tag:blogger.com,1999:blog-4846814498283585105.post1116626441452000031..comments2023-10-17T03:56:37.638-07:00Comments on Westside RE Comparables: Average Prices and Total Sales Volume Plunge in JulyAnonymoushttp://www.blogger.com/profile/02624092640232514548noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-4846814498283585105.post-50436575463673268112008-09-12T19:23:00.000-07:002008-09-12T19:23:00.000-07:00All you folks with Alt A or variable mortgages set...All you folks with Alt A or variable mortgages set to reset....call your damn bank now and work out a loan modification....<BR/><BR/>I did, and locked in my teaser rate as a perm. loan.....Yep, you heard me, the banks are getting pressure from the feds to avoid have anymore foreclosures, so they will do it....you'll be surprised....it wasn't that hard....I'll keep my Santa Monica house thank you very much...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-57793052781018573082008-08-16T09:26:00.000-07:002008-08-16T09:26:00.000-07:00122 S. Edinburgh, 90048, 3+2 (SFR) just came in at...122 S. Edinburgh, 90048, 3+2 (SFR) just came in at a sales price of $712,000.<BR/><BR/>Check out the details in the West Hollywood Meltdowns Post below on this blog.Anonymoushttps://www.blogger.com/profile/02624092640232514548noreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-65436554020925553252008-08-14T21:54:00.000-07:002008-08-14T21:54:00.000-07:00WeHo 90069 Condos are showing weakness according t...WeHo 90069 Condos are showing weakness according to Dataquick :<BR/><BR/>(June 2007) Median Sales Price (MSP) $560K<BR/>(June 2008) Median Sales Price (MSP) $525K<BR/><BR/>-9.4%<BR/><BR/><BR/>and<BR/><BR/><BR/>(June 2007) Number of Sales (NoS) 29<BR/>(June 2008) Number of Sales (NoS) 20<BR/><BR/>-31.1%<BR/><BR/><BR/>Anytime you have both a drop in Median Sales Price (MSP) and the Number of Sales (NoS), it shows contraction in the marketplace.<BR/><BR/>Also, keep in mind, transactions including Jumbo financing (loan amount over $417,000) makes closing escrow more difficult as the credit crunch progresses.Anonymoushttps://www.blogger.com/profile/02624092640232514548noreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-4795323769787463472008-08-14T13:35:00.000-07:002008-08-14T13:35:00.000-07:00Can you please do WeHo condos 90069? Thanks.Can you please do WeHo condos 90069? Thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-67894443327727479482008-08-13T10:11:00.000-07:002008-08-13T10:11:00.000-07:00Hello sir,I publish WeHo News and wish to use your...Hello sir,<BR/>I publish WeHo News and wish to use your data and a quote from your blog.<BR/>Could you please call me at 323.650.2879 so we can talk a little more about your post before I publish tomorrow morning (Thursday, Aug. 14)?<BR/>yours,<BR/>Ryan Gierach, editorUnknownhttps://www.blogger.com/profile/18160669060513987144noreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-22738400550739449062008-08-10T11:45:00.000-07:002008-08-10T11:45:00.000-07:0090232 statistics for July according to Melissa Dat...90232 statistics for July according to Melissa Data show:<BR/>the Total Sales Volume (TSV) is fairly stable. However, the Average Selling Price (ASP) took a hit.<BR/><BR/>(TSV) -6.9%<BR/>(07')$6069K (08')$5656K<BR/>(ASP) -18.5%<BR/>(07')$867K (08')$707KAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-55248606852754262072008-08-07T15:18:00.000-07:002008-08-07T15:18:00.000-07:00Why don't you post figures for CC 90232?Why don't you post figures for CC 90232?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-53428078570365681082008-08-07T08:52:00.000-07:002008-08-07T08:52:00.000-07:00Scott, Thanks for looking those up. By the way, ...Scott, Thanks for looking those up. By the way, I check your blog semi-regularly and appreciate the info you put out there. <BR/>The other poster was also right about low turnover for SFRs around here. But decent houses priced right seem to sell fairly quickly still despite loan conditions and Jumbo rates where they are. I am still surprised how long it is taking to really impact Westwood.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-64904165038890297792008-08-07T06:09:00.000-07:002008-08-07T06:09:00.000-07:00Yes, shadow inventory is extremely important. The ...Yes, shadow inventory is extremely important. The banks are now taking up to 300 days to foreclose on properties, up from 180 days. There hope is all this will blow over and they won't have to show more losses on their books. Nobody in their right mind is buying right now onless thay have to, or getting a "steal". Total Sales Volume (TSV) is definitely most important now. <BR/><BR/>As volume dries up, prices will become "Unstuck"..Anonymoushttps://www.blogger.com/profile/02624092640232514548noreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-48975935873356008142008-08-07T05:39:00.000-07:002008-08-07T05:39:00.000-07:00The volume tells the story. Lets be honest these ...The volume tells the story. Lets be honest these areas have been sticky in prices but so few have sold. How many people in these areas are listing and canceling because they cant sell. Eventually this shadow inventory will have to clear. Thats when you will see the price drops.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-59569785946895812352008-08-07T05:37:00.000-07:002008-08-07T05:37:00.000-07:00With few sales of SFRs, and volume dropping precip...With few sales of SFRs, and volume dropping precipitously, condos are the canary in the coal mine. They are easier to compare and are showing significant declines. Low end properties are taking the brunt of the subprime fiasco, and we are working our way up the Real Estate Food Chain. Alt-A and ARM Loan resets are the next shoes to drop. This will have a dramatic effect on people who bought in the mid range level from 2000 - 2008. Also, with foreclosures taking their toll on the bottom level, there will be fewer sellers to purchase mid level homes. Not to mention, credit crunch, bloated inventory, inflation, unemployment etc.. etc..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-4720990515729410582008-08-06T09:30:00.000-07:002008-08-06T09:30:00.000-07:00Scooter..I went through the MLS and found 15 homes...Scooter..<BR/><BR/>I went through the MLS and found 15 homes that have sold in Westwood in 2008 that have also sold once before in 2005-2008. Out of the 15 homes, only 1 house sold for less, $20,000 less. A few of those homes were remodeled or flipped so that may negate some of the gains. <BR/><BR/>But I do agree with you that we may be back to more like 2006 prices for alot of the homes. The more desirable streets and homes are still selling for more however. <BR/><BR/>http://www.thewestwoodblog.comScott McIntoshhttps://www.blogger.com/profile/09986711346426232436noreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-52135718491794765722008-08-06T08:37:00.000-07:002008-08-06T08:37:00.000-07:00While it is hard to find actual Single-family melt...While it is hard to find actual Single-family meltdowns in my area (Westwood), it is pretty clear that we are back to early 2005 prices when comparing similar properties. That's roughly 15% off the peak. Median price stats appear to be reflecting the mix of what is selling (all in the lower end) rather than the actual price declines of similar property. Based on a quick look at Westwood, prices seem to be in line with the Case-Shiller high tier for Los Angeles (currently down 20% from peak and down to late 2004 prices), or slightly above that measure.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-47893220953137600232008-08-04T18:52:00.000-07:002008-08-04T18:52:00.000-07:00Thank you. I think it is important to get out the ...Thank you. I think it is important to get out the facts, so others can make informed decisions about real estate. We are in unchartered waters here and need to see the data. There are so many white lies in real estate that factual evidence can help us come to accurate conclusions. Eventually, it would be nice to have people reporting on actual drops of individual properties all over the Westside. <BR/><BR/>Spread the word!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-52822372441432212532008-08-04T17:01:00.000-07:002008-08-04T17:01:00.000-07:00Thanks for the data. It's really interesting to co...Thanks for the data. It's really interesting to compare the numbers like this. I'm looking forward to reading more of your posts!Anonymousnoreply@blogger.com