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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (173826)	12/27/2008 11:56:08 AM
From: bentway	Read Replies (1) \| Respond to of 306849

"Many think CA is always special" I think some places in CA are always special. Certainly, it has more special places than any other state can claim.

To: TH who wrote (173826)	12/27/2008 12:22:28 PM
From: Live2Sail	Respond to of 306849

I think the poster is a realtor or has something to do with real estate in the L.A. area, so he has a vested interest or at least a belief that things will not continue to go down. From my perspective here in NorCal, the high end is doing next to nothing and people who have cash enough to buy 2M+ houses are husbanding their money. I don't know why that guy thinks things are done going down at that level.

To: TH who wrote (173826)	12/27/2008 3:45:23 PM
From: tejek	Read Replies (2) \| Respond to 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.