Hampton Homes Decline Most Since Records Kept; Cali Home Prices Fall 36%

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ByLoSellHi

Hamptons Homes Decline Most Since Realtors Kept Records in 1982
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"Wah! Wah!"
Sculptor Fredi Cohen expected the hand-carved sinks and tubs in her East Hampton, New York, home to stand out in the real estate market and help sell her three- bedroom house for $1.25 million. Almost two years later she’s still waiting.
“People have stopped buying real estate,” said Cohen, who designed the kitchen and bathroom tiles herself. “Now I would sell it for $999,000"...

Good luck, beeeyatch...you may have to whore yourself out pretty soon...

http://www.bloomberg.com/apps/news?pid=20601087&refer=top_news&sid=apbLGZzGvHkQ

Southern California Home Prices Fall 36% on Higher Foreclosures
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'I will give you $25,000, cash for it.'
Southern California house and condominium prices fell 36 percent in April from a year earlier as foreclosures accounted for more than half of all sales, MDA DataQuick said.
The median price dropped to $247,000 from $385,000 a year earlier and is now 51 percent below the peak reached two years ago, the San Diego-based research company said today in a statement. Sales rose 31 percent last month from a year ago. “Whatever price stability is out there is tenuous at best,” said Andrew LePage, an analyst with MDA DataQuick. “It’s going to come down to how much worse job losses and foreclosures are going to get for the balance of the year”...

You got that right, dildorf. Just wait, you haven't seen jackshit, yet...

http://www.bloomberg.com/apps/news?pid=20601087&refer=top_news&sid=aTgmas5Ypd58

Rich Default on Luxury Homes Like Subprime Victims (Update1)
Chuck Dayton put down a quarter of the $950,000 purchase price when he bought his house in Newport Beach, California, in 2004. He was making $500,000 a year with his drywall company and he expected home values to keep rising...

In other words, greed got the best of your greedy ass...

http://www.bloomberg.com/apps/news?pid=20601087&refer=top_news&sid=a5750zUcnEEs
 
An older house in my neighborhood, in need of a half mil in renovations- oceanfront-sold yesterday for 2.3 million and never even made it on the MLS. So yes stuff is trading here and there.

While some one like bylosellhi would say "but how much would it have sold for in 2005" (3.5 I rekon) I could just as easilly retort it would have been only a million in 1998. And probably only a half million in 1988.

Hat's off to the seller. His mom died like all of 10 days ago and he liquefied himself 2.3 million times.....
 
I've been looking in La Jolla and Pacific Beach for 2 years now, for oceanfront property (as in, the rear of the lot is the ocean), and there has been no lowering of prices whatsoever.

Now the stuff off the ocean, even ocean 'view' properties? They're definitely being discounted heavily.

I still think the economy is set to worsen much more over the next five years, and even true ocean front property may get dinged.

I remember people claiming prime Manhattan residential never got discounted, because families passed it down from generation to generation - that's no longer true by a long shot.

Average people and those in distress praying for a rebound still have no clue as to how bad things are going to get in the U.S.

Watch for the jobless rate to start increasing yet again, as well as a larger, second wave of foreclosures to wash over the U.S.
 
Most SoCal prices are back to 2004. Not what I'd call a massive concession given that stocks are back to like 1998. And because the coast is so expensive, the inland areas (not desert crap like the IE) but Carmel Valley in SD, Mission Viejo in the OC and Pasadena in L.A. County are all pretty buoyant. I'd guess if you strip condos from the data and identify only sfr's the decline has been minuscule compared to the headline numbers.

I'd suggest if you want a house in a safe neighborhood with a view and if you don't need to commute anywhere that you look on the Southcoast of the O.C. It's as cheap as SoFla. (decent homes 700k-900k). Trouble is-inconvenient as hell. I'm talking Laguna Niguel etal....


Quote from ByLoSellHi:

I've been looking in La Jolla and Pacific Beach for 2 years now, for oceanfront property (as in, the rear of the lot is the ocean), and there has been no lowering of prices whatsoever.

Now the stuff off the ocean, even ocean 'view' properties? They're definitely being discounted heavily.

I still think the economy is set to worsen much more over the next five years, and even true ocean front property may get dinged.

I remember people claiming prime Manhattan residential never got discounted, because families passed it down from generation to generation - that's no longer true by a long shot.
More...
 
Quote from ByLoSellHi:


You got that right, dildorf. Just wait, you haven't seen jackshit, yet...
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Maybe. The housing market could always overshoot with heavy downward momentum or maybe we're at or near a bottom.

I think this graph is a little biased since the creator used '97 as a reference point, which just so happens to be the lowest price/rent ratio in the last 22 years (or more). If he would have used '89 as the reference or even '01 during that recession, the graph would not look quite so bubbly, not to mention the feedback loop investors create on rent prices when they own several houses and convert them to rentals during a bubble.

Anyhow, the graph is interesting and to me suggests the U.S. is getting pretty damn close to a bottom in housing prices and Germans just aren't going to overpay for housing.


housing_bubbles_chart.png
 
Housing market is nowhere near a bottom. It takes a few phone calls to realtors across the country to find out how bad things really are...

Commercial real estate is on a free fall...and yet you see very little on TV about the severity of the decline in this market segment.
 
With option arms the next major wave in this housing bubble we will see even more foreclosures and prices coming down an additional 25-35% in some over extended markets such as CA.


I still believe houses are way overpriced.
 
Quote from Corelio:

Housing market is nowhere near a bottom. It takes a few phone calls to realtors across the country to find out how bad things really are...

Commercial real estate is on a free fall...and yet you see very little on TV about the severity of the decline in this market segment.
More...


Just take a quick ride and take notice of commercial RE heading no where quick, near me there is hundreds of thousands of SQ available for rent, about 5 dealerships near me have closed and numerous furniture stores as well. I do see some people taking risk, there are a few new restaurants that have opened other than that signs for available commercial real estate are plentiful.
 
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