Here are some statistics from a new report on local lot values:
- The average lot value has fallen steadily for the past five quarters.
- ... the average lot value has dropped to the lowest level since the first quarter of 2004.
- The third-quarter value was down 17.4% when compared to the third quarter of…
Here are some statistics from a new report on local lot values:
- The average lot value has fallen steadily for the past five quarters.
- ... the average lot value has dropped to the lowest level since the first quarter of 2004.
- The third-quarter value was down 17.4% when compared to the third quarter of 2008....
- Average lot values peaked ... in the third quarter of 2006 — nearly a year before the median home price peaked in countywide indexes.
- The average lot value fell 32% from the peak by this year’s third quarter.
The analyst who compiled the figures says:
I think the high end [has] started to see a drop the rest of the market saw two years ago. The prices could level off at ‘02 prices, and we’re at ‘03-’04 prices right now.
OK, sorry for a little misdirection above, but that's
NOT a report on lot values in Manhattan Beach – it's on the even scarcer, and higher-priced dirt on Balboa Island in Newport Beach. (Yes, we pushed the definition of "local" a bit there.)
The full post from which these quotes were drawn, from the OC Register's "Lansner on Real Estate" blog,
can be read here.
The observations and analysis from the Balboa report – crafted by an
RE investment shop focused on the island – certainly seem to have
echoes for MB.
Agree? Don't?It's not clear land values are in 2004 here, as in Balboa, and resales of SFRs are mostly 2004-2005, as we'll discuss in greater detail tomorrow here at MBC.
Still, there's something compelling about RE pros matter-of-factly projecting another couple years' worth of price drops – double digits, for sure – in a somewhat comparable market.
----------------------------------------------
As always, please use this "Open Forum" thread for
news clips, off-topic questions & discussions of (virtually) any nature.
Heck, we led off here talking about Balboa Island – might as well have been Bainbridge.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 23rd, 2023 at 2:16pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
