Pretty Maps of Housing Price "Collapse": Bay Area, Palm Springs

[drscott]

These appeared on Zillow a few weeks ago, and agree with the anecdotal understanding I have. People have complimented me on our excellent timing in selling our house in Sunnyvale (which was unintentional -- I just wanted to get out from under the maintenance), but the ironic bit is that it's actually worth about 5% more now. Desirable Bay Area properties are even higher than before the crash, while second-best houses, neighborhoods, and far-out areas attractive to lower middle class folks are in freefall.

Another data point: our friends John and Mark (who moved to Palm Springs last year, though Mark is here every week working) put their Atherton place up for sale at $4.195 million. It sold after two days on the market for much more than that. Since building the new house cost so much, they're not clearing anything like that amount, but still...

Some weakness in SoMa (where we might buy next) and half price sales in Cathedral City/Rancho Mirage (where we might also buy.)

Comments

[markosf.livejournal.com]

The headline in today's Chronicle was Bay Area Housing Continues to Collapse" or something similar... except SF was the one county they showed had an overall rise prices between Feb 2007-08 (by a smidge.) Since we know the undesirable SF hoods went down, the good hoods had to go up by a fair amount.