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NYT: Housing Boom Goes Bust in Los Angeles
| green useless hunting ground | 05/13/24 |
| Marvelous Brilliant Parlour Wrinkle | 05/13/24 |
| Orange sticky corner | 05/13/24 |
| Marvelous Brilliant Parlour Wrinkle | 05/13/24 |
| Painfully honest cobalt newt mexican | 05/13/24 |
| Nudist cocky kitty cat | 05/13/24 |
| fuchsia charismatic circlehead | 05/13/24 |
| Talking Glassy Codepig Ladyboy | 05/13/24 |
| cerebral shaky shitlib | 05/13/24 |
| Orange sticky corner | 05/13/24 |
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Date: May 13th, 2024 1:55 PM Author: green useless hunting ground A word to the wise: The great Los Angeles housing boom is over. The real estate price explosion in southern California, which sparked a national boom still continuing elsewhere, has stopped. The bubble that everyone said could never burst has burst. All over Los Angeles and Orange County, home buyers can buy a property for less than it would have cost a year ago, although there are exceptions. Buyers who can pay cash can almost steal houses and real estate. The days when ordinary citizens got rich from buying houses are gone, at least for the time being and at least in southern California.
But what a bubble it was. In the 10 years from 1970 to 1980, the price of the average house in Beverly Hills went up by a factor of almost seven. The average house in West Los Angeles, a region of by no means opulent homes, rose by almost six times. Houses in Malibu routinely doubled in value every year in the late 70's. By the end of the decade, newspapers advertisted ''starter houses,'' for families who had never owned before, in remote desert suburbs starting at $200,000.
Any lucky person who got in on the boom in the early 70's saw his paper profit reach about 30 times his down payment by 1980. People who had never earned more than $40,000 suddenly found that they were millionaires just from that little house with a pool in Pacific Palisades.
https://www.nytimes.com/1981/08/17/opinion/housing-boom-goes-bust-in-los-angeles.html |
Date: May 13th, 2024 2:04 PM Author: Marvelous Brilliant Parlour Wrinkle LMAO wow (http://www.autoadmit.com/thread.php?thread_id=5528086&forum_id=2...id#47658038) |
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Date: May 13th, 2024 2:53 PM Author: Orange sticky corner There was a bigger bust in the LA housing market in the 90s. But these "busts" where prices went down 20-30% were nothing compared to the booms where it doubled.
Los Angeles, CA Period: 1990 to 2000
Duration: 10 Years
Peak Price Decline: -21%
The mid to late 1980s were a party across Southern California. The weather was nice. Jobs were plentiful. Wages were going up. Home values across Los Angeles doubled from 1984 to 1990.
But the music stopped – abruptly – in the early 1990s. Cuts to US Defense and Military spending after the end of the Cold War had a devastating impact on the local Los Angeles economy. Job losses reached a peak of -6% in 1992, one of the worst impacted areas of the country and state (by contrast, San Francisco only experienced -2.5% losses).
The result was pandemonium in Los Angeles’ housing market. The Housing Bubble turned into a Housing Crash. Home owners who were laid off rushed to sell. Others were foreclosed on. Many people left the metro entirely for greener economic pastures in Arizona and Nevada. Home prices started their decline in 1990 and collapsed by over 20% before bottoming out in 1996.
Home prices in Los Angeles have declined for 10 of the last 30 years. Could another downturn be on the horizon in 2021? It then took another four years for prices to recover to their previous highs. Meaning that those who bought a home in Los Angeles in 1990 had to wait 10 YEARS – until 2000 – to recover their acquisition value. Note that similar home price declines also occurred in Orange County and Riverside.
Los Angeles also got hit very hard in the 2007-12 Housing Crash, with values declining by 37% during that period. This means that in 10 of the last 30 years the Los Angeles metro has experienced home price declines. Make sure to bring that up to your local LA realtor the next time they pressure you into buying at record-high prices in 2021.
https://reventureconsulting.com/the-worst-housing-crash-ever/#:~:text=Home%20prices%20started%20their%20decline,to%20recover%20their%20acquisition%20value. |
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Date: May 13th, 2024 3:41 PM Author: Marvelous Brilliant Parlour Wrinkle just a little gully (http://www.autoadmit.com/thread.php?thread_id=5528086&forum_id=2...id#47658380) |
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Date: May 13th, 2024 2:58 PM Author: Painfully honest cobalt newt mexican real estate is la's primary industry. it's a ponzi town. it'll bounce back once they develop, and get water to, more peripheral areas and lure in more middle class people to hold the bag (http://www.autoadmit.com/thread.php?thread_id=5528086&forum_id=2...id#47658204) |
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Date: May 13th, 2024 3:04 PM Author: Nudist cocky kitty cat All of CA has massively reversed the drought conditions in the last two years.
Desalination at scale, mass EV adoption and pollution capture is going to massively improve SoCal QoL over the next 10-15 years. LA is a better bet than any other major city on the coasts to have growth and upside between now and 2050 and it’s not close. |
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Date: May 13th, 2024 3:47 PM Author: fuchsia charismatic circlehead So would now be the time to get in? (http://www.autoadmit.com/thread.php?thread_id=5528086&forum_id=2...id#47658398) |
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Date: May 13th, 2024 3:54 PM Author: Talking Glassy Codepig Ladyboy i believe it because its basically a more dramatic example of what has happened everywhere else. but ljl @ generalizing real estate in any city much less "los angeles" based on beverly hills. beverly hills is a city in los angeles county that isnt part of los angeles the city. obviously xoers know why and the writers know what they are doing. (http://www.autoadmit.com/thread.php?thread_id=5528086&forum_id=2...id#47658421) |
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Date: May 13th, 2024 4:01 PM Author: cerebral shaky shitlib 180 (http://www.autoadmit.com/thread.php?thread_id=5528086&forum_id=2...id#47658445) |
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Date: May 13th, 2024 5:12 PM Author: Orange sticky corner Article actually written by Ben Stein, lol (http://www.autoadmit.com/thread.php?thread_id=5528086&forum_id=2...id#47658710) |