Tuesday, November 17, 2009

October DataQuick

Tuesday's DataQuick numbers for October tipped down again for Los Angeles and Ventura Counties. Caveats aside about the mix of houses sold and seasonality (first half of years is when rises mostly occurred), there doesn't look like much strength despite the huge government push of low interest rates and tax-credit zero-down FHA loans.

Los Angeles County's median was back down month-to-month to $325K, now down 40.9% for Los Angeles County from its peak in August 2007. Volumes were up 9% year-to-year from October 2008. (September DataQuick post)

That left Los Angeles County prices at July 2003, Orange County at August 2003, Ventura County at April 2003, and San Diego County at June 2002.

See Calculated Risk for more commentary.


kihei said...

Does anyone have an opinion of the 7 new units at 822 3rd St in SM? My friend is anxious to buy there. I am a huge housing bear but admit the units look nice. It's a TIC property and will be financed by the developer. She wants to put 30% down on $575k. If she just HAS to buy should I suggest the minimum down in case she has to walk away in two years?

blahblahblah said...

Why would you buy anything if you have the possibility that you would have to walk away from it in two years? If she would be choking on the monthly payment,she cant afford it.

Anonymous said...

For years I wanted to live in this building because I liked the looks of the outside architecture. Then a couple of years ago I saw an apartment for rent here and it was an absolute dump inside. I'm sure the units have been fixed up inside but I do wonder how the building would handle the next big earthquake. I'm also a huge bear on the housing market, and although I'd like to buy, I'm trying to be patient because I think the housing market is still heading south. If you're willing to stay put for 10 years, then I think it's OK to buy now.

alan said...

One parking spot! Parking is hard to find in this area. No?

Anonymous said...

like the bldg, hate the area. Rundown apt. heaven

Anonymous said...

Good point about parking. You won't find any there!

Anonymous said...

What is the market price for a nice three bedroom town house, with its own laundry machines inside and a two car garage?

around 1900 sq feet?

Let me throw out some numbers

North of Montana : $4800

West of 15th, South of Montana, North of Wilshire : $3500

15th to 26th South of Montana, North of Wilshire : $3900

Between Wilshire and the 10, west of 2: $3400

This is a very relevant market - post your data points - since this type of living situation is a good substitute for a single family home while we wait for single family homes to fall in price.

In other words, every single person on this blog says that the average single family home will fall in price in Santa Monica - so why should I buy one right now? Obviously i should rent a town house so let's discuss town house rental prices

Anonymous said...

Why should we discuss rental prices with you? Can't you get in your car and look yourself?

You are obviously in the market now for a rental....so why don't you tell US what YOU have seen....???

Anonymous said...

Why should we discuss rental prices with you? Can't you get in your car and look yourself?

Right on. If you are looking for a $1M+ property, and have the qualifying down payment and income today, discussing the nits of $500 month up on down on a temporary rental is a waste of time.

The bigger issue is how long you can hang out in a rental given your personal situation (spouse, kids, schools, space, etc). Westside Rentals has all the rental porn you need, let's get back to property prices!

Anonymous said...

Rental prices are extremely important information: very relevant to the value of homes for purchase. In fact, sometimes you have a house for sale and for rent at the same time. I think this should be up here -- and if you are a seller, be very afraid of the rent prices vs. the seller asking prices!!

Anonymous said...

Yeah...okay...rental prices are important. Thats great.

Anonymous said...

It's true - Sunset Park has been a much better investment than North of Montana
In 1990 crummy teardown houses North of Montana sold for 800 thousand dollars
In Sunset Park they sold for 250 thousand.
Fast forward to today - the North of Montana houses have gone up 2x to 1.6 and the Sunset Park homes are up 4x to 1.0. Bottom line - people that believed in Sunset Park have done much better than those that placed their bet North of Montana

Westside Bubble said...

Sunset Park homes are up 4x to 1.0

I'd put low-end Sunset Park closer to $800K now.

I don't have Sunset Park prices from the low point of the mid-1990s, but some on Hill and Ashland from 1992 were down to the mid-$300Ks.

That looks more like a 2.5x multiple, a little more than the 2x multiple north of Montana but not 4x.