Call Us Now

323-274-2148

Email Us

info@tracyking.com
Slider

Tracy King's Blog

Then and Now Numbers for Altadena, CA 91001

Keep in mind that Altadena had a large area of more or less starter-type homes that were very hard hit by the subprime lending debacle and saw prices plummet a shocking amount--even higher than the 32% noted here. But Altadena also has a very large area of custom homes in lovely neighborhoods where there have been very few sales since homeowners who didn't have a compelling reason to sell have not gone on the market.



Altadena 91001 Nine Year Graph
Altadena 91001 Nine Year Graph


 

Altadena 91001 Nine Year Table 2000-2009

Altadena 91001 Nine Year Table 2000-2009


 

Here is the similar story to what we've seen in the last several blogposts--over the last 9 years, prices went up a large amount, in general, more than doubling the median and average prices.

Altadena 91001 Two-Year Graph

Altadena 91001 Two-Year Graph


 

And over the last couple of years, we have seen average prices drop by about one-third. Keep in mind that Altadena had a large area of more or less starter-type homes that were very hard hit by the subprime lending debacle and saw prices plummet a shocking amount--even higher than the 32% noted here. But Altadena also has a very large area of custom homes in lovely neighborhoods where there have been very few sales since homeowners who didn't have a compelling reason to sell have not gone on the market.

One issue these numbers don't show is the unrealistic appraisals buyers and sellers have been battling as this market has begun to recover. Even back in the spring, deals fell apart because buyers were willing to pay more than recent sales would support. When you had nothing but trashed foreclosures to compare to and the house for sale was a regular sale in decent condition, it was not realistic to think the homeowner should sell at the low appraisal price.  But obtaining a loan for any more than that was almost impossible. This is part of a huge problem that shows no signs of a solution as the lending industry continues to adopt badly conceived regulations like the HVCC (Home Valuation Code of Conduct). Now we have asset managers for foreclosure properties selling at lower prices to investors who pay cash or waive loan and appraisal contingencies so they won't have appraisal problems.

A Call to My Fellow Professionals
Then and Now Trends for Highland Park, 90042

Related Posts

By accepting you will be accessing a service provided by a third-party external to https://tracyslarealestate.com/