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Most Desirable=Dropping in Value

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Following that recent LA Times story about Westide prices dropping, the Santa Monica Daily Press, reports that prices for condominiums and single-family homes on average slipped about 18 percent in the last quarter. Sunset Park was particularly hit hard in the third quarter, reports one real estate agent. And here's the lead paragraph from the paper: "It was a long time coming but one of the most desirable places to live in Southern California is finally seeing home prices drop." [SMDP]