So. Cal. Housing Market - Take Your Guess!

CarreraS2 · 09:04 AM

H

dd74 · 10-03-2004, 12:33 PM

What neighborhood?

SteveStromberg · 10-03-2004, 01:24 PM

$450k if you are lucky. Market is real soft. All the For sale signs in my neck of the woods (Back Bay Newport Beach) are being taken down. Granted The prices were over $900K but I havent seen anyone moving in the last 4-5 months. BTW when you sell where are you going to move? I think this is being realised by many.
But what I have seen is the Houses that were on the big lots that have sold are torn down and 6 to 12 Shyt boxes built in there place. We will see if they sell.

sammyg2 · 10-03-2004, 01:28 PM

Prices have dropped about 10% since the peak in May, but they were up at least 10% from February to may.
Soooooooooooooooo,
I'd say it will sell for about the same price as the last one, but no where near as quickly.

1973911s · 08:38 AM

I would say $475,000.

It has been interesting watching the prices in my neighborhood. Things were hot in June, slow in July and August, and things took off in September. Homes selling at all time high's. They were moving slow, but still selling at prices that don't work in my mind.

Michael

nostatic · nostatic's Garage

$625K. Not sure the exact area, but west LA is not "soft" by any stretch of the imagination. Even a crappy house on our street (rather run down) sold for a hair over $1M. It sat on the market for awhile becuase they were asking $1.195M, when it is worth maybe $800K given the condition.

84porsche · 84porsche's Garage

Being that it is Irvine and everybody is trying to move there. I would say at least $725,000. I actually drive by the area on my way to work everyday.

Zeke · 10-03-2004, 07:26 PM

I say it is more than Feb, but less than a month ago. Hate to put a number on it since I don't know your local market. But 750K for 950 sq ft? Did I read that right!

CamB · CamB's Garage

What sort of (combined) income would the couple/family moving in be on?

This is crazy.

lendaddy · 10-03-2004, 07:46 PM

Lol, man you guys are nuts. Here are a couple homes in my neighborhood for the same amount as your 950 sqft deal. Both on lakes, both over 5,000 sq ft. I stand in awe that anyone pays that over there.

1973911s · 10-03-2004, 08:08 PM

lendaddy,

I was just in Benton Harbor, and some of those homes on the lake were awesome.

Michael

lendaddy · 10-03-2004, 08:15 PM

Michael,

There are some truly beautiful homes and land here in West Michigan. The property values here are going nuts too, but the homes I showed are around 600-700k. Lake Michigan is amazing, but the land on it is beyond expensive. We have tons of inland lakes which are much more affordable. Winter here licks ass though

Oh yea, I golf down at Benton Harbor/ St. Joe alot. Is a neat area but there are some slums there which is pretty rare around here.

dd74 · 10-03-2004, 08:59 PM

$625,000.

SteveStromberg · 10-03-2004, 09:01 PM

For that kind of money you think you would get New bricks.

SteveStromberg · 10-03-2004, 09:30 PM

Orange County home sales stay in downward trend -- Orange County home shoppers continue to play the waiting game. Real-estate agents and builders sold 33 percent fewer homes during the four weeks ending Sept. 21 vs. a year ago, according to data released Friday by market tracker DataQuick. In the latest four-week period, 3,849 homes were sold. OC Register

lendaddy · 10-03-2004, 09:37 PM

The website on the flyer is invalid and the "office number" is some guys house. I just wasted 10 minutes doing research on this at 1:30 A.M.

I got issues.

CamB · CamB's Garage

I got more issues than you Len - I found it (took longer than 10 mins though).

Now that I know the answer, I'm not going to say. It's more fun for Brian.

Hint - it's on here somewhere.

FWIW, for the price in question you could buy a similar house (without garaging because it would be 100yo) in NZ$ in one of the "cool" suburbs close to the city (5-10 mins drive, definitely walkable). It is a fairly little house! A lotta money for not much living space.

bell · bell's Garage

i can't get over the fact that a 950 sq. ft. house is bringing in more than a half million.........that's simply rediculous.

JavaBrewer · JavaBrewer's Garage

Bell, it's the lot/location that is driving the price - not the house.

Back in High School (1980) I worked for a summer as a laboror for a masonry contractor. In Monticito CA (near Santa Barbara) a guy purchased a $1M+ home and then bulldozed it to build his own house. New one had 12 fireplaces so we were busy that summer.

The stat to pay attention to comes from Steve:

"Real-estate agents and builders sold 33 percent fewer homes during the four weeks ending Sept. 21 vs. a year ago"

The sweet spot to sell a home is in the spring and summer months. It's natural for home sales to be lagging this time of year. The -33% from FY03 numbers definitely indicates that the frenzy is ending. Is the market going to tank (-60% value) like some have predicted - I say no way. Homes are sitting on the market longer these days but in the end they are still selling. In my town of San Marcos there are homes that sit for a couple months and others that sell within the first week.

Len - those houses on the lake are beautiful.

mikester · 10-04-2004, 08:11 AM

Quote:

Originally posted by CamB
I got more issues than you Len - I found it (took longer than 10 mins though).

Now that I know the answer, I'm not going to say. It's more fun for Brian.

Hint - it's on here somewhere.

FWIW, for the price in question you could buy a similar house (without garaging because it would be 100yo) in NZ$ in one of the "cool" suburbs close to the city (5-10 mins drive, definitely walkable). It is a fairly little house! A lotta money for not much living space.

and how much is volcano insurance?