tag:blogger.com,1999:blog-65440094864767597512024-02-08T03:17:12.341-08:00LA House Price Crash - Bubble PopLakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-6544009486476759751.post-28351476254575702652008-08-24T21:21:00.000-07:002008-11-13T19:11:05.214-08:00Chasing Down the market!It is a known fact in team sport games like soccer or basketball that passing is much faster way to move the ball than dribbling.<br />The analogy to RE, is that if you chase down the market, you will never catch it. The fact is that you will get buried under the house or literally get foreclosed in today's market.<br />Here is a nice example of this:<br /><span style="font-weight: bold;"><br /></span>5716 WILBUR AVENUE, Tarzana, CA 91356<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SLIz7jA75GI/AAAAAAAAACk/MJnjJLKFHns/s1600-h/FR2072794.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SLIz7jA75GI/AAAAAAAAACk/MJnjJLKFHns/s400/FR2072794.jpg" alt="" id="BLOGGER_PHOTO_ID_5238306414689772642" border="0" /></a><br />Sales History:<br />Oct 17, 2000 $230,000 <br />Sep 02, 2005 $699,000<br /><br />Asking price history:<br />Feb 20, 2007 $749,950<br />Apr 22, 2007 $650,000<br />Jun 05, 2007 $595,000<br />Jul 21, 2007 $555,000<br />Aug 12, 2007 $545,000<br />Aug 21, 2007 $490,000<br />Nov 30, 2007 $489,000<br />Mar 26, 2008 $475,000<br />Mar 27, 2008 $465,000<br />Jun 10, 2008 $435,000<br />Aug 19, 2008 $405,000<br />off market<br />Relisted as new listing:<br />Sep 23, 2008 $395,000<br /><br />This seller is trying to sell for the last year and a half...<br />He slashed his asking price from $750,000 down to $400,000. Almost 50% and still can sell.<br />Had he been not so greedy but more reasonable....Had he just wanted to sell and not chase down the market...<br />He could have sold it long ago...It is safe to assume he could have sold it for $600,000 in Feb-march 2007. (when loans were still given to anybody that can sign x and say his name...)<br /><br /><img src="file:///C:/DOCUME%7E1/shelly/LOCALS%7E1/Temp/moz-screenshot-13.jpg" alt="" /><img src="file:///C:/DOCUME%7E1/shelly/LOCALS%7E1/Temp/moz-screenshot-14.jpg" alt="" />LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-76816658284270430722008-08-23T14:38:00.000-07:002008-11-13T19:14:50.182-08:00HALF PRICESome have question me about finding half priced homes. I refer to those that sold recently for HALF the amount of the last sale price.<br /><br />So....here is one to start with<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_y-LVV8ZjWaI/SLCFP7bdf2I/AAAAAAAAACU/mrBaeCwiU78/s1600-h/5022donpio.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://3.bp.blogspot.com/_y-LVV8ZjWaI/SLCFP7bdf2I/AAAAAAAAACU/mrBaeCwiU78/s400/5022donpio.jpg" alt="" id="BLOGGER_PHOTO_ID_5237832875329290082" border="0" /></a><span id="address_line_1" class="street-address"><span style="font-weight: bold;"><br /></span></span><span id="address_line_1">5022 Don Pio Dr</span><span id="address_line_1" class="street-address">, Woodland Hills CA 91364<br /><br />Here is the Sales history:<br /><br />SOLD May 17, 1990 $311,000<br /></span><span id="address_line_1" class="street-address">SOLD </span><span id="address_line_1" class="street-address">Jun 10, 1993 $250,000<br /></span><span id="address_line_1" class="street-address">SOLD </span><span id="address_line_1" class="street-address">Mar 24, 1994 $190,000<br /></span><span id="address_line_1" class="street-address">SOLD </span><span id="address_line_1" class="street-address">Sep 30, 2003 $425,000<br /></span><span id="address_line_1" class="street-address">SOLD </span><span id="address_line_1" class="street-address">Dec 22, 2005 $615,000<br /></span><span id="address_line_1" class="street-address">SOLD </span><span id="address_line_1" class="street-address">Feb 23, 2006 $800,000 <br /></span><span id="address_line_1" class="street-address">FORECLOSED </span><span id="address_line_1" class="street-address">May 11, 2007 $701,771 <br /></span><span id="address_line_1" class="street-address">SOLD </span><span id="address_line_1" class="street-address">Jul 07, 2008 $410,000 <br /><br />So from 2006 to 2008 about two years, the house went from $800,000 to $410,000. To me that is 50% decline! or HALF PRICE.<br /><br />Funny that i found that the bank once wanted </span>$549,000 but we all see they settled at $410,000<br /><br /><span id="address_line_1" class="street-address">====================================================================<br />Here is another one that is about to join the list.<br /></span><span id="address_line_1" class="street-address"><span style="font-weight: bold;"><br /></span></span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SLCLmiXh-9I/AAAAAAAAACc/A3ARyeDP3LE/s1600-h/F1776128_0.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SLCLmiXh-9I/AAAAAAAAACc/A3ARyeDP3LE/s400/F1776128_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5237839860808678354" border="0" /></a><br /><span id="address_line_1" class="street-address"><span style="font-weight: bold;"><br /></span>5327 Don Pio Dr. Woodland Hills, CA 91364<br /><br />This is a common example of how far the loan owner was able to milk his lenders.<br />To our congress people like Senator Dodd and Frank, it looks like the poor homeowner just lost his house to foreclosure...<br />However, let me show you how this "poor" home owner just scored $200,000 cash tax free and is smiling everyday when he goes to his bank....<br /><br />sales history:<br />Sold May 02, 1989 $290,000 <br />Sold Apr 14, 1995 $185,000 <br />Sold Jun 02, 2005 $655,500 <br />Sold Oct 18, 2005 $746,000 <br />Foreclosed Jun 03, 2008 $573,750 <br /><br />For Sale asking $459,900<br /></span><span id="address_line_1"><br />SOLD !!!<br />Oct 14, 2008 Sold $450,000<br /><br />What you don't see here is that in April 2007, the loan owner was able to get a $200,000 HELOC from City national bank.<br /><br />The foreclosure occurred on his 1st mortgage was for </span>$596,500 and Bear Stearns foreclosed for $573750.<br />There was also a second mortgage for about $112,000 that got wiped out completely.<br />Add to that National city that was wiped out of $200,000.<br />If this house is for sale asking $459,900 and assuming it will sell for $400,000 (like many next door comps)<br />Bear sterns (JP Morgan chase) will lose $196,000 (probably more after sales commission something like $210,000)<br />Didn't the FED agreed to guarantee $30 Billion of Bear's assets...So I guess thie $210,000 is our (tax payers money...)<br />2nd mortgage $112,000 loss<br />National city HELOC $200,000 loss.<br /><br />Foreclosed loan owner gain about $200,000 from his cash out HELOC, and only god knows how many months of free rent...LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-75867564970194572392008-07-17T08:08:00.000-07:002008-07-17T08:25:32.973-07:0050% reductions in prime areas?Wanted to see 50% reductions, check this out:<span id="address_line_1"><span style="font-weight: bold;"><br /><br /></span>4388 Pampas Rd </span> <span id="address_line_2"> Woodland Hills, CA 91364</span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_y-LVV8ZjWaI/SH9havrfERI/AAAAAAAAACE/w3C8lt1h-fo/s1600-h/F1775207_0.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp2.blogger.com/_y-LVV8ZjWaI/SH9havrfERI/AAAAAAAAACE/w3C8lt1h-fo/s400/F1775207_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5224001204876415250" border="0" /></a><br /><br />Sold new<span style=""> Dec 16, 2003 $699,000<br />Sold</span><span style=""> Jun 13, 2006 $1,500,000<o:p></o:p></span><br /><br />Now offered for $750,000<br />Basic algebra skill say 1,500,000/750,000 = 2<br /><br />==================================================================<span id="address_line_1"><span style="font-weight: bold;"><br />Another interesting one:<br /></span>19440 Shirley Ct </span> <span id="address_line_2"> Tarzana, CA 91356<br /><br /></span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp3.blogger.com/_y-LVV8ZjWaI/SH9kHvpwRhI/AAAAAAAAACM/RgU8iPZIAIg/s1600-h/shir.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp3.blogger.com/_y-LVV8ZjWaI/SH9kHvpwRhI/AAAAAAAAACM/RgU8iPZIAIg/s400/shir.jpg" alt="" id="BLOGGER_PHOTO_ID_5224004176986523154" border="0" /></a><br /><span id="address_line_2">Sold </span><span style="">Sep 11, 1997 $590,000<br />Sold</span><span style=""> Apr 11, 2000 $700,000 <o:p></o:p></span><br /><span style="">Sold</span><span style=""> Sep 01, 2005 $1,350,000 <o:p></o:p></span><br /><span style="">Sold</span><span style=""> Sep 29, 2006 $1,700,000<o:p></o:p></span><br /><br />Was offered couple weeks ago for $900,000.<br />That is 48% discount...almost half.LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-34084933978133367332008-06-25T00:29:00.000-07:002008-06-25T00:33:06.268-07:00Updated Case Shiller index for LA to April 2008<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SGH0C9G7k_I/AAAAAAAAAB8/u2VgwnvZGHs/s1600-h/cs04_2008.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SGH0C9G7k_I/AAAAAAAAAB8/u2VgwnvZGHs/s400/cs04_2008.jpg" alt="" id="BLOGGER_PHOTO_ID_5215718175072293874" border="0" /></a><br />So far my prediction is within +-3%. I did however corrected the housing bull prediction as i moved the yellow line down from their previous guesstimates. RE Bulls have been claiming every single month that we have reached bottom...<br />Yet we still falling down the slippery slope.<br />Enjoy the free ride!LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-90793189982610915652008-05-27T22:12:00.000-07:002008-05-27T22:32:44.249-07:00Case Shiller Updated to March 2008I am plotting here the graph for LA based on Case shiller updated to March 2008 with additional two projections. I want to know which one makes more sense to you.<span style="text-decoration: underline;"><br /><br /></span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SDzuJ5lYJ6I/AAAAAAAAAB0/EggEmU-CcWw/s1600-h/cs03_2008.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SDzuJ5lYJ6I/AAAAAAAAAB0/EggEmU-CcWw/s400/cs03_2008.jpg" alt="" id="BLOGGER_PHOTO_ID_5205297123177277346" border="0" /></a><br />The Blue line is the current S&P Case shiller for LA updated to March 2008<br />The Pink line is my prediction of house prices behavior from now to about 2012<br />The yellow line is the housing Bulls prediction of house prices behavior from now to about 2012<br /><br />The pink line assumes that the unavailability of stated income loans, Option ARMS and stated second mortgages will simply decrease the number of qualified buyers to such a point where over correction would occur, then after getting to some support level by wages, market will flatten and start increasing at the rate of inflation.<br /><br />The yellow line assumes we have hit bottom, and are going to be flat or start appreciating again....<br /><br />Now, you tell me, who do you think is right?LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-57000912316615485512008-05-25T22:44:00.000-07:002008-05-25T22:56:00.937-07:00Fraud in Day Light<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_y-LVV8ZjWaI/SDpOs5lYJ5I/AAAAAAAAABs/KhTPktaIA6Q/s1600-h/F1759916_0.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_y-LVV8ZjWaI/SDpOs5lYJ5I/AAAAAAAAABs/KhTPktaIA6Q/s400/F1759916_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5204558852658833298" border="0" /></a><br />This is an update to my post back from Saturday, March 29, 2008.<br />Well, the house was put on the MLS for sale asking $725,000. I called on the second day to the listing agent and was told that the house is in escrow....<br />The seller (flipper) slapped a coat of paint to the house and was thinking to flip it. So I was thinking that there is now way to sell this painted leaking roof shack for more than what he bought it from the bank just in January for $500,000.<br />Surprise! I just checked public records and found that indeed a sale was done and a buyer got it for $700,000.<br />From my good knowledge of the area, there is absolutely no way that a legit appraiser will give $700,000 to this place. There is no chance that any crazy bank will give a loan for this amount unless of course there is some serious down payment. Similar houses in the area are selling for $500,000 range.<br />Check out websites such as propertyshark.com to find the owner's name.<br />So far, i haven't seen anyone moving in...the house is still vacant.<br />My bet, is that this is a straw buyer that does not exist and that the poor bank got jacked. The flipper managed to bailout of the shack with some nice cash...Amazing, only in the US of A.<br />Give it 4-6 months, and we are going to see a fresh NOD on this one.<br />And if the bank's people are reading this...look no other place, the robber is the seller, go after him!LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-72358372280290722662008-05-25T22:35:00.000-07:002008-08-24T21:15:54.448-07:00REO Blow out! REDUCED!!! MULTIPLE OFFERS,<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SDpMWZlYJ4I/AAAAAAAAABk/-UKp5JuBiW8/s1600-h/F1730029_2.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://2.bp.blogspot.com/_y-LVV8ZjWaI/SDpMWZlYJ4I/AAAAAAAAABk/-UKp5JuBiW8/s400/F1730029_2.jpg" alt="" id="BLOGGER_PHOTO_ID_5204556267088521090" border="0" /></a><span id="address_line_1">5316 Mecca Ave </span> <span id="address_line_2"> Tarzana, CA 91356<br /><br />This one is a tail about a bank, "US Bank", that is in denial, acting very slow and basically losing money as we speak. The listing description is simply a killer. The bank/agent claims that there are multiple offers for this amazing property and that last best offer need be submitted by...</span>3-11-08 AT 9:00 A.M.<br />Well, we are more than two months after...and what happened to those multiple offers???? NOT EVEN ONE!<br />Here is the full description from the listing:<br />===================================================================<br />*** THIS PROPERTY IS IN MULTIPLE OFFERS, IF YOU CHOOSE TO WRITE AN OFFER, PLEASE CALL FOR FORMS, DEADLINE FOR ALL 'HIGHEST & BEST' OFFERS IS TUESDAY, 03-11-08 AT 9:00 A.M. - THANK YOU! *** REO Blow out! REDUCED!!! S of Ventura, 3+2+Fam rm, Hardwd, Fp's; great master, sliding glass to pool! Some copper, newer electric, Seller crediting $10,000 for Buyer Closing Costs,Direct entry 2 car garage; gated parking; 2 car att gar; cent air/ht; Breakfat rm, open kitchen; Great newer home with old style craftsman - work. A fantastic Value. Covered patio, Just Reduced and incentives added; This is your chande!!! Step-down dining area. Paver tile flooring, wet bar. Some dual Pane windows. Vaulted ceilings. Pool, spa, Rear bedroom with own separate bath with dressing area and separate tub and shower. 2 car attached garage with direct access to house. Separate laundry room. ***Reduced with Bonus and Seller incentives to buyer and buyer's agents!!! Go Quickly, now's the time!!!<br />===================================================================<br />The bank took this house back for $852,129 back in May 2007, it is already a year and they still hold it...<br />Here is the History of asking prices:<br /><table id="price_history" class="horizontal"><tbody><tr><td> Aug 18, 2007 </td> <td> $985,000 </td> </tr> <tr> <td> Sep 12, 2007 </td> <td> $965,000 </td> </tr> <tr> <td> Nov 10, 2007 </td> <td> $920,000 </td> </tr> <tr> <td> Nov 22, 2007 </td> <td> $895,000 </td> </tr> <tr> <td> Dec 08, 2007 </td> <td> $870,000 </td> </tr> <tr> <td> Jan 15, 2008 </td> <td> $820,000 </td> </tr> <tr> <td> Jan 29, 2008 </td> <td> $799,000 </td> </tr> <tr> <td> Jan 30, 2008 </td> <td> $790,000 </td> </tr> <tr> <td> May 23, 2008 </td> <td> $744,900</td></tr></tbody></table><span style="font-size:130%;"><span style="color: rgb(255, 0, 0); font-weight: bold;">UPDATE:</span></span><br />As of August 1, 2008 Asking price is <span dojoattachpoint="price">$690,000<br /><br /></span>Zillow zestimates it at: <a href="http://www.zillow.com/HomeDetails.htm?city=Tarzana&state=CA&zprop=19937727&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link" rel="nofollow">$937,000</a>. My only advice to the bank is to sell the house to zillow...and my advice to zillow is to correct their wishing price to actual market price. (somewhere in the $600,000 for that area)<br /><span style="font-size:130%;"><span style="color: rgb(255, 0, 0); font-weight: bold;">UPDATE:</span></span><br />zillow zestimate is now at <a href="http://www.zillow.com/homedetails/19937727_zpid?s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link" rel="nofollow">$832,000</a> I guess they corrected by $100,000 in about 90 days....<br />They have another $200,000 to go....LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-37072663147500762392008-05-25T22:16:00.000-07:002008-08-24T21:19:38.552-07:00Smoking Crack Seller<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_y-LVV8ZjWaI/SDpIEplYJ2I/AAAAAAAAABU/Pkjhx1uZHOo/s1600-h/F1763647_1.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://3.bp.blogspot.com/_y-LVV8ZjWaI/SDpIEplYJ2I/AAAAAAAAABU/Pkjhx1uZHOo/s400/F1763647_1.jpg" alt="" id="BLOGGER_PHOTO_ID_5204551564099331938" border="0" /></a><span id="address_line_1">5511 FALLBROOK Ave </span> <span id="address_line_2"> Woodland Hills, CA 91367<br />3 Bedrooms, 2 Bath 1700 sf on a 7800 sf lot.<br /><br /><span style="font-size:130%;"><span style="font-weight: bold; color: rgb(204, 0, 0);">Asking Price: $799,000 </span><span style="color: rgb(0, 0, 0);font-size:100%;" >that is</span><span style="font-weight: bold; color: rgb(204, 0, 0);"> $467 per sf<br />UPDATE:<br /></span><span style="color: rgb(204, 0, 0);"><span style="color: rgb(0, 0, 0);">Now asking $610,000<br />Value is around $400,000 and dropping...<br /><br /></span></span></span>This seller is smoking crack, the house description is hilarious.<br />"</span> NICE AND LOVELY 3 BEDROOM AND 2 BATH WITH FIRE PLACE IN LIVING ROOM HAS GREAT OPPORTUNITY FOR ALL TYPE OF USE"<br />As always, the asking price is a result of a flipper getting stuck by buying at the peak and getting the worst timing doing that...<br />Sales History:<br /><table id="sales_history_data" class="horizontal"><tbody><tr><td> Sep 10, 1997 </td> <td> $157,500 </td> <td> <div style="overflow: hidden;"> .</div> </td> </tr> <tr> <td> Sep 30, 1998 </td> <td> $205,000 </td> <td> <div style="overflow: hidden;">. </div> </td> </tr> <tr> <td> Sep 22, 2005 </td> <td> $620,000 </td> <td> <div style="overflow: hidden;">. </div></td></tr></tbody></table><br />similar houses are at that area are selling for 2003-2004 prices, that means that this house value today is about $420,000-470,000, while the owner is asking for almost double....<br /><span id="address_line_2">Zillow zestimate it at </span><a href="http://www.zillow.com/HomeDetails.htm?city=Woodland+Hills&state=CA&zprop=19879174&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link" rel="nofollow">$549,500</a>. Pay attention to they latest ranges, for this one it is $467,075 as low and $604,450 as high.<br /><br /><br />For reference here is a similar house practically next door.<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_y-LVV8ZjWaI/SDpKBplYJ3I/AAAAAAAAABc/OPDXltzATPI/s1600-h/F1755262.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://3.bp.blogspot.com/_y-LVV8ZjWaI/SDpKBplYJ3I/AAAAAAAAABc/OPDXltzATPI/s400/F1755262.jpg" alt="" id="BLOGGER_PHOTO_ID_5204553711582979954" border="0" /></a>5611 FALLBROOK AVENUE, Woodland Hills, CA 91367<br />3 Bedroom, 3 bath, 1700 sf, on a 7800 sf lot.<br /><br /><span style="font-size:130%;"><span style="color: rgb(204, 0, 0); font-weight: bold;">Asking price: $455,000</span></span> that is <span style="font-size:130%;"><span style="color: rgb(204, 0, 0); font-weight: bold;">$271 per sf<br />UPDATE:<br /><span style="color: rgb(0, 0, 0);"><span style="font-weight: bold;">Sold </span></span></span></span><span dojoattachpoint="lstsale">$432,000 (08/05/2008)</span><span style="font-size:130%;"><span style="color: rgb(204, 0, 0); font-weight: bold;"><span style="color: rgb(0, 0, 0);"><span style="font-weight: bold;"></span></span><br /></span></span>LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-65728373870625933632008-04-29T21:53:00.000-07:002008-04-29T22:26:37.241-07:00Case Shiller Updated to February 2008I am plotting here the graph for LA with two projections. I want to know which one makes more sense to you.<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_y-LVV8ZjWaI/SBgBwLRqZxI/AAAAAAAAABM/Mo0UDKHVVF4/s1600-h/cs02_2008.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://1.bp.blogspot.com/_y-LVV8ZjWaI/SBgBwLRqZxI/AAAAAAAAABM/Mo0UDKHVVF4/s400/cs02_2008.jpg" alt="" id="BLOGGER_PHOTO_ID_5194904097344087826" border="0" /></a><br />The Blue line is the current S&P Case shiller for LA updated to February 2008<br />The Pink line is my prediction of house prices behavior from now to about 2012<br />The yellow line is the housing Bulls prediction of house prices behavior from now to about 2012<br /><br />The pink line assumes that the unavailability of stated income loans, Option ARMS and stated second mortgages will simply decrease the number of qualified buyers to such a point where over correction would occur, then after getting to some support level by wages, market will flatten and start increasing at the rate of inflation.<br /><br />The yellow line assumes we have hit bottom, and not going to be flat or start appreciating again....<br /><br />Now, you tell me, who do you think is right?LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com2tag:blogger.com,1999:blog-6544009486476759751.post-5121099727296955442008-04-12T14:22:00.000-07:002008-04-12T14:49:13.692-07:00Fraudlent COMPS in the ValleyThis property might be a reason to open a brand new category on this blog and call it the BEST FRAUD CASE.<br />I accidentally found this house while browsing foreclosures and <span class="blsp-spelling-error" id="SPELLING_ERROR_0">pre</span>-foreclosure properties<br /><span class="street-address"><span style="font-weight: bold;"><br /></span>6201 Corbin Ave <span class="blsp-spelling-error" id="SPELLING_ERROR_1">Tarzana</span> CA 91356<br /><br />Sales History:<br /></span>Sold Aug 29, 1995 $203,000<br />Sold <span style="color: rgb(255, 0, 0);">Feb 07, 2006 $640,000</span><br />Sold <span style="color: rgb(255, 0, 0);">Jan 05, 2007</span> <span style="font-weight: bold; color: rgb(255, 0, 0);">$1,330,000</span><br />It has NOD right now<br />Will be Foreclosed on **** for $*****<br /><br /><span class="blsp-spelling-error" id="SPELLING_ERROR_2">Zillow</span> <span class="blsp-spelling-error" id="SPELLING_ERROR_3">zestimate</span>(<span class="blsp-spelling-error" id="SPELLING_ERROR_4">tm</span>) : <a href="http://www.zillow.com/HomeDetails.htm?city=Tarzana&state=CA&zprop=19932656&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link"> $1,108,000</a><br />True market value : $500,000-700,000<br /><br />This is my idea of things that went on here;<br />Buyer X bought in Feb of 2006 for $640,000 (this is close to the peak of prices in the valley)<br />He then either fixes the house a little, or throws a fresh paint and lists it for sale for $800,000-1,000,000. Then comes buyer Y, and offer X to pay him more than asking price. How?? Simply on January 2007, every thing that can walk on two feet can get a loan. They find a "good" appraiser that is probably getting paid to appraise this house for more than $1,330,000.... So Y gets the loan, X kicks back $200,000 to Y and everybody wins...You might thing that the bank is about to loose here...Rest assured Congress is working now on ways to make sure that the bank will not loose here. We the tax payers need to bailout this People...<br /><br />Even worse, if buyer Z wants to buy a house on the street, his RE agent will use that fraudulent comp of $1,330,000 to justify him paying similar amounts for a similar sized house.....<br />You tell me, does any comp on that street is legit???<br />It is all based on fraud.LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-18496682531423980452008-03-31T21:53:00.000-07:002008-03-31T22:01:29.300-07:00REO for sale by bank that doesn't want to sell....<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R_HAonoueqI/AAAAAAAAAA8/4xbTUK-E51U/s1600-h/F1748300_0.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R_HAonoueqI/AAAAAAAAAA8/4xbTUK-E51U/s400/F1748300_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5184136450147252898" border="0" /></a><span id="address_line_1"><span style="font-weight: bold;"><br /></span>5537 Sylvia AVE </span> <span id="address_line_2"> Tarzana, CA 91356<br />Sales History:<br /></span>Sold old shack Apr 10, 2003 $370,000<br />Sold after building new house Jun 01, 2005 $1,260,000<br />Found (another) sucker to pay Mar 15, 2006 $1,520,000<br />Foreclosed Jul 06, 2007 $1,074,207<br />Now asking $979,900 (after initially asking Jan 05, 2008 $1,153,900<br /><br />This one is awesome. I would not spend your reading time going through the process of the bank realizing he needs to slash the asking price, but would rather show you one picture from the listing.<br />Look at the pool and the water condition inside, is that a way to sell a house??? If you can't clean the pool and maintain it, please don't take a picture of it. Also poor neighbors with mosquitoes...<br />One picture is worth a 1000 words....<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R_HAonouerI/AAAAAAAAABE/darohlQ3q6o/s1600-h/F1748300_7_0.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R_HAonouerI/AAAAAAAAABE/darohlQ3q6o/s400/F1748300_7_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5184136450147252914" border="0" /></a><br />LOL....LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-26719573898243034202008-03-31T21:05:00.000-07:002008-03-31T21:49:18.700-07:00Flipper Bought from Foreclosure & Heading to Foreclosure...<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_y-LVV8ZjWaI/R_G1m3ouepI/AAAAAAAAAA0/xDCqHqr5jak/s1600-h/22603clarendon.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://1.bp.blogspot.com/_y-LVV8ZjWaI/R_G1m3ouepI/AAAAAAAAAA0/xDCqHqr5jak/s400/22603clarendon.jpg" alt="" id="BLOGGER_PHOTO_ID_5184124325454576274" border="0" /></a>22603 Clarendon St., Woodland Hills 91367<br />4 <span class="blsp-spelling-error" id="SPELLING_ERROR_0">bd</span>, 3.5 <span class="blsp-spelling-error" id="SPELLING_ERROR_1">ba</span>, 2501 sf, 6750 sf lot<br />So this house is located in the epicenter of the valley's flipper city.<br />I don't know if this is funny or stupid. It does show us what catching a falling knife is.<br />Also, this can help to see how is it to buy at <span class="blsp-spelling-error" id="SPELLING_ERROR_2">REDC</span> auction together with another 3000 (<span class="blsp-spelling-error" id="SPELLING_ERROR_3">un</span>-knowledgeable or over-excited) buyers.<br /><br />On Oct 28<span class="blsp-spelling-error" id="SPELLING_ERROR_4">th</span> 2007 - It sold for $640K plus 5% <span class="blsp-spelling-error" id="SPELLING_ERROR_5">REDC</span> commission to total <span style="font-weight: bold;">$672,000</span><br />This house was listed for $759,900 - $679,900 for 125 days May <span class="blsp-spelling-error" id="SPELLING_ERROR_6">thru</span> Sept. 2007 and <span class="blsp-spelling-corrected" id="SPELLING_ERROR_7">obviously</span> did not draw any offers.<br />Here is the sales history:<br />Sold Jan 11, <span style="font-weight: bold;">1989</span> <span style="color: rgb(0, 0, 0);">$333,000</span><br />Sold Nov 23, 1998 $299,000<br />Sold Oct 03, 2001 $320,000<br />Sold Jul 15, 2005 $820,000<br />Sold Mar 21, <span style="font-weight: bold;">2006</span> <span style="font-weight: bold; color: rgb(255, 0, 0);">$980,000</span><br />Foreclosed Mar 27, 2007 $744,750<br />Sold Nov 27, 2007 <span style="font-weight: bold;">$672,000</span><br /><br />I decided to show the 1989 sales price since i think most of you know this was a sale close to the 90s housing boom. If we consider even high 4% inflation of 19 years since then. The price should have been about $701,000. Since it sold in end of 2007 for less than that. It proves that housing is terrible investment tool. It barely tracked inflation for <span style="font-weight: bold;">19 years</span>!!! But not more than that...Also today is not the bottom either...<br /><br />The interesting part here that the buyer which is obviously a flipper, paid $672,000 that is $308,000 (or 31%) less than last price which might sound great...(<span class="blsp-spelling-error" id="SPELLING_ERROR_8">btw</span> who was the fool to pay $980,000... I'll get to that later)<br />So, this flipper turns around, paints the house and cleans/changes the carpets. Then he lists it for sale for......$900,000. WOW. Today after about 3 months of no bids, he placed a FOR RENT sign...<br />The <span class="blsp-spelling-error" id="SPELLING_ERROR_9">zillow</span> <span class="blsp-spelling-error" id="SPELLING_ERROR_10">zestimate</span>(<span class="blsp-spelling-error" id="SPELLING_ERROR_11">tm</span>) is <a href="http://www.zillow.com/HomeDetails.htm?city=Woodland+Hills&state=CA&zprop=19878258&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link"> $844,000</a><br />Today its street price is $500,000-540,000 (check out <span id="address_line_1">next block 22620 Clarendon ST listing...)<br /></span>Actual value per <span class="blsp-spelling-error" id="SPELLING_ERROR_12">lakerland</span> estimation $320,000 (roughly 2001 price)<br /><br />Now, let's get back to the $980,000 sales price. As you can see using the sales history, the house was foreclosed exactly 12 month after being purchased or refinanced. For those who know how foreclosure work in CA, will know that 12 months is about the time it takes from the moment the borrower stops paying. That is 3-5 months to get NOD, another 3-4 months to get <span class="blsp-spelling-error" id="SPELLING_ERROR_13">NTS</span>, and another 1-3 months to become sold at court step auction and become <span class="blsp-spelling-error" id="SPELLING_ERROR_14">REO</span>.<br />That means this borrower never made a single payment!!!! If you look at public records, it is clear the this property was sold in 2005 for $820,000. The owners, after 6 months, figured out that they overpaid, and would probably can't afford the house (which was used as an elderly rehabilitation center). So they decided to use the lax, no doc, maybe option ARM country wide loan, and cash refinanced it by pulling $160,000 cash. Countrywide has never since a payment from them since....<br /><br />Conclusions:<br />1) Fraud, lax lending, crazy loan - foreclosure<br />2) Greed by new flipper that thought he could paint and flip but ops...he caught a falling knife.<br />Now with mortgage payment of about $3000, he can't find a renter to pay it. He also put 20% of his cash for down payment.....bye bye $134,000....LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-53202454052491896642008-03-29T00:31:00.000-07:002008-03-29T00:49:23.490-07:00Buying at Top of Market or Just Plain Flipper Stupidity<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_y-LVV8ZjWaI/R-3wwHouenI/AAAAAAAAAAk/Es77JpJb-y0/s1600-h/F1747518_0.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://2.bp.blogspot.com/_y-LVV8ZjWaI/R-3wwHouenI/AAAAAAAAAAk/Es77JpJb-y0/s400/F1747518_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5183063455647562354" border="0" /></a><span id="address_line_1">4656 Willens AVE </span> <span id="address_line_2"> Woodland Hills, CA 91364<br /><br />It is unclear whether this seller has bought to flip this house or to actually live there but did that in the wrong time.<br />In any case, he simply over paid, and within 6-8 months got himself in upside down position...<br />Sales History:<br /></span> Jun 29, 2007 $755,000<br /><br />After about 5 month, he lists for sale and plans for some $100,000 gross profit:<br />Asking Dec 24, 2007 $865,000<br />Price decrease Jan 12, 2008 $799,000<br />Zillow zestimate(tm) <a href="http://www.zillow.com/HomeDetails.htm?city=Woodland+Hills&state=CA&zprop=19899270&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link"> $827,500</a><br /><br />Still no takers...<br /><br />=================================================================<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R-3yQnoueoI/AAAAAAAAAAs/pwTABv8rSd4/s1600-h/F1754169_0.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R-3yQnoueoI/AAAAAAAAAAs/pwTABv8rSd4/s400/F1754169_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5183065113504938626" border="0" /></a><span id="address_line_1">5869 Eilat PL </span> <span id="address_line_2"> Woodland Hills, CA 91367<br />This one seems to be a loan owner that bought the wrong place at the wrong time...<br />It is simply hard to believe it was a flipper with expectations that this property would go to $2M or more...<br />Sales History:<br /></span>Sold Dec 23, 1996 $335,000<br />Sold Sep 08, 2006 $1,246,000 ( I thought this was the peak year...)<br />Sold Jul 11, 2007 $1,499,000 (wow....)<br /><br />Listed for sale after six months of "loan" ownership.<br />Asking: Feb 14, 2008 $1,400,000 (loss of $100,000 or 6.7% but still asking above 2006 price)<br />Reduced Mar 26, 2008 $1,100,000 (loss of $400,000 or 27% and gets closer to reality...)<br /><br />Still, this property is probably worth $900,000 today considering a fresh comp (larger&newer house) but has actual value of about $550,000.LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-89654895458932550422008-03-29T00:02:00.000-07:002008-04-13T01:43:12.208-07:00A new contender for flipper of the week<div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_y-LVV8ZjWaI/R-3qLXouemI/AAAAAAAAAAc/bf5AhRSbv_g/s1600-h/F1759916_0.jpg"><img style="cursor: pointer;" src="http://3.bp.blogspot.com/_y-LVV8ZjWaI/R-3qLXouemI/AAAAAAAAAAc/bf5AhRSbv_g/s400/F1759916_0.jpg" alt="" id="BLOGGER_PHOTO_ID_5183056227217603170" border="0" /></a><br /></div>Check out this flipper...acting quick to fix, and list on <span class="blsp-spelling-error" id="SPELLING_ERROR_0">MLS</span>. I guess he knows where prices are going...and how fast...<br /><span id="address_line_1">19953 HAYNES </span> <span id="address_line_2"> Woodland Hills, CA 91367<br /><br />Prior Sales History:<br /></span>Sold May 25, 2001 $285,000<br />Sold Mar 31, 2006 $750,000<br />Foreclosed Jul 18, 2007 $557,750<br /> Jan 25, 2008 $500,000<br /><br /><span class="blsp-spelling-error" id="SPELLING_ERROR_1">Zillow</span> <span class="blsp-spelling-error" id="SPELLING_ERROR_2">zestimate</span>(C): <a href="http://www.zillow.com/HomeDetails.htm?city=Woodland+Hills&state=CA&zprop=19925620&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link"> $579,500</a><br /><br />Asking Price: <span style="font-weight: bold;">$725,000<br /><br /></span>Now, let me get this straight. The guy buys this shack from the bank for $500,000. The house was completely destroyed and was used as whore house for couple of months...<br />The flipper claims he spent $100,000 in remodeling...So after less than 60 days, he lists for sale and looking to make $225,000 gross profit, that is 45%...<br />Even if we take 2-3% commission to buyer's agent and the claimed $100,000 (i wonder if he can prove it) Still very nice "theoretical" profit.<br />Problem is that this is still a shack. Couple of <span class="blsp-spelling-error" id="SPELLING_ERROR_3">travertine</span> (made in china) tiles in the kitchen, and a fresh coat of paint does not justify that asking price.<br />We will track and see what happens to this smart flipper.<br />My guess, he will be lucky to get his $500,000 back.<br /><span style="font-weight: bold;"></span>LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-60340686819402877612008-03-25T09:09:00.000-07:002008-03-25T09:13:05.872-07:00Case Shiller index for LA updated to Jan 08<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_y-LVV8ZjWaI/R-kkD3ouelI/AAAAAAAAAAU/ewZ-RFa5aA4/s1600-h/caseshiller012008.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://1.bp.blogspot.com/_y-LVV8ZjWaI/R-kkD3ouelI/AAAAAAAAAAU/ewZ-RFa5aA4/s400/caseshiller012008.jpg" alt="" id="BLOGGER_PHOTO_ID_5181712495159442002" border="0" /></a><br />Pay attention to the peak and the shape. Compare to the last boom-bust of 1990's. The current decline is much steeper. Did anybody say slippery slope...LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com6tag:blogger.com,1999:blog-6544009486476759751.post-60638238906527059372008-03-22T01:14:00.000-07:002008-03-22T01:24:47.481-07:00West part of valley sells for early 2004 levelsHere is a property in a nice part of Woodland Hills.<span id="address_line_1"><span style="font-weight: bold;"><br /></span>24840 EILAT ST, 91367<br /><br /></span>May 22, 1998 $510,000<br />May 21, 2004 $1,075,000<br /> Sep 21, 2006 $1,525,000<br /> <span style="font-weight: bold;">Feb 29, 2008 $980,000<br /><span style="font-weight: bold;"><br /></span></span>btw: Zillow Zestiamate: $1,300,000 (about 25% off)<br />If you know the area, zillow is "estimations" are about 20% more than the property is/will sell for.<br /><br /><span style="font-weight: bold;"><span style="font-weight: bold;"></span></span>As you you can see, the house was sold for LESS than its price in May 2004.<br />If you divide the "appreciation" from 1998 to 2004, $980,000 is just about price somewhere in 2003.<br /><span style="font-weight: bold;"><span style="font-weight: bold;"></span></span>LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-31410255828870852932008-03-18T07:33:00.000-07:002008-03-18T07:36:51.675-07:00Flipper of the week Update...Our Joe sixpacks Flipper has just reduced his asking price to $675,000.<br />Now he is "just" $100,000 above the price he paid 2 months ago for this "lovely" home.<br />Of course take away the change money he spent at home depot buying paint and new piece of carpet. Also 5% RE commission. Will keep you updated.LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-21442708060198788802008-03-14T23:18:00.000-07:002008-03-18T07:39:47.448-07:00Flipper of the weekWelcome back, as i promised, I found an interesting listing that's both entertaining but mainly belongs to my new category of "Flipper of the Day"<br /><br /><img src="file:///C:/DOCUME%7E1/PAUL%7E1.THE/LOCALS%7E1/Temp/moz-screenshot.jpg" alt="" /><img src="file:///C:/DOCUME%7E1/PAUL%7E1.THE/LOCALS%7E1/Temp/moz-screenshot-1.jpg" alt="" /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R9_UGISmj0I/AAAAAAAAAAM/vshrz9p9Lpg/s1600-h/5806la.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_y-LVV8ZjWaI/R9_UGISmj0I/AAAAAAAAAAM/vshrz9p9Lpg/s320/5806la.jpg" alt="" id="BLOGGER_PHOTO_ID_5179091298269171522" border="0" /></a><br /><span class="street-address">5806 Laramie Ave</span> <span> <span class="locality">Woodland Hills </span><span class="region">CA</span> <span class="country-name">91367<br /></span></span><br /><span class="street-address"></span><span><span class="country-name">Sold </span></span> Jun 20, 1995 $219,000<br />Sold Dec 18, 2003 <span style="font-weight: bold;">$505,000</span><br />Sold Aug 22, 2006 <span style="font-weight: bold;">$900,000</span><br />Foreclosed Aug 10, 2007 $639,435<br />Sold Jan 04, 2008 $575,000<br /><br />Asking Price History:<br /> Feb 07, 2008 $752,950<br /> Feb 14, 2008 $749,500<br /> Mar 04, 2008 $729,500<br /><span style="font-weight: bold;">UPDATE: Mar 17, 2008 $675,000</span><br /><br />Zillow zestimate <span style="font-size:78%;">tm</span> : <a href="http://www.zillow.com/HomeDetails.htm?city=Woodland+Hills&state=CA&zprop=19931479&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link"> $732,500</a><br /><br />Why it belongs to Flipper of the Day?<br />Joe "six pack" Flipper bought in January for $575,000, might have changed the carpet, painted the walls, and immediately listed for sale for $752,950. My bet is that it cost him $950 bucks at homedepot to buy the new piece of carpet and couple buckets of paint....<br />Joe "six pack" Flipper is trying to make $177,950 (or 30% profit)<br />Well, Joe, right now you are down to $154,500. Take away agents commission of 5%, that nets you $118,025. Not to bad...for paper money.<br />Considering this area is selling at about 2004 price levels, that means the house can sell for about $500,000-520,000.<br />If you want to know its actual value (smart buyer), add about 3-4% of inflation to the 1995 figure: You'll get $322,000-395,000<br /><br />Smart Casher:<br />Look at Aug 22, 2006 sale, that seller sold for $900,000 bought for $505,000 in 2003. He made about $400,000 (or 80% profit) in less than 3 years!<br /><h1 class="adr"> </h1><h1 class="adr"> </h1>LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0tag:blogger.com,1999:blog-6544009486476759751.post-46621425798235623372008-03-14T22:50:00.000-07:002008-03-14T23:14:20.414-07:00This Week's Best Price Crash in the valleyWelcome to LA House Price Crash,<br />We are all aware of the housing/credit meltdown both nationally, but mainly here in So Cal.<br />Every week, I will try to bring selected homes that would be of interest to you.<br />While searching the available houses in the market, we could see many sellers that are still living in a dream. We all hear about those "poor" homeowners that are losing their houses and getting thrown to the streets...while some homeowners indeed suffer major losses both financial and emotional, other home owners either by luck or wisdom managed to sell in time, and cash enormous amount of money. Nobody today hardly mentions that, so i will try to pick up the task and bring those "winners" for your recognition!<br />I'm spending major time in particularly the west San Fernando valley so most of the properties would be local to that area.<br />Since i find this to be very informative to both today's buyers AND sellers, stay tuned and enjoy the show.<br />Additionally, those that are not potential buyers or sellers could still benefit as it provides a great amount of entertainment...if you know what i mean.<br /><br /><span style="font-weight: bold;">03/14/2008 House of the day:</span><span id="address_line_1"><span style="font-weight: bold;"><br /></span>23747 Canzonet St. </span> <span id="address_line_2"> Woodland Hills, CA 91367<br />According to public records, this nice property was purchased in </span> Mar 21, 2007 for $1,250,000 and asking price today is $900,000. That is a $350,000 below last year purchase price...or 28% reduction if you wish.<br />What do you think it will sell for?<br />Did the seller overpaid just less than 12 months ago...<br />Summery:<br />Sold Sep 02, 2005 $901,000<br />Sold Mar 21, 2007 $1,250,000<br /><br />Zillow zestimate <a href="http://www.zillow.com/HomeDetails.htm?city=Woodland+Hills&state=CA&zprop=19881345&s_cid=Pa-Cv-X1-CLz1ch4vcru284_o8azr&partner=X1-CLz1ch4vcru284_o8azr" target="_blank" class="zillow-link"> $1,105,000</a><br />Asking price:<br /> Feb 07, 2008 $985,000<br /> Mar 07, 2008 $925,000<br />Mar 14, 2008 $900,000<br /><br />Smart Casher made $349,000 (or 39%) in about 18 months!<br /><br /><table id="price_history" class="horizontal"><tbody><tr><td><br /></td><td> </td> </tr> <tr> <td><br /></td><td><br /></td></tr></tbody></table>LakerLandhttp://www.blogger.com/profile/07227281436543322301noreply@blogger.com0