Thursday, September 4, 2008

Housing Market Watch #12


This is the 12th episode of Housing Market Watch (see the previous episode here), where I focus on what's happening with home prices in Southern California using specific examples from the Multi-Listing Service (MLS).

Today's property is in the family friendly community of Simi Valley (Ventura County) and has a private pool.

Description
Remarkable Value! One of the BEST priced homes in ALL of Simi !! Large 6+3 with surprising privacy in front and back yards! Private gated front yard with brick-lined planters and fruit trees! Well landscaped! Brick lined walkway to newer double door entry! 2 master suites! Large balcony overlooking yard! Tile floors and smooth ceilings! One bedroom/bath downstairs! Updated kitchen and baths! Indoor laundry! Private entertainers yard with blue-bottom pool, gazebo, fruit trees and side yards! Home enlarged nearly 1000 permited sqft by pushing out the family room and upstairs master!
The Specs:
Type: SFR
Status: Active
MLS#: F1779006
Sq. Ft.: 2,616
Lot Size: 7,600 Sq.Ft.
Year Built: 1964
Beds: 5
Baths: 2.5
Stories: 2
On Market: 139 days


Sales History
Date Sold Price $/SqFtGross Gain Change ($) Change (%)
07/09/90 $236,500 90.4 N/A N/A N/A
07/25/05 $650,000 248.5 +$413,500 +413,500  174.48


Pricing History
Date List Price $/SqFt Gross Gain Change ($) Change (%)
05/20/08 $495,000 189 -$155,000 -155,000  23.85%
08/13/08 $459,900 176 -$190,100 -35,100  7.09%
09/05/08 $449,000 172 -$201,000 -10,900  2.37%
09/12/08 $448,900 172 -$201,100 -100  0.002%
09/20/08 $448,500 171 -$201,500 -400  0.009%
10/02/08 $448,200 171 -$201,800 -300  0.007%
12/18/08 $420,000 160 -$230,000 -28,200  6.29%

This episode's home is currently listed for 31.05% less than it was purchased for in July 2005.  This home has fallen in price by a whopping $201,800!!! For some the current asking price of $448,200 may look like a deal, but I believe these homes will fall into at least the low $300,000's before we're at the bottom of the market. 

UPDATE 09/20: Price dropped to $448,500
UPDATE 10/02: Price dropped to $448,200
UPDATE 12/18: This property was sold for $420,000