The high end will take it in the shorts first, then the mid-tier and finally the lower price ranges
June 14, 2006
That's gotta suck: Menlo Park, CA home prices fall 22%, LA down 10% (already) year to date
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5 comments:
Wow! Menlo Park down over 22% Marin County (which has Menlo Park envy) isn't down nearly so much. I think we will get our turn soon.
These stats are for single, welthy, zip codes, not the cities as a whole. For instance... "Los Angeles (90077)" is Bel Air. Not exactly representative of the whole city. I'm impatiently waiting for stats like that for *all* of LA. :-)
I think LA will lag 6 motns behind the leaders. Just hang in there and squirrel away the dough, it'll be a long ride down.
I'm not so sure about the statement that high-end homes get hurt first or worst. A lot of other reports show that low-end goes first. It counter-intuitive but the reason is that the rich folks will still buy (and can when they try to trade-up) whereas the low-end is still "priced out".
I just checked with my realtor on a property im interested in. It was bought a year ago and the new owner is upsidedown the realtor fees. Only 100,000. Still not too late to get out.
These are small areas with small sample sizes. Let's not get excited here.
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