South Bay home price slide continues

and furthermore wrote:

Unsold houses eventually disappear, right?
Otherwise, they'd fall into the rental market, depressing rents.
My real estate agent told me that this is how it works.

LOL!!! and what else does your real estate agent tell you? time to get a new real estate agent!!

who laughs last wrote:

So with these falling prices, has anyone seen their rents drop? Why not?

Since homeowners are losing/selling their homes, this has increased potential renters. Thus, increasing the demand for rental housing. So when demand goes up, prices also go up.

what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.

and furthermore wrote:

Unsold houses eventually disappear, right?
Otherwise, they'd fall into the rental market, depressing rents.
My real estate agent told me that this is how it works.

and furthermore wrote:

Unsold houses eventually disappear, right?
Otherwise, they'd fall into the rental market, depressing rents.
My real estate agent told me that this is how it works.

Run to the phone; Call your Real Estate Agent & Fire him or her!!!

usc steve wrote:

why would you buy now if market values are still in decline. rents wont go down if prices are going down ....think about it...if people are being foreclosed on...do you think there leaving the state ( no )...they have to rent - which inturn causes a spike of new renters- which states a increase in demand - with minimal supply. so rents are increasing!!!
<quoted text>

but then there are more empty house now that need to rented who really knows which way rent will go

Problem now is even though RE prices are dropping at a healthy rate, they are still way too high. The market is in no mans land. The sellers are still to stubborn and their properties are still unaffordable. Patients is a virture amd those on the sidelines will continue to wait until realistic prices become available. And they will....

kept it simple wrote:

All who bought a home in the last 5 years, what were you thinking? Why did you fool yourself into paying more then double the price for the homes we bought for what seems like pennies now. I was lucky to have two homes before the boom. Believe you me, I wanted to sell when it was high or "refinance" with those lending sharks but I kept it simple and lived accordingly.
Homes in Torrance, Carson and the other south bay cities, OVER PRICED! Nothing has changed in our town, same old people with the same old jobs. The value of the dollar did not double, but our ignorance and greed did!

i concur

Old 3 bedroom homes built in the 40s to 50s are still half a million plus in Torrance. Prices may have fallen some but that's not what I'd call CHEAP by any means. Come on MEGA! Let's hit tonight.

manhattan beach dude wrote:

<quoted text>
How can you be laughing? Rent is crazy now, A 2 bedroom 2 bath apartment I rented 15 yrs ago in North Redondo for $800 is now "open House" for $2,300. Your laughting? your getting screwed on rent prices.

We're laughing too along with Carson. We know more than you do, hence the laugh.

In the mid 70's we bought for 51k a corner house in North Redondo, early 2000's we sold it for 600k, 2houses were built on that property, and sold for over 900k. See the math. enjoy

Medians have been skewed upwards for years by new construction that builds bigger and bigger houses. Also measuring median on such a small handful of sales broken out by zip code and unit type (as DataQuick shows in its mid-month chart) is statistically worthless.

I actually started keeping track of all listings in the Redondo Beach market starting in 2006. Rather than relying on median price figures, I found it more revealing to observe how much sellers are taking off their original asking prices and how long some of these homes have *really* been on the market. Some of the new listings coming on now are really old listings from, say, 2 years ago, that never got sold.

When I do calculate monthly medians on sold homes I also calculate the median square footage sold, which shows me that the composition mix of what sells varies considerably. So when you look at, say, March 2008 sales and compare them to March 2007 sales, the median may show an increase but there is also a significant increase in square footage YOY. Take the March 2007 homes that sold and then sell the exact same homes again a year later - now THAT would be revealing.

Another calculation I find revealing is short sales. Of all the ones I've tracked, the RB homes that are sold at losses are selling at losses to 2005 prices, even to 2004 prices.

Here I have been wanting to sale out here and move to the central coast area and you guys are now scare'n me..lol...It's actually happening everywhere, isn't it?

Carson City wrote:

I'm loving this. As a renter for many years, I laugh everyday with this decline of house sales. I have to rent because the housing market was out of control and I couldn't afford to buy a home. Home owners in Torrance are so uppity, with their noses in the air, acting like they walk on water. This is what you get for being so greedy. I hope the prices keep falling!!

I agree with you...you are so right about those
snotty nosed South Bay folks...Torrance, Redondo
PV especially....finally, we can hopefully get it
back to what it was in the 70's..where there were
designated areas of poverty...middle income homes.. and upper class..now its all upper class money that can buy anything..and most of it is garbage to boot..homes built in the late 50's...900 sq.ft that were once known as lower to mid income homes and the realtors are or were asking crazy amounts for these cracker box homes..how embarrassing to spend over 3 g's a month on a home, when you can move out to temecula or murrietta(by the way) all of the beach people are out there, because you can get a home for your dollar, a REAL home!!
Lovin your comments..!! Let's wake up and watch the sky fall on the S.Bay...so we don't have to move to another state just to live!!
Let's get rid of the eastcoasters with their blue blood money..that keeps our prices up in the clouds..so us locals, can't afford to live in the hometowns we were raised in...
who can buy a home in pv? not the boomers of the
50,-60's and 70's...unless you inherit the parents
palace...
I could keep going on this topic...but you said it well!!

concur wrote:

<quoted text>
i concur

Yes, I do agree!! Let's knock the greeds out of the ballpark!!
Lets live like the prices were in the 70's..cause our dollar value or wages haven't climbed that much at all...in the past thirty years..
I always wonder who was buying this stuff..
It made me sick!!
Oh, we just bought a house in Rd.Bch they would say..really with what, I would add...the wages weren't anything to sing about...
even in San Pedro..come ON....there were homes that were for the parents of the lesser income famalies...and now everywhere in Pedro is totally off the hook..the high school area was once a poor zone...and now, its high dollar for something built in the 30's...uck!
the local 13, 63, etc, keep that market circulating in the dro!! tract homes by the drive in were only selling in the 70's(very poorly I might add) at one time..for 32,000..now those same dumps..that haven't changed very much at all are well over 650....how sick is that?
with the same kitchens, carport and garage add on's,,tacky tacky
keep dropping, keep us renters that deserve a home happier!!
How can we apply to Extreme Makeover in CA.when we can't even afford to buy jackcrack or a cracker jack box house?

gone wrote:

In the mid 70's we bought for 51k a corner house in North Redondo, early 2000's we sold it for 600k, 2houses were built on that property, and sold for over 900k. See the math. enjoy

You were smart to get OUT!!
But it wasn't worth that much in a real world, come on really? I bet it was in the same condition as when you purchased it? maybe a little clean ups here and there, but a major overhaul? I doubt it..N.Redondo is too crowded, compacted, rundown crappy homes, seriously..get real, and quit patting yourself on the back!! at least you moved out of state and are probably living larger...
a conflicting topic for us locals here!!

Susan really should publish a blog with her data. It would help those of us who try to get facts *before* we leap into things like buying a house. Realtors don't ever report the kind of stats Susan keeps. Newspapers don't bother.

I just read the story on the Congresswoman. Bought for mid-500s, foreclosed for mid-300s. That house was obviously worth only 350K or so. But even the Congresswoman was willing to pay $200K more because it was no-money-down, cheapie initial rate, and so on. She lost it all.

Carson City wrote:

I'm loving this. As a renter for many years, I laugh everyday with this decline of house sales. I have to rent because the housing market was out of control and I couldn't afford to buy a home. Home owners in Torrance are so uppity, with their noses in the air, acting like they walk on water. This is what you get for being so greedy. I hope the prices keep falling!!

The reason why Torrance home owners have their noses in the air is not because they own a home, it is because they have fresh air to inhale.

If you go to Carson on a foggy day, the smell from the harbor, refineries whatever STINKS.

I mean it's BAD.

I would not love it that much, do to the real estate mess, people will be looking to rent.

Supply and demand means that the more people that need to rent can only fit into so many rentals.

If Carson does not have rent control than your rent will increase (supply v demand).

The way you word your post you seem to be jealous of not having a home. Well if things get as bad as you would like them to be than your rent will go up. It may go up like gasoline.

I would not wish bad things to happen to people, in some religions this is refer to as "Karma".

If I were you I would do all I can to help people in need and not be so condescending.

The differce with people in Torrance, PV, Redondo and the rest of the beach cities is that they make better financial choise than people in Carson. Carson has far more homes in foreclosure, which explains why home have dropped 20% while the other cities you call snooty only saw single digit drops. Size and age of homes has little do with the price of homes. Most of it is based on location, which equals low crime and good schools. Carson falls short on both. I attached a link so you can compare Carson to the cities you mentioned. When you see this it will make you realize what a ghetto Carson has become.http://torrance.areacon nect.com/crime/compare.htm?c1= carson&s1=CA&c2=Redond o+Beach&s2=CA

hip hip hooray wrote:

<quoted text>
I agree with you...you are so right about those
snotty nosed South Bay folks...Torrance, Redondo
PV especially....finally, we can hopefully get it
back to what it was in the 70's..where there were
designated areas of poverty...middle income homes.. and upper class..now its all upper class money that can buy anything..and most of it is garbage to boot..homes built in the late 50's...900 sq.ft that were once known as lower to mid income homes and the realtors are or were asking crazy amounts for these cracker box homes..how embarrassing to spend over 3 g's a month on a home, when you can move out to temecula or murrietta(by the way) all of the beach people are out there, because you can get a home for your dollar, a REAL home!!
Lovin your comments..!! Let's wake up and watch the sky fall on the S.Bay...so we don't have to move to another state just to live!!
Let's get rid of the eastcoasters with their blue blood money..that keeps our prices up in the clouds..so us locals, can't afford to live in the hometowns we were raised in...
who can buy a home in pv? not the boomers of the
50,-60's and 70's...unless you inherit the parents
palace...
I could keep going on this topic...but you said it well!!

Joe Torrance wrote:

<quoted text>
The reason why Torrance home owners have their noses in the air is not because they own a home, it is because they have fresh air to inhale.
If you go to Carson on a foggy day, the smell from the harbor, refineries whatever STINKS.
I mean it's BAD.
I would not love it that much, do to the real estate mess, people will be looking to rent.
Supply and demand means that the more people that need to rent can only fit into so many rentals.
If Carson does not have rent control than your rent will increase (supply v demand).
The way you word your post you seem to be jealous of not having a home. Well if things get as bad as you would like them to be than your rent will go up. It may go up like gasoline.
I would not wish bad things to happen to people, in some religions this is refer to as "Karma".
If I were you I would do all I can to help people in need and not be so condescending.

Hey Joe...Torrance is not that great and only a stone throw away from "smelly Carson" as you say. If Carson was setting a bad example and is in danger of "Karma," you'd better start praying because your comment about "smelly Carson" was a poor example of you trying to portray yourself as a good, concerned person. And what do you do when the tides of wind change in Torrance? Do you stop "inhaling?" You've got to be one of those snotty Torrance folks! Watch out dude...karma...greed will get you!

Dan wrote:

The differce with people in Torrance, PV, Redondo and the rest of the beach cities is that they make better financial choise than people in Carson. Carson has far more homes in foreclosure, which explains why home have dropped 20% while the other cities you call snooty only saw single digit drops. Size and age of homes has little do with the price of homes. Most of it is based on location, which equals low crime and good schools. Carson falls short on both. I attached a link so you can compare Carson to the cities you mentioned. When you see this it will make you realize what a ghetto Carson has become.http://torrance.areacon nect.com/crime/compare.htm?

c1=carson&s1=CA&c2=Red ondo+Beach&s2=CA<quoted text>

You know, people make financial decisions based on what they can afford. I don't think you should be putting people down, because all they could afford was a home in Carson. Torrance isn't all that great. The city is always in the news, there's constant robberies and shootings and the drug/alcohol abuse is staggering. Did you know South High is known for the high incidences of alcohol, drugs and STD's?? I guess the more money you have, the higher your vices beginning with your children. You better do more research, before posting uneducated remarks such as yours.