Repo Houses Prices Fall In California
Posted on June 3, 2008
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The prices of repo houses in California (San Francisco, Los Angeles and San Diego) all showed signs of a modest fall according to a survey of First Republic Prestige Home Index, during the first quarter of this year, 2008.
In Los Angeles the loss in the first quarter of 2008 was by 2.2% from the fourth quarter of 2007 and 3.7% from the first quarter of the previous year. The average price of a ritzy house in Los Angeles is today $2.35 million.
In San Diego the value slipped in the first quarter of 2008 by 2.2% from the last quarter of 2007 and 4.9% from the first quarter of the previous year. The median price of a showy house here is $2.06 million.
In the Bay Area of San Francisco the price of glamorous houses dropped in the first quarter of 2008 by 0.8% from that of the last quarter of 2007 but they were higher by 2.9% from the previous year’s first quarter. The average price of a luxury unit in San Francisco is $3 million.
Katherine August-de-Wilde of the First Republic Bank comments that the prices of luxury houses in California have dipped modestly after a long spell of consecutive appreciation. Despite this there is still a good demand for houses in this category in this region. The best neighborhoods of San Francisco still attract buyers – these being the closed-in suburbs and upscale coastal localities. Sales activity is relatively high in the zone dealing with the best houses.
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