DISQUS

I think we have seen the peak real estate prices for our lifetimes. After this correction is over (another 20-25%), expect home prices to rise at annual inflation rate or slightly above (3-4)%.

You look at the stats on Redfin, the RE picture for MB is very rosy. Inventory is down and sell volume is up. Now is a good time to buy as the market has hit the bottom.

I wonder what if any effect the re-lists will have.. the days of creating buzz with a new listing are gone...too much inventory, and too much of a downward trend in prices.

The point still is: Is every new home in Californina over 1 million? The answer is likely no. In that case, why are we paying $400-500/SF to build a new home (land excluded)?

Can anyone tell me how this works? I came from the east coast, a small town where brand new homes at 3,000 SF sell for less than half a million. Here in LA the contractors tell me that $300/SF gets you Home Depot quality house but will still cost close to a million excluding land cost. I just do not believe the construction workers make that much more here. Any insight?

Nevada is looking pretty good these days...

"Secesssion and a new currency"? yes..we could call the new california currency the "girlie man"...but who would accept it when we are essentially bankrupt

Now we renters look smart. I have saved at least $300,000 by renting in the last year!

I am in the market for a house but I hesitate. The problem is that you can negotiate a good price on a house these days but then you look like an idiot a year later.

anyone who buys before summer 2010 is a fool.

Is the slow RE market the fault of dithering would-be buyers? No, it is the fault of Manhanttan Beach Confidential!!!!!

Yes...then let's march them down to the sand dune and have our way with them.

I went to that area and it is essentially one way street allowing two way traffic. Me and another car met in the middle of the street and I had to back out. I like to have friends over but I am not sure where I would ask them to park

Looks like the April expiration push is alive and well . . . seems to have started on Wednesday as is quite typical in expiration weeks.

From the picture, the kitchen is small and not open

finaly we have pictures, i have been waiting ages!
i dont think taylor smokes mind, he's too young

If stock market is any indication, the house price will fall to the 2003 leve before long.

It takes too much time to do that.

Hope you do not consider the following question off-topic. Redfin shows 2909 Elm Ave with a price reduction. I thought it was sold for 1.5M recently. Can you confirm it is still an active listing?

MBW: I was looking at the sales history of 794 27th St. It was purchased in May 2006 for 2.5M and sold for 1.95M in September 2008 and again (same price) in Jan. 2009. Do you happen to know more details.

Well, WTF, you should not be angry. The commenters on this blog will not cause or solve any problem. But remember, there are many people (incluing some in MB) who bought at inflated prices and are now under water. This blog provides a forum for people to exchange information so that potential buyers become more informed consumers and do not repeat the same mistakes. If people discuss facts, accurate stats (mostly from trusted sources), and opinions about locations, styles etc, it can only good. Internet and MBC make real estate market a more leveled playground, which is only a good thing. The fact that so many people comment here tells me that MB is an attractive place to live. You should look at the bright side. You cannot deny that the housing market has been artificially inflated for a number of years. There is no reason to talk up the price even more.

I agree completely. And Huggy pestered his clients in to buying in 2006 - spouted the same BS he spouts here - against their better judgement they agreed to listen to him. as a result the clients that trusted Huggy are bleeding out every one of their orifices. Trusting Huggy has resulted in them burning through their down payments. And no floor is in sight. Huggy better watch his back. Those clients will be looking for revenge

Psychology plays an important role in the housing market. In the good old days, once a house is listed in a fancy place like MB, people tried to outbid one another, very afraid of losing the house. Nowadays, no one is afraid of that any more. If a house has been on the market for 9 months (pretty common), no one is going to rush to make an offer since it is unlikely to go anywhere any time soon. That kind of mentality hurts house prices.

I thought the owners of 2909 Elm got smart finally. They may be regretting they did not take the offer and run a year ago. But a year from now, they will feel good that they got 1.5M for the house.

Honestly mortgage interest deduction should not be an issue for people who are buying in MB, the falling home price is. Everyone is waiting for the home price to go down further. That is why 2909 Elm did not have a buyer at 2.8M but went at 1.5.