"The California housing market in March continued to deal with problems in the real estate finance arena, rising numbers of defaults and foreclosures, and concerns about the economy. Sales of detached existing homes fell 24.5 percent from 422,300 homes in March 2007 to 318,830 homes in March 2008. Sales bucked a 4-month trend of increasing monthly sales, falling 6.4 percent compared to the February sales figure of 340,580 homes. The median price also continued its decline against prior month and prior year figures. The March median was $413,980, down a record-setting 29.0 percent from the median of $582,930 a year earlier."
Some of this may be the lower end stuff selling to developer/flipper types. The well off and well maintained property may not be in the sales volume right now. The ones I see actually selling are the better priced homes. The "deals" that are priced right. That may be adding to the heady news above.
On today’s Tuesday caravan there were two items that stood out. One a 1 bedroom Condo for 280,000 and then in Santa Monica a nice owner user type house with units. Or the other item I reviewed (not on Caravan), 40 units with a big price reduction to a 5.4% Cap Rate and good old days GRM or 11.6.
Call me to ask for details if you are interested.
Keith L.
310-391-0821
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