And if that wasn't enough...a new price for the new year

5544 Ventura Canyon in Sherman Oaks is now listed at $888,000! This splendid re-do features four beds, 3 baths, all the bells and whistles, and is in a fab neighborhood.  I will be holding it open Friday from 11 to 2 and again on Sunday, the 8th, from 1 to 4 pm.  More details can be found in my previous post and at JudyGraff.com.

L.A. County home price reductions chart and wild -- or not -- prediction

Courtesy of the L.A. Times' LALand, here's a chart of average home price reduction percentages between 2007 and 2008 by neighborhood. This is the same L.A. Times that has been crowing about the 30%-50% price reductions we've seen in the area. Now, as you'll see from the chart, that's just not true in most of the San Fernando Valley and Hollywood Hills. Yes, prices have gone down. But Studio City, for example, is down just over 10% for SFRs and just over 9% for condos. Burbank's worst number is -21% for condos in 91506. Hollywood Hills, zip 90068, is down 15+%.

Just as I've been saying, all real estate markets are local. And I'll make another (safe) prediction: in the areas that I serve, for the remainder of the first and second quarters at least, we are at the bottom of the market for houses listed under $600,000. We may also be at the bottom in the $600,000 to $800,000 range. Lending has loosened up at the same time that inventory has shortened. I'm seeing multiple offers and over-bids again in that category.