Realtor Reality: Price Correction Coming

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HANCOCK PARK -- Even in the happy-talk world of realtors, talk is a bit less happy this spring. ‘You will see a correction, a diminishing in the median prices.’ That from John Winther, director of the Beverly Hills Greater Los Angeles Association of Realtors. Other highlights, lowlights and sidelights from a ‘Real Estate 2007 Symposion’ today at the Ebell of Los Angeles:

--The National Association of Realtors -- but not the local realtors’ group -- expects a 25% decline in prices across California.
--Downtown LA is flooded with lofts for sale -- ‘a tremendous glut of inventory,’ Winther said.
--Though LA median prices are flat at the moment, prices are a lot softer in the Valley, and inventory is piling up there.
--Malibu and the ‘upper end’ markets are ‘on fire.’ That is, prices are strong and so is demand.
--Foreclosures? Not a problem yet in most of LA. ‘You’re seeing that in Riverside, San Bernardino, where they had new construction, lots of cookie-cutter houses, and first-time buyers,’ said Ronna Brand, president of the Beverly Hills Greater LA Realtors.

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