For my condo shopping friends...

(Click to enlarge image)

There were several condos for sale on Ventura Canyon Avenue recently so I looked up one that appeared to sell. It was a 1,600 sq.ft. 2 bed/2.5 bath with one of those granite + stainless kitchens. It sold for $530k. Which is not too big of a surprise...

Until you realize that the identical unit next door sold for $610k in February 2006 (a 13% decline over two years). And the slightly bigger unit on the other side of it (1,700 sq.ft.) sold for a whopping $680k in July 2005. The graph above illustrates the sales on the $680k unit. Anybody wanna bet these units will be available in the $300k range by this time next year?

Check it out for yourself on Zillow.