Sunday, January 18, 2009

Los Angeles Real Estate Distress and Elation

As reported recently in the Los Angeles Times, the Southern California real estate market has gone from boom to bust, almost overnight. The causes are many: the loan crisis, overbuilding, unemployment, foreclosures and the looming recession. Home prices have fallen over 35% in some areas, with projections to fall through 2009 to about 55% off peak prices.

You may have been wondering where I've been for the last week. Usually, when I am away from the Internet I'm up the lake at our cabin, but this week that's not the case. Wayne and I are in Southern California cleaning out the condo we just sold. We sure picked a "good" time to put our property on the market, didn't we. But I guess we were one of the fortunate ones. We found a buyer. A lot of thanks goes to our Realtor, Ty Wallace, with Coldwell Banker. He really worked to find us not only a buyer in these hard times, but a good buyer.

We've been cleaning and packing for three days and have one more to go before we hit the road in our U-Haul truck. By chance, we found the best U-Haul location in the world. If you ever need a truck, trailer or moving supplies go to the U-Haul Center Holt Avenue (1512 W Holt Ave @ Dudley Avenue in Pomona, CA -- 909-629-4103). Matthew gave us excellent customer service and a great deal!

We will be heading north soon with all of the things we want to keep for either Bellingham or Powell River. But firest, we took the opportunity to downsize. All usable items went to the Salvation Army. They still do home pickups. You can reach them at 800-728-7825 to make the arrangements for any location. For the leftovers, we called Fast Freddie's Hauling for a dump run - you call, he hauls. You can reach him at 909-331-7119.

So, our distress about not being able to sell our condo has changed to elation. Now all we have to do is wait for the closing (with our fingers crossed)! - Margy

4 comments:

  1. Hi Margy, Have a safe trip home.I know you will be happy to be here.
    Thank you for your comment. My son John said that sitting on top of that "bacca" is probaly the reason he never smoked(LOL)

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  2. Congrats on selling your home! We are trying to sell our downstate home right now. Things are the worst in Michigan. We're now thinking about renting it out.

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  3. Did you make money on your condo? Where was it located, in the desert area? We see a huge increase in units sold awith multiple offers, so I'm not sure what article or where your info comes from. Yes prices are down, but they are still at least double from 1995. All is not bad, you did find a buyer, and that's the point, there was a buyer.

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  4. Thanks for the good wishes on our trip north. All is going well and we are in Seattle already (a brief stop for a USC vs. Huskies basketball game). The U-Haul is driving like a charm, even on small roads here around the university (fortunately Wayne was driving this leg).

    For Scott - I got the quote from the Los Angeles Times and there is a link to the article within my post. For our tract there has been a 31% drop since the peak and prices are still dropping. We were original owners so we did make some money, but more recent owners could be in trouble. - Margy

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