Local RE check

[brewer12345]

Out of curiosity, I just looked in my 'hood on www.realtor.com to see what is up. Asking prices are way down. The only house currently for sale in my immediate neighborhood that is not under contract started out asking $425k maybe a month ago and is now down to $379k. But I saw several other properties with "just reduced" and "submit all offers!" tagged on the listing.

 

[Arif]

That's over an 11% drop in price! I wonder what the next year will hold for prices? What's really driving this decline IMHO is buyers saying to themselves, "If this house has been reduced so much I'll just wait till next year and save even more." If enough buyers do that and sellers get desperate enough there goes the soft landing.

 

[cute fuzzy bunny]

We're getting that here, but whats coming off is the frothy top that shouldnt have been there in the first place.

In my area, a typical house in the area sold for $175k 5 years ago, $250k 3 years ago, and you could have gotten about $400-425k for it late last year or early this year. Maybe $360k or so right now. Thats still pretty high. Those 400k+ prices were stupid.

 

[IBWino]

Prices are still high here. Houses in our neighborhood (35 year old, 1500 sq-ft track homes) were gong for $250K-$300K five years ago, and $550K-$600K last year. They are currently still running over $525K, but they are staying on the market a lot longer, 3 months now versus about 3 weeks last year.

 

[Rich_by_the_Bay]

Prices are still high here.

Where? Just curious.

 

[IBWino]

Where? Just curious.

An hour north of the Golden Gate Bridge in Sonoma County, CA. Lots of wineries and grapes around here.

 

[gtmeouttahere]

An hour north of the Golden Gate Bridge in Sonoma County, CA.  Lots of wineries and grapes around here.

Which explains the IBWino...good on ya!!!

 

[gtmeouttahere]

From an earlier post/thread:

I would say that I still think the Kitsap penninsula in the pacific northwest is still a good opportunity. Reasoning...

Still low unemployment, good jobs and great location to Seattle. A new bridge and ferry system upgrades also is quite appealing, you can commute by ferry to numerous areas. Prices have shot up admittingly but still are a FAR cry from Seattle homes. Also people in California are attempting to sell down there and profit (while they still can) getting jobs here and literally are paying cash for homes here. Also the military has expanded here providing even more jobs to the area.

The area is still somewhat rural in it's feel and big country lots can still be found for privacy at a cost. I still don't think we here will see a bottom for a while but prices should slow down as they have been incredible. But we have a lot of catching up to do to catch up with Seattle and surrounding areas pricing. I still think it's a good buy here but even I am a bit more cautious but always looking for a deal and keeping inventory low.

 

[lazygood4nothinbum]

this is not a misprint: "$1,900,000 2 Bed, 1 Bath 1,812 Sq. Ft."
lololololol welcome to south florida. the rules are different here.

my area in broward county

feb 2006
39 houses for sale
$712,902 average price
$627,000 medium price

may 2006
59 houses for sale (about 10 of those newly proposed)
$743,330 average price
$650,000 mean price

mom's area in palm beach county

feb 2006
34 houses for sale
$6,118,352 average price
$6,950,000 medium price

may 2006
32 houses for sale
$5,583,375 average price
$4,495,000 medium price

 

[Brat]

I would say that I still think the Kitsap penninsula in the pacific northwest is still a good opportunity.  Reasoning...

Still low unemployment, good jobs and great location to Seattle.  A new bridge and ferry system upgrades also is quite appealing, you can commute by ferry to numerous areas.  Prices have shot up admittingly but still are a FAR cry from Seattle homes.  Also people in California are attempting to sell down there and profit (while they still can) getting jobs here and literally are paying cash for homes here.  Also the military has expanded here providing even more jobs to the area.

I could not believe the traffic volume north of Bremerton on Hgy 3 last week.  We used to have that pavement all to ourselves. 

~Close the doors, they're comming in the windows!~  Remember folks, it rains so much here that our kids are born with hip boots. 

 

[Spanky]

Which explains the IBWino...good on ya!!!

I think the prices are driven up by companies moving (or expanding) from Silicon Valley into Soloma county.

 

[Alex]

I live in Santa Clarita Ca - for those of you not familiar with California - that is in the northern part of Los Angeles county - prices here have stabilized the last few months but have not dropped. According to my realtor, demand is still pretty strong but homes are taking longer to sell.

 

[Lakewood90712]

Los Angeles /orange county , Single family dwellings, in the burbs ,prices are about flat last 6 mo, Low single digit increase in better areas, single digit drops in the outlying areas.  
Exception , downtown LA, New Lofts , and conversion of old buildings, still growing at fast pace, 500k-1.2 mil.   A lot to pay , for living a couple of blocks from Skid-Row !!!!!!! When you walk on those streets , you get "Aroma Therapy" at no extra charge.