November 2007 numbers are out:
Bakersfield DOWN 13.92%
While the rest of California was DOWN 11.9%
If you add in the incentives, we are down even more. I would go back and look at the predictions made by the local experts on what prices would do this year, but we all know they were dead wrong!
7 comments:
According to my records then Bakersfield prices are now down 16.2% from the peak price in September 2006 ($308K).
As you stated those prices don't include discounts nor are they inflation adjusted. If you were to do, you see prices down more than 20%.
Inflation, agree!!
I went out to City In The Hills a few weekends back, and saw Blue Sky builders had dropped their prices by $50-100k in Oct 07. People who bought earlier in the year must not be too happy about that. But even there, the houses seem not to be moving; keep going, fellas.
IMO, this correction hasn't even gotten underway yet (as you say in another thread, the delusion that this is just a small blip in the radar is still rampant). If you think 15% off is a good price to buy, then wait to see prices in 2009-2013 when we're deep in a recession/depression!
Think I'm kidding? Take a look at Sacramento home prices (where towns like Sac led the way in the bubble burst, starting about 6-12 months ahead of us):
http://tinyurl.com/n77pn
Realize those percentage drops are calculated based on ASKING prices (and the price at which the owner actually bought), so these properties haven't sold at the % losses (shown in red).
I understand K Hovanian is giving agents a 10% commission on sales in City in the Hills.
Just thought I should share this property that I came across. Here are the details...
10407 Titanium St Bakersfield CA 93311
4 beds, 2.5 baths, 2,624 sq ft
Sold 06/29/2007: $540,000
Current List Price: $325,000
Ouch thats a 40% price drop in 6 months.
Just thought I should share this property that I came across. Here are the details...
10407 Titanium St Bakersfield CA 93311
4 beds, 2.5 baths, 2,624 sq ft
Sold 06/29/2007: $540,000
Current List Price: $325,000
Ouch thats a 40% price drop in 6 months.
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