Sherman Oaks, your slip is showing

By my reckoning, one of the most-discussed topics on this blog is whether, and when, and by how much, steep price declines will eventually come to the more expensive areas of Los Angeles. With that in mind, I sifted through last week's MDA DataQuick report on home sales in July, concentrating on expensive -- but not wildly expensive -- ZIP codes. Here's a quick rundown of ZIP codes where median prices are between $600,000 and $1 million, and 20 or more single-family homes sold in July.

If you don't see your favorite ZIP code here, it's because it didn't meet the criteria above, but you can check MDA DataQuick home sales trends in any SoCal ZIP using this handy widget.

Slipping
Area/ZIP                     # homes sold    median price    % change from '07
Sherman Oaks/91423       22                $750,000             -34.8%
West Hollywood/90046     25                $940,000             -28.4%
Stevenson Ranch/91381  29                $650,000             -23.5%
Northridge/91326               20                $625,000             -18.8%
La Crescenta/91214          27                $619,000             -15.3%
Agoura Hills/91301            21                $870,000             -12.5%
Arcadia/91006                    31                 $698,000             -11.6%
Torrance/90503                  20                $693,000             -10.6%

Holding On
L.A./Mar Vista/90066         26                $810,000                -8.7%
Pasadena/91104              29                $621,000                -6.5%
L.A./Westchester/90045  20                $693,000                -5.8%
Woodland Hills/91364     25                $726,000                -3.2%

Rising
Redondo Beach/90278   21                $755,000                +4.6%
Arcadia/91007                   26                $930,000                +3.6%

-- Peter Viles
Your thoughts? Comments? E-mail story tips to Peter Viles
Photo Credit: Street scene in Sherman Oaks, via L.A. Times

Comments

[Cal]

No chance on getting that repeat sales data for LA county like the Register got for OC out of DQ?

[Todd in WeHo]

For maps, listings and more detailed info about foreclosures, properties for rent and for sale, and a "buy vs. rent" calculator, check out

http://hotpads.com/main.htm

[Jeremy R]

Can you do price per sq ft of homes vs condos for the same zip codes? It is a quick way to normalize the median.

thanks.

[Laker]

Peter,
If woodland hills 91364 came up "holding up" - that means these number are bogus.
Don't believe me. Just ask any RE Realtard that knows the area, properties in 91364 are down at least (very optimistic) 20% YoY.
I think some very expensive properties got sold and it tweaked the numbers.

[Mark_Pasadena]

I've been a real estate bear for the past 4 years, but these figures are worthless. Pasadena 91104 is 1/2 low income ghetto (Central Northwest Pasadena) and 1/2 nice upper middle class neighborhoods (in the eastern part of 91104). All this means is that more homes in the eastern part of 91104 sold than in the gang-ridden part, thus badly skewing the median.

Nobody that bought in the nice part of 91104 even considered buying in the low income section, so Zip Codes is a horrible way of splitting things up, at least in Pasadena. That's why we have names for our good neighborhoods such as Linda Vista, San Rafael, Madison Heights, Bungalow Heaven, etc.

If you'd break the statistics up by each of these known neighborhoods within Pasadena, you'd get more accurate statistics even when using the median, and certainly a much higher than -7% drop, even for the nicer neighborhoods.

[Brian]

I looked up to see current distressed activity in Sherman Oaks and it is not too bad, although not immune. http://www.propertyshark.com/mason/Foreclosures/
california/

Using the Zip code search I see 19 upcoming Trustee sales in Sherman Oaks' zip codes 91403, 91413, 91423, 91495.

[shockg]

There goes Laker and his gloomy cloud of misery and negativity. How does it feel going through life all angry and miserable? Peter, Laker is speculating that the nicer areas will drop by 50%. Please don't show him facts!

[E]

ShockG...you appear to be the angry and miserable one.

How does it feel that you have called bottom for a year now?

You've lost all credibility.

Subprime wasn't used in good neighborhoods. Alt-A and Prime funny money loans were.

Those loans are just starting to reset.

[Pasadena'ed]

Mark_Pasadena -

I see your point, but as a homeowner (bought in 1997) in that nicer part of 91104 you describe, I can say for a fact that home values/prices -- even in my nicer end of 91104 (just off of Pepper St.) -- have indeed gone down. Talking to a neighbor who just attempted a refi, his house is now "worth" less by 18% compared to the last time he had an appraisal (2006). My next door neighbor (bought last year, poor thing) has seen her "equity" shrink as well and is upside down. She tried (and failed) to get a HELOC in early Spring.

A close friend is a residential landscape designer and she's had more clients with big houses flaking on final payments in the past 8 months than ever before. Lots of them promising to get that check out ASAP, and a few with newly posted FOR SALE signs on the lawn. These clients are in Pasadena, Sierra Madre, San Marino, and a few of these "thousandaires" are in parts of O.C. like Placentia and Fullerton.