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California’s high-end real estate takes hit - Fort Wayne Journal Gazette
09.02.09
LOS ANGELES – The Southern California real estate crash has finally reached the high-end areas of Los Angeles’ west side. Home prices in Beverly Hills, Santa Monica and Malibu – which continued to soar well into 2008 – finally tanked at the end of the year, losing between 26 percent and 30 percent of their value in just a few months, the latest data show. The sudden drop came as a surprise to Shelley Conn, who remained a believer that the wealthier parts of the area were immune until she put her Santa Monica house on the market last spring. She and her husband had been offered $2.4 million for the three-bedroom just months before, so she listed the house for $2.3 million. But it didn’t sell until November, after the couple dropped the price to $1.9 million. The median price of a single-family home in Beverly Hills was $2.1 million in the fourth quarter of 2008, down from $3 million in the second quarter, according to data by research firm MDA DataQuick. The Pacific Palisades neighborhood closed the year with a median price of $2.2 million, down from a high of $2.6 million during the second quarter, and Santa Monica’s median was $1.6 million, down from $2.1 million last winter.
Source: Fort Wayne Journal Gazette, IN
Sequim Luxury Homes and Nationwide
How are Sequim luxury home prices holding up in this market? Maybe only slightly better than nationwide. Los Angeles luxury home owners were proud that they were immune even well through 2008, but they just got hit with large discounts on multi-million dollars homes, many taking hits of 26% to 30% price reductions recently.
Luxury home prices tend to follow well behind the rest of the market. hat’s not unusual for the luxury home market. Buyers of luxury homes aren’t effected as much as the average person when the real estate market slows down, but in a tidal wave event like this one, even luxury homes are not immune.
“The median price of a single-family home in Beverly Hills was $2.1 million in the fourth quarter of 2008, down from $3 million in the second quarter, according to data prepared for the Los Angeles Times by research firm MDA DataQuick. The Pacific Palisades neighborhood closed the year with a median price of $2.2 million, down from a high of $2.6 million during the second quarter, and Santa Monica’s median was $1.6 million, down from $2.1 million last winter. The Brentwood neighborhood’s fourth-quarter median of $2.3 million was down 11 percent from its peak.” Read High-End Home Prices from the Seattle Times.
What’s happening with Sequim and Port Angeles luxury homes? Nothing, that’s the point, and that’s precisely why it’s a buyer’s market. At the upper end it is not unreasonable to clip off a $100,000 or more in this market in any offer. Of course, our luxury homes are not in the price range of the Santa Barbara or L.A. luxury home. ...
Read more...
What are the steps to buying Los Angeles real estate at auction on which the lender has foreclosed?
Oct 06, 2006 by TBone | Posted in Renting & Real Estate
What does it take, step by step, to get involved in buying foreclosed real estate at auction in the Los Angeles? What's better, REOs or auctions? How do you discover these properties without paid subscriptions to these cheesy websites? Does it cost to attend the auctions? Are these cash deals only or can they be financed? Any other key information, suggestions, suggested books/websites, pitfalls, etc. from people that have first-hand experience.
I have the answer you need buddy... since it does me no good right now... Hook me up with best answer for this one www.calpost.com that should get you started. The rest is out of my hands! Oh and to your other questions.... REO'S vs auctions can go either way. Call the court house to see if there is a fee. Usually there is a deposit of some sort. I'm not sure how LA works, but some place require that you pay the amount in full, some within a month. With REO's I'm sure you can get financing, but not with auctions.
Druz | Oct 06, 2006
Where can I find reliable Agency/Firms specialized in US immigration and Los Angeles Real Estate?
May 19, 2008 by fmvalmazora | Posted in Renting & Real Estate
I would like to contact a reputable real estate agency and a lawyer specialized in US Immigration. Can somebody refer a good firm?
Immigration and real estate are two entirely differant legal fields. You will not find, let alone want, any one practicing both. If they practice both they will not be great at either one.
Landlord | May 19, 2008
Will Los Angeles Real Estate home ever gonna drop price?
Feb 01, 2008 by Richard | Posted in Renting & Real Estate
It seems to be Los Angeles Housing Market still very pricey, price had not drop for like almost 2 years, but the price of home is like triple since decade ago, will ever a drop?
The prices of Los Angeles real estate have dropped..but it will never be comparable to some small town in Oklahoma.
This is a buyer's market now, and you can get a great deal on a house you might not have been able to touch two years ago.
Eartha Q | Feb 01, 2008
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