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.