Sunday, June 24, 2012

6 Month Hiatus For New Posts

Yes, it is true. And no it is not because I feel the market has bottomed out, but due to personal reasons. Although, we have seen some 25 - 50% discounts from the summer of  2007, depending on the area. If you see something at 40 - 50% off that you like and can afford it, consider buying it. Like my previous post says, there are way too many variables for anybody to tell you when to buy or sell. Here, I have tried to build a website where people can get their own real estate data by using the links below or my Real Estate Tools/Data Section on the lower right hand side of this blog.

A few tools you can use are:

Redfin
Trulia
Foreclosure Radar
Blockshopper
Melissa Data
Zillow
Property Shark
  and
Dataquick

Analyze your own data and do not rely on the white lies from real estate agents. YOU HAVE TO DO YOUR OWN HOMEWORK! Redfin is my favorite as it gives you past sales histories and a Zillow estimation graph that goes back 10 years. Although not perfect, you can get a ballpark idea of how far back  prices have dropped. Fair value right now appears to be around 2002 - 2003.

The initial idea of this blog was to post price reductions for the major areas on the Westside. Each area was to have its own forum. There still is the chance for this if readers scroll down to the April 2nd posts on this page and write comments under their Meltdown Area of choice. As nobody can be an expert on the entire Westside, let us form groups and create a place for sharing important information with others interested in the same areas.  I highly encourage readers to do this, as knowledge is power. The sales in each area are updated every day and you can look at rolling weekly and monthly data. Take the time to register as a user on blogspot, get to know each other and it will enrich your conversations, as opposed to just anonymous comments. This is your blog now.

Since beginning this blog in 2007, my intention was to save some from real estate ruin. Hopefully I have done that. I am deleting the posts back to April 2nd, so the Meltdown Sections will be easy to access. However, I will continue to moderate the comments and chime in occasionally as before. Please keep it civil and do not attack anyone, as you will be deleted.

And as always remember, Caveat Emptor! (Buyer Beware)


Ciao'
Latesummer2009


24 comments:

speedingpullet said...

Bye matey!

Thanks for all your hard work over the years and have a lovely break. I'll miss your blog, but I hope you're off doing fun and interesting things instead.

In weird synchronicity we are just about to close escrow on our very first house next week. We bough it as a short sale, and I have you to thank, in part, for educating me to the perils of buying property in SoCal

Good luck and bon voyage :-)

latesummer2009 said...

Congratulations! It has been a long wait, but it sounds as if your patience was rewarded. You have been a great contributor to this blog and one of the few who was not anonymous. Enjoy your new home, you have definitely earned it. Adios.

Anonymous said...

speedingpullet,

what neigborhood did u buy in, and what kinda of discount did you get from the peak. Thanks

latesummer2009 said...

4 Meltdowns just posted under Beverly Hills Post Office Transactions below

6 Meltdowns just posted under Bel Air & Westwood Transactions below

latesummer2009 said...

3 Meltdowns just posted under Brentwood Transactions below

latesummer2009 said...

More Meltdowns just posted belowÑ

3 in Beverly Hills
6 in Pacific Palisades
1 in Beverlywood
1 in Mar Vista
3 in West Hollywood
2 in Santa Monica
4 in West LA
1 in Venice
3 in Culver City
1 in Bel Air
and 12 in Malibu !!

Anonymous said...

Thanks so much for this web site. I was on the verge of buying a house in one of two neighborhoods on the Westside back in late 2008 when I stumbled upon this site. It caused me to re-think my plans and wait it out just a bit. Well, now approaching four years later, it turned out to be the best financial decision I ever made. Had I bought in late 2008, I most likely would be sitting on a loss of at least 25% and perhaps much more. I owe you big time!

latesummer2009 said...

Glad to hear it ! That was the whole idea here. Hopefully now your sitting in the driver's seat. Congratulations on your patience, it hasn't been easy.

FSD said...

Bon voyage.

latesummer2009 said...

New Meltdowns for the Week of 6-29 through 7-5 have just been posted for:

Culver City
Mar Vista
Rancho Park
West LA
Malibu
Beverly Hills
Beverly Hills Post Office
Marina del Rey
West Hollywood
Westwood
and Pacific Palisades

Marina del Rey leads the hit parade this week!

Anonymous said...

This is one of my favorite blogs in the world. Now that our esteemed moderator is not going to do new posts, I ask that someone else here take up blogging and start a new blog that is focused on the narrow areas of the West side that most of us prefer - North of Wilshire and West of the 405

I can commit to making many comments if there is such a blog set up

latesummer2009 said...

The latest Meltdowns from 7/6/12 through 7/13 have just been posted in:

Culver City
Mar Vista
Marina del Rey
Rancho Park
Westwood
West Hollywood
Brentwood
Beverly Hills
West LA
and Santa Monica

Alot of action in West Hollywood and Brentwood this week. A nice $5,450,000 haircut on Chalon Rd. in Brentwood !

Anonymous said...

I just found your blog, from Dr. Housing Bubble. I am in San Luis Obispo, California and see parallels to the LA area. Houses are ridiculously priced here (even in the less attractive areas). Bidding wars for SFRs. Condos/PUDs have dropped the most, but still about 100K more than they should be ($299 to $425K). A relatively decent 1400 sf, 3BR is 600K. About 800K for one that needs little work, though there is no real rhyme or reason to pricing either. A moldy, rotted dump is $300 to 400K with bidding wars.

I realize, that here I am in the top 10% of wage earners, yet I cannot afford a starter home. Theoretically, I should be able to afford a McMansion, though I can't see paying $900+K for it. (Not trying to brag or elicit sympathy, just making the point of how the market is way out of whack.)

County records show a tremendous amount of NODs and pending Trustee Sales. Trustee sales keep getting pushed out a few months.

I know partly it is the banks withholding, so they can keep it as an asset on their books. But it feels like there are hidden transactions. Who is buying these properties? How many never make it to the MLS?

Anonymous said...

Home sales and housing starts are lower than where they were 60 years ago. That's all you need to know about the demand for housing even with all-time low interest rates.

latesummer2009 said...

Yes the builders know how much shadow inventory is in the pipeline of fututre foreclosures. They don't want to compete with it. Building mostly apartments now.

Here are the Meltdowns for the week of 7/14/12 - 7/20/12.

Many of the usual suspects:

Culver City
Mar Vista
Venice
Santa Monica
Marina del Rey
Beverly Hills
Westwood
Bel Air
West Hollywood
Cheviot Hills
West LA

Pacific Palisades Malibu and Beverlywood will be posted later.

latesummer2009 said...
This comment has been removed by the author.
latesummer2009 said...

Just posted 6 West LA condos sold over the last 6 weeks. Significant declines back to 2003 prices. Scroll down to the comments section in my West LA Meltdowns post.

latesummer2009 said...

4 more properties just sold and listed in the Malibu Weekly Sales comments.

Declines back to 2001.

latesummer2009 said...

Another 4 properties just sold and listed in the Pacific Palisades Weekly Sales comments.

Declines back to 2002.

latesummer2009 said...

Here are 4 properties just sold and listed in the comments section of the Brentwood Transactions and 7 more properties in the comments section of the Westwood Transactions.

Rolling back prices as far as 2003.

latesummer2009 said...

11 more properties just sold and listed in the comments section of the West Hollywood Transactions.

Prices as low as 2001.

latesummer2009 said...
This comment has been removed by the author.
Latesummer2009s@gmail.com said...

7/5/12 - 9/9/12:

5 more recent meltdowns in the Rancho Park Transaction comments.

10 more recent meltdowns in the Santa Monica Transaction comments.

and

5 more recent meltdowns in the Beverlywood Transactions

Nolan Ryder said...

Great article and information. I agree with you on the fact that trying to predict the economy is virtually impossible. There are too many variables involved with trying to determine when the best time to invest in real estate is. The best option is to always check on the status of real estate in los angeles and determine which area or fit is best with your pocketbook.