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Kathy
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Americana at Brand in Glendale is selling for $700,000. If you can buy a home for $500,00 and stilll plummeting, why would anyone want to buy condos for more money than you can buy a house.
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Nedly Mandingo
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Funny how house prices rise 5000% when they correct a little bit people think it is the end of the world.
Houses are not like oil, which seems to have no end to it's rise.
Talk about a buyers market!
Location Location Location !
Seems the nicest areas are only getting a fraction of the activity in foreclosure and that is normal anyways, divorce, death, & speculators mostly. Poor areas such as van nuys pacoima north hills get the brunt as these people had no means to buy the houses.
For most people buying a house is still the American dream but it remains a dream.
6 months to a year and then it will start to correct as those people who continued to save can wait no longer and start to get into the market.
People will continue to buy second home and investment property as rental income is a blessing. People have to live somewhere and getting someone to pay your mortgage is great!
Come Christmas things will be much nicer all around.
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lookoutdownbelow now
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According to the Realtors, the median price fell to $475,000 in March, a loss of 21 percent, or $125,000, over the past year. The median house price is now at its lowest level in 48 months.
From Glendale to Calabasas during March, 642 properties changed owners, up 17 percent from February but down 52 percent from a year ago
----------So, we are back to 2004 prices in less than a year (unless I am mis-reading the above first statment.)
However, sales are still down 52%!!!
That means we will not be back to normal until prices hit 2001 prices.
The way things are going, we shoud be at 2001 prices in about a year (or less).
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Bureaucratic Mess
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To Kathy From LA: Because the condos in that Glendale mixed use mall cater to the lifestyle that many young professionals prefer today. They like living directly in the action. And that project was constructed by one of the top developers in the nation, with foot access to lots of entertainment, restaurants, services and shopping, using very modern and upscale building materials. Mark my words -- in less than 5 years, that $700k will seem like a bargain.
While Nedly Mandingo is usually wrong in his unwavering support for overpaid and underworked city bureaucrats and the high taxes to pay for them, he's right about the real estate market. For Los Angeles, this is nothing but a temporary lull and anyone who wants to own a piece of the So Cal dream should be talking to their bank about making it happen in this buyer's market. The Gloom-n-Doomers are wrong and fall into two camps: 1)those hoping for a major crash so that they can buy in at an extreme bargain and save the rent fees, and 2)those who will never be able to afford to buy who have always watched jealously from the outskirts as those who bought enjoyed their new lifestyle and made oodles of money at the same time.
An investment in American real estate is still one of the wisest anyone can make. And LA is one of the best locations in the country; no matter what jealous outsiders claim. This downturn is caused primarily by irresponsible lending, that was driven by politically correct urging of congress and other politicians. Loans were being written for people who shouldn't even have qualified for an auto loan much less a home in So Cal. Unfortunately, some of those irresponsible borrowers outbid far more qualified buyers. The other part of the irresponsible lending is these ARMs that have gone up to double digit interest rates that even most responsible borrowers can't afford. As these bad loans are killed and the properties recycled, things will be back to normal. That's happening quickly.
My recommendation: buy this year if you can afford to. I think it should bottom out by Fall or mid-Winter in So Cal. Most sane people are in no hurry to leave the comfort and mild climate of So Cal in trade for even worse urban problems combined with horrible weather in cities in the rest of the nation. In spite of illegal immigration and times of incompetent politicians, Los Angeles has been improving in many respects since its decline in the mid 70s. There's no doubt that this improvement will continue.
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Now
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2001 prices? LOL, not good neighborhoods!
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surfwidow
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Yes, Thanks to the Mayor Villan-Grossa who fills up our City with Illegal immigrants from Mexico.
Wake up L.A. and America...PLEASE!
Please Google the negatives of La Raza and MECHa. The Mayor is HEAD of both these Racist Anti-American Hate Groups. La Raza is known as "The Klan with a Tan". Their motto is, "For the race everything, outside the race, nothing". IMPEACH our Illegal-Lovin' Mayor and get these gangs out of here. Lets clean up our 'house' and be AMERICA again. Right now, we're a bit like little Mexico, agreed?
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Blackbox
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Looks like many "homeowners" in the valley are still deep in denial. You guys started late. In a year or two, you'll be past denial and hitting desperation. You still have time. Relax and enjoy the first innings of the greatest housing implosion ever!
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Tim
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surfwidow wrote: Yes, Thanks to the Mayor Villan-Grossa who fills up our City with Illegal immigrants from Mexico.
Wake up L.A. and America...PLEASE!
Please Google the negatives of La Raza and MECHa. The Mayor is HEAD of both these Racist Anti-American Hate Groups. La Raza is known as "The Klan with a Tan". Their motto is, "For the race everything, outside the race, nothing". IMPEACH our Illegal-Lovin' Mayor and get these gangs out of here. Lets clean up our 'house' and be AMERICA again. Right now, we're a bit like little Mexico, agreed? Si.
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Russ Church-Realtor
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Hey! great photo of my listing at 9500 Quartz ave, Chatsworth! Thanks Daily News!
In spite of your doom and gloom article, it is truly a great time to Buy!!
Real estate always goes up and always comes down, the market is primed for buyers that want a great deal. Put that to print!
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J Michaels
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Finally...justice to those (including myself) who didn't buy a house they knew they never could afford! I hope the average Valley house is 350K by the time this downturn ends. I'm not going to buy until early 2009.
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J Michaels
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i hope your right :) lookoutdownbelownow wrote: According to the Realtors, the median price fell to $475,000 in March, a loss of 21 percent, or $125,000, over the past year. The median house price is now at its lowest level in 48 months.
From Glendale to Calabasas during March, 642 properties changed owners, up 17 percent from February but down 52 percent from a year ago
----------So, we are back to 2004 prices in less than a year (unless I am mis-reading the above first statment.)
However, sales are still down 52%!!!
That means we will not be back to normal until prices hit 2001 prices.
The way things are going, we shoud be at 2001 prices in about a year (or less).
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David
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When people sign bad loans without thinking about it, what do you expect? One thing that is lacking through out the city of Los Angeles is common sence. There is plenty of ignorance but a lack of common sence. Both the banks and the people that sign these contracts are to blame. If you look at the national picture, only 5% of all home loans are in defualt. That still leaves 95% of all home loans being paid every month. The housing crises isn't as bad as what is beiong reported. All you gotta do is a little research.
Personally Im glad the housing prices are dropping. Every single house in Los Angeles is over-priced for what you DON'T get. Maybe if people would build a garage or driveway so we can get these parked cars off the road, it could be worth it. But then you get into the common sence again.
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David
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surfwidow wrote: Yes, Thanks to the Mayor Villan-Grossa who fills up our City with Illegal immigrants from Mexico.
Wake up L.A. and America...PLEASE!
Please Google the negatives of La Raza and MECHa. The Mayor is HEAD of both these Racist Anti-American Hate Groups. La Raza is known as "The Klan with a Tan". Their motto is, "For the race everything, outside the race, nothing". IMPEACH our Illegal-Lovin' Mayor and get these gangs out of here. Lets clean up our 'house' and be AMERICA again. Right now, we're a bit like little Mexico, agreed? Que el yoda pasa yo? We got an a problem with illegals but how can they afford a brand new house? The peso isn't worth that much more than the dollar.
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Joe
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Screw all you people
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Maury Wills Jr
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Too bad for those dudes who took out a 3rd mortgage to buy a boat!! Prices are not down in some zones, and it you bought wisely (i.e. paid some principal & had a little equity) you're OK, if not upside down & all around, but then you can take out your 3rd Mortgage to pay for gas-oline.....
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Maury Wills Jr
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A final comment- illegals, whatever they do, dont have an impact on this & it is silly & prejudiced to say its their fault, the illegals (Latino, Chinese, all dem...) cause financial impact but not in Real Property values....I think...unless they move in next door as squatters I guess......
PS- We do have squatters in our Valley, lots the LAPD has said they are foreclosure victims, homeless and get this GYPSYS!!!
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hairy nuts
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J Michaels wrote: Finally...justice to those (including myself) who didn't buy a house they knew they never could afford! I hope the average Valley house is 350K by the time this downturn ends. I'm not going to buy until early 2009. I like a guy who can plan for early 2009. Is that when your big windfall comes? jealous sideliner.
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surfwidow
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Fiasko Gable wrote: Everyone google f_ck surfwidow! Wow. What an immature tard. Have a nice day tard. Go hug an ILLEGAL.
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J Michaels
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hairy nuts wrote: <quoted text>
I like a guy who can plan for early 2009. Is that when your big windfall comes? jealous sideliner. Sorry to offend you Mr. "I bought my house with no money down and an interest-only ARM"...isn't that the same as a renter with a mortagage interest deduction? Hope you have some equity in your place; otherwise, the government programs won't work to bail you out. Sincerely, Mr. Sideliner (who has saved-up $100K for a down payment in, yes, early 2009):)
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lookoutdownbelow now
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J Michaels:
I am right.
I am and have been an agent and broker for almost 20 years.
I went to the weekly association meeting this morning.
On of the agents told me she is working 3 times as hard for less money.
She agreed with me that next year will be better to buy than this year.
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Judge it!
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