For those of you who have been my friends or clients…. this is not new, but for those who don’t know me…… Here we go…. I called the housing bubble back in 2003 and I did send an email to the Federal Reserve, warning them about the lax lending and the consequences, I never thought they would even read my email, after all.. I am just an average Joe, sending and average email, to a not so very average Federal Reserve…. next thing you know, I get an email back from the Feds, which reads… “our job is not to target Bubbles”. SAY WHAT? I was shocked, they do not target Bubbles? but when diddly hits the fan, they keep pointing fingers at one another and the result is the bail out by the taxpayer????….
On July of 2005 I called the top in our real estate market, not because I could read the future, but when some guest showed up on CNBC television and said that “There is no way the real estate prices would fall”…. SAY WHAT?… I thought ..oh boyyyy…When you hear “Never”, you just know its time to sell and hit the back door, which I recommended to my clients…….
I was taking out one my clients about 2 weeks ago to show her some Condos in North Hollywood area. She was talking about how the price of oil will be going to $150, and there is noooo way the oil prices would go down…… SAY WHAT? I told her, “that day was the top in oil prices” and since then the price of oil has dropped over $20 dollars per barrel….. and I think the next stop is under $100……. Well, I have been trading options and stocks for the past 20 years, so I know a thing or 2 about herd mentality, what and how people think and react….which brings me to my next prediction…… and has to do with this website, after all, I eat real estate, I drink real estate and I breath real estate… Next few months will be the bottom in USA housing market. We won’t be out of the woods by any means, It will take another 3 to 5 years for this market to stabilize, but the prices should not go down any more……. In lower income neighborhoods, the prices are already down from 20% to 50%, but the the next few months we will see the higher priced homes hitting the fan!!!… Remember, this is just a prediction and Pleeeassseaseeee consult a professional regarding your decision in buying or selling an investment property, or a home.
I also wanted to thank all of you who left an offer for the 2 bank Owned properties on 4319 Irvine Ave, which is in Studio City, Colfax Meadow, Carpenter School Dist and the least expensive home in the neighborhood, also my favorite brand new house 4182 Kraft Ave. which is about 4,000 square feet, built in 2007 and the price was $1,250,000(oh my god, I could not believe that price, it was an absolute bargain). I will be posting the latest home prices in Studio City on month to month basis, starting August 1st. If you need to get the latest home prices in any city or county in California, just drop me an email. K1kiarash@gmail.com…………Cheerrrrrrrssssssssss