What was that whistling sound?


Ok, it's been an entire YEAR of this nonsense and we are just beginning to see some significant "come into the light" moments on the parts of the sellers. Crappy houses in crappy areas- 50% down, check. Nice houses in crappy areas down 45%+ check. Now crappy houses in nice areas are having a hard time.


We spent the day in Pacific Palisades- 720 Almar was gorgeous and the builder did a very nice job. $3.9 million is pricey for the market these days- who's going to get a loan on that- and there are three other houses in the 'hood undergoing that level of construction. There's a teardown just down the street at 522 Almar that has a nice lot, but is $1.8 really the lot value? How about 401 Almar with the gorgeous views and the Deasy/Penner mini mansion overlooking the entire house?


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