Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the July 1, 2009 edition of Investor's Business Daily
Housing's Tsunami Hasn't Sunk Prices in L.A. Beach Cities
Investor's Business Daily
By Scott Stoddard
...Anyone hoping to snap up oceanfront properties for a song in prime Los Angeles beach communities better not hold their breath even though prices in surrounding areas have collapsed...
...But prices in the 30-mile stretch down Pacific Coast Highway from Malibu to Manhattan Beach continued to rise after spring 2006, according to data from the California Association of Realtors. They've since faded, but generally only to 2005 or 2006 levels, In Pacific Palisades, the median price has actually been rising over the past couple years. The reasons are pretty simple...
...Another factor is a lack of buildable land, which saved these communities from the building boom that has left other cities with a glut of unsold homes.
"There hasn't been a whole lot of building that has gone on in this area, and the supply is limited," said Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate.
She added that people tend to hold onto Westside homes longer. And the area has largely escaped the foreclosure crisis that's ravaged other parts of the state. Most subprime lending was in homes under $500,000, Conway said...
(Editor's note: The following link to the source article may only be available for a few days following the publication of this article, or it may only be available for a fee. Please contact the source publication for more information about retrieving the full text of this article.)
July 1, 2009