Is the high-end immune? Maybe, maybe not

     Whether expensive homes in prestigious areas will escape the housing crash remains a hotly debated topic. I hear from many readers (and see some examples where I live) of houses still selling, sometimes quickly, and sometimes for prices higher than the owners paid just a couple of years ago.

      Yet economists I interview contend prices at the high end are just sticky -- they take longer to fall, but do so eventually. Holdout sellers at some point cave in, raising supply, and trade-up buyers from other areas don't have as much money to buy in the pricier neighborhoods, squeezing demand.

     John Karevoll at DataQuick Information Systems has provided a breakdown of Southern California June home sales that shows the top end is falling as well.

   The median price for the top tenth of homes sold in June was $900,000, down from $1,129,500 the same month a year ago. That's a 20% drop. Last June was the price peak for that market segment, according to DataQuick.

   The bottom tenth of homes sold fared worse, with a 41% drop in the median sales price. 

  But the June decline in the top tenth shows a reversal from last summer. In June 2007, the median sales price for that tier was UP 3%. Last June, prices in the bottom tenth had fallen 11% from the previous year.

   So the top is sliding. Or is it ? The June median sales price was actually UP from the May median for the tier of $875,000, with roughly the same number of transactions. A one-month bump may not mean much, of course. A few more months of data will give us a better picture.

--Peter Y. Hong, Times staff writer

Photo: Bob Grieser / Los Angeles Times

Comments? Questions? Email peter.hong@latimes.com

Let them buy dream homes

Bali, or horse country? Dubai, or Park Avenue?

While many Americans are chewing over how to make their mortgage payments, 305 high-end owners (their primary residences and investment assets are each worth at least $1 million, except Californians, whose homes must be worth $2 million-plus) recently ruminated over where they'd like to land their dream homes.

The 2008 Coldwell Banker Previews International Luxury Survey reported last week that 27% of those surveyed named as their top location an island; 22% said they want a country home; and 18% prefer an international destination. There are plenty -- 17% -- who want a dream house based on a particular address or ZIP Code; 13% want a high-rise with amenities (can't live without a doorman); and 8% confessed to picking a location based simply on keeping up with their friends....wherever the Joneses are living these days.

And what do the well-heeled want inside these must-have mansions? Designer kitchens, customized home entertainment centers, indoor gyms and wine cellars. Outdoors: formal landscaping, water view, pool, hot tub (of course), boat dock, golf course, tennis court and that must-have --- a basketball court.

--Diane Wedner, Times staff writer

Photo: Associated Press

Questions? Comments? Email diane.wedner@latimes.com

Charting the housing slide

A quickie: A lot of us on this blog have spent a fair amount of time bickering over which housing statistics best capture market reality. It strikes me that they're all starting to capture the same reality:

According to Housing Tracker, median listing prices in greater L.A. have declined 14.6% from year-ago levels and 18.9% from their peak.

According to DataQuick, median sales prices in Los Angeles have declined 11.9% from year-ago levels and 16.7% from their peak.

According to the Case-Shiller home price index, home prices in Los Angeles dropped 13.7% over the past year.

Not a whole lot of difference.

Your thoughts? Comments? Email story tips to peter.viles@latimes.com
Photo Credit: AP

Zillow's L.A. rankings: Areas with biggest declines in home values

Zillow's quarterly analysis of real estate trends is out tonight, and contains some fascinating data. My personal take is that even though individual Zestimates -- the estimated value of a particular home -- may be unreliable in many cases, the overall trends that Zillow captures are valuable and probably pretty accurate. These are the 20 Zips in greater L.A. with the biggest year-over-year declines in median home values, as measured by Zillow.

To find the percentage year-over-year decline in median "Zestimate," click on the zip code.
Thoughts? Comments? E-mail story tips to peter.viles@latimes.com

Zillow's L.A. rankings: Areas with biggest gains in home values

Part two of Zillow's quarterly analysis of real estate trends in greater Los Angeles --  these are the 20 zips in greater L.A. with the biggest year-over-year gains in median home values, as measured by Zillow.  Click on the zip code at right to see the percentage gain.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.