Double Digit Losses Per Square Foot Over the Last 2 years on The Westside Finally, we have some Price Per Square Foot Numbers on the Westside, over the the last 2 years. They are for Median Priced Single Family Residences taken over the entire year, from 2007 through 2009. These are the best numbers yet, for averaging out seasonal variations and market mixes, providing you with a better picture of sales value. Also, it's an overall snapshot of your neighborhood and a way to ballpark figure your average house. Let's take a look at the 2009 Price Per Square Foot Numbers and their relative losses, ranked from highest to lowest :
1) West Hollywood 90038 ($370/sqft) -36.6%
2) Malibu 90265 ($734/sqft) -29.7% (2008-2009)
3) Marina del Rey 90292 ($506/sqft) -28.9%
4) West Hollywood 90046 ($525/sqft) -23.6%
5) Pacific Palisades 90272 ($728/sqft) -22.5%
6) Venice 90291 ($712/sqft) -22.4%
7) Beverlywood 90034 ($456/sqft) -21.5%
8) Culver City 90230 ($467/sqft) -20.6%
9) Santa Monica 90405 ($676/sqft) -19.9%
10) West Hollywood 90048 ($574/sqft) -19.6%
11) Santa Monica 90403 ($811/sqft) -19.4% (2008-2009)
12) Santa Monica 90402 ($876/sqft) -19.3%
13) West Hollywood 90069 ($723/sqft) -19.0%
14) Westwood 90024 ($616/sqft) -18.8%
15) Brentwood 90049 ($654/sqft) -17.8%
16) Beverly Hills 90211 ($621/sqft) -17.6%
17) Rancho Park 90064 ($547/sqft) -17.2%
18) Mar Vista 90066 ($531/sqft) -16.2%
19) Bel Air 90077 ($572/sqft) -15.5% (2008-2009)
20) West LA 90025 ($599/sqft) -14.8%
An interesting note is, the entire County of Los Angeles has corrected over 41.3% in Price Per Square Foot since 2007. Many of those places were due to the subprime explosion and inventories cleared, due to bottoming out at 40-50% discounts. The higher end still has huge inventory, when we take into account both shadow and listed properties. In addition, inventories will increase, even more, as NODs become foreclosures and the Alt-A / Prime toxic mortgages blow up over the next 2-3 years. Remember, we are only 2 years into a real estate recession, which historically on average takes 7 years to cycle through. We could be only half way through our declines on the Westside.
