Down 20% Since '05

Posted by Dave Fratello on Wednesday, February 23rd, 2011 at 5:16am.

A big, newer Craftsman east of the highway has just sold before hitting the market officially.

And that's just the way it was 5 and a half years ago, too, when the home was brand new.

But there's one big difference between the sales: about $500k.

1221 6th is a pretty big house (5br/5ba, 4225 sq. ft.) on one of those coveted full-size East MB lots (7500 sq. ft.).

New, pre-market in Sept. 2005: $2.495m.

Now, list price with an immediate deal (near list): $1.999m.

Most of you can do that math in your head – a drop like that is a 20% chop from that quite-nearly-peak-year purchase.

Earlier this year, MBC reported that most South Bay cities were down pricewise somewhere in the mid-teens. Torrance and MB – always and ever moving in sync, natch – were down 14% from peak by the end of 2010. (See "4th Qtr.: More Sales, Lower Prices.")

Individual sales may vary. Even the really good, newer homes. Check your warranty.
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