Hottest and Coldest Markets in Los Angeles

Painful for some, awesome for others!

Here are the stats

Highs and Lows
Here are the Southern California communities with the greatest increases and greatest decreases in value comparing the first quarters of 2007 and 2008, based on at least 20 sales. The median sales prices are for existing, detached homes.

Biggest gains
Community ZIP Code Q1-2007 Q1-2008 % change
Newport Beach 92663 $1,649,000 $2,750,000 66.8%
Indian Wells 92210 $ 970,000 $1,352,500 39.4%
Newport Coast 92657 $2,048,750 $2,610,000 27.4%
West Hollywood 90069 $1,690,000 $2,121,000 25.5%
Santa Barbara 93108 $2,866,364 $3,587,500 25.2%
Irvine 92603 $1,430,000 $1,687,500 18.0%
Rancho Palos Verdes 90275 $995,000 $1,170,000 17.6%
Palos Verdes Peninsula 90274 $1,425,000 $1,659,500 16.5%
Brentwood 90049 $1,815,000 $2,100,000 15.7%
San Diego 92107 $725,000 $829,500 14.4%

Biggest losses
Community ZIP Code Q1-2007 Q1-2008 % change
Hemet 92543 $250,000 $130,000 -48.0%
Twentynine Palms 92277 $150,000 $85,000 -43.3%
Moreno Valley 92553 $355,000 $201,500 -43.2%
Sun City 92587 $560,000 $322,500 -42.4%
Paramount 90723 $450,000 $260,000 -42.2%
Palmdale 93550 $325,000 $190,000 -41.5%
Moreno Valley 92551 $375,000 $229,500 -38.8%
Oxnard 93033 $520,000 $320,000 -38.5%
Lancaster 93534 $290,000 $180,000 -37.9%
Adelanto 92301 $283,000 $176,000 -37.8%

Muted Market in the LA Times

Interesting story on the current market woes in the Los Angeles Times. Check out the Muted Market.

I found the last couple of paragraphs very telling.

"And then there are the communities that rarely feel pain, such as Beverly Hills, Indian Wells, Pacific Palisades and Newport Beach, where prices have continued to climb.

But even homes in those tony areas must be in pristine shape, said Beverly Hills Coldwell Banker agent Ruben Perez.

"No one's buying fixers or homes that are overpriced," Perez said. "They have to be in top shape to get top dollar."

As an agent in the upscale neighborhood of Calabasas, this is really true. Buyers of higher priced homes want pristine condition homes with move in qualities. They figure if they're going to spend over a million, they don't want the headache of a fixer uppper, which wasn't the case pre-2005.

All in all, it is a good buyers market.

Stylish Outdoor Living

It's only March and already in SoCal the the sun is out and the weather is terrific. We here in the sunny San Fernando Valley spend a good portion of our time outside as well as in year round. Here is a great article on making your outdoor area as livable and comfy as your indoor area. Stylish Outdoor Living.

The Truth Hurts.

Headlines, highlights and lowlights from the Southland Regional Association of Realtors' press release on 2007 home sales in the Valley:

--The number of homes sold in 2007 dropped 34.9% from 2006 levels.
--Sales of single-family homes in December 2007 were down 51.6% from December 2006 levels.
--Median price of homes sold in December '07 was $480,000, a decline of 14.3% from the December '06 median of $560,000.
--Total 2007 sales, of 6,271 single-family homes, is well below the previous low -- 7,774 in 1992. Annual Valley sales in this cycle peaked at 13,878 in 2003.

Low Income Housing That's Doesn't Look It.

While cities such as Oak Park and Agoura are fighting low income housing, Glendale is embracing the challenge. Crafstman style homes will be availble at the so called Doan Project starting in 2009.

Buyer Sues Agent....Very Scary

As an agent this story in the New York Times sent a chill down my spine. Marty Ummel feels she paid too much for her home in Southern California, so she is now suing her agent.

After reading the entire article I am of the opinion that this woman is mentally unbalanced. Read for yourself and decide.

Foreclosures Reach Record Levels

We saw this coming. Unfortunately the consequences are finally coming home to roost. Excuse the mixed metaphors. The foreclosure rate in California has surged to over double the record. The Los Angeles Times has the full story.Pain Goes Through the Roof.

Prices Down, Rents Up 10%

This makes sense. As more people are forced out of their homes because of foreclosures, short sales, etc, the rental market is hot. Then you have people who are waiting to buy until the market bottoms out. Good news if you own a rental unit. Bad news if you're looking to rent in the LA area for anything under $1000 per month. It's brutal out there.Rents Up