Friday, November 16, 2018

Sign of a Market Top

Wow, it's been a while since we talked about peak pricing. Long time readers know I am slow to supper but I rarely miss the meal. Here is someone making a last call.

Built in 1922 the best you can say is well maintained and quaint.   I can hit this cutie with a snowball from one of my rentals. 

So.  What's the problem?  The problem is trying to squeeze the last nickel and being left holding the bag. See the price history below.  $352 per square foot and a lot of those square feet are 6 1/2 foot ceilings.  On a small lot.  On the "low side" of the street.  If $140k was a fair price in 2012 what in the world is $360k in 2018? 

DateEventPrice
$/sqftSource
7/26/2018Price change$359,900-1.4%$352Country Life Realty
5/23/2018Listed for sale$364,900+160.6%$357Country Life Realty
1/4/2012Sold$140,000+15.7%$137Public Record
1/17/2002Sold$121,000--$119Public Record  

Thursday, November 15, 2018

Fires Everywhere

This is Thursday 8:00 AM looking north from the Dawghaus.  Briggs Fire. 

This was the panorama looking south from the Camarillo airport at the Woolsey Fire as it approached Malibu.

Tuesday, November 06, 2018

Floral Interlude

From the NYC Botanical Gardens





Later today, election predictions that look almost like Firemane's and the CoreLogic report Sept Housing. 

Monday, November 05, 2018

Leaving Los Angeles

From the ever declining in quality MarketWatch:
A decade ago, the communities inland from Los Angeles became the poster children of the housing bubble. As real estate agents urged clients to “drive until you qualify,” the communities of Riverside County filled with eager house-buyers who weren’t afraid of 90-minute commutes – each way.
Then the economy crashed, jobs dried up, the loosey-goosey mortgages people had relied on to finance their purchases stopped cooperating, and the exurbs emptied out.
Now, that trend seems to be back. Californians are fleeing the high-cost cities and heading inland. Is it a sign of another bubble? Or a confirmation that the cutthroat housing market is turning some pricey cities into gated communities?
 It isn't "price" so much "available at any price."  Greater Los Angeles has gotten so crowded (dense) that there is no new infill that makes sense.  No new supply. 

Don't be fooled by the colors.  Anything that isn't green is throughly urbanized.