927 25th sold on 3/23/12 for $1.42mm
1030 Harvard sold on 6/13/12 for $1.403mm
Let's call both of these sales "first half 2012" sales. And it's nice that we have one sale from east of 26th and one west of 26th.
Now let's see a couple recent sales from similar areas.
918 Princeton sold on 11/30/12 for $1.555mm
824 22nd sold on 11/30/12 for $1.6mm
These late 2012 sales show values continuing to creep up.
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LS 2009 is at it again - posting stories of DOOOOM from questionable sources.
ReplyDeleteAnd when I say questionable, one of them is Harry Dent. Harry's whole schpiel is to extrapolate trends forever, whipping his followers into a frenzy, kinda like he did when he called for DJIA 40,000
http://www.freerepublic.com/focus/f-news/1269555/posts
As you can imagine, anyone listening to this guy ends up in tears. Of course, LS2009 doesnt care. Apparently he wants his dwindling readership to receive only messages of doom from very questionable sources vs accurate messages that he doesnt want to believe (like stagnation to rising prices)
Funny thing is, very kindly, respectfully, call out LS2009 for posting articles from this dipshit, and he deletes your posts.
Typical...
misery loves company
DeleteWe need more discussionof lot value. My sense is that north of montana land is still selling today for under peak prices, but that manhattan beach is bak at exactly peak level for land and that the franklin 90403 is also at peak land price
ReplyDeleteI am not a bull nor bear am just trying to observe
Forget LS2009 and those in the bear camp. The battle is over. You can still find condos and crappy houses in tough locations selling for big discounts, but anything decent in a good location isn't off that much. There aren't any bargains to be had and I don't think there will be. The bargain is being able to buy with dirty low rates; although maybe you shouldn't listen to me about that since I have been making additional principal payments...As for lot value discussion, all the prime stuff is near peak values. Snoozer to discuss a few percentage point differentials here or there.
ReplyDeleteInflation adjusted values are probably still under peak, but these recent sales seem damn close to all time highs in nominal dollars...
ReplyDeleteDon't forget, 1045 Harvard just sold for $1.455 million, and that was a complete teardown, while 1030 was just a fixer upper.
Who can afford these prices? Especially if tear-down, that means you have to have a war chest to build after you already pay insane prices for land alone...
ReplyDeleteWhat is 90402 land selling for?
ReplyDeleteAs long as inventory is low low low and the interest rates are crazy low low low...and rental rates are ridiculously high (on the Westside anyway)....the market will trend up.
ReplyDelete...And following up with some recent stats from Case Shiller and Housing Tracker:
DeleteLos Angeles metro area YOY -- Dec. 11 to Dec. 12 -- asking price increased by 9.0% to $365,000; inventory declined by 36.2% YOY (Housing Tracker).
Home prices increased YOY -- Sept. 2011 to Sept. 2012 -- by 3.6% (Case Shiller index of resale homes went from 168.00 to 174.08).
Los Angeles area prices have also gone up every month since Feb. 2012 (from CS 159.53 to 174.08) for a 9.1% increase through Sept. 2012.
Those who purchased a home earlier this year are probably smiling right now. What would have cost $500K this past spring would now cost about $550K.
I was a big bubble blog reader starting in the early days of the HBB in '04. I saved my money, waited, predicted doom & gloom,
ReplyDeletebut am now capitulating. My wife & I are buying a short sale in the Pico neighborhood of Santa Monica for an amazing price.
With these interest rates, the mortgage will be a piece of cake. I noticed bubble bloggers going soft in the past year and took heed.
I decided to get off my butt and start looking at the end of the summer, but never would I have dreamed that I would
find a home in Santa Monica. I really believe we've hit the bottom, monthly payment wise.
I don't see interest rates going up, anytime soon. If they do, nominal prices may slide a bit, but I really believe
this is what a bottom looks like.
For what it's worth. :) I definitely feel more than rewarded for my patience.
The market is efficient enough and picked over to the point where there are no "amazing" prices on anything decent these days, so I question your perspective a bit. As for capitulating, it isn't capitulation to realize the cycle has turned and former views are wrong. It's called being realistic and rational. Most bubble bloggers have been wise enough to realize this and have purchased already. Those holding to old views are fewer and fewer these days as it becomes more and more obvious that the housing crash is over. Congrats to you for being patient.
ReplyDelete