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strbear

Downtown La Condos Down 16% In A Year

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Just replace Los Angeles with Leeds, Manchester . . . . . . .

Downtown Los Angeles has seen a much-heralded revival in the last few years, with thousands of people moving in and a flock of new restaurants and upscale stores opening to serve them. Attractions such as Staples Center and the Nokia Theatre are helping support premium eateries and a lively club scene.

But there are signs that downtown's residential boom is slowing, if not stalling out altogether.

But some real estate analysts believe downtown's housing troubles run deeper. They say developers and planners miscalculated its appeal as a residential community, leading them to build far too many projects for the demand.

As a result, the housing market downtown could fall more sharply and take longer to recover than it might in established residential areas.

"There was great hype," said Fred Sands, a veteran real estate broker who sold his namesake firm and now invests in commercial properties. "There was sort of a mania that fed on itself. People said downtown was the future, and young people bought into it. Some of those buildings should not have been built."

The median sales price for homes sold downtown, almost all of which are condos, fell to $497,360 for the fourth quarter of last year, 16% below the peak reached in early 2007, according to DataQuick.

http://www.latimes.com/business/la-fi-down...0,3006637.story

Enjoy,

Regards

SB

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Southern California home prices continued to fall at a record pace in February, and are now at 2004 levels, a real estate information service reported today.

The median price for a Southland home last month was $408,000, down 17.6% from a year ago, according to DataQuick Information Systems. Area home prices have now fallen 19% on average from their peaks last year.

SB

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SURE.

It's coming, and it is going to be worse in the UK.

Be patient, you need to wait a year or so.

Don't forget last time:

http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

The Great Crash of '89 was uncannily similar in CA and the UK. SoCal is now down by an average of 19.2% YoY and its early days. The state economy is in recession, jobs are being lost and there is no bottom in sight.

They are coming up to the end of the 1st year of the crash. We are lagging by about a year and are now 4 months in a rown down accoridng to the VIs. So it looks like the Great Crash of '07 is repeating the same pattern.

12 month lag?

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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