How to survive the bust. Buy, sell, rent, move, or wait it out?

Los Angeles is a city of beautiful residential architecture -- and constant threats against it. Nothing is certain in historic preservation, but the pace of building and bulldozing usually slows during a downturn, simply because there is less construction money available. In 2008, perhaps Los Angeles can pause to consider the true value of the city’s historic homes.

But it isn’t just houses. Countless Spanish Revival courtyard apartments; Venice’s mid-century Lincoln Place; the small, Richard Neutra-designed building in North Hollywood -- all these do more than give shelter. They embody our history and, if done well, provide inspirational places for living.

With a break in the rush to build luxury condos, perhaps we take a closer look at what we have, and find creative ways to use existing multifamily structures to provide quality housing at reasonable prices.