http://people.bakersfield.com/home/Blog/MoneyTalks/22050 Here's what assistant editor John Cox dug up today: Bakersfield&rsquo;s median price for an existing home declined by 5 percent last month to $227,000, which represents an 18 percent drop from January 2007, the California Association of Realtors reported Monday. Are we in trouble? Read his full report. &nbsp; Here's what assistant editor John Cox dug up today: Bakersfield&rsquo;s median price for an existing home declined by 5 percent last month to $227,000, which represents an 18 percent drop from January 2007, the California Association of Realtors reported Monday. Are we in trouble? Read his full report. &nbsp; en-us <p>At the auction in Fresno this past weekend, most bakersfield properties went for between $90-95/sqrft.&nbsp; A few of the nicer, move in quality homes went for a little more.&nbsp; A 2300 sqrft home in Brighton Parks gated community, with all the trimmings and upgrades, large lot, and move in quality, went for $130/sqrft, selling for $300k.&nbsp; That was less than half from its previous listing price.&nbsp; A large, 3500sqrft home off&nbsp;Brimhall and Oldfarm,&nbsp;near move in quality (maybe 10-15k of work needed) sold for $113/sqrft.&nbsp; Another property near ming and ashe sold for $66/sqrft after being posted for reauction.&nbsp; My wife and I were kicking ourselves for not getting around to inspecting that property beforehand!</p> <p>I believe that before the bubble, the avg $/sqrft was sitting around $98.&nbsp; I'd say the average at that auction was about the same, and this was just the first major round of homes (some have been sitting on the market 2yrs).&nbsp; A sign of things to come.</p> http://people.bakersfield.com/home/Blog/MoneyTalks/22050/#c_202207 http://people.bakersfield.com/home/Blog/MoneyTalks/22050/#c_202207 <p>At the auction in Fresno this past weekend, most bakersfield properties went for between $90-95/sqrft.&nbsp; A few of the nicer, move in quality homes went for a little more.&nbsp; A 2300 sqrft home in Brighton Parks gated community, with all the trimmings and upgrades, large lot, and move in quality, went for $130/sqrft, selling for $300k.&nbsp; That was less than half from its previous listing price.&nbsp; A large, 3500sqrft home off&nbsp;Brimhall and Oldfarm,&nbsp;near move in quality (maybe 10-15k of work needed) sold for $113/sqrft.&nbsp; Another property near ming and ashe sold for $66/sqrft after being posted for reauction.&nbsp; My wife and I were kicking ourselves for not getting around to inspecting that property beforehand!</p> <p>I believe that before the bubble, the avg $/sqrft was sitting around $98.&nbsp; I'd say the average at that auction was about the same, and this was just the first major round of homes (some have been sitting on the market 2yrs).&nbsp; A sign of things to come.</p> <p>Domer, I saw that auction was coming up and wished I'd gone.&nbsp; Thanks for the on the ground reporting.</p> <p>This is just the big first round.&nbsp; March is supposed to be the month where sub-prime conversions peak and things are going to slide for months after that.</p> http://people.bakersfield.com/home/Blog/MoneyTalks/22050/#c_202213 http://people.bakersfield.com/home/Blog/MoneyTalks/22050/#c_202213 <p>Domer, I saw that auction was coming up and wished I'd gone.&nbsp; Thanks for the on the ground reporting.</p> <p>This is just the big first round.&nbsp; March is supposed to be the month where sub-prime conversions peak and things are going to slide for months after that.</p>