tag:blogger.com,1999:blog-4846814498283585105.post1902580530105237126..comments2023-10-17T03:56:37.638-07:00Comments on Westside RE Comparables: What Does $10,000,000 Buy In Santa Monica These Days?Anonymoushttp://www.blogger.com/profile/02624092640232514548noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-4846814498283585105.post-15597464964729171942009-05-19T09:59:00.000-07:002009-05-19T09:59:00.000-07:00Here is a link who think none of the wealthy are l...Here is a link who think none of the wealthy are living beyond their means or overlevereged.<br /><br />http://online.wsj.com/article/SB124268209889631903.html#articleTabs%3DarticleAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-63668691880305393662009-05-18T22:34:00.000-07:002009-05-18T22:34:00.000-07:00The real question on this Adelaide listing should ...The real question on this Adelaide listing should be 'When did the house last sell and what was the selling price?<br /><br />Then you can gauge the ridulculousness of the offer. <br /><br />An opening 'pie in the sky' price and then watching it fall to earth/reality is a different matter all together.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-78836862530874964632009-05-13T10:23:00.000-07:002009-05-13T10:23:00.000-07:00free forclosure website with preforclosure, auctio...free forclosure website with preforclosure, auction and bank owned data<br /><br />www.realquest.com<br /><br />I got this from MBC blog, very good siteAnonymoushttps://www.blogger.com/profile/03439058376012792331noreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-44876403536569648952009-05-12T17:25:00.000-07:002009-05-12T17:25:00.000-07:00Anon no1 here. I'm not disagreeing with your premi...Anon no1 here. I'm not disagreeing with your premise that westside prices will revert to long term trends. Hell, I agree with that. I was just pointing out that use of this property as an example of price direction on the westside is a misapplication of data. This is a house originally asking 17 mil that sold for 10 mil. In no way does this reflect the standard house, buyer, or situation on the westside. Even in great zip codes this would be pretty exceptional and atypical. It's like making a sweeping judgment about the market for acuras based on whether beverly hills mercedes had to take a hit on their 400K mclaren.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-18480616892582405102009-05-11T22:29:00.000-07:002009-05-11T22:29:00.000-07:00Looking at the fundamentals of price/rent or price...Looking at the fundamentals of price/rent or price/income there is no rational reason why Westside prices will remain at elevated bubble prices. It has been slower to correct, but is only a matter of time before it does. Looking at historical norms indicates another 25% drop, before we reach any type of bottom. Even then, we scrape along the bottom for some time until wages begin to rise again.<br /><br />There are numerous reasons to believe why the Westside is different, unfortunately they aren't based on facts. The market ultimately decides what the real values are.Latesummer2009http://www.westsideremeltdown.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-82602108771687294192009-05-11T19:38:00.000-07:002009-05-11T19:38:00.000-07:00Actually, the data I have seen shows quite dramati...Actually, the data I have seen shows quite dramatic drops in median prices in about 85% of Westside ZIP codes in April. There were a few ZIP codes where the medians actually went up, but these all had extremely low volume (1-2 sales), so their individual medians are of no value. But when you take the average across all Westside ZIP codes, it seems prices have already fallen 20-30% even in the best of neighborhoods.<br /><br />Many home owners seem emotionally invested in keeping pricing elevated, but I have yet to hear any reason why prices will not revert to trend on the Westside and elsewhere. If anybody has any data-based argument why bubble pricing levels will be maintained, I'd love to hear it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-83329283388968386952009-05-11T14:40:00.000-07:002009-05-11T14:40:00.000-07:00This is probably more an example of overly optimis...This is probably more an example of overly optimistic original asking price than sky falling on the westside. Not that I'm not praying for sky falling, but I think your application of this example is stretching.Anonymousnoreply@blogger.com