and lucky you`re! Let`s take our chance together to become rich

Anonymous said...

Hello !.
You may , perhaps curious to know how one can make real money .
There is no need to invest much at first. You may start earning with as small sum of money as 20-100 dollars.

AimTrust is what you thought of all the time
The company represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

Its head office is in Panama with affiliates around the world.
Do you want to become really rich in short time?
That`s your chance That`s what you wish in the long run!

I feel good, I started to get real money with the help of this company,
and I invite you to do the same. If it gets down to select a proper companion who uses your funds in a right way - that`s it!.
I take now up to 2G every day, and my first deposit was 1 grand only!
It`s easy to start , just click this link http://ahesaranaq.digitalzones.com/muvafu.html
and lucky you`re! Let`s take this option together to feel the smell of real money

Anonymous said...

Hello!
You may probably be very interested to know how one can manage to receive high yields on investments.
There is no need to invest much at first.
You may commense to get income with a money that usually is spent
for daily food, that's 20-100 dollars.
I have been participating in one project for several years,
and I'll be glad to share my secrets at my blog.

Please visit my pages and send me private message to get the info.

P.S. I earn 1000-2000 per day now.

[url=http://theblogmoney.com] Online investment blog[/url]

Anonymous said...

Good day, sun shines!
There have been times of troubles when I felt unhappy missing knowledge about opportunities of getting high yields on investments. I was a dump and downright pessimistic person.
I have never imagined that there weren't any need in big starting capital.
Now, I'm happy and lucky , I begin take up real money.
It's all about how to select a correct companion who uses your money in a right way - that is incorporate it in real business, and shares the profit with me.

You may get interested, if there are such firms? I have to answer the truth, YES, there are. Please get to know about one of them:
http://theinvestblog.com [url=http://theinvestblog.com]Online Investment Blog[/url]

Anonymous said...

Glad to materialize here. Good day or night everybody!

Sure, you’ve heard about me, because my fame is running in front of me,
my name is Peter.
Generally I’m a venturesome gambler. for a long time I’m keen on online-casino and poker.
Not long time ago I started my own blog, where I describe my virtual adventures.
Probably, it will be interesting for you to read my travel notes and reports about winnings and losses on this way.
Please visit my blog. http://allbestcasino.com I’ll be glad would you find time to leave your opinion.

Anonymous said...

Good day!

Let me introduce myself,
my name is Nikolas.
Generally I’m a venturesome analyst. recently I take a great interest in online-casino and poker.
Not long time ago I started my own blog, where I describe my virtual adventures.
Probably, it will be interesting for you to read my travel notes and reports about winnings and losses on this way.
Please visit my blog. http://allbestcasino.com I’ll be interested on your opinion..