Took my kid to school this morning and right in front of the school there is a house with a sign "Bank Repo" 5013 Dobkin Ave Tarzana CA 91356 This is prime area in Tarzana, I hope rich New Yorkers are on their way to save us. Some sale history from Zillow Sale History 07/24/2007: $667,107 * 08/23/2006: $795,000 01/20/2004: $520,000 Offered today at 576K about 27% drop from 795K it was sold in 2006. http://www.zillow.com/Charts.htm?chartDuration=10years&testAds=false&zpid=19949558 good luck Edit: Zillow estimated price 853K
No, the normal ratio is more like a median of 8 to 1, but we hit about 15 to 1 in this bubble. 10 to 1 is the top of the previous bubble. We are still above that. If we hit the trough, like we did after previous bubbles, then we are looking at 7 to 1 Using a 55K median income,... Todays 605K home needs to go to 440K to reach an 8 to 1 ratio. If we drop to 7 to 1, then it will drop to 385K
Too bad you are already wrong. Im watching san diego homes hit 2003 prices as we speak. Here is one of many examples
Zillow is NOT accurate by ANY measure. My house changes in value several thousand dollars, according to Zillow, from one day to the next(up and down) almost every day. To make your point use comps from the regional MLS. You'll find an enormous disparity. Regards,
Its perfectly accurate when it records a SALE though. See the little circle with the $$$ in it??? Thats not an estimate. Thats the actual sale price. The zestimate is horribly lagging though. The market is well below the zestimate.
The sales are fine, but the blue line on that chart is worthless. Completely and utterly. I've seen "Zestimates" both high and low on comps. Again, that number is useless.
No problem. Lets ignore the blue line. The very first home I pulled up showed a sale price lower than its 2003 price. We clearly are hitting 2003 prices already in san diego all over the place and we will go lower. Picked up the local home trader. Page after page after page of banked owned property, its crazy.