Check out the graph below which provides the price per square foot in 2007 vs. 2010 in most Westside and South Bay zip codes. Overall, we see about a 20% drop over the three year period. Most of these zip codes hit their peak in 2006/2007 so this is a good indicator of how far these areas have fallen from the inflated peak. Zeroing in on specific zip codes is also very important since most Westside/South Bay markets operate in a “micro” fashion. For instance, the 90402 zip code in Santa Monica (North of Montana) is down 22% while 90403 (South of Montana) is only down 10%. Please note these numbers are a combination of Single Family Homes and Condominiums and price per square foot is only one of quite a few ways to value a property.
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