There are 15 blog entries for March 2007.
Thursday, March 29th, 2007 at 7:07am. 287 Views, 0 Comments.
It should be easy for MBC readers to navigate back and forth to the Market Update pages, which are really just a subsection of MBC.
The first updates, current as of 3/27/07, and broken into Hill, Sand and Tree Sections, are discussed in detail in the first major blog entry at the Market Update pages.
Sunday, March 25th, 2007 at 7:41am. 241 Views, 0 Comments.
And yet, just a few months later, you get the itch.
Should we move again?
Is this really the perfect home in the perfect location?
In the news they say the real estate market is strong. Let's see if we can sell!
And so, just 7 months after hanging up your suits and arranging your glassware, you put your house up for sale.
It's 758 14th St., part of a very nice and unusual (for MB) planned development of 20-odd homes (townhomes actually).
You paid about $1.7m, but maybe you can get $2m now, with all the talk of a reinvigorated market.
(Technically, the purchase was $1.695m and the listing began at $1.990m.)
As MBC shall…
Saturday, March 24th, 2007 at 5:34am. 649 Views, 0 Comments.
At the corner of Highland and 45th, on the southwest corner, sits a trapezoidal postage stamp. (Described by one source as 28 x 45, 1280 sq. ft.) The current construction under way there has prompted a few snickers from MBC, and we just know we're not alone.
The problem begins with location, but just saying that doesn't convey the extent of the problem. The lot, 4419 Highland Ave., is six feet from Highland, one of our busiest and most clogged roadways at rush hour, with a view to the south of a gas station, and to the east of the refinery tank farm and massive power lines from the generation plant nearby. (To see those, you'll…
Friday, March 23rd, 2007 at 4:50pm. 263 Views, 0 Comments.
Charming house, quiet Tree Section location, and already bought & sold three times in less than five years.
The sellers are hoping you'll pay $1.549m for this 3br/2ba, 1,500 sq. ft. cottage. They sort of need that price or close to it, since they paid $1.469m in August 2005 – at the peak of the boom.
Before that, the house sold in August 2004 for $1.150m, and for $850k in August 2002.
This house is like a metaphor for the flipping madness of 2001-05.
Did the house really become $620,000 more valuable in those three years (Aug. '02-Aug. '05)?!? The record says yes – that's what the market would bear.
Two sellers each gained $300,000 as the reward for holding the property 1-2 years. (And who knows…
Wednesday, March 21st, 2007 at 7:43pm. 218 Views, 0 Comments.
That means it's time to watch for the "spring bounce" in the Manhattan Beach real estate market.
In the coming days, MBC will post some data from the past year to illustrate the rough sledding we've had. Lots of sellers got haircuts last year. What's in store this year? Price increases?
MBC will also try to feature a few snapshots of data along the way of listing and sales activity in the area.
As we prepare for our bounce, MBC notes this unfortunate turn of sentiment by the Fed:
Jan. 31, 2007, meeting notes: "[S]ome tentative signs of stabilization have appeared in the housing market."
March 21, 2007, meeting notes: "[T]he adjustment in the housing sector is ongoing."
MBC translation: In…
Tuesday, March 20th, 2007 at 7:00pm. 233 Views, 0 Comments.
Flat or declining prices closed off the "escape route" of refinancing for many buyers whose payments were ready to "reset," meaning the expiration of a low "teaser" rate of 1% to 4% and/or the end of an interest-only or neg-am period.
When the payments jumped, many stopped making payments outright. About 30 seconds later, 40-plus sub-prime lenders went out of business.
(Today's vivid illustration: Two weeks before Opening Day, the Texas Rangers have dropped Ameriquest from the name of their baseball stadium. In a fitting irony, the lender signed a 30-year deal in 2004, but now could no longer make the…
Tuesday, March 20th, 2007 at 5:33am. 266 Views, 0 Comments.
In new construction and remodels, "cosmetic" stone adornments are all the rage. It is a simple matter to add tiles or laminates to a wood, concrete, stucco or cinder-block structure to give the look of stone without the expense of actually building with stone. But with this simplicity comes lots and lots of opportunities to make ghastly mistakes. Homeowners, builders and on-the-fly contractors seem to blow it regularly in Manhattan Beach.
The problem is that too often, the use of a…
Monday, March 19th, 2007 at 6:29pm. 458 Views, 0 Comments.
The house is innovative, stunning and completely unique on its block. Indeed it's a Strand-worthy design.
Something that adds to its inherent modernist beauty is the way the designer tucked the garage away so you have a covered carport. This breaks up face of the house to emphasize the upper living areas. You almost have to look up and take in the whole tower.
From inside, you probably have some ocean peeks from those rounded front windows. Almost certainly from upstairs. And since so much thought went into the design of the building, here's hoping that inside, the whole place is tricked…
Sunday, March 18th, 2007 at 5:53am. 500 Views, 0 Comments.
The listing begins: "The perfect Tree section starter!"
(Sigh.) A "starter home" for $1.3 million. So many questions.
How did we get here? Why is this considered normal? And, though it is surely the case that a "starter" like this did, at one point, command $1.3m in this area, is that still true?
Somebody might walk right up and pay the list price, or list -5% ($1.2m), and all the realtors and active buyers will nod their heads and say, yes, it's still ON, and we'll all just continue like normal... Or that might not happen, and these sellers may hang around a while and take $1m when the deal finally…
Friday, March 16th, 2007 at 12:18am. 437 Views, 0 Comments.
We might mock the dreamers, those who seek excess fortunes for nothing, but then, dreamers are always mocked.
Sometimes people have to sell and it just doesn't work. Take this house on 17th St. for example.
This was a large, somewhat typical East Manhattan mega-mansion. 5br/3.5ba, 3,500 sq. feet, flowing kitchen w/ granite, smooth stucco, OK, by now you know the drill.
Purchased in April 2005 for $1,675,000.
Put up for sale in April 2006 for $2,075,000.
Who sells a house a year after moving in? Let's assume this was not a flip, but someone who got transferred. Taking that new job meant leaving home, but a $400,000 profit would…