Sunday, December 30, 2012

250 Meltdowns 0n The Westside Since Mid September

That's right.  In just over 3 months, meltdowns from Malibu to Marina del Rey are averaging 2003 prices. Meltdowns in all neighborhoods have been posted in their respective areas on this blog. Many of these have been bank short sales. 250 is significant compared to having just a few outliers. The banks continue to leak out inventory and very few homeowners are in a position to sell. This restricted available inventory is causing bidding wars and price increases on some properties, while others are being sold at hefty discounts. The question is, WHO is getting their hands on these short sales and HOW?    

In addition, the move-up market is still comatose. At this rate, we could be looking at another lost decade rivaling Japan.

3 comments:

Anonymous said...

Any rental parity comparisons... Rents are still sky high for anything decent on the west side. It's probably best to not rent or own on the westside unless you are truly loaded.

I recommend people consider the westside san fernando valley, burbank, pasadena ect... Those are where the deals are and where we've reached rental parity.

Your dream of owning land on the westside is just that a dream... That's at best over a decade from bottoming.. at worst, you already missed it.

Anonymous said...

You already missed the bottom

Unknown said...

Hardly - it's still yet to come. Many investment banks, and hedge funds are buying now, and the shadow inventory is still there, with banks slowing parsing out properties in hopes to avoid saturating the market,and driving it down further.

Tokyo - 25 years later, and prices are still 75% off what they were.