tag:blogger.com,1999:blog-4846814498283585105.post4258779957782942082..comments2023-10-17T03:56:37.638-07:00Comments on Westside RE Comparables: Westside RE Market Slowly Grinding to a HaltAnonymoushttp://www.blogger.com/profile/02624092640232514548noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-4846814498283585105.post-54970377143011884142009-03-24T22:08:00.000-07:002009-03-24T22:08:00.000-07:00The problem boils down to inventory and ability to...The problem boils down to inventory and ability to qualify for loans. Now that a minimum of 20% down, FICO scores over 700, 6 months of cash reserves, AND documented income are required for transactions, the pool of buyers is quite small for the amount of houses for sale. Simply oversupply and very little demand at Westside prices. We are headed for a big fall, until incomes are more in line with standard mortgages.<BR/><BR/>3-4 times annual salary is the mortgage amount one can afford. That leaves most people out at current prices.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-40940073796461143252009-03-24T20:00:00.000-07:002009-03-24T20:00:00.000-07:0012;25. The fed govt is trying to prop up home pri...12;25. The fed govt is trying to prop up home prices, yes. Their attempts, however, are to prop up home prices that correspond to the conforming loan market. No help for the Westside. You will see the national RE market flatten. High priced areas will continue to plummet. They will fall the same % amount as the rest of the country has. It just takes time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-67636621091936281152009-03-23T21:24:00.000-07:002009-03-23T21:24:00.000-07:00Let's really think about the "hold onto your house...Let's really think about the "hold onto your house" issue.<BR/>Sure there's some folks who can afford to hold and not sell, but that's not everyone.<BR/>People change jobs, lose a spouse, lose a job, need to downsize, etc. and find that renting out the home is not a viable option. <BR/>There will be homes on the market as the prices adjust. <BR/> Prices are adjusting and the smart folk are waiting for it to happen.Calafiahttps://www.blogger.com/profile/10875504337034831461noreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-90506611247750300002009-03-23T14:33:00.000-07:002009-03-23T14:33:00.000-07:00In answer to your question, we're looking to buy i...In answer to your question, we're looking to buy in Venice next year and are looking forward to another 30% price decrease off of current prices.<BR/>As for that article on the "return of easy jumbos"...try reading more closely. Yes, interest rates will be lower, but the requirements are harsh -- 20% down and 6 months in reserve.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-71779561351373787182009-03-23T14:27:00.000-07:002009-03-23T14:27:00.000-07:00What about 90066? That's "Westside".What about 90066? That's "Westside".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-83957197509850234642009-03-23T12:25:00.000-07:002009-03-23T12:25:00.000-07:00I (still) argue that some areas will stop selling ...I (still) argue that some areas will stop selling and prices won't continue to fall.<BR/><BR/>The Federal government is rushing around attempting to keep asset prices from falling regardless of the unintended consequences of doing so.<BR/><BR/>The Fed will be buying Treasuries with one of the effects being keeping the alt-a and other ARM-like loans status quo.<BR/><BR/>Don't get me wrong, I'd love to own a duplex in my neighborhood. Either the price won't fall that far or there won't be any on the market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-48240271630472736812009-03-23T09:58:00.000-07:002009-03-23T09:58:00.000-07:00Anon 8:05...Sell my house for 50% off, really? Tha...Anon 8:05...Sell my house for 50% off, really? That doesn't seem smart.. can I take a hit offa what you are smoking?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-77035271258265263052009-03-23T08:05:00.000-07:002009-03-23T08:05:00.000-07:00Hey, 9:33, can you leave your realtor card at the ...Hey, 9:33, can you leave your realtor card at the door? <BR/><BR/>I, too, went to some open houses yesterday and the only foot traffic was bored realtors coming to say "hi" to their friends, neighbors and dreamers. Credit is not loosening, if you want to sell your house, lower it to 50% off the peak, it's that simple.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-34342195218507138842009-03-23T06:41:00.000-07:002009-03-23T06:41:00.000-07:00Thanks, I meant 90291. I'll correct it.Thanks, I meant 90291. I'll correct it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-84821333805137560242009-03-23T02:06:00.000-07:002009-03-23T02:06:00.000-07:00FYI - Venice 90292 is only a small part of Venice,...FYI - Venice 90292 is only a small part of Venice, mostly the Marina Peninsula and Oxford Triangle. I'd be curious how the the 90291 did. 90291 includes the Oakwood neighborhood which experienced much speculation and flipping.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-11353059066958835902009-03-22T21:33:00.000-07:002009-03-22T21:33:00.000-07:00Bottom line. If you don't have to sell. hang on t...Bottom line. If you don't have to sell. hang on to the house. Wait til credit markets pick up. I was at an open house today in SM and there was a lot on foot traffic....<BR/><BR/>Doesn't mean much, but I think the market is loosening up a bit. Did you see the article about jumbo loan financing today in the LAT? Good news for So. Cal.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4846814498283585105.post-85151839250864092672009-03-22T18:12:00.000-07:002009-03-22T18:12:00.000-07:00If I lived in Santa Monica, Malibu or Pacific Pali...If I lived in Santa Monica, Malibu or Pacific Palisades & was trying to sell my home right now, I think I'd go to bed every night in the fetal position, sobbing uncontrollably.<BR/><BR/>It's gonna be a bloodbath folks. Buckle up.Anonymousnoreply@blogger.com