In the style of the Santa Monica <$3M and >$3M charts, here are inventory charts for Pacific Palisades, Palms-Mar Vista, and the total Westside, from the monthly inventory update.
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Tracking the real estate bubble on the Westside of Los Angeles, especially in Santa Monica ... available housing inventory, highlights/lowlights, and the larger economy.
Obligatory Disclaimer: I do my best to accurately report publicly-available data, but take no responsibility for what you do with it!
Contact westsidebubble {at} gmail {dot} com .
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- Lots happening on 20th
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6 comments:
Well, at least it seems to have ended the 'starter home' ads at $1.35 million - seen in '05 & '06.
It will be nice when normal middle class people in the $300,000 - $400,000 income range can actually buy again in the Palisades. Looks like another 12 months will get us there.
"It will be nice when normal middle class people in the $300,000 - $400,000 income range can actually buy again in the Palisades."
Um... demographically speaking the middle class makes between $45,000 and $150,000 annually for a family of four depending on geographic area.
In no economic model is $300,000 to $400,000 anywhere near the middle class. Not even in the ballpark.
Well, make that "upper middle", then - I was being a bit facetious using only "middle".
And, I do admit mixed emotions with what it takes to live here, in terms of income. Long time residents tend to speak of the decline in civility. I don't condone disrespecful behaviour, either, however, if you have what it takes to live on the westside, I am willing to forgive, even sometimes welcome a certain amount of impatience.
Last I checked (five minutes ago, online) the upper middle class ENDS at $150,000 a year for a family of four. Face it, you're not middle class at all if you're able to afford to own out here.
I think what we have is lifestyle envy.
A "middle class" lifestyle to tbgpalisades means clean, safe neighborhoods, quiet streets, medium 3 bed 2 bath homes, decent public schools and maybe even a safe park or two to play in.
All very decent requirements- entirely do-able on a "middle class" salary in Olathe KS or Colorado Springs, CO
In sunny Southern California, I can see that lifestyle costing 3-4 times as much. So while I see your point anon- that $300,000 a year is not "middle class", the lifestle afforded by $300,000 a year in Pacific Palisades is comparable to a $100,000 salary in St. George,UT
Not to be unduly precise, but what you're saying is, "middle class buyers can't afford real estate in SM" just like the other posters. If you can afford to buy here you are, by definition, not middle class.
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