Homeowners' big question
Waiting it out
Lawrence K. Ho / Los Angeles Times
WAITING IT OUT: Eric Broida is interested in buying a nearby house, but doesn’t plan on doing so until the asking price drops another $400,000. The price has already been cut several times by the sellers, from the original $4.6 million to $3.6 million. Broida, above, at his Pacific Palisades home. “People tell me I’m crazy
, but that’s what they told me in 1992,” he says.
'How low can we go?' they ask uneasily. A lot lower, experts say.
By Peter Y. Hong, Los Angeles Times Staff Writer
November 27, 2007
Eric S. Broida wants to trade up. He has been eyeing a multimillion-dollar house near his Pacific Palisades home and thinks it might be a bargain. Eventually, that is.
The 4,600-square-foot house has languished on the market for six months. The sellers have cut the asking price several times, slashing it from $4.6 million to $3.6 million.
When the price falls by an additional $400,000 or so, Broida will be ready to pounce.
"There is nowhere to go but down from here," said Broida, a leasing broker for office space. "I know it in my gut."
Few would argue. Southern California home prices have fallen for five straight months, according to data released this month, and are now down 12% from their peak last spring and summer.
For most of this decade, skyrocketing home values were a frequent topic whenever people gathered along soccer sidelines or at backyard barbecues. But the conversation has taken an about-face, noted Jeff Vendley, a Ventura mortgage broker who is trying to sell two Oxnard town houses he bought in 2004 and 2005.
Now, he said, people are wondering, "How low we can go?"
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http://www.latimes.com/business/la-fi-howlow27nov27,1,4636977.story?coll=la-headlines-business&ctrack=4&cset=true
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