Peter,
I for one have never liked price per square foot. There are just too many variables with respect to the type of housing (ie condo, townhome, single family), the quality of finishes, and tract versus custom. I am not familiar with OCAO, and I am not sure what assessment you are speaking of. The property appraiser just came out with their working numbers published on June 1st, but those numbers are based upon 2008 sales. If that is the assessment you are speaking of, then it has already been accounted for in 2009 sales. I have seen new construction running anywhere from $60/sq ft to $200/sq ft. I live in Baldwin Park, and even within our neighborhood there is quite a variance depending on the different issues I mentioned. I don't know if this answers your question, except to say that I don't know if $140 is a good proxy or not.