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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: TH who wrote (173826)12/27/2008 3:45:23 PM
From: tejekRead Replies (2) of 306849
 
I have no where near the data I have for Las Vegas, but from what I've found, I would say that this is not true. Pricing on the high end stuff is still coming down and IMO, that is going to continue for quite some time.

Many think CA is always special, but if general forecasts for a steep recession are accurate, then CA will get hit even harder in the next 1-2 years.

Here is a great blog I've been reading that details just about every reduction in SM.

I have been out of the LA housing market for ten years but what these blogs are reporting seems just about right in terms of where LA is at in this particular boom/bust........their third in nearly 30 years. My first bust was LA's second. It felt just like it feels now.....like there is no bottom to the market. Right in the middle of it, some guy I knew called me up and ask if I would look for property in SM for him. I thought he was crazy and told him so.....we were sort of friends. However, he had grown up in LA and was from a well off family. I started scouring SM for condos.....he wanted a fixer for less than $400k. Eventually I got him a great deal of a 2 bedroom condo....totally trashed.....no drywall or plumbing left....just the walls standing. A few years hence he made a killing. That's why you see two bedroom homes selling for $2 million this month. Californians know how to play this game and some play it very well. FWIW.
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