Housing in the 90016
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We asked for your guidance earlier on prices falling below old milestones in certain neighborhoods, and reader Mike Gran responded with an e-mail we thought was worth posting:
‘The south 90016 (the nameless neighborhood north of Baldwin Hills, south of the 10 Fwy, and east of Culver City), is beginning to see its first 2bed/1bath ~1000 sq ft listings below $400k. At the height,there were a few sales above $500k. ‘Where I live ... nothing seems to be moving. There seem to be no buyers. ‘This does not surprise me. I would imagine that the lack of low-doc and lower credit rating loans is hitting the largely Mexican and Mexican-American home-buyer hard. Black homebuyers returning to Crenshaw tend to look closer to Leimert Park. Before the market completely ground to a halt, most of the houses that had sold over the last year were going to gentrifiers -- childless white gay couples. ‘What I wonder, though, is when does the gradient, the high rate of change in price between Venice and South-West LA or Santa Monica and Macarthur Park start to chip at Westside prices? Does that differential have any influence on the market, or are the two neighborhoods completely independent?’
Thanks, Mike, and a good question -- does a low-priced neighborhood’s price weakness spread to higher-end neighborhoods? E-mail story tips to lalandblog@yahoo.com.